产业趋势：《石化化工行业稳增长工作方案（2025-2026年）》出台以来，在政策支持之下，产业科技 创新能力有望得到增强，新型市场及应用需求有望得到拓展，供给端有望得到科学调控，石化化工行业 转型升级有望加速。化工板块资本开支已近尾声，在建工程同比连续三个季度下滑，叠加老旧装置淘汰 更新+节能降碳等"反内卷"政策的深化与显效，部分两高及落后产能确定性退出，中小型企业加速出 清，供给端边际明显改善。2025三季度石化产业指数整体ROE小幅回升至10.1%，筑底态势趋于明确， 而市盈率分位数仍处于近十年中枢水平附近，板块估值性价比值得关注。 相关产品：化工行业ETF易方达（516570，场外联接A/C: 020104/020105）一键打包三桶油、万华化学 等石油石化、基础化工产业龙头，指数构成接近于石化化工板块中哑铃策略标的，同时涵盖高股息+高 成长成份券，2023年以来收益表现在可比化工行业指数中保持领先。化工行业ETF易方达管理+托管费 率0.15%+0.05%/年，显著低于石化化工板块的同类ETF产品，较低的费率能够有效为投资者降低成本支 出，以更高性价比布局石化化工产业供需两端共振向好发展机遇！ 以上内 ...

证券代码：600309 证券简称：万华化学 公告编号：临2026-02号 万华化学集团股份有限公司 关于股东减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 股东持股的基本情况：本次减持计划实施前，万华化学集团股份有限公司（以下简称"万华化 学"或"公司"）股东Prime Partner International Limited持有公司股份155,993,282股，占公司总股本的比例 为4.98%。 ● 减持计划的实施结果情况：公司于2025年11月14日披露了"万华化学关于股东减持股份计划公告"（公 告编号：临2025-65号），自减持计划公告之日起15个交易日之后至2026年1月31日前通过集中竞价方式 减持不超过公司总股本0.50%的股份，减持期间将遵守任意连续90日内减持股份的总数不超过万华化学 股份总数的1%。公司于2026年1月12日接到股东Prime Partner International Limited通知，本次减持计划 已实施完毕，在减持期间，合计减持公司股 ...

证券日报网讯 1月12日，万华化学发布公告称，PrimePartnerInternationalLimited于2025年12月5日至2026 年1月8日通过集中竞价减持万华化学15899903股，占总股本0.508%，减持金额约11.95亿元，因操作失 误超计划247545股，减持后持股降至4.48%。 （文章来源：证券日报） ...

Core Insights - The chemical industry is expected to experience a recovery in profitability in 2026, marking a new starting point for supply-demand rebalancing, driven by anti-involution policies and advancements in new productive forces such as AI and robotics [2][5]. Group 1: Industry Overview - The chemical industry faced a downturn in profitability and valuation in 2025, but signs of stabilization and recovery are anticipated in 2026 [2]. - The peak of capital expenditure in the chemical sector has passed, with fixed asset investment turning negative in the second half of 2025, indicating the end of the capacity expansion cycle [5][14]. - The Producer Price Index (PPI) for chemicals is expected to gradually turn positive in 2026 after a prolonged period of decline [14]. Group 2: Investment Themes - Capital expenditure is decreasing, and leading companies like Wanhua Chemical are expected to see a recovery in profitability as they reduce capital spending and increase their global market share in MDI [5]. - The anti-involution policy is reshaping supply dynamics, with a focus on quality development and the exit of outdated capacities, benefiting companies with innovative capabilities and export advantages [5]. - New materials are driving demand growth in traditional chemicals, with companies like Dinglong Technology and Anji Technology positioned to benefit from domestic substitution in high-end materials [5]. Group 3: Market Dynamics - Chemical prices have been under pressure, with the chemical product price index declining approximately 8.8% in 2025, but stock prices in the sector have rebounded by 33.3% [10][16]. - The operating rates of mainstream chemical products are showing signs of weakness, with inventory levels varying significantly across different products [17][18]. - The supply-demand balance for phosphate rock remains tight, with stable prices for high-grade phosphate rock, while the market for phosphate fertilizers is influenced by policy and demand fluctuations [46][43]. Group 4: Global Trends - The global chemical supply is shifting towards China, which has become the largest chemical producer, while European chemical production faces challenges due to high energy costs [31][33]. - The restructuring of supply chains due to tariff disturbances is prompting companies to adapt, with a focus on overseas expansion for leading chemical firms [26][22]. - The anti-involution policies are expected to enhance industry cash flow and promote sustainable development by curbing disorderly expansion and prioritizing profitability [40].

新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市公司传播ESG理念，提升ESG可持续发展表现。点 击查看【 ESG评级中心服务手册】 在全球可持续发展浪潮席卷而来的当下，ESG（环境、社会、公司治理）已成为衡量企业高质量发展的核心标尺，更是连接企业价值与社会价值的关键纽 带。随着国内ESG生态体系的加速完善，政策监管持续收紧、资本市场对ESG表现的关注度不断飙升，企业的可持续发展能力愈发成为其核心竞争力的重 要组成部分。 在此行业背景下，新浪财经重磅发布"2025中国企业ESG百强"榜单。该榜单依托新浪财经专业的ESG评级体系，以5000余家A股上市公司及在港上市内地 企业为评价对象，创新性搭建18套行业ESG评价模型，纳入150余项ESG指标，通过量化模型综合演算，对企业ESG表现进行全面、客观的综合评价，最 终筛选出中国ESG实践的标杆企业。榜单不仅为行业树立了发展典范，更为投资者提供了极具参考价值的决策依据。 万华化学在环境、社会、公司治理领域开展了大量工作，积累了丰富的创新实践与扎实的落地成果。凭借在ESG各领域的卓越表现，万华化学成功入选本 次新浪财经"2025 ...

