Investment Rating - The industry investment rating is upgraded to "Overweight" [3] Core Insights - The chemical industry is expected to experience a recovery driven by both cyclical and growth factors, with a focus on organic silicon, PTA, polyester filament, caprolactam, spandex, vitamins, sweeteners, refrigerants, and phosphorus chemicals [7] - The organic silicon industry is entering a recovery phase, with new applications becoming the core growth driver. From 2019 to 2024, domestic DMC capacity expanded rapidly, leading to temporary oversupply and declining prices. However, with no new capacity expected in 2025 and increasing demand from sectors like new energy vehicles and photovoltaics, the supply-demand balance is improving [7] - The PTA and polyester filament industries are approaching a turning point, with the expansion cycle nearing its end. The demand side is expected to continue growing, supported by easing trade tensions and improved external demand [7] - The introduction of quota policies is expected to lead refrigerants into a high prosperity cycle, with supply constraints and stable demand growth from markets like heat pumps and cold chain logistics [9] - The synthetic biology sector is poised for explosive growth, driven by the transition to low-energy products and breakthroughs in non-grain bio-based materials [9] - OLED technology is accelerating its penetration into various display sizes, supported by policy measures aimed at fostering the new display industry [10] - The demand for high-frequency and low-loss electronic resins is increasing due to the rise of AI infrastructure, with AI server shipments expected to grow significantly [11] - The electronic chemicals sector is benefiting from the expansion of wafer production capacity, with increasing demand for key materials like photoresists and packaging materials [12] Summary by Sections Industry Performance - The chemical sector's overall performance ranked 14th with a weekly change of 0.78%, outperforming the Shanghai Composite Index by 0.38 percentage points [6][21] - Key stocks such as Honghe Technology and Zhongcai Technology saw significant price increases due to rising demand in AI servers and high-speed network equipment [6] Supply-Side Tracking - A total of 155 companies in the chemical industry had their production capacities affected, with 4 new repairs and 7 restarts reported [14] Key Industry Dynamics - BlueStar announced the acquisition of Elkem's core organic silicon assets, marking a strategic move to enhance its position in the global organic silicon industry [34] - The first biofuel blending policy in China was approved, allowing for local blending and reducing reliance on imports [34]

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Viewpoints - The report emphasizes the strengthening expectation of price increases for electronic fabrics, driven by explosive demand and capacity constraints, indicating a "super cycle" characterized by strong demand rigidity and prolonged duration [5][6] - The report identifies three main lines for 2026: the stock chain, the Africa chain, and the AI chain, suggesting strategic focus areas for investment [8] Summary by Relevant Sections Basic Situation - Cement shipments are experiencing seasonal declines, with an average shipment rate of approximately 9% in key regions, a month-on-month decrease of about 15 percentage points, and a year-on-year decrease of about 4 percentage points [7][22] - Glass inventory has slightly increased, with a total inventory of 51.63 million weight boxes, a month-on-month increase of 2.14 million weight boxes, reflecting a 4.32% growth [7][30] Outlook for 2026 - The stock chain focuses on optimizing demand and clearing supply varieties, with residential renovation demand expected to rise from 50% currently to nearly 70% by 2030 [8] - The Africa chain highlights undervalued growth opportunities in the African market, recommending leading companies such as Keda Manufacturing and Huaxin Cement [8] - The AI chain looks at the industrial upgrade of special electronic fabrics, with a focus on Low-Dk products and domestic substitution opportunities [8] Price and Inventory - The national average price for cement before the festival was 346.29 yuan/ton, with a month-on-month decrease of 0.32 yuan/ton and a year-on-year decrease of 47.90 yuan/ton [23] - The national average price for glass before the festival was 63.24 yuan/weight box, with a month-on-month increase of 0.06 yuan/weight box and a year-on-year decrease of 11.07 yuan/weight box [32]

1、机构称AI芯片领域，钻石散热潜在市场空间广阔。 明日线索 2月24日，培育钻石概念大涨，四方达20cm涨停，黄河旋风涨停。 消息面上，河南省科技厅官微此前消息，热沉片是金刚石家族的新成员，它让超硬材料成功进入高端芯片散热这个新赛道。黄 河旋风表示，从热沉片上切割出来所需要的形状，以某种方式贴合在芯片上，做成顶级散热器，这将大大促进高功率器件、 5G/6G通信、AI算力性能的提升。如今，制约产业化的尺寸瓶颈已被突破，黄河旋风成功研制出国内可量产的最大8英寸热沉 片。据悉，公司热沉片生产车间将于今年2月份投入量产，这是功能性金刚石从实验室，迈向规模化商业应用的一个里程碑。 据中邮证券，AI芯片领域，钻石散热潜在市场空间广阔。假设2030年全球AI芯片市场规模为3万亿人民币；AI芯片中钻石散热方 案渗透率分别为5%、10%、20%、50%；钻石散热价值量占比分别为5%、8%、10%，进行弹性测算，钻石散热市场空间的区间 为75亿至1500亿元。 | 图表12: Al 芯片领域钻石散热市场空间弹性测算表 | | | | | | | --- | --- | --- | --- | --- | --- | | 单位( ...

