Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to experience an upward cycle due to the implementation of "anti-involution" policies in China and the accelerated exit of some European facilities [29] - The report highlights the potential for domestic substitution of semiconductor materials from Japan due to rising geopolitical tensions, which could benefit various companies in the sector [5] - The chromium salt industry is undergoing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with a projected supply-demand gap of 340,900 tons by 2028 [8] Summary by Sections Industry Performance - The chemical industry has shown strong relative performance with a 1-month increase of 10.7%, 3-month increase of 9.6%, and a 12-month increase of 45.1%, outperforming the CSI 300 index [3] Price Trends - Key products such as lithium carbonate and polysilicon have seen significant price increases, supported by policy guidance and industry self-discipline [12] - The price of chromium salts has remained stable, with metal chromium priced at 82,000 CNY/ton as of January 9, 2026 [15] Investment Opportunities - Focus on companies with low-cost expansion capabilities, such as Wanhu Chemical and Hualu Hengsheng, as well as those in sectors with improving market conditions like chromium salts and phosphates [6][9] - High dividend yield opportunities are identified in state-owned enterprises like China Petroleum and China National Chemical [10] Key Company Tracking - Companies such as Dongfang Shenghong and Huabei Yihua are highlighted for their earnings potential, with projected EPS growth for 2026 [30] - The report tracks specific price movements for various chemicals, including a notable increase in the price of ammonium phosphate and a stable price for urea [17][19]

Investment Rating - The report maintains a positive outlook on the basic chemical industry, highlighting strong performance in various sub-sectors and suggesting potential investment opportunities in specific companies [3][4][5]. Core Insights - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil (China National Aviation Fuel) is a significant development, marking the first major state-owned enterprise restructuring in 2026, which is expected to enhance the production and application of sustainable aviation fuel (SAF) [3]. - The domestic urea market has shown signs of recovery, with prices rising to over 1700 RMB per ton, a 9% increase from the lowest point in October 2025, driven by steady demand and reduced supply [3][4]. - The report identifies several investment themes, including the competitiveness of domestic tire manufacturers, the potential recovery in consumer electronics, and the resilience of certain cyclical industries [4][5][7]. Summary by Sections Market Performance - The Shanghai Composite Index rose by 3.82%, the ChiNext Index by 3.89%, and the CSI 300 Index by 2.79%. The CITIC Basic Chemical Index increased by 5.39%, and the Shenwan Chemical Index by 5.03% [13][16]. - The top-performing sub-sectors included rubber additives (17.27%), electronic chemicals (15.08%), and modified plastics (9.87%) [16]. Key Industry Dynamics - Sinopec and China Aviation Oil's restructuring aims to streamline operations and enhance the production of SAF, positioning the companies for future growth in a low-carbon economy [3]. - The urea market is expected to continue its upward trend, with a forecast for moderate price increases in the near future due to favorable supply-demand dynamics [3][4]. Investment Themes - **Tire Industry**: Domestic tire manufacturers are becoming increasingly competitive, with recommended stocks including Sailun Tire, Senqcia, General Tire, and Linglong Tire [4]. - **Consumer Electronics**: A gradual recovery in consumer electronics is anticipated, with upstream material companies expected to benefit. Recommended stocks include Dongcai Technology, Stik, Lite-On Optoelectronics, and Ruian New Materials [4]. - **Cyclical Industries**: Focus on industries with strong resilience and inventory destocking, particularly in phosphate and fluorine chemicals, as well as polyester filament [5][7]. - **Vitamin Supply**: Attention is drawn to vitamin products due to supply disruptions from BASF, which may lead to market imbalances [7].

