供应收紧叠加需求增加，硫磺价格继续上涨 由于全球硫磺新增产能有限且俄罗斯硫磺减产，同时印尼冶炼产业及我国新能源领域需求增长，今年以 来硫磺价格不断上涨。近期俄罗斯出台了部分品类硫磺出口的临时禁令，有效期将持续至2025 年底;叠 加新能源需求的快速增加，近期硫磺价格继续快速上涨，本周国产硫磺均价继续上涨7%至3,800 元/ 吨。 中金主要观点如下： 电解液溶剂价格上涨，碳酸二甲酯效益改善 电解液市场订单充足，对电解液溶剂需求增长，而电解液厂商溶剂库存低位，本周EC溶剂、DMC溶 剂、锂电池电解液和DEC溶剂分别上涨47.8%、10.0%、8.0%和5.1%。电池级DMC及EMC需要工业碳酸 二甲酯(DMC)作为原料，近期供应偏紧，本周碳酸二甲酯价格上涨至4,072 元/吨，环比+11.1%，碳酸二 甲酯装置效益改善，但后续行业部分装置可能重启和新增，增加供给。 智通财经APP获悉，中金发布研报称，本周化工产品价格涨幅居前，板块上涨8.24%，跑输大盘4.47个 百分点。该行看好化工板块的中长期投资机会，建议关注PTA/涤纶长丝、有机硅、氨纶、钾肥、农 药、瓶片等子行业盈利改善，关注锂电材料如六氟磷酸锂、溶剂 ...

化工现货方面，上周涨幅前五名的石化产品分别为工业级碳酸锂上涨13.67%、碳酸二甲酯上涨 12.32%、锂电池电解液上涨8%、硫酸上涨7.54%、叶酸上涨6.25%；跌幅前五名的石化产品分别为液氯 下跌6.25%、二甘醇下跌5.35%、丙烯酸异辛酯下跌5.13%、乙烯法聚氯乙烯下跌3.49%、四氯乙烯下跌 3.49%。 资本市场方面，上周沪深两市股价涨幅前五名的上市化企分别是国风塑业上涨33.33%、华融化学上涨 27.82%、同益股份上涨16.51%、晨光新材上涨16.37%、彤程新材上涨14.75%；股价跌幅前五名的上市 化企分别是安纳达下跌26.13%、泰和科技下跌25.64%、嘉澳环保下跌25.62%、建业股份下跌24.85%、 三房巷下跌23.33%。 上周，特朗普政府敦促乌克兰和俄罗斯达成和平协议，以结束持续3年的战争，令原油市场情绪转为看 空，加之美元走强，导致原油价格一路下行。截至11月21日，纽约商品交易所西得克萨斯轻质原油期货 (WTI)主力合约结算价格为58.06美元/桶，较11月14日下跌3.38%；洲际交易所布伦特原油期货(Brent)主 力合约结算价格为62.56美元/桶，较11月 ...

证券研究报告 | 行业点评报告 2025 年 11 月 24 日 碳酸二甲酯、氯化亚砜价格涨幅居前，建议关注有机硅行业 招商化工行业周报 2025 年 11 月第 3 周 周期/化工 本报告阐述了基础化工板块一周行情走势、产品价格及价差变化、重点推荐子 行业及公司。 板块整体走势 11 月第 3 周化工板块（申万）下跌 7.47%，上证 A 指下跌 3.90%，板块落后 大盘 3.58 个百分点。涨幅排名前 5 的个股分别为：国风新材（+33.33%）， 凯美特气（+13.93%），清水源（+11.01%），高盟新材（+9.93%），上海 新阳（+9.42%）；跌幅排名前 5 的个股分别为：安纳达（-26.13%），嘉澳 环保（-25.62%），联化科技（-23.12%），石大胜华（-20.27%），神马股 份（-19.66%）。此外，本周化工板块（申万）动态 PE 为 23.78 倍，高于 2015 年来的平均 PE 5.33%。 细分子行业走势 11 月第 3 周化工行业 1 个子行业上涨，31 个子行业下跌。唯一上涨子行业是： 石油加工（+2.64%）；下跌子行业前五是：维纶（-15.33%），无机盐（ ...

