Core Viewpoint - The petrochemical sector is experiencing a positive trend, with the China Petrochemical Industry Index showing an increase, and significant inflows into the Petrochemical ETF, indicating strong investor interest and potential for growth [1][2]. Group 1: Market Performance - As of January 28, 2026, the China Petrochemical Industry Index rose by 0.54%, with key stocks like Zhejiang Longsheng hitting the daily limit up, and others such as China National Offshore Oil Corporation and Hubei Biopharma also seeing gains [1]. - The Petrochemical ETF (159731) increased by 0.39%, with a turnover rate of 4.34% during the trading session [1]. - Over the past 15 days, the Petrochemical ETF has attracted a total net inflow of 745 million yuan, reaching a record high of 1.018 billion shares and a total size of 1.045 billion yuan [1]. Group 2: Performance Metrics - The Petrochemical ETF has seen a net value increase of 62.39% over the past two years [1]. - The highest monthly return since inception was 15.86%, with the longest streak of consecutive monthly gains being 8 months and a maximum cumulative increase of 41.60% [1]. - The average monthly return during the rising months was 5.25%, and the ETF outperformed its benchmark with an annualized excess return of 2.35% over the past year [1]. Group 3: Industry Outlook - Tianfeng Securities indicates that a turning point in policy and capital expenditure is evident, with the concept of "anti-involution" suggesting improved profitability and healthier long-term development for the industry [1]. - The chemical industry is entering a strategic window, characterized by the exit of high-cost marginal capacity overseas and a restructuring of the global chemical order [1]. Group 4: Top Holdings - As of December 31, 2025, the top ten weighted stocks in the China Petrochemical Industry Index accounted for 56.73% of the index, including Wanhua Chemical, China Petroleum, and China Petrochemical among others [2].

Group 1 - Oil prices increased due to the situation in Iran, adverse weather in the US, and a weakening dollar, with WTI crude oil futures closing at $62.39 per barrel, up 2.9%, and Brent crude oil futures at $67.57 per barrel, up 3.02% [1] - According to the IEA's January 21 report, the global oil demand growth forecast for 2025/2026 was raised to 850,000/930,000 barrels per day, driven by improved macroeconomic and trade outlooks, alongside a decline in oil prices and a weaker dollar [1] - The demand for petrochemical feedstock is recovering, with jet fuel leading the growth in fuel products, while non-OECD countries are expected to contribute to the entire demand increase in 2026 [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the National Oil and Gas Index (399439) include China National Petroleum, Sinopec, CNOOC, and others, accounting for 67.11% of the total index [2] - The oil ETF Penghua (159697) closely tracks the National Oil and Gas Index, reflecting the price changes of listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [1][2]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 2026年1月26日，中国石化集团公司2026年工作会议在京召开，总结2025年工作和"十四五"发展成就，研 究提出"十五五"发展思路和目标任务，部署2026年重点工作。 点评： 一、全面开启二次创业新征程，奋力谱写新时代振兴石化新篇章 二、引领石化事业新发展，2026年做好六项工作 侯启军强调，2026年重点要打好六大攻坚战。要打好安全环保攻坚战，加力推进设备更新改造，压茬推进 安全生产治本攻坚行动，提升环境保护和绿色低碳水平。打好能源保障攻坚战，加大国内油气勘探开发力 度，提升油气基础设施安全保障水平，推动境外油气业务增储上产提效。打好市场营销攻坚战，创新营销 理念，把成品油、天然气、化工品三大销售打造成黄金终端， ...

