国信证券近日发布2026年石化化工行业1月投资策略：石化化工是周期性行业，现阶段石化化工行业"内 卷式"竞争问题突出，低质量、同质化的无序竞争导致企业普遍面临增产不增利困境，全行业营业收入 利润率从2021年的8.03%持续降至2024年的4.85%，2025年以来部分子行业率先复苏，前三季度行业归 母净利润同比增长10.56%，行业盈利逐渐企稳复苏。 以下为研究报告摘要： 核心观点 展望2026年1月，考虑到原油价格维持中等水平，且波动区间收窄，炼油炼化等重要化工行业成本将有 所减弱，整体利润将有所恢复，同时我们看好储能需求增长有望拉动磷矿石价值重估，钾盐资源的长期 稀缺性及可持续行业燃料(SAF)的长期巨大增长空间，我们重点推荐炼油炼化、钾肥、磷化工及SAF等 领域投资方向。 炼油炼化板块，考虑到2026年国际原油价格维持中等水平，且波动区间收窄，炼油炼化等重要化工行业 成本将有所减弱，整体利润将有所恢复。同时我国炼油产能整体过剩严重，近年小规模炼厂退出且国内 炼油行业持续"减油增化"，叠加"反内卷"政策信号明确有力的推动，我们预计包含芳烃产业链的炼油炼 化行业供需关系将持续优化，重点推荐【中国石油（60 ...

核心观点 石化化工行业2026年1月投资观点： 石化化工是周期性行业，现阶段石化化工行业"内卷式"竞争问题突出，低质量、同质化的无序竞争导致 企业普遍面临增产不增利困境，全行业营业收入利润率从2021年的8.03%持续降至2024年的4.85%， 2025年以来部分子行业率先复苏，前三季度行业归母净利润同比增长10.56%，行业盈利逐渐企稳复 苏。 供给端：化学原料及化学制品制造业投资固定资产累计投资额于2025年6月开始转负，SW基础化工行业 及多个细分子行业的资本开支连续多个季度转负，此轮行业扩产周期接近尾声；9月"石化化工行业稳增 长"政策正式出台，旨在治理企业低价无序竞争、推动落后产能有序退出，有机硅、己内酰胺、PTA聚 酯等子行业相继响应"反内卷"出台或正在制定行业指导文件。我们认为，后续将会看到更多化工产品新 产能审批趋严、落后产能（如规模小、能耗高、污染大）将加速出清，石化化工行业供给过剩问题将得 到有效缓解。 需求端：传统需求方面，伴随着全球央行进入降息周期及暂停缩表，在货币政策及财政政策刺激下我们 看好石化化工传统需求有望实现温和复苏；新兴需求方面，从新能源、SAF到AI，关键化学品材料始终 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The rise in PX prices has triggered a bullish trend in the petrochemical sector, indicating long-term recovery opportunities for the industry [2][7] - The report highlights that the increase in PX prices, with futures rising over 800 CNY/ton and spot prices up about 340 CNY/ton, has improved profit expectations for refining companies [7] - The report emphasizes that the refining industry has faced prolonged downturns, with major companies encountering challenges such as declining domestic demand for refined oil and stagnant export quotas [7] - The appointment of new leadership at China Petroleum & Chemical Corporation is seen as a potential catalyst for industry recovery [7] Summary by Relevant Sections Investment Recommendations and Targets - Recommended leading companies in the refining sector include Sinopec (600028, Buy), Rongsheng Petrochemical (002493, Buy), and Hengli Petrochemical (600346, Buy) [3] - The report expresses optimism for recovery opportunities across various chemical sub-industries, including MDI leader Wanhua Chemical (600309, Buy) and companies in the PVC sector such as Zhongtai Chemical (002092, Not Rated), Xinjiang Tianye (600075, Not Rated), and Chlor-alkali Chemical (600618, Not Rated) [3] - In the phosphoric chemical sector, companies like Chuanheng Co. (002895, Not Rated) and Yuntianhua (600096, Not Rated) are highlighted due to growth driven by energy storage [3] - The oxalic acid industry recommendations include Hualu Hengsheng (600426, Buy), Huayi Group (600623, Buy), and Wankai New Materials (301216, Buy) [3]

