Investment Rating - The report maintains a recommendation for the organic silicon industry, highlighting its potential benefits from the chemical sector's internal competition [4]. Core Viewpoints - The chemical sector experienced a decline of 7.47% in the third week of November, underperforming the Shanghai Composite Index by 3.58 percentage points [13]. - The only sub-industry that saw an increase was petroleum processing, which rose by 2.64%, while 31 sub-industries declined, with the largest drop in acrylic fiber at -15.33% [17]. - Key products with significant price increases included dimethyl carbonate (+12.32%) and thionyl chloride (+11.39%), while liquid chlorine saw the largest decrease at -6.25% [22][3]. - The report suggests focusing on leading companies that benefit from the chemical sector's internal competition, such as Xin'an Chemical, Xingfa Group, and Baofeng Energy [4]. Industry Performance - The chemical sector's dynamic PE ratio stands at 23.78, significantly higher than the average PE of 5.33 since 2015 [13]. - The total number of stocks in the industry is 446, with a total market value of 7114.2 billion and a circulating market value of 6648.5 billion [5]. Price and Spread Trends - The report lists the top five products with the highest price increases and decreases, indicating significant volatility in the market [22][3]. - The price spread for propylene (methanol-based) increased by 296.55%, while the PTA spread decreased by 157.04% [42][46]. Inventory Changes - Notable inventory changes include a decrease in stocks of chlorpyrifos (-12.5%) and propylene oxide (-11.83%), while polyester filament saw an increase of 10.21% [66].

（文章来源：证券日报） 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，公司全资子公司唐山三友精细化工 有限公司投资建设的氯化亚砜年产能是4万吨，目前处于建设期，尚未投产。 ...

Group 1 - The company currently has a production capacity of 18,000 tons/year for solid lithium hexafluorophosphate and 5,000 tons/year for VC, with an additional 5,000 tons/year capacity that began trial production on November 17 [2] - After the new capacity is fully operational, the company's VC production capacity will reach 10,000 tons/year [2] - The current capacity utilization rate will be adjusted based on market supply and demand dynamics, and future expansion plans will be steadily advanced based on market conditions, customer demand, and project progress [2]

格隆汇11月20日丨三友化工(600409.SH)在投资者互动平台表示，公司全资子公司唐山三友精细化工有 限公司投资建设的氯化亚砜年产能是4万吨，目前处于建设期，尚未投产。 ...

（文章来源：证券日报） 证券日报网讯凯盛新材11月19日在互动平台回答投资者提问时表示，有关氯化亚砜产品的产能等相关情 况可参见公司披露的定期报告。 ...

（编辑 袁冠琳） 证券日报网讯 金禾实业11月19日在互动平台回答投资者提问时表示，公司目前未直接生产锂电池电解 液终端产品，但已在相关产业链进行积极布局，包括：氯化亚砜产品可用于电解液制备；已建成年产1 万吨新一代锂盐关键前驱体装置；多款新型电解液添加剂正处于中试优化阶段。公司对新能源材料领域 的发展前景持乐观态度，并将持续关注市场机遇，稳步推进产业化进程。 ...

Core Insights - The rapid growth in the energy storage industry and the recovery in lithium battery demand have led to a significant increase in the prices of key materials such as lithium hexafluorophosphate and VC additives, described as a "fire in winter" for the market [2][3]. Lithium Hexafluorophosphate - The price of lithium hexafluorophosphate has surged dramatically, with mainstream quotes exceeding 120,000 yuan per ton in mid-November, doubling from the low of 50,000 yuan in July and also doubling from mid-October [3]. - The price increase is driven by explosive growth in demand from the electric vehicle and energy storage sectors, alongside a contraction in supply due to the exit of many small enterprises under financial pressure [3]. - Domestic energy storage battery shipments reached 430 GWh in the first three quarters, surpassing last year's total, with some companies facing order backlogs extending to 2026 [3]. VC Additive - The price of VC additives has seen a staggering increase, with quotes reaching 100,000 to 120,000 yuan, marking a daily jump of over 50% [5]. - The surge in VC prices is attributed to the explosive demand from the energy storage market, rigid supply constraints, and smooth cost transmission [5]. - The global supply of VC is expected to face a significant shortfall, with projections indicating a gap of 12,000 to 15,000 tons by 2025 and potentially reaching 20,000 tons by 2026 [6]. Chlorosulfonic Acid - Chlorosulfonic acid prices have also risen sharply, with a cumulative increase of 23.5% in November and over 35% since early August [7]. - It is a key raw material for lithium bis(fluorosulfonyl)imide (LiFSI), which is gaining traction due to its superior technical specifications compared to traditional lithium hexafluorophosphate [7]. - The transition from lithium hexafluorophosphate to LiFSI indicates a shift towards high-nickel battery applications, with demand for LiFSI expected to grow at an annual rate of over 30% [8]. Industry Dynamics - Major players in the electrolyte market, such as Tianqi Materials, are benefiting from integrated layouts, maintaining high capacity utilization rates and securing long-term supply contracts with downstream battery manufacturers [4]. - The market outlook for lithium hexafluorophosphate remains optimistic, with expectations of continued price increases due to tight supply-demand dynamics [4].

