股票代码：600727 股票简称：鲁北化工 编号：2025-044 山东鲁北化工股份有限公司 2025年半年度主要经营数据公告 特别提示 本公司董事会及全体董事成员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、准确性和完整性承担法律责任。 | 主要产品 | 2025年半年度 平均售价（元/吨） | 2024年半年度 平均售价（元/吨） | 变动比率（%） | | --- | --- | --- | --- | | 钛白粉 | 12,637.11 | 14,008.03 | -9.79 | | 甲烷氯化物 | 1,969.28 | 1,979.51 | -0.52 | | 化肥 | 2,844.78 | 2,630.80 | 8.13 | | 原盐 | 212.39 | 274.34 | -22.58 | | 水泥 | 259.49 | 237.84 | 9.11 | 1 主要产品 2025年半年度 产量（吨） 2025年半年度 销量（吨） 2025年半年度 销售金额（元） 钛白粉 136,785.60 126,123.80 1,593,840,221.40 甲烷氯化物 216 ...

证券代码：600409 证券简称：三友化工 公告编号：临 2025-037 号 唐山三友化工股份有限公司 2025年第二季度主要经营数据公告 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、准确性和完整性承担法律责任。 根据《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：第十三 号——化工》有关规定和披露要求，现将唐山三友化工股份有限公司（以下简称 "公司"）2025 年第二季度主要经营数据公告如下： 二、公司主要产品的价格变动情况 | | 2025 年 | 2025 年 | | 2024 年 | | | --- | --- | --- | --- | --- | --- | | 主要产品 | 第二季度 | 第一季度 | | 第二季度 | | | 名称 | 平均售价 | 平均售价 | 环比价格 | 平均售价 | 同比价格 | | | （元/吨） | （元/吨） | 变动幅度 | （元/吨） | 变动幅度 | | 纯碱 | 1,220.74 | 1,308.34 | -6.70% | 1,807.31 | -32.46% | | 粘胶短纤维 | ...

| | | 烧碱产业日报 2025-08-26 | 项目类别 | 数据指标 环比 数据指标 | 最新 | 最新 | 环比 | | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:烧碱(日,元/吨) -29 烧碱主力合约持仓量(日,手) | 2703 | 118465 | -7799 | | | 期货前20名净持仓:烧碱(日,手) -4467 烧碱主力合约成交量(日,手) | -5818 | 507419 | -9330 | | | 合约收盘价:烧碱:1月(日,元/吨) -29 合约收盘价:烧碱:5月(日,元/吨) | 2703 | 2793 | -2 | | | 期货前20名净持仓:烧碱(日,手) -4467 | -5818 | | | | 现货市场 | 烧碱(32%离子膜碱):山东地区(日,元/吨) 0 烧碱(32%离子膜碱):江苏地区(日,元/吨) | 860 | 900 | 0 | | | 山东地区32%烧碱折百价(日,元/吨) 0 基差:烧碱(日,元/吨) | 2687.5 | -15 | 29 | | 上游情况 | 原盐:山东:主流价(日,元/吨) 0 原盐 ...

| 项目类别 | 数据指标 环比 数据指标 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:烧碱(日,元/吨) | 2732 | -9 烧碱主力合约持仓量(日,手) | 126264 | 722 | | | 期货前20名净持仓:烧碱(日,手) | -1351 | 6589 烧碱主力合约成交量(日,手) | 516749 | -58894 | | | 合约收盘价:烧碱:1月(日,元/吨) | 2732 | -9 合约收盘价:烧碱:5月(日,元/吨) | 2795 | -1 | | | 期货前20名净持仓:烧碱(日,手) 6589 | -1351 | | | | | 现货市场 | 烧碱(32%离子膜碱):山东地区(日,元/吨) 10 烧碱(32%离子膜碱):江苏地区(日,元/吨) | 860 | | 900 | 0 | | | 山东地区32%烧碱折百价(日,元/吨) | 2688 | 32 基差:烧碱(日,元/吨) | -85 | -23 | | 上游情况 | 原盐:山东:主流价(日,元/吨) | 210 | 0 原盐 ...

