626 lines
45 KiB
HTML
626 lines
45 KiB
HTML
<!DOCTYPE html>
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<html lang="zh-CN" data-theme="night">
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<meta name="viewport" content="width=device-width, initial-scale=1.0">
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<title>化工概念深度研究报告</title>
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@import url('https://fonts.googleapis.com/css2?family=Lexend:wght@300;400;500;600&display=swap');
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font-family: 'Lexend', sans-serif;
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overflow-x: hidden;
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backdrop-filter: blur(20px);
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border: 1px solid rgba(119, 119, 255, 0.18);
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border-radius: 1.5rem;
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box-shadow: 0 8px 32px 0 rgba(10, 10, 30, 0.37);
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.collapse-title {
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table thead th {
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color: #e0e0ff;
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</style>
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</head>
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<body class="text-gray-300">
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<div class="aurora-bg"></div>
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<div class="container mx-auto p-4 md:p-8 relative z-10">
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<!-- Header -->
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<header class="text-center mb-16">
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<h1 class="text-5xl md:text-7xl font-bold text-white text-glow mb-4 tracking-wider">化工概念</h1>
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<h2 class="text-2xl md:text-3xl font-light text-purple-300">深度研究报告</h2>
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<p class="text-sm mt-8 text-gray-500">
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北京价值前沿科技有限公司 AI投研agent：“价小前投研” 进行投研呈现<br>
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本报告为AI合成数据，不构成任何投资建议，投资需谨慎。
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</p>
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</header>
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<!-- Main Content -->
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<main class="space-y-16">
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<!-- Core Insight Section -->
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<section id="insight">
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<h2 class="section-title">核心洞察：周期与成长的交响</h2>
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<div class="glass-card p-6 md:p-8 space-y-6">
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<div class="p-6 border border-purple-500/20 rounded-2xl bg-black/20">
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<h3 class="text-2xl font-semibold text-white text-glow mb-3">0. 核心观点摘要</h3>
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<p class="text-lg text-gray-300">化工行业正处于一轮由 <strong class="text-cyan-300">供给侧出清</strong> 和 <strong class="text-cyan-300">政策托底</strong> 共同驱动的 <strong class="text-purple-300 text-glow">周期性拐点</strong>。其核心驱动力已从过去的需求扩张转变为当前的产能收缩和“反内卷”政策下的行业格局优化。未来潜力在于，本轮复苏不仅是传统大宗品的盈利修复，更包含了新材料领域（新能源、半导体、AI硬件）结构性成长的巨大机遇。</p>
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</div>
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<div x-data="{ tab: 'timeline' }" class="mt-8">
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<div class="tabs tabs-boxed bg-black/20 justify-center mb-6">
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<a class="tab tab-lg" :class="{ 'tab-active': tab === 'timeline' }" @click="tab = 'timeline'">概念事件时间轴</a>
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<a class="tab tab-lg" :class="{ 'tab-active': tab === 'logic' }" @click="tab = 'logic'">核心逻辑与市场认知</a>
