振华股份 20260108 摘要 振华股份投资 30 亿元在重庆新建铬盐基地，旨在成为全球单体最大铬 盐厂，提升装置先进性和优化产品结构，资金来源包括政府补偿、搬迁 补贴及公司自由现金流。 新建基地硫酸项目通过液体硫磺制硫酸，副产热蒸汽，降低生产成本并 实现热电联产，提高经济效益，未来将成为余热利用核心，提高生产效 率。 维生素 K3 连产氧化铬绿工艺是振华股份独有技术，将重铬酸钠废料提 纯为高纯度氧化铬绿，用于冶炼金属铬，实现资源最大化利用，提升经 济效益，年产量预计 7.4 万吨。 公司氧化铬绿生产具备规模和技术先发优势，计划年产 7.4 万吨，可制 备约 4.3 万吨金属铬，实际产量将根据市场情况调整，目前正通过再融 资分享该项目。 公司主要产品价格随市场基本面变化及时调整，通常降价迅速，涨价较 慢。12 月大部分化合物价格已达预期，但金属铬因社会库存和低价订单 尚未完全达到预期水平。 维生素 K3 连产氧化铬绿工艺有哪些独特之处？ 维生素 K3 连产氧化铬绿工艺具有独特优势，一吨维生素 K3 大约消耗 10 吨重 铬酸钠，但这些重铬酸钠并不直接附着在维生素 K3 上，而是在反应过程中作 为氧化剂使用后 ...

Q&A 近期金属铬价格在 12 月份有所回落，能否解释一下原因？ 近期金属铬价格的回落主要有几个原因。首先，国家收储的节奏略微比预期慢 一些，为了清理此前囤积的低价库存，一些企业进行了主动降价操作。其次， 四川银河公司在此次国储中仅获得 2000 吨份额，而其实际生产能力可达 1 万 吨，因此为了维持生产和销售，其产品价格有所下降。此外，由于部分企业未 能达到国储收购标准，这些产品流入市场，也导致了价格回落。 金属铬价格评析与后市研判 20260106 摘要 国储收储计划实际签订 1.8 万吨，低于计划量，振华股份获 9,000 吨份 额，部分企业因标准问题导致产品流入市场，对价格产生下行压力。 短期内，四川银河和振华股份的设备检修计划预计将支撑金属铬价格， 国储采购价 64,000 元/吨构成价格底部，预计未来几个月价格在 75,000-80,000 元/吨区间波动。 冶金级氧化铬绿和六价铬需求强劲，前者受益于高温合金领域，后者受 益于液流电池等新兴应用，市场前景看好，预计价格稳中有升。 2026 年全年，预计金属铬价格维持在 75,000-80,000 元/吨，新增产 能与需求同步增长。冶金级氧化铬绿和六 ...

内容概要：铬盐是以铬酸等为核心的无机化工产品，以铬铁矿为原料，经多道工序制成，广泛应用于多 个国民经济支柱领域。中国铬盐产业链紧密且差异化明显，上游铬铁矿成本占比约30%，但国内储量稀 缺，对外依存度超95%，进口集中于南非等五国，头部企业正布局海外铬矿开发。中游正加速无钙焙烧 工艺替代，下游需求从传统领域向航空航天、新能源等高端制造领域拓展，拉动金属铬、高纯铬盐等供 需紧平衡。中国是全球最大铬盐生产消费国，产量占比45%左右，2024年市场规模达94.1亿元，预计 2030年突破150亿元。金属铬价格受高端需求拉动，2025年两轮显著上涨。未来，行业将围绕绿色转 型、需求升级与产业链整合演进，清洁工艺普及，高端产品成增长核心，头部企业缓解原料依赖，竞争 聚焦技术创新与资源掌控，整体呈现绿色化、高值化、集约化态势。 上市企业：振华股份（603067.SH）、西藏矿业（000762.SZ）、五矿发展（600058.SH）、中矿资源 （002738.SZ） 相关企业：四川省银河化学股份有限公司、中信锦州金属股份有限公司、重庆民丰化工有限责任公司、 山东朗晖石油化学股份有限公司、青海铬盐高新科技股份有限公司、内蒙古 ...

（编辑 任世碧） 证券日报网讯 12月18日，振华股份在互动平台回答投资者提问时表示，公司2024年度铬盐总产量26万 吨，金属铬等高端产品需求情况良好，公司具备三氯化铬电解液批量供货能力。公司正积极探索新能源 领域应用。 ...

