化学原料 2026 年 03 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% 0% 14% 29% 43% 2025-03 2025-07 2025-11 化学原料 沪深300 《三美股份深度报告：三代制冷剂将 迎"黄金十年"，静待龙头引领周期 反转》（2020.12.30） 《金石资源深度报告（二）：资源储 量优势及高成长动能，金石资源开启 价值发现之旅》（2020.11.2） 《昊华科技深度报告：围绕国家科技 战略，军工基因铸就央企材料平台》 （2020.9.9） 《巨化股份深度报告：制冷剂加速更 新换代，氟化工龙头开启黄金十年》 （2020.2.11） 《金石资源深度报告：行业唯一上市 龙 头 ， 萤 石 高 景 气 助 力 腾 飞 》 （2019.11.29） 三代制冷剂报价全面上调，氟材料底部复苏迹象明显，四 氯乙烯价格大幅上涨 相关研究报告 《三代制冷剂价格淡季坚挺，新一轮 价格上涨或在酝酿；巨化股份、昊华 科技等发布 2025 业绩预增公告—氟 化工行业周报》-2026.2.1 《制冷剂 R404、R507 打响新年上涨 第一枪，三美股份、永和股份业绩预 增—氟化工行 ...

◼ 走势比较 46% 60% (10%) 4% 18% 32% 25/2/10 25/4/23 25/7/4 25/9/14 25/11/25 26/2/5 基础化工 沪深300 相关研究报告 <<化工新材料行业可转债双周报 （01/19-02/01）：联瑞转债上市，兴 发转债提前赎回>>--2026-02-01 <<化工周报（01/19-01/25）： 原油价 格持续上涨，PTA-涤纶长丝、PVC 等 产品景气回升>>--2026-01-26 证券分析师：王亮 2026 年 03 月 01 日 行业策略 看好/维持 基础化工 基础化工 中东地缘事件影响，油价及相关化工品价格或将出现大幅波动 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 事件：2026 年 2 月 28 日，美国、以色列对伊朗发动军事打击。截至 北京时间 3 月 1 日下午，本次冲突已经造成伊朗以最高领袖哈梅内伊为 代表的众多高层人员身亡，以及大量平民死伤。伊朗宣布 40 天全国哀悼， ...

行 华福证券 基础化工 2026 年 03 月 01 日 业 研 究 行 业 定 期 报 告 基础化工 行业周报：乐天百万吨级乙烯装置将关停，巴斯 夫再度调高 MDI 报价 投资要点： 本周板块行情：本周，上证综合指数上涨 1.98%，创业板指数上涨 1.05%， 沪深 300 上涨 1.08%，中信基础化工指数上涨 6.21%，申万化工指数上涨 7.15%。 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磷 肥及磷化工(18.51%)、纯碱(14.02%)、复合肥(13.17%)、钛白粉(10.63%)、有机 硅(9.76%)；化工板块涨跌幅后五的子行业分别为印染化学品(1.39%)、涂料油 墨颜料(1.81%)、改性塑料(2.13%)、轮胎(2.63%)、涤纶(2.75%)。 本周行业主要动态： 乐天百万吨级乙烯装置将关停。韩国政府 2 月 25 日宣布提供 2.1 万亿韩 元(约合人民币 100 亿元)的财政和税收支持，用于乐天化学公司和 HD 现代 化学公司在大山工业园区的重组项目。这是韩国石化行业大规模自救计划 中首个获批的重组项目。根据重组计划，乐天化学将把位于韩国忠清南道 的大仙 ...

证券日报网讯 2月12日，北方稀土在互动平台回答投资者提问时表示，公司控股股东包钢（集团）公司 拥有白云鄂博矿的独家开采权。白云鄂博矿产资源富集，蕴藏着丰富的铁、铌、钪、锰、磷、萤石等 180余种矿产资源、71种矿物元素，资源储量雄踞两个世界第一与两个世界第二，其中：稀土储量和萤 石储量位居世界第一，铌储量和钍储量居世界第二，富钾板岩储量居世界前列。 （编辑 丛可心） ...

