股票代码：603395 股票简称：红四方 公告编号：2025-041 中盐安徽红四方肥业股份有限公司 2025 年半年度主要经营数据的公告 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《上市公司自律监管规则适用指引第 3 号——行业信息 披露》其《第十三号——化工》的要求，中盐安徽红四方肥业股份有限公司（以 下简称"公司"）2025 年半年度主要经营数据如下： 注：为与公司定期报告中产品收入分类保持一致，并结合公司硫酸钾生产装置投产，本 次产销数据统计中的主要产品分类发生变化，前期按照"尿素、复合肥（含脲铵氮肥、水溶 肥、硫酸铵）"进行分类列示，本次按照"氮肥产品（包括尿素、脲铵氮肥和农用硫酸铵）、 复合肥（含水溶肥）、硫酸钾"进行分类列示，同期数同口径调整（下同）。 二、主要产品及原材料的价格变动情况 （一）主要产品的价格变动情况（不含税销售均价） | 主要产品 | 2025年半年度销 | 2024年半年度销售价 | 变动比率 | | --- | --- | --- | --- | | | 售价（元/吨 ...

研究报告 纯碱周报 纯碱利润端持续恶化 华龙期货投资咨询部 投资咨询业务资格： 研究员：侯帆 期货从业资格证号：F3076451 投资咨询资格证号：Z0019257 电话：15117218912 邮箱：houfan@qq.com 本报告中所有观点仅供参 考，请投资者务必阅读正文之后 的免责声明。 摘要： 【行情复盘】 证监许可【2012】1087 号 上周纯碱主力合约SA2601 价格在1289-1413 元/吨之间运行， 价格震荡整理。 截至 2025 年 8 月 22 日下午收盘，当周纯碱期货主力合约 SA2601 下跌 69 元/吨，周度涨跌-4.95%，报收 1326 元/吨。 【基本面分析】 供给方面产量、产能利用率双增，截止到 2025 年 8 月 21 日， 国内纯碱产量 77.14 万吨，环比增加 1.01 万吨。纯碱综合产能利 用率 88.48%，前一周 87.32%，环比增加 1.15%。 尽管纯碱利润端持续恶化，但行业尚未出现大规模、深度亏 损。相关政策（如 2016 年的供给侧改革）通常需要在大面积亏损 导致企业现金流断裂时，才倒逼强力去产能。目前可能还未到那 个阶段。同时，短期终端需 ...

中信证券股份有限公司 关于 保荐机构（联席主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年八月 湖北双环科技股份有限公司 2023 年度向特定对象发行 A 股股票之上市保荐书 声 明 中信证券股份有限公司接受湖北双环科技股份有限公司的委托，担任湖北双 环科技股份有限公司向特定对象发行 A 股股票的保荐机构，为本次发行出具上 市保荐书。 保荐机构及指定的保荐代表人根据《中华人民共和国公司法》 湖北双环科技股份有限公司 （以下简称"《公 之 上市保荐书 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市 公司证券发行注册管理办法》（以下简称"《注册管理办法》"）等有关法律、 法规和中国证券监督管理委员会（以下简称"中国证监会"）、深圳证券交易所 （以下简称"深交所"）的有关规定，诚实守信，勤勉尽责，严格按照依法制订 的业务规则、行业执业规范和道德准则出具上市保荐书，并保证所出具文件的真 实性、准确性和完整性。 湖北双环科技股份有限公司 2023 年度 向特定对象发行 A 股股票之上市保荐书 目 录 一、中信证券或其控股股东、实际控制人、重要关联方持有或者通过参 ...

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》及相关要求，四川和邦生物科技股份有限公司（以下简称"公司"） 现将 2025 年 1-6 月主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 证券代码：603077 证券简称：和邦生物 公告编号：2025-038 债券代码：113691 债券简称：和邦转债 四川和邦生物科技股份有限公司 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。 | 主要产品 | 产量（吨） | 销量（吨） | 营业收入（万元） | | --- | --- | --- | --- | | 联碱化工类产品 | 965,883.69 | 713,333.91 | 60,946.54 | | 农药及中间体、副产品 | 127,072.56 | 122,714.67 | 147,425.90 | | 营养剂及中间体、副产品 | 86,757.74 | 111,755.06 | 88,822.35 | 注 1：联碱化工类产品包括：碳酸 ...