证券代码：600309 证券简称：万华化学 公告编号：临 2026-02 号 万华化学集团股份有限公司 关于股东减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 1 股东持股的基本情况：本次减持计划实施前，万华化学集团股份有限公司（以下 简称"万华化学"或"公司"）股东 Prime Partner International Limited 持 有公司股份 155,993,282 股，占公司总股本的比例为 4.98%。 减持计划的实施结果情况：公司于 2025 年 11 月 14 日披露了"万华化学关于股 东减持股份计划公告"（公告编号：临 2025-65 号），自减持计划公告之日起 15 个交易日之后至 2026 年 1 月 31 日前通过集中竞价方式减持不超过公司总股本 0.50%的股份，减持期间将遵守任意连续 90 日内减持股份的总数不超过万华化学 股份总数的 1%。公司于 2026 年 1 月 12 日接到股东 Prime Partner International Limited 通知，本次 ...

万华化学公告，股东Prime Partner International Limited原持股1.56亿股，占4.98%；其减持计划为自2025 年11月14日披露后15个交易日至2026年1月31日前，通过集中竞价减持不超过0.50%股份。实际于2025 年12月5日～2026年1月8日减持1589.99万股，占0.508%，超计划24.75万股，占0.008%，减持价格68.69 ～77.25元/股，减持总金额11.95亿元；减持后持股1.4亿股，占4.48%。 ...

主力资金净流出的行业有20个，电力设备行业主力资金净流出规模居首，全天净流出资金140.93亿元， 其次是电子行业，净流出资金为111.93亿元，净流出资金较多的还有基础化工、有色金属、汽车等行 业。 基础化工行业今日上涨0.30%，全天主力资金净流出59.36亿元，该行业所属的个股共408只，今日上涨 的有266只，涨停的有2只；下跌的有130只，跌停的有1只。以资金流向数据进行统计，该行业资金净流 入的个股有126只，其中，净流入资金超5000万元的有8只，净流入资金居首的是万华化学，今日净流入 资金1.13亿元，紧随其后的是华峰超纤、银禧科技，净流入资金分别为8352.79万元、6955.48万元。基 础化工行业资金净流出个股中，资金净流出超亿元的有13只，净流出资金居前的有金发科技、多氟多、 普利特，净流出资金分别为13.88亿元、2.67亿元、2.53亿元。（数据宝） 沪指1月12日上涨1.09%，申万所属行业中，今日上涨的有28个，涨幅居前的行业为传媒、计算机，涨 幅分别为7.80%、7.26%。基础化工行业今日上涨0.30%。跌幅居前的行业为石油石化、煤炭、房地产， 跌幅分别为1.00%、0.4 ...

| 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 600309 | 万华化学 | -1.42% | 10.47% | | 601857 | 中国石油 | -0.20% | 7.63% | | 000792 | 盐湖股份 | 2.46% | 6.44% | | 600028 | 中国石化 | -3.73% | 6.44% | | 600938 | 甲国海海 | -0.56% | 5.22% | | 600160 | 巨化股份 | -3.91% | 4.51% | | 000408 | 藏格矿业 | -1.41% | 3.82% | | 600143 | 金发科技 | 3.25% | 3.69% | | 600426 | 华鲁恒升 | -1.53% | 3.31% | | 600989 | 宝幸能源 | -1.77% | 3.27% | 截至1月9日，石化ETF近2年净值上涨49.64%。从收益能力看，截至2026年1月9日，石化ETF自成立以来，最高单月回报为15.86%，最长连涨月数为8个月， 最长连涨涨幅为41.60%，上涨月份平均收益率为5.25 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [49]. Core Insights - The report suggests focusing on undervalued leading companies in the industry, the impact of "anti-involution" on the supply side of related sub-industries, and the importance of self-sufficiency in electronic materials companies amid strong downstream demand and price increases in certain new energy materials [3][12]. - The report highlights a mid-to-long-term investment theme where policy support is expected to lead to demand recovery, continuous optimization of the supply side, and potential dual improvements in performance and valuation for excellent leading enterprises [3][12]. - Emerging fields such as semiconductor materials, OLED materials, and new energy materials are identified as having significant growth potential due to rapid development in downstream industries [3][12]. Summary by Sections Industry Dynamics - As of January 9, the TTM price-to-earnings ratio for the SW basic chemical sector is 27.07, at the 80.09 percentile historically, while the price-to-book ratio is 2.45, at the 67.22 percentile historically [3][12]. - The SW oil and petrochemical sector has a TTM price-to-earnings ratio of 13.49, at the 40.05 percentile historically, and a price-to-book ratio of 1.31, at the 42.27 percentile historically [3][12]. Price Changes and Market Performance - During the week of January 5-11, 34 out of 100 tracked chemical products saw price increases, while 31 experienced declines, and 35 remained stable. Overall, 49% of products had month-over-month price increases, while 41% saw decreases [9][30]. - The average price of WTI crude oil rose to $59.12 per barrel, with a weekly increase of 3.14%, while Brent crude oil reached $63.34 per barrel, up 4.26% [31][30]. Key Recommendations - Recommended stocks include Wanhua Chemical, Hualu Hengsheng, Satellite Chemical, and others, with a focus on companies benefiting from policy support and strong demand in emerging sectors [3][12]. - The report identifies "golden stocks" for January as Wanhua Chemical and Yake Technology, emphasizing their potential for growth [3][12].