Summary of Hainan Mining's Conference Call Company and Industry Overview - **Company**: Hainan Mining - **Industry**: Fluorspar Mining and Fluorochemical Industry - **Key Resource**: Fluorspar, a non-renewable strategic resource, is crucial for various applications including aerospace, refrigeration, pharmaceuticals, and new energy sectors [doc id='13'][doc id='15'] Core Points and Arguments - **Resource Advantage**: Fengruifuyou possesses significant reserves of fluorspar, with a total resource of 13.5 million tons and an average grade of 47.07%, ranking second nationally in terms of reserves [doc id='2'][doc id='4'] - **Financial Performance**: As of September 30, 2025, Fengruifuyou's total assets reached 762 million yuan, with operating revenue of 495 million yuan. The net profit is projected to grow from 114 million yuan in 2023 to 136 million yuan in 2024 [doc id='2'][doc id='6'] - **Acquisition Details**: Hainan Mining plans to acquire 69.9% of Fengruifuyou through a combination of cash and stock, with the stock price set at 8.6 yuan per share. The founder's cash payment will account for approximately 30% of the transaction [doc id='2'][doc id='8'] - **Strategic Importance**: The acquisition aims to enhance Hainan Mining's resource integration and scale expansion in the fluorspar sector, improving its market position and competitiveness in the fluorochemical industry [doc id='7'][doc id='17'] Additional Important Information - **Market Demand**: The demand for fluorspar is expected to grow significantly due to its applications in producing anhydrous hydrofluoric acid, with a projected market size of 125 billion USD by 2030, growing at a CAGR of 7% [doc id='13'][doc id='15'] - **Global Supply Issues**: China dominates global fluorspar production, contributing 60% of the total output, but faces challenges due to high extraction ratios and lower grades, leading to a reliance on imports to meet demand [doc id='14'] - **Future Growth Areas**: The fluorochemical industry's growth is driven by new energy sectors, particularly the demand for lithium hexafluorophosphate and PVDF in electric vehicles and energy storage [doc id='3'][doc id='16'] - **Transaction Timeline**: The acquisition process includes due diligence and formal agreement signing, with an expected completion date around September to October 2026 if expedited by regulatory approvals [doc id='11'][doc id='12'] Conclusion Hainan Mining's strategic acquisition of Fengruifuyou is positioned to strengthen its foothold in the fluorspar market, enhance financial performance, and capitalize on growing demand in the fluorochemical industry. The transaction reflects confidence in the long-term potential of the fluorspar sector amidst global supply challenges.

Core Viewpoint - The fluorochemical index experienced a decline of 4.98% during the week of January 26 to January 30, underperforming compared to the Shanghai Composite Index and other benchmarks [1][2]. Market Overview - The fluorochemical index closed at 5062.85 points, down 4.98%, lagging behind the Shanghai Composite Index by 4.54%, the CSI 300 Index by 5.06%, and the basic chemical index by 4.08%, while outperforming the new materials index by 0.31% [1][2]. Fluorochemical Prices - Fluorspar prices stabilized, with the market average for wet flourspar at 3,314 CNY/ton as of January 30, reflecting a slight increase of 0.15% week-on-week, but a year-on-year decrease of 9.61% [3]. - The average price for January 2026 was 3,310 CNY/ton, down 4.92% from 2025 [3]. Refrigerant Prices - As of January 30, prices for various refrigerants remained stable week-on-week, including: - R32: 63,000 CNY/ton (domestic), 61,200 CNY/ton (export) - R125: 50,000 CNY/ton (domestic), 45,000 CNY/ton (export) - R134a: 58,000 CNY/ton (domestic), 56,000 CNY/ton (export) - R143a: 40,000 CNY/ton (domestic), 20,000 CNY/ton (export) - R227: 55,000 CNY/ton (domestic), 50,000 CNY/ton (export) - R152a: 27,000 CNY/ton (both domestic and export) - R410a: 55,500 CNY/ton (domestic), 54,000 CNY/ton (export) - R404: 46,000 CNY/ton (domestic), 35,000 CNY/ton (export) - R507: 46,000 CNY/ton (domestic), 35,000 CNY/ton (export) - R22: 17,500 CNY/ton (domestic), 14,500 CNY/ton (export) [3]. Market Demand and Outlook - The refrigerant market is entering a demand off-season, with exports gradually resuming post-holiday. However, delays in export license processing are hindering full recovery. The demand from A5 countries for high GWP refrigerants is expected to increase, potentially boosting exports and domestic market activity [4]. - Overall, with low inventory and constrained supply, the upcoming demand recovery, especially during peak seasons, is anticipated to provide sufficient upward momentum for refrigerant prices [4]. Company Performance Forecasts - Companies such as Juhua Co., Ltd. (600160) and Haohua Technology (600378) are expected to see significant profit increases in 2025, with Juhua projected to achieve a net profit of 3.54 to 3.94 billion CNY (up 80% to 101% year-on-year) and Haohua expected to reach 1.38 to 1.48 billion CNY (up 30.96% to 40.44%) [4]. - Other companies like Luxi Chemical (000830) and ST Lianchuang (300343) also forecast substantial profit growth for 2025 [4]. Beneficiary Stocks - Recommended stocks benefiting from the fluorochemical market include Jinshi Resources, Juhua Co., Ltd., Sanmei Co., Ltd. (603379), and Haohua Technology, among others [6].

