Core Insights - The article discusses the current state and future prospects of the salt industry in China, highlighting a decline in raw salt production and providing insights into investment opportunities within the sector [1]. Industry Overview - As of September 2025, China's raw salt production reached 5.04 million tons, reflecting a year-on-year decrease of 9.4% [1]. - From January to September 2025, the cumulative raw salt production in China was 45.15 million tons, showing a slight decline of 1.1% compared to the previous year [1]. Companies Mentioned - The article lists several companies involved in the salt industry, including: - Su Yan Jing Shen (603299) - Zhong Yan Chemical (600328) - Xue Tian Salt Industry (600929) - Shandong Haihua (000822) - San You Chemical (600409) - Yunnan Salt Chemical (002053) [1]. Research Report - The article references a report by Zhiyan Consulting titled "2026-2032 China Salt Industry Investment Opportunity Analysis and Market Outlook Trend Report," which likely provides further insights into market trends and investment opportunities in the salt industry [1].

烧碱产业日报 2025-11-18 利润持续，近期下游主力采购价下调，山东32%液碱市场价承压下跌。目前主力基差仍偏高，反映市场对 后市供需偏弱预期等待验证，关注12月氧化铝是否有集中减产计划。技术上，SH2601关注2250附近支撑。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:烧碱(日,元/吨) | 2286 | -5 烧碱主力合约持仓量(日,手) | 149936 | -717 | | | 期货前20名净持仓:烧碱(日,手) | -17632 | 63 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The supply - demand pattern of caustic soda has limited changes and will maintain a narrow - range oscillation in the short term. It is in a downward oscillation phase, and the later price center is expected to decline. The current and expected supply - demand patterns are significantly different. The upstream has reported production this year, and the demand shows weakness. As winter approaches, the active de - stocking pressure of upstream enterprises may impact the spot market. Attention can be paid to the rebound of the futures market [2][4]. - It is recommended that production enterprises use options for inventory management, trade enterprises consider building inventory and use options for procurement and inventory management, and terminal customers use options for procurement and inventory management according to their own situations [2]. - Key data to focus on include the commissioning of downstream alumina plants, the impact of chlorine - consuming downstream on the comprehensive profit of chlor - alkali, the maintenance information of upstream chlor - alkali enterprises, and the marginal changes in the inventory of caustic soda plants [2]. 3. Summary by Directory 3.1 Spot Price - Domestic caustic soda is divided into different specifications, mainly including 32% liquid caustic soda, 50% liquid caustic soda, and 99% flake caustic soda. The low - concentration caustic soda market price in the region weakened week - on - week. In Shandong, the average market price of 32% ion - exchange membrane liquid caustic soda decreased from 807 yuan/ton (converted to 2521.875 yuan/ton of 100% caustic soda) at the beginning of the week to 801 yuan/ton (converted to 2512.5 yuan/ton of 100% caustic soda) at the end of the week. The supply in Shandong was relatively sufficient, and the demand from alumina enterprises had a certain inhibitory effect on the market [11]. 3.2 Spread 3.2.1 Model Spread - The spreads between 50% caustic soda and 32% caustic soda in Shandong, Jiangsu, Zhejiang, and Shaanxi, as well as the spreads between 99% flake caustic soda and 32% caustic soda in Shandong, Inner Mongolia, and Shaanxi, showed different trends over time [29]. 3.2.2 Regional Spread - The regional spreads of 32% caustic soda, 50% caustic soda, and 99% flake caustic soda in different regions such as Shandong, Jiangsu, Zhejiang, and Shaanxi also had different performance trends [29][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 production capacity. This week, the domestic caustic soda output is expected to be 877,810 tons, a week - on - week increase of 367 tons, and the weekly operating rate of liquid caustic soda enterprises is 88.74%, a week - on - week increase of 0.40%. The maintenance arrangements in the chlor - alkali market this week are less, and the supply has increased [40]. 3.3.1 Load and Output - The weekly operating rates and outputs of liquid caustic soda and flake caustic soda showed different trends over time [41][45]. 3.3.2 Maintenance Situation - Many chlor - alkali enterprises have experienced long - term shutdowns, maintenance, and restarts. This week, the expected impact on the output of 100% caustic soda is 19,420 tons. Some enterprises also have future maintenance plans [48]. 3.3.3 Flake Caustic Soda Plant Operating Conditions - The operating conditions of flake caustic soda plants of different manufacturers vary, including normal operation, under - capacity operation, and maintenance [52]. 3.4 Downstream Demand - Alumina: The supply decreased slightly this week. As of November 13, the built - in production capacity of alumina in China was 118 million tons, the operating production capacity was 95.9 million tons, and the operating rate was 83.54% [55]. - Viscose staple fiber: The capacity utilization rate of the viscose staple fiber industry from November 7 - 13, 2025 was 89.50%, a week - on - week decrease of 0.1% [55]. - Printing and dyeing industry: As of November 13, the comprehensive operating rate in the Jiangsu and Zhejiang regions was 66.55%, a week - on - week decrease of 1.52%. The overall operating rate of dyeing factories showed differentiation, and the order situation was not good [55]. 3.5 Inventory - As of November 14, 2025, the inventory of liquid caustic soda plants in China was 254,100 tons, a week - on - week increase of 2.04%, and the inventory of flake caustic soda plants was 37,300 tons, a week - on - week increase of 0.81%. The market demand did not improve significantly, and the inventory showed an increasing trend [74]. 3.6 Valuation - Cost side: The price of industrial salt in China remained stable this week, and the price of thermal coal increased slightly. The production cost of caustic soda mainly comes from raw salt and electricity, with electricity accounting for about 60% of the total cost [78]. - Profit: The comprehensive profit of chlor - alkali on the spot side weakened week - on - week [79]. 3.7 Chlorine - Consuming Downstream - The report also provided price, operating rate, and profit data of PVC, epoxy propane, and epichlorohydrin, which are chlorine - consuming downstream products [87][96].

