本周观点：欧佩克降价增产，国际油价震荡运行，建议关注进口替代、纯内需、高股息等方向 华鑫证券近日发布化工行业研究：化工产品价格方面，本周部分产品有所反弹，其中本周上涨较多的 有：甲苯上涨25.22%，液氯上涨13.73%，甲基环硅氧烷上涨13.64%，硫酸上涨11.11%等，但仍有不少 产品价格下跌，其中丁二烯跌幅-7.89%，醋酸乙烯跌幅-4.35%，二氯甲烷跌幅-4.23%，燃料油跌 幅-3.80%。 以下为研究报告摘要： 投资要点 甲苯、液氯等涨幅居前，丁二烯、醋酸乙烯等跌幅较大本周涨幅较大的产品：甲苯（FOB韩国， 25.22%），液氯（华东地区，13.73%），甲基环硅氧烷（DMC华东，13.64%），硫酸（杭州颜料化工 厂105%，11.11%），硫磺（CFR中国合同价，10.00%），电池级碳酸锂（新疆99.5%min，8.78%）， 锂电池电解液（全国均价/磷酸铁锂电解液，8.70%），合成氨（河北金源，8.58%），硫酸（双狮 98%，8.00%），工业级碳酸锂（四川99.0%min，7.59%）。 本周跌幅较大的产品：双酚A（华东，-2.05%），PVC（华东乙烯法，-2.06%），丙烯（ ...

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, Jiangshan Co., and others [9][19]. Core Viewpoints - The report highlights the significant price increases in products such as toluene (up 25.22%) and liquid chlorine (up 13.73%), while products like butadiene and vinyl acetate saw notable declines [4][5][16]. - It suggests focusing on investment opportunities in areas such as import substitution, domestic demand, and high dividend stocks, particularly in light of the current international oil price fluctuations [6][19]. - The report anticipates that the international oil price will stabilize around $65 per barrel, which could benefit companies with high dividend yields and those that are sensitive to raw material price declines [6][19]. Summary by Sections Chemical Industry Investment Suggestions - The report emphasizes the importance of monitoring sectors like glyphosate, fertilizers, and high-dividend assets for potential investment opportunities [19]. - It recommends companies like Jiangshan Co., Xingfa Group, and Yangnong Chemical, which are expected to enter a favorable economic cycle [19]. - The report also highlights the resilience of domestic chemical fertilizer and certain pesticide sectors, suggesting a focus on companies like China Heartland Fertilizer and Hualu Hengsheng [19]. Price Trends and Market Analysis - The report notes that while some chemical products have rebounded in price, the overall industry remains weak, with mixed performance across sub-sectors [17][19]. - It provides detailed price movements for various chemicals, indicating a general trend of price increases for certain products and declines for others [4][5][16]. - The report discusses the impact of OPEC's decisions on oil prices and how this affects the chemical industry, particularly in terms of raw material costs [6][20]. Company Focus and Earnings Forecast - The report includes a detailed earnings forecast for key companies, with a focus on their expected EPS and PE ratios for the coming years [9]. - Companies such as Sinopec, Jiangshan Co., and others are highlighted for their strong market positions and potential for growth [9][19]. - The report suggests that companies with strong asset quality and high dividend yields, like the "three barrels of oil," will benefit from the current market conditions [19].

