证券研究报告——晨会聚焦 2026 年 2 月 13 日 中银晨会聚焦-20260213 (8621)20328310 jun.wang_sh@bocichina.com 证券投资咨询业务证书编号：S1300511070001 2 月金股组合 股票代码 股票名称 0119.HK 保利置业集团 000099.SZ 中信海直 601111.SH 中国国航 600352.SH 浙江龙盛 002409.SZ 雅克科技 603806.SH 福斯特 300760.SZ 迈瑞医疗 600519.SH 贵州茅台 000524.SZ 岭南控股 603986.SH 兆易创新 688123.SH 聚辰股份 ■重点关注 ◼ 【房地产】2026 年房地产行业展望—2026 年房地产市场"前低后高"；全 年板块或迎来两大拐点*夏亦丰 许佳璐 2026 年全年来看，地产板块出现收益的机会较大，今年建议关注及配 置。从投资主线来说，部分房企在 2025 年计提减值相对充分，2026、2027 年减值压力减轻，在此变化之下有反转可能性；部分持有性商业地产公 司已经提前布局新业态、新模式、新场景，更能把握新消费时代下的机 遇。 现阶段我们建议关 ...

基础化工 | 证券研究报告 — 行业周报 2026 年 2 月 8 日 强于大市 化工行业周报 20260208 国际油价回调，己内酰胺、维生素 E 价格上涨 二月份建议关注：1、低估值行业龙头公司；2、"反内卷"对相关子行业供给端影响；3、下游需求旺 盛，自主可控日益关键背景下的电子材料公司。 行业动态 投资建议 ◼ 截至 2 月 8 日，SW 基础化工市盈率（TTM 剔除负值）为 28.57 倍，处在历史（2002 年至今） 82.89%分位数；市净率为 2.58 倍，处在历史 73.42%分位数。SW 石油石化市盈率（TTM 剔除负 值）为 15.16 倍，处在历史（2002 年至今）46.10%分位数；市净率为 1.47 倍，处在历史 50.93% 分位数。展望 2026 年，本轮行业扩产已近尾声，"反内卷"等措施有望催化行业盈利底部修复， 同时新材料受益于下游需求的快速发展，有望开启新一轮高成长，二月份建议关注：1、低估值行 业龙头公司；2、"反内卷"对相关子行业供给端影响；3、下游需求旺盛，自主可控日益关键背 景下的电子材料公司。中长期推荐投资主线：1、传统化工龙头经营韧性凸显，布局新材料等领域， ...

Core Insights - The report highlights the contradiction faced during the "14th Five-Year Plan" period, where carbon reduction pressures are increasing while the growth rate of new energy installations is slowing down. The introduction of a national capacity price policy is expected to open up space for new energy installations and support high-yield investment options for power companies during the "14th Five-Year Plan" investment intensity [5][6][9]. Group 1: Energy Storage Industry - The national capacity price policy, issued on January 30, 2026, aims to establish a mechanism that balances power supply stability, green energy transformation, and efficient resource allocation. This policy is expected to support the development of adjustable power sources and enhance the installation of new energy [7][9]. - The report estimates that the demand for energy storage will show a high growth trend, with new energy storage installations expected to reach 66.43 GW and 189.48 GWh in 2025, representing year-on-year increases of 52% and 73% respectively [8][9]. - The capacity price policy is seen as the final piece needed for energy storage development, potentially increasing project returns from approximately 6.5% to over 8% under current subsidy conditions. This is expected to stimulate investment interest from state-owned enterprises in new energy storage projects [8][9]. Group 2: Investment Recommendations - The report suggests prioritizing investments in leading companies involved in energy storage integration and upstream battery cells, recommending firms such as Sungrow Power Supply, Trina Solar, LONGi Green Energy, JinkoSolar, CATL, and Eve Energy. It also advises monitoring companies like Haisum, Sungrow Electric, Canadian Solar, and Penghui Energy [9].

