证券之星消息，1月23日化学纤维板块较上一交易日下跌0.66%，华峰化学领跌。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。化学纤维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) | | | --- | --- | --- | --- | --- | --- | --- | | 600063 | 皖维高新 | 7.28 | 5.51% | 121.45万 | | 8.66亿 | | 002254 | 泰和新材 | 13.82 | 4.70% | 44.41万 | | 6.11亿 | | 920077 | 吉林碳谷 | 19.41 | 4.35% | 21.60万 | | 4.17亿 | | 000420 | 吉林化纤 | 667 | 3.74% | 253.76万 | | 12.58亿 | | 002206 | 海利得 | 7.02 | 2.48% | 33.21万 | | 2.30亿 | | 000677 | 恒天海龙 | 4.59 | 2.46% | 32.46万 | | 1.48亿 | | 688 ...

证券之星消息，1月22日化学纤维板块较上一交易日上涨1.13%，恒申新材领涨。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。化学纤维板块个股涨跌见下表： 从资金流向上来看，当日化学纤维板块主力资金净流出264.18万元，游资资金净流出7529.41万元，散户 资金净流入7793.58万元。化学纤维板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002064 | 华峰化学 | 4373.75万 | 8.62% | -2296.93万 | -4.52% | -2076.82万 | -4.09% | | 000420 | 吉林化纤 | 3721.23万 | 4.39% | -1253.53万 | -1.48% | -2467.70万 | -2.91% | | 600370 | 三房巷 | 2114.26万 | 8.79% | -1878.22万 ...

证券之星消息，1月20日化学纤维板块较上一交易日上涨2.34%，新乡化纤领涨。当日上证指数报收于 4113.65，下跌0.01%。深证成指报收于14155.63，下跌0.97%。化学纤维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) | | | --- | --- | --- | --- | --- | --- | --- | | 000949 | 新乡化纤 | 7.46 | 10.03% | 148.85万 | | 10.67亿 | | 002064 | 华峰化学 | 13.39 | 5.60% | 64.14万 | | 8.49亿 | | 002254 | 泰和新材 | 13.12 | 5.55% | 58.11万 | | 7.53亿 | | 002427 | 尤夫股份 | 7.99 | 4.86% | 88.89万 | | 7.03亿 | | 603332 | 苏州龙杰 | 14.60 | 3.47% | 22.48万 | | 3.28亿 | | 600370 | 三房巷 | 2.73 | 3.41% | 107.58万 | | 2.93亿 | | ...

Core Viewpoint - The chemical ETF Tianhong (159133) is experiencing significant capital inflow and positive market performance, driven by macroeconomic factors and industry dynamics [1][2][3]. Group 1: Market Performance - As of January 20, 2026, the chemical ETF Tianhong (159133) recorded a transaction volume of 6.5777 million yuan, with the underlying index rising by 0.46% [1]. - The ETF has seen a net subscription of 20 million shares within the first half hour of trading, indicating strong investor interest [1]. - The ETF's latest scale and share count have reached new highs since its inception, with a total net inflow of 312 million yuan over the past 14 days [2]. Group 2: Industry Dynamics - The Tianhong ETF tracks the CSI Sub-Industry Chemical Theme Index, focusing on various sub-sectors within the Chinese chemical industry, including chemical raw materials and manufacturing [2]. - The chemical sector is experiencing a rebound, supported by macroeconomic factors such as an unexpected rise in PMI and a stronger yuan, which reduces import costs [2]. - The industry is witnessing a reduction in capital expenditure, with a shift towards "de-involution" strategies that help mitigate risks of oversupply [2][3]. Group 3: Price Trends and Future Outlook - Recent data shows that 44.1% of 170 tracked chemical products have seen price increases, with notable rises in lithium carbonate, ABS, and epoxy propane [3]. - The dual forces of supply-side contraction and demand-side growth, driven by national policies and external economic conditions, are expected to support a cyclical recovery in the chemical industry [3].

