Core Viewpoint - The company is undergoing a significant transformation towards becoming a leading "chemical + new energy" enterprise, focusing on value creation and internal motivation to enhance its competitive edge in a challenging environment [1][5]. Group 1: Transformation and Innovation - The company has established "transformation year" as a management theme, shifting from investment thinking to operational thinking, and creating a more precise incentive system that aligns employee income with value creation [6][1]. - The company is deepening its research and development (R&D) organizational reform, optimizing talent allocation, and integrating business value with technological innovation, particularly in battery and high-performance materials [2][6]. - The company has successfully launched multiple high-end new materials into the market, leveraging AI for scientific advancements and focusing on key technological breakthroughs [2][6]. Group 2: Core Business Strengthening - The company is enhancing its core business by implementing new polyurethane manufacturing technologies and optimizing its petrochemical industry, with successful operations in the ethylene phase two project [7][2]. - The fine chemical business is rapidly evolving, with a series of self-developed new products being launched, contributing to a more diversified and high-end product matrix [7][2]. - The battery materials segment is experiencing significant breakthroughs in technology, aiming to become the "chief innovator" in the industry through strong R&D investments [7][2]. Group 3: Customer Focus and Brand Recognition - The marketing team is committed to delivering exceptional products and services, optimizing the global supply chain, and creating value that exceeds customer expectations [3][8]. - The company has been awarded the "China Quality Award," becoming the only chemical enterprise to receive this honor, which underscores its commitment to quality as a fundamental principle [3][8]. Group 4: Future Strategy and Goals - The year 2026 marks the beginning of the "15th Five-Year Plan," emphasizing the need for proactive evolution and continuous improvement to remain competitive in a challenging global economy [8][5]. - The company aims to enhance operational quality and create integrated competitive advantages through closed-loop management and international expansion [9][4]. - The focus will be on key technological breakthroughs in battery materials, high-end new materials, and biomanufacturing, aiming to establish a core technology cluster with independent intellectual property rights [9][4].

Core Viewpoint - Wanhua Chemical's stock has shown a positive trend with a year-to-date increase of 10.08%, and significant gains over various trading periods, despite a recent net outflow of funds [1][2]. Group 1: Stock Performance - As of December 30, Wanhua Chemical's stock price increased by 2.09% to 77.74 CNY per share, with a trading volume of 10.35 billion CNY and a market capitalization of 243.36 billion CNY [1]. - The stock has risen by 3.93% over the last five trading days, 16.03% over the last 20 days, and 17.90% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Wanhua Chemical reported a revenue of 144.23 billion CNY, a year-on-year decrease of 2.29%, and a net profit attributable to shareholders of 9.16 billion CNY, down 17.45% year-on-year [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Wanhua Chemical was 243,600, a decrease of 9.49% from the previous period, while the average number of tradable shares per person increased by 10.16% to 12,850 shares [2]. - The company has distributed a total of 50.24 billion CNY in dividends since its A-share listing, with 14.05 billion CNY distributed in the last three years [3]. Group 4: Institutional Holdings - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 104 million shares, a decrease of 31.92 million shares from the previous period [3]. - China Securities Finance Corporation remains unchanged with 73.35 million shares, while several ETFs have reduced their holdings, indicating a shift in institutional investment [3].

永赢合享混合发起A（014598）成立日期2021年12月22日，最新规模6576.44万。今年以来收益 11.39%，同类排名5581/8087；近一年收益9.69%，同类排名5722/8085；成立以来收益26.77%。 永赢合享混合发起A（014598）基金经理为曾琬云。 截至发稿，曾琬云累计任职时间4年235天，现任基金资产总规模12.07亿元，任职期间最佳基金回报 27.04%， 任职期间最差基金回报0.29%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 12月30日，万华化学涨1.02%，截至发稿，报76.93元/股，成交8.02亿元，换手率0.34%，总市值2408.27 亿元。 资料显示，万华化学集团股份有限公司位于山东省烟台市经济技术开发区三亚路3号，成立日期1998年 12月16日，上市日期2001年1月5日，公司主营业务涉及各种异氰酸酯产品及其衍生产品的开发、生产、 经营、应用;各种聚氨酯系统料及其助剂的开发、生产、经营。主 ...

