根据公告，项目新建40万吨/年合成氨装置，新建100万吨/年联碱装置(年产轻质纯碱40万吨、重质纯碱 60万吨，并副产氯化铵103万吨)。同时可利用现有氨碱老线的煅烧、压缩、包装储运及部分公用工程设 施。 山东海化表示，项目以能源绿色低碳转型为核心目标，规划通过"绿电替代"与"直供降本"双重路径系统 构建绿色低碳技术体系，为企业碳达峰、碳中和提前布局，促进企业发展的绿色低碳转型。 山东海化（000822）2月26日公告，拟投资48.37亿元实施"基于资源和能源综合利用的纯碱装置提质增 效节能环保改造工程"，项目建设周期24个月。 公告称，山东海化现有的120万吨/年氨碱法纯碱老生产线已运行超30年，设备陈旧，能耗较高，且该生 产线排放压力大，已不适应现代工业发展的需求，工艺改型升级势在必行。本次氨碱改造联碱的规模规 划为年产100 万吨，替代原有120万吨索尔维(氨碱法)纯碱装置产能，产能置换比例为1.2:1，属于减量置 换，符合国家相关产业政策。 ...

3．本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市规则》《深圳证 券交易所上市公司自律监管指引第1号一主板上市公司规范运作》等法律、行政法规、部门规章、规范 性文件及公司章程有关规定。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000822 证券简称：山东海化 公告编号：2026-012 山东海化股份有限公司关于召开 2026年第三次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、召开会议的基本情况 1．股东会届次：2026年第三次临时股东会 2．股东会的召集人：董事会 （1）在股权登记日持有公司股份的股东或其代理人。 于股权登记日2026年3月6日下午收市后，在中国证券登记结算有限责任公司深圳分公司登记在册的公司 全体股东均有权出席股东会，并可以以书面形式委托代理人出席会议和参加表决，该股东代理人不必是 本公司股东。 （2）公司董事及聘请的律师。 4．会议时间： （1）现场会议时间：2026年3月13日14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为2026年3月 ...

格隆汇2月25日丨山东海化(000822.SZ)公布，为加快推动公司传统化工产业的转型升级，实现绿色低碳 与可持续发展，公司拟投资48.37亿元，实施"基于资源和能源综合利用的纯碱装置提质增效节能环保改 造工程"。本次氨碱改造联碱的规模规划为年产100万吨，替代原有120万吨索尔维（氨碱法）纯碱装置 产能，产能置换比例为1.2:1，属于减量置换，符合国家相关产业政策。项目以能源绿色低碳转型为核 心目标，规划通过"绿电替代"与"直供降本"双重路径系统构建绿色低碳技术体系，为企业碳达峰、碳中 和提前布局，促进企业发展的绿色低碳转型。项目规模：新建40万吨/年合成氨装置；新建100万吨/年 联碱装置（年产轻质纯碱40万吨、重质纯碱60万吨，并副产氯化铵103万吨）。 ...

来源：中国能源网 华鑫证券近日发布基础化工行业周报：工业级碳酸锂（四川99.0%min，7.58%），电池级碳酸锂（新疆 99.5%min，7.46%），PVC（CFR东南亚，6.06%），氯化铵（农湿）（华东地区，5.71%），硫酸（双 狮98%，3.85%），磷酸二铵（美国海湾，3.71%），尿素（河南心连心(小颗粒)，3.41%），PA6切片 （华东地区，3.30%），国际汽油（新加坡，3.13%），国际石脑油（新加坡，3.06%）。 判断理由：截至2026-02-23收盘，布伦特原油价格为71.49美元/桶，相较上周+4.14%；WTI原油价格为 66.31美元/桶，相较上周+3.98%。预计2026年国际油价中枢值将维持在65美金。鉴于当前国际局势不确 定性和对油价下降的预期，我们看好具有高股息特征，同时受益原材料降价的中国石化等。 化工产品价格方面，本周部分产品有所反弹，其中本周上涨较多的有：工业级碳酸锂上涨7.58%，电池 级碳酸锂上涨7.46%，PVC上涨6.06%，氯化铵（农湿）上涨5.71%等，但仍有不少产品价格下跌，其中 液氯跌幅-46.95%，硝酸跌幅-8.00%，冰晶石跌幅-6.76 ...

