基础化工行业 行业研究 | 行业周报 PX 价格上涨触发石化企业行情，行业存长 期修复机遇 核心观点 投资建议与投资标的 ⚫ 炼化行业我们推荐相关龙头企业中国石化(600028，买入)、荣盛石化(002493，买 入)、恒力石化(600346，买入)；同时，我们持续看好化工各子行业景气复苏机遇， 如 MDI 龙头：万华化学(600309，买入) ；PVC 行业，相关企业包括：中泰化学 (002092，未评级)、新疆天业(600075，未评级)、氯碱化工(600618，未评级)、天 原股份(002386，未评级)。以及景气度持续性受储能高速增长拉动的磷化工中相关 标的包括：川恒股份(002895，未评级)、云天化(600096，未评级)等。草酸行业 中，建议关注：华鲁恒升(600426，买入)、华谊集团(600623，买入)、万凯新材 (301216，买入)。 风险提示 ⚫ 需求不及预期；海外市场供需情况变化；油价大幅波动。 国家/地区 中国 行业 基础化工行业 报告发布日期 2026 年 01 月 04 日 看好（维持） | 倪吉 | 执业证书编号：S0860517120003 | | --- | --- | ...

来源：进出口银行 1月4日，进出口银行董事长陈怀宇与恒力集团有限公司（以下简称恒力集团）董事长陈建华在京举行会 谈，共同见证双方签署战略合作协议。进出口银行副行长王康，恒力集团副董事长范红卫参加会谈。 来源：进出口银行 1月4日，进出口银行董事长陈怀宇与恒力集团有限公司（以下简称恒力集团）董事长陈建华在京举行会 谈，共同见证双方签署战略合作协议。进出口银行副行长王康，恒力集团副董事长范红卫参加会谈。 陈怀宇董事长表示，进出口银行与恒力集团互为重要合作伙伴，双方在对外贸易、先进制造、境外投资 等领域合作紧密，取得了务实成果。进出口银行将深入学习贯彻党的二十届四中全会和中央经济工作会 议精神，依托在支持制造业高质量"出海"等方面的专业优势，通过多元化金融服务助力恒力集团以科技 创新驱动转型升级，扩大船舶等高技术含量产品出口，共同为培育新质生产力、扩大高水平对外开放作 出贡献。 陈建华董事长对进出口银行长期以来给予恒力集团的支持表示感谢，并介绍了集团各业务板块特别是造 船领域的经营情况和发展规划。他表示，恒力集团将积极响应国家政策，持续推进产业转型升级，着力 布局绿色高端装备制造项目，稳步拓展国际合作空间。希望双方 ...

