研报掘金丨华鑫证券：予博源化工“买入”评级，天然碱龙头以量补价，实现逆势扩张

格隆汇2025-08-15

华鑫证券研报指出，纯碱价格持续低迷，拖累博源化工业绩。行业价格低迷的主要原因是供给过剩和需求低迷。供给方面，新产能持续投放施压。上半年全国纯碱行业新增产能230万吨，实现产量2006.4万吨，同比增长5.7%。需求方面，下游光伏玻璃日熔量受政策影响先增后降，浮法玻璃在产产能较去年同期降幅较大，导致纯碱行业呈现供增需减局面。依托储量丰富的矿场资源，公司近年来持续扩张产能，分别投建了阿拉善天然碱项目...

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