化工板块今日（12月30日）重拾攻势！反映化工板块整体走势的化工ETF（516020）早盘低开后震荡拉 升，盘中场内价格最高涨幅达到2.56%，截至收盘，涨1.98%，收盘价续创2022年9月以来新高。 成份股方面，石化、涤纶、磷化工、锂电等板块部分个股涨幅居前。截至收盘，恒逸石化涨停，新凤 鸣、荣盛石化双双大涨超7%，恒力石化涨超6%，金发科技、云天化、天赐材料等亦涨幅居前。 | | | 分时 多日 1分 5分 15分 30分 · | | | | F9 盘前盘后 盛加 九菲 图线 工具 份 O | | > | 4. TETF O | | | | 516020 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.88 | | | | 516020(化工ETF] 14:15 价 0.877 滚跌 0.017(1.98%) 均价 0.870 周交量 2541 1. | | | | | 0.877 | | | +0.017 +1.98% | | | 0.871 | | | | Ac. ...

Group 1 - The agricultural chemical sector increased by 0.98% on December 30, with Yuntianhua leading the gains [1] - The Shanghai Composite Index closed at 3965.12, showing no change, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1] - Key stocks in the agricultural chemical sector included Yuntianhua, which rose by 3.81% to a closing price of 33.82, and Zhejiang Yi, which increased by 3.56% to 10.18 [1] Group 2 - The agricultural chemical sector experienced a net outflow of 153 million yuan from institutional investors, while retail investors saw a net inflow of 244 million yuan [2] - Notable declines in the sector included Guoguang Co., which fell by 5.59% to 13.17, and Ying Tai Biological, which decreased by 1.77% to 3.88 [2] - The trading volume for the agricultural chemical sector was significant, with Yuntianhua recording a trading volume of 671,000 shares [1][2] Group 3 - Yuntianhua had a net inflow of 35.64 million yuan from institutional investors, while retail investors had a net outflow of 59.10 million yuan [3] - Other companies like Hongda Co. and Hubei Yihua also saw positive net inflows from institutional investors, indicating varied investor sentiment across the sector [3] - The overall market sentiment reflected a mixed performance, with some stocks gaining while others faced declines [2][3]

Group 1 - The chemical sector has regained momentum, with the chemical ETF (516020) experiencing a price increase of 1.4% after a low opening, reaching a maximum intraday gain of 1.63% [1] - Key stocks in the sector, including Hengyi Petrochemical, Rongsheng Petrochemical, and Xin Fengming, saw significant gains, with Hengyi Petrochemical rising over 6% and others increasing by more than 5% [1][2] - A recent conference on the high-quality development of the fertilizer industry highlighted the industry's transition towards quality and efficiency, aligning with the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" [1] Group 2 - According to Huaxin Securities, the chemical industry remains in a weak position overall, with mixed performance across sub-sectors due to past capacity expansions and weak demand, although some sectors like lubricants have exceeded expectations [3] - The chemical ETF (516020) is currently at a price-to-book ratio of 2.57, which is considered relatively reasonable based on historical data, suggesting potential for medium to long-term investment [3] - According to Everbright Securities, the basic chemical industry is expected to see strong demand from new materials, particularly in emerging applications like AI and OLED, which will drive growth in core materials such as photoresists [5] Group 3 - The chemical ETF (516020) tracks the CSI Sub-Industry Chemical Theme Index, covering various sub-sectors and concentrating nearly 50% of its holdings in large-cap leading stocks, which provides an opportunity to capitalize on strong market leaders [5] - The ETF also includes significant positions in sectors like phosphate and nitrogen fertilizers, as well as fluorine chemicals, allowing for a comprehensive approach to investment opportunities in the chemical sector [5]