入 期 市 市 服 热 线 客 ll 方 图 有 网 型 ted ML www.itf.com.cn 400-8888-598 ta 10 ntal | | | | 投资咨询业务资格:证监许可[ 2012 ]31号 | | ITC国贸期货 | | --- | --- | --- | --- | --- | --- | | | | | | | 碱数据目报 | | | | | 国贸期货研究院 能源化工研究中心 陈一凡 | | 从业资格证:F3054270 2025/08/25 投资咨询证:Z0015946 | | 指标 | | 2025/08/21 2025/08/22 | | 涨跌值 | 行情综述 | | 山东 | | 200 | 200 | 0 | | | 原盐 | 江苏 | 250 | 250 | 0 | | | 西北 | | 200 | 200 | | | | 电石 | 山东 | 2755 | 2755 | | | | 内蒙 | | 2210 | 2260 | 50 | | | 山东 | | -200 | -200 | 0 | | | 液氯 | 江苏 | -200 | -200 | 0 | 今日国内液碱市 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The upside space for caustic soda is limited, with pressure at the 2,800 price level for the SH509 contract. The market is mainly driven by potential negative feedback on the operating rate due to price drops and the impact of domestic demand. Without significant event shocks, the upside for the near - term is expected to be limited [3]. - The rebound of caustic soda futures this week was mainly due to the approaching delivery of the near - term contract and the strengthening of the near - term spot, which pushed up the market expectations. However, the subsequent upward potential depends on the verification of the peak season [6]. 3. Summary by Directory 3.1 Spot Price - The domestic low - concentration caustic soda market price increased week - on - week. In Shandong, the average price of 32% ion - membrane liquid caustic soda rose from 836 yuan/ton (converted to 2,618.75 yuan/ton in 100% purity) at the beginning of the week to 847 yuan/ton (2,646.875 yuan/ton in 100% purity) at the end of the week. The price increase was due to factors such as new orders, improved delivery, and reduced inventory pressure [11]. - The price of 50% caustic soda and 99% flake caustic soda in different regions also showed certain trends, and the report provided historical price data for different regions and types of caustic soda [17][22][23]. 3.2 Price Difference - **Model Price Difference**: The price differences between 50% caustic soda and 32% caustic soda, and between 99% flake caustic soda and 32% caustic soda in different regions were presented, along with historical data [33]. - **Regional Price Difference**: The price differences of 32% caustic soda, 50% caustic soda, and 99% flake caustic soda between different regions were analyzed, and historical data were provided [33]. 3.3 Supply - China's caustic soda production capacity is mainly concentrated in North China, Northwest China, and East China, accounting for 80% of the total national capacity. This week, the domestic caustic soda production was estimated to be 82.93 tons, a week - on - week increase of 0.12 tons, and the weekly operating rate of liquid caustic soda enterprises was 84.45%, a week - on - week increase of 0.13% [50]. - Some enterprises in Hubei and Zhejiang completed their maintenance, while some in Jiangxi and Hunan started maintenance, with the overall maintenance impact decreasing compared to last week [50]. - The report also provided information on the operating rates of liquid caustic soda and flake caustic soda, and the production and maintenance plans of different enterprises [51][56][60]. 3.4 Demand - **Alumina**: This week, the profit margin of alumina was acceptable, and the operating capacity remained at a high level. As of August 14, China's alumina installed capacity was 114.8 million tons, with an operating capacity of 95.2 million tons and an operating rate of 82.93%. However, there was a possibility of subsequent production cuts [63]. - **Viscose Staple Fiber**: The capacity utilization rate of the viscose staple fiber industry this week was 86.04%, a week - on - week increase of 1.07% [63]. - **Printing and Dyeing Industry**: As of August 14, the comprehensive operating rate in the Jiangsu and Zhejiang regions was 61.46%, a week - on - week increase of 2.19%. The industry showed a mild recovery [63]. 3.5 Inventory - As of August 15, 2025, the domestic liquid caustic soda factory inventory was 275,600 tons, a week - on - week decrease of 0.47%. The inventory in North China increased, while that in Northeast, Central, and East China decreased [77]. - The domestic flake caustic soda factory inventory was 25,900 tons, a week - on - week increase of 10.3% due to slow sales and increased supply [77]. 3.6 Valuation - The production cost of caustic soda mainly comes from raw salt and electricity. The domestic industrial salt market had a slight increase this week, and the动力煤 market price rose slightly. The comprehensive profit of chlor - alkali on the spot side was compressed [81][82]. 3.7 Chlorine - Consuming Downstream - The report provided data on the benchmark spot price of PVC, the weekly operating rate of PVC powder, and the comprehensive profit of calcium carbide - based and northwest integrated chlor - alkali. It also presented information on the capacity utilization rate and production profit of products such as propylene oxide and epichlorohydrin [94][95][100].