[Table_scodeMsg1] 公司研究丨深度报告丨振华股份（603067.SH） [Table_Title] 铬盐全球龙头，规模效应逐步提升 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司作为全球铬盐全产业链一体化龙头企业，采取市场份额优先、低成本扩张的发展策略，规 模优势显著，同时清洁化生产技术使其跨越壁垒，一方面不断提高开工率实现铬盐产销增长， 另一方面公司产能即将再次扩张，抬高未来成长上限。铬盐需求增长驱动力从低速增长的革鞣、 电镀、颜料等行业逐渐转向金属铬、高端电镀添加剂等高增长行业，同时铬盐供给扩张受限， 预计供给趋向紧张，行业开启景气周期，公司有望充分受益。 分析师及联系人 [Table_Author] 马太 王呈 SAC：S0490516100002 SAC：S0490525040004 SFC：BUT911 请阅读最后评级说明和重要声明 2 / 34 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 振华股份（603067.SH） cjzqdt11111 ...

Group 1: Chemical & New Materials Industry Strategy - The chemical industry is expected to reach a turning point due to valuation and profit bottoming out, driven by anti-involution policies and resource supply contraction, with demand gradually recovering [4][5] - As of November 20, 2025, the chemical sector has seen a 37% increase, with the basic chemical sector's net profit for Q1-Q3 2025 reaching 116 billion yuan, a year-on-year increase of 7.45% [4] - The demand side is supported by the Federal Reserve restarting the interest rate cut cycle and stabilizing global political situations, while domestic exports and the automotive sector bolster demand [4][5] Group 2: Resource Supply and Demand Dynamics - Potash prices are expected to rise in 2026, with the industry maintaining a tight supply-demand balance from 2026 to 2028 [5] - The phosphoric chemical sector is facing capacity constraints, with projected demand for phosphoric acid from 2025 to 2027 being 42.33 million tons, 43.26 million tons, and 43.88 million tons respectively [5] - The refrigerant sector is experiencing supply restrictions due to quota limitations, leading to a steady increase in market conditions for second and third-generation refrigerants [5] Group 3: Investment Recommendations - Recommended companies in the potash sector include Dongfang Iron Tower, Yaqi International, and Salt Lake Co [6] - In the phosphoric chemical sector, recommended companies include Chuanheng Co, Yuntu Holdings, and Xingfa Group [6] - The organic silicon industry is expected to see a supply-demand balance improve in 2026, with companies like Dongyue Silicon Material and Xingfa Group being highlighted [6] Group 4: AI and Semiconductor Demand - The demand for high-performance new materials is driven by the explosion in AI and semiconductor needs, with electronic resins and fillers seeing rapid growth [6] - The semiconductor materials sector is focusing on domestic supply chain security, emphasizing the importance of local production [6] - The cooling liquid market is expected to grow due to increasing server power demands, with immersion cooling becoming a significant future direction [6] Group 5: Company Performance - Kuaishou-W - Kuaishou-W reported Q3 2025 revenue of 35.554 billion yuan, a year-on-year increase of 14%, with net profit reaching 4.488 billion yuan, up 37% year-on-year [15][16] - The average daily active users (DAU) for Kuaishou in Q3 2025 was 416 million, reflecting a 2.1% year-on-year growth [15] - The company is actively commercializing its AI business, with AI revenue exceeding 300 million yuan in Q3 2025, contributing to a 4%-5% increase in online marketing revenue [16][17]

Core Insights - The chromium salt market has experienced a significant price increase, with a monthly rise of approximately 24% since the fourth quarter of the year [2][4] - Major players like Zhenhua Co. have raised prices multiple times, with a cumulative increase of 14,000 yuan/ton, while Sichuan Yinhe Chemical Co. announced a price hike of 5,000 yuan/ton starting November 10 [2][4] - The price surge is attributed to a mismatch in supply and demand, tightening upstream resources, strict environmental regulations, and rapidly growing downstream demand [2][5] Industry Overview - Chromium is primarily found in the form of chromite, with global resources concentrated in South Africa, Kazakhstan, and Zimbabwe. China accounts for about 45% of the world's chromium salt production [3] - As of November 11, the price of metallic chromium reached 83,000 yuan/ton, reflecting a year-to-date increase of approximately 38% [4] - The supply-demand imbalance is expected to worsen, with projections indicating a shortfall of over 70,000 tons for chromium and 300,000 tons for chromium salts by 2028, representing a gap of over 30% [5] Company Developments - Zhenhua Co. is actively participating in the bankruptcy restructuring of Xinjiang Shenhong Group and other companies, investing 200 million yuan to acquire 100% equity post-restructuring [6] - The restructuring aims to enhance Zhenhua's business channels and promote the integration and upgrade of the chromium salt industry towards higher quality and efficiency [6] - Zhenhua Co. is currently the largest producer of chromium chemicals and vitamin K3 globally, positioning itself to capitalize on industry opportunities [6]

