中国化学 20260303 摘要 中国化学基本面稳健，2025 年新签增长约 10%，2026 年 1 月新签同 比增 19%，预计未来利润保持 10%以上复合增长。 中国化学化工实业板块减亏趋势明确，2024 年亏损 4-5 亿，2026 年有 望扭亏；己二胺价格每上涨 1,000 元/吨，利润增量约 2-3 亿元。 盛辉业绩加速期预计在 2026-2027 年（增速 50%+），2025 年在手 订单 25 亿（+50%），其中半导体订单 20 亿（+160%）。 建筑板块三条主线：内需链博弈基建托底（关注中国建筑/中铁）；通胀 链驱动资源重估（中国化学/中铁）；科技链聚焦洁净室（亚翔/盛辉）。 中国化学资产质量极高，现金流连续两年超净利润，净货币资金 210 亿 vs 市值 500 亿，PB 不足 1 倍，具备 10%-20%修复空间。 行业龙头连续三次上调己二胺价格至 18,200 元/吨，叠加地缘冲突推升 油价预期，将直接催化中国化学尼龙产业链盈利修复。 Q&A 昨日市场与建筑板块整体表现如何，板块内有哪些相对强势的个股与驱动因素？ 昨日市场整体偏弱，建筑板块亦表现相对较弱，板块整体呈现下跌态势，未 ...

研究报告 Research Report 3 Mar 2026 中国必需消费 China (A-share) Staples 中国必选消费 26 年 3 月投资观点：春播正当时 It's the Prime Time for Spring Planting [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | 评级 | | 贵州茅台 | Outperform 古井贡酒 | | Outperform | | 贵州茅台 | Outperform 今世缘 | | Outperform | | 五粮液 | Outperform 燕京啤酒 | | Outperform | | 五粮液 | Outperform 安琪酵母 | | Outperform | | 海天味业 | Outperform 安井食品 | | Outperform | | 海天味业 | Outperform 安井食品 | | Outperform | | 山西汾酒 | Outperform 迎驾 ...

Global Markets Strategy 24 February 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Equity Strategy Eye on "Brittle Youth" spending The term "Brittle Youth" (脆皮青年) broadly refers to young adults in Mainland China facing stressful work-life balance ...

来源：环球网 2月25日—27日，2026年双汇业务暨职工代表大会在总部河南漯河举办。 大会上，万洲国际董事局主席、中国双汇创始人万隆充分肯定了双汇发展管理团队过去一年坚守传承与 创新理念，积极应对风险、迎接挑战、攻克难关所取得的经营业绩。未来，中国双汇要坚定秉持"产业 化、多元化、国际化、数字化"的战略方针，深耕产业，进一步提升企业在国内外市场的竞争力与发展 潜能。 图为代表 大会现场。（双汇供图） 2月25日晚，以"奋斗青年我要成长"为主题的2025年度双汇百厂超百亿奖颁奖盛典举行。盛典现场对获 得2025年度"项目公司利润超亿元奖"的3家单位、获得2025年度"百名岗位标兵奖"的200名优秀员工进行 了表彰。 2月27日，双汇发展二届七次职工（会员）代表大会一致通过双汇发展工作报告、工会工作报告和公司 提交职代会审议的八项议案。 2026年，双汇将坚定不移落实"四化"战略方针，强化团队与跨部门协作，发挥产业链协同效应；高效运 用数字化工具，为发展注入科技动能；加大业务技能培训，精准补齐产业短板；用心服务经销商与消费 者，以优质体验增强客户黏性，坚决完成既定的各项预算目标任务，顺利实现2026年增长目标， ...

2月27日，双汇发展（000895）在投资者互动平台上表示，公司积极抓住春节旺销时机，围绕"2026幸福 汇到家"主题加强节日营销，通过线上线下（300959）联动，促进市场动销。后续，公司将持续强化营 销创新，通过节日营销、体育营销、跨界营销等多元方式，促进品牌传播，助力市场开拓。 ...

Core Viewpoint - The company is actively leveraging the peak sales opportunity during the Spring Festival to enhance its marketing efforts, focusing on the theme "2026 Happiness Delivered to Home" [1] Group 1: Marketing Strategies - The company is strengthening holiday marketing through both online and offline channels to boost market activity [1] - Future marketing innovations will include holiday marketing, sports marketing, and cross-industry marketing to enhance brand communication and support market expansion [1]

