行 华福证券 基础化工 2025 年 11 月 22 日 业 研 究 行 业 定 期 报 告 基础化工 行业周报：阿克苏诺贝尔和艾仕得宣布合并，商 务部对美产进口正丙醇继续征收反倾销税 投资要点： 本周板块行情：本周，上证综合指数下跌 3.9%，创业板指数下跌 6.15%， 沪深 300 下跌 3.77%，中信基础化工指数下跌 8.24%，申万化工指数下跌 7.47%。 化工各子行业板块涨跌幅：本周，化工板块涨跌幅前五的子行业分别为橡 胶助剂(1.75%)、钾肥(-1.21%)、轮胎(-2.84%)、改性塑料(-4.32%)、膜材料 (-5.19%)；化工板块涨跌幅后五的子行业分别为绵纶(-14.92%)、涤纶(-11.88%)、 钛白粉(-10.68%)、粘胶(-10.33%)、农药(-10.09%)。 本周行业主要动态： 阿克苏诺贝尔和艾仕得宣布合并。11 月 18 日，全球两大涂料巨头阿克 苏诺贝尔和艾仕得联合宣布，两家公司已达成最终协议，将进行股票合并， 创建一家全球领先的涂料公司，年收入达 170 亿美元（约合人民币 1209 亿 元）。两家公司表示，合并后的公司业务涵盖粉末、航空航天、修补漆、 移 ...

永和股份（605020.SH）11月19日在投资者互动平台表示，公司拥有萤石资源，包括3个采矿权和2个探 矿权，已探明萤石保有资源储量485.27万吨矿石量。目前暂未布局六氟磷酸锂。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司主营业务之中有萤石矿，六氟磷酸锂相关业务 吗？ ...

开源证券近日发布氟化工行业周报：本周（11月10日-11月14日）氟化工指数上涨 7.71%，跑赢上证综指7.89%。本周（11月10日-11月14日）氟化工指数收于5006.51点，上涨 7.71%，跑赢上证综指7.89%，跑赢沪深300指数8.80%，跑赢基础化工指数4.15%，跑赢新材 料指数7.39%。 以下为研究报告摘要： 本周（11月10日-11月14日）行情回顾 市场中，R32与R134a维持坚挺向上趋势，R125短期稳健运行，而R143a、R507、R404等品 种则表现偏弱，整体产业链呈现结构性分化格局。 公告&要闻：昊华气体三氟化氮项目成功投产；澳大利亚制冷剂或面临涨价【昊华气 体】昊华气体6000吨三氟化氮项目成功投产，该项目总投资11.3亿元，项目全面建成后，预 计可实现年产值7亿元。 【制冷剂】澳大利亚制冷剂协会称，目前制冷剂的进口量与所需量之间已存在显著缺 口，制冷剂价格在短短几年内已上涨两倍，且未来可能继续涨价。 受益标的 推荐标的：金石资源、巨化股份、三美股份、昊华科技等。其他受益标的：东阳光、永 和股份、东岳集团、新宙邦等。 本周氟化工指数上涨7.71%，跑赢上证综指7.89 ...

Investment Rating - The investment rating for the chemical raw materials industry is optimistic (maintained) [1] Core Views - The report highlights that the price of R134a has exceeded expectations, indicating a significant value proposition in the refrigerant sector, and suggests that long-term positioning is timely [4] - The fluorochemical index has shown a strong performance, increasing by 7.71% and outperforming major indices such as the Shanghai Composite and CSI 300 [6][25] - The report emphasizes the ongoing upward trend in refrigerant prices, particularly for R134a, R32, and R125, while noting a structural differentiation in the market [22][23] Summary by Sections 1. Fluorochemical Industry Overview - The fluorochemical market is experiencing a positive trend, with R134a prices rising significantly due to concentrated purchasing demand, reaching 60,000 yuan/ton, an increase of 6,000 yuan/ton [9][22] - The overall market sentiment for fluorite is weak, with prices for 97% fluorite powder averaging 3,391 yuan/ton, down 0.96% from the previous week [19][33] 2. Refrigerant Market Trends - As of November 14, refrigerant prices are as follows: R32 at 63,000 yuan/ton, R125 at 45,500 yuan/ton, R134a at 55,000 yuan/ton, and R410a at 53,500 yuan/ton, with R134a showing a weekly increase of 1.85% [21][24] - The report notes that the refrigerant market is characterized by a strong upward trend for R32 and R134a, while R125 remains stable, and other products like R404 and R507 are experiencing downward pressure [22][23] 3. Beneficiary Companies - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [11][23]