Industry Overview - The Chinese tetrafluoromethane (CF₄) industry is currently undergoing a phase of technological upgrades and market expansion, with a projected market size of approximately 2.079 billion yuan in 2024, representing a year-on-year growth of 7.44% [1][7] - The domestic low-temperature distillation-adsorption coupling process is maturing, improving the first-pass yield of 6N-grade products and narrowing the technology gap with international giants to a single purity level, laying a solid foundation for domestic substitution [1][7] - The demand for high-purity CF₄ is rapidly increasing due to the continuous expansion of downstream emerging industries such as semiconductors, photovoltaics, and panels [1][7] Industry Chain - The upstream of the CF₄ industry chain includes raw materials such as hydrofluoric acid, methanol, fluorine gas, carbon sources, and electricity, as well as production equipment like fluorocarbon reactors and distillation towers [4] - The midstream involves the production and manufacturing of CF₄, while the downstream applications are primarily in semiconductor, flat panel display, photovoltaic, and optical fiber manufacturing processes [4] Market Dynamics - The price of hydrofluoric acid, a core raw material for CF₄ production, is expected to reach 11,873 yuan per ton by the end of 2025, reflecting an increase of 8.87% year-on-year, driven by tightening supply and mining policies [5] - The production capacity of integrated circuits in China is projected to reach approximately 484.3 billion pieces by 2025, with a year-on-year growth of 7.28%, which will drive the demand for electronic-grade CF₄ in etching and wafer cleaning processes [7] Key Enterprises - The competitive landscape of the CF₄ industry is characterized by a concentration of leading firms driven by technology, with companies like Kemet, Fujian Del Technology, and Huate Gas rapidly emerging [8] - Huate Gas, established in 1999, has achieved high-purity CF₄ mass production and has been certified by major semiconductor clients, covering top global semiconductor companies [9] - Fujian Yongjing Technology, founded in 2007, focuses on fluorochemical production and has a capacity of 600 tons/year, utilizing advanced purification technologies [10] Future Trends - The growth of the CF₄ industry is primarily driven by the semiconductor and photovoltaic sectors, with increasing purity requirements pushing CF₄ products from mainstream 5N (99.999%) to 6N and beyond [12] - The competition in the industry is shifting towards a concentration of leading firms, with a focus on technological and capital advantages, as smaller firms face significant survival challenges [13] - Environmental regulations are expected to drive technological innovations in the industry, with a focus on green production processes and the development of efficient end-of-pipe treatment and recycling technologies [14]

基础化工 | 证券研究报告 — 行业周报 2026 年 2 月 2 日 二月份建议关注：1、低估值行业龙头公司；2、"反内卷"对相关子行业供给端影响；3、下游需求旺 盛，自主可控日益关键背景下的电子材料公司。 行业动态 投资建议 风险提示 ◼ 地缘政治因素变化引起油价大幅波动；全球经济形势出现变化。 相关研究报告 强于大市 化工行业周报 20260201 国际油价上涨，分散染料、维生素 E 价格上涨 《化工行业 2026 年度策略》20260128 《化工行业周报 20260125》20260125 《化工行业周报 20260118》20260118 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bocichina.com 证券投资咨询业务证书编号：S1300517050002 证券分析师：范琦岩 qiyan.fan@bocichina.com 证券投资咨询业务证书编号：S1300525040001 ◼ 本周（01.25-02.01）均价跟踪的 100 个化工品种中，共有 50 个品种价格上涨，22 个品种价格下 跌，2 ...