Report Industry Investment Rating No relevant information provided. Core View The current soda ash market is under triple pressure of "high supply, high inventory, and weak demand." Although the price is at a historically low level, the market is expected to remain under pressure until there is a substantial reduction in inventory. Future focus should be on enterprise production cut trends and marginal changes in terminal demand [9][40]. Summary by Directory 1. Soda Ash Supply and Demand Situation - **Production and Capacity Utilization Increase**: As of August 14, 2025, the weekly domestic soda ash production was 761,300 tons, a week - on - week increase of 16,600 tons or 2.24%. The comprehensive capacity utilization rate was 87.32%, a week - on - week increase of 1.91%. Among them, the ammonia - alkali capacity utilization rate was 88.78% (down 0.42% week - on - week), the co - production capacity utilization rate was 78.74% (up 4.82% week - on - week), and the overall capacity utilization rate of 15 enterprises with an annual capacity of one million tons or more was 90.39% (up 3.12% week - on - week) [10][12]. - **Inventory Pressure Increases**: As of August 14, 2025, the total inventory of domestic soda ash manufacturers was 1.8938 million tons, an increase of 17,600 tons or 0.94% from the previous Monday. Compared with the same period last year, it increased by 745,500 tons or 64.92%. Although transportation improved and shipments increased, the overall inventory continued to accumulate [8][14]. - **Shipment Volume and Rate Improve**: Last week, Chinese soda ash enterprises' shipment volume was 732,600 tons, a week - on - week increase of 8.48%. The overall shipment rate was 96.23%, a week - on - week increase of 5.54 percentage points [17]. - **Profit Analysis**: As of August 14, 2025, the theoretical profit of Chinese ammonia - alkali soda ash was 34.40 yuan/ton, a week - on - week decrease of 21.80 yuan/ton. The theoretical profit of Chinese co - production soda ash (double - ton) was 9 yuan/ton, a week - on - week decrease of 59.50 yuan/ton [20][24]. 2. Downstream Industry Situation - **Float Glass Industry Production Increases**: As of August 14, 2025, the daily output of national float glass was 159,600 tons, the same as on the 7th. The weekly production from August 8 - 14, 2025, was 1.117 million tons, the same as the previous week but a year - on - year decrease of 5.29% [28]. - **Float Glass Industry Inventory Decreases**: As of August 14, 2025, the float glass industry's operating rate was 75.34%. The total inventory of national float glass sample enterprises was 63.426 million weight boxes, a week - on - week increase of 1.579 million weight boxes or 2.55%, and a year - on - year decrease of 5.94%. The inventory days were 27.1 days, an increase of 0.7 days from the previous period [31]. 3. Spot Market Situation - The prices of most soda ash products in different regions showed a downward or stable trend. For example, the price of light soda ash in Central China decreased from 1,200 yuan/ton to 1,180 yuan/ton, a decrease of 1.67%. The price of heavy soda ash in East China decreased from 1,300 yuan/ton to 1,250 yuan/ton, a decrease of 3.85% [36][39]. 4. Comprehensive Analysis - The domestic soda ash market continued to operate weakly last week, with the supply - demand contradiction further deepening. Supply pressure increased, inventory pressure was significant, cost - end support weakened, and downstream demand did not improve. The market is expected to remain under pressure until inventory is substantially reduced [40]. 5. Operation Suggestions - **Single - side**: Look for long - position opportunities based on the cash cost line. - **Arbitrage**: Wait and see. - **Options**: Wait and see [41].

Group 1 - The core viewpoint of the article highlights the projected decline in China's raw salt production by 17% in June 2025, with a cumulative production increase of 4.4% in the first half of 2025 [1] - The article references several listed companies in the salt industry, including Su Yan Jingshen, Zhongyan Chemical, and Xue Tian Salt Industry, indicating their relevance to the market analysis [1] - A report by Zhiyan Consulting forecasts the supply and demand dynamics of the raw salt industry in China from 2025 to 2031, suggesting potential investment opportunities [1] Group 2 - According to data from the National Bureau of Statistics, China's raw salt production in June 2025 is expected to be 6.98 million tons [1] - The cumulative raw salt production for the first half of 2025 is projected to reach 29.83 million tons [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and tailored services [3]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - The domestic liquid caustic soda market had fair transactions today, with prices in most regions remaining stable. The price of 50% liquid caustic soda in Shandong rose steadily, while the price of 48% liquid caustic soda in Jiangsu decreased. Chlor - alkali enterprises in Shandong had good shipments and low inventory pressure. Due to some enterprises having low loads or undergoing maintenance, the price of 32% liquid caustic soda remained stable, and the price of 50% liquid caustic soda rose