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Insights - The fluorochemical industry is experiencing a stable pricing environment for third-generation refrigerants, with potential for a new round of price increases. Companies like Juhua Co., Ltd. and Haohua Technology have announced profit increases for 2025 [4][19] - The industry is entering a long-term prosperity cycle, with significant growth potential across the entire fluorochemical value chain, from raw materials like fluorite to high-end fluorinated materials and fine chemicals [25] Summary by Sections 1. Fluorochemical Market Overview - Fluorite prices have stabilized and are expected to gradually recover, with the average market price for 97% wet fluorite at 3,314 CNY/ton as of January 30, 2026, reflecting a 0.15% increase from the previous week [19][20] - The fluorochemical index decreased by 4.98% during the week of January 26 to January 30, 2026, underperforming compared to the Shanghai Composite Index by 4.54% [6][38] 2. Refrigerant Pricing Trends - As of January 30, 2026, the prices for various refrigerants are as follows: R32 at 63,000 CNY/ton, R125 at 50,000 CNY/ton, R134a at 58,000 CNY/ton, and R410a at 55,500 CNY/ton, all remaining stable compared to the previous week [21][22] - The market for refrigerants is entering a demand off-season, but there is potential for price increases as domestic demand is expected to rise with the upcoming peak season [23][24] 3. Company Performance and Announcements - Juhua Co., Ltd. expects a net profit of 3.54 to 3.94 billion CNY for 2025, representing a year-on-year increase of 80% to 101%. Haohua Technology anticipates a net profit of 1.38 to 1.48 billion CNY, a growth of 30.96% to 40.44% [10] - Other companies such as Luxi Chemical and ST Lianchuang also forecast significant profit increases for 2025, indicating a positive outlook for the industry [10] 4. Recommended Stocks - Recommended stocks include Jinshi Resources, Juhua Co., Ltd., Sanmei Co., Ltd., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Ltd., Dongyue Group, and Xinzhou Bang [11][25]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Views - The fluorochemical industry is experiencing a stable price trend for the third-generation refrigerants, with a potential new round of price increases on the horizon. Companies such as Juhua Co., Ltd. and Aohua Technology have announced profit increases for 2025 [4][19] - The industry is entering a long-term prosperity cycle, with significant growth potential across the entire fluorochemical value chain, from raw materials like fluorite to high-end fluorinated materials and fine chemicals [25] Summary by Sections Industry Overview - The fluorite price has stabilized and is expected to gradually recover, with the average market price for 97% wet fluorite at 3,314 CNY/ton as of January 30, 2026, reflecting a 0.15% increase from the previous week [19][20] - The fluorochemical index decreased by 4.98% during the week of January 26 to January 30, 2026, underperforming compared to the Shanghai Composite Index by 4.54% [6][38] Refrigerant Market - As of January 30, 2026, the prices for various refrigerants remained stable, with R32 at 63,000 CNY/ton, R125 at 50,000 CNY/ton, and R134a at 58,000 CNY/ton [21][22] - The refrigerant market is entering a demand off-season, but there is potential for price adjustments as domestic demand increases, especially with low inventory levels and supply constraints [9][24] Company Announcements - Juhua Co., Ltd. expects a net profit of 3.54 to 3.94 billion CNY for 2025, representing a year-on-year increase of 80% to 101%. Aohua Technology anticipates a net profit of 1.38 to 1.48 billion CNY, a growth of 30.96% to 40.44% [10] - Other companies such as Luxi Chemical and ST Lianchuang also forecast significant profit increases for 2025 [10] Recommended Stocks - Recommended stocks include Jinshi Resources, Juhua Co., Ltd., Sanmei Co., Ltd., and Aohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Ltd., Dongyue Group, and Xinzhou Bang [11][25]