Strategy Overview - The core strategy indicates that Trump's nomination of Kevin Warsh as the next Federal Reserve Chairman suggests a hawkish policy stance, advocating for balance sheet reduction and cautious interest rate cuts, which may reverse market expectations for continued liquidity easing and strengthen the dollar, leading to a global tightening of dollar liquidity expectations and asset price reassessment [4][2] - In the short term, after a strong spring rally, the market may enter a rhythm adjustment period due to proactive policy guidance and increased overseas disturbances, presenting rotation opportunities for previously stagnant sectors [4][2] Real Estate Sector: Poly Real Estate Group - The company experienced a 48.1% year-on-year revenue growth in the first half of 2025, driven by increased project completions, with a settlement area of 814,000 square meters, up 20.8% year-on-year, and a settlement amount of 17.37 billion yuan, up 52.5% year-on-year [8] - Despite revenue growth, the net profit attributable to shareholders decreased by 44.3%, primarily due to a negative investment income of 950 million yuan and an increase in minority shareholder losses [8] - The company’s gross margin improved to 17.5%, up 3.2 percentage points year-on-year, while the net profit margin decreased to 1.3%, down 0.7 percentage points year-on-year [8][9] - The company’s debt structure improved, with interest-bearing debt down 8.6% year-on-year to 68.2 billion yuan, and the average financing cost decreased by 48 basis points to 2.90% [9] - The company’s sales ranking improved to 15th in the industry, with a sales amount of 29.5 billion yuan in the first seven months of 2025, despite a 13.5% year-on-year decline [10] Transportation Sector: CITIC Offshore Helicopter - CITIC Offshore Helicopter is a leading player in China's general aviation sector, operating the largest civil helicopter fleet in Asia with 84 advanced model helicopters [13] - The company has a strong revenue stream from offshore oil services, with nearly 70% of its revenue derived from this segment, and maintains a market share of over 60% in the offshore helicopter service market [14] - The general aviation market in China is expected to grow steadily, supported by policy guidance, with the number of general airports reaching 475 and the number of general aviation enterprises reaching 760 by 2024 [14] Transportation Sector: Air China - Air China is the only flag carrier in China, with passenger transport services accounting for nearly 91% of total revenue in 2024 [16] - The company reported a revenue of 166.7 billion yuan in 2024, up 18.14% year-on-year, with a sales gross margin of 5.11% [16] - The domestic passenger transport volume reached 730 million in 2024, a 17.86% increase year-on-year, marking a historical high [17] Chemical Sector: Zhejiang Longsheng - The company reported a 6.47% year-on-year decline in revenue to 6.505 billion yuan in the first half of 2025, with a gross margin of 29.80%, up 1.87 percentage points year-on-year [19][20] - The dye business saw a slight revenue decline of 3.17% to 3.632 billion yuan, but the gross margin improved by 4.40 percentage points to 34.17% [19] - The company is focusing on cost reduction and efficiency improvements to maintain stable development amid industry challenges [19] Chemical Sector: Yake Technology - The company achieved a revenue growth of 15.37% in the electronic materials segment, with a total revenue of 2.573 billion yuan in the first half of 2025 [24] - The company is actively developing new technologies and products in the LNG and electronic materials sectors, with a focus on semiconductor chemical materials [23] New Energy Sector: Foster - Foster is a leading player in the photovoltaic encapsulation materials market, maintaining a market share of around 50% [27] - The company is exploring new solutions for space environment applications, leveraging its existing technology in photovoltaic materials [28] Medical Sector: Mindray Medical - The company faced revenue pressure in the first half of 2025, with a 23.77% year-on-year decline in Q2 revenue to 8.506 billion yuan [29] - International business revenue increased by 5.39%, accounting for about 50% of total revenue, indicating a growing presence in the global market [30] - The company is focusing on building a digital healthcare ecosystem through the integration of devices, IT, and AI technologies [31] Food and Beverage Sector: Kweichow Moutai - The company is navigating a challenging environment in the liquor industry, focusing on quality and long-term value rather than short-term performance metrics [33] - In Q3 2025, the company reported a revenue of 39.06 billion yuan, a slight increase of 0.6% year-on-year, with a gross margin of 91.3% [34] Social Services Sector: Lingnan Holdings - The company achieved a revenue of 2.09 billion yuan in the first half of 2025, up 8.52% year-on-year, with a net profit of 50 million yuan, up 24.39% [36] - The company is expanding its travel agency and hotel management services, with a focus on enhancing its operational capabilities [38] Electronics Sector: Zhaoyi Innovation - The company expects a revenue of approximately 9.203 billion yuan in 2025, a 25% year-on-year increase, driven by demand from AI computing and the storage industry [39]

Group 1 - The HBM index rose by 2% during intraday trading on January 28 [1] - Among the constituent stocks, Deep Technology surged by 7% [1] - Taiji Industry increased by 6%, while stocks like Tongfu Microelectronics, Guoxin Technology, and Yake Technology also experienced gains [1]