Investment Rating - The report rates the chemical industry as "Outperforming the Market" [2] Core Views - The report highlights the decline in international oil prices and methionine prices, while prices for VA and VE have increased. It suggests focusing on sectors mentioned in the "14th Five-Year Plan," undervalued leading companies, the impact of "anti-involution" on supply, and electronic materials companies under the context of self-sufficiency [2][3][10] Summary by Sections Industry Dynamics - In the week of October 27 to November 2, among 100 tracked chemical products, 29 saw price increases, 39 saw declines, and 32 remained stable. 28% of products had month-on-month price increases, while 57% saw declines [10][34] - The average price of sulfuric acid, vitamin E, nitric acid, sulfur, and hydrochloric acid increased, while the prices of raw salt, acetic acid, coal tar, and methanol decreased [10][34] - International oil prices fell, with WTI crude oil futures closing at $60.98 per barrel, down 0.85%, and Brent crude at $65.07 per barrel, down 1.32% [10][35] Price Trends - Vitamin A prices rose to 62 CNY/kg, up 1.64% week-on-week, while vitamin E prices increased to 50 CNY/kg, up 8.70% week-on-week. Both products are experiencing tight supply conditions [36] - Methionine prices decreased to 20.3 CNY/kg, down 1.46% week-on-week, with production increasing to 16,600 tons [37] Investment Recommendations - As of October 31, the TTM P/E ratio for the basic chemical sector is 24.39, at the 72.21% historical percentile, while the P/B ratio is 2.21, at the 53.61% historical percentile. The oil and petrochemical sector has a TTM P/E of 12.40, at the 31.95% historical percentile [13] - The report recommends focusing on sectors supported by policies, undervalued leading companies, and sectors with potential for high demand recovery, such as fluorochemicals, agricultural chemicals, refining, dyes, polyester filament, and tires [13][10] - Specific stock recommendations include Wanhua Chemical, Hualu Hengsheng, Satellite Chemical, and others, with a focus on companies like Yangnong Chemical and Tongcheng New Materials [10][13]

Group 1 - The article highlights the visibility of famous salt fields in China from satellite imagery, showcasing their vastness and geographical significance [1] - The Chaka Salt Lake, located in the southern part of the Qaidam Basin in western Qinghai, is noted as the largest salt lake in China, covering an area of 5,856 square kilometers and having a total reserve of over 500 billion tons, earning it the title "King of Asian Salt Lakes" [1] Group 2 - The Yinggehai Salt Field, situated in Hainan Province, was established in 1958 and spans an area of 3,793 hectares, approximately 38 square kilometers, making it the largest salt field on Hainan Island [4][5] - The Fuzhou Bay Salt Field, located on the southwestern coast of the Liaodong Peninsula, covers an area of 175 square kilometers and is recognized as one of the largest raw salt production bases among national designated salt production enterprises [8] - The Changlu Tanggu Salt Field is primarily distributed along the Bohai Sea coast in Hebei Province and Tianjin, stretching 370 kilometers with over 2.3 million mu of salt fields, approximately 1,533 square kilometers, accounting for one-fourth of the national sea salt production [12]

股票代码：600727 股票简称：鲁北化工 编号：2025-049 山东鲁北化工股份有限公司 2025年前三季度主要经营数据公告 特别提示 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。 山东鲁北化工股份有限公司（以下简称"公司"）根据上海证券交易所《关于 做好主板上市公司2025年第三季度报告披露工作的重要提醒》及《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》的要求，现将2025年前三季度主要经 营数据披露如下： 二、主要产品和原材料的价格变动情况 1、主要产品的价格变动情况（不含税） | 主要产品 | 2025年1-9月 平均售价（元/吨） | 2024年1-9月 平均售价（元/吨） | 变动比率（%） | | --- | --- | --- | --- | | 钛白粉 | 12,223.04 | 13,809.96 | -11.49 | | 甲烷氯化物 | 1,878.74 | 2,035.53 | -7.70 | | 化肥 | 2,913.03 | 2,758.02 | 5.62 | | 原盐 | 198 ...

