Core Points - The DT New Leaf Award is a global, professional, and comprehensive award focused on innovation in the bio-based sector, often referred to as the "Oscar of the bio-based industry" [2] - The award features four categories: Innovation Material Award, Innovation Application Award, Most Commercially Valuable Award, and Innovative Industry Solution Award [2] - The deadline for free registration is March 13 [2] Group 1: Participating Companies and Products - Over 40 listed and representative companies have registered for the 2026 DT New Leaf Award, including major players in bio-based materials and applications such as Wanhua Chemical, Shuangqiang Technology, and Yutong Technology [3] - Wanhua Chemical (600309) is a leading global chemical new materials company and has established a bio-based polyurethane industry chain [5] - Shuangqiang Technology (001211) is recognized as the first stock of chopsticks in China and has signed a contract to jointly develop bamboo-based composite materials with Ningbo Materials [7] - China Resources Double Crane (600062) has its 1,4-butanediamine included in the "Ministry of Industry and Information Technology's list of landmark bio-manufacturing products" [9] Group 2: Selected Products and Innovations - Wanhua Chemical's PCDL product, made from dimethyl carbonate, can be produced through carbon capture processes and has excellent mechanical properties [11] - Shuangqiang Technology's bamboo-based composite logistics pallets are cost-effective, priced at only 60%-70% of traditional plastic pallets with similar performance [12] - Yutong Technology is advancing the development of non-wood fibers and biodegradable materials, including eco-friendly cellulose films and plant-based cat litter [13] - Lifebio is a global leader in PEF & FDCA and has a production line for FDCA with an investment of 1 billion yuan, expected to yield an annual output of 15,000 tons [16] Group 3: Innovations and Technologies - Zhongke Guosheng is a representative enterprise in the HMF-FDCA-PEF full industry chain and has completed a 200 million yuan A+ round financing [17] - Fengyuan Bio is recognized as a "chain leader" in the bio-based materials industry, utilizing non-grain technology to convert straw into mixed sugars at a cost significantly lower than corn glucose [19] - Guwei Yuan Chuang is the first global company to focus on non-grain bio-based succinic acid production and has received the first ISCC PLUS certification for its products [21] - The innovative use of plant fiber materials in products like Ecocoon and PEF-based fibers demonstrates advancements in sustainable materials with multiple natural functions [23][24] Group 4: Award Evaluation and Process - The evaluation criteria for the awards include technical innovation, application innovation, functionality, commercial value, and sustainability [111] - The total score for the awards is 100 points, with online voting accounting for 20 points and expert reviews for 80 points [110] - The award process includes registration, online voting, and expert evaluations, culminating in a ceremony on May 21 [110]

中化新网讯 万华化学集团股份有限公司近日发布公告，拟以自有资金及自筹资金对全资子公司万华化 学集团(烟台)烯烃有限公司进行增资，增资总额合计190.86亿元。 增资后，万华烯烃公司注册资本将由30亿元增加至40亿元，仍然为万华化学的全资子公司。目前万华化 学持有的碳二产业资产为一套120万吨/年以乙烷+石脑油为原料的乙烯装置及配套的低密度聚乙烯装置 等相关资产，万华烯烃公司持有的资产为一套120万吨/年以乙烷为原料的乙烯装置及下游PO/SM装置、 高密度聚乙烯装置、线型低密度聚乙烯装置、聚氯乙烯装置等相关资产。 当前，万华化学已构建起"聚氨酯+石化+新兴材料"三大核心板块协同发展的全产业链布局，形成多业 务支撑的稳健发展格局。其中，石化业务当前已成为万华化学营收的主要来源，而碳二产业链则是该板 块的重点布局。去年前三季度，该公司石化系列产品实现销售收入593.19亿元，产销量均大幅增长，实 现产量183万吨，销量175万吨，同比分别增长41%、33%。 目前，万华化学重点布局碳二产业链，烟台产业园乙烯一期装置原料改造已全部完成，实现了乙烷、丙 烷两种原料可以切换的柔性进料方式，不仅降低对进口原料的依赖，更能为 ...

