600618 Chlor-Alkali Chemicals Limit-Up Analysis and Industry Impact

Shanghai Chlor-Alkali Chemicals (600618), a leading enterprise in the chlor-alkali industry, hit the limit-up board at 9:35 on November 19, 2025 [1], with a transaction amount of 443 million yuan and a turnover rate of 1.04% [0]. This limit-up is mainly driven by multiple factors:

1. Rising Volume and Price of Caustic Soda Products
   : From January to September 2025, the cumulative year-on-year growth of caustic soda prices was 7.49% [0], which became the core driver of performance;
2. Cost-side Optimization
   : Raw material prices decreased by 1.95%-6.67% [0], significantly improving profitability;
3. Industrial Chain Linkage
   : The fluorochemical concept sector strengthened [2], and the company directly benefited as an upstream raw material supplier;
4. Policy Support
   : National supply-side adjustment policies (e.g., phasing out old and outdated production capacity, environmental inspections) promoted the optimization of the industry structure [0].

This limit-up reflects the market’s confidence in the recovery of the chlor-alkali industry. Huatai Securities’ 2026 annual outlook points out that a new cycle in the petrochemical industry is gradually starting [4]. As a sub-sector of basic chemicals, chlor-alkali is expected to continue benefiting from industry integration and demand recovery. In addition, the company’s construction-in-progress balance decreased by 13% year-on-year [0], indicating self-adjustment on the supply side, which will help stabilize prices in the long term.

• Raw material price fluctuations may affect profit margins [0];
• Uncertainties brought by changes in policy implementation intensity [0].

• The leading position in the industry will be further consolidated during integration [0];
• The extension of the fluorochemical industrial chain brings new growth points [2].

The limit-up of Chlor-Alkali Chemicals (600618) is the result of the combination of improved industry prosperity, better company fundamentals, and market sentiment resonance. Investors should pay attention to the trend of caustic soda prices, policy dynamics, and the progress of industrial chain extension to grasp the long-term trend of the industry.