化工行业巨头万华化学（600309）(600309.SH)筹划大手笔资本运作，优化资源配置。 1月30日晚间，万华化学公告，拟对全资子公司万华化学集团(烟台)烯烃有限公司(以下简称"万华烯烃公司")进行 高达190.86亿元的增资。 不断扩张之下，万华化学的投资现金流净流出额维持在百亿规模以上，2018年至2025年前三季度合计净流出 2227.1亿元。截至2025年三季度末，公司总资产达3283亿元。 "资产+债权"组合拳优化资源配置 万华化学称，此举旨在实现万华化学碳二产业在同一法人主体万华烯烃公司集中运营管控，进一步提升公司碳二 产业的竞争力。 长江商报记者注意到，近年来，万华化学持续进行投资布局，当前已构建起"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。其中，作为公司营收第二大来源的石化业务，则重点布局碳二产业链。 加速扩张总资产达3283亿 多元业务支撑的稳健发展格局形成的背后，是万华化学围绕产业链不断加快扩张步伐。 早在2022年4月，万华化学就曾披露公告称，投资231亿元建设高性能新材料一体化及配套项目实现公司化工产业 链深度延伸，承接自主研发创新成果转化，打造一流的绿色低碳高 ...

Group 1 - The "DT New Leaf Award" is a prestigious award aimed at discovering, showcasing, and recognizing outstanding products and companies in the bio-based industry, set to be announced at the 11th Bio-based Conference [2][59] - The first round of applications for the award will close on February 10, 2026, offering exclusive promotional opportunities for participants [2][62] - The term "New Leaf" symbolizes vitality and sustainable innovation, reflecting the award's goal to highlight pioneering forces in the bio-based sector [2] Group 2 - Over 30 listed and representative companies have registered to participate in the "2026 DT New Leaf Award," showcasing a diverse range of products and innovations [3] - Notable participating companies include Wanhua Chemical, Guanghua Weiye, and Shuangqiang Technology, each presenting their latest products in various categories [3] - The award categories include innovations in bio-based materials, key chemicals, and low-carbon solutions, with companies like Lif Biological and Heng Carbon Technology leading in their respective fields [3][11][14] Group 3 - Wanhua Chemical is recognized as a leading global chemical new materials company and has established a presence in the bio-based polyurethane industry [7] - Guanghua Weiye, a leader in 3D printing materials, plans to further its market presence with an upcoming listing on the Beijing Stock Exchange [8] - Shuangqiang Technology, known as the first publicly listed company in the bamboo industry, has signed a contract to develop bamboo-based composite materials, indicating significant market potential [9] Group 4 - Lif Biological is a global leader in PEF and FDCA, with a significant investment in a production line expected to yield 15,000 tons of FDCA annually, generating over 1 billion yuan in revenue [11] - Zhongke Guosheng has completed a 200 million yuan A-round financing and is on track to produce FDCA at a large scale by 2026 [12][13] - Heng Carbon Technology has developed a revolutionary production technology for 1,3-propanediol, achieving nearly zero carbon emissions and high purity [14] Group 5 - Companies like Jinguo Zhongju and Sugar Energy Technology are focusing on innovative bio-based materials, with significant advancements in production capabilities and product offerings [16][17] - The bio-based industry is seeing a surge in innovative solutions, with companies like Huafeng New Materials and Yutong Packaging leading the charge in developing environmentally friendly products [28][29] - The DT New Leaf Award aims to promote collaboration and resource integration across the bio-based industry, enhancing the transition to green and low-carbon solutions in various sectors [57]