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</div>
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<!-- Timeline -->
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<div x-show="tab === 'timeline'" class="space-y-4">
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<ul class="timeline timeline-snap-icon max-md:timeline-compact timeline-vertical">
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<li>
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<div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5 text-cyan-400"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm.75-13a.75.75 0 00-1.5 0v5c0 .414.336.75.75.75h4a.75.75 0 000-1.5h-3.25V5z" clip-rule="evenodd" /></svg></div>
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<div class="timeline-start md:text-end mb-10">
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<time class="font-mono italic">2024年</time>
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<div class="text-lg font-black text-white">盈利筑底与政策酝酿</div>
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行业盈利能力进入磨底阶段。7月，“反内卷”政策首次被市场广泛讨论，PMI、PPI、CPI数据初显政策效果，成为推动行业预期扭转的关键政策变量。
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</div>
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<hr class="bg-cyan-400"/>
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</li>
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<li>
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<hr class="bg-cyan-400"/>
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<div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5 text-cyan-400"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm.75-13a.75.75 0 00-1.5 0v5c0 .414.336.75.75.75h4a.75.75 0 000-1.5h-3.25V5z" clip-rule="evenodd" /></svg></div>
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<div class="timeline-end mb-10">
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<time class="font-mono italic">2024 Q3-Q4</time>
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<div class="text-lg font-black text-white">细分景气显现</div>
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<strong class="text-lime-300">磷化工</strong>受新能源需求修复及矿山休采影响开启涨价。 <strong class="text-amber-300">氟化工</strong>进入“价在量先”阶段，为次年配额做准备。
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</div>
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<hr class="bg-cyan-400"/>
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</li>
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<li>
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<hr class="bg-cyan-400"/>
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<div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5 text-cyan-400"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm.75-13a.75.75 0 00-1.5 0v5c0 .414.336.75.75.75h4a.75.75 0 000-1.5h-3.25V5z" clip-rule="evenodd" /></svg></div>
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<div class="timeline-start md:text-end mb-10">
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<time class="font-mono italic">2025 Q1</time>
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<div class="text-lg font-black text-white">供给拐点确认</div>
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行业在建工程同比增速 <strong class="text-rose-400">首次落入负数区间</strong>，资本开支同比下降18.5%，标志着供给扩张周期正式结束。
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</div>
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<hr class="bg-cyan-400"/>
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</li>
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<li>
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<hr class="bg-cyan-400"/>
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<div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5 text-cyan-400"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm.75-13a.75.75 0 00-1.5 0v5c0 .414.336.75.75.75h4a.75.75 0 000-1.5h-3.25V5z" clip-rule="evenodd" /></svg></div>
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<div class="timeline-end mb-10">
