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]

智通财经APP讯，万华化学(600309.SH)公告，公司烟台产业园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。 ...

股票简称：万华化学 股票代码：600309 公告编号：临 2026-01 号 万华化学集团股份有限公司 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。 特此公告。 万华化学集团股份有限公司 2026 年 1 月 9 日 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。 烟台产业园乙烯一期装置技改复产公告 ...

东海证券指出，基础化工行业供给侧有望结构性优化。国内政策频繁提及"反内卷"要求，海外因原料成 本上涨及亚洲产能冲击，欧美化工企业出现关停、产能退出事件。短期地缘摩擦增加海外供应不确定 性，长期看中国凭借成本优势和技术实力正填补国际供应链空白，有望重塑全球化工格局。 截至2026年1月8日10:22，中证细分化工产业主题指数下跌0.83%。成分股光威复材领涨10.82%，彤程新 材上涨10.01%，中简科技上涨6.70%；万华化学领跌，藏格矿业、亚钾国际跟跌。 方正证券指出，25Q3以来全球制造业景气回暖，但化工品PPI同比走弱，需求侧国内地产处于周期底 部，新能源车销量维持高增长，社零增速稳中向好。供给侧中国已成为全球化工行业领导者，而欧盟区 制造业和化工业产能利用率下行，国内相对稳定；化工大宗价差短期仍在历史底部，资源型企业ROE相 对高位。市场风格上，景气子板块如氟化工、磷肥钾肥等表现良好，穿插事故驱动的小品种涨价行情， 主题投资方面机器人、固态电池、AI等科技主题映射的膜材、树脂板块下半年表现出色，供给侧反内 卷行情此起彼伏，基化整体估值明显修复。 化工ETF嘉实(159129)紧密跟踪中证细分化工产业 ...

Group 1 - The chemical sector is experiencing a pullback, with the chemical ETF (516020) showing a decline of 0.88% as of the latest report [1] - Key stocks in the sector, including Wanhua Chemical, Luxi Chemical, and Cangge Mining, have seen significant declines, with Wanhua Chemical dropping over 3% [1][2] - The chemical ETF has attracted substantial capital inflows, with a net subscription of 319 million yuan over the last five trading days and over 568 million yuan in the last ten days [2][3] Group 2 - The construction of projects in the basic chemical industry has decreased by 10% year-on-year, indicating a nearing end to capital expenditures, while domestic demand and export resilience are improving the supply-demand balance [3] - The chemical industry is expected to benefit from policies aimed at reducing competition, leading to potential improvements in performance and valuation [3] - The current state of the chemical industry is at a cyclical bottom, with expectations for enhanced profitability and valuation for leading companies as competition dynamics improve [3] Group 3 - The chemical ETF (516020) tracks the CSI sub-sector chemical industry index, covering various segments and focusing on large-cap leading stocks [4] - Nearly 50% of the ETF's holdings are concentrated in major companies like Wanhua Chemical and Salt Lake Co., allowing investors to capitalize on strong market leaders [4] - Investors can also access the chemical sector through linked funds of the chemical ETF [4]

2026 年度化工策略-新材料大有可为，"反内卷"下周期 进入右侧 20260107 摘要 锂电材料市场虽有回调，但需求仍可能超预期上涨。玻纤行业与化工行 业逻辑相似，2026 年业绩确定性较高，中国巨石粗纱供给增长低于需 求，中材科技锂电隔膜价格已现拐点。 化工行业资本开支和固定资产投资下降，显示供给端变化较少。化纤类 资产整体供需平衡表向好，氨纶、涤纶、有机硅等品种开工率高。推荐 中游核心资产龙头白马股，如万华化学和华鲁恒升。 期底部的中游核心资产，如万华化学和华鲁恒升等公司。价值主线则主要是资 源品。 锂电材料领域有哪些值得关注的细分市场？ Q&A 过去半个月化工行业的行情表现如何？其核心驱动力是什么？ 过去半个月，化工行业整体行情表现强劲，主要集中在中游核心资产。我们认 为其核心驱动力在于低盈利、低估值和低配置下机构的主动增配机会。此外， 这些中游核心资产相较于 2021 年有显著的产能扩张，即便不考虑乐观的价格 假设，其盈利也有很大的上升空间。 化工和新材料领域的年度策略有哪些核心主线？ 核心资产如万华化学和华鲁恒升，即使不考虑价格上涨，产能扩张也带 来盈利增长空间，中泰证券年度策略聚焦成长（AI、 ...

