2025 年 11月 25 日 投资咨询从业资格号: Z0018008 张 瓶 zhanghang2@gtht.com 工业砖、多品砖基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2601收盘价(元/吨) | 8.940 | -20 | -140 | 235 | | | | Si2601成交量(手) | 214, 012 | -115, 664 | -57, 799 | 41, 666 | | | | Si2601持仓量(手) | 262.676 | 1.672 | 11. 127 | 186, 481 | | | 工业硅、多晶硅期货市场 | PS2601收盘价（元/吨） | 53, 315 | -45 | ୧୧୦ | ー | | | | PS2601成交量(手) | 187.876 | -155, 522 | -61,890 | - | | | | PS2601持仓量(手)U | 128, 427 | 2. 161 | -7.816 | - | | | | 工业硅:近 ...

摘要：【图】2025年9月湖南省石油焦产量数据分析 2025年1-9月石油焦产量统计： 2025年9月石油焦产量统计： 石油焦产量：3.0 万吨 同比增长：-1.8% 增速较上一年同期变化：低13.5个百分点 据统计，2025年9月湖南省规模以上工业企业石油焦产量与上年同期相比下降了1.8%，达3.0万吨，增速 较上一年同期低13.5个百分点，增速较同期全国高1.4个百分点，约占同期全国规模以上企业石油焦产量 259.7万吨的比重为1.2%。 详见下图： 图1：湖南省石油焦产量分月（当月值）统计图 石油化工行业最新动态 石油的现状和发展趋势 化工行业现状与发展趋势 日化市场现状及前景分析润滑油市场调研与发展前景汽油发展现状及前景预测 柴油市场调研及发展趋势橡胶行业监测及发展趋势 塑料未来发展趋势预测 化妆品现状及发展前景 清洁护肤发展前景趋势分析 石油焦产量：20.4 万吨 同比增长：-27.0% 增速较上一年同期变化：低31.9个百分点 据统计，2025年1－9月，湖南省规模以上工业企业石油焦产量与上年同期相比下降了27.0%，达20.4万 吨，增速较上一年同期低31.9个百分点，增速较同期全国低22.3个 ...

相关报告：智研咨询发布的《2026-2032年中国石油焦行业发展形势分析及投资潜力研究报告》 根据国家统计局数据显示：2025年9月中国石油焦产量为260万吨，同比下降3.2%；2025年1-9月中国石 油焦累计产量为2342.9万吨，累计下降4.7%。 上市企业：华锦股份（000059）,远兴能源（000683）,上海石化（600688）,华西能源（002630）,万华化 学（600309）,恒力石化（600346）,荣盛石化（002493）,新奥股份（600803）,中油资本（000617） 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2020-2025年1-9月中国石油焦产量统计图 ...

摘要：【图】2025年1-6月浙江省石油焦产量统计分析 图表：浙江省石油焦产量分月（当月值）统计 据国家统计局数据，在2025年的前6个月，浙江省规模以上工业企业石油焦产量累计达到了127.2万吨， 与2024年同期的数据相比，增长了4.9%，增速较2024年同期高20.1个百分点，增速较同期全国高9.4个 百分点，约占同期全国规模以上企业石油焦产量1567.4万吨的比重为8.1%。 图表：浙江省石油焦产量分月（累计值）统计 2025年6月石油焦产量分析： 单独看2025年6月份，浙江省规模以上工业企业石油焦产量达到了21.5万吨，与2024年同期的数据相 比，6月份的产量增长了2.4%，增速较2024年同期高19.1个百分点，增速较同期全国高4.8个百分点，约 占同期全国规模以上企业石油焦产量254.9万吨的比重为8.4%。 2025年1-6月石油焦产量分析： 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以上的工 业企业。 产业调研网为您提供更多 石油化工行业最新动态 石油行业监测及发展趋势 化工未来发展趋势预测 日化现状及发展前景 润滑油发展前景趋势分析 汽油的现 ...