Group 1 - The core transaction of Jac Tech involved a block trade of 185,000 shares, with a total transaction value of 17.205 million yuan, accounting for 1.39% of the total trading volume on that day [1][2] - The transaction price was 93 yuan per share, which remained stable compared to the market closing price of 93 yuan [1][2] - The buyer and seller of the shares were both from CITIC Securities, with the buying department located in Shanghai and the selling department in Beijing [2]

Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The report highlights the impact of rising international oil and natural gas prices, leading to price increases in disperse dyes and refrigerant R125 [1] - Key investment suggestions for January include focusing on undervalued industry leaders, the effects of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials and certain new energy materials companies amid strong downstream demand [1][11] - The report emphasizes the potential for recovery in demand supported by policy, ongoing supply-side optimization, and the growth prospects in emerging sectors such as semiconductor materials and OLED materials [11] Summary by Sections Industry Dynamics - During the week of January 19-25, 43 out of 100 tracked chemical products saw price increases, while 24 experienced declines, and 33 remained stable [10][32] - The average price of NYMEX natural gas rose by 62.90% to $5.05 per mmbtu, and WTI crude oil prices increased by 2.74% to $61.07 per barrel [10][33] Investment Recommendations - As of January 23, the price-to-earnings ratio (P/E) for the SW basic chemical sector is 29.45, placing it in the 84.71 percentile historically, while the P/E for the SW oil and petrochemical sector is 14.08, in the 42.32 percentile historically [11] - Recommended stocks include Wanhua Chemical, Hualu Hengsheng, and Yike Technology, among others, with a focus on companies benefiting from strong demand and favorable pricing conditions [11] Price Changes and Market Trends - The price of disperse dyes increased, with disperse black ECT300% averaging 18 yuan/kg, a rise of 5.88% [34] - Refrigerant R125 prices rose to 50,000 yuan/ton, reflecting a 3.09% increase from the previous week and a 16.38% increase year-on-year [35]

Core Viewpoint - The report highlights the current trends in the chemical industry, focusing on price movements, supply and demand dynamics, and investment opportunities in undervalued leading companies amid a backdrop of geopolitical tensions and changing market conditions [1][4][8]. Industry Dynamics - In the week of January 12-18, 49 out of 100 tracked chemical products saw price increases, while 20 experienced declines, and 31 remained stable. The average monthly price of 49% of products rose compared to the previous month [3]. - The average price of WTI crude oil futures increased by 0.54% to $59.44 per barrel, while Brent crude oil futures rose by 0.66% to $63.76 per barrel during the same week [4]. - As of January 9, U.S. crude oil production averaged 13.753 million barrels per day, a decrease of 58,000 barrels from the previous week but an increase of 272,000 barrels year-on-year. Total U.S. oil demand was 21.009 million barrels per day, up by 178,200 barrels from the previous week [4]. Price Movements - The price of butadiene rose by 4.04% to 9,663 yuan per ton as of January 18, with a month-on-month increase of 25.98% but a year-on-year decrease of 20.8%. The production of butadiene was 109,300 tons, down 2.85% from the previous week [5]. - Epoxy propane prices increased by 8.84% to 8,620 yuan per ton, with a year-on-year rise of 9.88%. The market operating rate was 65.38%, reflecting a 1.51% increase from the previous week [6][7]. Investment Recommendations - As of January 18, the price-to-earnings ratio (TTM) for the SW basic chemical sector is 14.68, at the 59.64% historical percentile, while the price-to-book ratio is 1.54, at the 40.20% historical percentile. The SW oil and petrochemical sector has a TTM P/E ratio of 13.44, at the 39.81% historical percentile [8]. - Investment suggestions include focusing on undervalued leading companies, the impact of "anti-involution" on supply in related sub-industries, and the growing importance of self-sufficiency in electronic materials and certain new energy materials amid rising prices [2][8]. - Recommended stocks include Wanhua Chemical, Hualu Hengsheng, and others, with a focus on sectors like semiconductor materials, OLED materials, and new energy materials [8][9].