核心观点 石化化工行业2026年1月投资观点： 石化化工是周期性行业，现阶段石化化工行业"内卷式"竞争问题突出，低质量、同质化的无序竞争导致 企业普遍面临增产不增利困境，全行业营业收入利润率从2021年的8.03%持续降至2024年的4.85%， 2025年以来部分子行业率先复苏，前三季度行业归母净利润同比增长10.56%，行业盈利逐渐企稳复 苏。 供给端：化学原料及化学制品制造业投资固定资产累计投资额于2025年6月开始转负，SW基础化工行业 及多个细分子行业的资本开支连续多个季度转负，此轮行业扩产周期接近尾声；9月"石化化工行业稳增 长"政策正式出台，旨在治理企业低价无序竞争、推动落后产能有序退出，有机硅、己内酰胺、PTA聚 酯等子行业相继响应"反内卷"出台或正在制定行业指导文件。我们认为，后续将会看到更多化工产品新 产能审批趋严、落后产能（如规模小、能耗高、污染大）将加速出清，石化化工行业供给过剩问题将得 到有效缓解。 需求端：传统需求方面，伴随着全球央行进入降息周期及暂停缩表，在货币政策及财政政策刺激下我们 看好石化化工传统需求有望实现温和复苏；新兴需求方面，从新能源、SAF到AI，关键化学品材料始终 ...

证券研究报告 | 2026年01月04日 2026 年石化化工行业 1 月投资策略 优于大市 推荐炼油炼化、钾肥、磷化工、SAF 投资方向 石化化工行业 2026 年 1 月投资观点： 石化化工是周期性行业，现阶段石化化工行业"内卷式"竞争问题突出， 低质量、同质化的无序竞争导致企业普遍面临增产不增利困境，全行业 营业收入利润率从 2021 年的 8.03%持续降至 2024 年的 4.85%，2025 年 以来部分子行业率先复苏，前三季度行业归母净利润同比增长 10.56%， 行业盈利逐渐企稳复苏。 供给端：化学原料及化学制品制造业投资固定资产累计投资额于 2025 年 6 月开始转负，SW 基础化工行业及多个细分子行业的资本开支连续多 个季度转负，此轮行业扩产周期接近尾声；9 月"石化化工行业稳增长" 政策正式出台，旨在治理企业低价无序竞争、推动落后产能有序退出， 有机硅、己内酰胺、PTA 聚酯等子行业相继响应"反内卷"出台或正在 制定行业指导文件。我们认为，后续将会看到更多化工产品新产能审批 趋严、落后产能（如规模小、能耗高、污染大）将加速出清，石化化工 行业供给过剩问题将得到有效缓解。 需求端：传统需 ...

证券之星消息，12月31日化学制品板块较上一交易日下跌0.08%，恒大高新领跌。当日上证指数报收于 3968.84，上涨0.09%。深证成指报收于13525.02，下跌0.58%。化学制品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002683 | 广东宏大 | 47.80 | 7.44% | 32.35万 | | 15.45 Z | | 301617 | 博苑股份 | 77.77 | 7.42% | 3.26万 | | 2.47亿 | | 688196 | 卓越新能 | 58.90 | 7.31% | 2.12万 | | 1.23亿 | | 301212 | 联盛化学 | 29.96 | 6.24% | - 4.02万 | | 1.18亿 | | 603079 | 圣达生物 | 17.72 | 5.98% | 9.47万 | | 1.64亿 | | 600230 | 沧州大化 | 15.26 | 5.53% | 33.66万 | | 5.03亿 | | ...