2025 年 11 月 23 日 基础化工 重视环氧活性稀释剂、有机硅等涨价机 遇 事件：1）据徽州发布及中华网，11 月 19 日，安徽新远科技有 限公司一车间起火，已造成一人死亡。2）据 SMM 硅世界，11 月 18 日，有机硅单体厂实控人会议在上海如期召开，主办单位为中 国氟硅有机材料工业协会，龙头企业悉数参加，参会企业总产能 占行业产能的 80%以上，会议内容关于联合减排以及挺价事宜。 供应不可抗力，环氧活性稀释剂价格弹性可期 特性优良应用广泛，需求有望持续增长。环氧活性稀释剂是一类含有 环氧基团的多功能化合物，具有黏度低、反应活性强、柔韧性好等优 良特性，且环境友好、品种多样、用途广泛。根据 QYResearch，2021 年全球环氧活性稀释剂总消费量约 22.8 万吨，其中复合材料（主要 用于风电叶片用环氧树脂基复合材料）、涂料、电子电器、胶粘剂领 域消费占比分别为 32%、16%、15%、12%。考虑到近年我国风电装机量 快速增长，根据国家能源局，2025H1 我国新增风电装机量 51.39GW， 同比+99%，接近翻番；且"十五五"期间我国风电年新增装机量不低 于 120GW，有望持续对上游 ...

格隆汇11月20日丨长华化学(301518.SZ)在投资者互动平台表示，锂电池领域公司尚在积极的产品开发 及市场拓展中，涉及的销量占比很小。公司现有的部分特种聚醚多元醇和在建的二氧化碳聚醚多元醇， 可用于制备高性能聚氨酯胶粘剂、水性PUD等，部分高性能聚氨酯胶粘剂、水性PUD产品应用于锂电池 行业。另外，二氧化碳聚醚副产品碳酸丙烯酯可以通过酯交换用来制备碳酸二甲酯、碳酸甲乙酯，应用 于电池电解液。 ...

Core Insights - Company reported a decline in revenue and net profit for the first three quarters of 2025, with total revenue of 23.552 billion yuan, down 6.5% year-on-year, and net profit attributable to shareholders of 2.374 billion yuan, down 22.1% year-on-year [1] - In Q3 2025, the company achieved revenue of 7.789 billion yuan, a decrease of 5.1% year-on-year and 2.5% quarter-on-quarter, with a net profit of 0.805 billion yuan, down 2.4% year-on-year and 6.6% quarter-on-quarter [1] - The gross margin for Q3 was 19.1%, with a net profit margin of 11.4%, showing slight year-on-year increases but declines compared to the previous quarter [1] Revenue and Profit Analysis - For the first three quarters, the company’s revenue was 23.552 billion yuan, with a gross margin of 18.38% and a net profit margin of 11.12%, reflecting year-on-year decreases of 1.6 and 1.9 percentage points respectively [1] - In Q3, the company’s revenue was 7.789 billion yuan, with a gross margin of 19.1% and a net profit margin of 11.4%, showing year-on-year increases of 1.6 and 0.5 percentage points, but declines of 0.5 and 0.6 percentage points quarter-on-quarter [1] Segment Performance - The company’s four main segments (new materials, fertilizers, organic amines, and acetic acid and derivatives) saw volume growth in Q3, with fertilizers experiencing over 40% year-on-year growth [2] - In Q3, the sales volumes for the four segments were 0.7596 million tons (new materials), 1.4489 million tons (fertilizers), 0.1581 million tons (organic amines), and 0.4034 million tons (acetic acid and derivatives), with year-on-year growth rates of 14.23%, 40.13%, 3.60%, and 8.79% respectively [2] - Revenue for the segments in Q3 was 3.936 billion yuan (new materials), 1.947 billion yuan (fertilizers), 0.614 billion yuan (organic amines), and 0.809 billion yuan (acetic acid and derivatives), with year-on-year changes of -1.55%, +21.38%, +0.66%, and -19.82% respectively [2] Price Trends - Product prices in Q3 showed a significant year-on-year decline, with urea, DMF, and other products experiencing decreases ranging from 2.4% to 30.4% [3] - Only carbon dioxide dimethyl and oxalic acid saw slight price increases quarter-on-quarter, while most other products continued to decline [3] - Raw material prices for coal showed an upward trend quarter-on-quarter, with prices for smoke coal and thermal coal increasing [3] Profit Forecast - Based on changes in product and raw material prices, the company has adjusted its profit forecasts for 2025-2027 to 2.928 billion yuan, 4.243 billion yuan, and 4.336 billion yuan respectively, while maintaining a "buy" rating [3]