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<time class="font-mono italic">2025年</time>
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<div class="text-lg font-black text-white">多重事件催化</div>
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地缘政治影响 <strong class="text-yellow-300">钾肥及溴素</strong> 供给；山东有机硅工厂火灾（占行业产能9%）催化 <strong class="text-sky-300">有机硅</strong> 景气反转；美国对 <strong class="text-orange-300">烷基磷酸酯</strong> 发起“双反”，带来结构性机遇。
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</div>
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<hr/>
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</li>
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</ul>
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</div>
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<!-- Core Logic -->
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<div x-show="tab === 'logic'" class="space-y-6">
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<div>
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<h4 class="text-xl font-bold text-white mb-2">核心驱动力分析</h4>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
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<div class="p-4 border border-purple-500/20 rounded-xl bg-black/30">
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<h5 class="font-semibold text-lg text-cyan-300">1. 内生性周期反转 (根本)</h5>
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<p class="text-sm mt-1">资本开支周期见顶（25Q1在建工程增速转负），新增产能压力锐减。同时，原油、煤炭等成本端压力大幅缓解，为企业打开利润修复通道。</p>
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</div>
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<div class="p-4 border border-purple-500/20 rounded-xl bg-black/30">
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<h5 class="font-semibold text-lg text-lime-300">2. 外生性政策干预 (变量)</h5>
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<p class="text-sm mt-1">“反内卷”政策注入强烈的“供给侧改革2.0”预期，旨在治理低价无序竞争，加速行业出清，尤其利好产能分散、竞争恶劣的子行业。</p>
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</div>
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<div class="p-4 border border-purple-500/20 rounded-xl bg-black/30">
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<h5 class="font-semibold text-lg text-amber-300">3. 结构性需求亮点 (引擎)</h5>
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<p class="text-sm mt-1">传统需求疲弱，但新能源（磷化工、有机硅）、新材料（AI硬件 PEEK/PPO）、出口链（轮胎）成为拉动行业增长的新引擎。</p>
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</div>
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</div>
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</div>
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<div>
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<h4 class="text-xl font-bold text-white mb-2">市场热度与预期差</h4>
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<p class="mb-4">当前市场情绪<strong class="text-rose-400">高度乐观</strong>，券商罕见一致强力看多。然而，普遍认知与现实存在三大预期差：</p>
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<ul class="list-disc list-inside space-y-2 text-gray-400">
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<li><strong class="text-white">政策效果预期差：</strong> 市场高估了“反内卷”政策的短期执行力。政策的宏大叙事能否转化为企业持续的盈利改善，仍需验证。</li>
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<li><strong class="text-white">行业复苏节奏预期差：</strong> 市场倾向于普涨行情，但库存数据显示行业内部复苏并不同步（粘胶累库 vs 锦纶去库），忽略了各子行业周期的分化。</li>
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<li><strong class="text-white">投资焦点预期差：</strong> 市场焦点多在大宗品的价格弹性，对代表长期成长性的新材料（OLED、半导体材料）布局认知可能不足，其价值被短期周期炒作所掩盖。</li>
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</ul>
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</div>
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</div>
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</div>
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</div>
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</section>
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<!-- ECharts Visualization -->
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<section id="charts">
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<h2 class="section-title">宏观数据透视</h2>