Market Overview - On November 19, A-shares opened slightly lower and maintained a fluctuating trend throughout the day, with the Shanghai Composite Index rising by 0.18%, the Shenzhen Component Index closing flat, and the ChiNext Index increasing by 0.25 [1] - The total market turnover exceeded 1.7 trillion yuan, a decrease of over 200 billion yuan compared to the previous day, with more than 4,100 stocks declining [1] Sector Performance - The aquaculture sector saw a strong rise, with Guolian Aquatic Products hitting the 20% daily limit, and several other stocks such as Zangzi Island and Dahu Shares also reaching their daily limits [1] - The lithium mining sector experienced significant gains, with Rongjie Shares and Jinyuan Shares hitting the daily limit [1] - The gas concept sector weakened, with Shengli Shares hitting the daily limit down [1] - Other sectors that performed well included deep-sea technology, gold and jewelry, insurance, lithium extraction from salt lakes, and aerospace military industry, while gas, real estate, Hainan Free Trade Port, photovoltaic glass, and short drama games saw declines [1] Chemical Sector - The chemical sector continued to rise in the afternoon, with Huaron Chemical and Hengguang Shares hitting the 20% daily limit, and several other stocks also reaching their daily limits [2] - As of November 14, the domestic price of 99.5% sulfur in East China was reported at 3,860 yuan per ton, a month-on-month increase of 43% and a year-on-year increase of 166% [2] - Chlorosulfonic acid prices rose by 23.5% in November, with a cumulative increase of over 35% since early August [2] - CITIC Securities reported that the chemical sector is currently trading around three main lines, driven by energy storage demand and the restructuring of supply and demand in upstream lithium battery materials [2] Company Specifics - Huaxia Happiness (600340) touched the daily limit in the afternoon, marking its second consecutive day of a "quasi-limit-up" trend, with nearly 3 billion yuan in trading volume [3] - On November 18, Huaxia Happiness announced that, apart from the major matters disclosed, there were no other undisclosed significant matters [5] - For the first three quarters of 2025, Huaxia Happiness reported revenue of 3.882 billion yuan, a year-on-year decrease of 72.09%, and a net profit of -9.829 billion yuan [5] - As of September 30, 2025, Huaxia Happiness had a debt-to-asset ratio of 96.44%, an increase of 2.76 percentage points from the end of the previous year, with a current ratio of 1.65, down 12.23%, and a quick ratio of 0.42, down 32.26% [5]

Core Viewpoint - The company, Jinhe Industrial, is not currently producing lithium battery electrolyte products but is actively engaging in the related supply chain and has optimistic views on the development prospects of new energy materials [2]. Group 1: Company Activities - The company has not directly produced terminal products for lithium battery electrolytes [2]. - Jinhe Industrial is involved in the supply chain with products such as thionyl chloride, which can be used in the preparation of electrolytes [2]. - The company has established a facility with an annual production capacity of 10,000 tons for key precursors of new-generation lithium salts [2]. - Several new electrolyte additives are currently in the optimization phase of pilot testing [2]. Group 2: Market Outlook - The company holds an optimistic attitude towards the development prospects in the new energy materials sector [2]. - Jinhe Industrial will continue to monitor market opportunities and steadily advance its industrialization process [2].

金禾实业（002597.SZ）11月19日在投资者互动平台表示，公司虽未直接布局锂电池电解液终端产品， 但通过氯化亚砜、锂盐前驱体及电解液添加剂等产品，已成功切入锂电池材料供应链。我们看好新能源 行业的长期发展，未来将结合市场需求，积极拓展相关业务机会。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：贵司业务是否涉及锂电池行业？ ...