登录新浪财经APP 搜索【信披】查看更多考评等级 财务状况与经营数据分析 盈利能力波动情况 报告期内（2022年至2025年1-6月），公司主营业务毛利率分别为15.58%、7.62%、8.72%和8.40%，呈 现先降后稳趋势。主要因醋酸产品销售单价从2022年3,455.72元/吨降至2025年上半年2,228.89元/吨，降 幅13.09%，而单位成本降幅（8.25%）不及价格降幅。2024年归母净利润2.13亿元，同比增长 1088.11%，主要受益于醋酸销量增长36.82%。 立信会计师事务所近日就江苏索普化工股份有限公司（以下简称"江苏索普"）向特定对象发行股票申请 文件的审核问询函出具回复意见。公告显示，江苏索普拟募集资金不超过15亿元，用于"醋酸乙烯及 EVA一体化项目(一期工程)"，项目税后内部收益率为12.64%，投资回收期（不含建设期）8.57年。 募投项目概况与投资回报分析 本次募投项目总投资32.26亿元，其中建设投资26.36亿元，建设期利息1.10亿元，联合试运转费、预备 费及流动资金合计4.80亿元。项目建成后将形成33万吨/年醋酸乙烯产能，达产后预计年营业收入31.42 亿元 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 92.162 billion yuan for the first three quarters of 2025, a year-on-year decrease of 14.90%. However, the net profit attributable to the parent company was 126 million yuan, an increase of 108.91% year-on-year. The net profit excluding non-recurring items was -71 million yuan, indicating a reduction in losses [2][6]. - In Q3 2025, the company achieved a revenue of 31.245 billion yuan, down 11.91% year-on-year but up 2.08% quarter-on-quarter. The net profit attributable to the parent company was -260 million yuan, indicating a loss compared to the previous quarter, while the net profit excluding non-recurring items was -343 million yuan, showing an increase in losses quarter-on-quarter [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 92.162 billion yuan, a decline of 14.90% year-on-year. The net profit attributable to the parent company was 126 million yuan, up 108.91% year-on-year, while the net profit excluding non-recurring items was -71 million yuan, indicating a reduction in losses [2][6]. - In Q3 2025, the company recorded revenue of 31.245 billion yuan, a decrease of 11.91% year-on-year but an increase of 2.08% from the previous quarter. The net profit attributable to the parent company was -260 million yuan, reflecting a loss, and the net profit excluding non-recurring items was -343 million yuan, indicating a worsening of losses quarter-on-quarter [2][6]. Industry Outlook - The refining and petrochemical industry is expected to improve due to the implementation of anti-involution policies, which may accelerate supply clearance in the refining and olefin sectors. The aromatic chain is anticipated to maintain a favorable outlook due to limited PX supply growth and steady downstream demand [13]. - The company possesses significant refining project advantages, with a total refining capacity of 16 million tons per year and various production capacities for petrochemical products, positioning it as a leading integrated refining company in China [13]. Future Projections - The company is projected to achieve net profits attributable to the parent company of 230 million yuan, 990 million yuan, and 1.6 billion yuan for the years 2025 to 2027, respectively. The corresponding price-to-earnings ratios based on the closing price on November 5, 2025, are expected to be 262.0X, 61.0X, and 37.8X [13].

Core Viewpoint - Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. (Shuangxin Environmental Protection) has applied for a change in its IPO review status to "submitted for registration" on the Shenzhen Stock Exchange, with a fundraising target of 1.86538 billion yuan [1] Company Overview - Shuangxin Environmental Protection specializes in the research, production, and sales of products along the polyvinyl alcohol (PVA) industrial chain, including PVA, special fibers, vinyl acetate (VAC), and calcium carbide [1] - The company is recognized as the third-largest PVA producer in China, contributing approximately 13% to the national total PVA output with a projected production of 116,900 tons in 2024 [2] - The company has an annual calcium carbide production capacity of 870,000 tons, ranking 8th nationally, and its sales of commercial calcium carbide exceed 500,000 tons, accounting for 2.86% of the national total [2] Financial Information - The net proceeds from the stock issuance will be allocated to various projects, including the construction of a PVA product pilot plant and replenishing working capital, with a total investment of approximately 1.8778842 billion yuan [3][4] - The company reported revenues of 5.061 billion yuan, 3.783 billion yuan, 3.486 billion yuan, and 1.797 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [4] - Net profits for the same periods were 808 million yuan, 558 million yuan, 521 million yuan, and 281 million yuan [4] Key Financial Metrics - As of June 30, 2025, total assets amounted to 6.2358 billion yuan, with equity attributable to shareholders of the parent company at 4.8743 billion yuan [5] - The company's debt-to-asset ratio was 20.69% for the first half of 2025, showing a decrease from 26.62% in 2022 [5] - Basic earnings per share were 0.33 yuan for the first half of 2025, down from 0.94 yuan in 2022 [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a significant increase in performance for the third quarter of 2025, with total revenue reaching 35.545 billion yuan, a year-on-year increase of 46.43%. The net profit attributable to shareholders was 8.950 billion yuan, up 97.27% year-on-year, while the net profit excluding non-recurring items was 8.972 billion yuan, an increase of 82.85% year-on-year [2][6]. - In the third quarter of 2025, the company achieved revenue of 12.725 billion yuan, a year-on-year increase of 72.49% and a quarter-on-quarter increase of 5.61%. The net profit attributable to shareholders was 3.232 billion yuan, up 162.34% year-on-year but down 1.48% quarter-on-quarter. The net profit excluding non-recurring items was 3.392 billion yuan, a year-on-year increase of 144.03% and a quarter-on-quarter increase of 13.74% [2][6]. Financial Performance - The company’s financial performance shows a strong upward trend, with projected net profits for 2025, 2026, and 2027 expected to be 12.65 billion yuan, 14.47 billion yuan, and 15.03 billion yuan respectively. The corresponding price-to-earnings ratios are 10.0X, 8.8X, and 8.4X based on the closing price on October 23, 2025 [12]. - The company’s production capacity for polyethylene and polypropylene has increased significantly, with production volumes of 676,800 tons and 655,900 tons respectively in the third quarter of 2025, reflecting a 6.3% increase quarter-on-quarter [12]. Project Development - New projects are progressing steadily, including the Ningdong Phase IV olefin project, which commenced construction in April 2025 and is on track for completion by the end of 2026. The Xinjiang olefin project and Inner Mongolia Phase II olefin project are also actively advancing [12]. - The company’s coal-to-olefin project in Inner Mongolia, with a capacity of 2.6 million tons per year, is the largest of its kind globally and is expected to significantly enhance the company’s production capabilities [12].