Core Viewpoint - The stability of strategic mineral resources, particularly fluorite, is crucial for national economic development and security, with China facing significant resource supply challenges despite being the global leader in fluorite reserves, production, and consumption [1][3]. Group 1: Resource Status and Challenges - Fluorite is recognized as a strategic mineral essential for various industries, including electronics, healthcare, and aerospace [1]. - China's fluorite reserves account for 4% of the national total, with a significant reserve of 9.44 million tons in Nanping, Fujian Province [2]. - The current fluorite reserve-to-production ratio in China is critically low at 11.75 years, compared to the global average of 31.82 years, indicating a looming resource crisis [3][4]. - Since 2018, China has transitioned from a net exporter to a net importer of fluorite, highlighting the increasing supply constraints [5]. Group 2: Regulatory and Operational Issues - A prolonged "mining rights approval freeze" in Nanping has left compliant mines unable to operate, leading to resource wastage and economic losses [2][6]. - A 2015 municipal meeting resulted in a moratorium on new mining projects and the non-renewal of existing mining rights, severely impacting local mining operations [6][7]. - The current structure of the fluorite mining industry is characterized by a high number of small mines, with only a few large-scale operations, which complicates resource management [4][10]. Group 3: Economic Implications - The stagnation of mining operations in Nanping has resulted in significant economic losses, with potential annual industrial output of 10 billion yuan and tax revenues exceeding 2 billion yuan if operations were normalized [7][8]. - The decline in mining activity has led to a drop in GDP rankings for Nanping, despite its rich mineral resources [7]. Group 4: Policy Recommendations and Future Directions - Recent national policies emphasize the need to enhance mineral resource exploration and development, aiming to balance environmental protection with resource utilization [9][11]. - Experts suggest that a differentiated policy framework is necessary to address the environmental-development dichotomy, promoting high-quality mining practices [11]. - Local governments are encouraged to adopt a more nuanced approach to resource management, integrating ecological considerations with economic development goals [11].

据介绍，2025年，满都拉口岸完成了通关便利化提升项目，通关能力由此前的"七进三出"升级为"八进 四出"新格局，日过货能力从5万吨跃升至8万吨，通关效率提升60%。通道扩容与查验流程优化形成叠 加效应，进一步破解此前货运拥堵瓶颈，为大宗商品快速流通提供保障。口岸持续巩固"一核多元"贸易 格局，煤炭、铁矿、萤石三大核心进口商品占比保持在85%以上。同时，铜精矿保税仓储、肉类加工等 新业务加速落地，推动贸易形态从"通道过境"向"落地增值"转型。 口岸积极深化与蒙古国东戈壁省的务实合作，为推动口岸和镇区一体化发展，达茂旗成立由政府分管旗 长任组长的口岸镇区发展一体化领导小组，涵盖20个相关部门，下设6个专项工作组，形成"跨部门协 同、全链条联动"工作机制。此外，积极深化与蒙古国东戈壁省在经贸、能源等领域交流，推动建立定 期会晤制度，为通关标准统一、检疫互认等合作奠定基础。 （来源：内蒙古日报） 转自：内蒙古日报 本报包头1月27日电 （记者 蔡冬梅）截至1月26日，满都拉口岸2026年过货量已突破100万吨大关，实现 新年"开门红"。作为中蒙俄经济走廊的重要节点，这一成绩的取得得益于通关能力升级、智慧项目落 地、贸 ...