Group 1 - The latest stock price of Shuanghuan Technology is 6.68 yuan, with an increase of 0.06 yuan, representing a rise of 0.91% compared to the previous trading day [1] - The trading volume for the day was 72,034 hands, with a transaction amount of 48 million yuan [1] - The stock opened at 6.65 yuan, reached a high of 6.71 yuan, and a low of 6.60 yuan during the trading session [1] Group 2 - Shuanghuan Technology operates in the chemical raw materials industry and is a state-owned enterprise in Hubei Province, primarily engaged in the production and sales of chemical products such as soda ash and ammonium chloride [1] - The parent company, Yangtze River Industry Investment Group, is a significant industrial investment platform in Hubei Province and controls multiple listed companies [1] Group 3 - Recent news indicates that Xie Bin, a member of the Party Committee of Yangtze River Industry Investment Group, is under investigation for serious violations of discipline and law, currently undergoing disciplinary review and supervision by the Hubei Provincial Commission for Discipline Inspection and Supervision [1] - Xie Bin has previously participated in the management and supervision of the group's subsidiary companies [1] - Yangtze River Industry Investment Group currently holds controlling stakes in five listed companies, including Shuanghuan Technology [1] Group 4 - On the capital flow front, Shuanghuan Technology saw a net inflow of 3.1348 million yuan from main funds, accounting for 0.1% of its circulating market value [1] - Over the past five trading days, there has been a cumulative net outflow of 3.2019 million yuan [1]

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The report highlights the potential for long-term growth in Xinjiang, supported by continuous policy empowerment and significant economic achievements in the region [5][22] - Xinjiang is positioned as a core area for national energy security, with rapid development in coal chemical industries and substantial investments planned [23] - The chemical industry is expected to enter a new long-term prosperity cycle, driven by supply-side reforms and improved demand from policy initiatives [8] Market Performance - The basic chemical industry index outperformed the Shanghai Composite Index by 0.2 percentage points this week, with a weekly increase of 2.3% [11] - Year-to-date, the basic chemical industry index has risen by 16.3%, outperforming the Shanghai Composite Index by 7.8 percentage points [11] Investment Opportunities - The report suggests focusing on investment opportunities in Xinjiang, particularly in sectors such as civil explosives, chemical engineering, and resource-based enterprises [5][23] - Key companies to watch include: - Civil Explosives: Yipuli, Jiangnan Chemical, Guangdong Hongda, Xuefeng Technology, Kailong Co [5] - Chemical Engineering: Sanwei Chemical, China Chemical, Donghua Technology, Sinopec Refining Engineering [5] - Resource-based Enterprises: Guanghui Energy, Baofeng Energy, Hubei Yihua, Tianfu Energy, Xinjiang Tianye [5] Product Price Movements - The report notes significant price increases in various chemical products, with hydrochloric acid rising by 900% and ammonium chloride by 13.3% [30][32] - Conversely, prices for some products like trichlorosucrose have decreased by 28% [30][32] Company Announcements - Companies such as Qixiang Tengda and Jiahuan Energy have reported significant operational updates and financial results, indicating a positive trend in revenue and profit growth [24][25][27]