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<div class="grid grid-cols-1 lg:grid-cols-2 gap-8">
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<div class="glass-card p-6 h-[400px]" id="profitChart"></div>
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<div class="glass-card p-6 h-[400px]" id="capexChart"></div>
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</div>
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</section>
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<!-- Catalysts & Roadmap -->
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<section id="roadmap">
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<h2 class="section-title">催化剂与发展路径</h2>
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<div class="glass-card p-6 md:p-8">
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<div class="grid grid-cols-1 md:grid-cols-2 gap-8">
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<div>
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<h3 class="text-2xl font-semibold text-white text-glow mb-4">近期催化剂 (3-6个月)</h3>
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<ul class="space-y-3">
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<li class="flex items-start">
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<svg class="w-6 h-6 text-cyan-400 mr-2 flex-shrink-0" fill="none" stroke="currentColor" viewBox="0 0 24 24"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M13 10V3L4 14h7v7l9-11h-7z"></path></svg>
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<span><strong class="text-white">政策落地：</strong>“反内卷”政策细则出台，如限产、环保核查等实质性文件。</span>
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</li>
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<li class="flex items-start">
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<svg class="w-6 h-6 text-lime-400 mr-2 flex-shrink-0" fill="none" stroke="currentColor" viewBox="0 0 24 24"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 12l2 2 4-4m6 2a9 9 0 11-18 0 9 9 0 0118 0z"></path></svg>
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<span><strong class="text-white">旺季兑现：</strong>Q4磷矿休采、制冷剂配额准备，关注涨价执行情况。</span>
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</li>
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<li class="flex items-start">
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<svg class="w-6 h-6 text-amber-400 mr-2 flex-shrink-0" fill="none" stroke="currentColor" viewBox="0 0 24 24"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M3.055 11H5a2 2 0 012 2v1a2 2 0 002 2h10a2 2 0 002-2v-1a2 2 0 012-2h1.945M7.8 11.52A14.28 14.28 0 0012 12.875a14.28 14.28 0 004.2-1.355M12 21.75a14.28 14.28 0 004.2-1.355M12 21.75a14.28 14.28 0 01-4.2-1.355"></path></svg>
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<span><strong class="text-white">外部事件：</strong>地缘政治对钾肥/溴素供给影响，及对华化工品“双反”终裁结果。</span>
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</li>
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<li class="flex items-start">
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<svg class="w-6 h-6 text-rose-400 mr-2 flex-shrink-0" fill="none" stroke="currentColor" viewBox="0 0 24 24"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 17v-2m3 2v-4m3 4v-6m2 10H7a2 2 0 01-2-2V7a2 2 0 012-2h10a2 2 0 012 2v8a2 2 0 01-2 2z"></path></svg>
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<span><strong class="text-white">业绩验证：</strong>三季报/年报盈利数据能否证实“盈利拐点”的判断。</span>
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</li>
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</ul>
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</div>
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<div>
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<h3 class="text-2xl font-semibold text-white text-glow mb-4">长期发展路径</h3>
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<div class="space-y-4 relative pl-5 border-l-2 border-purple-500/30">
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<div class="absolute -left-3 top-0 w-5 h-5 bg-purple-500 rounded-full border-4 border-gray-800"></div>
