股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國三江精細化工有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02198 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | 本月底法定/註冊 ...

Group 1 - The core viewpoint of the articles indicates that the chemical industry is experiencing a prolonged period of negative growth in PPI, with projections suggesting a recovery phase starting around 2026 as domestic and international demand rebounds [2][3] - The chemical market has seen significant price increases recently, with epoxy propylene prices rising by 7.9% in the week of January 12-18, indicating potential upward momentum in the sector [2] - The chemical industry is characterized by a cyclical nature, typically following a five-year cycle of "profit upturn - capacity expansion - profit bottoming - capacity clearance/demand expectation improvement," suggesting a favorable outlook for the upcoming phase [2] Group 2 - Major chemical companies, such as China National Chemical Corporation, hold over half of the global market share, which may lead to a decrease in capital expenditure intensity and an increase in dividend payout ratios in the coming years [3] - The recent winter storm in the U.S. has disrupted natural gas and electricity supplies, affecting chemical production in key areas like Texas, which may impact global supply stability for major chemical products [3] - The domestic chemical sector is at a dual inflection point in terms of capacity and inventory cycles, with potential supply declines from overseas benefiting domestic production rates and overall industry recovery [3] Group 3 - Relevant Hong Kong-listed companies in the chemical sector include Sinopec (600028), Sinopec Oilfield Service (600871), Sinopec Engineering (02386), Shanghai Petrochemical (600688), and others [4]

Group 1 - The national industrial product PPI, production material PPI, and chemical industry PPI are expected to show negative year-on-year growth for 38 consecutive months by November 2025, marking the second longest period of negative growth in history after the 2012-2016 cycle [1] - As of December 2025, among 111 tracked chemical products, 30 products are in the lowest 10% price percentile, and 70 products are in the lowest 30% price percentile, indicating significant price pressure in the chemical sector [1] - Recent price increases have been observed in the chemical market, with epoxy propylene prices rising by 7.9% week-on-week and organic silicon intermediates also experiencing price increases [1] Group 2 - The bulk chemical market is at a dual inflection point of capacity and inventory cycles, with expectations of entering an upturn as domestic and international demand recovers by 2026 [2] - The extreme winter weather in the U.S. has disrupted natural gas and electricity supplies, affecting chemical production in key areas like Texas, which may impact global supply stability for bulk chemicals [2] - The potential decline in overseas supply could enhance domestic chemical production rates and improve market conditions, particularly for refining, ethylene, acetic acid, MDI, and TDI [2] Group 3 - Relevant Hong Kong-listed companies in the chemical sector include Sinopec (00386), Sinopec Oilfield Service (01033), Sinopec Engineering (02386), Shanghai Petrochemical (00338), Sinopec Kantons (00934), China Sanjiang Chemical (02198), and Wuhan Organic (02881) [3]

Group 1 - The core viewpoint indicates that the chemical industry is experiencing a prolonged period of negative growth in PPI, with projections suggesting a potential recovery as demand stabilizes and capital expenditure decreases [1][2] - The chemical market has seen significant price increases recently, with epoxy propylene prices rising by 7.9% week-on-week, indicating a potential shift in market dynamics [1] - The cyclical nature of the chemical industry is highlighted, with expectations of entering an upward phase as domestic and international demand recovers by 2026 [2] Group 2 - The report notes that the U.S. is facing supply disruptions due to extreme winter weather, impacting energy prices and chemical production in key areas like Texas, which may affect global supply stability [2] - The domestic chemical industry is at a dual inflection point in terms of capacity and inventory cycles, suggesting that potential supply declines from overseas could enhance domestic production rates and improve market conditions [2] - Key sectors of interest include refining, ethylene, acetic acid, MDI, and TDI, which are expected to benefit from these market changes [2] Group 3 - Relevant companies in the chemical sector include Sinopec, Sinopec Oilfield Service, Sinopec Engineering, Shanghai Petrochemical, Sinopec Kantons, China Sanjiang Fine Chemicals, and Wuhan Organic [3]

Group 1 - China Sanjiang Chemical (02198) saw its stock price rise over 5%, reaching a historical high of 4.29 HKD, with a current price of 4.26 HKD and a trading volume of 39.4632 million HKD [1][5] - In the week from January 12 to 18, chemical market prices for certain products significantly increased, with propylene oxide prices rising by 7.9% and organic silicon intermediates also experiencing price increases [1][5] - Huatai Securities' report indicates that the bulk chemical sector is at a dual turning point in capacity and inventory cycles, with expectations of an upward trend as domestic and international demand recovers by 2026 [1][5] Group 2 - China Sanjiang Chemical primarily engages in the production and supply of ethylene oxide, ethylene glycol, polypropylene, and surfactants, among other chemical products [1][5] - The company's main products include ethylene oxide, ethylene glycol, polypropylene (PP), surfactants, water-reducing agents, methyl tert-butyl ether/carbon four (MTBE/C4), and crude butylene, along with providing processing services for polypropylene, MTBE, and surfactants [1][5]

