百合花集团股份有限公司 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 年半年度主要经营 数据披露如下： | 一、主要产品的产量、销量及收入实现情况 | （不含税） | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025 1 6 主要产品 年 至 月 | 2025 年 | 1 | 6 至 | 月 | | 2025 年 | | 1 6 至 | 月 | | 产量（吨） | 销量（吨） | | | | | | 销售金额（万元） | | | | 永固黄系列 5,296.11 | | 5,336.70 | | | | 27,050.77 | | | | | 立索尔红系列 3,854.55 | | | 3,564.35 | | | 9,089.76 | | | | | 色淀红系列 3,07 ...

2025 年 8 月 26 日 烧碱：短期回调，关注近月仓单压力 | | 陈嘉昕 | 投资咨询从业资格号：Z0020481 | chenjiaxin2@gtht.com | | --- | --- | --- | --- | | 【基本面跟踪】 | | | | | 烧碱基本面数据 | | | | | 11合约期货价格 | 山东最便宜可交割 现货32碱价格 | 山东现货32碱折盘面 | 基差 | | 2732 | 860 | 2688 | -45 | 资料来源：隆众资讯，国泰君安期货 【现货消息】 以山东地区为基准，周末山东主力下游采购 32 碱价格上调 15 元至 815 元，在此之前省内散户已经开 始上调，周末碱厂小幅跟涨 10 元，目前省内液碱库存短期持续低位，关注重点在主力下游送货量的变化上。 【市场状况分析】 目前烧碱市场核心驱动为需求端持续扩张。非铝需求面临旺季改善。氧化铝行业今年年底广西地区存在 360 万吨产能预期投产（如果顺利灌槽囤货需求预计 10 月份开始），广西地区烧碱供应偏紧，灌槽需求的烧 碱大部分只能从外部采购，而片碱-液碱价差已处于年内高位水平，因此后期氧化铝备货将带动国内 50 碱 ...

证券研究报告 | 2025年08月25日 价格全方位多维跟踪体系（2025.08） 反内卷语境看价格结构性修复 流通领域重要生产资料价格跟踪 从绝对水平来看：截至 2025 年 8 月上旬，49 种主要产品中共有 19 种价格上 涨、28 种下降、2 种持平。上涨品种主要集中在上游煤炭（如无烟煤、焦炭 等）、中游农林（豆粕、天然橡胶、瓦楞纸等）以及下游化工（硫酸、甲醇、 涤纶长丝等），表现出供需趋紧与季节性需求带动的特征；下降品种则以黑 色金属（中板、角钢、热卷）、有色金属（铜、铝、锌等）、建材（水泥、 玻璃）、部分化工（PVC、顺丁橡胶、尿素）和能源（液化气、天然气、油 品）为主。下游需求不足及供应压力较大，整体价格承压。总体来看，价格 分化明显，上游能源与部分化工品景气回升，而黑色金属和建材链继续承压。 从同比数据来看：工业品同比整体仍在下行通道，但降幅逐步磨底持平。钢 铁、部分化工品率先修复转正；有色金属、部分化工龙头品种表现亮眼，硫 酸同比涨幅收窄至 49%；而煤炭、焦炭、传统建材、部分石化产品则仍深处 低位，市场进入"结构性修复+行业间分化"阶段。 上/中/下游不同产业链节点代表产品价格变化 近一月 ...

贵州中毅达股份有限公司 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。 贵州中毅达股份有限公司（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：第十三号——化工》的相关要求，现将 2025 年半年度主要经营数据披露如下： | 股证券代码：600610 | 股证券简称：中毅达 | 公告编号：2025-047 | A | A | | --- | --- | --- | --- | --- | | 股证券代码：900906 | 股证券简称：中毅达 | B | B | B | 主要产品 2025 年 1-6 月产量 （吨） 2025 年 1-6 月销量 （吨） 2025 年 1-6 月营业 收入（万元） 季戊四醇 24,824.86 23,704.29 31,042.50 三羟甲基丙烷 5,530.61 6,554.30 5,493.85 酒精 22,268.88 13,427.09 5,976.35 DDGS 饲料 18,933.85 19,735.55 3,7 ...

