H酸价格单日上涨超5%，有望带动活性染料价格

Investment Rating - The report maintains a "Recommended" investment rating for companies involved in the dye industry, particularly those with H acid or reactive dye production capacity [4]. Core Insights - The price of H acid has increased significantly, reaching 44,000 RMB/ton, marking a daily rise of 5.39% and a year-to-date increase of 22.22% [1][2]. - The tightening supply of H acid due to capacity rectifications is expected to further drive up prices, with a noted supply gap of over 10% in the market [2]. - The successful transmission of price increases from H acid to downstream reactive dyes indicates a strong price elasticity, with reactive dye prices rising from 200,000 RMB/ton to 230,000 RMB/ton, a 15% increase [3]. Summary by Sections - H Acid Price Movement: H acid prices have shown a consistent upward trend, with a notable increase from 36,500 RMB/ton in early April to 41,750 RMB/ton by mid-May, reflecting a 14.38% rise [3]. - Supply Constraints: The effective production capacity of H acid in China is currently below 60,000 tons, with significant contributions from specific companies like Yadong Fine Chemical [2]. - Investment Recommendations: Companies to watch include: 1. Jinchicken Co., with 8,000 tons of H acid capacity and 45,000 tons/year of reactive dye capacity [4]. 2. Runtu Co., holding 100,000 tons/year of reactive dye capacity and ranking among the top two in market share [4]. 3. Jihua Group, with 20,000 tons of reactive dye and H acid capacity [4]. 4. Zhejiang Longsheng, the largest global producer of textile chemicals with a capacity of 300,000 tons of dyes and 100,000 tons of additives [4].