上 市 公 司 基础化工 证券分析师 2025 年 08 月 26 日 振华股份 (603067) ——沈宏重整确认为唯一投资人，行业格局持续优化 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 25 日 | | --- | --- | | 收盘价（元） | 19.26 | | 一年内最高/最低（元） | 24.46/9.98 | | 市净率 | 4.1 | | 股息率%（分红/股价） | 0.99 | | 流通 A 股市值（百万元） | 13,689 | | 上证指数/深证成指 | 3,883.56/12,441.07 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 4.73 | | 资产负债率% | 35.16 | | 总股本/流通 A 股（百万） | 711/711 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-26 09-26 10-26 11-26 12-26 01-26 02-26 03-26 04 ...

Core Viewpoint - The price of metallic chromium has significantly increased, with a total rise of 100,000 yuan per ton since the beginning of 2025, driven by strong supply and demand dynamics, indicating a potential new cycle of prosperity in the chromium market [1][4][6]. Group 1: Price Trends - On April 18, 2025, the company announced a price increase of 5,000 yuan per ton for metallic chromium, following previous increases of 3,000 and 2,000 yuan on February 10 and March 13, respectively [1][4]. - As of April 21, 2025, the average market price for metallic chromium in China reached 69,000 yuan per ton, reflecting an increase of 7,500 yuan per ton since the beginning of 2025 [1][4]. Group 2: Demand Growth - The demand for metallic chromium is rapidly increasing, particularly in high-temperature alloys, special alloy steels, and sputtering targets, benefiting from growth in end-use sectors such as military, aerospace, and gas turbines [2]. - Since 2018, China's metallic chromium production has grown significantly, with exports rising from 6,405 tons in 2018 to 21,770 tons in 2024, representing a compound annual growth rate (CAGR) of 23% [2]. Group 3: Supply Dynamics - The supply of metallic chromium is concentrated, with high entry barriers in the chromium salt production due to environmental regulations, resulting in no new production qualifications since 2015 [3]. - Major domestic producers with chromium salt capacity include CITIC Jinzhou Metal, Galaxy Chemical, and Zhenhua Co., with a combined market share exceeding 80% [3]. Group 4: Investment Strategy - The strategic value of metallic chromium is becoming increasingly evident as its applications expand in high-end scenarios, with prices currently at historical lows and expected to continue rising due to favorable supply-demand conditions [6].

文 ｜ 王喆 2 0 2 5年4月1 8日，振华股份宣布其金属铬产品单吨售价大幅调涨5 0 0 0元，此前公司已于2月1 0日、3月1 3日连续调涨金属铬单吨 售价3 0 0 0 / 2 0 0 0元，2 0 2 5年以来公司金属铬产品单吨售价已累计调涨1 0 0 0 0元。根据百川盈孚，截至4月2 1日，国内金属铬现货 市场均价为6 9 0 0 0元/吨，较2 0 2 5年初上涨7 5 0 0元/吨。我们看好供需共同催化下金属铬景气度向上超预期，产品价格有望持续 上涨，强烈推荐铬系产品一体化布局龙头公司。 4月1 8日，振华股份宣布其金属铬产品单吨售价大幅调涨5 0 0 0元，此前公司已于2月1 0日、3月1 3日连续调涨金属铬单吨售价 3 0 0 0 / 2 0 0 0元，2 0 2 5年以来公司金属铬产品单吨售价已累计调涨1 0 0 0 0元。根据百川盈孚，截至4月2 1日，国内金属铬现货市 场均价为6 9 0 0 0元/吨，较2 0 2 5年初上涨7 5 0 0元/吨。根据海关总署统计数据，2 0 1 7年以来中国金属铬出口价格（可理解为不 含税价）在4 4 5 7 3~9 7 9 2 7元/吨波动， ...

Group 1: Precision Instruments - The article emphasizes that precision instruments are the cornerstone of modern industry and technology development, with increasing risks from U.S. restrictions [1] - It suggests three main investment lines in China's precision instrument sector: seeking "China's Zeiss" in optical instruments, "China's HP" in electronic measurement instruments, and "China's Thermo Fisher" in analytical instruments [1] Group 2: Chromium Chemicals - The price of metal chromium has significantly increased, with a total price hike of 10,000 yuan per ton since the beginning of 2025, indicating strong demand and supply dynamics [2] - The article recommends investing in leading companies with integrated chromium product layouts due to the favorable market conditions [2] Group 3: Insurance Companies - Insurance companies face challenges in asset-liability matching, with a near 50% allocation to fixed-income assets, leading to risks of interest margin losses [3][4] - The article highlights three strategies for insurance capital to enhance investment returns: participating in private placements, strategic investments, and shareholding strategies [3][4] Group 4: Wind Power - The domestic and international offshore wind power sectors are expected to see sustained growth, with domestic installations projected to exceed 12 GW in 2025, doubling year-on-year [6] - The article suggests focusing on various segments of the offshore wind power supply chain, including turbines, subsea cables, and foundations [6] Group 5: ETF Market - The global ETF market is projected to reach $15.09 trillion by 2024, while China's ETF market remains relatively small and underdeveloped [7] - The article advocates for domestic institutions to innovate product types and enhance liquidity mechanisms to build a sustainable market ecosystem [7]

秦培景｜中信证券 首席策略师 S1010512050004 主题策略｜精密仪器：科技自主柱石，品牌成长良机 精密仪器是现代工业和科技发展的基石。近年来大国竞争日趋激烈，美国对精密仪器 封锁围堵风险提升。研究国内新兴产业发展现状，复盘国际精密仪器巨头崛起经验， 能从多个关键维度帮助我们把握中国精密仪器投资机遇。结合国内精密仪器企业市场 生态，我们建议通过三条主线投资中国精密仪器赛道突围：1）寻找下游应用领域丰 富的光学仪器赛道中的"中国蔡司"；2）寻找受益国内高端制造产业链崛起的电子测 量仪器赛道中的"中国惠普"；3）寻找国产替代弹性十足的分析仪器赛道中的"中国赛 默飞"。 风险因素：中美科技贸易等领域摩擦超预期加剧；宏观经济周期波动风险；科技领域 海外技术迭代速度超预期；技术突破难度较大；市场认知与品牌建设不及预期风险； 资金和人才竞争风险。 王喆｜中信证券 能源与材料产业首席分析师 S1010513110001 铬化工｜金属铬价格跳涨，强烈推荐板块投资机遇 2025年4月18日，振华股份宣布其金属铬产品单吨售价大幅调涨5000元，此前公司已 于2月10日、3月13日连续调涨金属铬单吨售价3000/2000元 ...