开工：据卓创资讯（301299）监测，截至本周四，全国主要地区样本企业周度加权平均开工负荷率为 89.79%，较上周89.86%下降0.07个百分点。本周部分氯碱装置因检修或突发故障而减产，开工负荷率略 有下降。 32碱周均价794元/吨，环比-0.75%。50碱周均价1250元/吨，环比持平。山东市场各市表现不一，山东西 部、西南部走货不畅，库存上升后，降价销售，导致东西部价格无异，影响山东整体32碱均价下滑。32 碱周均价794元/吨，环比-0.75%。50碱周均价1250元/吨，环比持平。山东市场各市表现不一，山东西 部、西南部走货不畅，库存上升后，降价销售，导致东西部价格无异，影响山东整体32碱均价下滑。本 周江苏地区低浓度液碱市场稳中趋弱，周均价910元/吨，环比下调2.15%，虽部分区域装置检修尚未恢 复，但需求未有实质性亮点提振，价格偏弱下调。 免责声明：本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发期货对这些信 息的准确性及完整性不作任何保证。在任何情况下，报告内容仅供参考，报告中的信息或所表达的意见 并不构成所述品种买卖的出价或询价，投资者据此投资，风险自担。本报告的最 ...

Core Insights - Futures tools have evolved from merely hedging price risks to reconstructing trade logic within the industry [1][2] - The application of derivative tools is transitioning from traditional hedging to more complex models such as basis trading and rights-inclusive trading [2][3] Group 1: Industry Trends - The oilseed, chemical, and textile industries are entering an era of rights-inclusive trading, enhancing risk management capabilities and overall competitiveness [2][3] - The introduction of futures contracts, such as caustic soda futures, provides companies like Dongbo Chemical with improved risk management tools and operational efficiency [2][3] Group 2: Company Innovations - Dongbo Chemical has adopted a basis pricing model for caustic soda, resulting in increased sales and export volumes [3] - Guangzhou Yelong has upgraded its trading models to include futures and options, enhancing its risk management and cost efficiency [3][4] Group 3: Market Dynamics - The correlation coefficients for futures and spot prices of rapeseed oil and meal reached 0.99 and 0.97 respectively in 2024, indicating the growing importance of futures prices as market indicators [5] - Companies like Dongguan Fuzhiyuan leverage futures tools to hedge against risks, achieving up to 80% risk mitigation in procurement [5][6] Group 4: Strategic Importance of Futures - The expansion of production capacity in the grain and oil industry has led to declining utilization rates, making futures tools essential for adjusting sales strategies [6] - Futures tools are seen as a "virtual warehouse" that helps companies lock in supplies and improve operational flexibility [6][7]

Report Summary 1) Report Industry Investment Rating - No information provided on the report industry investment rating. 2) Core View of the Report - The high - production and high - inventory pattern of caustic soda continues, and the market keeps shorting the chlor - alkali profit. The alumina production and reduction expectations have offsetting effects on caustic soda. The winter is the off - season for chlor - alkali enterprise maintenance, and the supply - demand gap caused by stockpiling may be limited. Non - aluminum downstream support is limited, and exports are under pressure, increasing domestic supply pressure. The valuation of caustic soda is always suppressed by the alumina reduction expectation. The cost increase due to liquid chlorine price reduction can only lead to a low - level valuation repair, and the rebound space of caustic soda is limited without production cuts. In the long run, alumina production reduction will cause negative feedback in the industrial chain. [2] 3) Summary According to Relevant Catalogs [Fundamental Tracking] - On November 11, 2025, the 01 contract futures price of caustic soda was 2349, the price of the cheapest deliverable 32% caustic soda in Shandong was 780, the Shandong spot 32% caustic soda folded to the futures price was 2438, and the basis was 89. [1] [Spot News] - On November 10, the caustic soda market in Shandong showed a differentiated trend. In the western market, due to increased supply and poor demand, some transaction prices continued to decline. In the eastern market, the sales were average, and it remained stable for the time being supported by alumina. [2] [Market Condition Analysis] - The high - production and high - inventory pattern of caustic soda persists, and the market is shorting the chlor - alkali profit. Alumina's production and reduction expectations offset each other's impact on caustic soda. The winter is an off - season for chlor - alkali enterprise maintenance, and the supply - demand gap caused by stockpiling is limited. Non - aluminum downstream support is weak, and exports face pressure, increasing domestic supply pressure. The valuation of caustic soda is suppressed by alumina production reduction expectations. Cost increase from liquid chlorine price reduction can only repair low - level valuations, and the rebound space is limited without production cuts. Long - term alumina production reduction will cause negative feedback in the industrial chain. [2] [Trend Intensity] - The trend intensity of caustic soda is 0, indicating a neutral trend. [2]