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<div class="mb-8">
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<h4 class="font-bold text-lg text-white">第一阶段 (当前-2026年): 供需再平衡与盈利修复</h4>
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<p class="text-gray-400">关键里程碑：行业整体资本开支连续为负，龙头企业市占率显著提升，行业利润中枢上移。</p>
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</div>
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<div class="absolute -left-3 top-1/2 w-5 h-5 bg-purple-500 rounded-full border-4 border-gray-800"></div>
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<div>
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<h4 class="font-bold text-lg text-white">第二阶段 (2026年后): 新材料驱动的成长切换</h4>
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<p class="text-gray-400">关键里程碑：国产半导体/OLED材料实现批量供应；新能源相关材料（如钠电池）形成规模化产业链；高端聚合物（如PEEK）在机器人、AI服务器等领域实现商业化放量。</p>
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</div>
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</div>
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</div>
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</div>
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</div>
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</section>
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<!-- Industry Chain & Key Players -->
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<section id="players">
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<h2 class="section-title">产业链图谱与核心玩家</h2>
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<div class="bento-grid">
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<div class="bento-item col-span-6 md:col-span-2 glass-card p-6 flex flex-col justify-center">
|
||
<h4 class="text-xl font-bold text-white mb-2">上游：资源型</h4>
|
||
<p>原油、煤炭、天然气、磷矿石、萤石、钾盐、硫磺。</p>
|
||
<p class="mt-4 text-sm font-semibold">核心标的:</p>
|
||
<p class="text-xs text-cyan-300">兴发集团, 湖北宜化 (磷矿), 金石资源 (萤石)</p>
|
||
</div>
|
||
<div class="bento-item col-span-6 md:col-span-4 glass-card p-6">
|
||
<h4 class="text-xl font-bold text-white mb-2">中游：加工制造</h4>
|
||
<div class="grid grid-cols-1 md:grid-cols-3 gap-4 h-full">
|
||
<div>
|
||
<h5 class="font-semibold text-lime-300">大宗化学品</h5>
|
||
<p class="text-xs">炼油乙烯、氯碱、纯碱、化肥、聚氨酯、涤纶长丝。</p>
|
||
<p class="mt-2 text-xs text-gray-400">代表: 中国石化, 三友化工, 万华化学, 桐昆股份</p>
|
||
</div>
|
||
<div>
|
||
<h5 class="font-semibold text-amber-300">精细化学品</h5>
|
||
<p class="text-xs">农药、染料、制冷剂、TMA、阻燃剂。</p>
|
||
<p class="mt-2 text-xs text-gray-400">代表: 扬农化工, 巨化股份, 正丹股份</p>
|
||
</div>
|
||
<div>
|
||
<h5 class="font-semibold text-rose-300">化工新材料</h5>
|
||
<p class="text-xs">PC/尼龙6、有机硅、PEEK、OLED材料、COFs。</p>
|
||
<p class="mt-2 text-xs text-gray-400">代表: 鲁西化工, 合盛硅业, 莱特光电</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="bento-item col-span-6 md:col-span-3 glass-card p-6">
|
||
<h4 class="text-xl font-bold text-white mb-2">玩家对比：鲁西化工 vs 三友化工</h4>
|
||
<p><strong class="text-white">鲁西化工:</strong> 产业链一体化，成长性强，侧重新材料（PC, 尼龙6, 有机硅）。在建40万吨有机硅和30万吨尼龙6是未来看点。</p>
|
||
<p class="mt-2"><strong class="text-white">三友化工:</strong> 传统业务规模优势，成本控制强。转型方向明确，布局电池级纯碱，切入钠电赛道。逻辑偏向周期复苏+新能源转型。</p>
|
||
</div>
|
||
<div class="bento-item col-span-6 md:col-span-3 glass-card p-6">
|
||
<h4 class="text-xl font-bold text-white mb-2">农药龙头：扬农化工</h4>
|
||
<p class="text-sm">逻辑最清晰，核心竞争力在于 <strong class="text-cyan-300">技术与成本</strong>（中间体高度自给，成本较同行低3-4万元/吨）。积极布局高毛利杀菌剂（葫芦岛项目）和创制化合物，从周期向成长切换路径清晰。短期催化看对印度产品反倾销结果，长期看新项目盈利兑现。</p>
|
||
</div>
|
||
<div class="bento-item col-span-6 glass-card p-6">
|
||
<h4 class="text-xl font-bold text-white mb-2">下游：应用领域</h4>
|
||
<div class="flex flex-wrap gap-x-4 gap-y-2 text-gray-400">
|
||
<span>农业</span><span>房地产</span><span>纺织服装</span><span>汽车</span><span>电子信息</span><span class="text-lime-300 font-semibold">新能源</span><span>生物医药</span><span class="text-purple-300 font-semibold">AI硬件</span>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Risks & Investment -->
|
||
<section id="risks">
|
||
