Core Viewpoint - The A-share market shows mixed performance with the Shanghai Composite Index rising by 0.27% while the ChiNext Index fell by 0.57%, driven by a "price increase" theme, particularly in resource sectors [1] Group 1: Market Performance - The overall market saw over 3,600 stocks decline, with a total trading volume of 2.97 trillion yuan [1] - The resource sector, particularly non-ferrous metals, led the market, with significant inflows of over 34.3 billion yuan into the sector [3] Group 2: ETF Performance - The Huabao Non-ferrous ETF (159876) reached a new high, with an intraday price increase of 7.35% and a closing increase of 6.95%, attracting a net subscription of 1.4 million units [3][5] - The Chemical ETF (516020) also performed well, with a closing increase of 2.48%, marking a new high since July 2022 [7] - The Hong Kong Information Technology ETF (159131) rose by 1.75%, reflecting strong performance in the semiconductor sector [10] Group 3: Commodity Prices and Economic Factors - International gold prices have reached historical highs, driven by geopolitical tensions and concerns over the independence of the Federal Reserve, leading to increased demand for safe-haven assets [2][5] - The aluminum price has surged to a nearly four-year high, with spot gold reaching a new record of $5,283 per ounce [5] - The Federal Reserve's upcoming monetary policy decisions are expected to influence market dynamics, with a dovish stance likely to support the non-ferrous metals market [5] Group 4: Sector Analysis - The chemical industry is experiencing a price surge, with a notable increase in prices for products like soda ash and nitrogen fertilizers, indicating a potential turning point for the sector [7][9] - The semiconductor sector is witnessing a price increase, with major companies like Samsung and SK Hynix raising prices significantly for memory products [10][13]

证券之星消息，1月28日化学纤维板块较上一交易日上涨2.26%，华峰化学领涨。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。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入1.53亿元，游资资金净流入3467.32万元，散户资 金净流出1.88亿元。化学纤维板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002064 | 华峰化学 | 13.76 | 8.77% | 70.64万 | 9.48 G | | 002998 | 优彩资源 | 8.78 | 7.47% | 22.17万 | · 1.86亿 | | 000949 | 新乡化纤 | 7.50 | 5.49% | 113.25万 | 8.42 亿 | | 603225 | 新凤鸣 | 21.54 | 3.31% | 1 23.92万 | 5.10亿 | | 301057 | 汇隆新材 | 38.38 | 2.65% | 4.54万 | ...

来源：沪深交易所等，截至2026.1.28。 化工板块午后继续上攻！反映化工板块整体走势的化工ETF（516020）盘中场内价格一度涨超3%，截 至发稿，涨2.48%。 成份股方面，和邦生物、浙江龙盛双双涨停，卫星化学大涨超9%，华峰化学、桐昆股份、鲁西化工等 亦涨幅居前。 | | | 分时 8日 1分 5分 15分 30分 60分 日 周 月 夏多 | | | | | | | | 化工ETF O | | | | 516020 | | | F9 盘机盘版 盘加 九转 图线 工具 @ D > | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1,000 | | | | 516020RZ.ETF1 13:49 於 0.993 股股 0.024(2.48%) J.90 ...

Group 1 - The chemical sector has regained momentum, with the chemical ETF (516020) experiencing a rise of 1.96% after a brief fluctuation at the opening [1][2] - Key stocks in the sector include Zhejiang Longsheng, which hit the daily limit, and other notable gainers such as Hebang Biotechnology, Satellite Chemical, Baofeng Energy, and Hengyi Petrochemical, all showing significant increases [1][2] - The chemical ETF (516020) has attracted substantial investment, with net subscriptions of 1.422 billion yuan over the past five days and 2.14 billion yuan over the past ten days [1][2] Group 2 - Recent advancements in the basic chemical industry include breakthroughs in green refrigeration technology and key technologies for the industrialization of high-performance liquid crystal polyarylate fibers [3] - Looking ahead, the chemical industry is expected to experience low prosperity in 2025, with potential recovery in profitability driven by measures against "involution" and rapid growth in new materials due to downstream demand [3] - Investment opportunities in the large chemical sector are viewed positively, particularly in leading companies and sub-industries facing supply changes or significant pressure [3]

化工板块盘中持续走高，染料、聚氨酯方向领涨，和邦生物封涨停，此前锦鸡股份、沧州大化、百川股 份、中农联合等涨停，卫星化学、氯碱化工、华峰化学、恒逸石化、桐昆股份跟涨。 ...

Price Trends - The latest price of adipic acid as of January 26 is 7633.33 yuan per ton, reflecting a recent increase of 3.15% over the last 5 days [2][4] - Over the past 30 days, the price has risen by 11.71% [2][4] - In the last 60 days, the price has increased by 13.37% [2][4] Related Producers - Key producers in the adipic acid market include Huafeng Chemical (002064), Hualu Hengsheng (600426), Yangmei Chemical (600691), Shennong Co. (600810), and Kailuan Co. (600997) [2][4]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The macroeconomic outlook for the chemical industry indicates a stable recovery in demand, with oil prices expected to remain in a range of $55-70 per barrel due to OPEC+ production delays and improved global economic conditions [4][5]. - The report highlights a recovery in spandex prices, an ongoing improvement in titanium dioxide supply and demand, and an anticipated acceleration in dye supply clearance [4][5]. - The investment strategy suggests focusing on sectors benefiting from the "anti-involution" policy, including textiles, agriculture, and export chains, with specific company recommendations provided [4][5]. Industry Dynamics - Oil: OPEC+ has delayed production increases, and shale oil production has peaked, leading to a slowdown in supply growth. Demand is stabilizing with improved global economic conditions [5]. - Spandex: The overall operating rate in the spandex industry has increased from 79% to 87%, with prices rising by 1,000 CNY per ton as of January 20, 2026 [4][5]. - Titanium Dioxide: The closure of production facilities by major companies is expected to improve profitability, with recommendations to focus on leading companies in this sector [4][5]. - Dyes: The price of core intermediates for disperse dyes has increased by over 50%, indicating a potential industry clearance [4][5]. Investment Analysis - The report suggests a diversified investment approach across various chains, including textiles, agriculture, and export-related chemicals, with specific companies highlighted for potential growth [4][20]. - Key materials for semiconductor and panel manufacturing are emphasized, with recommendations for companies involved in these sectors [4][5]. - The report also notes the importance of focusing on companies that can achieve self-sufficiency in critical materials [4][5].