Industry Overview - The chemical sector's overall performance ranked 7th this week (2025/12/22-2025/12/26) with a fluctuation of 4.23%, outperforming the Shanghai Composite Index by 2.35 percentage points and the ChiNext Index by 0.34 percentage points [1] - The chemical industry is expected to continue its differentiated trend in 2025, with a focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [1] Synthetic Biology - The arrival of a pivotal moment in synthetic biology is anticipated, driven by the adjustment of energy structures, which may disrupt fossil-based materials and favor low-energy products [1] - Traditional chemical companies are expected to compete based on energy consumption and carbon tax costs, with successful firms leveraging green energy alternatives and integrated advantages to reduce costs [1] - The demand for bio-based materials is projected to surge, leading to potential profitability and valuation increases for leading companies in the synthetic biology sector, such as Kasei Bio and Huaheng Bio [1] Refrigerants - The implementation of quota policies is expected to usher in a high-growth cycle for third-generation refrigerants, with supply entering a "quota + continuous reduction" phase starting in 2024 [2] - The demand for refrigerants is anticipated to grow steadily due to the development of heat pumps, cold chain markets, and the expansion of the air conditioning market in Southeast Asia [2] - Companies with a high quota share, such as Juhua Co., Sanmei Co., Haohua Technology, and Yonghe Co., are expected to benefit significantly from this trend [2] Electronic Specialty Gases - Electronic specialty gases are critical to the electronics industry and represent a core component of domestic industrial chain localization [2] - The domestic market faces a contradiction between rapid upgrades in wafer manufacturing and insufficient high-end electronic specialty gas capacity, presenting significant domestic substitution opportunities [2] - Key players like Jinhong Gas, Huate Gas, and China Shipbuilding Gas are positioned to capitalize on the growing demand driven by integrated circuits, panels, and photovoltaics [2] Light Hydrocarbon Chemicals - The trend towards light raw materials in the global olefin industry is becoming increasingly significant, with a shift from heavy naphtha to lighter low-carbon alkanes like ethane and propane [3] - Light hydrocarbon chemicals are characterized by low carbon emissions, low energy consumption, and low water usage, aligning with global carbon neutrality goals [3] - Companies in the light hydrocarbon sector, such as Satellite Chemical, are expected to see a revaluation of their value as this trend continues [3] COC Polymers - The industrialization process of COC/COP (cyclic olefin copolymer) is accelerating in China, driven by domestic companies achieving breakthroughs and the shift of downstream industries to domestic sources [4] - COC/COP materials are increasingly used in various applications, including mobile camera lenses and medical packaging, with a focus on high-end applications [4] - Companies like Acolyte are recommended for their potential in the COC polymer production segment [4] Potash Fertilizers - Potash fertilizer prices are expected to rebound as the industry enters a destocking cycle, with supply constraints due to Canpotex withdrawing new quotes and Nutrien announcing production cuts [5] - The demand for potash fertilizers is likely to increase as farmers respond to rising grain prices, leading to a potential reversal in potash prices [5] - Leading companies in the potash sector, such as Yara International, Salt Lake Potash, and Zangge Mining, are recommended for investment [5] MDI Market - The MDI market is characterized by oligopoly, with demand steadily improving due to the expansion of polyurethane applications [6] - The global MDI production capacity is concentrated among five major chemical giants, which control approximately 90.85% of the market [6] - Companies like Wanhua Chemical are expected to benefit from the favorable supply dynamics and demand recovery in the MDI sector [6] Chemical Price Tracking - The top five price increases this week included NYMEX natural gas (9.59%), PTA (8.95%), and butadiene (6.83%) [6] - The top five price decreases included pure MDI (-4.23%) and acrylic fiber (-3.45%) [6] - A total of 170 chemical companies reported production capacity impacts this week, with 6 new repairs and 10 restarts [6]