入 期 市 市 服 热 线 客 ll 方 图 有 网 型 ted ML www.itf.com.cn 400-8888-598 ta 10 ntal | | | | 投资咨询业务资格:证监许可[ 2012 ]31号 | | ITC国贸期货 | | --- | --- | --- | --- | --- | --- | | | | | | | 碱数据目报 | | | | | 国贸期货研究院 能源化工研究中心 陈一凡 | | 从业资格证:F3054270 2025/08/25 投资咨询证:Z0015946 | | 指标 | | 2025/08/21 2025/08/22 | | 涨跌值 | 行情综述 | | 山东 | | 200 | 200 | 0 | | | 原盐 | 江苏 | 250 | 250 | 0 | | | 西北 | | 200 | 200 | | | | 电石 | 山东 | 2755 | 2755 | | | | 内蒙 | | 2210 | 2260 | 50 | | | 山东 | | -200 | -200 | 0 | | | 液氯 | 江苏 | -200 | -200 | 0 | 今日国内液碱市 ...

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - Last week, the strong downstream demand for caustic soda drove the continuous rise of caustic soda futures. By the Friday afternoon close, the weighted price of caustic soda futures reached 2,756 yuan/ton, a 4.51% increase from the previous week. The favorable fundamentals also led to an increase in both futures and spot prices of caustic soda [6][7][11]. - The caustic soda futures are expected to remain strong. After a pullback, long - position operations should still be considered [9]. 3. Summary by Relevant Catalogs 3.1 Caustic Soda Trend Review - Last week, the caustic soda futures continued to rise due to strong downstream demand. The weighted price of caustic soda futures closed at 2,756 yuan/ton on Friday afternoon, up 4.51% from the previous week. In the spot market, the weekly average price of 32% caustic soda in Shandong was 836 yuan/ton, a 3.98% increase from the previous week [6][11]. 3.2 Caustic Soda Fundamental Analysis - **Capacity Utilization**: Last week, the average capacity utilization rate of China's caustic soda enterprises with a capacity of 200,000 tons and above was 83.2%, a 0.9% decrease from the previous week. There were different trends in different regions, such as a 3.9% decrease in the Northwest to 87.1% and a 0.1% increase in Shandong to 88.4% [15]. - **Downstream Demand**: The operation of the main downstream industries of caustic soda was generally stable. The alumina production remained stable, and the capacity utilization rate of viscose staple fiber increased by 0.18% to 86.22% [18]. - **Liquid Caustic Soda Inventory**: As of August 21, 2025, the inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above was 396,400 tons (wet tons), a 9.46% decrease from the previous week. Inventory trends varied by region, with most regions experiencing inventory declines, while the inventory in the Northwest increased slightly [21]. - **Profit of Chlor - Alkali Enterprises in Shandong**: Last week, the theoretical production cost of caustic soda remained stable, the price of caustic soda increased, and the average weekly price of liquid chlorine decreased. The average weekly gross profit of chlor - alkali enterprises in Shandong was 349 yuan/ton, a 21.18% increase from the previous week [24]. 3.3 Caustic Soda Trend Outlook - **Liquid Caustic Soda**: In East China, major enterprises are expected to undergo maintenance this week, and non - aluminum stocking demand is increasing. The inventory pressure on enterprises is not significant, and the price of liquid caustic soda is expected to rise steadily. The price of liquid caustic soda in eastern Shandong may still increase [28]. - **Flake Caustic Soda**: The market in other domestic regions is mainly consolidating. In Inner Mongolia, the maintenance devices are gradually resuming production, and the new order quotes of manufacturers are expected to remain stable [9].