Group 1: Key Insights - The report highlights the strong growth potential of the semiconductor testing industry, particularly for companies like Huafeng Measurement and Control (688200), which is positioned to benefit from the increasing demand for simulation and digital testing machines driven by AI chip requirements [4][5][6] - Guoke Military Industry (688543) is noted for its transition from conventional ammunition to intelligent and information-based ammunition, which is expected to enhance its growth prospects in a high-demand industry [4][5] - Purtai (603659) is recognized as a leading global lithium battery materials platform, with its negative electrode and diaphragm businesses expected to show long-term improvement [4][5] Group 2: Company-Specific Analysis - Wanchen Group (300972) is projected to continue expanding its store count, currently exceeding 18,000, while improving net profit margins through scale effects and supply chain efficiencies [5][6] - Top Group (601689) is actively developing new products in collaboration with major clients, including liquid cooling solutions, which have already secured initial orders worth 1.5 billion [7][8] - Zhuoyue New Energy (688196) is expanding its production capacity in the biofuel sector, with a focus on biodiesel and bio-based materials, supported by favorable policies and a projected internal rate of return of 28.94% for new projects [8][9] Group 3: Industry Trends - The report indicates that the server liquid cooling market is expected to experience significant growth in 2026 and 2027, with companies like Yingweike (002837) poised to capture substantial market share [8][9] - The mechanical equipment sector, particularly companies like Binglun Environment (000811), is expanding its presence in various fields, including nuclear power and industrial heat control, which is expected to provide new growth opportunities [9][10] - The AI industry is driving demand for intelligent control systems, with companies like Zhiwei Intelligent (001339) developing products that cater to this emerging market [10]

证券之星消息，12月15日化学制品板块较上一交易日上涨0.65%，卓越新能领涨。当日上证指数报收于 3867.92，下跌0.55%。深证成指报收于13112.09，下跌1.1%。化学制品板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日化学制品板块主力资金净流入2316.97万元，游资资金净流出2472.14万元，散 户资金净流入155.17万元。化学制品板块个股资金流向见下表： ...

Core Insights - The report emphasizes the investment themes for 2026 in the environmental sector, focusing on overseas expansion, carbon reduction, and pollution control as key strategies under the "14th Five-Year Plan" [3][6] - The environmental industry is experiencing a transition as domestic infrastructure peaks, with a projected 4.9% year-on-year growth in sector performance for the first three quarters of 2025 [6][28] Policy Guidance - The "14th Five-Year Plan" has not yet met carbon reduction targets, indicating a need for continued efforts in this area, while other environmental goals have been largely achieved [22][24] - The "15th Five-Year Plan" aims to synergize carbon peak and neutrality goals with pollution reduction and green growth initiatives [6][24] Overseas Expansion - The report identifies significant market opportunities in Southeast Asia and Central Asia for waste incineration, with a potential market size in the hundreds of billions [7] - Indonesia's upcoming waste incineration projects are highlighted, with expectations for rapid development starting in Q1 2026, supported by sovereign fund investments [7] - Key companies positioned for overseas expansion include Weiming Environmental, China Everbright, and others [7] Carbon Reduction - The carbon market is evolving, with ongoing improvements in the carbon emission control system and an expected rise in carbon prices [8] - Non-electric green energy sectors, such as renewable energy heating and biofuels, are anticipated to benefit from policy support and growing domestic demand [8] - Companies like Zhuoyue New Energy are noted for their potential in the biofuel sector, particularly in the context of EU anti-dumping influences subsiding [8] Pollution Control - The water and air sectors are expected to see continued investment in pollution control, with companies like Xingrong Environment and Aofu Technology highlighted for their growth potential [9] - The report notes that the implementation of the National VI emissions standards will create opportunities in the automotive emissions control market [9] Diverse Investment Opportunities - The report outlines various investment opportunities arising from new production capabilities, cyclical trends, and debt management strategies within the environmental sector [10] - Companies involved in smart technologies and battery materials are identified as potential beneficiaries of these trends [10]

Core Viewpoint - The company,卓越新能, has announced a change in the implementation subject of certain fundraising investment projects, transferring related assets to its wholly-owned subsidiary,龙岩卓越新能生物科技有限公司, which will now undertake the production line projects for bio-diesel [1] Group 1: Stock Performance - As of December 3, 2025,卓越新能's stock closed at 57.28 yuan, up 3.37% from the previous trading day [1] - The stock opened at 54.89 yuan, reached a high of 57.9 yuan, and a low of 54.3 yuan, with a trading volume of 69.6365 million yuan and a turnover rate of 1.03% [1] Group 2: Fundraising and Project Changes - The company has signed a new four-party supervision agreement regarding the fundraising due to the change in the implementation subject of certain projects [1] - The two newly opened fundraising special accounts are designated for the storage and use of funds related to the bio-diesel production projects, with a current balance of 0 yuan in both accounts [1]