Core Viewpoint - Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. (Shuangxin Environmental) has successfully passed the listing committee meeting of the Shenzhen Stock Exchange, aiming to raise 1.86538 billion yuan [1] Company Overview - Established in June 2009, Shuangxin Environmental specializes in the research, production, and sales of polyvinyl alcohol (PVA), PVA specialty fibers, vinyl acetate (VAC), and calcium carbide, with a complete PVA industry chain layout [1] - It is the third-largest PVA producer in China and one of the three major production bases for PVA in the country [1] Production Capacity and Market Position - In 2024, the company is expected to produce 116,900 tons of PVA, accounting for approximately 13% of the national total [1] - The company's calcium carbide production capacity is 870,000 tons, representing 2.06% of the national capacity, ranking eighth in the country [1] - Shuangxin Environmental maintains a stable advanced position in the industry amid a stable supply structure and concentration of advantages among leading enterprises [1] Market Recognition and Client Relationships - The company's products are sold in 29 provinces and exported to over 40 countries and regions, including Europe, South America, and Southeast Asia [2] - Long-term stable partnerships have been established with influential manufacturers in the PVA and related product sectors, as well as large clients in the calcium carbide downstream [2] Core Technology and Revenue Contribution - The company's core technologies cover various production processes, with core technology products contributing over 90% to the main business revenue during the reporting period [2] Fundraising and Investment Projects - The net proceeds from the stock issuance will be allocated to several projects, including: - 16,000 tons of PVB resin and functional film project (investment: 557.53 million yuan) - 60,000 tons of water-based adhesive project (investment: 351.58 million yuan) - PVA industry chain energy-saving and efficiency improvement project (investment: 170.50 million yuan) - Calcium carbide production line energy-saving and efficiency improvement project (investment: 120.00 million yuan) - R&D center construction project (investment: 169.02 million yuan) - PVA product pilot device construction project (investment: 79.26 million yuan) - Working capital replenishment project (investment: 430.00 million yuan) [2] Financial Performance - The company reported revenues of 5.061 billion yuan in 2022, with projected revenues of 3.783 billion yuan in 2023 and 3.486 billion yuan in 2024 [2] - Net profits for the same periods were 807 million yuan, 558 million yuan, and 520 million yuan, respectively [2] - In the first half of 2025, revenue showed a year-on-year increase of 1.81%, indicating a stabilization in operational performance [2] Key Financial Metrics - As of June 30, 2025, total assets amounted to 6.236 billion yuan, with equity attributable to shareholders of 4.874 billion yuan [3] - The company's debt-to-asset ratio was 20.69% [3] - Basic earnings per share were 0.33 yuan, with a diluted earnings per share of 0.33 yuan [3] - R&D expenditure accounted for 3.17% of revenue [3]

证券代码：600063 股票简称：皖维高新 编号：临 2025-059 安徽皖维高新材料股份有限公司 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十八号—— 化工》、《关于做好主板上市公司 2025 年第三季度报告披露工作的 重要提醒》的有关要求，安徽皖维高新材料股份有限公司（以下简称 "公司"）现将 2025 年前三季度主要经营数据公告如下： 注： 1、上表中，公司熟料销量低于产量的原因为部分熟料产品用作生产水泥产品的原 料；公司 VAE 乳液销量低于产量的原因为部分 VAE 乳液产品用作可再分散性胶粉产品的原 料。2、上表中，销售量包括贸易销售量。 报告期无其他对公司生产经营具有重大影响的事项。 以上主要生产经营数据未经审计，仅为投资者及时了解公司生产 经营情况之用，未对公司未来经营情况作出任何明示或默示的预测或 保证，敬请投资者审慎使用，注意投资风险。 （一）主要产品价格波动情况 主要产品 单位 产量 同比变动 比例 销量 同比 ...

