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2026 年 1 月 7 日 行业研究 电石、氯碱工业："反内卷"加速供给侧出清，龙头竞争力有望提升 ——石化化工反内卷稳增长系列之十二 石油化工/基础化工 增持（维持） 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：周家诺 执业证书编号：S0930523070007 021-52523675 zhoujianuo@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 分析师：王礼沫 执业证书编号：S0930524040002 010-56513142 wanglimo@ebscn.com 行业与沪深 300 指数对比图 资料来源：Wind 相关研报 磷化工：磷铵整体开工率偏低，头部企业 资源充足盈利可观——石化化工反内卷 稳增长系列之十一（2025-07-31） 要点 1、"反内卷"政策发布，成本端约束有望加速高耗能行业出清 近期国家针对"反内卷"、稳增长持续发声，叠加工信部推出石化化工行业 稳增长工作方案，有望推动化工行业落后产 ...

Core Insights - The 8th China International Import Expo (CIIE) opened on November 5, showcasing participation from 155 countries and regions, with 4,108 foreign enterprises exhibiting, marking record highs in both the number of exhibitors and exhibition area exceeding 430,000 square meters [1] - As a significant platform for China's high-level opening-up, the CIIE serves as a vital window for global enterprises to showcase innovations and expand cooperation opportunities [1] Group 1: AlkaNexus Launch - As part of the 50th anniversary of its ion exchange membrane business, the company launched the "AlkaNexus" one-stop solution for the chlor-alkali industry, integrating core technologies in ion exchange membranes and electrolyzers with digital and AI optimization [2] - The name "AlkaNexus" symbolizes the connection through chlor-alkali technology for sustainable development in the industry [2] Group 2: Digital Empowerment - The company is focused on energy efficiency and safety in chlor-alkali operations, continuing to optimize low-energy electrolyzers, ion exchange membranes, and electrodes [4] - By leveraging digital and AI technologies, the company aims to provide operational optimization suggestions for more efficient production and enhanced safety and stability [4] - The acquisition of Canadian R2 Company in 2020 has enabled the company to combine its 50 years of technical expertise with R2's digital solutions for predictive maintenance and operational optimization [4] Group 3: Localization in China - The company emphasizes the importance of the chlor-alkali industry's development opportunities in China, having established a comprehensive technical support system to gain customer trust [5] - Discussions are ongoing regarding local production and design, with aspirations to collaborate with more Chinese enterprises to promote green and low-carbon development [5] - The company aims to create a "DENKAI ecosystem" centered around electrolytic technology, fostering collaboration among users, suppliers, and research institutions for sustainable development in the chlor-alkali industry [5] Group 4: Commitment to Low-Carbon Future - Through the CIIE, the company conveyed its corporate philosophy of "guarding the daily life of the world and creating the future of the world," showcasing its ongoing investments in green chemistry and digital transformation [6] - The launch of AlkaNexus reflects a deep understanding of industry needs, emphasizing that the green transition in the chlor-alkali sector requires both technological innovation and industry collaboration [7] - The CIIE exemplifies the spirit of international cooperation in the energy and chemical sectors, with global enterprises striving for the same goal of revitalizing traditional industries and realizing green development [7]

Group 1 - Iridium is extremely rare, with an abundance of only 0.001 ppm in the Earth's crust, leading to high mining costs and a global annual production of less than 3 tons, which is only 0.02% of gold production [1] - The combination of iridium with titanium creates a revolutionary iridium-coated titanium mesh material, enhancing the value of ordinary titanium mesh by 5-8 times in the recycling market [1] Group 2 - The iridium-coated titanium mesh is experiencing widespread application in the renewable energy sector, improving hydrogen production efficiency by over 30% and reducing energy consumption by 25% [3] - In the chlor-alkali industry, the corrosion resistance of iridium-coated titanium mesh anodes is two orders of magnitude better than traditional platinum-ruthenium alloys, with a lifespan extending beyond 8 years [3] - In fuel cell technology, the material shows a proton conductivity of 0.3 S/cm, five times better than graphite bipolar plates, and reduces contact resistance to below 5 mΩ·cm² [3] Group 3 - The iridium-coated titanium mesh performs excellently in extreme industrial environments, with a corrosion rate of less than 0.01 mm/a in 120°C, 30% concentrated sulfuric acid, and maintaining structural stability in temperature ranges from -120°C to 800°C [5] - The material has been successfully applied in high-end fields such as nuclear power cooling systems and semiconductor etching equipment [5] Group 4 - The global market for iridium-coated titanium mesh has surpassed $1.2 billion, with a compound annual growth rate of 18%, and is expected to exceed $4.5 billion by 2030 due to the hydrogen economy strategy [6] - The recycling system enhances its economic value, with 15-20 grams of iridium content recoverable per kilogram of waste iridium-coated titanium mesh, achieving a 98% recovery rate through hydrometallurgical techniques [6] Group 5 - The material revolution driven by iridium-coated titanium mesh is creating new economic value and promoting technological upgrades across multiple industries, from deep-sea hydrogen production platforms to oxygen generation systems in space [8] - Future applications in quantum computing and biosensing are emerging as breakthroughs in nanocoating technology expand the potential of this material [8]