Investment Strategy and Key Stock Portfolio - The report emphasizes the importance of enhancing macro governance effectiveness and maintaining a positive policy tone, with a combination of more proactive fiscal policy and moderately loose monetary policy expected to continue [4][9] - The focus is on expanding domestic demand and stabilizing investment, with recent policy adjustments such as the relaxation of housing purchase restrictions in Beijing and a reduction in the value-added tax rate for second-hand home sales [4][9] - The report highlights the potential for a pause in interest rate cuts by the Federal Reserve in the first half of the coming year, as recent U.S. GDP data exceeded expectations, driven by a rebound in personal consumption [10] Key Stock Recommendations - **Jinfa Technology (金发科技, 600143.SH)**: Positioned to transition from a comprehensive plastic leader to a high-end chemical materials platform, benefiting from strong demand in emerging industries [11][14] - **Hengli Petrochemical (恒力石化, 600346.SH)**: As a leading private refining enterprise, it is expected to benefit from a new cycle of refining prosperity due to its extensive production capacity and diversified product offerings [11][14] - **Satellite Chemical (卫星化学, 002648.SZ)**: Anticipated to enter a new growth phase with improved profitability in aromatics and polyester chains, supported by its cost control and market position [11][14] - **Huidi Technology (汇得科技, 603192.SH)**: Expected to maintain high-quality growth due to strong demand for polyurethane materials and a favorable cost environment [11][14] - **Aikodi (爱柯迪, 600933.SH)**: Positioned to benefit from the recovery of its robotics segment and potential contracts with Tesla, enhancing its growth prospects [11][14] - **TeBao Bio (特宝生物, 688278.SH)**: Anticipated to see significant growth driven by its core product and expanding R&D pipeline [11][14] - **New Dairy (新乳业, 002946.SZ)**: Expected to improve profitability through product innovation and a focus on low-temperature products [11][14] - **Zhongke Lanyun (中科蓝讯, 688332.SH)**: Positioned to benefit from AI-driven growth in the electronics sector, with a comprehensive product line [11][14] - **Hengxuan Technology (恒玄科技, 688608.SH)**: Focused on high-end SOC chips and AIOT applications, with strong competitive positioning [11][14] - **Jereh Group (杰瑞股份, 002353.SZ)**: Expected to see robust growth supported by its diversified business and significant orders in the natural gas sector [11][14] ETF Recommendations - **Southern CSI 1000 ETF (南方中证 1000ETF, 512100.OF)**: Notable growth of 29.27% year-to-date, tracking the CSI 1000 Index [15] - **E Fund CSI Artificial Intelligence Theme ETF (易方达中证人工智能主题, 159819.OF)**: Strong performance with a 70.29% increase year-to-date [15] - **Chemical ETF (化工 ETF, 159870.OF)**: Gained 43.01% year-to-date, reflecting the performance of the chemical industry [15] - **Huatai-PB CSI Major Consumption ETF (汇添富中证主要消费 ETF, 159928.OF)**: Slight decline of 2.40% year-to-date [15] - **Southern CSI Shenwan Nonferrous Metals ETF (南方中证申万有色金属 ETF, 512400.OF)**: Significant growth of 98.26% year-to-date [15]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 001316 | 润贝航科 | 39.48 | 5.31% | 5.93万 | 2.32 乙 | | 002476 | 宝莫股份 | 7.24 | 2.84% | 32.81万 | 2.36亿 | | 603353 | 和顺石油 | 27.33 | 2.32% | ● 9.11万 | 2.48亿 | | 601857 | 中国石油 | 10.41 | 1.56% | 170.56万 | 17.71亿 | | 300055 | 万邦达 | 8.15 | 1.49% | 17.61万 | 1.42亿 | | 603798 | 康普顿 | 16.51 | 1.48% | 13.65万 | 2.22亿 | | 600800 | 渤海化学 | 3.46 | 1.17% | 45.39万 | 1.54亿 | | 002986 | 宇新股份 | 10.76 | 0.65% | 2.68万 | 2883.89万 | | 600346 | 恒力石化 | 22.53 ...

恒力石化股份有限公司 近日，公司收到中国银行间市场交易商协会（以下简称"交易商协会"）下发 的《接受注册通知书》（中市协注〔2025〕DFI77号）。《接受注册通知书》中明确： 交易商协会决定接受公司债务融资工具注册；注册自通知书落款之日起2年内有效； 公司在注册有效期内可分期发行超短期融资券、短期融资券、中期票据、永续票据、 资产支持票据、绿色债务融资工具等产品，也可定向发行相关产品；每期发行时应 确定当期主承销商、发行产品、发行规模、发行期限等要素。 公司将根据《接受注册通知书》要求，并按照《非金融企业债务融资工具注册 发行规则》《非金融企业债务融资工具注册工作规程》《非金融企业债务融资工具 定向发行注册工作规程》《非金融企业债务融资工具信息披露规则》等有关规则指 引规定执行，及时履行信息披露义务。 特此公告。 恒力石化股份有限公司董事会 2026 年 1 月 1 日 恒力石化股份有限公司 关于非金融企业债务融资工具（DFI）注册申请获准的 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法律责任。 恒力石化股份有限公司（以下简 ...

恒力石化股份有限公司 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法律责任。 恒力石化股份有限公司（以下简称"公司"）于2025年8月15日召开第九届董 事会第三十次会议，审议通过了《关于全资子公司之间吸收合并的议案》，同意 公司全资子公司恒力石化（大连）炼化有限公司（以下简称"恒力炼化"）吸收 合并公司全资子公司恒力石化（大连）化工有限公司（以下简称"恒力化工"）。 吸收合并完成后，恒力炼化存续经营，恒力化工将依法注销，恒力化工的全部资 产、债权、债务等其他一切权利和义务均由恒力炼化依法承继。具体内容详见公 司在指定信息披露媒体及上海证券交易所网站（www.sse.com.cn）披露的《关于 全资子公司之间吸收合并的公告》（公告编号：2025-047）。 近日，上述吸收合并涉及的市场主体登记手续，已在市场监督管理部门办理 完毕，至此，本次吸收合并事项已完成。本次吸收合并各方均在公司合并报表范 围内，吸收合并后不会对公司合并报表产生实质性影响，不会对公司的正常经营、 财务状况和经营成果产生重大影响，亦不存在损害公司及全体股东特别是中小 ...

