上述两个项目是淄博化工企业大力发展氟硅材料的缩影。目前，淄博的氟硅产业链条体系完备，已打造 出从氟矿石开采到无水氟化氢、从甲烷氧化物到绿色环保制冷剂、从氟硅烷到有机硅，再到含氟高分子 材料及其深加工的完整产业链，产品涵盖无机氟化物、含氟制冷剂、含氟功能膜材料等四大类。全产业 链产能丰富，全市氟硅材料产业总产能超过200万吨/年，聚四氟乙烯、聚偏氟乙烯、聚全氟乙丙烯等产 品产能居国内第一。 为全面推动氟材料产业向新向强向高发展，2022年，淄博市创新实施产业链链长制，由市级领导担任氟 硅材料产业链的"链长"。目前，链上企业延链成群，形成了以东岳氟硅材料产业园、高青化工产业园为 主的氟材料产业园区，该产业集群被列入山东省"十强"产业"雁阵形"集群。 山东化工转型发展"专精特新"系列报道之一 编者按 作为连续32年的全国化工产业第一大省，山东省在石油化工、煤化工、盐化工等传统领域拥有 重要影响力。为更好地实现新旧动能转换，近年来，该省化工企业借力绿色低碳高质量发展示范区建 设，锚定"专精特新"深耕细作，向新能源新材料领域延展转型，电子化学品、氢能、氟硅材料、生物制 造等领域发展迅速，涌现出不少拳头产品和优势集群。本 ...

证券日报网讯三友化工11月20日在互动平台回答投资者提问时表示，公司现具有年产有机硅单体40万吨 的生产能力，有机硅产品涨价有利于促进公司盈利能力提升。 （文章来源：证券日报） ...

工业硅日报 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2025 年 11 月 20 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 请阅读正文后的声明 每日报告 一、行情回顾与展望 ...

Core Viewpoint - Huasheng Silicon Industry reported a net profit attributable to shareholders of -321 million yuan for the first three quarters, a year-on-year decline of 122.1% [1] - In Q3, the company achieved a net profit of 76 million yuan, with a year-on-year decline of 84.12% and a quarter-on-quarter increase of 111.52% [1] Group 1: Industrial Silicon - In Q3 2025, the industrial silicon market saw both volume and price increases, leading to a turnaround in quarterly profitability [1] - The photovoltaic industry is implementing "anti-involution" policies to address issues of low-price disorderly competition, prompting silicon material companies to raise product prices above cost levels [1] - Multi-crystalline silicon companies are collaborating to limit shipments, which, combined with a market sentiment of "buying on the rise, not on the fall," has increased downstream stockpiling demand, further driving up multi-crystalline silicon prices [1] Group 2: Metal Silicon Market - The improved market sentiment in the metal silicon market is attributed to the rebound in silicon prices, indicating a gradual improvement in supply and demand [1] Group 3: Organic Silicon - In Q3 2025, the organic silicon monomer market faced weak orders, resulting in continuous price declines and a decrease in industry operating rates [1] - With the arrival of the traditional peak season in Q4 and expected industry maintenance, prices are anticipated to undergo a phase of recovery [1] Group 4: Investment Rating - The company maintains a "buy" rating based on the current market dynamics and anticipated recovery in prices [1]

证券代码：603041 证券简称：美思德 公告编号：2025-028 江苏美思德化学股份有限公司 2025 年三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。 江苏美思德化学股份有限公司（以下简称"公司"）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》及其附件《第十三号—— 化工》、《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》 的要求，现将公司 2025 年三季度主要经营数据（均不含税）披露如下： 注：公司部分产品存在内部自用情况。 主要产品 2025年1-9月产量 （吨） 2025 年 1-9 月销 量（吨） 2025 年 1-9 月营业 收入（万元） 硬泡助剂 16,593.16 15,703.36 35,362.00 软泡助剂 3,258.58 3,314.40 10,036.99 合计 19,851.74 19,017.76 45,398.99 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 2025 | 年 | 1-9 | 月平均销 | ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 63.35 CNY per share [2][8]. Core Views - The company's performance in the first half of 2025 aligns with previous forecasts, indicating a potential rebound in its main business [2]. - The company reported a revenue of 9.775 billion CNY in H1 2025, a year-on-year decrease of 26.34%, and a net profit attributable to shareholders of -397 million CNY, down 140.60% year-on-year [2]. - In Q2 2025, the company experienced a revenue of 4.548 billion CNY, reflecting a 42.11% decline year-on-year and a 13.02% decline quarter-on-quarter, with a net profit of -657 million CNY, a significant drop of 245.87% year-on-year and 352.93% quarter-on-quarter [2]. Financial Summary - The company is projected to achieve total revenue of 27.132 billion CNY in 2025, with a year-on-year growth rate of 1.6% [4]. - The net profit attributable to shareholders is expected to be 969 million CNY in 2025, representing a year-on-year decline of 44.4% [4]. - Earnings per share (EPS) is forecasted to be 0.82 CNY in 2025, with a price-to-earnings (P/E) ratio of 63 [4]. - The company has a total market capitalization of 61.427 billion CNY and a debt-to-asset ratio of 62.83% [5]. Business Outlook - The company is positioned as a leader in the industrial silicon sector, with a focus on cost advantages and market share expansion despite current price declines in industrial silicon and organic silicon [8]. - The company maintains normal operations in organic silicon, with expectations for price recovery due to limited new capacity and strong demand growth in the coming years [8]. - Future growth is anticipated from ongoing capacity expansions, including projects in Xinjiang and Yunnan, which are expected to enhance the company's growth potential once the industry rebounds [8].