Core Viewpoint - The stock price of Hangjin Technology has shown fluctuations, with a year-to-date increase of 13.77% and a recent decline over the past 20 days, indicating mixed market sentiment towards the company [2]. Financial Performance - For the period from January to September 2025, Hangjin Technology reported a revenue of 3.287 billion yuan, reflecting a year-on-year growth of 1.38%. However, the net profit attributable to shareholders decreased by 62.72% to 15.1891 million yuan [3]. - Cumulative cash dividends since the company's A-share listing amount to 641 million yuan, with 7.44781 million yuan distributed over the past three years [4]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 5.16% to 124,100, while the average number of circulating shares per person decreased by 4.91% to 5,302 shares [3]. - The top ten circulating shareholders include various ETFs, with notable changes in holdings among them, such as a new entry by Penghua Zhongzheng Segmented Chemical Industry Theme ETF [4]. Market Activity - The stock experienced a trading volume of 112 million yuan with a turnover rate of 0.79% on November 10, 2025, indicating active trading [1]. - The company has appeared on the "Dragon and Tiger List" 12 times this year, with the most recent instance showing a net buy of -54.0628 million yuan on February 25 [2].

International News - Iraq's Prime Minister has ordered the cessation of imports of gasoline, diesel, and kerosene as domestic production meets national consumption needs [1] Domestic News - The Anhui Provincial Ecological Environment Department has announced a special inspection of industrial enterprises' air pollution prevention facilities in 13 cities, focusing on issues such as non-compliance with construction permits and illegal emissions [2] Oil Prices (as of November 6) - 92 gasoline prices range from 7205 to 7561 CNY per ton across various regions, with the highest price in Southwest China [2] - Diesel prices range from 6409 to 6657 CNY per ton, with the lowest price in Northeast China [2] Chemical Prices (as of November 6) - Polypropylene prices range from 6330 to 7550 CNY per ton, varying by region [3] - Polyethylene prices range from 6850 to 10100 CNY per ton, with significant regional differences [3] Alkali Prices (as of November 6) - Liquid caustic soda prices range from 800 to 1280 CNY per ton, depending on concentration and region [4] Alcohol Prices (as of November 6) - Methanol prices range from 1630 to 2450 CNY per ton across different markets [5] Hydrogen Peroxide Prices (as of November 6) - Hydrogen peroxide prices range from 730 to 1790 CNY per ton, depending on concentration and region [5] Chemical Bulk Prices (as of November 6) - Prices for various chemicals such as phosphoric acid, potassium nitrate, and urea show slight fluctuations, with phosphoric acid priced at 3363 to 3447 CNY per ton [6][7]