本报记者 周尚伃 从推荐频次看，2月份，紫金矿业、万华化学、中国太保均获3家券商推荐；中际旭创、北新建材、兆易创新、中国中免等 个股获2家券商推荐。其中，推荐紫金矿业的券商有华泰证券、中国银河、光大证券，推荐万华化学的券商有中泰证券、光大 证券、太平洋证券，推荐中国太保的券商有中泰证券、太平洋证券和平安证券。 值得关注的是，浙商证券将紫金矿业选定为2026年行业年度金股。对此，浙商证券金属行业负责人沈皓俊表示，紫金矿业 是全球黄金与铜资源龙头企业。多重因素影响下，去年以来，金铜价格迎来主升浪，受益于巨龙铜矿等持续投产增量，该公司 有望实现量价齐升，叠加锂价筑底反弹，第三成长曲线有望持续贡献增量，推动业绩增长，当前估值水平处于行业低位。 对于2月份A股市场的整体走势，券商分析师普遍持审慎乐观态度。中国银河证券策略首席分析师杨超认为，春节前流动性 仍相对充裕，市场可能迎来核心做多期。预计2月上旬至春节前，市场资金仍将在科技和有色等板块加速轮动，业绩亮眼的标 的将成为焦点。 中信证券首席A股策略分析师裘翔表示，站在A股视角，从资源热到周期热，涨价线索的全面演绎可能贯穿2026年一季 度。周期板块的底层共性是利润率修 ...

Core Viewpoint - Wanhua Chemical's expansion in lithium iron phosphate (LFP) production is a strategic move that positions the company favorably in a challenging market, leveraging its integrated resource chain to maintain cost competitiveness and operational stability [1][5]. Resource Layout - Wanhua has secured upstream resources through a joint venture with Xingfa Group to lock in phosphate resources and has made breakthroughs in lithium carbonate extraction, reducing reliance on upstream materials [2]. - The company has established multiple production bases in Sichuan, Shandong, and Fujian for high-end LFP materials, creating a complete closed-loop system with self-produced PVDF binders and recycling ammonium sulfate to further reduce costs [2]. Production Strategy - Wanhua's production strategy includes the development of a wind-solar-storage integrated energy system at its Haiyang facility, providing low-cost, low-carbon electricity for LFP production [2]. - The company's integrated layout and economies of scale are expected to enhance its market position, allowing it to maintain profitability even amid declining industry prices [2][5]. Market Context - The LFP market is currently dominated by major battery manufacturers like CATL and BYD, who are increasingly investing in LFP material production to control costs and ensure supply stability [3][4]. - The price of LFP has seen a significant decline, dropping from 173,000 yuan/ton at the end of 2022 to 34,000 yuan/ton by August 2025, reflecting an over 80% decrease and leading to continuous losses across the industry for over 36 months [2][3]. Competitive Landscape - Wanhua's ability to produce key intermediates like phosphoric acid autonomously allows it to stabilize product costs and production capacity, setting it apart from competitors who lack such resources [1][5]. - The current industry competition is shifting from mere capacity expansion to a comprehensive contest involving resource control, technology, scale, and integration capabilities [5]. Future Outlook - Wanhua's expansion into LFP production is seen as a clear survival strategy for the industry, emphasizing the importance of securing upstream resources and optimizing production structures to enhance high-end capacity [5]. - Despite challenges in capacity rollout and customer expansion, Wanhua's integrated resource advantages are expected to significantly impact the LFP industry [5].