Core Viewpoint - New An Co., Ltd. is facing severe challenges due to industry overcapacity and declining prices in the silicon-based new materials sector, leading to significant financial losses and a negative net profit for the first time since its listing [1][14]. Group 1: Financial Performance - In the first half of 2025, New An reported total revenue of 8.058 billion yuan, a year-on-year decrease of 5.07%, and a net profit attributable to shareholders of 69.0734 million yuan, down 47.71% [1]. - The company's non-recurring net profit was -23.9177 million yuan, a dramatic decline of 197.73%, indicating that its core business is in a loss-making state [1]. - The reliance on government subsidies (64.39 million yuan) and non-current asset disposals (51.77 million yuan) to support profits raises concerns about the sustainability of its earnings [1]. Group 2: Industry Context - The silicon-based new materials sector, particularly organic silicon, has seen a significant increase in production capacity, with total domestic organic silicon capacity reaching 3.2 million tons by the end of 2024 [3][12]. - Despite a compound annual growth rate of 10.7% in apparent consumption from 2017 to 2024, the rapid expansion of capacity has led to a supply-demand imbalance [3][12]. - The price of industrial silicon has plummeted, with a decline of 23% from the end of 2023 to the end of 2024, and further dropping to 9,350 yuan per ton by mid-2025, resulting in a significant impact on profitability [3][5]. Group 3: Asset and Cash Flow Management - New An has recognized asset impairment risks, with a total impairment provision of 83.93 million yuan in the first half of 2025, including a 68.54 million yuan provision for inventory [5][6]. - The company's accounts receivable reached 2.157 billion yuan, a year-on-year increase of 7.68%, with a staggering ratio of accounts receivable to net profit at 4,195.51% [6]. - Continuous negative cash flow from operating and investing activities, amounting to -1.72 billion yuan in the first half of 2025, indicates a weak ability to generate cash from core operations [7]. Group 4: Strategic Challenges - New An's major project, the organic silicon synthesis project, has been delayed from September 2025 to March 2026 due to changing market conditions and increased competition [13]. - The company is still pursuing upstream industrial silicon capacity expansion despite the declining prices, raising questions about the viability of this strategy [14]. - The overall situation reflects a structural issue within the organic silicon industry, where overcapacity and price wars are severely compressing profit margins [14].

Group 1 - The company Dongyue Silicon Material is actively promoting the rectification and resumption of its 300,000 tons of organic silicon monomer facility [2] - The timeline for resumption of production is uncertain, and the company will fulfill its information disclosure obligations once relevant conditions are met [2]

Group 1 - The company disclosed its 2025 semi-annual operating data, including production, sales, and revenue figures for its main products [1] - Total production for major products reached 12,539.21 tons, with total revenue amounting to 302.58 million yuan [1] - The company reported a decrease in the selling price of hard foam additives by 10.47% year-on-year and 4.24% month-on-month [1] Group 2 - The selling price of soft foam additives increased by 6.85% year-on-year but decreased by 0.32% month-on-month [1] - The procurement price of major raw materials showed a year-on-year decrease, with organic silicon monomer down by 10.85% and allyl alcohol polyether down by 8.15% [1] - No other significant events affecting the company's production and operations were reported during the reporting period [1]

证券代码：603041 证券简称：美思德 公告编号：2025-025 江苏美思德化学股份有限公司 2025 年半年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。 江苏美思德化学股份有限公司（以下简称"公司"）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》及其附件《第十三号—— 化工》、《关于做好主板上市公司 2025 年半年度报告披露工作的重要提醒》的 要求，现将公司 2025 年半年度主要经营数据（均不含税）披露如下： 注：公司部分产品存在内部自用情况。 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 | 主要产品 | 2025 | 年 | 1-6 | 月平均销 | 2024 1-6 | 年 | 月平均销 | 同比变动 | 第二季度 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 售价格（万元/吨） | | | | 售价格（万元/吨） | | | | 环比变动 | | 硬泡助剂 ...