振华股份 20260108 摘要 振华股份投资 30 亿元在重庆新建铬盐基地，旨在成为全球单体最大铬 盐厂，提升装置先进性和优化产品结构，资金来源包括政府补偿、搬迁 补贴及公司自由现金流。 新建基地硫酸项目通过液体硫磺制硫酸，副产热蒸汽，降低生产成本并 实现热电联产，提高经济效益，未来将成为余热利用核心，提高生产效 率。 维生素 K3 连产氧化铬绿工艺是振华股份独有技术，将重铬酸钠废料提 纯为高纯度氧化铬绿，用于冶炼金属铬，实现资源最大化利用，提升经 济效益，年产量预计 7.4 万吨。 公司氧化铬绿生产具备规模和技术先发优势，计划年产 7.4 万吨，可制 备约 4.3 万吨金属铬，实际产量将根据市场情况调整，目前正通过再融 资分享该项目。 公司主要产品价格随市场基本面变化及时调整，通常降价迅速，涨价较 慢。12 月大部分化合物价格已达预期，但金属铬因社会库存和低价订单 尚未完全达到预期水平。 维生素 K3 连产氧化铬绿工艺有哪些独特之处？ 维生素 K3 连产氧化铬绿工艺具有独特优势，一吨维生素 K3 大约消耗 10 吨重 铬酸钠，但这些重铬酸钠并不直接附着在维生素 K3 上，而是在反应过程中作 为氧化剂使用后 ...

| | | | 研究所： | 证券分析师： | 李永磊 | S0350521080004 | | | --- | --- | --- | --- | --- | | liyl03@ghzq.com.cn | 证券分析师： | 董伯骏 | S0350521080009 | | | dongbj@ghzq.com.cn | 证券分析师： | 陈云 | S0350524070001 | | | cheny17@ghzq.com.cn | 联系人 | ： | 于畅 | S0350124080008 | | yuc02@ghzq.com.cn | | | | | | [Table_Title] 拟发行可转债用于重庆铬盐新基地， | | --- | | 新工艺推动铬绿工艺+产能双升 | | ——振华股份（603067）公司点评 | 《振华股份（603067）2025 年三季报点评：Q3 需求季节性波动，持续看好铬盐景气大周期（买入） *化学原料*李永磊，董伯骏，陈云》——2025-10-28 《振华股份（603067）2025 中报点评：铬盐放量 显著，行业景气上行（买入）*化学原料*李永磊， 董伯骏，陈云》——2025 ...

内容概要：铬盐是以铬酸等为核心的无机化工产品，以铬铁矿为原料，经多道工序制成，广泛应用于多 个国民经济支柱领域。中国铬盐产业链紧密且差异化明显，上游铬铁矿成本占比约30%，但国内储量稀 缺，对外依存度超95%，进口集中于南非等五国，头部企业正布局海外铬矿开发。中游正加速无钙焙烧 工艺替代，下游需求从传统领域向航空航天、新能源等高端制造领域拓展，拉动金属铬、高纯铬盐等供 需紧平衡。中国是全球最大铬盐生产消费国，产量占比45%左右，2024年市场规模达94.1亿元，预计 2030年突破150亿元。金属铬价格受高端需求拉动，2025年两轮显著上涨。未来，行业将围绕绿色转 型、需求升级与产业链整合演进，清洁工艺普及，高端产品成增长核心，头部企业缓解原料依赖，竞争 聚焦技术创新与资源掌控，整体呈现绿色化、高值化、集约化态势。 上市企业：振华股份（603067.SH）、西藏矿业（000762.SZ）、五矿发展（600058.SH）、中矿资源 （002738.SZ） 相关企业：四川省银河化学股份有限公司、中信锦州金属股份有限公司、重庆民丰化工有限责任公司、 山东朗晖石油化学股份有限公司、青海铬盐高新科技股份有限公司、内蒙古 ...

2025 年 12 月 23 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 218 期 观点精粹: 最新报告摘要 CRO 需求回暖，实验猴供给紧张涨价--行业动态研究 年末债市还有哪些好策略？--债券研究周报 长安深蓝与北汽蓝谷极狐获首批 L3 级准入许可，长城欧拉 5 上市 12 万版本搭载激光雷达--行业周报 液氯、碳酸锂价格上涨，关注反内卷和铬盐--行业周报 猪价承压，关注去化进程--行业周报 2026 年房地产展望--宏观深度研究 债市回暖，市场机构怎么看？--债券研究周报 中证 A500ETF 资金大幅净流入--策略周报 证券研究报告 1、最新报告摘要 1.1、CRO 需求回暖，实验猴供给紧张涨价--行业动态研究 分析师：曹泽运 S0350525110001 分析师：林羽茜 S0350524070002 投资要点: 本周（指 2025 年 12 月 15 日至 19 日，下同）本周沪深 300 下跌 0.28%，医药生物下跌 0.14%，处于 31 个 一级子行业第 22 位，医 ...

证券日报网讯 12月18日，振华股份在互动平台回答投资者提问时表示，公司主营业务铬盐产品应用领 域广泛，受下游新兴领域市场需求拉动，金属铬需求景气度良好，短期业绩波动不影响长期发展逻辑。 （编辑 丛可心） ...

（编辑 任世碧） 证券日报网讯 12月18日，振华股份在互动平台回答投资者提问时表示，公司2024年度铬盐总产量26万 吨，金属铬等高端产品需求情况良好，公司具备三氯化铬电解液批量供货能力。公司正积极探索新能源 领域应用。 ...