摘要 格林美已基本确定采用濮耐活性氧化镁作为主要沉淀剂，回收率提高 2- 5%，MHP 含水率降低 2-3%。丽琴和华友谷业虽在探索，但尚未正式 采用，因需调整工艺和设备。 活性氧化镁沉淀效果优于氢氧化钠，因其含两个氢氧根。若国产活性氧 化镁能规模化生产，成本预计每吨可降低 3,000-5,000 元。目前仅濮耐 能稳定生产合格产品。 华友谷业评估直接使用石灰再生以降低成本，若石灰再生效果不佳，或 全面转向外部供应商提供的新型活性氧化镁产品。 活性氧化镁主要用于沉淀镍钴，理论上每吨镍需 0.6-0.7 吨氧化镁，而 液碱需 1.4 吨氢氧化钠。活性氧化镁采购价约 8,000-10,000 元/吨，液 碱折合 12,000 元/吨，成本优势明显。 印尼液碱依赖进口，价格较高（约 500 美元/吨），促使企业考虑自建 工厂，但受政策限制。活性氧化镁能提高回收率，降低 MHP 含水量， 改善产品质量，并可能提高产线生产效率。 印尼湿法冶炼项目快速推进，预计到 2030 年产能至少达到 50 万吨。 华友、青山、格林美等头部企业均有扩产计划，但部分项目尚未投产。 活性氧化镁行业壁垒在于原料矿石形态。濮耐西藏矿可生产轻 ...

证券代码：600486 证券简称：扬农化工 编号：临 2025-031 江苏扬农化工股份有限公司 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。 本公司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》、《上市公司行业信息披露指引第十三号——化工》要求， 现将 2025 年半年度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 | 主要产品 | 产量（吨） | 销量（吨） | 营业收入（万元） | | --- | --- | --- | --- | | 原药 | 57,751.21 | 56,707.28 | 365,520.49 | | 制剂（不折百） | 25,456.62 | 28,106.62 | 117,053.34 | 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 | | 2025 年 1-6 月 | 2024 年 1-6 月 | | | --- | --- | --- | --- | | | 平均销售价格 | 平均 ...

一、主要产品的产量、销量及收入实现情况 | 项目 | 2025 | 年 | 4-6 | 月产 | 2025 | 年 | 4-6 | 月销量 | 2025 | 年 | 4-6 | 月销售 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 量（吨） | | | | | （吨） | | | | 金额（万元） | | | 主要农药原药 | | | | 9,474.79 | | | | 13,956.48 | | | | 42,316.24 | | 主要农药中间体 | | | 219,030.73 | | | | | 247,082.20 | | | | 42,542.80 | 二、主要产品价格变动情况（不含税） | 项目 | 2025年4-6月平均 | 2024年4-6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 | 30,320.14 | 28,916.07 | 4.86% | ...

Report Summary 1) Report Industry Investment Rating - The investment rating for the caustic soda industry is "Bullish with caution on near - month warehouse receipts" [1] 2) Core View of the Report - The caustic soda market's core driver is the continuous expansion of demand. With rising alumina demand and strong export support, the market is expected to have upward - driven spot prices during the downstream peak season. However, the weakness of chlorine - consuming downstream industries may limit profit expansion and cause potential passive production cuts. Overall, a bullish view is maintained, but near - month warehouse receipts need attention in the short term [1] 3) Summary by Relevant Content Fundamental Tracking - The futures price of the 11 - contract is 2700, the price of the cheapest deliverable 32% caustic soda in Shandong is 850, the Shandong spot 32% caustic soda converted to the futures price is 2656, and the basis is - 44 [1] Spot News - Based on Shandong, supported by a 20 yuan/ton increase in the procurement price of major downstream, local caustic soda plants raised prices to varying degrees. With low inventory pressure, the short - term market is expected to remain at a high level [1] Market Condition Analysis - Demand side: Alumina's rigid and stocking demand is rising, especially with 3.6 million tons of alumina production capacity expected to be put into operation in Guangxi by the end of this year, leading to tight local supply and increased demand for 50% caustic soda. The 93 - parade affects transportation, and a Shandong alumina plant may raise its procurement price. Export support remains strong, but inventory - building rhythms affect domestic prices [1] - Supply side: The weakness of chlorine - consuming downstream industries like PVC limits profit expansion and may cause passive production cuts in the future [1] Trend Intensity - The trend intensity of caustic soda is 1, indicating a moderately bullish view [2]