证券代码：600378 证券简称：昊华科技 公告编号：临 2025-062 说明：氟碳化学品受配额政策影响，市场供需情况改善，价格持续上涨；含氟锂 电材料受市场供需错配影响，价格走低；橡胶制品规格型号较多，价格变化大； 特种轮胎系产品销售结构变化，均价下降；催化剂价格变动主要系减少了低附加 值产品销售占比。 说明：受化工大宗原材料波动影响，部分主要原材料价格波动较大。 主要产品 2025 年 1-6 月平均售 价（元/吨） 2024 年 1-6 月平均售 价（元/吨） 变动比率（%） 氟碳化学品 43,765.74 30,220.44 44.82 含氟锂电材料 18,272.52 27,214.01 -32.86 含氟聚合物 38,362.24 39,697.62 -3.36 含氟精细化学品 41,193.44 45,415.26 -9.30 含氟气体 95,460.20 99,637.13 -4.19 橡胶制品（万件） 456,918.40 318,437.29 43.49 特种轮胎（条） 4,235.35 6,320.35 -32.99 特种涂料 52,387.80 46,429.52 12.83 聚氨酯 ...

中原证券近日发布基础化工行业月报：2025年7月份中信基础化工行业指数上涨4.51%， 在30个中信一级行业中排名第13位。子行业中，改性塑料、聚氨酯和民爆用品行业表现居 前。主要产品中，7月份化工品价格下跌态势继续延续。2025年8月份的投资策略，建议继续 关注受益反内卷政策的农药、有机硅和涤纶长丝行业。 以下为研究报告摘要： 投资要点： 产品价格跟踪:根据卓创资讯数据，2025年7月国际油价继续上涨，其中WTI原油上涨 6.37%，报收于69.26美元/桶，布伦特原油上涨7.28%，报收于72.53美元/桶。在卓创资讯跟 踪的319个产品中，103个品种上涨，上涨品种较上月有所下降，涨幅居前的分别为TDI、三 氯甲烷、炼焦煤、棕榈仁油、脂肪醇，涨幅分别为43.29%、32.79%、32.56%、25.78%和 22.37%。177个品种下跌，下跌品种环比提升。跌幅居前的分别是丙烯酸甲酯、丙烯酸丁 酯、苯胺、丙烯酸乙酯和MIBK，分别下跌了24.08%、10.61%、9.30%、9.22%和9.02%。总 体上看，基础化工产品价格下跌态势继续延续。 行业投资建议:维持行业"同步大市"的投资评级。随着化工行业 ...

Investment Rating - The report maintains an investment rating of "in line with the market" for the basic chemical industry [7][5]. Core Viewpoints - The basic chemical industry index rose by 4.51% in July 2025, outperforming the Shanghai Composite Index and the CSI 300 Index by 0.77 and 0.96 percentage points, respectively [10][7]. - The report suggests continued focus on the pesticide, organic silicon, and polyester filament sectors, which are expected to benefit from the anti-involution policies [5][7]. Summary by Sections Market Review - The basic chemical industry index has increased by 41.50% over the past year, ranking 14th among 30 major industries [10][7]. - In July 2025, 26 out of 33 sub-industries saw an increase, with modified plastics, polyurethane, and civil explosives leading the gains at 16.69%, 14.01%, and 12.09%, respectively [11][10]. Product Price Tracking - The report indicates a continued downward trend in chemical product prices, with 177 products showing a decrease in July 2025 [7][11]. - Notable price increases were observed in TDI, trichloromethane, and coking coal, with respective rises of 43.29%, 32.79%, and 32.56% [7][11]. Industry and Company News - The report highlights the launch of a three-year action plan by the China Pesticide Industry Association to combat issues like hidden additives and illegal production in the pesticide sector [29][30]. - A significant investment of 2.32 billion yuan by Shandong Haihua in Inner Mongolia's largest natural soda ash mine is noted, aimed at optimizing product structure and expanding development space [34][35].