Group 1 - The core viewpoint of the news highlights the strong performance of the Tianhong Chemical ETF (159133), which saw a turnover of 4.42% and a transaction volume of 26.6075 million yuan, with the underlying index rising by 1.84% to reach a new annual high [1][3] - The Tianhong Chemical ETF has achieved a record high in size at 629 million yuan and a record high in shares at 567 million, with a net inflow of 21.9844 million yuan recently [3] - The chemical sector is characterized by its complexity and rapid rotation, with the Tianhong Chemical ETF tracking 50 leading companies, covering both traditional cyclical sectors and emerging growth areas [3] Group 2 - Recent news indicates that major companies in the lithium iron phosphate industry, including Wanrun New Energy and Hunan Youneng, have announced maintenance and production cuts, with reductions of 35% to 50% planned for January 2026 [3][4] - Research institutions suggest that the collective maintenance in the lithium iron phosphate industry is a response to rising raw material costs, leading to increased operational pressure on companies [4] - The lithium battery supply chain is experiencing a rise in both volume and price, with significant increases in production and prices for lithium carbonate and lithium iron phosphate, indicating a recovery in downstream demand [5]

Core Viewpoint - The PTA (Purified Terephthalic Acid) sector is experiencing strong performance, attracting market attention with significant gains in stock prices of leading companies in the industry. Group 1: Company Highlights - Hengyi Petrochemical (恒逸石化) has a latest stock price of 10.98 CNY with a daily increase of +10.02%, recognized as a leading private multinational with significant PTA production capacity [1] - Xin Feng Ming (新凤鸣) has a latest stock price of 19.90 CNY with a daily increase of +7.86%, ranking among the top three in the domestic polyester filament industry, with most PTA products used internally [2] - Zhongtai Chemical (中泰化学) has a latest stock price of 5.15 CNY with a daily increase of +7.29%, noted for being the largest PTA facility in Northwest China with significant regional market advantages [3] - Rongsheng Petrochemical (荣盛石化) has a latest stock price of 11.98 CNY with a daily increase of +7.06%, recognized as a leader in the PTA industry with a total PTA capacity of approximately 19 million tons [4] - Hengli Petrochemical (恒力石化) has a latest stock price of 22.43 CNY with a daily increase of +6.81%, noted for having the most advanced technology and cost advantages in PTA production [5] - Tongkun Co., Ltd. (桐昆股份) has a latest stock price of 17.40 CNY with a daily increase of +4.07%, established an integrated production and sales structure for PTA and polyester [6] - Shanghai Petrochemical (上海石化) has a latest stock price of 2.85 CNY with a daily increase of +3.64%, possessing a PTA capacity of 400,000 tons per year [8] - Dongfang Shenghong (东方盛虹) has a latest stock price of 11.37 CNY with a daily increase of +3.46%, recognized as an important polyester raw material supplier in East China with existing PTA capacity [9]

化工板块今日（12月30日）重拾攻势！反映化工板块整体走势的化工ETF（516020）早盘低开后震荡拉 升，盘中场内价格最高涨幅达到2.56%，截至收盘，涨1.98%，收盘价续创2022年9月以来新高。 成份股方面，石化、涤纶、磷化工、锂电等板块部分个股涨幅居前。截至收盘，恒逸石化涨停，新凤 鸣、荣盛石化双双大涨超7%，恒力石化涨超6%，金发科技、云天化、天赐材料等亦涨幅居前。 | | | 分时 多日 1分 5分 15分 30分 · | | | | F9 盘前盘后 盛加 九菲 图线 工具 份 O | | > | 4. TETF O | | | | 516020 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.88 | | | | 516020(化工ETF] 14:15 价 0.877 滚跌 0.017(1.98%) 均价 0.870 周交量 2541 1. | | | | | 0.877 | | | +0.017 +1.98% | | | 0.871 | | | | Ac. ...

化工板块今日（12月30日）重拾攻势！反映化工板块整体走势的化工ETF（516020）早盘低开后震荡拉升，盘中场内价格最高涨幅达到1.63%，截至发稿， 涨1.4%。 成份股方面，石化、氮肥、农药等板块部分个股涨幅居前。截至发稿，恒逸石化飙涨超6%，荣盛石化、新凤鸣、恒力石化等大涨超5%，桐昆股份、鲁西化 工、华鲁恒升等涨超3%。 | | | 分时 多日 1分 5分 15分 30分 ▼ | | | | | F9 盘前盘后 叠加 九转 画线 工具 & (2) | | | > | KTETE ® | | 516020 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.874 | | | | 1 - 1 - 1 - 1 - | 516020[化工ETF] 11:03 价 0.872 涨跌 0.012(1.40%) 均价 0.863 成交量 2228 | | | | 1.63% | WP | 0 872 | | +0.012 +1.40% | | | | | | | | | | | | ...