steadily. Demand in Jiangsu was average, and the price of high - concentration caustic soda decreased slightly. The mainstream transaction price of 32% ion - membrane caustic soda in Shandong was 820 - 865 yuan/ton, and the local large - scale alumina factory's purchase price was 750 yuan/ton. The mainstream transaction price of 50% ion - membrane caustic soda in Shandong was 1270 - 1350 yuan/ton, remaining stable compared to the previous working day. The PVC price in Shandong increased by 30 yuan, and the futures主力 contract's closing price increased by 10. With intense long - short game, it is recommended to continue to stay on the sidelines. [1] Group 3: Summary by Relevant Catalogs 1. Product Price Changes - **Raw Salt**: Prices in Shandong, Jiangsu, and the Northwest remained unchanged at 200, 250, and 200 respectively [1]. - **Calcium Carbide**: The price in Inner Mongolia decreased by 15 to 2325, while the price in Shandong remained at 2780 [1]. - **Liquid Chlorine**: Prices in Shandong, Jiangsu, and the Northwest changed to - 100, - 50, and - 600 respectively, with increases of 100, 30, and 0 [1]. - **32% Liquid Caustic Soda**: Prices in Shandong, Jiangsu, and other regions remained stable at 800, 890, etc. [1]. - **50% Liquid Caustic Soda**: Prices in Shandong, Jiangsu, and other regions remained stable at 1300, 1400, etc. [1]. - **Caustic Soda Flakes**: Prices in Shandong, Inner Mongolia, the Southwest, etc. remained unchanged [1]. - **PVC**: The price in Shandong increased by 30 to 4830, and the price in Inner Mongolia remained at 4580 [1]. - **Futures and Related Indicators**: The futures主力 contract's closing price increased by 10 to 2502, and the basis in Shandong and Jiangsu decreased by 10 [1]. 2. Price Spreads - **50% Caustic Soda - 32% Caustic Soda Spread**: Remained at 100 in Shandong [1]. - **Caustic Soda Flakes - 50% Caustic Soda Spread**: Remained at 625 in Shandong [1]. - **Regional Spreads of 50% Caustic Soda and Caustic Soda Flakes**: Remained unchanged in various regions [1]. 3. Profits and Electricity Prices - **Chlor - Alkali Profits**: In Shandong, it increased by 100 to - 165, and in the Northwest, it increased by 20 to 818 [1]. - **Electricity Prices**: Remained unchanged in Shandong and Inner Mongolia at 0.75 and 0.5 respectively [1].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - SH2509 is expected to show a short - term oscillatory trend, with the daily operating range estimated to be around 2570 - 2700. The supply - side policy利好 sentiment in the earlier stage has faded, and attention should be paid to the implementation of the policy on eliminating backward production capacity in the industry. The alumina operating capacity in China remains at a high level, and the amount of alkali sent to the main downstream by alkali plants has increased. The off - season demand of non - aluminum downstream is weak, mainly for rigid demand, and some enterprises resist high prices. The utilization rate of production capacity is expected to maintain an upward trend, but the limited receiving capacity of the liquid chlorine downstream may drag down the profit of chlor - alkali and limit the upward space of the operating rate [1] Summary by Related Catalogs Futures Market - The main closing price of caustic soda is 2644 yuan/ton, down 14 yuan; the futures trading volume is 752433 lots, down 277186 lots; the futures holding volume is 189077 lots, down 19374 lots; the net holding volume of the top 20 futures is - 7630 lots, up 4809 lots. The closing price of the January contract is 2655 yuan/ton, down 44 yuan; the closing price of the May contract is 2723 yuan/ton, down 40 yuan [1] Spot Market - The price of 32% ion - membrane caustic soda in Shandong is 830 yuan/ton, unchanged; in Jiangsu, it is 900 yuan/ton, down 10 yuan. The converted - to - 100% price of 32% caustic soda in Shandong is 2593.75 yuan/ton, unchanged; the basis of caustic soda is - 50 yuan/ton, up 14 yuan [1] Upstream Situation - The mainstream price of raw salt in Shandong is 210 yuan/ton, unchanged; in the Northwest, it is 220 yuan/ton, unchanged. The price of thermal coal is 637 yuan/ton, unchanged [1] Industry Situation - The mainstream price of liquid chlorine in Shandong is - 550 yuan/ton, down 100 yuan; in Jiangsu, it is - 225 yuan/ton, unchanged [1] Downstream Situation - The spot price of viscose staple fiber is 12940 yuan/ton, unchanged; the spot price of alumina is 3215 yuan/ton, up 55 yuan. From July 11th to 17th, the average utilization rate of production capacity of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 82.6%, up 2.2% week - on - week. As of July 17th, the factory inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above nationwide was 383,900 tons (wet tons), up 2.56% week - on - week and 1.78% year - on - year [1] Industry News - The utilization rate of caustic soda production capacity last week increased by 2.2% to 82.6%. The alumina operating rate increased by 0.33% to 83.61%, and the average profit of alumina was 360.7 yuan/ton. The viscose staple fiber operating rate increased by 6.75% to 84.55%, and the printing and dyeing operating rate remained stable at 58.9%. The liquid caustic soda factory inventory increased by 2.56% to 383,900 tons [1]