Core Insights - The chemical industry is currently at the bottom of its cycle, with expectations of gradual recovery driven by global economic growth and demand increase [2][5][20] - The report emphasizes the importance of supply-side dynamics, noting the retreat of foreign investment and the slowdown of domestic capacity expansion, which may lead to a turning point for the industry [2][5][36] - Key recommendations include focusing on cyclical resilient and growth sectors such as industrial silicon, organic silicon, PTA, spandex, caprolactam, soda ash, and chlor-alkali, as well as high-demand products like refrigerants and potassium fertilizers [2][5][6] Demand Side Analysis - The chemical industry is closely tied to global economic performance, with a projected global GDP growth of 3.09% in 2026, driven mainly by developing countries like India [22][25] - China's GDP growth is expected to be 4.16% in 2026, indicating robust domestic demand [22][25] - Emerging sectors such as new energy and AI are expected to drive material consumption, with significant growth in electric vehicle sales and energy storage capacity anticipated [27][29] Supply Side Dynamics - The report highlights the challenges faced by foreign chemical giants due to rising energy costs and increased competition, leading to significant profit declines [36][41] - Major foreign companies are closing high-cost production facilities in Europe, which may create opportunities for domestic players [36][41][47] - Domestic chemical companies are experiencing pressure on investment returns, leading to a slowdown in capital expenditure growth and a pause in new capacity plans [49] Investment Strategy - The report suggests a focus on cyclical resilient products and growth sectors, with specific attention to high-quality companies that possess competitive advantages [6][36] - The potential for price increases or stable prices with volume growth in bottom-tier products is emphasized, particularly in industrial silicon and organic silicon [6][36] - The report also identifies opportunities in the tire and civil explosives sectors, particularly as companies expand internationally [7][36] Emerging Opportunities - New material sectors, including humanoid robots and AI materials, are highlighted as areas of potential growth, driven by domestic policy support and the need for localized supply chains [8][36] - The report notes the increasing importance of domestic production capabilities in high-end materials due to international trade tensions [8][36]

Core Viewpoint - Zhenhua Co., Ltd. is advancing its industry consolidation strategy by participating in the bankruptcy restructuring of Xinjiang Shenhong Group and acquiring 100% equity of the company for 200 million yuan, aiming to enhance its market position in the chromium salt industry [2][5][6]. Group 1: Company Actions and Investments - Zhenhua Co., Ltd. has signed a framework agreement with Shenhong Group and its management to invest in the bankruptcy restructuring, with a total investment amount of 200 million yuan [2][4]. - The restructuring plan has been approved by the Turpan Intermediate Court, allowing Zhenhua to proceed with the necessary procedures for payment and equity transfer [5][6]. - The investment will be used primarily for debt repayment, covering bankruptcy costs, and settling common benefit debts [4][5]. Group 2: Industry Context and Implications - Shenhong Group was a leading player in the chromium chemical industry, holding over 20% market share before facing bankruptcy due to overexpansion and mismanagement [3][4]. - The restructuring of Shenhong Group is expected to significantly alter the domestic chromium salt market landscape, potentially creating a duopoly between Zhenhua Co., Ltd. and Galaxy Chemical, which together could control over 90% of the market capacity [5][6]. - The current regulatory environment prohibits the establishment of new chromium salt plants, indicating that Zhenhua's acquisition could lead to a major shift in the industry dynamics [5][6]. Group 3: Company Performance and Market Position - Zhenhua Co., Ltd. has become the largest chromium salt producer globally, with a market share of 35% and over 50% of the domestic market [6][7]. - The company reported a revenue of 3.217 billion yuan in the first three quarters of the year, reflecting a year-on-year growth of 7.47%, and a net profit of 410 million yuan, up 12.56% [7][8]. - Zhenhua is focusing on expanding its product line into fine chemicals and enhancing its production capabilities, which aligns with the industry's trend towards larger, more concentrated, and cleaner production methods [8].

格隆汇11月27日丨兄弟科技(002562.SZ)在互动平台表示，公司铬盐产品暂无扩产计划，南非铬矿出口 管制以及相关铬化工产品的涨价，有利于推动公司铬盐板块景气度的提升。 ...

Core Viewpoint - Recent price increases in various chemical and industrial products have sparked widespread market attention, raising questions about the drivers of this price surge, its sustainability, and the potential for performance recovery among upstream and downstream companies in the industry [1] Group 1: Price Trends and Market Dynamics - Chromium prices have surged rapidly, with a notable increase of 18.9% from October 21 to November 6, reaching 75,500 yuan per ton [2] - The price of Chinese metal chromium rose by 28% compared to October 21, with a daily increase of 7,000 yuan per ton noted on November 5 [2][5] - The supply-demand dynamics are tightening, indicating a potential revaluation of the chromium industry [2] Group 2: Company Performance - Zhenhua Co., a leading chromium salt producer, saw its stock price increase by over 80% in a short period, with a reported price of 33.10 yuan per share on November 6 [4] - The company is projected to become one of the top five global chromium producers by the end of 2024 [4] - Zhenhua Co. is focusing on expanding the downstream applications of chromium, particularly in new materials for power equipment [4] Group 3: Supply Chain and Regulatory Factors - The South African government plans to impose export controls on chromium ore, requiring permits and introducing a 25% export tax, which could significantly impact global supply [5] - South Africa accounts for nearly half of the world's chromium production, with China heavily reliant on imports due to limited domestic resources [5][6] Group 4: Future Demand and Industry Outlook - The demand for chromium is expected to rise due to the expansion of solid oxide fuel cells (SOFC) and other applications, with projected demand increases of 0.38 million tons to 2.62 million tons from 2025 to 2027 [7] - The chromium and chromium salt supply-demand gap is anticipated to exceed 70,000 tons and 300,000 tons by 2028, respectively, indicating a supply shortage [7] - The chromium salt industry is poised for a value reassessment, driven by increased demand from AI data centers and gas turbine applications [7]