化工行业周报（20250707-20250713） 本周液氯、三氯甲烷、HIPS、氯化钾等产品涨幅居前 2025 年 07 月 14 日 化工周观点： ➢ 重点关注半年报业绩好的标的。建议开始寻找二季度景气度好，业绩有望超 预期的标的，建议关注圣泉集团、海利得和卓越新能。首先是和下游宏观经济相 关性较弱，受益 AI 资本开支持续提升的新材料行业，圣泉集团是 AI 服务器中核 心电子树脂的主要国内供应商，随着下游服务器出货量持续放量，公司业绩有望 环比提升。其次是海外有工厂，受益于美国关税冲突的细分行业龙头，建议关注 涤纶工业丝的领军企业海利得。然后是公司自身产能增长，随着新项目新产品投 产，业绩有望上一个台阶的卓越新能。 ➢ 磷肥出口窗口期已至，磷肥高景气有望持续。根据中国化肥信息网，磷肥的 出口指导具体情况如下：1、2025 年磷肥出口或将分阶段进行，首批集中在 5-9 月高峰期，第二批视国内供需动态调整。2、法检时间缩减，预计半月左右时间。 3、2025 年磷肥出口配额总量比去年减少。当前磷肥处于春耕后的淡季，出口有 望缓解国内产能过剩问题，国际高价出口有望进一步维持企业盈利水平，建议关 注具备磷矿资源配 ...

中国银河近日发布化工行业行业周报：本周化工品价格表现偏弱，烧碱、钾肥等价格涨 幅靠前。在我们重点跟踪的170个产品中，本周共有48个产品实现上涨、占比28.2%69个产 品下跌、占比40.6%，53个产品持平、占比31.2%，本周化工品价格表现偏弱。本周价格涨 幅居前的产品有三氯甲烷、丁烷（CFR华东）、烧碱（32%离子膜，山东）、丁二烯（山 东）、丁酮（华东）、碳酸锂、原油（Brent）、原油（WTI）、TDI（上海）、硫酸钾 （50%粉，青海）等。 54.6%，3个价差持平、占比2.3%，本周化工品价差表现偏弱。本周价差涨幅居前的有 LLDPE价差（甲醇）、聚丙烯价差（甲醇）、尿素价差（气头）、三氯甲烷价差（甲 醇）、丁二烯价差（碳四）氯甲烷价差（甲醇）、环氧丙烷价差（丙烯）、四氯乙烯价差 （电石）、尿素价差（无烟煤）、醋酸乙烯价差（电石）等 投资建议：本周化工品价格、价差表现偏弱。1）估值方面，截至7月11日，石油化工和 基础化工PE（TTM）分别为18.1x、24.7x，较2014年以来的历史均值16.2x、26.9x溢价水平 分别为12.0%、-8.1%。当前时点基础化工行业估值处在2014年以来偏 ...

证券研究报告 | 行业定期报告 2025 年 06 月 16 日 以色列伊朗发生冲突，原油价格大幅上涨 招商化工行业周报 2025 年 6 月第 3 周 周期/化工 本报告阐述了基础化工板块一周行情走势、产品价格及价差变化、重点推荐子 行业及公司。 板块整体走势 6 月第 3 周化工板块（申万）下跌 0.01%，上证 A 指下跌 0.24%，板块落后 大盘 0.23 个百分点。涨幅排名前 5 的个股分别为：华阳新材（+41.8%）， 科恒股份（+20.92%），闰土股份（+12.48%），金牛化工（+11.41%）， 兴化股份（+10.91%）；跌幅排名前 5 的个股分别为：领湃科技（- 14.14%），奥克股份（-12.92%），新金路（-12.23%），国风新材（- 11.08%），尤夫股份（-10.01%）。此外，本周化工板块（申万）动态 PE 为 24.59 倍，低于 2015 年来的平均 PE 9.81%。 细分子行业走势 6 月第 3 周化工行业 18 个子行业上涨，12 个子行业下跌。上涨子行业前五 是：纺织化学用品（+8.1%），石油贸易（+7.41%），钾肥（+5.37%）， 复合肥（+5. ...

[Table_Main] 证券研究报告 | 行业周报 基础化工 2025 年 06 月 16 日 基础化工 优于大市（维持） 证券分析师 王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 市场表现 -22% -15% -7% 0% 7% 15% 22% 2024-06 2024-10 2025-02 基础化工 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《染料行业更新：供给端趋紧态势 延续，重视 H 酸与活性染料弹性》， 2025.6.10 2.《涨价主线！关注氯虫苯甲酰胺、 SAF 等》，2025.6.8 3.《万华化学（600309.SH）：主营 业务保持稳健，减值&报废短期拖 累》，2025.6.4 4.《SAF 企业有望迎来量价齐升阶 段！》，2025.6.4 5.《新一轮化工供给侧改革或将开 启》，2025.6.3 涨价主线！关注活性染料、生物柴油等 [Table_Summary] 投资要点： 核心观点： 请务必阅读正文之后的信息披露和法律声明 本周基础化工板块表现好于大盘。根据 Wind，本周（6/6-6/13）上证综指涨跌幅为 -0.2 ...