Core Viewpoint - China Sanjiang Chemical (02198) has seen its stock price rise over 5%, reaching a historical high of 4.29 HKD, driven by significant price increases in certain chemical products in the market [1] Group 1: Stock Performance - The stock price of China Sanjiang Chemical increased by 5.42%, trading at 4.28 HKD with a transaction volume of 37.0046 million HKD [1] Group 2: Market Trends - In the week from January 12 to 18, prices of certain chemical products, including propylene oxide, rose significantly, with a weekly increase of 7.9% [1] - The report from Huatai Securities indicates that the bulk chemical market is at a dual turning point in capacity and inventory cycles, with expectations of an upward trend as domestic and international demand recovers by 2026 [1] Group 3: Company Overview - China Sanjiang Chemical primarily engages in the production and supply of ethylene oxide, ethylene glycol, polypropylene, and surfactants [1] - The company's main products include ethylene oxide, ethylene glycol, polypropylene (PP), surfactants, water-reducing agents, methyl tert-butyl ether/carbon four (MTBE/C4), and crude butylene, among others [1] - The company also provides processing services for polypropylene, methyl tert-butyl ether, and surfactants, along with the production and supply of other chemical products [1]

Core Viewpoint - China Sanjiang Chemical (02198) has seen its stock price rise over 5%, reaching a historical high of 4.29 HKD, driven by significant price increases in certain chemical products [1] Group 1: Market Performance - As of the latest report, the stock price increased by 5.42%, trading at 4.28 HKD with a transaction volume of 37.0046 million HKD [1] - The chemical market has experienced notable price increases in the past week, with propylene oxide prices rising by 7.9% [1] Group 2: Industry Insights - According to Huatai Securities, the bulk chemical sector is at a dual turning point in capacity and inventory cycles, with expectations of an upward trend as domestic and international demand recovers by 2026 [1] - China's chemical sales account for over half of the global market, indicating a significant potential for capital expenditure intensity to decline from 2015 to 2025, alongside an increase in dividend payout ratios [1] Group 3: Company Overview - China Sanjiang Chemical primarily engages in the production and supply of ethylene oxide, ethylene glycol, polypropylene, and surfactants [1] - The company's main products also include methyl tert-butyl ether/carbon four (MTBE/C4), crude butene, and other chemical products, along with providing processing services for polypropylene, MTBE, and surfactants [1]

每经AI快讯，中国三江化工(02198.HK)一度涨超8%，截至发稿涨6.9%，报4.03港元，成交额4132.84万 港元。 ...

消息面上，2025年12月以来，化工行业迎来一场"全球性涨价潮"，巴斯夫、陶氏、亨斯迈等全球化工巨 头同步在欧洲、亚洲、中东等多个区域密集提价。国海证券表示，反内卷有望重估中国化工行业，后续 措施有望使全球化工行业产能扩张大幅放缓。中国化工行业具有充沛的经营活动现金流量净额，一旦扩 张放缓，潜在股息率将大幅提升，有望实现从吞金兽到摇钱树的转变。国金证券认为，当前化工行业正 处于长达四年的下行周期底部，多项指标显示行业已基本触底，2026年有望成为周期反转的转折点。 中国三江化工(02198)一度涨超8%，截至发稿，涨6.9%，报4.03港元，成交额4132.84万港元。 ...

消息面上，2025年12月以来，化工行业迎来一场"全球性涨价潮"，巴斯夫、陶氏、亨斯迈等全球化工巨 头同步在欧洲、亚洲、中东等多个区域密集提价。国海证券表示，反内卷有望重估中国化工行业，后续 措施有望使全球化工行业产能扩张大幅放缓。中国化工行业具有充沛的经营活动现金流量净额，一旦扩 张放缓，潜在股息率将大幅提升，有望实现从吞金兽到摇钱树的转变。国金证券认为，当前化工行业正 处于长达四年的下行周期底部，多项指标显示行业已基本触底，2026年有望成为周期反转的转折点。 智通财经APP获悉，中国三江化工(02198)一度涨超8%，截至发稿，涨6.9%，报4.03港元，成交额 4132.84万港元。 ...