Core Viewpoint - The lithium iron phosphate (LFP) industry is facing significant operational pressure due to rising raw material costs and challenges in passing price increases to downstream battery manufacturers, leading to collective production cuts among major companies in the sector [2][4]. Group 1: Production Cuts - Five major LFP companies, including Wanrun New Energy and Hunan Youneng, announced production cuts scheduled for January 2026, with reductions ranging from 35% to 50% [2][3]. - Long-term contracts ("long orders") provide some market security for LFP companies, but challenges remain in transmitting raw material price increases [2][4]. - The collective production cuts are seen as a necessary measure to support pricing amid unfavorable market conditions [4][5]. Group 2: Market Dynamics - The average market price for LFP in November was 14,704.8 yuan per ton, while production costs ranged from 16,798.2 yuan to 17,216.3 yuan per ton, indicating a widening gap between costs and prices [5]. - Despite high demand and increased operational rates, most LFP companies are still operating at a loss, with only a few exceptions like Hunan Youneng and Fulian Precision [5][6]. - The industry is characterized as being in a "sandwich" position, squeezed by rising raw material costs and resistance from downstream customers to accept price hikes [2][5]. Group 3: Expansion Trends - A new wave of capacity expansion is emerging in the LFP sector, with companies like Ningde Times and Wanhua Chemical investing heavily in new production projects [7][8]. - Ningde Times' subsidiary, Bangpu Recycling, launched a new LFP project with an annual capacity of 450,000 tons, while Wanhua Chemical plans to build a 650,000-ton LFP project in Shandong [7][8]. - The influx of new entrants and expansion by existing players raises concerns about potential oversupply in the market, especially as the industry has not fully recovered from previous losses [7][8].

供给优化，气势升腾——基础化工 2026 年度投资策略 20251229 摘要 化工行业供给端正经历显著变化，欧洲因成本压力产能出清，国内固定 资产投资增速放缓，叠加反内卷政策，部分子行业有望走出供需过剩局 面，改善利润。 中国化学品价格指数（CCPI）和长江化学品板块毛利率均处于历史较低 水平，表明行业正经历周期性波动，未来或迎来上升周期。IMF 预测 2026 年全球 GDP 增速约为 3.09%，中国为 4.2%，外需具备韧性。 新能源、储能、AI 基建等新兴领域对化工产品需求产生积极影响，如新 能源汽车产量高增长、全球储能装机量提升、AI 基建投资热情高涨，拉 动上游材料消费。 国内化工龙头企业上半年业绩同比回落，但海外企业回落速度更快，欧 洲关闭大量产能，中国市场份额显著提升，反内卷政策对治理无序竞争 和推动落后产能退出起到积极作用。 能耗双控及环保政策可能成为推动供给优化的重要抓手，通过限制新增 项目审批和加强现有项目监管来减少过剩产能，从而推动整个行业景气 回升。 Q&A 2026 年度化工行业的投资策略是什么？当前行业供给端发生了哪些变化？ 2026 年度化工行业的投资策略可以概括为"供给优化 ...

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, Juhua, Yangnong Chemical, CNOOC, Tongkun, Daotong Technology, and others [10]. Core Viewpoints - The report highlights significant price increases in battery-grade lithium carbonate (up 10.79%) and industrial-grade lithium carbonate (up 10.78%), while sulfur and liquid chlorine experienced notable declines [4][7]. - It suggests focusing on investment opportunities in areas such as import substitution, pure domestic demand, and high dividend stocks, particularly in light of the current geopolitical tensions affecting oil prices [6][18]. - The overall chemical industry remains under pressure, with mixed performance across sub-sectors due to past capacity expansions and weak demand, although some sectors like lubricants are performing better than expected [21]. Summary by Sections Chemical Industry Investment Suggestions - The report recommends paying attention to the glyphosate industry, which is showing signs of recovery with decreasing inventory and rising prices, suggesting potential investment in companies like Jiangshan Co., Xingfa Group, and Yangnong Chemical [21]. - It also emphasizes selecting stocks with strong competitive positions and growth potential, particularly in the lubricant additive sector and coal-to-olefins industry [21]. - The report notes that domestic demand for chemical fertilizers and certain pesticide sub-products remains robust, with companies like Hualu Hengsheng and China Heartlink Fertilizer being highlighted for investment [21]. Price Trends of Chemical Products - The report details recent price movements, with significant increases in battery-grade lithium carbonate and PTA, while products like sulfur and liquid chlorine saw declines [4][5][19]. - It mentions that the international oil price is expected to stabilize around $65 per barrel, which could benefit companies with high dividend yields and those that are sensitive to raw material cost reductions [6][18]. Market Dynamics - The report discusses the impact of geopolitical tensions on oil prices, particularly the situation in Venezuela and the EU's sanctions on Russia, which have contributed to recent price fluctuations [22][23]. - It highlights the weak trading atmosphere in the coal market, with prices declining due to limited demand and cautious market sentiment [29][30]. - The report notes that the polypropylene market is experiencing downward pressure due to weak demand and increased supply, while the PTA market is expected to remain strong due to ongoing inventory reduction [31][35].