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]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 31.50 [1][5]. Core Views - The report indicates that the demand for oxalic acid is expected to improve due to growth in the rare earth and lithium battery sectors, with a competitive landscape that is favorable [1]. - The company has a production capacity of 700,000 tons per year for oxalic acid and 300,000 tons per year for caprolactam, positioning it to benefit from the anticipated recovery in market conditions [1]. - The report highlights that the domestic competition for oxalic acid is relatively good, with the company holding a significant market share [3]. Summary by Sections Oxalic Acid Market Outlook - The apparent consumption of oxalic acid in China is projected to reach approximately 417,000 tons in 2024, representing a year-on-year increase of 87%. The rare earth separation and new energy sectors contribute significantly to this demand [2]. - The oxalic acid precipitation method is a mature technology for rare earth separation, which is expected to support continued demand growth as the strategic importance of rare earth resources increases [2]. Competitive Landscape - As of November 2025, the domestic oxalic acid production capacity is about 1.19 million tons, with a concentrated market where the company holds a 59% share [3]. - The company utilizes a gasification platform to co-produce dimethyl carbonate and oxalic acid, which offers cost and environmental advantages over traditional methods [3]. Caprolactam Market Dynamics - The caprolactam industry is undergoing a "de-involution" process, with companies discussing measures to reduce production by 20% and increase prices by RMB 100 per ton [4]. - The report anticipates that the supply-demand balance will improve, aiding in price recovery for various chemical products [4]. Financial Projections - The company is expected to achieve net profits of RMB 32 billion, RMB 45 billion, and RMB 54 billion for the years 2025 to 2027, respectively, with corresponding EPS of RMB 1.50, RMB 2.10, and RMB 2.56 [5][9]. - The target price of RMB 31.50 reflects a 15x PE ratio for 2026, considering the company's scale advantages and growth potential from new projects [5].

Core Viewpoint - The company Stone Daxinghua New Materials Group Co., Ltd. has released its third-quarter report for 2025, ensuring the accuracy and completeness of the information disclosed [1][2][8]. Financial Data - The third-quarter financial statements have not been audited [3]. - The report includes major accounting data and financial indicators, with specific details to be disclosed in subsequent sections [3][4]. Shareholder Information - The total number of ordinary shareholders and the situation of the top ten shareholders are to be reported [5]. - There are no changes in the share lending situation of major shareholders [6]. Board Meeting - The board meeting was held on October 30, 2025, with all nine directors present and voting [8][9]. - The board approved the third-quarter report with unanimous support [9][11]. Supervisory Board Meeting - The supervisory board meeting also took place on October 30, 2025, with all three supervisors present [14][16]. - The supervisory board approved the third-quarter report, confirming its compliance with regulations and accuracy [19][20]. Operational Data - The company disclosed key operational data for the first three quarters of 2025, including production volume, sales, and revenue [23]. - There were no significant events affecting the company's operations during the reporting period [25].

证券代码：600426 证券简称：华鲁恒升 编号：临 2025-063 山东华鲁恒升化工股份有限公司 二、主要产品及原材料的价格变动情况 （一）主要产品的价格变动情况 | 主要产品 | 单位 | 价格变动情况 （不含税） | 价格变动情况说明 | | --- | --- | --- | --- | | 尿素 | 元/吨 | 1450-2060 | 报告期内，受市场供需等因素影响，国内尿素价格 | | | | | 先仰后抑，整体处于偏低水平震荡。 | | 异辛醇 | 元/吨 | 5840-7080 | 报告期内，受市场供需等因素影响，异辛醇价格震 | | | | | 荡下行。 | | 尼龙6 | 元/吨 | 7880-10310 | 报告期内，受供应增加及原料波动影响，尼龙 6 价 | | | | | 格震荡偏弱。 | | 己二酸 | 元/吨 | 5300-8400 | 报告期内，受原料波动及供需环境变化影响，己二 | | | | | 酸价格偏弱。 | | 己内酰胺 | 元/吨 | 7390-9960 | 报告期内，受市场供需及政策调整影响，己内酰胺 | | | | | 价格呈现波动下行趋势。 | | 醋酸 | ...