关于部分募集资金投资项目变更实施主体后新签订 募集资金四方监管协议的公告 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、准确性和完整性依法承担法律责任。 一、募集资金的基本情况 根据中国证券监督管理委员会于 2019 年 10 月 16 日出具的《关于同意龙岩 卓越新能源股份有限公司首次公开发行股票注册的批复》（证监许可[2019]1921 号）核准，公司首次向社会公开发行人民币普通股（A 股）3,000 万股，每股发 行价格 42.93 元，新股发行募集资金总额为 128,790.00 万元，扣除发行费用 8,700.38 万元（不含增值税）后，实际募集资金净额为 120,089.62 万元。致同会 计师事务所（特殊普通合伙）对公司首次公开发行股票的资金到位情况进行了审 验，并出具了《验资报告》（致同验字（2019）第 350ZA0044 号）。 公司根据相关规定将募集资金进行了专户存储管理，并与首次公开发行股票 并上市的保荐机构英大证券有限责任公司（以下简称"英大证券"）以及存放募 集资金的商业银行兴业银行股份有限公司龙岩新罗支行、中国农业银行龙岩龙 ...

Group 1: Communication Sector - The report highlights the strong fundamentals of the digital virtual goods operator, Bee Assistant (301382.SZ), with a stable business base and rapid growth in IoT and cloud terminal services [4] - The company is expected to benefit from AI trends due to its strategic investments in AI-related areas [4] Group 2: Medical Sector - United Imaging Healthcare (688271.SH) is identified as a leading domestic medical imaging equipment manufacturer with a comprehensive product line including CT, MR, MI, XR, RT, and ultrasound [4] - The company has made significant breakthroughs in core technologies and successfully launched high-end products like ultra-high field MR and digital PET-CT, which are at the forefront of global standards [4] - Anticipated revenue recognition from delayed orders in 2024 is expected to boost performance in the second half of 2025, supported by new funding for equipment upgrades [4] Group 3: Consumer Goods Sector - Gu Ming (1364.HK) is noted as a highly certain and scalable player in the tea beverage sector, with strong same-store sales and rapid franchisee payback periods [4] - The company is expected to emerge as a stable growth and expansion leader during the industry reshuffle in 2026 [4] Group 4: Home Appliances Sector - Midea Group (000333.SZ) reported a 13% year-on-year revenue increase in the ToC segment for Q1-Q3 2025, driven by high-end brands and an optimized product structure [5] - The ToB segment saw an 18% revenue increase, with significant growth in new energy and industrial technology sectors [5] - The company's focus on robotics is expected to enhance its product offerings and support long-term revenue growth [7] Group 5: Chemical Sector - Excellent New Energy (688196.SH) is positioned well in the biofuel industry, with a robust capacity layout for biodiesel and bio-based materials [7] - The company is accelerating its biodiesel project with a projected post-tax internal rate of return of 28.94%, enhancing its market competitiveness [7] Group 6: Financial Sector - Industrial and Commercial Bank of China (601398.SH) is characterized by its stability and high dividend yield, making it a preferred choice for investors seeking certainty [7] - The bank's net profit showed a slight year-on-year increase of 0.33% for the first three quarters of 2025, with non-interest income growing by 11.3% [7] Group 7: Transportation Sector - Jinjiang Shipping (601083.SH) reported a remarkable 64% year-on-year increase in net profit for Q3, outperforming peers [7] Group 8: Retail Sector - China Duty Free Group (601888.SH) is experiencing a recovery in duty-free sales, benefiting from increased domestic tourism and expectations of policy support [7] Group 9: Agriculture Sector - Tian Kang Biological (002100.SZ) is positioned to benefit from rising pig prices as the industry undergoes capacity reduction, potentially enhancing profitability [8] Group 10: Electronics Sector - Huadian Co., Ltd. (002463.SZ) is experiencing high growth in server switch business driven by AI demand, with ongoing capacity expansion and improved profitability [8]

Core Viewpoint - The company,卓越新能, has provided updates on its fundraising projects related to the production of 100,000 tons of hydrocarbon-based biodiesel, indicating progress in both its IPO and private placement initiatives [1] Group 1: Project Updates - The project for the production line of 100,000 tons of hydrocarbon-based biodiesel from the IPO is expected to begin trial production in the first half of next year [1] - The private placement project for the same production capacity is currently in the preliminary stages of development [1] - The company will fulfill its information disclosure obligations in accordance with regulatory requirements regarding the specific progress of these projects [1]