Group 1 - The market experienced a pullback after an initial rise, with the Shenzhen Component Index and the ChiNext Index turning negative, while the chemical sector showed strong performance, with Haohua Technology rising over 7%, Hengli Petrochemical and Luxi Chemical up over 6%, and several other companies increasing by more than 5% [1] - The Tianhong Chemical ETF (159133), which tracks the CSI sub-sector chemical industry theme index, opened low but surged by 2.8% by midday, reaching a nearly three-year high [1] - Analysts indicate that capital expenditure in the chemical industry is expected to decline in 2024, and with the "anti-involution" trend and accelerated elimination of outdated overseas capacity, supply is likely to contract [1] Group 2 - The Tianhong Chemical ETF (159133) closely tracks the CSI sub-sector chemical industry theme index, which has a core advantage of comprehensive coverage and balanced structure [2] - The index selects large-scale, liquid companies from sub-industries such as chemical products, including both traditional leading enterprises and representatives from high-growth areas like new energy materials and fine chemicals [2]

Group 1 - The chemical sector continues to show strength, with the Chemical ETF (516020) experiencing a price increase of 2.73% as of the latest update [1][2] - Key stocks in the sector include Haohua Technology, which reached the daily limit, and Junzheng Group, which surged over 9%, along with other notable gains from companies like Luxi Chemical and Huafeng Chemical [1][2] - Since 2025, the Chemical ETF has shown a cumulative increase of 47.53%, significantly outperforming major indices such as the Shanghai Composite Index (22.38%) and the CSI 300 Index (20.25%) [1][3] Group 2 - The chemical industry has seen negative growth in capital expenditure since 2024, but the "anti-involution" trend and the clearing of outdated overseas capacities are expected to lead to a contraction in supply [4] - The "14th Five-Year Plan" emphasizes expanding domestic demand, which is anticipated to drive growth in chemical product demand, especially with the onset of a U.S. interest rate cut cycle [4] - A potential turning point for the chemical industry is expected in 2026, with a shift from valuation recovery to earnings growth, referred to as the "Davis Double Play" [4] Group 3 - The Chemical ETF (516020) tracks the CSI Sub-Industry Chemical Theme Index, with nearly 50% of its holdings concentrated in large-cap leading stocks, including Wanhua Chemical and Salt Lake Co., allowing investors to capitalize on strong investment opportunities [5] - The ETF also includes exposure to various sub-sectors such as phosphate and nitrogen fertilizers, fluorochemicals, and others, providing a comprehensive investment approach within the chemical sector [5] - The fund does not charge a sales service fee, with specific subscription and redemption fee structures outlined for investors [5][6]

Core Viewpoint - The report from Dongfang Securities indicates that the spandex industry is currently at a historical low in terms of price and demand, but with industry restructuring, there is potential for price recovery and demand growth in the future [1] Supply Side - The spandex industry is in the late stage of capacity expansion, with domestic production capacity increasing from 593,900 tons in 2015 to an expected 1,420,000 tons by January 2026, led by Huafeng Chemical with 475,000 tons [2] - Currently, only the first phase of the Xinxiang Chemical Fiber's 100,000-ton project, which is 50,000 tons, is under construction and is expected to be operational by 2027 [2] - Since 2019, over 200,000 tons of capacity from small enterprises have been shut down, leading to a reduction in the share of capacity below 50,000 tons from 47% in 2015 to 16% in 2025, indicating a trend towards concentration of supply among leading companies [2] - The industry has faced negative gross margins since May 2023, making it difficult for unprofitable companies to sustain operations, which may lead to further exits from the market [2] Demand Side - Spandex is primarily used in clothing to provide elasticity, with applications in casual wear, jeans, underwear, fitness apparel, swimwear, and socks [3] - The demand for spandex is expected to continue growing due to trends in sports and tight-fitting clothing, with apparent consumption increasing from 510,000 tons in 2017 to an estimated 1,027,000 tons by 2024, reflecting a CAGR of 10.51% [3] - The combination of high elasticity and durability of spandex enhances the core performance of garments, contributing to its increasing penetration in downstream markets [3] Related Companies - Key companies in the spandex industry include Huafeng Chemical (002064.SZ), Taihe New Materials (002254.SZ), and Xinxiang Chemical Fiber (000949.SZ) [4]

