风险提示 ⚫ 需求不及预期；海外市场供需情况变化；油价大幅波动。 国家/地区 中国 行业 基础化工行业 报告发布日期 2025 年 11 月 23 日 看好（维持） 基础化工行业 行业研究 | 行业周报 印度取消 BIS 认证及反倾销税，利好 PVC 等产品出口增长 核心观点 投资建议与投资标的 ⚫ 建议关注景气度有望复苏的 PVC 相关企业 中泰化学(002092，未评级)、新疆天业 (600075，未评级)、氯碱化工(600618，未评级)、天原股份(002386，未评级)， MDI 龙头 万华化学(600309，买入)。景气度持续性受储能高速增长拉动的磷化工 中，相关标的包括川恒股份(002895，未评级)、云天化(600096，未评级)等；草酸 行业中，建议关注华鲁恒升(600426，买入)、华谊集团(600623，买入)、万凯新材 (301216，买入)。 | 倪吉 | 执业证书编号：S0860517120003 | | --- | --- | | | niji@orientsec.com.cn | | | 021-63326320 | | 万里扬 | 执业证书编号：S0860519090003 | ...

每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 （记者 贾运可） 截至发稿，丰元股份市值为51亿元。 每经AI快讯，丰元股份（SZ 002805，收盘价：18.14元）发布公告称，2025年11月21日，丰元股份接受 中邮证券等机构调研，公司董事会秘书倪雯琴参与接待，并回答了投资者提出的问题。 2025年1至6月份，丰元股份的营业收入构成为：锂电池正极材料占比92.78%，草酸占比7.14%，其他行 业占比0.09%。 ...

证券代码：002805 证券简称：丰元股份 山东丰元化学股份有限公司 投资者关系活动记录表 编号：2025-011 | 投资者关系 | □特定对象调研 □分析师会议 □业绩说明会 | | --- | --- | | 活动类别 | □媒体采访 □新闻发布会 √路演活动 | | | □现场参观 □其他 | | 参与单位名称 | 中邮证券、银华基金、华宝基金、诺德基金 | | 及人员姓名 | | | 时间 | 2025 年 11 月 21 日 | | 地点 | 上海 | | 上市公司接待 | 倪雯琴（董事会秘书） | | 人员姓名 | | | | 本次交流会中，互动问答的主要内容（口头交流内容表述 | | | 可能存在误差，如与正式公告内容冲突，请以正式公告披露内 | | | 容为准）如下： | | | 1、能否介绍公司磷酸铁锂的产能布局规划、建设推进进度， | | | 以及当前产能利用率情况？ | | 投资者关系活动 | 截至目前，公司已建成的磷酸铁锂产能共计 22.5 万吨， | | 7.5 主要内容介绍 | 万吨产能处于在建阶段，公司也会根据行业的发展趋势和 | | | 下游客户的需求变化，在产能建设实施过程 ...

Group 1 - Fengyuan Co., Ltd. (SZ 002805) announced that on November 20, 2025, it will accept an investor survey conducted by Huaxia Fund, with the company's General Manager and CFO, Pang Lin, participating in the reception and addressing investor inquiries [1] - For the first half of 2025, Fengyuan's revenue composition was as follows: lithium battery cathode materials accounted for 92.78%, oxalic acid accounted for 7.14%, and other industries accounted for 0.09% [1] - As of the report date, Fengyuan's market capitalization is 5.5 billion yuan [2]

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]

Company Overview - Fengyuan Co., Ltd. (SZ 002805) announced that on November 19, 2025, it will accept investor research from Zhongyou Securities and others, with the company’s board secretary Ni Wenqin participating in the reception and answering investor questions [1] Financial Performance - For the first half of 2025, Fengyuan's revenue composition is as follows: lithium battery cathode materials account for 92.78%, oxalic acid for 7.14%, and other industries for 0.09% [1] - As of the report date, Fengyuan's market capitalization is 5.6 billion yuan [1]

Core Viewpoint - Shandong Fengyuan Chemical Co., Ltd. held a roadshow on November 17, 2025, to discuss its core business progress, capacity layout, and future development plans with six institutional investors [1][2]. Group 1: Core Business and Development Plans - The company has established a total production capacity of 100,000 tons per year for oxalic acid, utilizing a modified carbohydrate oxidation method that offers high yield, low energy consumption, strong economic recovery of exhaust gases, and a short process flow, enhancing its competitive edge [3]. - In the lithium iron phosphate business, the company has built a capacity of 225,000 tons, with a high effective capacity utilization rate, indicating strong market demand for its products [4]. Group 2: Product Pricing Strategy - The company plans to dynamically adjust product prices by closely monitoring industry trends and engaging in active negotiations with customers, considering factors such as downstream customer demand and raw material price fluctuations to achieve long-term mutual benefits [5]. Group 3: Performance Expectations - The company anticipates significant growth in the global power battery and energy storage battery markets, which will create vast development opportunities for the lithium battery cathode material industry. It aims to enhance overall operational efficiency and profitability by focusing on cost reduction, efficiency improvement, and management enhancement [6].