Core Viewpoint - Jinshi Resources (603505.SH) clarified that its fluorite products are not directly used as raw materials for photovoltaic and semiconductor industries, but downstream products like high-purity hydrofluoric acid are utilized in cleaning and etching processes for photovoltaics and semiconductors [1] Company Summary - The company stated that its direct customers do not include downstream semiconductor manufacturers, indicating that there is no requirement for certification from semiconductor firms [1]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Views - The refrigerant market remains on an upward trend despite short-term information disturbances, indicating that the main upward movement is still ongoing, and investors should seize the layout opportunities [4][18] - The fluorochemical industry chain has entered a long-term prosperity cycle, with significant growth potential across various segments, including raw materials like fluorite, refrigerants, and high-end fluorinated materials [22][23] Summary by Sections 1. Fluorochemical Market Overview - The fluorochemical index increased by 6.59% during the week of October 27 to October 31, outperforming the Shanghai Composite Index by 6.47% [6][25] - The average market price for fluorite (97% wet powder) was 3,496 CNY/ton as of October 31, down 2.18% from the previous week [7][34] 2. Refrigerant Market - As of October 31, the prices for various refrigerants were as follows: R32 at 63,000 CNY/ton, R125 at 45,500 CNY/ton, R134a at 54,000 CNY/ton, R410a at 53,500 CNY/ton, and R22 at 16,000 CNY/ton, with most prices remaining stable compared to the previous week [8][20] - The market for R32 and R134a shows a strong upward trend, while R125 is expected to remain stable in the short term [21] 3. Company Performance - Major companies such as Juhua Co., Sanmei Co., and Dongyangguang reported significant profit growth in Q3 2025, with Juhua achieving a net profit of 3.248 billion CNY, up 160.22% year-on-year [9][10] - Recommended stocks include Jinsih Resources, Juhua Co., Sanmei Co., and Haohua Technology, among others [10][23] 4. Market Dynamics - The fluorite market is currently experiencing a cautious atmosphere with low transaction volumes, as companies focus on digesting existing inventory [19][35] - The overall market sentiment is influenced by high inventory levels and strong performance in the sulfuric acid market, which adds pressure to fluorine chemical companies [19][35]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company reported a significant increase in single fluorite mineral sales, with the "selection and processing integration" project in Baotou showing notable growth, aligning with expectations for performance [1] - The company achieved a total revenue of 2.758 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 51%, while the net profit attributable to shareholders was 236 million yuan, down 6% year-on-year [6][8] - The report highlights the expected recovery in fluorite prices due to seasonal demand and supply constraints, with a projected production of 10-12 million tons of single minerals in Q4 2025 [6][8] Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 3.746 billion yuan, with a year-on-year growth rate of 36.1% [2] - The net profit attributable to shareholders is forecasted to be 338 million yuan in 2025, representing a 31.5% increase compared to the previous year [2] - The report anticipates an increase in gross margin to 21.2% in 2025, with a return on equity (ROE) of 17.5% [2] Market Data - As of October 29, 2025, the company's closing price was 18.30 yuan, with a market capitalization of 15.403 billion yuan [3] - The company has a price-to-book ratio of 8.5 and a dividend yield of 0.82% [3] Operational Highlights - The company’s fluorite powder production from the Baotou project reached approximately 620,000 tons in the first nine months of 2025, a year-on-year increase of about 220,000 tons [6] - The average price of domestic 97% fluorite wet powder in Q3 2025 was 3,268 yuan per ton, with expectations for a price increase in Q4 2025 to 3,613 yuan per ton [6] - The report notes that the company is actively pursuing resource integration and development of fluorite resources in Mongolia, with ongoing projects expected to enhance profitability [6]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported a revenue of 2.758 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 51%. The net profit attributable to the parent company was 236 million yuan, down 6% year-on-year, indicating that performance met expectations [8] - The company expects a recovery in fluorite prices due to seasonal demand and supply constraints, with a projected production of 100,000 to 120,000 tons of single mineral in Q4 2025 [8] - The "selection and processing integration" project is ramping up production, with significant increases in both fluorite and hydrogen fluoride sales expected in Q4 2025 [8] - The company is actively integrating scarce global resources, with progress on projects in Mongolia, including the establishment of operational entities for mining and processing [8] Financial Data and Profit Forecast - Total revenue projections for 2025 are 3.746 billion yuan, with a year-on-year growth rate of 36.1%. The net profit attributable to the parent company is forecasted to be 338 million yuan, a 31.5% increase [2] - The earnings per share (EPS) for 2025 is estimated at 0.40 yuan, with a projected price-to-earnings (PE) ratio of 46 [2] - The gross profit margin is expected to be 21.2% in 2025, increasing to 29.2% by 2027 [2] Market Data - As of October 29, 2025, the closing price of the company's stock was 18.30 yuan, with a market capitalization of 15.403 billion yuan [3] - The stock has a price-to-book ratio of 8.5 and a dividend yield of 0.82% [3] Production and Sales Insights - In Q3 2025, the company achieved a single mineral sales volume of 114,100 tons, a year-on-year increase of 1.72% [8] - The average price of domestic 97 fluorite wet powder in Q3 2025 was 3,268 yuan per ton, reflecting a year-on-year decrease of 9% [8] - The company plans to produce 180,000 to 200,000 tons of fluorite powder in Q4 2025, with expectations of improved profitability in hydrogen fluoride sales [8]