Group 1 - The European Commission's report on the "2025 EU Industrial R&D Investment Scoreboard" reveals that 25 Chinese chemical companies are among the top 2000 global industrial R&D investors for 2025 [1] - Among the top 2000 companies, there are 98 chemical firms, with a total R&D investment of €26 billion in 2024, averaging €1.32 million per chemical company [2] - BASF leads the chemical industry with an R&D investment of €2.1 billion in 2024, ranking 121st overall; Syngenta ranks 149th with €1.71 billion, and Corteva ranks 194th with €1.34 billion [2] Group 2 - By country, Japan has the highest number of companies on the list with 27, followed by China with 25, the USA with 19, Germany with 8, and Switzerland with 5 [3] - The total R&D investment of the top 2000 companies in 2024 is €144.6 billion, accounting for over 90% of global corporate R&D investment [3] - The top ten companies globally include Amazon, Alphabet (Google's parent company), Meta (Facebook's parent company), Microsoft, Apple, Huawei, Samsung Electronics, Volkswagen, Johnson & Johnson, and Intel [4] Group 3 - The detailed list of the top chemical companies includes BASF (Germany), Syngenta (Switzerland), Corteva (USA), and others, with their respective R&D expenditures listed in millions of euros [5][6] - Notable Chinese companies in the list include Rongsheng Petrochemical (ranked 404th with €560.95 million), Wanhua Chemical (525th with €409.33 million), and others [5][6] - The report highlights the competitive landscape of the chemical industry, showcasing significant investments in R&D by various global players [2][3]

石化ETF(159731)，场外联接(华夏中证石化产业ETF发起式联接A：017855；华夏中证石化产业ETF发起式联接C：017856)。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 600309 | 万华化学 | -0.94% | 10.47% | | 601857 | 中国石油 | -0.41% | 7.63% | | 000792 | 盐湖股份 | -1.05% | 6.44% | | 600028 | 中国石化 | 0.82% | 6.44% | | 600938 | 甲国海海 | 0.60% | 5.22% | | 600160 | 巨化股份 | -0.92% | 4.51% | | 000408 | 藏格矿业 | -0.95% | 3.82% | | 600143 | 金发科技 | 9.99% | 3.69% | | 600426 | 华鲁恒升 | 0.76% | 3.31% | | 600989 | 宝丰能源 | -1.78% | 3.27% | （以上所列 ...

Core Insights - The polyurethane industry in China is focusing on innovation and green low-carbon development during the 14th Five-Year Plan, solidifying its global leadership in scale while achieving improvements in quality, efficiency, technological innovation, structural optimization, and sustainable development capabilities [1] Group 1: Industry Scale and Self-Sufficiency - The polyurethane industry in China continues to expand, maintaining its position as the largest producer and consumer globally, with over 40% of the world's core raw material capacity [2] - By 2025, China's production capacity for MDI is expected to reach 4.99 million tons, and TDI capacity is projected to be 1.99 million tons, reinforcing its status as the largest producer and supplier of isocyanates [2] - Epoxy propane capacity is anticipated to grow from 3.37 million tons in 2020 to 8.15 million tons by 2025, while polyether polyol production is expected to exceed 10 million tons, with an increasing proportion of high-end products [2] Group 2: Application Expansion and Emerging Dynamics - China's polyurethane product consumption remains the highest globally, with an expected total consumption of 14.19 million tons by 2025, supporting various downstream industries such as home furnishings, energy-efficient construction, transportation, and new energy [3] - Traditional foam products maintain a solid market presence while upgrading towards greener, high-performance solutions, with environmentally friendly products in the CASE (coatings, adhesives, sealants, elastomers) sector becoming mainstream [3] - The penetration of polyurethane materials in strategic emerging industries like new energy vehicles, wind power, photovoltaics, and biomedical applications is rapidly increasing, contributing significantly to industry growth [3] Group 3: Technological Innovation and Core Competencies - The industry emphasizes technological innovation as a core driver of development, achieving breakthroughs in key processes, green technologies, and high-end product development [4] - Companies like Wanhua Chemical are leading in isocyanate manufacturing technology, with significant advancements in green circular technologies [4] - Progress in continuous polyether polyol processes and new catalysts has been made by companies such as Sinochem Dongda and Ennovate, while research on bio-based and CO₂-based polyols is accelerating [4] Group 4: Structural Optimization and Quality Improvement - The industry is increasingly focused on quality and structural optimization, with rising industry concentration leading to the emergence of competitive leading enterprises and specialized small and medium-sized enterprises [5] - The establishment of national-level manufacturing champions indicates that the industry has reached a global leading level in specific product areas [5] - The industry layout is becoming more scientific, forming distinctive and efficient polyurethane industry clusters that promote resource optimization and regional economic development [5] Group 5: Environmental and Intelligent Development - The industry actively responds to the national "dual carbon" strategy, integrating green development and digital transformation to enhance sustainable development capabilities [6] - Significant achievements in green manufacturing include the widespread application of environmentally friendly foaming agents and the large-scale industrialization of solvent-free and water-based polyurethane technologies [6] - The implementation of production execution systems and enterprise resource planning systems has improved operational efficiency, while the construction of automated production lines and intelligent logistics systems is accelerating [7]