Group 1 - The core point of the news is that Fengyuan Co., Ltd. experienced a stock price increase of 6.78%, reaching 23.15 yuan per share, with a total market capitalization of 6.483 billion yuan [1] - Fengyuan Co., Ltd. is primarily engaged in the production and sales of oxalic acid and nitric acid, with lithium battery cathode materials accounting for 92.78% of its main business revenue [1] - The company was established on August 23, 2000, and went public on July 7, 2016 [1] Group 2 - Among the top ten circulating shareholders of Fengyuan Co., Ltd., the Jiashi Fund's Jiashi CSI Rare Earth Industry ETF (516150) has recently entered the list, holding 2.118 million shares, which is 0.76% of the circulating shares [2] - The Jiashi CSI Rare Earth Industry ETF has achieved a year-to-date return of 71.01% and a one-year return of 55.86% [2] - The fund was established on March 9, 2021, and currently has a total scale of 7.648 billion yuan [2] Group 3 - The fund manager of Jiashi CSI Rare Earth Industry ETF is Tian Guangyuan, who has been in the position for 4 years and 255 days [3] - Under Tian Guangyuan's management, the fund has achieved a best return of 126.93% and a worst return of -46.65% [3]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the Chinese market, focusing on various sectors including technology, manufacturing, aviation, oil shipping, chemicals, and consumer goods [1][4][5][6]. Core Insights and Arguments 1. **Market Outlook**: The index is expected to rise to 4,200-4,300 points from December to February, driven by product structure adjustments and increased capital inflow, alongside supportive policies from the upcoming "15th Five-Year Plan" [1][3]. 2. **Valuation Expansion**: The Chinese market is currently in a valuation expansion phase, with reduced fears of sanctions due to changing perceptions of US-China relations and rationalized economic policies [4][6]. 3. **Sector Recommendations**: - **Technology Sector**: Focus on AI, internet, new energy vehicles, electronic semiconductors, and media communications [5]. - **Manufacturing**: Global expansion in power equipment, machinery, and auto parts [5]. - **Aviation**: Strong fundamentals with record high passenger load factors and low ticket prices, indicating a potential super cycle [10]. - **Oil Shipping**: Record high freight rates expected to lead to the highest profits in a decade due to OPEC production increases and geopolitical factors [11]. - **Chemicals**: Optimism for leading companies benefiting from supply-side optimization and cost advantages [3][16]. - **Consumer Goods**: Opportunities in food, beverages, and retail sectors, particularly for companies with low stock and strong fundamentals [7][30]. Additional Important Insights 1. **Economic Recovery**: The upcoming year is expected to show a high probability of economic recovery, particularly in traditional sectors like cyclical and consumer goods [6]. 2. **Investment Strategies**: Investors are advised to focus on companies with low stock prices and strong fundamentals, especially in the consumer goods sector [7][9]. 3. **Brokerage Role**: Brokerages are anticipated to play a crucial role in market advancement, especially as capital market reforms progress [8]. 4. **Metal Industry Outlook**: Positive expectations for the metal sector, with industrial metals likely to benefit from global liquidity and emerging demands from AI infrastructure and new energy vehicles [18][19]. 5. **Chemical Industry Trends**: The chemical sector has seen significant supply-side optimization, with leading companies expected to benefit from a recovery in demand and pricing [13][14][16]. 6. **Oil Market Dynamics**: Current oil market conditions show a supply surplus, but OPEC's cautious production increases are expected to support prices in the medium term [24]. Conclusion The conference call highlights a generally optimistic outlook for the Chinese market across various sectors, with specific recommendations for investment opportunities in technology, aviation, oil shipping, chemicals, and consumer goods. The anticipated economic recovery and supportive policies are expected to drive market performance in the coming months.

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the chemical industry [4]. Core Views - The chemical industry is experiencing a recovery, with three main investment themes identified: demand exceeding expectations, "anti-involution" trends, and opportunities in leading companies at low valuations [19][21][22]. Summary by Sections 1. Key Insights of the Week - The report highlights a positive shift in consumer price index (CPI) and producer price index (PPI) data, indicating potential for recovery in the chemical sector [18]. - The overall PB ratio for the chemical industry is at 2.4, suggesting significant upside potential [18]. 2. Overall Performance of the Chemical Sector - The chemical sector index increased by 2.6% over the week, outperforming both the Shanghai Composite Index and the ChiNext Index [23]. - Year-to-date, the chemical sector index has risen by 34%, indicating strong performance relative to broader market indices [23]. 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the chemical sector, 305 stocks rose while 115 fell, with notable gainers including Yongtai Technology (+33.9%) and Aoke Shares (+25.4%) [27]. 4. Investment Themes Theme 1: Focus on Demand Exceeding Expectations - The report emphasizes investment opportunities in upstream chemical products driven by the booming electric vehicle market, with a 34.6% year-on-year increase in sales [19]. - Key materials such as lithium iron phosphate and caprolactam are highlighted for their price elasticity due to supply-demand dynamics [19]. Theme 2: Attention to "Anti-Involution" Trends - The report discusses the progress in "anti-involution" efforts within the chemical industry, particularly in PTA and caprolactam, where production cuts are being implemented to optimize supply [21]. Theme 3: Opportunities in Low-Valuation Leading Companies - The report suggests focusing on leading companies with low valuations, as the supply-demand balance in the chemical sector continues to improve [22]. - Companies such as Wanhua Chemical and Baofeng Energy are recommended for investment consideration [22].