石油焦产量：15.0 万吨 摘要：【图】2025年6月新疆维吾尔自治区石油焦产量数据 2025年6月石油焦产量统计： 图1：新疆维吾尔自治区石油焦产量分月（当月值）统计图 2025年1-6月石油焦产量统计： 石油焦产量：92.1 万吨 同比增长：23.8% 增速较上一年同期变化：高34.3个百分点 据统计，2025年1－6月，新疆维吾尔自治区规模以上工业企业石油焦产量与上年同期相比增长了 23.8%，达92.1万吨，增速较上一年同期高34.3个百分点，增速较同期全国高28.3个百分点，约占同期全 国规模以上企业石油焦产量1567.4万吨的比重为5.9%。详见下图： 同比增长：31.4% 增速较上一年同期变化：高35.0个百分点 据统计，2025年6月新疆维吾尔自治区规模以上工业企业石油焦产量与上年同期相比增长了31.4%，达 15.0万吨，增速较上一年同期高35.0个百分点，增速较同期全国高33.8个百分点，约占同期全国规模以 上企业石油焦产量254.9万吨的比重为5.9%。 详见下图： 图2：新疆维吾尔自治区石油焦产量分月（累计值）统计图 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务 ...

Price Trends of Key Materials - Battery-grade VC is priced at 87,500 yuan/ton, an increase of 13,500 yuan/ton, or 18.2% [1] - Battery-grade FEC is priced at 55,000 yuan/ton, an increase of 1,000 yuan/ton, or 1.9% [1] - Lithium hexafluorophosphate is priced at 131,000 yuan/ton, an increase of 5,500 yuan/ton, or 4.4% [1] - Industrial-grade dimethyl carbonate is priced at 3,850 yuan/ton, an increase of 200 yuan/ton, or 4.1% [1] - Metal lithium is priced at 595,000 yuan/ton, an increase of 10,000 yuan/ton, or 1.7% [1] Lithium Carbonate Prices - Battery-grade lithium carbonate (SMM) is priced at 84,350 yuan/ton, an increase of 1,100 yuan/ton, or 1.3% [1] - Industrial-grade lithium carbonate (BaiChuan) is priced at 85,000 yuan/ton, an increase of 1,000 yuan/ton, or 1.2% [1] - Battery-grade lithium carbonate (BaiChuan) is priced at 87,000 yuan/ton, an increase of 1,000 yuan/ton, or 1.2% [1] - Industrial-grade lithium carbonate (SMM) is priced at 82,000 yuan/ton, an increase of 900 yuan/ton, or 1.1% [1] Cathode and Cobalt Prices - Lithium iron phosphate for power is priced at 36,960 yuan/ton, an increase of 400 yuan/ton, or 1.0% [1] - Metal cobalt (BaiChuan) is priced at 404,000 yuan/ton, an increase of 1,500 yuan/ton, or 0.4% [1] - Cobalt from JinChuan Zambia is priced at 394,160 yuan/ton, an increase of 1,300 yuan/ton, or 0.3% [1] - Electrolytic cobalt (SMM) is priced at 394,000 yuan/ton, an increase of 1,200 yuan/ton, or 0.3% [1] - Nickel is priced at 121,110 yuan/ton, an increase of 300 yuan/ton, or 0.3% [1] Lithium Hydroxide and Anode Prices - Domestic lithium hydroxide (SMM) is priced at 76,180 yuan/ton, an increase of 200 yuan/ton, or 0.3% [2] - BaiChuan lithium hydroxide is priced at 80,700 yuan/ton, an increase of 200 yuan/ton, or 0.2% [2] - Petroleum coke for anodes is priced at 3,182 yuan/ton, unchanged, or -0.4% [2]