来源：中国能源网 中银证券近日发布化工行业周报：本周（12.22-12.28）国际油价持平，WTI原油期货价格收于56.74美 元/桶，收盘价周涨幅0.14%布伦特原油期货价格收于60.64美元/桶，收盘价周涨幅0.28%。宏观方面，根 据新华网消息，乌克兰总统泽连斯基称当地时间22日深夜至23日凌晨乌遭俄大规模袭击，多地能源设施 受损。 以下为研究报告摘要： 投资建议 截至12月27日，SW基础化工市盈率（TTM剔除负值）为25.60倍，处在历史（2002年至今）76.58%分位 数；市净率为2.33倍，处在历史61.10%分位数。SW石油石化市盈率（TTM剔除负值）为13.17倍，处在 历史（2002年至今）37.56%分位数；市净率为1.28倍，处在历史36.98%分位数。今年以来，行业受关税 相关政策、原油价格大幅波动等因素影响较大，十二月份建议关注：1、低估值行业龙头公司；2、"反 内卷"对相关子行业供给端影响；3、自主可控日益关键背景下的电子材料公司与涨价背景下的部分新能 源材料公司。中长期推荐投资主线：1、政策加持下需求有望复苏，供给端持续优化，优秀龙头企业业 绩估值有望双提升。2、下游行业快速 ...

abc 24 December 2025 Global Research First Read Wanhua's petrochemical profitability set to improve in coming two years Wanhua currently has two sets of ethylene facilities with 2.2mtpa capacity in total. It will increase the percentage of ethane as feedstock, as the ethane-to-ethylene process has cost advantages over those with naphtha/LPG as raw materials and could improve the petrochemical segment's profitability meaningfully. Moreover, with petrochemical fundamentals at a historical trough, we note cape ...

节约用水，离不开全社会的共同努力。近年来，我省深入实施国家节水行动，持续推进农业节水增 效、工业节水减排、城镇节水降损，全社会节水意识明显增强，用水效率和效益不断提高。我省以占全 国1%的水资源，养育了约占全国7%的人口，灌溉了约占全国5%的耕地，生产了约占全国8%的粮食， 贡献了占全国7%以上的GDP。在国务院实行最严格水资源管理制度考核中，我省10次考核优秀。（记 者 方垒） 为表彰先进典型，树立奋斗榜样，激励社会各界积极投身节水实践、携手推进节水工作，经党和国 家功勋荣誉表彰工作委员会办公室批准设立中国节水奖。全国149个单位、199名个人分别荣获"中国节 水奖先进集体"、"中国节水奖先进个人"称号。其中，山东省水利厅科技与对外合作处、山东省城镇供 排水协会、德州市水利局、滨州市城乡水务局荣获"中国节水奖先进集体"；山东省工业和信息化厅绿色 发展推进处一级主任科员陈雪、山东省水利科学研究院副院长刘健、山东省农业技术推广中心（山东省 农业农村发展研究中心）土壤肥料部节水农业科科长于舜章、聊城市水利局水资源科（节约用水办公 室）科长唐浩、莱芜水利投资发展集团有限公司副总经理张奉刚、万华化学集团股份有限公司首 ...