<h2 class="section-title">风险挑战与投资启示</h2>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-8">
|
||
<div class="glass-card p-6">
|
||
<h3 class="text-2xl font-semibold text-rose-400 text-glow mb-4">潜在风险与挑战</h3>
|
||
<ul class="space-y-3 list-disc list-inside text-gray-400">
|
||
<li><strong class="text-white">需求不及预期：</strong> 宏观经济特别是地产、消费复苏乏力，产品涨价持续性存疑。</li>
|
||
<li><strong class="text-white">政策执行风险：</strong> “反内卷”政策执行效果是最大不确定性，若无法形成协同，可能重回价格战。</li>
|
||
<li><strong class="text-white">信息交叉验证风险：</strong> 市场对有机硅的短期乐观情绪（供给冲击）与行业供过于求的基本面现实存在矛盾，市场可能高估突发事件影响力。</li>
|
||
<li><strong class="text-white">国际贸易风险：</strong> 国际竞争和贸易保护主义是持续存在的风险，如“双反”调查。</li>
|
||
</ul>
|
||
</div>
|
||
<div class="glass-card p-6">
|
||
<h3 class="text-2xl font-semibold text-lime-300 text-glow mb-4">最具投资价值环节</h3>
|
||
<ol class="space-y-3 list-decimal list-inside">
|
||
<li>
|
||
<strong class="text-white">资源为王 (确定性最高):</strong>
|
||
<p class="text-sm text-gray-400 pl-4">拥有上游核心资源（磷矿、萤石、钾盐）的子行业，定价权强。重点方向：<strong class="text-cyan-400">磷化工、氟化工</strong>。</p>
|
||
</li>
|
||
<li>
|
||
<strong class="text-white">格局优化 (弹性最大):</strong>
|
||
<p class="text-sm text-gray-400 pl-4">受益于“反内卷”政策最明显的子行业，盈利弹性惊人。重点方向：<strong class="text-purple-400">农药、纯碱、涤纶长丝</strong>。</p>
|
||
</li>
|
||
<li>
|
||
<strong class="text-white">成长引领 (长期价值):</strong>
|
||
<p class="text-sm text-gray-400 pl-4">与下游高景气赛道（新能源、半导体、AI硬件）深度绑定的新材料。重点方向：<strong class="text-amber-400">电子化学品、新能源材料、特种工程塑料</strong>。</p>
|
||
</li>
|
||
</ol>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Supporting Data Section -->
|
||
<section id="data-appendix" x-data="{ open: '' }">
|
||
<h2 class="section-title">数据附录</h2>
|
||
<div class="space-y-4">
|
||
<div class="collapse collapse-plus glass-card">
|
||
<input type="radio" name="data-accordion" id="news-toggle"/>
|
||
<div class="collapse-title">新闻数据摘要</div>
|
||
<div class="collapse-content bg-black/20">
|
||
<ul class="list-disc list-inside p-4 space-y-2 text-sm">
|
||
<li><strong>盈利与周期：</strong> 2025前三季度，化工行业归属净利润同比增4.4%，盈利企稳。资本开支方面，25Q1在建工程增速自18年以来首次落入负数区间，产能周期拐点确认。</li>
|
||
<li><strong>政策与格局：</strong> “反内卷”政策成效初显，推动行业景气修复。行业格局将进一步呈现头部集中趋势，龙头企业优势突出。</li>
|
||
<li><strong>磷化工：</strong> 持续高景气，受新能源需求恢复及Q4矿山休采影响，产业链涨价共振。10月磷酸铁锂电池装车量同比增长75%。</li>
|
||
<li><strong>氟化工：</strong> 临近年底，产业链“价在量先”，制冷剂R134a报价预期上探4万元/吨。</li>
|
||
<li><strong>企业动态：</strong> 恒光股份、万盛股份拟海外建厂；中盐化工取得内蒙古最大天然碱矿探矿权。</li>
|
||
<li><strong>券商观点：</strong> 中金、天风等机构一致认为当前是配置化工龙头的“最佳窗口”，建议“标配”化工。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-plus glass-card">
|
||
<input type="radio" name="data-accordion" id="roadshow-toggle" />
|
||
<div class="collapse-title">路演核心纪要</div>
|
||
<div class="collapse-content bg-black/20">
|
||
<ul class="list-disc list-inside p-4 space-y-2 text-sm">
|
||
<li><strong>三友化工 (sh600409):</strong> 纯碱业务现货紧张，价格上行趋势明确；10万吨电池级纯碱项目在建。粘胶短纤库存低位，关注8-10月旺季需求。有机硅业务预计全年仍需减亏，行业供过于求。</li>
|
||
<li><strong>扬农化工 (sh6600486):</strong> 菊酯类全球市占率高，中间体自给带来显著成本优势（较同行低3-4万元/吨）。关注对印度产品反倾销调查结果。葫芦岛新项目（24Q3-Q4投产）重点布局高毛利杀菌剂和创制化合物。</li>
|
||
<li><strong>江南化工 (sz002226):</strong> 民爆总产能国内第一，受益于硝酸铵等原材料价格下降，利润率提升。兵器集团承诺2025年底前完成民爆资产注入。</li>
|
||
<li><strong>行业信息：</strong> 民爆行业集中度提升；农化行业预计24年底结束去库存周期；有机硅25-26年无新增产能，供需格局优化；硫磺国内供需缺口大，进口依存度50%。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-plus glass-card">
|
||
<input type="radio" name="data-accordion" id="report-toggle" />
|
||
<div class="collapse-title">研报关键洞察</div>
|
||
<div class="collapse-content bg-black/20">
|
||
<ul class="list-disc list-inside p-4 space-y-2 text-sm">
|
||
<li><strong>中石化炼化工程:</strong> 受益于国家“减油增化”政策，乙烯行业未来5年新增能力达3500万吨/年。煤化工景气度提升，新疆煤化工项目发展有望超预期。24年H1煤化工新签合同额同比增长近9倍。</li>
|
||
<li><strong>鲁西化工:</strong> 综合性化工平台，化工新材料（PC、己内酰胺、尼龙6、有机硅）为核心业务。尼龙6盈利能力显著提升（24Q2价差同比+106%）。</li>
|
||
<li><strong>阳煤化工:</strong> 聚焦煤化工产品，控股股东变更为潞安化工，旨在促进煤化工产业专业化整合。积极布局氢能产业链。</li>
|
||
<li><strong>除螨日化产品:</strong> 揭示了日化产品中的化学成分（有机磷类、植物源香芹酚等）及其作用机制，并指出未来绿色化工方向是开发低残留、易降解的植物源杀螨剂。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Stock Table Section -->
|
||
<section id="stocks">
|
||
<h2 class="section-title">相关标的梳理</h2>
|
||
<div class="glass-card p-2 md:p-4">
|
||