化工板块今日（1月7日）小幅回调，反映化工板块整体走势的化工ETF（516020）早盘持续于水面附近 震荡，午后出现回落，盘中场内价格一度跌近1%，截至收盘，跌0.44%。 成份股方面，锂电、氟化工、磷化工、钛白粉等板块部分个股跌幅居前。截至收盘，天赐材料、多氟多 双双跌超4%，宏达股份、星源材质、钛能化学等多股跌超2%，拖累板块走势。 | | | 分时 多日 1分 5分 15分 30分 ■ | | | | F9 盘前盘后 雪加 九种 画线 工具 @ 0 | | 4. TETF (D | | | 516020 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.92 | | | | 516020[化工ETF] 15:00 价 0.914 涨跌 -0.004(-0.44%) 均价 0.917 加交量 22 L. | | | | 0.91 | | | -0.004 -0.44% | | | | | | | | | | SSE CNY 15:00:17 BITH | | | 00 / 8 + | | 0.97 ...

1月6日，化工板块涨势如虹，君正集团、恒力石化涨超7%，荣盛石化、恒逸石化、万华化学等多 股涨逾6%。反映化工板块整体走势的化工ETF（516020）开盘后持续拉升，截至发稿涨超3%。资金强 势入场，化工ETF（516020）最近5个交易日持续吸金，合计资金净流入超3.5亿元，其最新基金规模也 冲高至38.93亿元，再刷规模新高。 消息面上，万华化学自2025年12月起连续上调MDI/TDI等核心产品全球售价，与巴斯夫、陶氏等国 际巨头同步调价，行业集中检修及原料成本上涨推动聚氨酯价格走强；同期中国硫酸工业协会联合磷复 肥协会召开保供稳价会议，明确硫酸资源优先保障磷肥生产，以稳定春耕农资供应。 展望后市，中国银河证券表示，2024年以来化工行业资本开支迎来负增长，随着"反内卷"浪潮袭来 及海外落后产能加速出清，供给端有望收缩。"十五五"规划建议"坚持扩大内需"为未来五年定调，叠加 美国降息周期开启，化工品需求空间打开。其认为，供需双底基本确立，政策预期强力催化，2026年化 工行业或迎周期拐点向上，开启从估值修复到业绩增长的"戴维斯双击"。 公开资料显示，化工ETF（516020）及其联接基金（012537） ...

Summary of Conference Call Records Industry Overview - The basic chemical sector is likely at the bottom of its cycle, with no need to wait for significant improvements in fundamentals before investing. Stock prices often lead the market, indicating potential investment opportunities when future fundamental changes are anticipated [2][4]. Key Investment Opportunities - Investment opportunities in 2026 are concentrated in traditional cyclical industries and technology materials, particularly in AI-related sectors such as energy storage materials (e.g., lithium carbonate) and storage materials (e.g., Yake Technology) [1][6]. - Recommended leading companies in the chemical industry include Wanhua Chemical, Hualu Hengsheng, and Juhua Co., due to their low valuations and high profit elasticity [1][8]. Company-Specific Insights Wanhua Chemical - Strongly recommended as a top investment choice due to its outlier effect and continuous growth catalysts. Expected revenue for 2026 is projected to reach 400 billion yuan, with a net profit forecast of 16 billion yuan [1][12][14]. - The company has a significant profit increase potential with every 1,000 yuan increase in MDI and TDI prices, translating to a net profit increase of 3.4 billion yuan [12][14]. Hualu Hengsheng - The company is expected to achieve annualized quarterly performance exceeding 5 billion yuan in 2026, supported by multi-category layout and technological upgrades [1][17][18]. Dongcai Technology - Notable for its advantages in new energy materials, with expectations to turn losses into profits as the overall profitability in the new energy sector improves [1][13][15]. Baofeng Energy - Expected to maintain stable annual profits between 12 billion to 13 billion yuan following the release of new capacity at its Ningxia base. The company benefits from the cyclical changes in the coal chemical industry and has diversified its product offerings [3][19][20]. Industry Trends and Signals - The potassium fertilizer industry is expected to experience tight supply and demand in 2026, maintaining high prices, while the phosphate market outlook remains stable with manageable supply increases [3][22][23]. - The tire industry is impacted by EU anti-dumping policies, prompting leading companies to expand overseas to increase market share [3][27][28]. - The spandex industry is at a cyclical bottom, with potential supply-side clearing effects anticipated due to the bankruptcy of a major player, which could improve market conditions [3][34][35]. Additional Insights - Investment in underperforming sectors is justified as they have likely reflected most negative factors in their stock prices, presenting potential for positive marginal changes [11]. - The refrigerant industry, while considered an "old story," shows strong certainty and potential for long-term investment due to ongoing price support [24]. - The organic silicon industry is expected to see price increases driven by domestic demand and external supply constraints, with companies like Dongyue showing significant elasticity [25][26]. Conclusion - The conference call highlighted a range of investment opportunities across various sectors within the chemical industry, emphasizing the importance of leading companies and emerging trends. Investors are encouraged to consider both cyclical recovery and technological advancements when making investment decisions.