Group 1 - The article highlights significant breakthroughs in the domestic production of chemical new materials, showcasing advancements in various sectors such as carbon fiber, optical films, and polymer materials [2][3] - Wuhan University of Technology has successfully developed a complete industrial chain for high-performance large-tow carbon fiber, establishing a self-controlled technology system and application ecosystem [2] - Kanghui New Materials has achieved international standards in the production process of polarizer protective base films, marking a qualitative leap in key quality indicators such as temperature resistance and defect rate [2] - Plit has announced the large-scale production of its LCP film products, which are now being supplied in bulk [2] - Wanrun Co., Ltd. has initiated trial production of its polyether imide (PEI) product with an annual capacity of 1,500 tons [2] Group 2 - Sinopec has made a critical breakthrough in the synthesis of 4-methyl-1-pentene (4M1P), achieving an average purity of over 98%, which is essential for manufacturing ECMO membrane materials [3] - This breakthrough is expected to reduce reliance on imports and provide high-performance material options for emerging industries such as 5G communications and flexible electronics [3] - China National Petroleum Corporation (CNPC) has made significant progress in the adaptive transformation project for domestic POE (polyolefin elastomer), aiming to produce nearly 60,000 tons by 2025, breaking foreign technical monopolies [5][6] - POE is widely used in photovoltaic components and automotive lightweight parts, with China being the largest consumer market for POE, despite a 95% import dependency as of last year [6] - Jinfa Technology has launched a pilot production line for special aromatic olefin polymers, with plans for a 10,000-ton industrialization project by 2028 [8] - The company has also successfully started a production line for thermoplastic polyimide (TPI), achieving a breakthrough in domestic production [8]

Group 1 - The core point of the article is that Xilong Science Co., Ltd. has won a procurement project from Sinopec Catalyst Co., Ltd. with a bid amount of 1.792 million yuan for iron nitrate [1] Group 2 - Xilong Science (002584.SZ) reported a revenue of 7.816 billion yuan in 2024, with a revenue growth rate of 10.22% and a net profit attributable to the parent company of 62 million yuan, reflecting a net profit growth rate of 85.24% [2] - In the first half of 2025, the company reported a revenue of 3.368 billion yuan, with a revenue growth rate of -14.78% and a net profit attributable to the parent company of -75 million yuan, indicating a net profit growth rate of -276.35% [3] - The company operates in the materials industry, primarily dealing with inorganic chemical raw materials, with its 2024 revenue composition being 56.48% specialized chemicals, 22.63% chemical raw materials, 11.81% electronic chemicals, 7.92% general reagents, 0.68% raw materials for pharmaceuticals and food additives, 0.31% lithium battery cathode materials, and 0.16% other businesses [3]

来源：市场资讯 中石化（上海）石油化工研究院有限公司，成立于2022年，位于上海市，是一家以从事研究和试验发展 为主的企业。企业注册资本49800万人民币。通过天眼查大数据分析，中石化（上海）石油化工研究院 有限公司共对外投资了2家企业，参与招投标项目2837次，专利信息875条，此外企业还拥有行政许可 133个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，中国石油化工股份有限公司;中石化（上海）石油化工研究院有限公司取得 一项名为"循环流化床反应器及其应用"的专利，授权公告号CN119701798B，申请日期为2024年9月。 天眼查资料显示，中国石油化工股份有限公司，成立于2000年，位于北京市，是一家以从事石油和天然 气开采业为主的企业。企业注册资本12173968.9893万人民币。通过天眼查大数据分析，中国石油化工 股份有限公司共对外投资了269家企业，参与招投标项目5000次，财产线索方面有商标信息45条，专利 信息5000条，此外企业还拥有行政许可41个。 ...

国家知识产权局信息显示，中国石油化工股份有限公司、中国石化销售股份有限公司取得一项名为"一 种加油站地罐容量的校准方法"的专利，授权公告号CN116007703B，申请日期为2022年12月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 天眼查资料显示，中国石油化工股份有限公司，成立于2000年，位于北京市，是一家以从事石油和天然 气开采业为主的企业。企业注册资本12173968.9893万人民币。通过天眼查大数据分析，中国石油化工 股份有限公司共对外投资了269家企业，参与招投标项目5000次，财产线索方面有商标信息45条，专利 信息5000条，此外企业还拥有行政许可41个。 中国石化销售股份有限公司，成立于1985年，位于北京市，是一家以从事批发业为主的企业。企业注册 资本2840300万人民币。通过天眼查大数据分析，中国石化销售股份有限公司共对外投资了1514家企 业，参与招投标项目5000次，财产线索方面有商标信息303条，专利信息241条，此外企业还拥有行政许 可144个。 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 天眼查资料显示，中国石油化工股份有限公司，成立于2000年，位于北京市，是一家以从事石油和天然 气开采业为主的企业。企业注册资本12173968.9893万人民币。通过天眼查大数据分析，中国石油化工 股份有限公司共对外投资了269家企业，参与招投标项目5000次，财产线索方面有商标信息45条，专利 信息5000条，此外企业还拥有行政许可41个。 中石化（上海）石油化工研究院有限公司，成立于2022年，位于上海市，是一家以从事研究和试验发展 为主的企业。企业注册资本49800万人民币。通过天眼查大数据分析，中石化（上海）石油化工研究院 有限公司共对外投资了2家企业，参与招投标项目2837次，专利信息873条，此外企业还拥有行政许可 133个。 国家知识产权局信息显示，中国石油化工股份有限公司和中石化（上海）石油化工研究院有限公司取得 一项名为"一种电池隔膜及其制备方法和含有该隔膜的锂硫电池"的专利，授权公告号CN119581794B， 申请日期为2023年9月。 ...

