证券代码：002753 证券简称：永东股份 山西永东化工股份有限公司投资者关系活动记录表 编号：2025-006 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 √其他 （电话会议） | | 参与单位名称及 | 山西证券李旋坤、王金源；国海富兰克林基金周艺佳；高腾国 | | 人员姓名 | 际吕栋；宝盈基金管理有限公司郑熊婧；博时基金管理有限公 | | | 司范卓宇；银华基金管理股份有限公司刘宇尘；长信基金管理 | | | 有限责任公司宁发俊 | | 时间 | 2025 年 11 月 24 日 15:30-16:00 | | 地点 | 公司研发楼三楼会议室 | | 上市公司接待人 | 董事会秘书张巍女士、财务总监陈梦喜先生、证券部陈翔先生。 | | 员姓名 | 在本次调研活动中，主要沟通内容简述如下： | | | 1、蒽油项目目前进展情况 | | | 公司 2024 年度向特定对象发行 A 股股票募投项目为"2 | | | ×10 万吨年蒽油深加工项目"及"补充流动资金"， ...

（编辑 任世碧） 证券日报网讯 金能科技11月20日在互动平台回答投资者提问时表示，公司经过多年发展，已成为资源 综合利用型、经济循环式的综合性化工企业，业务涉及石油化工、煤化工、精细化工三大板块，主要产 品有丙烯、聚丙烯、炭黑、焦炭、山梨酸（钾）、对甲基苯酚等。 ...

受产能落地增幅远大于需求增幅影响，炭黑行业近两年供需矛盾明显加剧。 随着炭黑行业开工负荷提升，5月至6月行业社会库存再次增加，炭黑价格延续弱势。6月底社会库存维 持高位下，7月炭黑企业新单价格延续跌势；8月下旬行业亏损压力下企业推涨意愿明显，但原料重心下 移导致轮胎企业对炭黑涨价抵触，市场货源相对充裕下炭黑价格涨幅难以落地，9月上旬主流大单商谈 基本稳定8月上旬价格，受制于供需矛盾的突出，9月下旬市场新单商谈价格再次趋弱。 10月下游需求量环比降幅明显，叠加炭黑开工负荷提升，行业供大于求矛盾再次扩大。11月至12月轮胎 企业开工负荷在国庆中秋假期后恢复后，存在再次下降预期，对炭黑需求提升幅度形成利空，行业供需 矛盾难以缓解，预计四季度炭黑价格或延续震荡下行趋势，11月份成本面上涨对炭黑价格的支撑力度也 受供需矛盾拖累减弱。 刘宵分析，未来五年炭黑行业扩能规模仍然较大，2026年至2027年为产能集中投放期。未来炭黑行业扩 能集中于有产业链及集团优势的大型企业及石油系原料生产企业，其中长鸿生物、中化泉州、广州联 油、独山子石化均为石油系原料生产企业，且石油系企业进入预期仍有增加趋势。 预计2026年至2028年 ...

11月18日，黑猫股份跌5.13%，截至发稿，报10.55元/股，成交2.95亿元，换手率3.73%，总市值77.58亿 元。 资料显示，江西黑猫炭黑股份有限公司位于江西省景德镇市历尧，成立日期2001年7月12日，上市日期 2006年9月15日，公司主营业务涉及炭黑、焦油精制产品及白炭黑的生产和销售业务。主营业务收入构 成为：炭黑75.93%，焦油精制产品13.13%，其他8.51%，白炭黑2.43%。 从黑猫股份十大流通股东角度 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模766.3亿。今年以来收益27.78%，同类 排名1837/4212；近一年收益24.32%，同类排名1864/3956；成立以来收益13.08%。 南方中证1000ETF（512100）基金经理为崔蕾。 截至发稿，崔蕾累计任职时间7年13天，现任基金资产总规模1227.6亿元，任职期间最佳基金回报 181.49%， 任职期间最差基金回报-15.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均 ...

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，华夏基金旗下1只基金位居联科科技十大流通股东。华夏兴阳一年持有混合（009010）三季 度新进十大流通股东，持有股数86.05万股，占流通股的比例为0.44%。根据测算，今日浮盈赚取约 104.98万元。 华夏兴阳一年持有混合（009010）成立日期2020年3月18日，最新规模11.03亿。今年以来收益4.7%，同 类排名7063/8140；近一年收益0.02%，同类排名7744/8056；成立以来亏损15.94%。 华夏兴阳一年持有混合（009010）基金经理为刘文成。 责任编辑：小浪快报 11月14日，联科科技涨5.3%，截至发稿，报24.25元/股，成交1.18亿元，换手率2.55%，总市值52.51亿 元。 资料显示，山东联科科技股份有限公司位于山东省潍坊市青州市鲁星路577号，成立日期2001年4月23 日，上市日期2021年6月23日，公司主营业务涉及二氧化硅和炭黑的研发、生产与销售。主营业务收入 构 ...