Group 1: Market Trends - The silver market experienced a historic drop, with spot silver prices plunging 36%, marking the largest intraday decline in history, while spot gold prices fell over 12%, the largest single-day drop in 40 years. This decline is attributed to the nomination of Kevin Warsh as the next Federal Reserve Chairman, interpreted as a shift towards a more hawkish monetary policy, alongside factors like an overheated market and a downturn in U.S. stocks [2] - Bitcoin fell below $79,000, reaching its lowest level since April 2025, with over 420,000 investors liquidated, totaling $2.561 billion in liquidation. The price drop is influenced by escalating tensions between Israel and Iran, as well as delays in new regulatory frameworks for the U.S. crypto industry [2] - The semiconductor industry in South Korea saw a significant increase in exports, totaling $20.5 billion in January, a year-on-year surge of over 102%, indicating strong global demand for semiconductors. Additionally, domestic chip manufacturers are raising prices, with increases up to 80% across key segments [3] Group 2: Company Financials - Vanke announced an expected loss of 82 billion yuan for 2025, which would set a record for losses among A-share real estate companies. The anticipated losses are attributed to a decline in project settlement scale, low gross margins, and various impairments [2] - Ten companies, including Deep Konka A and Jiyou Co., have issued warnings about potential delisting due to financial indicators falling below required thresholds, including negative net assets and profits [4] - Several brokerages have released their investment recommendations for February, focusing on sectors such as technology and cyclical stocks, with companies like China Pacific Insurance and Zijin Mining receiving multiple endorsements [5]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The agricultural chemical industry is entering a period of layout opportunities, driven by the increasing importance of food security amid geopolitical fluctuations. The focus is on enhancing planting efficiency through technological empowerment [8] - The report emphasizes the growth potential of leading companies in the agricultural chemical sector, particularly those focused on technology services, including plant growth regulators, compound fertilizers, and pesticide formulations [3][8] - The report highlights the recovery opportunities in various sub-sectors of the chemical industry, including MDI, PVC, and refining, with specific companies recommended for investment [3][8] Summary by Relevant Sections Agricultural Chemical Sector - The report identifies growth opportunities in the agricultural chemical sector, particularly for companies that provide technology-driven services. Key areas include: 1. Plant growth regulators, which are characterized by low usage, high effectiveness, and cost efficiency, are seen as essential for modern agriculture [8] 2. Compound fertilizers are crucial for providing precise nutrient ratios to crops, with room for growth in China's compound fertilizer application rates compared to developed countries [8] 3. The potential for Chinese pesticide formulation companies to expand internationally, breaking the monopoly of traditional multinational corporations [8] Chemical Industry Recovery - The report notes a positive outlook for the recovery of various chemical sub-sectors, including: - MDI leader Wanhua Chemical (600309, Buy) [3] - PVC industry players such as Zhongtai Chemical (002092, Not Rated) and Xinjiang Tianye (600075, Not Rated) [3] - Refining sector leaders like Sinopec (600028, Buy) and Rongsheng Petrochemical (002493, Buy) [3] - The report anticipates continued price increases for high-energy products, particularly in the PVC sector, due to supply constraints and structural demand shifts [8]

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [66]. Core Insights - The report highlights strong price support from factories, with solid methionine prices rebounding [1]. - The average prices for various chemical products are provided, showing fluctuations in pricing and profitability across different segments [2]. - The report identifies key listed companies in the chemical sector, including Wanhua Chemical, Baofeng Energy, and others [2]. Summary by Sections 2.1 Basic Chemical Index Trends - The report includes a weekly overview of the basic chemical index trends, indicating overall market movements [10]. 2.2 Polyurethane Sector - The average prices for pure MDI, polymer MDI, and TDI are reported as 17,543, 13,864, and 14,085 CNY/ton respectively, with changes of -171, -36, and +110 CNY/ton [2]. - The gross margins for these products are 4,171, 1,493, and 2,363 CNY/ton, reflecting changes of -332, -196, and -15 CNY/ton [2]. 2.3 Oil, Coal, and Olefin Sector - Average prices for ethane, propane, thermal coal, and naphtha are reported as 1,416, 4,349, 520, and 4,074 CNY/ton respectively, with increases of +147, +52, +0, and +171 CNY/ton [2]. - The average price for polyethylene is 7,162 CNY/ton, showing a rise of +62 CNY/ton [2]. - The theoretical profits for ethane cracking, CTO, and naphtha cracking for polyethylene production are reported as 694, 1,438, and -245 CNY/ton, with respective changes of -161, +41, and -127 CNY/ton [2]. 2.4 Coal Chemical Sector - Average prices for synthetic ammonia, urea, DMF, and acetic acid are 2,184, 1,745, 3,962, and 2,579 CNY/ton respectively, with changes of -27, +5, +68, and -21 CNY/ton [2]. - The gross margins for these products are 199, 72, -92, and 445 CNY/ton, reflecting changes of -21, +1, +10, and -8 CNY/ton [2]. 2.5 Animal Nutrition Sector - Average prices for VA, VE, solid methionine, and liquid methionine are reported as 61.5, 55.1, 17.9, and 14.2 CNY/kg respectively, with changes of -0.7, +0.6, +0.3, and +0.0 CNY/kg [2].