关键词| 生物基大会 生物基材料作为实现双碳目标的重要路径、助力我国产业链自主可控，并拥有万亿市场潜力，已成为全球战略重点，更是我国"十五五"重点规划产 业。 浙江省全省生物基高分子材料重点实验室 、 宁波德泰中研信息科技有限公司（DT新材料） 站在关键节点，以推动行业绿色低碳转型为目标，搭建全 球交流合作平台——生物基大会暨展览（Bio-based）。 作为生物基行业盛会风向标， # 第11届生物基大会暨展览（Bio-based 2026） 布局" 9大主题论坛 + 9大同期活动 + 1000 个新品展示 + 1 场创新评选 &颁奖 "，将邀请产业化专家、行业领袖与终端品牌分享 产业趋势、前沿科技创新、创新材料与下游应用、需求与趋势、项目路演、成果转化等 关键 话题，以助推产业绿色低碳转型。 展会正在火热报名中， 诚邀您 参会、新品发布、参展、参选DT新叶奖 ，共同跨越新周期，澎湃新生机！ Bio-based 2026 会务组 2026年 5 月 20-22 日（周三-周五） 中国 · 上海富悦大酒店 朱锦研究员 ：给研究者展示新技术的平台，给生产者找到应用客户，给下游客户找到产品新方向，为政府寻找新技术， ...

Overview - Furan-2,5-dicarboxylic acid (FDCA) is recognized as a significant bio-based platform compound, with potential to replace petroleum-based products, particularly in the production of high-performance polymers and chemicals [2][11] - The global FDCA market is projected to grow from $13.8 million in 2022 to $160.32 million by 2025, indicating a strong upward trend in demand [11][12] Industry Development - The FDCA industry in China has evolved through four stages: technical exploration, pilot breakthroughs, industrialization initiation, and scale expansion, with significant projects launched since 2022 [6][10] - The market is currently dominated by European and Chinese companies, with a notable increase in R&D investments in bio-based FDCA [11][12] Market Structure - The FDCA supply chain includes upstream suppliers of raw materials like corn and sugarcane, midstream FDCA production companies, and downstream application markets [8] - The primary application of FDCA is in producing polyethylene furanoate (PEF), which is expected to account for over 90% of demand by 2024, showcasing its advantages over traditional PET materials [10][11] Competitive Landscape - The FDCA market is characterized by high concentration, with the top five companies expected to hold over 90% market share by 2024 [13][14] - Companies like Wanhua Chemical and Hefei Leaf Biotech are actively pursuing technological advancements and production capacity expansions in the FDCA sector [13][14] Future Trends - The FDCA industry is anticipated to focus on technological breakthroughs and optimization of existing production processes, with an emphasis on green and low-carbon production methods [16][18] - The application scope of FDCA is expected to broaden, particularly in green packaging and high-performance engineering plastics, driven by increasing market demand and supportive policies [17][18]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The report highlights a positive outlook for the global chemical industry driven by the new demand cycle from anti-involution and AI, with a focus on the upcoming peak season in the chemical sector leading to price increases [1][2] - Chinese chemical companies are expected to benefit from solid cost and efficiency advantages, entering a long-term upward performance cycle [2] - The report emphasizes the potential for increased dividend yields as supply-side constraints and demand recovery enhance industry profitability [2] Summary by Sections Investment Suggestions - The report suggests focusing on sectors with supply constraints and recovering demand, which are likely to see sustained improvements in industry conditions [2] - Key sectors to watch include: 1. Coal Chemical: Hualu Chemical, Luxi Chemical, Baofeng Energy 2. Oil Refining: Hengli Petrochemical, Satellite Chemical, Sinopec, PetroChina, CNOOC 3. Polyurethane: Wanhua Chemical, Huafeng Chemical 4. Phosphate Fertilizer: Yuntianhua, Yuntu Holdings, Xinyangfeng, Batian Shares 5. Pesticides: Yangnong Chemical, Lier Chemical, Xingfa Group, Limin Shares, Jiangshan Shares, Xin'an Shares, Runfeng Shares 6. Potash Fertilizer: Salt Lake Shares, Yara International, Oriental Iron Tower [2] Supply Drivers - The report notes that domestic anti-involution measures and the exit of European production capacity are expected to support the chemical industry's recovery [3] Demand Drivers - The report identifies several demand-driven opportunities, including: 1. Gas turbines and SOFC upstream: Zhenhua Shares, Yingliu Shares, Longda Shares, Wanze Shares, Sanhuan Group 2. Refrigerants and fluorinated