华鑫证券近日发布基础化工行业周报：工业级碳酸锂（四川99.0%min，7.58%），电池级碳酸锂（新疆 99.5%min，7.46%），PVC（CFR东南亚，6.06%），氯化铵（农湿）（华东地区，5.71%），硫酸（双 狮98%，3.85%），磷酸二铵（美国海湾，3.71%），尿素（河南心连心(小颗粒)，3.41%），PA6切片 （华东地区，3.30%），国际汽油（新加坡，3.13%），国际石脑油（新加坡，3.06%）。 以下为研究报告摘要： 投资要点 工业级碳酸锂、电池级碳酸锂等涨幅居前，液氯、硝酸等跌幅较大 本周跌幅较大的产品：液化气（长岭炼化，-3.98%），合成氨（江苏新沂，-4.46%），硫磺（高桥石化 出厂价格，-4.61%），锂电池电解液（全国均价/磷酸铁锂电解液，-4.62%），盐酸（华东合成 酸，-4.65%），二氯甲烷（华东地区，-5.16%），天然气（NYMEX天然气(期货)，-5.99%），冰晶石 （河南地区，-6.76%），硝酸（安徽98%，-8.00%），液氯（华东地区，-46.95%）。 本周观点：受地缘局势影响，国际油价震荡运行，建议关注进口替代、纯内需、高股息等方向 判断理 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Xin Yang Feng, Sen Qi Lin, Rui Feng New Material, Sinopec, Ju Hua Co., Yang Nong Chemical, China National Offshore Oil Corporation, Tong Kun Co., and Dao Tong Technology [11]. Core Insights - The report highlights significant price increases for industrial-grade lithium carbonate (up 7.58%) and battery-grade lithium carbonate (up 7.46%), while liquid chlorine and nitric acid experienced substantial declines [4][18]. - The report suggests focusing on investment opportunities in areas such as import substitution, domestic demand, and high-dividend stocks, particularly in light of fluctuating international oil prices [6][18]. - The chemical industry is currently facing a mixed performance, with some sectors showing resilience while others struggle due to overcapacity and weak demand [21]. Summary by Sections Chemical Industry Investment Recommendations - The report emphasizes the importance of monitoring price trends in key chemical products, noting both significant increases and decreases in various sectors [4][18]. - It recommends focusing on sectors like glyphosate, fertilizers, and companies with strong domestic demand and import substitution potential [21]. Price Trends - Key products that saw price increases include industrial-grade lithium carbonate, battery-grade lithium carbonate, PVC, and ammonium chloride, while products like liquid chlorine and nitric acid saw significant price drops [4][5][18]. - The report indicates that the overall chemical industry remains weak, with performance varying across sub-sectors due to past capacity expansions and weak demand [21]. Market Outlook - The report predicts that international oil prices will stabilize around $65 per barrel, influenced by geopolitical uncertainties and expectations of price declines [6][18]. - It highlights the potential for certain sectors, such as the lubricants and chemical fertilizers, to benefit from domestic demand and import substitution strategies [21].