Investment Rating - The report maintains a rating of "Buy" for the basic chemical industry [5] Core Views - The report highlights that the spandex industry is at a turning point, with prices reaching historical lows and recent price increases indicating a recovery in the industry [1][2] - The report emphasizes the limited new capacity in the spandex sector and the exit of outdated capacity, suggesting a favorable supply-demand balance and a positive outlook for the spandex industry [2] - The "anti-involution" policy is expected to enhance the recovery of the "refining-chemical fiber" industry chain, with improvements in market competition and supply-demand dynamics [3] Summary by Sections Industry Overview - Spandex prices have dropped from a peak of 83,750 yuan/ton in 2021 to 23,600 yuan/ton in early January 2026, a decline of 72% [1] - The report notes that spandex production capacity in China is projected to grow from 925,000 tons in 2020 to 1,430,000 tons by 2025, with a compound annual growth rate (CAGR) of 7.6% [2] Supply and Demand Dynamics - The apparent consumption of spandex in China is expected to increase from 720,000 tons in 2020 to 1,060,000 tons by 2025, with a CAGR of 6.7% [2] - The report indicates that the spandex industry is entering a recovery phase due to the reduction in new capacity and the exit of outdated production [2] Policy Impact - The "anti-involution" policy aims to optimize market competition and improve the supply-demand balance in the refining and chemical fiber sectors [3] - The report suggests that the refining industry is nearing the end of capacity expansion, which is expected to improve supply-demand dynamics [3] Investment Recommendations - The report recommends focusing on leading companies in the polyester filament sector such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong, as well as spandex companies like Huafeng Chemical and Xinxiang Chemical Fiber [4]

资金流向方面，今日该股主力资金净流出6402.23万元，其中，特大单净流出838.21万元，大单资金净流 出5564.01万元。近5日主力资金净流入781.89万元。 融资融券数据显示，该股最新（1月22日）两融余额为3.32亿元，其中，融资余额为3.15亿元，融券余额 为1765.66万元。近5日融资余额合计增加8642.64万元，增幅为37.89%，融券余额合计增加679.03万元， 增幅62.49%。（数据宝） 华峰化学今日下跌6.37%，全天换手率1.93%，成交额12.27亿元，振幅11.13%。龙虎榜数据显示，机构 净卖出2926.25万元，深股通净买入7262.34万元，营业部席位合计净卖出8898.25万元。 深交所公开信息显示，当日该股因日跌幅偏离值达-7.57%上榜，机构专用席位净卖出2926.25万元，深 股通净买入7262.34万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交4.89亿元，其中，买入成交额为2.22亿 元，卖出成交额为2.67亿元，合计净卖出4562.15万元。 具体来看，今日上榜的营业部中，共有6家机构专用席位现身，即买二、买三、买四、买五、卖三、卖 ...

Market Overview - The chemical fiber sector experienced a decline of 0.66% on January 23, with Huafeng Chemical leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - Notable gainers in the chemical fiber sector included: - Anhui Wuhua High-tech (Code: 600063) with a closing price of 7.28, up 5.51% and a trading volume of 1.2145 million shares, totaling 866 million yuan [1] - Taihe New Materials (Code: 002254) closed at 13.82, up 4.70% with a trading volume of 444,100 shares, totaling 611 million yuan [1] - Jilin Carbon Valley (Code: 920077) closed at 19.41, up 4.35% with a trading volume of 216,000 shares, totaling 417 million yuan [1] - Conversely, significant decliners included: - Huafeng Chemical (Code: 002064) closed at 12.78, down 6.37% with a trading volume of 955,200 shares, totaling 1.227 billion yuan [2] - Huisheng New Materials (Code: 301057) closed at 38.21, down 3.61% with a trading volume of 32,600 shares, totaling 125 million yuan [2] - Xinxiang Chemical Fiber (Code: 000949) closed at 7.25, down 3.33% with a trading volume of 1.3161 million shares, totaling 961 million yuan [2] Capital Flow - The chemical fiber sector saw a net outflow of 114 million yuan from institutional investors, while retail investors experienced a net inflow of 146 million yuan [2] - Detailed capital flow for selected stocks showed: - Jilin Chemical Fiber (Code: 000420) had a net inflow of 51.4981 million yuan from institutional investors [3] - Zhongfu Shenying (Code: 688295) had a net inflow of 40.0280 million yuan from institutional investors [3] - Taihe New Materials (Code: 002254) had a net inflow of 34.4442 million yuan from institutional investors [3]