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].

Group 1: Industry Overview - The petroleum and chemical indices mostly declined last week, with the chemical raw materials index down by 1.27% and the chemical machinery index down by 0.80% [1] - The chemical pharmaceutical index increased by 3.17%, and the pesticide and fertilizer index rose by 0.45% [1] - In the petroleum sector, the petroleum processing index remained flat, while the petroleum extraction index rose by 0.29% and the petroleum trade index increased by 0.10% [1] Group 2: Commodity Prices - International crude oil prices experienced slight fluctuations downward, with WTI settling at $61.53 per barrel, down by 1.54%, and Brent at $64.78 per barrel, down by 0.96% [1] - The top five rising petrochemical products included acrylic acid up by 10.79%, acifluorfen up by 7.69%, coal tar up by 6.72%, nitrile rubber up by 3.99%, and potassium chloride up by 3.57% [1] - The top five declining petrochemical products included chloroform down by 19.05%, butadiene down by 5.41%, maleic anhydride down by 4.62%, butane down by 4.5%, and propane down by 4.35% [1] Group 3: Capital Market Performance - In the capital market, the top five rising listed chemical companies included Huide Technology up by 35.58%, Yanggu Huatai up by 32.05%, Runyang Technology up by 24.74%, Lingpai Technology up by 23.81%, and Lafang Home up by 21.93% [2] - The top five declining listed chemical companies included Yuchanxia A down by 25.91%, Jitai Co. down by 24.85%, Hongqiang Co. down by 22.46%, Sanfu Xinke down by 13.54%, and Zhongxin Fluorine Material down by 12.38% [2]

Group 1: Industry Overview - The petrochemical and chemical indices experienced a positive trend due to tariff policy impacts, with the chemical raw materials index rising by 1.30%, chemical machinery index by 0.12%, pharmaceutical index by 2.01%, and pesticide and fertilizer index by 1.28% [1] - In the oil sector, the oil processing index remained stable, while the oil extraction index increased by 0.64% and the oil trading index rose by 0.98% [1] - International crude oil prices fluctuated, with WTI settling at $62.49 per barrel, up 2.41% from May 9, and Brent at $65.41 per barrel, up 2.35% [1] Group 2: Market Performance - The top five performing listed chemical companies in the capital market included Yuzhong Three Gorges A, which rose by 50.65%, Jitai Co., up 47.10%, Suzhou Longjie, up 36.27%, ST Youfu, up 34.54%, and Hongqiang Co., up 33.55% [2] - The five companies with the largest declines were Aiai Precision Engineering, down 7.50%, Yongyue Technology, down 7.49%, Huate Gas, down 6.90%, Aladdin, down 6.88%, and Runbei Hangke, down 6.38% [2] Group 3: Product Price Changes - The top five petrochemical products with the highest price increases included butadiene, up 21.10%, SBS, up 13.65%, pure benzene, up 11.36%, styrene, up 10.43%, and PX, up 9.77% [1] - The five petrochemical products with the largest price declines were liquid chlorine, down 464.29%, trichloromethane, down 6.49%, yellow phosphorus, down 5.80%, vitamin VC, down 5.13%, and ethylene, down 3.53% [1]

主要原料 2024 年平均采购价（元/吨） 2023 年平均采购价（元/吨） 变动比率（%） 氟化锂 138,604.04 363,501.24 -61.87 氢氟酸 9,153.31 8,713.13 5.05 三氯甲烷 2,504.85 2,394.11 4.63 生胶 31,089.38 33,483.86 -7.15 烟片胶 19,316.16 14,449.56 33.68 聚醚多元醇 9,685.16 10,576.96 -8.43 MDI 15,071.99 15,519.58 -2.88 TDI 16,452.66 17,381.22 -5.34 二甲苯 6,615.49 5,955.96 11.07 环氧树脂 12,426.62 12,876.40 -3.49 三、主要原材料的价格变动情况（不含税） 四、其他对公司生产经营具有重大影响的事项 公司发行股份购买中化蓝天集团有限公司 100%股权已完成交割 过户，中化蓝天集团有限公司成为公司全资子公司，从 2024 年 7 月 起纳入公司合并财务报表范围。 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 ...