Core Insights - The upgrade rate of stocks with consecutive gains has dropped to 20%, with only 11 stocks achieving this status today, compared to 19 the previous trading day [1] - High-priced stocks have shown poor performance, with Pingtan Development hitting the daily limit down and Yingxin Development facing severe negative feedback [1] - The price increase concept is thriving across multiple sectors, particularly in phosphate chemicals, chromium salts, and electrolytic aluminum, with notable performances from leading companies [1] Stock Performance - A total of 62 stocks hit the daily limit up, with 4 stocks achieving three consecutive gains or more [1] - The stock "Anfu China" has reached 8 consecutive gains but experienced significant fluctuations throughout the day, indicating substantial market divergence [1] - Leading companies in the chromium salt sector, such as Zhenhua Co., have achieved 4 consecutive gains in 7 days, while China Aluminum hit a daily limit up, marking a 15-year high [1] Sector Highlights - The price increase concept has shown strong performance in various sectors, with chromium salt, phosphate chemicals, and electrolytic aluminum leading the gains [1] - Gas turbine concept stocks have emerged strongly, with companies like Liande Co. achieving 3 consecutive gains in 6 days, and other companies like Triangle Defense and Wanze Co. hitting the daily limit up [1] - Longda Co. has seen a price increase of over 10%, reflecting the overall positive trend in the gas turbine sector [1]

Core Viewpoint - Recent price increases in various chemical and industrial products have sparked widespread market attention, raising questions about the drivers of this price surge, its sustainability, and the potential for performance recovery among upstream and downstream companies in the industry [1] Group 1: Price Trends and Market Dynamics - Chromium prices have surged rapidly, with a notable increase of 18.9% from October 21 to November 6, reaching 75,500 yuan per ton [2] - The price of Chinese metal chromium rose by 28% compared to October 21, with a daily increase of 7,000 yuan per ton noted on November 5 [2][5] - The supply-demand dynamics are tightening, indicating a potential revaluation of the chromium industry [2] Group 2: Company Performance - Zhenhua Co., a leading chromium salt producer, saw its stock price increase by over 80% in a short period, with a reported price of 33.10 yuan per share on November 6 [4] - The company is projected to become one of the top five global chromium producers by the end of 2024 [4] - Zhenhua Co. is focusing on expanding the downstream applications of chromium, particularly in new materials for power equipment [4] Group 3: Supply Chain and Regulatory Factors - The South African government plans to impose export controls on chromium ore, requiring permits and introducing a 25% export tax, which could significantly impact global supply [5] - South Africa accounts for nearly half of the world's chromium production, with China heavily reliant on imports due to limited domestic resources [5][6] Group 4: Future Demand and Industry Outlook - The demand for chromium is expected to rise due to the expansion of solid oxide fuel cells (SOFC) and other applications, with projected demand increases of 0.38 million tons to 2.62 million tons from 2025 to 2027 [7] - The chromium and chromium salt supply-demand gap is anticipated to exceed 70,000 tons and 300,000 tons by 2028, respectively, indicating a supply shortage [7] - The chromium salt industry is poised for a value reassessment, driven by increased demand from AI data centers and gas turbine applications [7]

Core Viewpoint - The chromium salt industry is undergoing a value reassessment driven by significant growth in gas turbine demand due to AI data centers and a substantial increase in demand for commercial aircraft engines [1][2]. Group 1: Chromium Salt Demand and Supply - The price of metallic chromium is expected to rise in two waves by 2025, influenced by the overseas "two-machine" industrial chain driving high growth in chromium salt demand [1]. - The demand for chromium salt is projected to have a supply gap of 340,900 tons by 2028, with a gap ratio of 32% [2]. Group 2: SOFC Technology and Market Potential - SOFC (Solid Oxide Fuel Cell) technology is expected to significantly drive the demand for chromium salt, with 1GW of SOFC demand potentially requiring 8,200 tons of metallic chromium and 29,550 tons of sodium dichromate [1]. - The energy demand from data centers is projected to exceed supply, with an announcement of 35GW of data center capacity in the next five years, which is more than six times the average energy capacity of New York City [3]. - SOFCs are anticipated to have a broader market space due to their higher energy conversion efficiency compared to gas turbines and existing steam turbines, leading to a significant reduction in cost per kilowatt hour as capacity is released [3]. Group 3: Investment Recommendations - The industry is recommended for investment, particularly in companies such as Zhihua Co., Ltd. (603067.SH), Sanhuan Group, Yishitong (688733.SH), and Weichai Power (000338.SZ), which are key players in the SOFC and chromium salt markets [4].