Group 1 - The global chemical industry is transitioning from "overcapacity" to "high-quality supply" by 2026, driven by national growth policies, marginal recovery in overseas demand, and the initiation of a restocking cycle, leading to a stabilization and rebound in the prices of basic chemicals and a significant improvement in industry profit expectations [1][3]. - The E Fund Chemical Industry ETF (516570) has become a core tool for investors to capitalize on the petrochemical industry's recovery, with the index it tracks rising by 15.10% in the past month and 51.39% over the past year as of January 26, 2026 [1][5]. - The ETF has attracted significant capital inflow, with over 180 million yuan in net inflows in the past five days and over 270 million yuan in the past twenty days [1][5]. Group 2 - The "High-Quality Development" policy framework has been established, emphasizing the control of new refining capacities and the scientific regulation of ethylene and paraxylene production, marking a shift from quantity-driven growth to quality and efficiency improvements [3][4]. - A global restocking cycle has commenced, with widespread price increases for chemical products, including a 550 yuan/ton increase for butadiene and a 100 yuan/ton increase for bisphenol A, alongside sulfur prices reaching near ten-year highs [3][4]. - Major international companies like BASF and Dow have also raised prices for MDI/TDI, indicating a strong performance in the polyurethane market, supported by increased global oil demand projected at 950,000 barrels per day for 2026 [4][5]. Group 3 - Chemical companies are expected to report positive earnings, with Salt Lake Co. forecasting a net profit of 8.29 to 8.89 billion yuan for 2025, representing a year-on-year growth of 77.78% to 90.65%, and other companies like Juhua Co. and Cangge Mining also projecting significant profit increases [5][6]. - The E Fund Chemical Industry ETF (516570) tracks the CSI Petrochemical Industry Index, with top holdings including major companies like Wanhua Chemical and China Petroleum, covering over 56% of the index, thus providing a balanced exposure to both energy security and growth in new materials [5][6]. - The ETF has a low comprehensive fee rate of 0.20% per year, making it an ideal tool for participating in the current economic upturn in the chemical sector [5][6].

Market Overview - The refining and trading sector increased by 0.14% compared to the previous trading day, with Runbei Hangke leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Stock Performance - Runbei Hangke (001316) closed at 51.30, up 7.55% with a trading volume of 97,700 shares and a transaction value of 473 million [1] - Daqing Huake (000985) closed at 21.85, up 2.25% with a trading volume of 61,000 shares and a transaction value of 132 million [1] - Wanbangda (300055) closed at 8.35, up 2.20% with a trading volume of 255,100 shares and a transaction value of 209 million [1] - Other notable stocks include Heshun Petroleum (603353) at 35.56, up 1.80%, and Dongfang Gan (000301) at 12.46, up 1.30% [1] Capital Flow - The refining and trading sector experienced a net outflow of 166 million from main funds, while retail investors saw a net inflow of 105 million [2] - The sector's main funds saw significant movements, with China Petroleum (601857) having a net inflow of 97.27 million, while Runbei Hangke (001316) had a net inflow of 48.87 million [3] - Shanghai Petrochemical (600688) also saw a net inflow of 37.44 million, indicating strong interest from main funds [3]