Group 1 - Wanhua Chemical's Yantai Industrial Park's ethylene unit has completed a technical upgrade and resumed production, achieving flexible feedstock switching between ethane and propane, enhancing competitiveness in the petrochemical industry [1] - United Water has won a long-term operation contract for municipal wastewater treatment in Saudi Arabia, with an estimated total investment of approximately 378 million RMB over a 15-year cooperation period [2] - Minsheng Health plans to invest 98 million RMB to establish a fund focused on the health industry, contributing 49% of the total fund size of 200 million RMB [3] Group 2 - Jialitu's shareholder, Anle Group, plans to reduce its stake by up to 3% of the company's total shares [4] - Laiyifen's controlling shareholder intends to reduce its stake by no more than 3% of the total shares [5] - Taifu Pump's actual controller's concerted action party plans to reduce its stake by up to 0.535% [7] Group 3 - Vanke A's executive vice president, Yu Liang, has resigned due to retirement [8] - Tian Sheng New Materials has suspended trading due to a potential change in control involving its largest shareholder [10] - Taisun Wind Power is in the early stages of business layout in the commercial aerospace sector [11] Group 4 - Lushin Investment holds only 0.89% equity in Blue Arrow Aerospace, indicating minimal impact on its financial status [12] - Huibo Pu's controlling shareholder is planning a change in control, leading to stock suspension [13] - Tubaobao's subsidiary is selling a stake in Daziran Home and acquiring specific equity for 4 billion RMB [14] Group 5 - Xingchen Technology plans to repurchase shares worth between 60 million and 120 million RMB for employee stock ownership plans [15] - Pulite expects no large-scale orders for its LCP film products in the brain-computer interface sector in the short term [16] - Rijiu Optoelectronics plans to raise up to 800 million RMB through a private placement for a functional film project [17] Group 6 - Yingqu Technology forecasts a net profit increase of 114.69% to 162.4% in 2025, with expected revenue growth of 13% to 18% [19] - Shanda Electric has won a project from Southern Power Grid worth approximately 13.43 million RMB [20] - Changhong Technology's subsidiary has secured over half of a major semiconductor customer's procurement share, amounting to over 10 million RMB [21] Group 7 - Pairui Co. has signed a framework agreement for bulk procurement of IGBT chips, with projected orders totaling approximately 1.74 billion RMB [22] - Aimeike has received a drug registration certificate for its exclusive distribution of injectable botulinum toxin products in China [23] - Quanyin High-Tech's stock will resume trading after a takeover offer from Zhongzhong Group, which now holds 40.51% of the company [24] Group 8 - Hailiang Co. has decided to suspend its investment in Jinlong Group due to significant external changes [25] - Quanxin Co. plans to issue convertible bonds to raise up to 312 million RMB for aviation communication projects [26] - Kangtai Bio's clinical trial application for a combined vaccine has been accepted by the National Medical Products Administration [27] Group 9 - Huaxia Happiness expects to report a net loss for 2025, with losses projected to exceed the previous year's audited net assets [28] - Xianju Pharmaceutical has received a drug registration certificate for Betamethasone Sodium Phosphate Injection [29] - Huaxia Happiness's controlling shareholder is involved in arbitration with a claim amount of approximately 6.4 billion RMB [30] Group 10 - Shaoneng Co. has launched its smart control center project, with an investment of 8.7 million RMB [31] - Jiangshun Technology is planning to establish an investment fund with professional institutions, with details still under discussion [32] - Beifang Changlong intends to acquire 51% of Shunyi Technology, which may constitute a major asset restructuring [33] Group 11 - Guoji Heavy Industry's revenue from "controlled nuclear fusion" products is currently negligible [34] - Hongrun Construction's shareholder plans to reduce its stake by up to 0.12% [35] - Puni Testing expects a net loss of 200 to 250 million RMB for 2025, although this represents an improvement from the previous year's loss [36] Group 12 - Kede Education's controlling shareholder is planning a change in control through a share transfer agreement [38] - Zhongwei Company’s major shareholder plans to reduce its stake by up to 2% [39] - Tongcheng New Materials is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange [40] Group 13 - ST Jianyi's shareholder plans to reduce its stake by up to 1.23% [41]

烟台产业园乙烯一期装置改造完成后，实现了乙烷、丙烷两种原料可以切换的柔性进料方式，通过优化 生产资料配置，培育新质生产力，有效提升万华石化产业链竞争力。 股票简称：万华化学 股票代码：600309 公告编号：临2026-01号 特此公告。 万华化学集团股份有限公司 烟台产业园乙烯一期装置技改复产公告 本公司董事会及全体董事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个别及连带责任。 根据公司于2025年5月23日发布的"万华化学集团股份有限公司烟台产业园乙烯一期装置停产技改公 告"（临2025-31号），烟台产业园100万吨/年乙烯一期装置于2025年6月3日开始停产，进行原料多元化 改造。截至目前，此次乙烯一期装置原料改造全部完成，由乙烷裂解生产乙烯，已经产出合格产品。 2026年1月9日 万华化学集团股份有限公司 ...