2月25日—27日，2026年双汇业务暨职工代表大会在总部漯河成功举办。万洲国际董事局主席、中国双 汇创始人万隆，双汇发展董事长万宏伟，双汇发展总裁马相杰，万洲国际行政总裁郭丽军，双汇发展常 务副总裁刘松涛等企业中高级管理人员，业务人员、采购人员、技术人员及职工代表5000余人参加会 议。大会由双汇发展党委书记、工会主席杜俊甫主持。 董事长万宏伟对企业2025年的生产经营工作进行了深度剖析，系统回顾了企业的经营亮点和核心成效， 明确指出了企业现阶段发展中存在的短板和不足，并就2026年的工作提出了明确方向和具体安排。同 时，他还号召全体双汇人始终高扬奋斗与创新旗帜，永葆年轻向上的学习心态，以开放包容拥抱变化， 既要怀揣干事创业的感性激情，更要秉持数据为基的理性清醒，敬畏市场、尊重伙伴、不怕困难、勇破 难题，以奋斗筑根基，以创新赢未来！ 工会主席杜俊甫作工会工作报告，并现场宣读了《2025年度"双汇百厂超百亿奖" 表彰决定》，董事会 授予双汇发展股份肉制品分厂、陕西双汇、南昌双汇2025年度"项目公司利润超亿元奖"，授予王东洋等 200名优秀员工2025年度"百名岗位标兵奖"。 万洲国际董事局主席、中国双汇创始 ...

Core Viewpoint - The establishment of Shuanghui Fresh Business School marks a significant milestone in the professionalization, systematization, and strategic development of talent cultivation in the fresh food sector, reflecting the company's commitment to enhancing organizational and talent capabilities in a competitive market [2][3]. Group 1: Establishment and Purpose - The Shuanghui Fresh Business School was inaugurated on February 26, with key executives and experts present to witness this new initiative aimed at talent development [2]. - The chairman articulated that the fresh food industry in China is at a critical juncture for quality enhancement and innovative models, necessitating a focus on organizational and talent capabilities beyond just product and brand strength [3]. Group 2: Operational Planning and Expert Involvement - The director of the training center provided insights into the operational plans for the business school, which includes a formal appointment ceremony for various experts and mentors [5]. - The appointed experts include seasoned management personnel and successful partners from the market, whose practical wisdom will serve as valuable assets for the school [9]. Group 3: Future Development and Goals - The Shuanghui Fresh Business School is described as the beginning of a systematic project aimed at continuously refining its curriculum and linking internal and external expertise [12]. - The school aims to become a talent factory supporting scale expansion, a standard output center for organizational capabilities, and a platform for ecological win-win cooperation among partners [12].

双汇董事长万宏伟认为，当前国民饮食需求正从"吃得饱"向"吃得营养、吃得健康"转型，发展营养健康 食品是落实《"健康中国2030"规划纲要》、引领行业升级的必然选择。此次携手中国农科院农产品加工 研究所，是双汇以科技创新驱动高质量发展的重要布局。 转自：中国质量报 本报讯 （付冰清 特约记者孙中杰）近日，双汇投资发展股份有限公司（以下简称"双汇"）与中国农科 院农产品加工研究所共建的营养健康食品联合研究中心揭牌仪式在双汇总部举行。 中国农科院农产品加工研究所所长刘蓉蓉表示，营养健康食品联合研究中心将聚焦高起点、高标准，推 动科研成果高效转化，助力营养健康食品产业发展。 据介绍，营养健康食品联合研究中心将重点聚焦儿童食品、银发食品等前沿领域，围绕技术攻坚、需求 细分、成果转化等五大方向发力，打通科研与市场壁垒。此次合作将依托双汇全产业链优势与中国农科 院科研实力，为消费者提供更优质健康的食品选择，为食品产业高质量发展及"健康中国"建设注入新动 力。 ...

Investment Rating - The investment rating for the consumer staples sector in China is "Outperform" for multiple companies including Moutai, Wuliangye, and others [1]. Core Insights - Premium baijiu wholesale prices have rebounded month-on-month, while discounts on liquid milk and condiments have narrowed [1][11]. - The report highlights the resilience of consumer stocks amidst a volatile market, emphasizing their value [3]. Summary by Relevant Sections Baijiu Pricing - Moutai's wholesale prices for Feitian (case and single bottle) are 1700 and 1650 yuan respectively, with month-on-month increases of +100 and +70 yuan. Year-to-date changes are +100 and +60 yuan, but year-on-year changes are -530 and -560 yuan [10][40]. - Wuliangye's eighth-generation price remains stable at 830 yuan, with a year-to-date increase of +10 yuan and a year-on-year decrease of -105 yuan [4][40]. - Luzhou Laojiao's Guojiao 1573 price is 870 yuan, up by +20 yuan month-on-month and +20 yuan year-to-date, with a year-on-year increase of +10 yuan [4][40]. - Other notable prices include Shanxi Fenjiu and various products from Yanghe and Gujing Gongjiu, showing mixed trends in pricing [10][40]. Discounts on Consumer Products - Discounts on liquid milk products have decreased from an average of 62.8% to 61.4% and from 63.4% to 61.7% for median values [19][37]. - Discounts on condiments have also narrowed from 87.1% to 85.0% (average) and from 88.2% to 84.9% (median) [19][37]. - Conversely, discounts on convenience foods have slightly increased, with average discounts moving from 94.8% to 94.6% [20][37]. - Beer, soft drinks, and infant formula discounts have remained stable, with slight variations in average and median rates [21][38].