Group 1 - The core advantage of ruthenium-iridium-titanium mesh lies in its role as a dimensionally stable anode (DSA), making it indispensable in three key industries [2] - In the chlor-alkali industry, ruthenium-iridium-titanium mesh acts as the anode in electrolysis, converting brine into chlorine gas, hydrogen, and caustic soda, with a lifespan of 3-5 years under harsh conditions [4] - In the renewable energy sector, this mesh is crucial for hydrogen production through water electrolysis, significantly reducing energy consumption and contributing to carbon emission reductions [5] Group 2 - The ruthenium-iridium-titanium mesh has three layers of value when recycled: the precious metal coating, the titanium substrate, and environmental benefits from reduced mining impact [7] - The precious metal coating contains approximately 60%-70% iridium and 30%-40% ruthenium, with a market value of 3000 RMB per gram for iridium and 60 RMB per gram for ruthenium [8] - The titanium substrate, with a purity of over 99.5%, can be recycled and reused, with a recovery price of 50-80 RMB per kilogram [9] Group 3 - The pricing for recycling ruthenium-iridium-titanium mesh is determined by four key factors: coating residue, titanium weight and condition, market prices, and processing costs [10] - The coating residue is assessed using spectral detection, which directly influences the value of the old mesh [11] - Market fluctuations, particularly in iridium prices, can significantly impact the recycling price, with historical peaks affecting potential returns [12]

Group 1 - Ruthenium-iridium-titanium mesh is penetrating the new energy and chemical industries, acting as an "industrial vitamin" due to its exceptional corrosion resistance and conductivity [1] - In a domestic chlor-alkali enterprise, the ruthenium-iridium-titanium mesh anode has a lifespan of 8 years, which is 300% longer than traditional graphite electrodes, and reduces the electricity consumption for producing caustic soda by 15% [1] - The recycling market is experiencing a significant value transformation, with the price of used mesh materials showing a notable gradient, reaching 820 RMB/kg for materials containing 15g/m² of ruthenium and 5g/m² of iridium [1] Group 2 - Traditional pyrometallurgical recovery has a recovery rate of only 70%, while a leading company has improved ruthenium recovery to 92% and iridium purity to 99.95% using a "microwave digestion-ion exchange" technology [3] - The demand for ruthenium-based catalysts is expected to reach 220 tons/year by 2030 due to the global hydrogen energy strategy, creating a tight supply-demand balance that increases the recycling value of used ruthenium-iridium-titanium mesh [3] - The comprehensive recovery rate of ruthenium and iridium from recycled mesh materials has increased by 18 percentage points from 2020, directly boosting the gross profit margin of a recycling company to over 35% [3] Group 3 - The dual revolution in materials and resources is constructing a closed-loop value chain, where front-end applications drive industry upgrades and back-end recycling ensures resource security [6] - Establishing a graded management system for waste mesh materials and utilizing rapid detection technologies can maximize recycling value for waste-producing enterprises [6] - Advanced technologies like supercritical CO₂ extraction are key for recyclers to break through industry homogenization in the context of increasingly scarce precious metal resources [6]

Core Viewpoint - The IPO application of Qingdao Gulf Chemical Co., Ltd. has been withdrawn, leading to the termination of its listing review by the Shanghai Stock Exchange [1]. Company Overview - Gulf Chemical was established in 1999, evolving from the state-owned Qingdao Chemical Plant, and has over 20 years of experience in the chlor-alkali chemical industry [4]. - The company operates in the production and sales of chlor-alkali chemicals, organic chemical raw materials, high polymer materials, and inorganic silicon products, with key products including PVC, styrene, polystyrene, and caustic soda [4]. Production Capacity - Gulf Chemical has established production capacities of 850,000 tons/year for ethylene-based PVC, 500,000 tons/year for styrene, 200,000 tons/year for polystyrene, 555,000 tons/year for caustic soda, and 160,000 tons/year for sodium metasilicate [5]. - The company ranks first in domestic production capacity for ethylene-based PVC [5]. Future Projects - Gulf Chemical has ongoing and planned projects including a 240,000 tons/year high-end polycarbonate bisphenol A project, a 3×75,000 tons/year epoxy chloropropane green circular economy project, a 150,000 tons/year epoxy resin project, and a 400,000 tons/year ethylene oxychlorination project [5]. Financial Performance - The company reported revenues of 6.053 billion yuan, 13.028 billion yuan, and 6.962 billion yuan for the years 2020, 2021, and the first half of 2022, respectively, with net profits of 301 million yuan, 2.077 billion yuan, and 1.006 billion yuan during the same periods [5]. Shareholding Structure - Gulf Group holds 62% of Gulf Chemical's shares, making it the controlling shareholder, while the actual controller is the Qingdao State-owned Assets Supervision and Administration Commission through Qingdao Investment [6]. IPO Plans - In February 2023, Gulf Chemical's IPO application was accepted, with plans to raise 3 billion yuan for various projects, including the green circular economy project and working capital [6].