Summary of Chemical Industry Conference Call Industry Overview - The chemical industry is currently at the bottom of the economic cycle, influenced by weak global manufacturing PMI and slowing demand growth, leading to weak chemical PPI performance [1][3] - A potential recovery in demand could occur if the Federal Reserve lowers interest rates or if domestic consumption policies are implemented, which would benefit the recovery of chemical PPI [1][4] Key Trends and Changes - The price of oil is lower than that of coal, resulting in a lack of cost support for chemical prices, while domestic real estate and high mortgage rates in the U.S. are suppressing demand [1][5] - If U.S. mortgage rates fall below 4% due to continued rate cuts, overseas real estate may recover, benefiting domestic building materials-related stocks [1][5] - The global chemical industry landscape is changing, with the sales share of European and American countries declining, while China's share has increased significantly, now accounting for nearly half of the global market [1][7] Supply and Demand Dynamics - Domestic fixed asset investment in basic industries like petrochemicals has turned negative year-on-year, indicating a reduction in new investments, which may lead to a recovery in PPI prices when supply becomes insufficient [1][9] - The overall ROE in the chemical industry is low, but many sub-sectors are undervalued. The fourth quarter may see a recovery in PB valuations for leading stocks due to a reversal in the anti-involution trend [1][10] Investment Opportunities - Recommended core assets include Wanhua Chemical and Hualu Hengsheng, both of which have significant market positions and potential for earnings elasticity [3][12] - Specific investment opportunities in sub-sectors include: - **Fertilizers**: Companies like China Heart and International Potash are highlighted due to their growth potential and favorable market conditions [3][15] - **Tires**: Domestic companies are adapting to international trade challenges, with a focus on expanding production for the growing new energy vehicle market [3][16] - **Lubricant Additives**: Ruifeng New Materials is positioned well for growth due to the ongoing reconstruction of international supply chains and domestic substitution trends [3][17] Future Outlook - The overall configuration of the chemical industry is expected to improve, particularly in the petrochemical sector, with a focus on anti-involution strategies as a key investment theme [1][11] - The fourth quarter is anticipated to see an increase in institutional holdings in leading companies, indicating a potential shift in market sentiment [2][10] Conclusion - The chemical industry is at a critical juncture, with potential for recovery driven by macroeconomic factors and strategic investments in undervalued sectors. Continuous monitoring of market dynamics and company performance will be essential for identifying further investment opportunities [1][18]

Group 1 - Company沃尔核材 (002130) is a leading domestic high polymer nuclear radiation modified material enterprise, focusing on the research and supply of insulation and protection materials for fusion devices, with core products including radiation-resistant heat shrink tubing and high-temperature insulation sleeves [1][35] - The radiation-resistant heat shrink tubing is made from specially modified polymer materials, capable of withstanding strong radiation and high-temperature environments within fusion devices, used for insulating superconducting magnet coils and signal cables [1][35] - The high-temperature insulation sleeves developed by the company can withstand temperatures above 200℃, meeting the insulation needs of cables inside the fusion reactor vacuum chamber, and possess excellent corrosion resistance and aging resistance [1][35] Group 2 - Company宝胜股份 (600973) is a leading domestic wire and cable enterprise, focusing on the research and manufacturing of special cables for fusion devices, with core products including radiation-resistant low-smoke halogen-free cables and low-temperature superconducting cable accessories [2][36] - The radiation-resistant cables utilize cross-linked polyethylene insulation materials with added radiation stabilizers, capable of long-term stable operation in radiation doses of 10^6 Gy, already applied in the power distribution system of fusion experimental devices [2][36] - The company is also developing control cables specifically for fusion reactors, optimizing the cable shielding structure to enhance electromagnetic interference resistance, ensuring stable transmission of control signals [2][36] Group 3 - Company西部超导 (688122) is a leading domestic high-end titanium alloy and superconducting materials enterprise, focusing on the research of titanium alloy structural materials and superconducting strip substrates for superconducting magnets in fusion devices [3][37] - The high-strength and high-toughness titanium alloy produced by the company is a core material for the support frame of superconducting magnets, capable of withstanding the enormous