从基金十大重仓股角度 数据显示，中邮基金旗下1只基金重仓云天化。中邮中证500指数增强A（590007）三季度持有股数2.41 万股，占基金净值比例为1.5%，位居第九大重仓股。根据测算，今日浮盈赚取约7953元。 资料显示，云南云天化股份有限公司位于云南省昆明市滇池路1417号，成立日期1997年7月2日，上市日 期1997年7月9日，公司主营业务涉及化肥、磷矿采选、有机化工等。主营业务收入构成为：磷肥 27.99%，商品粮食19.87%，复合(混)肥12.51%，尿素10.28%，商贸化肥10.03%，其他5.25%，饲料级磷 酸钙盐4.14%，聚甲醛2.38%，其他商贸物流2.35%，磷矿石1.17%，液氨0.91%，黄磷0.89%，其他(补 充)0.89%，煤炭0.53%，磷酸0.44%，季戊四醇0.38%。 12月30日，云天化涨1.01%，截至发稿，报32.91元/股，成交3.77亿元，换手率0.64%，总市值599.95亿 元。 中邮中证500指数增强A（590007）基金经理为王高。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预 ...

证券日报网讯 12月29日，云天化（600096）在互动平台回答投资者提问时表示，截至2025年12月19 日，公司股东人数为10.62万户。 ...

截至12月29日收盘，氟化工概念下跌1.61%，位居概念板块跌幅榜前列，板块内，宏源药业、多氟多、 深圳新星等跌幅居前，股价上涨的有10只，涨幅居前的有海南矿业、尚纬股份、安靠智电等，分别上涨 3.09%、3.06%、1.36%。 资金面上看，今日氟化工概念板块获主力资金净流出49.51亿元，其中，50股获主力资金净流出，10股 主力资金净流出超亿元，净流出资金居首的是多氟多，今日主力资金净流出11.14亿元，净流出资金居 前的还有天际股份、天赐材料、南大光电等，主力资金分别净流出10.45亿元、5.65亿元、3.82亿元。今 日主力资金净流入居前的概念股有云天化、华邦健康、中密控股等，主力资金分别净流入1.23亿元、 205.00万元、80.09万元。（数据宝） 氟化工概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002407 | 多氟多 | -8.06 | 20.47 | -111436.96 | | 002759 | 天际股份 | 0.40 | 36.19 | -10445 ...

Market Overview - The agricultural chemical sector experienced a decline of 1.48% on December 29, with Runfeng Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - Notable gainers in the agricultural chemical sector included: - Beisimei (300796) with a closing price of 8.76, up 1.39% on a trading volume of 54,300 shares and a turnover of 47.32 million yuan [1] - Nongxin Technology (001231) at 22.72, up 1.38% with a trading volume of 25,600 shares and a turnover of 57.69 million yuan [1] - Baiao Chemical (603360) at 31.68, up 1.38% with a trading volume of 120,500 shares and a turnover of 381 million yuan [1] - Conversely, significant decliners included: - Runfeng Co., Ltd. (301035) at 66.10, down 5.58% with a trading volume of 34,100 shares and a turnover of 228 million yuan [2] - Yanhai Co., Ltd. (000792) at 27.69, down 4.48% with a trading volume of 1,063,600 shares and a turnover of 2.994 billion yuan [2] - Zhejiang Agricultural Co., Ltd. (002758) at 9.83, down 3.91% with a trading volume of 170,200 shares [2] Capital Flow - The agricultural chemical sector saw a net outflow of 637 million yuan from institutional investors, while retail investors contributed a net inflow of 407 million yuan [2] - Key stocks with notable capital flows included: - Yuntianhua (600096) with a net inflow of 12.8 million yuan from institutional investors [3] - Baiao Chemical (603360) with a net inflow of 18.96 million yuan from institutional investors [3] - Runfeng Co., Ltd. (301035) had a net outflow of 30.6 million yuan from institutional investors but a net inflow of 20.74 million yuan from retail investors [3]