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-067 | | --- | --- | --- | | 债券代码：111007 | 债券简称：永和转债 | | 浙江永和制冷股份有限公司 2025 年上半年主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 浙江永和制冷股份有限公司（以下简称"公司"）根据上海证券交易所《上海证 券交易所上市公司自律监管指引第 3 号——行业信息披露》及其附件《第十三号—— 化工》有关规定，将公司 2025 年上半年主要经营数据披露如下： 注 1：公司产品对外销量低于产量主要是部分产品内供作为下游产品原料使用及部分产品库 存增加引致，氟碳化学品产销量包含不在配额管理范围内的原料用途和贸易性质的数量。 注 2：公司仅用作下游产品原料不对外销售的产品（萤石精粉、HCFC-142b、HCFC-22（内 蒙永和、邵武永和生产部分）、TFE）报告期未列入全年主要产品产销量统计。 注 3：报告期内公司含氟精细化学品大类产品的产销量较同期大幅增长，主要系上年基数较 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, specifically recommending Shengquan Group, Hailide, and Zhuoyue New Energy [4]. Core Insights - The report emphasizes the importance of identifying companies with strong performance in the first half of the year, particularly those expected to exceed earnings forecasts in Q2 2025. It highlights Shengquan Group's position as a major domestic supplier of electronic resins for AI servers, benefiting from increasing server shipments. Hailide is noted for its leadership in the polyester industrial yarn sector, which is expected to benefit from U.S. tariff conflicts. Zhuoyue New Energy is recognized for its capacity growth and new product launches, which are anticipated to elevate its performance [1][2][3]. Summary by Sections Chemical Industry Overview - The chemical sector index closed at 3572.47 points, up 1.53% from the previous week, outperforming the CSI 300 index by 0.71% [10][11]. - Among 462 stocks in the chemical sector, 318 stocks rose (69%) while 137 fell (30%) during the week [15]. Key Chemical Products - Liquid chlorine, trichloromethane, HIPS, and potassium chloride saw significant price increases, with liquid chlorine rising by 16% and trichloromethane by 9% [19][20]. - The report tracks 380 chemical products, with 67 experiencing price increases and 116 seeing declines [19]. Fertilizer Sector - The report indicates a favorable export window for phosphate fertilizers, with exports expected to peak between May and September 2025. This is anticipated to alleviate domestic overcapacity and maintain profitability for companies like Yuntianhua, which has phosphate mineral resources [2]. Safety and Regulatory Environment - Following a chemical accident, there is an expected nationwide safety inspection in the pesticide industry, which may lead to the elimination of non-compliant production capacities and improve the industry's overall outlook [3]. Company Performance Forecasts - Shengquan Group is projected to have an EPS of 1.03 in 2024, increasing to 2.13 by 2026, with a PE ratio decreasing from 28 in 2024 to 14 in 2026. Hailide's EPS is expected to rise from 0.35 to 0.41, maintaining a PE ratio of 16. Zhuoyue New Energy is forecasted to see significant growth in EPS from 1.24 to 4.80, with a PE ratio dropping from 36 to 9 [4].