Group 1 - The chemical sector continues to show strength, with the Chemical ETF (516020) experiencing a price increase of 2.73% as of the latest update [1][8] - Key stocks in the sector include Haohua Technology, which reached the daily limit, and Junzheng Group, which surged over 9%, along with other notable gains from companies like Luxi Chemical and Huafeng Chemical [1][8] - Since 2025, the Chemical ETF has shown a cumulative increase of 47.53%, significantly outperforming major indices such as the Shanghai Composite Index (22.38%) and the CSI 300 Index (20.25%) [10][11] Group 2 - The chemical industry has faced negative growth in capital expenditure since 2024, but the "anti-involution" trend and the accelerated elimination of outdated overseas capacity are expected to lead to a contraction in supply [12] - The "14th Five-Year Plan" emphasizes expanding domestic demand, which is anticipated to drive growth in chemical product demand, especially with the onset of a U.S. interest rate cut cycle [12] - The chemical industry may experience a cyclical turning point in 2026, transitioning from valuation recovery to earnings growth, referred to as the "Davis Double Play" [12] Group 3 - The Chemical ETF (516020) tracks the CSI Sub-Industry Chemical Theme Index, with nearly 50% of its holdings concentrated in large-cap leading stocks, including Wanhua Chemical and Salt Lake Co., allowing investors to capitalize on strong investment opportunities [13] - The ETF also diversifies its holdings across key sectors such as phosphate and nitrogen fertilizers, fluorine chemicals, and other leading stocks in the chemical sector [13] - Investors can also access the Chemical ETF through linked funds, which have specific subscription and redemption fee structures [5][14]

Investment Rating - The report maintains a "Positive" investment rating for the basic chemical industry, specifically for the spandex sector [5]. Core Insights - The spandex industry is expected to improve as supply and demand dynamics optimize due to accelerated capacity clearance. The report highlights the potential for recovery in spandex prices and profitability for leading companies with significant domestic capacity and cost advantages [3][43]. Supply Side Summary - The spandex industry is at the end of its expansion phase, with domestic capacity increasing from 593,900 tons in 2015 to 1,420,000 tons by January 2026, with major players like Huafeng Chemical leading the market [8][20]. - Since 2019, over 200,000 tons of capacity from small and medium enterprises have been shut down, leading to a concentration of supply among leading companies [26]. - The industry has faced prolonged negative gross margins since May 2023, indicating financial difficulties for many companies, which may lead to further exits from the market [29][41]. Demand Side Summary - Spandex demand is projected to grow significantly, driven by trends in activewear and tight-fitting clothing. The apparent consumption of spandex is expected to rise from 510,000 tons in 2017 to 1,027,000 tons by 2024, with a CAGR of 10.51% [33][35]. - The demand for spandex is primarily concentrated in the apparel sector, which accounts for 76% of total usage, with applications in leisurewear, jeans, underwear, and swimwear [33][34]. Supply-Demand Balance Summary - The supply-demand balance for the domestic spandex industry is improving, with limited new capacity expected and ongoing pressure on existing capacity. The anticipated demand growth from the activewear trend is expected to support this balance [40][41]. Investment Recommendations - The report recommends investing in leading companies with price and volume elasticity, specifically Huafeng Chemical (002064, Buy), Taihe New Materials (002254, Buy), and Xinxiang Chemical Fiber (000949, Not Rated). The potential profit increases from spandex price rises are highlighted, with significant earnings boosts projected for these companies [3][43][44].

智通财经APP获悉，东吴证券发布研报称，氨纶行业扩产进入尾声，落后产能出清有望带动景气上行。 我国氨纶行业集中度高，截至2025年底，我国氨纶产能CR5=84%。氨纶性能优异，需求增长旺盛，随 着应用范围及添加比例的扩大，氨纶需求量有望较快增长。 东吴证券主要观点如下： 氨纶性能优异，需求增长旺盛，2017-2024年，我国氨纶表观消费量CAGR=11%。氨纶被称为纺织品 的"味精"，在织物中的添加比例较低，但能够显著提高织物性能和档次。氨纶一般不单独使用，而是主 要添加在其他织物中混纺，常被添加在紧身衣、运动服、泳装等对弹性和贴身度要求较高的服饰中。此 外，氨纶还常被添加在医疗绷带、尿不湿等卫生用品中。随着氨纶应用范围及添加比例的扩大，氨纶需 求量有望较快增长。 相关标的 华峰化学(2025年底，氨纶产能40万吨/年，公司另有7.5万吨/年产能将于2026年底前逐步投产)、新乡化 纤(2025年底，氨纶产能22万吨/年，公司另有10万吨/年产能规划，其中一期项目将建设5万吨/年氨纶产 能，公司预计将于2026Q1开工，建设工期14个月)、泰和新材(2025年底，氨纶产能10万吨/年)。 供给端 氨纶行业扩产 ...