走在前、挑大梁，10万亿之上的山东何以能？答案写在脚下，也写在历史中。 封图：网络图片 卫星从这里发射上天。烟台东方航天港累计成功发射137颗卫星，并聚集了30多家企业。一条集海上发射、火箭研发、卫星星座建设、卫星研 制、数据应用等的航天产业链初具雏形。 "深海一号"在这里下海。该船续航力超过14000海里，其搭载的潜水器"蛟龙号"具备7000米级下潜能力，这也是中国载人深潜的纪录。 海量新能源车在这里下线。2025年，山东新能源汽车产量超过110万辆，平均每天3000多辆下线，销往全国各地乃至世界市场；锂电池总产量达 到225GWh(吉瓦时)，占全国总产量的15.2%。山东成为新能源汽车产业的聚集地。 传统产业在这里蜕变出全新的技术、产能和形态。身处纺织业，即发集团开始从虾蟹壳中提炼纤维，织物染色无须用水；潍柴集团以科技赋能 内燃机产业，大缸径发动机应用于百万卡超算中心备电发电；青岛港（601298）自动化码头成为中国第一个、全球领先的全自动化集装箱码 头…… 放眼齐鲁大地，"十五五"开局之年，扑面而来的是一个不一样的山东。 今天的山东，是中国北方经济压舱石。北方每5元的产出就有1元是山东提供的；"十四五" ...

走在前、挑大梁，10万亿之上的山东何以能？答案写在脚下， 也写在历史中。 作者：种昂 封图：网络图片 卫星从这里发射上天。烟台东方航天港累计成功发射137颗卫星，并聚集了30多家企业。一条集海上发射、火箭研发、卫星星座建设、卫星研制、数 据应用等的航天产业链初具雏形。 "深海一号"在这里下海。该船续航力超过14000海里，其搭载的潜水器"蛟龙号"具备7000米级下潜能力，这也是中国载人深潜的纪录。 海量新能源车在这里下线。2025年，山东新能源汽车产量超过110万辆，平均每天3000多辆下线，销往全国各地乃至世界市场；锂电池总产量达到 225GWh（吉瓦时），占全国总产量的15.2%。山东成为新能源汽车产业的聚集地。 传统产业在这里蜕变出全新的技术、产能和形态。身处纺织业，即发集团开始从虾蟹壳中提炼纤维，织物染色无须用水；潍柴集团以科技赋能内燃机产 业，大缸径发动机应用于百万卡超算中心备电发电；青岛港自动化码头成为中国第一个、全球领先的全自动化集装箱码头…… 放眼齐鲁大地，"十五五"开局之年，扑面而来的是一个不一样的山东。 今天的山东，是中国北方经济压舱石。北方每5元的产出就有1元是山东提供的；"十四五"开局 ...

Core Viewpoint - The A-share market showed a trend of rising and then narrow fluctuations in January, with the Shanghai Composite Index increasing by 3.76%, the Shenzhen Component Index by 5.03%, and the ChiNext Index by 4.47% [1] Group 1: Stock Recommendations - Multiple brokerages have released their investment portfolios for February, covering various sectors including finance, non-ferrous metals, and materials [1] - The most frequently recommended stocks include China Pacific Insurance, Zijin Mining, and Wanhua Chemical, each receiving recommendations from three brokerages [4] - Notable stock performances include兆易创新, which saw a nearly 47% increase in January, and中国中免, which experienced a decline of over 5% [4] Group 2: Industry Preferences - Brokerages suggest that the spring market may see a prolonged period of activity, with potential new trends emerging post-Chinese New Year [6] - Recommendations focus on technology, consumer sectors, and cyclical industries, with an emphasis on identifying Alpha opportunities in cyclical sectors [7] - Specific sectors highlighted for potential growth include food and beverage, real estate, and resource-related industries, with a focus on quality stocks that exhibit both Beta elasticity and Alpha value [7][8] Group 3: Investment Strategies - A balanced growth strategy is recommended, focusing on technology, raw materials, and construction materials benefiting from urban renewal policies [8] - The service consumption sector, including tourism and dining, is suggested for early positioning ahead of the holiday season [9] - Attention is drawn to sectors likely to exceed performance expectations during the earnings reporting period, particularly in resource products and equipment manufacturing [10]