图为工业硅主产区开炉情况 企业备库以刚需为主 生产成本抬升 从工业硅成本构成来看，电力成本占比最大。根据各地区电力价格不同，电力成本在工业硅生产中占比40%~55%。当前西南产区逐渐步入枯水期，电价将 较丰水期提升0.15~0.25元／千瓦时，折工业硅成本约2000元／吨，西南产区硅企生产成本显著抬升。 除电力之外，硅煤、石油焦、硅用电极及硅石亦是主要生产成本，在前期"反内卷"带动下，硅煤价格稳步抬升。近期随着工业硅开炉率下滑，对硅煤需求有 所减弱，但供给端多数洗煤厂依旧维持以销定产模式，暂无库存压力，且硅煤自身成本端支撑较好，预计短期价格易涨难跌；石油焦市场交投较为活跃，呈 现供给收缩、需求较好的格局，主流炼厂石油焦价格持续推涨；硅用电极表现相对较弱，因需求弱势及库存压力，价格上行阻力较大。考虑部分厂家成本倒 挂，电极价格以持稳为主；硅石则随着西南产区开工率下移，需求转弱，价格呈下行趋势，但其本身自然属性较强，价格波动区间较窄，对工业硅成本影响 有限。此外，从中长期看，紧缺的高品质硅石资源将在一定程度上推涨工业硅成本。综合来看，工业硅成本上移较为明显，对硅价下方形成稳固的支撑。 西南产区开工率降至低位 供给 ...

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 suggests a focus on lithium hexafluorophosphate and phosphorus chemical sectors due to their positive outlook [1][5]. Core Insights - The chemical sector saw a 3.54% increase in the first week of November, underperforming the Shanghai A-share index by 2.45 percentage points [2][11]. - Key stocks that performed well include Qing Shui Yuan (+47.78%), Fo Si Technology (+33.38%), and Chengxing Co. (+24.63%) [2][11]. - The report highlights the benefits of rising prices in lithium hexafluorophosphate for companies like Duofu and Shenzhen New Star, and the high demand in the phosphorus chemical sector for Yuntianhua [5]. Industry Performance - The chemical industry had 25 sub-sectors increase in value, with the top five being phosphate fertilizers (+18.15%), phosphorus chemicals and phosphates (+13.61%), and inorganic salts (+12.12%) [3][15]. - The dynamic PE for the chemical sector is reported at 22.57 times, significantly higher than the average PE of 11.23 times since 2015 [2][11]. Price and Margin Trends - The top five products with the highest weekly price increases include folic acid (+20%), nitric acid (+10.43%), and sulfur (+9.95%) [4][18]. - The report also notes significant price drops for liquid chlorine (-34%) and butadiene (-7.69%) [4][18]. - The price margin for sodium tripolyphosphate increased by 27.63%, while the margin for propylene (methanol-based) saw a drastic decrease of 826% [4][38]. Inventory Changes - Significant inventory changes were noted, with polyester filament showing a decrease of 26.81% and epoxy propane increasing by 8.53% [5][60]. Recommendations - The report maintains a recommendation for companies benefiting from the price increase of lithium hexafluorophosphate and those in the phosphorus chemical sector [5].

Group 1 - The core viewpoint indicates that the petroleum coke production in Hebei Province experienced a significant decline in June 2025, with a production volume of 60,000 tons, representing a year-on-year decrease of 13.4% [1] - The growth rate for June 2025 is notably lower by 100.1 percentage points compared to the same month in the previous year, and it is also 11.0 percentage points lower than the national average [1] - The production in June 2025 accounts for 2.4% of the national petroleum coke production, which totals 2,549,000 tons for the same period [1] Group 2 - For the first half of 2025, the petroleum coke production in Hebei Province reached 428,000 tons, showing a year-on-year increase of 10.8% [4] - The growth rate for the first six months of 2025 is lower by 9.1 percentage points compared to the previous year, although it remains 15.3 percentage points higher than the national average [4] - The production during this period represents 2.7% of the national total petroleum coke production of 15,674,000 tons [4]