Core Viewpoint - The report highlights the impact of renewed US-China trade tensions and fluctuating international oil prices on the chemical industry, suggesting a focus on import substitution, domestic demand, and high-dividend opportunities [1][2]. Price Movements - Significant price increases were observed in sulfuric acid (up 26.15%), ethylene acetate (up 4.87%), and sulfur (up 4.58%), while notable declines were seen in PS (down 9.96%), natural gas (down 7.74%), and ammonium chloride (down 6.25%) [2][3]. - Brent crude oil closed at $61.29 per barrel, down 2.30% from the previous week, and WTI crude oil at $57.54 per barrel, down 2.31% [1][2]. Industry Performance - The chemical industry remains in a weak position overall, with mixed performance across sub-sectors due to past capacity expansions and weak demand [3][4]. - Some sub-sectors, such as lubricants, have shown better-than-expected performance [3]. Investment Recommendations - Focus on the glyphosate industry, which is showing signs of recovery with decreasing inventory and rising prices, recommending companies like Jiangshan Chemical, Xingfa Group, and Yangnong Chemical [4]. - Select stocks with strong competitive positions and growth potential, such as Ruifeng New Materials in the lubricant additives sector and Baofeng Energy in the coal-to-olefins sector [4]. - Emphasize domestic chemical fertilizer and certain pesticide sub-products that are self-sufficient and have stable demand, recommending companies like Hualu Hengsheng and China Heartlink Fertilizer [4]. - Continue to favor major oil companies with high asset quality and dividend yields, particularly Sinopec, which benefits from lower raw material costs due to falling oil prices [4].

Core Viewpoint - The rapid urbanization has intensified the "factory-residential mixed" issue, leading to increased safety and environmental pressures, which severely restricts corporate development space. Relocation and transformation have become the only way for companies to survive and fulfill social responsibilities [1] Group 1: Company Overview - Fujian Haiquan Chemical Co., Ltd. (Haiquan Chemical) achieved a more than fivefold increase in annual output value by relocating to the Gulei Petrochemical Base [1][2] - The company was established after the relocation of Meizhou Bay Chlor-Alkali Industrial Company and acquired its assets and personnel [2] Group 2: Relocation Strategy - Despite a favorable market in 2021, the company decided to halt production and initiate relocation to address safety and environmental concerns, ultimately choosing the Gulei Petrochemical Base after thorough site selection [2] - The new site spans 1,090 acres, significantly larger than the previous 840 acres, allowing for a comprehensive upgrade in industrial layout and investment exceeding 10 billion yuan [2] Group 3: Economic Impact - Once fully operational, Haiquan Chemical's industrial output value is expected to reach 12.8 billion yuan, potentially driving downstream industry output over 20 billion yuan [2] - The establishment of a 200,000-ton ethylene vinyl acetate (EVA) facility will fill a critical gap in the local industrial chain [2] Group 4: Asset Utilization - Haiquan Chemical pioneered a large-scale equipment reuse model, reviving sunk assets rather than treating old equipment as waste [4] - The company successfully relocated 4,257 fixed assets and 3,249 spare parts, unlocking nearly 340 million yuan in asset value [4] Group 5: Safety and Environmental Management - The company prioritized safety management during the relocation, aligning with international standards and enhancing its health, safety, and environmental management systems [5] - Haiquan Chemical shifted its product structure towards high-end, refined, and green chemical materials, avoiding low-level repetitive construction [5] Group 6: Green Transformation - The relocation is characterized as a green upgrade, with significant energy reforms, such as switching from coal-water slurry fuel to cleaner natural gas, resulting in annual cost savings of over 7 million yuan and a reduction of approximately 3,770 tons of carbon emissions [6] - The company has established a regional resource and energy collaborative utilization model with other enterprises in the park, promoting a circular economy [6]