liquids: Juhua Shares, New Zhoubang, Runhe Materials 3. Energy storage industry chain: Chuanheng Shares, Xingfa Group, Yuntianhua, Batian Shares, Yuntu Holdings 4. Robotics materials industry chain: PEEK - Kingfa Technology, Zhongyan Shares, Guoen Shares, Huitong Shares 5. Semiconductor materials industry chain: Photoresists: Yanggu Huatai, Wanhua Shares, Dinglong Shares, Tongcheng New Materials, Jingrui Electric Materials, Jiuri New Materials, Yake Technology [7][10] Recent Performance - The chemical industry has shown strong relative performance, with a 1-month increase of 5.7%, a 3-month increase of 15.4%, and a 12-month increase of 47.2% compared to the CSI 300 index [5] Key Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for many, with several companies rated as "Buy" [29]

Group 1 - The 2025 Shandong Province Top Ten Technological Innovation Achievements were announced, featuring high-performance citral developed by Wanhua Chemical Group and high-end tire barrier materials led by Shandong Daon Polymer Materials Co., Ltd [2][3] - Citral is a high-value fine chemical used as a key raw material in synthetic fragrances and nutritional chemicals, with applications in daily chemicals, feed, food, and pharmaceuticals. Wanhua Chemical has developed a production technology that breaks the foreign monopoly, achieving a purity greater than 99%, which is 2 percentage points higher than similar foreign products [2] - The global largest single-set industrial citral production facility has been established, which does not generate solid waste and employs inherently safe design for greener manufacturing. The product has generated sales revenue of 500 million yuan and is expected to reach an annual output of 40,000 tons and an annual output value of 2 billion yuan in three years [2] - The high-end tire barrier material developed by Shandong Daon, in collaboration with Beijing University of Chemical Technology and Linglong Tire, has achieved breakthrough technology in cross-linked dynamic vulcanization and composite membrane preparation, becoming the second company globally to master this technology [3] - This material has a gas barrier performance 7 to 10 times better than traditional vulcanized butyl rubber, allowing a weight reduction of about 1 kilogram per tire and a 5% increase in vehicle range. It is expected to generate an annual output value of 1 billion yuan within two years, driving nearly 10 billion yuan in upstream and downstream output [3] Group 2 - The selection of the 2025 Shandong Province Top Ten Technological Innovation Achievements was conducted by over 60 academicians and experts from within and outside the province, representing the latest achievements and highest levels of technological innovation in Shandong [3]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The chemical industry is experiencing a recovery opportunity across various sub-sectors, with specific recommendations for leading companies such as Wanhua Chemical (600309, Buy) in the MDI sector, and China Petroleum & Chemical Corporation (600028, Buy) in the refining sector [3][5] - The demand for oxalic acid is expected to rise, driven by investments in the iron-lithium supply chain, indicating a tightening supply-demand situation that may elevate market conditions [3][8] Summary by Relevant Sections Investment Suggestions and Targets - The report continues to favor recovery opportunities in the chemical sub-sectors, recommending leading companies such as: - MDI leader: Wanhua Chemical (600309, Buy) - PVC industry: Zhongtai Chemical (002092, Not Rated), Xinjiang Tianye (600075, Not Rated), Chlor-alkali Chemical (600618, Not Rated), Tianyuan Co., Ltd. (002386, Not Rated) - Refining sector: China Petroleum & Chemical Corporation (600028, Buy), Rongsheng Petrochemical (002493, Buy), Hengli Petrochemical (600346, Buy) - Agricultural chemical chain: Guoguang Co., Ltd. (002749, Buy), Xinyangfeng (000902, Buy), Shidanli (002588, Not Rated), Yuntu Holdings (002539, Not Rated), Runfeng Co., Ltd. (301035, Buy) - Phosphate chemical sector: Chuanheng Co., Ltd. (002895, Not Rated), Yuntianhua (600096, Not Rated) - Oxalic acid sector: Hualu Hengsheng (600426, Buy), Huayi Group (600623, Buy), Wankai New Materials (301216, Buy) [3] Market Dynamics - The chemical industry has seen increased attention, with a recovery in stock prices following a dip influenced by precious metals and crude oil futures. This indicates a shift away from previous narratives tied to external market influences [8] - The report highlights that the current chemical market rally is primarily driven by policy guidance and strategic adjustments within the industry, suggesting a return to a favorable economic cycle for the chemical sector [8]

1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints The report presents a comprehensive analysis of the basic chemical industry's weekly data, covering price and profit changes in multiple sectors such as polyurethane, oil - gas - olefin, coal - chemical, and animal nutrition, and also tracks the stock price performance and profitability of related listed companies [1][2][8]. 3. Summary by Directory 3.1 Basic Chemical Weekly Data Briefing - **Related Company Performance Tracking**: - **Stock Price Changes**: The basic chemical index decreased by 2.1% in the past week, increased by 9.0% in the past month, 17.6% in the past three months, 48.7% in the past year, and 10.4% since the beginning of 2026. Among the related listed companies, New Hope Liuhe Co., Ltd. (002001.SZ) had a 6.8% increase in the past week, while other companies such as Wanhua Chemical Group Co., Ltd. (600309.SH) and Baofeng Energy Group Co., Ltd. (600989.SH) had varying degrees of decline [8]. - **Profitability**: The report provides the total market value, stock price, net profit attributable to the parent company, PE, and PB of related listed companies from 2024A to 2027E [8]. - **Industry Chain Data**: - **Polyurethane Industry Chain**: This week, the average prices of pure MDI, polymer MDI, and TDI were 17,500 yuan/ton, 13,900 yuan/ton, and 14,377 yuan/ton respectively. The corresponding weekly changes were - 43 yuan/ton, + 36 yuan/ton, and + 292 yuan/ton, and the gross margins were 4,097 yuan/ton, 1,497 yuan/ton, and 2,345 yuan/ton respectively [2][8]. - **Oil - Gas - Olefin Industry Chain**: The average prices of ethane, propane, steam coal, and naphtha were 1,277 yuan/ton, 4,399 yuan/ton, 520 yuan/ton, and 4,137 yuan/ton respectively, with weekly changes of - 139 yuan/ton, + 51 yuan/ton, 0 yuan/ton, and + 63 yuan/ton. The theoretical profits of polyethylene production through different processes and polypropylene production through different processes also had corresponding changes [2][8]. - **Coal - Chemical Industry Chain**: The average prices of synthetic ammonia, urea, DMF, and acetic acid were 2,119 yuan/ton, 1,758 yuan/ton, 4,004 yuan/ton, and 2,511 yuan/ton respectively, with weekly changes of - 65 yuan/ton, + 13 yuan/ton, + 41 yuan/ton, and - 69 yuan/ton. The corresponding gross margins also changed [2]. - **Animal Nutrition Industry Chain**: The average prices of VA, VE, solid methionine, and liquid methionine were 61.4 yuan/kg, 55.9 yuan/kg, 18.2 yuan/kg, and 14.3 yuan/kg respectively, with weekly changes of - 0.1 yuan/kg, + 0.9 yuan/kg, + 0.3 yuan/kg, and + 0.1 yuan/kg [2][9]. 3.2 Basic Chemical Weekly Report - **Basic Chemical Index Trend**: The report does not elaborate on the basic chemical index trend but focuses on the performance data of the index and related companies [8]. - **Polyurethane Plate**: Analyzes the price trends and price - spread situations of pure MDI, polymer MDI, and TDI in China [16][19]. - **Oil - Gas - Olefin Plate**: Discusses the price trends of raw materials such as ethane, propane, natural gas, and crude oil, as well as the profitability of different processes for producing polyethylene and polypropylene [23][31][38]. - **Coal - Chemical Plate**: Covers the price and gross margin trends of coal - coking products and traditional coal - chemical products, as well as some new materials [40][45][52]. - **Animal Nutrition Plate**: Analyzes the price trends of VA, VE, solid methionine, and liquid methionine [57][59][63].