<div class="overflow-x-auto">
|
||
<table class="table table-zebra w-full">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>股票代码</th>
|
||
<th>核心逻辑 / 业务</th>
|
||
<th>细分领域</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<!-- Data will be populated here -->
|
||
<tr><td>亚太实业</td><td><a href='https://valuefrontier.cn/company?scode=000691' target='_blank' class='link link-hover text-cyan-400'>000691</a></td><td>公司主要产品分为吡啶类、硝化类及其他化工产品三类，产品主要应用于农药、医药及饲料添加剂领域。</td><td>化学原料</td></tr>
|
||
<tr><td>金瑞矿业</td><td><a href='https://valuefrontier.cn/company?scode=600714' target='_blank' class='link link-hover text-cyan-400'>600714</a></td><td>公司主营碳酸锶系列产品是国内能应用于液晶玻璃基板的主要锶盐产品。</td><td>化学原料</td></tr>
|
||
<tr><td>宝丽迪</td><td><a href='https://valuefrontier.cn/company?scode=300905' target='_blank' class='link link-hover text-cyan-400'>300905</a></td><td>子公司耀科新材料能够在无溶剂的条件下制备COFs材料，目前公司COFs产品已实现年产吨级量产。</td><td>COFs</td></tr>
|
||
<tr><td>双象股份</td><td><a href='https://valuefrontier.cn/company?scode=002395' target='_blank' class='link link-hover text-cyan-400'>002395</a></td><td>双象股份年产8万吨聚甲基丙烯酸甲酯树脂（PMMA）高性能光学级液晶材料。</td><td>MMA</td></tr>
|
||
<tr><td>氯碱化工</td><td><a href='https://valuefrontier.cn/company?scode=600618' target='_blank' class='link link-hover text-cyan-400'>600618</a></td><td>公司是氯碱行业之首，制造和销售烧碱、氯及氯制品，以及聚氯乙烯塑料树脂与制品。</td><td>氯碱</td></tr>
|
||
<tr><td>正丹股份</td><td><a href='https://valuefrontier.cn/company?scode=300641' target='_blank' class='link link-hover text-cyan-400'>300641</a></td><td>近期TMA价格快涨，主系网传美国英力士FHR工厂7万吨产能停产，产能方面正丹股份85000吨/年。</td><td>TMA</td></tr>
|
||
<tr><td>百川股份</td><td><a href='https://valuefrontier.cn/company?scode=002455' target='_blank' class='link link-hover text-cyan-400'>002455</a></td><td>公司经营的主要产品包括：醋酸丁酯、醋酸乙酯、醋酸丙酯、偏苯三酸酐等。</td><td>TMA</td></tr>
|
||
<tr><td>怡达股份</td><td><a href='https://valuefrontier.cn/company?scode=300721' target='_blank' class='link link-hover text-cyan-400'>300721</a></td><td>公司从事醋酸偏苯三酸酐的生产与销售。</td><td>TMA</td></tr>
|
||
<tr><td>惠云钛业</td><td><a href='https://valuefrontier.cn/company?scode=300891' target='_blank' class='link link-hover text-cyan-400'>300891</a></td><td>公司主要从事钛白粉产品的研发、生产和销售，主要产品为金红石型钛白粉、锐钛型钛白粉系列产品。</td><td>钛白粉</td></tr>
|
||
<tr><td>金浦钛业</td><td><a href='https://valuefrontier.cn/company?scode=000545' target='_blank' class='link link-hover text-cyan-400'>000545</a></td><td>公司是国内较大的硫酸法钛白粉生产企业之一，主营产品包括金红石型钛白粉和锐钛型钛白粉。</td><td>钛白粉</td></tr>
|
||
<tr><td>安纳达</td><td><a href='https://valuefrontier.cn/company?scode=002136' target='_blank' class='link link-hover text-cyan-400'>002136</a></td><td>“安纳达”牌钛白粉是“安徽名牌产品”。</td><td>钛白粉</td></tr>
|
||
<tr><td>建新股份</td><td><a href='https://valuefrontier.cn/company?scode=300107' target='_blank' class='link link-hover text-cyan-400'>300107</a></td><td>公司主营为苯系中间体产品的生产和销售，产品包括染料中间体、纤维中间体和医药中间体三个系列。</td><td>染料</td></tr>
|
||
<tr><td>亚邦股份</td><td><a href='https://valuefrontier.cn/company?scode=603188' target='_blank' class='link link-hover text-cyan-400'>603188</a></td><td>公司主要从事纺织染料及染料中间体的研发，生产销售和服务。</td><td>染料</td></tr>
|
||
<tr><td>世龙实业</td><td><a href='https://valuefrontier.cn/company?scode=002748' target='_blank' class='link link-hover text-cyan-400'>002748</a></td><td>公司是是生产医药中间体及染料和精细化工的企业。</td><td>染料</td></tr>
|
||
<tr><td>鲁北化工</td><td><a href='https://valuefrontier.cn/company?scode=600727' target='_blank' class='link link-hover text-cyan-400'>600727</a></td><td>公司目前拥有30万吨磷铵、20万吨钛白粉、40万吨硫酸、0.5万吨溴素、100万吨复合肥生产规模。</td><td>磷化工</td></tr>
|
||
<tr><td>六国化工</td><td><a href='https://valuefrontier.cn/company?scode=600470' target='_blank' class='link link-hover text-cyan-400'>600470</a></td><td>公司是华东规模最大的磷复肥和磷化工一体化制造企业。</td><td>磷化工</td></tr>
|
||
<tr><td>川金诺</td><td><a href='https://valuefrontier.cn/company?scode=300505' target='_blank' class='link link-hover text-cyan-400'>300505</a></td><td>拥有完整的湿法磷酸分级利用产品链，湿法磷酸研制及利用的主要产品为湿法磷酸和磷酸盐系列产品。</td><td>磷化工</td></tr>
|
||
<tr><td>湖北宜化</td><td><a href='https://valuefrontier.cn/company?scode=000422' target='_blank' class='link link-hover text-cyan-400'>000422</a></td><td>在湖北宜昌、四川两地拥有年产130万吨磷矿的采矿权，公司的磷酸二铵的市场竞争力行业领先。</td><td>磷化工</td></tr>