Report Summary 1. Report Industry Investment Rating No information regarding the report industry investment rating is provided in the given content. 2. Core Viewpoints - PVC is expected to fluctuate weakly in a narrow range. The supply will increase as maintenance work is completed and new production capacities come online, while the demand is moderate, and the export situation is weakening. The high inventory and futures warehouse receipts also put pressure on the price [3]. - The spot price of caustic soda is stable with a slight decline. The supply is increasing as new maintenance and capacity increase co - exist. The demand from the alumina sector is stable but affected by environmental control, and non - aluminum demand is expected to weaken. However, the potential new alumina plants in Guangxi may support the price [3]. 3. Summary by Related Catalogs Market News and Important Data - **PVC** - Futures price and basis: The closing price of the PVC main contract is 4,638 yuan/ton (-32), with an East China basis of -58 yuan/ton (+12) and a South China basis of -8 yuan/ton (+2) [1]. - Spot price: East China calcium carbide - based PVC is quoted at 4,580 yuan/ton (-20), and South China calcium carbide - based PVC is quoted at 4,630 yuan/ton (-30) [1]. - Upstream production profit: The price of semi - coke is 740 yuan/ton (+0), the price of calcium carbide is 2,830 yuan/ton (+0), the calcium carbide profit is -52 yuan/ton (+0), the gross profit of PVC calcium carbide - based production is -763 yuan/ton (-40), the gross profit of PVC ethylene - based production is -545 yuan/ton (+16), and the PVC export profit is 1.6 US dollars/ton (+1.1) [1]. - Inventory and operation rate: PVC factory inventory is 33.8 tons (+0.4), social inventory is 54.5 tons (-1.0), the operation rate of calcium carbide - based PVC is 76.47% (+4.82%), the operation rate of ethylene - based PVC is 78.50% (-0.06%), and the overall PVC operation rate is 77.09% (+3.35%). The pre - sales volume of production enterprises is 77.4 tons (+13.9) [1]. - **Caustic Soda** - Futures price and basis: The closing price of the SH main contract is 2,303 yuan/ton (-33), and the basis of 32% liquid caustic soda in Shandong is 197 yuan/ton (+33) [1]. - Spot price: The price of 32% liquid caustic soda in Shandong is 800 yuan/ton (+0), and the price of 50% liquid caustic soda in Shandong is 1,250 yuan/ton (+0) [1]. - Upstream production profit: The single - product profit of caustic soda in Shandong is 1,509 yuan/ton (+0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 806.6 yuan/ton (+80.8), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is 103.78 yuan/ton (-10.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 979.23 yuan/ton (+0.00) [2]. - Inventory and operation rate: Liquid caustic soda factory inventory is 44.26 tons (+2.83), flake caustic soda factory inventory is 2.73 tons (+0.28), and the caustic soda operation rate is 84.30% (+3.50%) [2]. - Downstream operation rate: The operation rate of alumina is 85.86% (-0.41%), the operation rate of printing and dyeing in East China is 68.06% (+0.75%), and the operation rate of viscose staple fiber is 89.66% (+1.05%) [2]. Market Analysis - **PVC** - Supply: Maintenance work has been completed this week, and new production capacities are gradually reaching full production. The supply is expected to be abundant [3]. - Demand: The downstream operation rate has increased, but the purchasing sentiment is average. Exports are relying on price cuts, and the export orders are weakening [3]. - Inventory: The social inventory has decreased slightly, but the absolute inventory level is high. The high - level futures warehouse receipts also put pressure on the price [3]. - **Caustic Soda** - Supply: New maintenance and capacity increase co - exist, and the operation rate is rising. Attention should be paid to the 100,000 - ton capacity release of Tangshan Sanyou [3]. - Demand: Orders from alumina in Shandong are stable, but the operation rate of alumina in Hebei has decreased slightly due to environmental control. Non - aluminum demand is expected to weaken [3]. - Inventory: The liquid caustic soda inventory in Shandong and Jiangsu has decreased slightly [3]. Strategy - **PVC** - Single - side trading: Fluctuate in a wide range. Consider positive arbitrage between futures and spot [4]. - Inter - period trading: Wait and see [4]. - Inter - commodity trading: No strategy [4]. - **Caustic Soda** - Single - side trading: Fluctuate within a range [5]. - Inter - period trading: Wait and see [5]. - Inter - commodity trading: No strategy [5].