Group 1: Report Summary - The report is titled "Soda Ash: Supply Pressure Remains High, Short - term Reversal Unlikely" and is from Hualong Futures Investment Consulting Department [1] - The research analyst is Hou Fan, and the report date is February 24, 2026 [5][7] Group 2: Market Review - Before the Spring Festival, the price of the main soda ash futures contract ranged from 1,148 to 1,196 yuan/ton. As of February 13, 2026, the main contract dropped 40 yuan/ton, a weekly decline of 3.36%, closing at 1,150 yuan/ton [5] Group 3: Fundamental Analysis Supply - As of February 12, 2026, the weekly domestic soda ash output was 792,300 tons, a month - on - month increase of 18,000 tons or 2.32%. The comprehensive capacity utilization rate was 85.18%, up 1.93% month - on - month [6][9] Inventory - As of February 12, 2026, the total inventory of domestic soda ash manufacturers was 1.588 million tons, a 0.61% increase. Light soda ash inventory was 831,600 tons (down 800 tons), and heavy soda ash inventory was 756,400 tons (up 10,400 tons) [7][14] Shipment - As of February 12, 2026, the weekly shipment volume of Chinese soda ash enterprises was 785,400 tons, a 6.50% increase. The overall shipment rate was 99.13%, up 3.89 percentage points [16] Profit - As of February 12, 2026, the theoretical profit of the dual - ton soda ash by the joint - alkali method was - 32.50 yuan/ton, a 12.07% decline. The theoretical profit of the dual - ton soda ash by the ammonia - alkali method was - 89.25 yuan/ton, a 0.51% decline [19][23] Group 4: Downstream Industry Float Glass Industry - As of February 12, 2026, the daily output of national float glass was 148,000 tons, a 1.2% decrease from February 5. The weekly output was 1.0452 million tons, a 1% month - on - month and 4.18% year - on - year decrease [26] - As of February 12, 2026, the total inventory of national float glass sample enterprises was 55.352 million weight boxes, a 4.31% month - on - month increase and a 12.28% year - on - year decrease [31] Group 5: Price Analysis - Most soda ash and related product prices remained stable from February 5 to February 12, 2026, except for a 1.01% increase in 5500 - kcal thermal coal and a 5.37% decrease in synthetic ammonia in Jiangsu [37] Group 6: Comprehensive Analysis and Suggestions - Before the Spring Festival, the soda ash futures price continued to decline weakly. The core market logic is the intensified contradiction between high - level supply and a demand vacuum. During the Spring Festival, the macro - level changes may provide marginal support, but the supply pressure of soda ash remains high, and a short - term reversal is unlikely [38] - Operational suggestions: For single - side trading, wait and see or try short on rebounds; for arbitrage, there is no suggestion; for options, consider selling a wide - straddle option combination to earn time value [39]

1. Report Industry Investment Rating - Not provided in the content. 2. Core View of the Report - The market's core contradiction is that the marginal benefits on the supply side are insufficient to reverse the overall expectation of oversupply, and the demand side fails to provide effective impetus, leading to weak upward price momentum. In the short - term, the price is expected to continue the trend of bottom - building through oscillations [9][34]. - In the current situation of weak supply and demand, it is recommended to conduct range trading, and consider selling a wide - straddle option combination to earn time value [35]. 3. Summary by Relevant Catalogs 3.1 Market Review - Last week, the price of the main contract of soda ash futures fluctuated between 1,184 - 1,235 yuan/ton. As of the close of the white - trading session on February 6, 2026, the main contract SA2605 of soda ash futures dropped 14 yuan/ton, a weekly decline of 1.16%, closing at 1,190 yuan/ton [5][6]. 3.2 Fundamental Analysis 3.2.1 Supply - As of February 5, 2026, the weekly domestic soda ash production was 774,300 tons, a 0.88 - million - ton decrease from the previous week, a decline of 1.12%. The comprehensive capacity utilization rate of soda ash was 83.25%, down 0.94% from the previous value of 84.19% [7][10]. - Among them, the production of light soda ash was 360,300 tons, a decrease of 17,000 tons; the production of heavy soda ash was 414,000 tons, a decrease of 71,000 tons [10]. - The capacity utilization rate of ammonia - soda process was 88.21%, a 0.78% decrease; the capacity utilization rate of combined - production process was 77.23%, a 2.58% increase; the overall capacity utilization rate of 16 enterprises with an annual capacity of 1 million tons or more was 86.47%, a 1.85% decrease [12]. 3.2.2 Inventory - As of February 5, 2026, the total inventory of domestic soda ash manufacturers was 1,581,100 tons, a 20,700 - ton increase from Monday, a rise of 1.33%. Among them, the inventory of light soda ash was 835,000 tons, a decrease of 2,500 tons; the inventory of heavy soda ash was 746,100 tons, an increase of 23,200 tons [8][15]. - Compared with the previous Thursday, it increased by 36,900 tons, a rise of 2.39%. Among them, the inventory of light soda ash increased by 6,900 tons, and the inventory of heavy soda ash increased by 30,000 tons. Compared with the same period last year, the inventory decreased by 29,770 tons, a decline of 15.85% [15]. 3.2.3 Shipment - As of February 5, 2026, the weekly shipment volume of Chinese soda ash enterprises was 737,400 tons, a 2.98% decrease from the previous week. The overall shipment rate of soda ash was 95.23%, a 1.82 - percentage - point decrease [17]. 3.2.4 Profit - As of February 5, 2026, the theoretical profit of the combined - production process of soda ash in China was - 29 yuan/ton, a 9.43% decrease from the previous week. The price of raw - material mine salt remained stable, the price of thermal coal fluctuated upward, the cost side strengthened, while the market price of soda ash was weak and stable, resulting in a narrow decline in the profit of the combined - production process [20]. - The theoretical profit of the ammonia - soda process of soda ash was - 88.80 yuan/ton, a 0.45 - yuan/ton decrease from the previous week. The price of raw - material sea salt remained stable, the price of anthracite coal increased slightly, the cost side strengthened slightly, and the price of soda ash was weak and stable, leading to a narrow decline in the profit of the ammonia - soda process [23]. 3.3 Downstream Industry Situation 3.3.1 Float Glass Industry Output - As of February 5, 2026, the daily output of national float glass was 149,800 tons, a 0.79% decrease from the 29th. The weekly output of national float glass from January 30 to February 5, 2026, was 1,055,800 tons, a 0.11% decrease from the previous week and a 3.16% decrease from the same period last year [26]. 3.3.2 Float Glass Industry Inventory - As of February 5, 2026, the total inventory of national float glass sample enterprises was 53,064,000 weight boxes, a 500,000 - weight - box increase from the previous week, a rise of 0.95%, and a 11.77% decrease from the same period last year [29]. - The inventory days were 23.1 days, a 0.3 - day increase from the previous period [29]. 3.4 Price Changes - Various product prices showed different trends. For example, the price of 5500 - kcal thermal coal increased by 4 yuan/ton, a 0.58% increase; the price of some regional light and heavy soda ash decreased, and the price of float glass decreased by 1 yuan/ton, a 0.09% decrease [33].