|
||
<tr><td>新乡化纤</td><td><a href='https://valuefrontier.cn/company?scode=000949' target='_blank' class='link link-hover text-cyan-400'>000949</a></td><td>公司的主营业务是粘胶长丝、粘胶短纤维和氨纶纤维的生产与销售。</td><td>粘胶长丝</td></tr>
|
||
<tr><td>吉林化纤</td><td><a href='https://valuefrontier.cn/company?scode=000420' target='_blank' class='link link-hover text-cyan-400'>000420</a></td><td>4月16日互动表示，公司粘胶长丝产品整体提价1000元/吨，预计能够增厚公司的利润。</td><td>粘胶长丝</td></tr>
|
||
<tr><td>南京聚隆</td><td><a href='https://valuefrontier.cn/company?scode=300644' target='_blank' class='link link-hover text-cyan-400'>300644</a></td><td>在新技术新产品研发方面，完成PPA、PEEK、LCP等材料的开发。</td><td>PEEK</td></tr>
|
||
<tr><td>新瀚新材</td><td><a href='https://valuefrontier.cn/company?scode=301076' target='_blank' class='link link-hover text-cyan-400'>301076</a></td><td>公司与PEEK领域全球主要厂商SOLVAY、VICTREX、EVONIK等均建立长期合作关系。</td><td>PEEK</td></tr>
|
||
<tr><td>巨化股份</td><td><a href='https://valuefrontier.cn/company?scode=600160' target='_blank' class='link link-hover text-cyan-400'>600160</a></td><td>持续稳定涨价中</td><td>制冷剂</td></tr>
|
||
<tr><td>三美股份</td><td><a href='https://valuefrontier.cn/company?scode=603379' target='_blank' class='link link-hover text-cyan-400'>603379</a></td><td>持续稳定涨价中</td><td>制冷剂</td></tr>
|
||
<tr><td>华鲁恒升</td><td><a href='https://valuefrontier.cn/company?scode=600426' target='_blank' class='link link-hover text-cyan-400'>600426</a></td><td>持续涨价中</td><td>醋酸</td></tr>
|
||
<tr><td>扬农化工</td><td><a href='https://valuefrontier.cn/company?scode=600486' target='_blank' class='link link-hover text-cyan-400'>600486</a></td><td>农药龙头，受益于“反内卷”政策和行业景气回升</td><td>农药</td></tr>
|
||
<tr><td>三友化工</td><td><a href='https://valuefrontier.cn/company?scode=600409' target='_blank' class='link link-hover text-cyan-400'>600409</a></td><td>受益于有机硅行业供给收缩及“反内卷”政策</td><td>有机硅/纯碱</td></tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
</main>
|
||
|
||
<footer class="text-center mt-16 py-8 border-t border-gray-800">
|
||
<p class="text-sm text-gray-500">
|
||
北京价值前沿科技有限公司 AI投研agent：“价小前投研”<br>
|
||
报告生成时间: 2024-05-20
|
||
</p>
|
||
</footer>
|
||
|
||
</div>
|
||
|
||
<script>
|
||
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|
||
// ECharts Initialization
|
||
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|
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|
||
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|
||
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|
||
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|
||
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|
||
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|
||
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|
||
|
||
// Chart for Profitability
|
||
const profitOption = {
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|
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splitLine: { lineStyle: { color: '#2d3748' } }
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type: 'value',
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null,
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null,
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|
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}
|
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|
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|
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|
||
// Chart for Capex Cycle
|
||
const capexOption = {
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...commonOption,
|
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title: {
|
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text: '化工行业资本开支周期拐点',
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{ value: 50, name: '2022Q4 (高点，估值)' }, // 2012Q3以来的最高点，用一个示意高值
|
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|
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{ value: -18.5, name: '2025Q1资本开支' }
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profitChart.resize();
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</body>
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</html> |