Core Insights - The 2025 China International Mining Conference highlighted significant advancements in mineral exploration and resource management in China, as detailed in the "China Mineral Resources Report (2025)" released by the Ministry of Natural Resources [1] Group 1: Investment and Discoveries - In 2022, China invested 115.994 billion yuan in geological exploration, marking four consecutive years of growth [1] - A total of 150 new mineral sites were discovered, including 49 large, 54 medium, and 47 small sites, with notable finds in fluorite, lithium, gold, and iron [1] - The mining sector's fixed asset investment is projected to grow by 10.5% in 2024, with continuous increases in the production of ten non-ferrous metals and record-high outputs in coal, crude oil, and natural gas [1] Group 2: Energy Resource Development - During the 14th Five-Year Plan, nearly 450 billion yuan was invested in exploration, resulting in the discovery of 10 large oil fields and 19 large gas fields, significantly enhancing energy resource security [2] - The Ordos Basin reported an additional geological reserve of over 300 billion cubic meters of coalbed methane, nearing the total added over the past decade [2] - New oil and gas reserves have supported stable production levels of 200 million tons of oil and over 240 billion cubic meters of natural gas [2] Group 3: Green Development and Regulations - The mining industry is advancing towards green development, with a focus on implementing green exploration and establishing standards for sustainable practices [2] - The new Mineral Resources Law aims to ensure national resource security, protect mining rights, and foster a fair market environment [3] - In 2024, China plans to enhance international cooperation in the mining sector, improving foreign investment access and promoting global market prosperity [3]

| 主要产品 | 生产量（吨） | 销售量（吨） | 平均售价（不含税） （元/吨） | | --- | --- | --- | --- | | 管材 | 1,282,468 | 1,276,845 | 3,938 | | 板材 | 7,158,815 | 7,182,478 | 3,349 | | 型材 | 1,238,257 | 1,205,649 | 3,549 | | 线棒材 | 1,071,592 | 1,054,778 | 2,929 | | 股票代码：600010 | 股票简称：包钢股份 | 编号：（临）2025-072 | | --- | --- | --- | | 债券代码：175793 | 债券简称：GC钢联01 | | 内蒙古包钢钢联股份有限公司 2025 年前三季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七号——钢 铁》第二十二条的相关规定，公司现将 2025 年前三季度主要经营数 据公告如下： 公司主要产品还有稀土精矿和萤石 ...