electromagnetic forces generated during magnet excitation [3][37] - The company is also developing seamless titanium alloy pipes that are resistant to high pressure and corrosion, used for medium transmission in the cooling system of fusion reactors, becoming an important supplier in the nuclear fusion materials field [3][37] Group 4 - Company钢研高纳 (300034) is a leading domestic high-temperature alloy enterprise, focusing on the research of high-temperature alloy materials for core components of fusion reactors, with core products including nickel-based high-temperature alloys and refractory metal alloys [4][38] - The nickel-based high-temperature alloys developed by the company can withstand temperatures above 1200℃ and possess excellent radiation swelling resistance, suitable for components like the first wall and divertor in fusion reactors [4][38] - The company collaborates with research institutions to conduct research on surface coating technology for high-temperature alloys, enhancing the materials' high-temperature and corrosion resistance [4][38] Group 5 - Company中密控股 (300470) is a leading domestic mechanical sealing enterprise, focusing on the research and manufacturing of sealing components for fluid systems in fusion devices, with core products including high-temperature mechanical seals and vacuum seals [5][39] - The high-temperature mechanical seals can withstand high-temperature and high-pressure media in the cooling system of fusion reactors, with zero leakage sealing performance, already applied in the main circulation pump sealing system of fusion experimental devices [5][39] - The company is also developing dynamic sealing components for fusion devices, addressing sealing challenges for rotating components in fusion reactors [5][39] Group 6 - Company中泰股份 (300435) is a leading domestic deep cooling technology equipment enterprise, focusing on the research and manufacturing of low-temperature refrigeration systems for fusion devices, with core products including large liquid nitrogen refrigeration units and liquid helium temperature refrigeration equipment [6][40] - The large liquid nitrogen refrigeration units can provide a low-temperature cold source of -196℃, supporting the primary cooling of superconducting magnets [6][40] - The company is also developing integrated technology for low-temperature systems in fusion reactors, providing a comprehensive solution of "refrigeration equipment + low-temperature pipelines + insulation systems" [6][40] Group 7 - Company汉钟精机 (002158) is a leading domestic screw compressor enterprise, focusing on the research and manufacturing of vacuum pumps for the vacuum systems of fusion devices, with core products including dry screw vacuum pumps and Roots vacuum pumps [7][42] - The dry screw vacuum pumps can reduce the pressure in the vacuum chamber to 10^-5 Pa, featuring radiation resistance and low vibration, preventing oil vapor contamination in the vacuum environment [7][42] - The company is also optimizing the rotor structure design of vacuum pumps to enhance fatigue resistance and extend the service life in extreme environments of fusion devices [7][42] Group 8 - Company中科三环 (000970) is a leading domestic rare earth permanent magnet materials enterprise, focusing on the research of permanent magnet materials for the magnet systems of fusion devices, with core products including high-performance NdFeB permanent magnets [8][43] - The high coercivity NdFeB permanent magnets produced by the company have excellent magnetic performance and temperature stability, used in auxiliary magnet systems for fusion devices [8][43] - The company is also developing radiation-resistant NdFeB permanent magnets, optimizing the composition by adding niobium and dysprosium to reduce the impact of radiation on magnetic performance [8][43] Group 9 - Company安泰环境 (300179) is a leading domestic high-end environmental and energy chemical equipment enterprise, focusing on the research of gas purification and treatment systems for fusion devices, with core products including high-purity gas purifiers and waste gas treatment devices [9][44] - The gas purifiers can enhance the purity of deuterium-tritium gas to 99.9999%, removing impurities such as oxygen and moisture, ensuring efficient fusion reactions [9][44] - The company is also developing equipment for the recovery and reuse of deuterium-tritium gas, improving fuel utilization rates in fusion reactors [9][44] Group 10 - Company万华化学 (600309) is a leading domestic chemical new materials enterprise, focusing on the research and supply of high-performance polymer materials for fusion devices, with core products including radiation-resistant polyimide films and high-temperature fluoroplastics [10][45] - The radiation-resistant polyimide films have excellent insulation and radiation resistance, used for the insulation layer of superconducting magnets, preventing short circuits in magnet coils [10][45] - The company is also developing high-sealing, radiation-resistant silicone sealants for fusion devices, ensuring the sealing performance of