Group 1: Chemical Industry Performance - The chemical raw materials index increased by 3.79%, and the chemical machinery index rose by 8.33% last week, while the chemical pharmaceuticals index decreased by 2.91% [1] - The pesticide and fertilizer index saw an increase of 4.32% [1] - In the oil sector, the oil processing index rose by 3.72%, the oil extraction index increased by 5.63%, and the oil trading index went up by 4.41% [1] Group 2: Oil Price Trends - International crude oil prices experienced slight fluctuations downward, with West Texas Intermediate crude oil futures settling at $59.75 per barrel, down 2.02% from October 31 [1] - Brent crude oil futures settled at $63.63 per barrel, down 2.21% from October 31 [1] Group 3: Chemical Product Price Changes - The top five chemical products with the highest price increases included folic acid up 20%, nitric acid up 10.43%, sulfur up 9.95%, industrial-grade lithium carbonate up 9.51%, and petroleum coke up 7.23% [1] - The top five chemical products with the largest price decreases included liquid chlorine down 34%, butadiene down 7.69%, trichloroethylene down 6%, styrene-butadiene-styrene copolymer (SBS) down 5.9%, and carbon black down 5.53% [1] Group 4: Capital Market Performance of Chemical Companies - The top five chemical companies in the capital market with the highest stock price increases were Qing Shui Yuan up 47.78%, Zhenhua Co. up 37.19%, Fuluo Technology up 33.38%, Unified Co. up 32.93%, and Zhuoyue New Energy up 26.38% [2] - The bottom five chemical companies with the largest stock price decreases were Huidet Technology down 24.78%, Yashichuang Energy down 19.09%, Kaimete Gas down 18.64%, Weike Technology down 8.98%, and Yokogawa Precision down 8.86% [2]

Investment Rating - The report maintains a recommendation for investment in sectors focusing on domestic demand, high dividends, and import substitution [1]. Core Viewpoints - The report highlights that the chemical industry is currently experiencing a mixed performance, with some products seeing significant price increases while others are declining. It emphasizes the importance of focusing on sectors like glyphosate, fertilizers, and high-dividend assets amid a backdrop of fluctuating oil prices and uncertain international conditions [6][23]. - The report suggests that the international oil price is expected to stabilize around $65 per barrel, influenced by rising U.S. oil inventories and geopolitical uncertainties [6][24]. Summary by Relevant Sections Chemical Industry Investment Suggestions - The report recommends focusing on sectors likely to enter a growth cycle, such as glyphosate, which is showing signs of recovery with decreasing inventory and rising prices [23]. - It also suggests selecting stocks with strong competitive positions and growth potential, particularly in the lubricant additives and coal-to-olefins sectors [23]. - The report highlights the importance of domestic demand in the chemical fertilizer sector, particularly nitrogen and phosphate fertilizers, which are expected to maintain stable demand [23]. Price Movements of Chemical Products - Significant price increases were noted for natural gas (up 30.25%), nitric acid (up 20.59%), and liquid chlorine (up 10.27%) [20][21]. - Conversely, products like ammonium chloride and butadiene experienced substantial declines, with drops of -13.33% and -12.66% respectively [20][21]. Market Trends and Analysis - The report indicates that the chemical industry is currently in a weak overall performance phase, with mixed results across different sub-sectors due to past capacity expansions and weak demand [21][23]. - It emphasizes the need to pay attention to high-quality assets in the oil sector, particularly state-owned enterprises like Sinopec, which are expected to benefit from lower raw material costs due to declining oil prices [23].