Group 1: Industry Overview - The chemical industry has shown weak price performance this week, with 28.2% of the 170 tracked products increasing in price, while 40.6% decreased, and 31.2% remained stable [1][3] - Key products with notable price increases include trichloromethane, butane (CFR East China), caustic soda (32% ion membrane, Shandong), butadiene (Shandong), and lithium carbonate [1][3] Group 2: Oil Market Insights - As of July 11, Brent and WTI oil prices reached $70.36 and $68.45 per barrel, reflecting increases of 3.02% and 2.93% respectively from the previous week [2] - OPEC+ has decided to increase production by 548,000 barrels per day in August due to low global oil market inventories [2] - The IEA forecasts that global oil supply will increase by 2.1 million barrels per day in 2025 and 1.3 million barrels per day in 2026, higher than previous estimates [2] Group 3: Price and Margin Analysis - The average inventory conversion loss for crude oil this week was 254 yuan/ton, while propane had a loss of 493 yuan/ton [3] - The chemical product price spread has also shown weakness, with 43.1% of the 130 tracked spreads increasing, while 54.6% decreased [4] Group 4: Investment Recommendations - The valuation of the petrochemical and basic chemical sectors is currently at 18.1x and 24.7x PE (TTM), which is 12.0% and -8.1% relative to historical averages [4] - The chemical industry is expected to see structural opportunities and valuation recovery in the second half of the year, driven by domestic demand and policy stimulus [4] - Three investment themes are suggested: focusing on domestic demand, exploring cyclical opportunities due to supply constraints, and accelerating domestic substitution in new materials [4]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [6]. Core Insights - The report highlights the significant impact of geopolitical tensions, particularly the conflict between Israel and Iran, which has led to a substantial increase in crude oil prices [1]. - It suggests focusing on leading companies in the compound fertilizer sector, specifically recommending Xinyangfeng as a key investment opportunity [5]. Industry Performance - In the third week of June, the chemical sector (Shenwan) experienced a slight decline of 0.01%, underperforming the Shanghai A-share index, which fell by 0.24% [2][12]. - The dynamic PE ratio for the chemical sector is reported at 24.59 times, which is lower than the average PE of 9.81 times since 2015 [2][12]. Subsector Trends - Among the 30 subsectors in the chemical industry, 18 saw an increase while 12 experienced a decline during the same period. The top five performing subsectors included textile chemical products (+8.1%) and oil trading (+7.41%) [3][16]. - Conversely, the worst-performing subsectors were daily chemical products (-5%) and fiberglass (-4.42%) [3][16]. Chemical Prices and Spreads - The report lists the top five products with the highest weekly price increases: mixed aromatics (+7.39%), WTI crude oil (+7.37%), and pure benzene (+7.34%) [4][21]. - The report also notes significant changes in price spreads, with ammonium nitrate showing a remarkable increase of 170.2% in its price spread [4][38]. Inventory Changes - Key products with notable inventory changes include polyester chips, which saw a decrease of 12.36%, and urea, which increased by 11.4% [5][59]. Industry News Recap - The report discusses the optimistic trade outlook between the US and China, which is expected to boost energy demand during the summer, alongside a continuous decline in US oil and gas drilling platforms [88].

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has outperformed the market, with the industry index showing a year-to-date increase of 5.8%, surpassing the Shanghai Composite Index by 5.1 percentage points [6][17] - The report highlights significant price increases in key raw materials such as H-acid and active dyes, driven by environmental pressures and supply constraints [28][30] - The report suggests that the industry is entering a new long-term growth cycle, supported by government policies aimed at improving supply-demand dynamics [14] Market Performance - The basic chemical industry index remained flat week-on-week, ranking 14th among 31 sectors [17] - Year-to-date performance shows the basic chemical index up by 5.8%, outperforming both the Shanghai Composite and ChiNext indices [17][23] Key Events - H-acid prices reached 41,750 CNY/ton, marking a month-on-month increase of 3.09% and a year-on-year increase of 22.79% [28] - Active dye prices also increased, with a month-on-month rise of 4.55% [28] Product Price Changes - The report notes significant price increases in various chemical products, with HVO and SAF prices rising by 11.47% and 11.60% respectively [30] - The report identifies a positive feedback loop in the biodiesel supply chain, driven by rising raw material prices [30] Investment Recommendations - The report recommends focusing on companies with strong pricing power in the active dye and biodiesel sectors, including Jinji Co., Jihua Group, and Runtao Co. [29][30] - It also suggests that core assets in the chemical sector are entering a long-term value zone, with companies like Baofeng Energy and Wanhua Chemical highlighted for potential investment [15]