Group 1 - The core viewpoint of the news is that Xue Tian Salt Industry has experienced a decline in stock price and significant changes in financing activities, indicating potential challenges in its financial performance [1][2]. - On February 2, Xue Tian Salt Industry's stock fell by 3.07%, with a trading volume of 178 million yuan. The financing buy-in amount was 20.72 million yuan, while the financing repayment was 19.17 million yuan, resulting in a net financing buy of 1.55 million yuan [1]. - As of February 2, the total margin balance for Xue Tian Salt Industry was 272 million yuan, with the financing balance accounting for 2.76% of the circulating market value, indicating a relatively high level compared to the past year [1]. Group 2 - As of September 30, the number of shareholders for Xue Tian Salt Industry was 37,500, a decrease of 9.21% from the previous period, while the average circulating shares per person increased by 10.14% to 43,711 shares [2]. - For the period from January to September 2025, Xue Tian Salt Industry reported an operating income of 3.244 billion yuan, a year-on-year decrease of 21.99%, and a net profit attributable to shareholders of 32.63 million yuan, down 90.37% year-on-year [2]. - Since its A-share listing, Xue Tian Salt Industry has distributed a total of 1.294 billion yuan in dividends, with 843 million yuan distributed over the past three years [3].

研究报告 纯碱周报 纯碱：多空交织，但"供强需弱"核心未变 华龙期货投资咨询部 投资咨询业务资格： 证监许可【2012】1087 号 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】 上周纯碱主力合约价格在 1176-1230 元/吨之间运行。 研究员：侯帆 截至 2026 年 1 月 30 日白盘收盘，当周纯碱期货主力合约 SA2605 上涨 6 元/吨，周度涨 0.50%，报收 1204 元/吨。 【综合分析】 综合来看，"供强需弱"的核心矛盾未变，市场缺乏强劲的 上涨驱动，春节前的补库需求带来的支撑力度有限，价格或将继 续维持震荡，上方空间受限于基本面压力。 *特别声明：本报告基于公开信息编制而成，报告对这些信息的准确性及完整性不作任何保证。本文中 的操作建议为研究人员利用相关公开信息的分析得出，仅供投资者参考，据此入市风险自负。 研究报告 一、纯碱供需情况 （一）产量、产能分析 截止 2026 年 1 月 29 日，当周国内纯碱 ...