Core Insights - The market for carbon black is currently experiencing cautious price adjustments, with limited negotiation space and a tendency to maintain a range-bound state [1][2] - The coal tar market shows positive trends, with deep processing operations at high levels and potential for further increases, while coking operations are declining, suggesting a return to normal supply-demand balance [1][3] Group 1: Coal Tar Market - The auction quantity for high-temperature coal tar from Xichang Panjiang Coal Coking Co., Ltd. was 1,020 tons, with a starting price of 2,700 CNY/ton and a transaction price of 2,720 CNY/ton, reflecting an increase of 94 CNY from the previous week [1] - The auction quantity for high-temperature coal tar from Panzhihua Panjiang Coal Coking Co., Ltd. was 1,000 tons, with a starting price of 2,670 CNY/ton and a transaction price of 2,750 CNY/ton, indicating an increase of 95 CNY from the previous week [1] Group 2: Carbon Black Market - Carbon black prices are adjusting cautiously, with last week's prices hitting a low point, leading to increased stocking by some downstream players and a rise in demand orders, alleviating inventory pressure for carbon black manufacturers [2] - Most tire manufacturers are still negotiating prices aggressively, with overall tire production in November showing good continuity and stable load levels, with full steel tires at 65% and semi-steel tires at 74% [2] Group 3: Market Forecast - The coal tar prices are expected to show a rebound trend this week, while carbon black prices will depend on the fluctuations in coal tar prices [3]

Investment Rating - The report rates the chemical industry as "Outperform" [1] Core Views - The report highlights the increase in lithium hexafluorophosphate prices and the decline in international oil and carbon black prices. It suggests focusing on sectors mentioned in the "14th Five-Year Plan," undervalued leading companies, the impact of "anti-involution" on supply, and the importance of self-sufficiency in electronic materials [1][3] Summary by Sections Industry Dynamics - In the week of November 3-9, 2025, 19 out of 100 tracked chemical products saw price increases, while 45 experienced declines, and 36 remained stable. The average price of lithium hexafluorophosphate rose to 119,000 CNY/ton, a 12.26% increase from the previous week and a 115.38% increase year-on-year [10][34] - International oil prices fell, with WTI crude closing at 59.75 USD/barrel (down 2.02%) and Brent crude at 63.63 USD/barrel (down 2.21%). U.S. oil production increased to an average of 13.651 million barrels per day, up 0.7 thousand barrels from the previous week [10][33] Investment Recommendations - The report recommends focusing on sectors highlighted in the "14th Five-Year Plan," undervalued leading companies, the effects of "anti-involution" on supply, and the growing importance of self-sufficiency in electronic materials. It suggests that policy support may lead to demand recovery and improved performance for leading companies [12][10] - Long-term investment themes include the rapid development of downstream industries such as semiconductor materials, OLED materials, and new energy materials, as well as maintaining high or improving conditions in sub-industries like fluorochemicals, agrochemicals, refining, dyes, polyester filament, and tires [12][10] Key Products and Price Changes - The report notes significant price changes among various chemical products, with dichloromethane, vitamin E, and toluene seeing notable increases, while trichloroethylene, styrene-butadiene rubber, and methanol experienced declines [32][36] - The average price of carbon black decreased to 5,981 CNY/ton, down 5.53% from the previous week and down 26.31% year-on-year [35] Market Performance - The basic chemical industry index rose by 3.54%, ranking 5th among 31 primary industries, while the oil and petrochemical sector increased by 4.47%, ranking 3rd [10][11]

从"卖产品"转变为"卖服务+产品"，服务型制造正成为中国制造转型升级的重要抓手。近期，工业和信 息化部等7部门联合印发的《深入推动服务型制造创新发展实施方案（2025—2028年）》提出，到2028 年，服务型制造在制造业高质量发展中的作用进一步增强，以及完成20项标准制定、打造50个领军品 牌、建设100个创新发展高地等目标，并提出加强关键共性技术攻关和模式创新等7项主要任务和3项专 项行动。 服务型制造研究院院长、中国服务型制造联盟常务副秘书长刘尚文表示，服务型制造有别于传统的生产 型制造，是制造与服务融合发展的新型产业形态，是先进制造业和现代服务业深度融合的重要方向。发 展服务型制造有助于化解制造业发展中存在的矛盾和问题，对于构建强大而有韧性的产业体系、建设制 造强国具有重要意义。 优化产业结构 服务型制造指的是以客户需求为导向、以数智技术为支撑，通过创新优化生产组织形态、运营管理方式 和商业发展模式，将服务深度嵌入制造业产品全生命周期和各环节，延伸产业链、重塑价值链、构建新 生态，实现制造与服务融合发展的新型产业形态。 浙江大学发展规划处处长、软件学院院长、中国服务型制造联盟专家委员会副主任尹建伟认为 ...