氯碱日报 | 2025-11-05 华东下游11月液碱采购价下调 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4670元/吨（-10）；华东基差-70元/吨（+10）;华南基差-10元/吨（-10）。 现货价格：华东电石法报价4600元/吨（+0）；华南电石法报价4660元/吨（-20）。 上游生产利润：兰炭价格740元/吨（+0）；电石价格2830元/吨（+0）；电石利润-52元/吨（+0）；PVC电石法生产毛 利-763元/吨（-40）；PVC乙烯法生产毛利-545元/吨（+16）；PVC出口利润0.5美元/吨（+4.2）。 PVC库存与开工：PVC厂内库存33.8万吨（+0.4）；PVC社会库存54.5万吨（-1.0）；PVC电石法开工率76.47%（+4.82%）； PVC乙烯法开工率78.50%（-0.06%）；PVC开工率77.09%（+3.35%）。 下游订单情况：生产企业预售量77.4万吨（+13.9）。 烧碱： 期货价格及基差：SH主力收盘价2336元/吨（-14）；山东32%液碱基差164元/吨（+14）。 现货价格：山东32%液碱报价800元/吨（+0）；山东50%液碱 ...

2025年第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个别及连带责任。 根据上海证券交易所《上市公司行业信息披露指引第十八号——化工》的要 求，百合花集团股份有限公司（以下简称"公司"）现将 2025 年第三季度主要经 营数据披露如下： 二、主要产品的价格变动情况（不含税） 证券代码：603823 证券简称：百合花 公告编号：2025-040 百合花集团股份有限公司 特此公告。 百合花集团股份有限公司董事会 2025年10月29日 | 主要产品 | 2025年1至 9月平均进价 （元/吨） | 2024 年1至9月平均 进价（元/吨） | 变动比率 （%） | | --- | --- | --- | --- | | 2.3 酸 | 16,645.74 | 16,989.28 | -2.02% | | 3,3 双氯联苯胺 | 15,342.20 | 14,834.38 | 3.42% | | 4B酸 | 10,688.30 | 10,437.66 | 2.40% | | 乙萘酚 | 11,570.03 | 11 ...

证券代码：603599 证券简称：广信股份 编号：2025-027 安徽广信农化股份有限公司 2025 年第三季度主要经营数据的公告 一、主要产品的产量、销量及收入实现情况 | 项目 | 2025 年 | 7-9 | 月产 | 2025 年 7-9 | 月销量 | 2025 7-9 | 年 | 月销售 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 量（吨） | | | （吨） | | 金额（万元） | | | | 主要农药原药 | 13,180.90 | | | | 11,419.95 | 37,926.59 | | | | 主要农药中间体 | 214,402.06 | | | | 204,678.24 | 32,855.57 | | | 二、主要产品价格变动情况（不含税） | 项目 | 2025年7-9月平均 | 2024年7-9月平均 | 价格变动情况 | | --- | --- | --- | --- | | | 销售价格（元/吨） | 销售价格（元/吨） | | | 主要农药原药 | 33,210.82 | 28,582.8 ...

| A B | | | | | | | --- | --- | --- | --- | --- | --- | | | 股证券代码：600610 股证券代码：900906 | | | | | | | | A B | | | | | | | | 股证券简称：中毅达 股证券简称：中毅达 | | | | | | | | B | 公告编号：2025-055 | | 主要原材料 | 2025 年 1-9 | 月平均 | 2024 年 | 1-9 | 月平均 | 变动比例（%） | | --- | --- | --- | --- | --- | --- | --- | | | 采购价（元/吨） | | 采购价（元/吨） | | | | | 液碱 | 920.83 | | 886.34 | | | 3.89 | | 甲醇 | 2,112.36 | | 2,195.09 | | | -3.77 | | 正丁醛 | 5,655.34 | | 7,104.74 | | | -20.40 | | 玉米 | 2,068.59 | | 2,181.15 | | | -5.16 | | 原煤 | 373.84 | | 406.68 | ...