Core Viewpoint - The epoxy propylene sector has experienced a significant price surge since January, with various companies seeing substantial stock price increases, driven by supply-demand dynamics and market speculation [2][3][4]. Price Increase - In January, stock prices of companies related to epoxy propylene saw remarkable increases, with Meibang Technology rising by 67.45% and Hongbaoli by 68.92% [3]. - The benchmark price of epoxy propylene reached 8200.00 yuan/ton by January 30, marking a 6.03% increase from the beginning of the month, with some periods seeing nearly a 10% rise [4]. Supply and Demand Dynamics - The price increase is attributed to changes in the supply-demand landscape, with reduced operating loads in northern regions and a positive outlook in the downstream market leading to increased purchasing activity [4][5]. - The cancellation of export tax rebates for certain products is expected to drive a surge in orders before the April deadline, further boosting demand for epoxy propylene [5]. Market Trends - Despite the price surge, there are signs of a cooling market as purchasing sentiment declines due to high prices, leading to a potential downward adjustment in prices [6]. - The epoxy propylene industry is currently experiencing an oversupply situation, with low operating rates and expected new capacity additions by 2026 [6][7]. Demand Growth - Although there is oversupply, demand for epoxy propylene is showing slight growth, particularly in the appliance and export sectors, which is helping to sustain overall demand [7]. - The market is expected to experience fluctuations in February, with potential price rebounds later in the month as downstream factories resume operations [8].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [4] Core Insights - The chemical sector's profitability is under pressure due to rising costs and impairment impacts, but a recovery is expected as capital expenditures near completion and demand stabilizes [3][4] - Key investment opportunities are identified in the agricultural chain, textile chain, export chain, and sectors benefiting from "anti-involution" policies [4] Summary by Relevant Sections Industry Overview - In Q4 2025, oil prices declined, negatively impacting demand and leading to lower chemical prices, while gas prices increased [3] - The average Brent spot price was $63.98 per barrel, down 15% year-on-year, while NYMEX natural gas futures rose 36% year-on-year [3] Profit Forecasts - The weighted average EPS for 2025 is projected at 0.90 yuan, a 15% increase year-on-year, with Q4 EPS expected at 0.20 yuan [3] - Significant profit growth is anticipated in sectors such as pesticides, compound fertilizers, potassium fertilizers, chromium chemicals, and fluorochemicals [3] Key Companies and Their Projections - Wanhua Chemical is expected to achieve a net profit of 12.16 billion yuan in 2025, with Q4 profit at 3 billion yuan [3][4] - Salt Lake Industry is projected to reach 8.5 billion yuan in 2025, with Q4 profit at 4 billion yuan [3][4] - Agricultural chemicals like Yangnong Chemical and New Hope Liuhe are expected to see substantial growth, with profits of 1.24 billion yuan and 6.72 billion yuan respectively in 2025 [3][4] Sector-Specific Insights - The textile chain is expected to benefit from high demand growth and improved supply conditions, with companies like Luhua Chemical and Tongkun Group highlighted [4] - The agricultural chain is supported by increasing planting areas and higher transgenic penetration rates, benefiting companies like Hualu Hengsheng and Baofeng Energy [4] - Export-related chemical products are expected to perform well due to low inventory levels and easing monetary policies [4] Material Growth Focus - The report emphasizes the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, with companies like Yake Technology and Dinglong Technology noted for their potential [5]