恒力石化逆板块下跌，资金流出与基本面承压成主因

Core Viewpoint - Hengli Petrochemical (600346.SH) experienced a decline of 2.96% on February 13, 2026, while the overall oil and petrochemical sector dropped by 3.09% [1] Fund Flow Situation - The decline was directly linked to fund flow performance, with a net outflow of main funds amounting to 70.89 million yuan, representing 10.48% of the total transaction volume on that day [2] - This was a reversal from the previous trading day (February 9), which saw a net inflow of 125 million yuan [2] - Additionally, there was a net repayment of 3.49 million yuan in financing, indicating that some leveraged funds opted to exit [2] Company Fundamentals - Despite expectations of recovery in the chemical industry due to the "anti-involution" policy, Hengli Petrochemical's Q3 2025 report showed a year-on-year revenue decline of 11.46% and a net profit attributable to shareholders down by 1.61% [3] - The company's PTA product gross margin was only 3.39%, facing challenges from intensified industry competition and weak demand [3] - Hengli Petrochemical's debt ratio remained high at 76.41%, with financial expenses reaching 3.518 billion yuan, which may affect investor perceptions of its short-term profitability [3] Stock Price Situation - Technical analysis indicates that the stock price is under pressure, with the price below the 20-day Bollinger Band middle line (25.397 yuan) as of February 13 [4] - The MACD indicator showed a negative histogram (-0.45), suggesting weak short-term momentum [4] - The KDJ indicator's J value was 56.077, indicating a neutral zone without signs of overselling, lacking technical rebound support [4]