证券代码：600929 证券简称：雪天盐业 公告编号：2025-044 雪天盐业集团股份有限公司 | 销售渠道 | 本期营业收入（单位：万元） | | --- | --- | | 直销 | 47,599.06 | | 经销 | 66,848.26 | | 合计 | 114,447.32 | 3、按地区分布分类情况： 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：第十四号——食品制造》的要求，雪天盐业集团 股份有限公司（以下简称公司）现将 2025 年第二季度主要经营数据 披露如下： 一、公司 2025 年第二季度主要经营情况 1、按产品类别分类情况： | 产品名称 | 本期营业收入（单位：万元） | | --- | --- | | 各类盐 | 52,220.54 | | 芒硝 | 2,409.64 | | 烧碱类 | 12,553.00 | | 双氧水 | 2,583.31 | | 纯碱 | 28,953.2 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The overall view on urea is neutral. Supply-wise, summer maintenance has increased, keeping production at a relatively low level but still higher than historical averages. Export profits are high, yet there is no further news on export quotas. The compound fertilizer operating rate continues to rise, while industrial demand is lukewarm. In the short term, domestic drivers are not obvious, and there is still an expectation of export policy liberalization [4]. Summary by Related Catalogs Spot Price - Urea spot prices have slightly stabilized. The domestic supply-demand situation remains loose, with enterprise inventories turning from decreasing to increasing. Ammonium chloride prices have stabilized with a slight increase in new orders. The ammonium sulfate market is in a stalemate with no signs of improvement in transactions [8][11]. - Current export profits remain high, but there is no news of new export quota releases, so potential export demand cannot be freely released [32]. Operating Rate - Coal-based urea production still has good profits. Summer maintenance has started, and the operating rate is at a relatively low level but still at a high point in recent years. Some enterprises have carried out maintenance this period, and some are scheduled to stop production next week, with the overall operating rate changing little [40]. Inventory - This week, enterprise inventories have slightly increased as domestic demand enters the off - season and exports have made no new progress. Port inventories have decreased, with some large - granular urea at Yantai Port shipped out and some small - granular urea gathered at Lianyungang and Rizhao Ports [53]. Profit - Coal - to - urea still maintains high profits, while gas - to - urea profits are almost gone as urea prices fluctuate at a low level [66][80]. Export - Current exports are proceeding steadily, but there is no news of further liberalization. After the domestic price weakens, the potential export profit remains extremely high, and the downside space for urea may be limited [84]. Domestic Demand - This week, compound fertilizer prices are basically unchanged. The cost side shows a weak downward trend in urea prices, a slight increase in monoammonium phosphate prices, and narrow fluctuations in potash fertilizer prices. The demand for southern rice has decreased, and some enterprises in Hunan and Jiangxi are in the traditional maintenance period. The autumn fertilizer sales have improved. Compound fertilizer enterprises are receiving orders as needed, and the operating rate is increasing faster [96][99]. - Melamine prices have remained stable recently, with a dull trading atmosphere. The industry utilization rate remains high, and supply changes are limited. Demand is mainly for rigid needs, with insufficient support [110]. Raw Materials - Recently, coal demand remains high but has little change compared to the same period in previous years. The price rebound space is limited due to the increase in new - energy power generation squeezing thermal power demand and high power - plant inventories. The supply - demand situation of synthetic ammonia remains tight, with enterprises reducing production, smooth low - price order transactions, rapid inventory reduction, and price increases [145][154]. Futures - Recently, futures and spot prices have shown a weak and volatile trend, and the monthly spread has declined. The number of warehouse receipts is significantly higher than in the same period in history [179]. Balance Sheet - The report provides the total supply, production, import, total demand, demand breakdown by sector, export, surplus, and year - on - year changes in production, supply, and consumption of urea from September 2024 to December 2025 [183].