成本端的刚性上涨倒逼企业提价，或进一步放大了板块的盈利预期。自2025年初以来，铂金、叶蜡石等 核心原材料价格同步攀升，大幅压缩了企业盈利空间，提价成为企业维持盈利的必然选择。 2026年2月，国际复材、光远新材等龙头企业率先上调电子布报价，普通电子布涨幅超10%，报价突破 万元关口，达10300–10700元/吨；7628电子布主流价格升至5.1–5.5元/米。据统计，此次为2025年初以 来行业第四次提价，且提价节奏在传统淡季中显著加快。 2月24日，A股玻纤概念迎来强势爆发。东方财富数据显示，截至收盘，玻璃玻纤概念板块整体上涨 6.32%，成交额达170.3亿元。 板块内17只个股均上涨，其中国际复材以19.98%的涨幅强势涨停，收盘价报15.19元，股价续创历史新 高；中国巨石、山东玻纤、宏和科技4天3板；长海股份、中材科技、九鼎新材、振石股份、三峡新材等 龙头个股涨超5%。 作为一种性能优异的无机非金属材料，玻纤广泛应用于建筑、电子电气、风电、新能源汽车、AI等多 个领域，其行业景气度与下游需求及行业供给紧密相关。此次玻纤概念的集体拉升，是供给、需求、成 本等多重因素共振的结果。 从供给端来看，受特 ...

上个马年沪指涨近60%！新年新福利来了，炒股排面要拉满，新号启幸运>> 2月24日，A股全天下来共有109只涨停股、21只跌停股。贵金属板块活跃，湖南白银、盛达资源等涨 停；MLCC概念走强，风华高科、昀冢科技涨停；玻纤概念上涨，宏和科技、山东玻纤4天3板，中国巨 石、国际复材等4天2板。 连板股方面，ST京蓝（维权）16天12板，ST金鸿、*ST万方（维权）5连板，金牛化工7天4板，风语筑6 天4板，豫能控股、美邦股份4连板，江钨装备4天3板，汉缆股份3连板，金正大4天2板，招商轮船、中 远海能等3天2板，亚星锚链、*ST仁东等2连板，长飞光纤、深南电路等涨停。 *ST精伦、*ST熊猫（维权）连续3日跌停，德才股份连续2日跌停，视觉中国、博纳影业、*ST国华、 ST中迪（维权）等跌停。 ...

【天风建筑建材 & 新材料】周观点 20260223 节前1-2周涨幅较好的主线为：①AI 算力相关电子材料主线，以特种电子布为核心的玻纤领涨建材板块；PCB 基材、半导体封装材料、液冷相关标的领涨新材料板块；②AI + 建筑主线，VR/AR 应用、算力 + 工程咨询设计相 关标的领涨建筑板块；③外围市场 PCB 核心基材、半导体设备/材料主线领涨。 下周重点关注： 1、科技主线持续回归，核心推荐【电子布】赛道：①供需格局持续失衡，行业整体供需缺口约 20%，26 年 1 月 起全品类电子布均出现供应紧张，企业在手订单已达 2 个月水平，预计26 年全年将维持供应偏紧格局；②产能供 给刚性收缩，普通电子布产能向高端转移带来60% 产能损失，全品类供给持续收缩；③涨价节奏加快、弹性充 足，25 年电子布行业普遍提价 4-5 次，26 年 已提价10%，高端 DK 布、Q 布、CTE布价格仍处上行通道；④扩产 瓶颈短期无法突破，高端产品生产依赖的丰田高端织布机交付周期长达 1-2 年，但需关注池窑法突破（单个池窑 年产3000吨VS坩埚36吨）带来的供应增加（29年有可能供过于求）；⑤库存与需求端共振，CCL及电 ...

连板股方面，ST京蓝16天12板，ST金鸿、*ST万方5连板，金牛化工7天4板，豫能控股、美邦股份4连 板，江钨装备4天3板，汉缆股份3连板，金正大4天2板，*ST亚振、嘉泽新能3天2板，*ST铖昌、*ST仁 东等2连板，长飞光纤、深南电路等涨停。 2月24日午间，A股半日下来共有87只涨停股、13只跌停股。贵金属板块活跃，白银有色、湖南白银涨 停；MLCC概念走强，风华高科、昀冢科技涨停；玻纤概念上涨，宏和科技、山东玻纤4天3板，中国巨 石、国际复材等4天2板。 *ST精伦、*ST熊猫连续3日跌停，德才股份连续2日跌停，*ST国华、博纳影业、*ST原尚等跌停。 ...

继续坚定看好国产AI&海外发散： 继续坚定看好国产AI&海外发散： 1.国产算力：H和#海光信息，H主要看#华正新材，禾盛新材，IDC：#金开新能 2.存储： 雅克科技、帝科股份、开普云，闪迪美光7709 3.应用：#看好优刻得、首都在线、青云科技、中控技术、合合信息、真爱美家、德才股份（联系岚琪） 4.上游： 宏和科技、东材科技、延江股份 5.液冷： 飞龙股份、华光新材、江南新材 6.OCS：君逸数码（OCS上游透镜阵 ...

PCB概念股持续拉升，中材科技、江南新材、国际复材、宏和科技、中国巨石、铜冠铜箔盘中创新高， 山东玻纤、天通股份涨停，明阳电路、德龙激光涨超10%，逸豪新材、菲利华、深南电路跟涨。 ...

数据显示，诺安基金旗下1只基金重仓宏和科技。诺安改革趋势混合（001780）四季度持有股数1.91万 股，占基金净值比例为2.41%，位居第九大重仓股。根据测算，今日浮盈赚取约8.38万元。 诺安改革趋势混合（001780）成立日期2017年8月29日，最新规模2917.23万。今年以来收益6.55%，同 类排名2966/8994；近一年收益21.86%，同类排名4759/8199；成立以来收益101.8%。 诺安改革趋势混合（001780）基金经理为杨琨。 截至发稿，杨琨累计任职时间11年266天，现任基金资产总规模13.02亿元，任职期间最佳基金回报 172.26%， 任职期间最差基金回报-19.36%。 2月24日，宏和科技涨6.13%，截至发稿，报75.99元/股，成交2.18亿元，换手率0.33%，总市值668.50亿 元。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 资料显示，宏和电子材料科技股份有限公司位于上海市浦 ...