证券代码：600409 证券简称：三友化工 公告编号：临 2025-044 号 | | 年 2025 | 年 2025 | | 年 2024 | | | --- | --- | --- | --- | --- | --- | | 主要产品 | 第三季度 | 第二季度 | | 第三季度 | | | 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 | 1,099.56 | 1,220.74 | -9.93% | 1,606.33 | -31.55% | | 粘胶短纤维 | 12,199.62 | 12,354.20 | -1.25% | 12,630.62 | -3.41% | | 烧碱 | 2,670.68 | 2,559.34 | 4.35% | 2,691.40 | -0.77% | | PVC | 4,473.12 | 4,483.69 | -0.24% | 5,159.27 | -13.30% | | 二甲基硅氧 烷混合环体 | 9,662.48 | 10,406.56 | -7 ...

Core Insights - The article discusses the busy "autumn harvest" season for raw salt in Lianyungang, Jiangsu, highlighting the local industry's activities and production levels [1][2][3] Industry Overview - The raw salt industry in Lianyungang is experiencing a peak period as the autumn season approaches, indicating a significant increase in production and harvesting activities [1][2] - The region is known for its salt production, which plays a crucial role in the local economy and contributes to the overall supply chain of salt in China [1][3] Company Activities - Local companies involved in salt production are ramping up their operations to meet the seasonal demand, showcasing their capacity to adapt to market needs [2][3] - The article emphasizes the importance of this period for companies as they prepare for the upcoming winter months when salt demand typically rises [1][2]

Core Viewpoint - The report highlights the impact of renewed US-China trade tensions and fluctuating international oil prices on the chemical industry, suggesting a focus on import substitution, domestic demand, and high-dividend opportunities [1][2]. Price Movements - Significant price increases were observed in sulfuric acid (up 26.15%), ethylene acetate (up 4.87%), and sulfur (up 4.58%), while notable declines were seen in PS (down 9.96%), natural gas (down 7.74%), and ammonium chloride (down 6.25%) [2][3]. - Brent crude oil closed at $61.29 per barrel, down 2.30% from the previous week, and WTI crude oil at $57.54 per barrel, down 2.31% [1][2]. Industry Performance - The chemical industry remains in a weak position overall, with mixed performance across sub-sectors due to past capacity expansions and weak demand [3][4]. - Some sub-sectors, such as lubricants, have shown better-than-expected performance [3]. Investment Recommendations - Focus on the glyphosate industry, which is showing signs of recovery with decreasing inventory and rising prices, recommending companies like Jiangshan Chemical, Xingfa Group, and Yangnong Chemical [4]. - Select stocks with strong competitive positions and growth potential, such as Ruifeng New Materials in the lubricant additives sector and Baofeng Energy in the coal-to-olefins sector [4]. - Emphasize domestic chemical fertilizer and certain pesticide sub-products that are self-sufficient and have stable demand, recommending companies like Hualu Hengsheng and China Heartlink Fertilizer [4]. - Continue to favor major oil companies with high asset quality and dividend yields, particularly Sinopec, which benefits from lower raw material costs due to falling oil prices [4].

Core Insights - The industrial salt industry is undergoing a transformation driven by digitalization, with the establishment of a vertical platform, Industrial Salt Industry Network, aimed at enhancing transaction efficiency and service ecology [1] Group 1: Platform Overview - Industrial Salt Industry Network was founded in 2022, focusing on addressing industry pain points through a digital service system that integrates supply-demand matching, price indices, technical consulting, and logistics [1] - The platform aims to make industrial salt transactions more efficient and transparent, moving beyond traditional offline trading methods [1] Group 2: Technological Innovations - The platform features an intelligent trading system that covers a comprehensive database of various salt categories, ensuring secure transactions through an enterprise certification mechanism [3] - A blockchain traceability system records production, inspection, and circulation information for each batch of industrial salt, allowing users to access full-chain data via QR codes [4] - An intelligent matching engine automatically recommends optimal suppliers based on enterprise needs, geographical location, and purchasing history [4] - A dedicated mobile app supports online procurement processes, including price inquiries, contract signing, and progress tracking [4] Group 3: Industry Collaboration and Sustainability - The platform collaborates with organizations like the China Salt Industry Association to publish industry white papers, price indices, and technical guidelines, aiding corporate decision-making [4] - The "Sunshine Procurement Plan" promotes quality grading standards for industrial salt, guiding enterprises towards better procurement choices [6] - An "Environmental Technology Zone" is established to promote green processes such as wastewater desalination and recycling, contributing to carbon neutrality goals [6] Group 4: Future Developments - The platform is advancing its third-phase construction, focusing on cross-border services, financial technology, and digital factories [6] - A pilot "supply chain finance" service is being tested in collaboration with banking institutions to provide credit support for small and medium-sized enterprises [6] - Plans to expand into the ASEAN market and promote Chinese industrial salt standards internationally are underway [6]