Summary of Chemical Industry Conference Call Industry Overview - The conference focused on the chemical industry, specifically urea and methanol production, discussing capacity changes, production costs, and market dynamics [1][2][3][4][5][6]. Key Points on Urea Industry - **Capacity Changes**: In 2024, new urea capacity is expected to reach approximately 6 million tons, with an additional 6 million tons projected for 2025-2026. However, actual annual capacity release may only be around 3 million tons due to various factors [1][2]. - **Production Costs and Profitability**: The profit margins for coal-based urea production are significantly higher, ranging from 600 to 800 RMB per ton, while natural gas-based urea is nearing a loss state. The production costs for natural gas urea are constrained by national price limits [3][4]. - **Production Concentration**: The concentration of urea production is low, with the top ten companies accounting for only 20%-30% of the market. Most production facilities are relatively new, with a significant portion built in the last decade [4][5]. - **Operating Rates**: The operating rate in the urea industry has remained historically high, with an increase expected between 2% and 6.4% for the year. The high profitability of coal-based urea and the rigid demand for natural gas urea contribute to this trend [1][5][6]. - **Export Dynamics**: Limited export policies were relaxed in May, allowing for some urea exports. The export profit exceeds 1,000 RMB per ton, particularly appealing during the domestic off-season [7][8][10]. Key Points on Methanol Industry - **Supply and Demand**: Recent declines in methanol production rates are attributed to delayed maintenance and the impact of anti-involution policies. However, most maintenance is expected to be short-term, with supply remaining high in the latter half of the year [13][14]. - **Market Conditions**: The methanol market is influenced by various factors, including the return of Iranian production and fluctuating coal prices. The domestic methanol import volume is projected to remain around 1.25 to 1.3 million tons in the second half of 2025 [15][16]. - **Production Costs**: Coal-based methanol remains the most cost-effective production method, with costs in Inner Mongolia around 1,350 to 1,400 RMB per ton, while natural gas-based methanol is the most expensive, reaching up to 2,600 RMB per ton [28]. Additional Insights - **Impact of Anti-Involution Policies**: The anti-involution policies have a neutral to bearish effect on methanol downstream products, with limited impact on existing production facilities. The policies are expected to lead to a gradual phase-out of older production methods [14][19][26]. - **Future Outlook**: The potential for increased urea exports and the gradual transition from older production methods to newer technologies may create opportunities for investment in the chemical sector [10][12][29]. This summary encapsulates the critical insights from the conference call, highlighting the current state and future expectations of the urea and methanol industries.

Summary of Key Points Core Viewpoint The report outlines the independent financial advisory opinion regarding the major asset restructuring of China Salt Inner Mongolia Chemical Co., Ltd. The restructuring involves a capital reduction of its subsidiary, China Salt (Inner Mongolia) Alkali Industry Co., Ltd., leading to it becoming a wholly-owned subsidiary of China Salt Chemical. Group 1: Transaction Overview - The transaction involves a capital reduction where China Salt Alkali will reduce its capital to its shareholder, Taihu Investment, resulting in Taihu no longer holding any shares in the company [24][25]. - The transaction amount is set at 6.80866 billion yuan [24][25]. - The main business of the target company is the acquisition and development of natural soda ash mining rights [24][25]. Group 2: Impact on the Company - The transaction will not change the main business of the listed company, which is based on salt chemical production, including soda ash and chlorine-alkali industries [11][28]. - The acquisition of the natural soda ash mining rights is expected to strengthen the company's leading position in the soda ash industry and support the transformation and upgrading of traditional industries [11][28]. - The financial indicators of the listed company will not be affected as the target company has not yet commenced operations and has no assets or liabilities [29]. Group 3: Approval and Decision-Making Process - The transaction requires approval from the shareholders' meeting and other necessary regulatory approvals before implementation [13][29]. - The controlling shareholder and its concerted parties have expressed their principle agreement to the restructuring, indicating it will benefit the company's industrial transformation and enhance competitiveness [13][29]. Group 4: Investor Protection Measures - The company will strictly adhere to information disclosure obligations and ensure fair treatment of all investors, particularly minority shareholders, during the transaction process [16][18]. - Independent financial advisors and other intermediaries have been engaged to ensure the fairness and reasonableness of the transaction pricing [15][18]. Group 5: Future Development and Strategy - The company aims to accelerate the development of natural soda ash resources and improve operational efficiency post-acquisition [17][18]. - The restructuring aligns with national economic development requirements and industry policies, supporting the company's strategic focus on enhancing core competitiveness in the soda ash sector [23][24].