various components [10][45] Group 11 - Company中核科技 (000777) is a leading domestic nuclear-grade valve enterprise, focusing on the research and manufacturing of special nuclear-grade valves for fusion devices, with core products including nuclear-grade shut-off valves, safety valves, and vacuum isolation valves [11][46] - The nuclear-grade shut-off valves are designed to withstand high temperatures, high pressures, and strong radiation, ensuring safe operation in fusion reactors [11][46] - The company is also developing vacuum isolation valves with a sealing vacuum degree of 10^-6 Pa, isolating the vacuum chamber of fusion reactors from external systems [11][46] Group 12 - Company海陆重工 (002255) is a leading domestic industrial furnace and nuclear power equipment enterprise, focusing on the research and manufacturing of heat treatment equipment for high-temperature components in fusion devices, with core products including vacuum heat treatment furnaces and high-temperature sintering furnaces [12][47] - The vacuum heat treatment furnaces can operate in a vacuum environment of 10^-3 Pa, enhancing the density and mechanical strength of components [12][47] - The company is also developing customized heat treatment solutions for fusion device components, optimizing their performance [12][47] Group 13 - Company盾安环境 (002011) is a leading domestic refrigeration and air conditioning equipment enterprise, focusing on the research and manufacturing of temperature control systems for fusion devices, with core products including high-precision constant temperature control systems and low-temperature cooling units [13][48] - The high-precision constant temperature control systems can maintain a temperature accuracy of ±0.1℃, ensuring stable operation of electronic devices in fusion reactors [13][48] - The company is also developing integrated temperature control systems for fusion devices, providing a comprehensive solution of "cooling equipment + temperature sensors + control systems" [13][48] Group 14 - Company抚顺特钢 (600399) is a leading domestic special steel enterprise, focusing on the research and supply of special alloy steels for fusion devices, with core products including martensitic stainless steel and precipitation-hardened stainless steel [14][49] - The martensitic stainless steel produced by the company has high strength and corrosion resistance, suitable for the shell manufacturing of vacuum chambers in fusion reactors [14][49] - The company is also conducting research on the radiation resistance of steel used in fusion devices, optimizing compositions by adding rare earth elements [14][49] Group 15 - Company东华科技 (002140) is a leading domestic engineering design and general contracting enterprise, focusing on the engineering design and system integration of fusion devices, providing full-chain services from process design to construction installation [15][50] - The company has participated in multiple engineering design projects for domestic fusion experimental devices, optimizing the layout design of vacuum chambers, cooling systems, and power systems [15][50] - The company is also developing technical reserves for the engineering design of commercial fusion power plants, supporting future construction [15][50]

Group 1 - The chemical sector experienced a decline on January 8, with the Chemical ETF (516020) showing a low-level fluctuation, reaching a maximum intraday drop of 1.86% and closing down 0.98% [1] - Key stocks in the sector, including Hongda Co., Yaqi International, and Cangge Mining, saw significant declines, with Hongda Co. dropping 4.01% and others falling over 3% [1][2] - Despite the recent downturn, the Chemical ETF (516020) has seen substantial capital inflows, with a net inflow of 319 million yuan over the last five trading days and over 568 million yuan in the last ten days [1][3] Group 2 - According to Guotou Securities, the chemical industry is at the bottom of a four-year down cycle, with indicators suggesting it has nearly bottomed out, and 2026 is expected to be a turning point for the cycle [3] - The China Chemical Product Price Index (CCPI) was reported at 3930 points on December 31, 2025, a 39% decrease from the peak in 2021, indicating the industry is in a historical low range [3] - The basic chemical sector achieved a net profit of 112.7 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 7.5%, suggesting initial stabilization of the sector [3] Group 3 - Future outlook indicates that the chemical industry will be influenced by tariff policies and fluctuations in crude oil prices, with recommendations to focus on undervalued leading companies and sectors benefiting from strong downstream demand [3] - Huazhong Securities suggests that the industry may continue to experience a trend of divergence, recommending attention to sectors such as synthetic biology, pesticides, and vitamin production [3] - The Chemical ETF (516020) tracks the CSI sub-sector chemical industry index, with nearly 50% of its holdings in large-cap leading stocks, providing an efficient way to invest in the chemical sector [3]