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1][7]. Core Viewpoints - The basic chemical index underperformed the CSI 300 index by 1.05 percentage points, with a decline of 1.23% over the past week [3][13]. - Key sub-industries showing positive performance include rubber additives (16.99%), polyurethane (3.37%), carbon black (3.30%), titanium dioxide (2.38%), and spandex (2.33%) [14]. - The report highlights significant price increases in several chemical products, with sodium rising by 18.03%, coal tar (Tai Steel Coking) by 11.43%, and acrylic acid by 10.79% [20][25]. Summary by Sections Market Trends - The basic chemical index decreased by 1.23%, while the CSI 300 index fell by 0.18%, indicating a relative underperformance of the basic chemical sector [3][13]. - The top-performing sub-industries included rubber additives and polyurethane, while the overall sector ranked 21st among all sectors [14]. Chemical Price Trends - The top five products with the highest weekly price increases were sodium (18.03%), coal tar (Tai Steel Coking) (11.43%), acrylic acid (10.79%), international phosphate rock (10.00%), and coal tar (Yangtze River Delta) (7.84%) [20][25]. - Conversely, the products with the largest price declines included trichloromethane (-6.81%), butadiene (-5.41%), and raw salt (-4.00%) [20][21]. Investment Recommendations - The report suggests focusing on several key sectors: 1. Refrigerants, with companies like Jinshi Resources and Juhua Co. recommended. 2. Chemical fibers, with a focus on Huafeng Chemical and Xin Fengming. 3. Quality stocks such as Wanhua Chemical and Hualu Hengsheng. 4. Tire sector, recommending Sailun Tire and Senqilin. 5. Agricultural chemicals, with a focus on Yara International and Salt Lake Co. 6. Growth stocks like Blue Sky Technology and Shengquan Group [7][42].

Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, specifically recommending Minsheng Chemical's "Five Tigers": Shengquan Group, Guocera Materials, Guoguang Co., Anli Co., and Polymeric Co. [1][4] Core Insights - The chemical market is active, with growth stocks presenting a favorable allocation opportunity. The demand for phosphate fertilizers remains stable, and the high price of phosphate rock is expected to continue due to supply-demand balance. [1] - The domestic production capacity of polycarbonate (PC) is projected to grow significantly from 875,000 tons in 2018 to 3,810,000 tons by 2024, with an expected improvement in supply-demand dynamics from 2025 to 2029. [2] - The organic silicon industry is experiencing a recovery in the supply-demand balance, with a compound annual growth rate of 22.4% in production capacity from 2021 to 2024, driven by demand from emerging industries such as new energy vehicles and photovoltaics. [2] Summary by Sections Chemical Market Overview - The basic chemical industry index closed at 3,406.53 points, down 1.23% from the previous week, underperforming the CSI 300 index by 1.05%. [10] - Among 462 stocks in the chemical sector, 31% rose while 67% fell during the week. [18] Key Chemical Sub-Industries - **Polyester Filament**: The market is stable with slight price increases, and the average industry operating rate is approximately 89.96%. [26][27] - **Tires**: The operating rate for all-steel tires is 60.12%, down 2.88 percentage points from the previous week. [40] - **Refrigerants**: Prices for refrigerants like R22 and R134a are stable to strong, with R22 averaging 36,000 CNY/ton and R134a at 48,000 CNY/ton. [45][47] Price Trends - The top price increases for chemical products include cotton short velvet (up 15%), trichloromethane (up 14%), and domestic naphtha (up 13%). [24] - Conversely, the largest price drops were seen in liquid chlorine (down 71%) and TMA (down 9%). [25] Company Profit Forecasts - Guoguang Co. is projected to have an EPS of 0.78 CNY in 2024, with a PE ratio of 19, while Shengquan Group is expected to have an EPS of 1.03 CNY with a PE ratio of 25. Both companies are rated as "Recommended." [4]