Core Viewpoint - The petrochemical sector is experiencing significant growth, as evidenced by the strong performance of the China Petrochemical Industry Index and related ETFs, indicating a positive market sentiment and investment opportunities in this industry [1][2]. Group 1: Index Performance - As of February 3, 2026, the China Petrochemical Industry Index (H11057) rose by 2.89%, with notable increases in constituent stocks such as Cangge Mining (+6.76%), Hualu Hengsheng (+6.17%), and Guangwei Composites (+5.94%) [1]. - The Petrochemical ETF (159731) increased by 2.87%, reaching a latest price of 1 yuan, and has accumulated a 6.21% rise over the past month [1]. Group 2: Liquidity and Trading Activity - The Petrochemical ETF recorded a turnover rate of 12.19% during the trading session, with a transaction volume of 200 million yuan, indicating active market participation [1]. - Over the past week, the average daily trading volume of the Petrochemical ETF was 329 million yuan [1]. Group 3: Fund Flows and Share Performance - The latest share count of the Petrochemical ETF reached 1.656 billion, marking a one-year high [2]. - The ETF has seen continuous net inflows for 19 days, with a peak single-day net inflow of 348 million yuan, totaling 1.413 billion yuan in net inflows [2]. Group 4: Return Metrics - Since its inception, the Petrochemical ETF has achieved a maximum monthly return of 15.86%, with the longest streak of consecutive monthly gains being 9 months and a total increase of 60.75% during that period [2]. - The average return during the months of increase is 5.59% [2]. Group 5: Index Composition - As of January 30, 2026, the top ten weighted stocks in the China Petrochemical Industry Index include Wanhua Chemical, China Petroleum, and Yilong Co., among others, collectively accounting for 55.71% of the index [2].

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2026-002 的比例为 0.33%，回购成交的最高价为 28.00 元/股、最低价为 20.75 元/股，支付 的资金总额为人民币 16,720.61 万元（不含交易费用）。 上述股份回购符合法律法规的规定及公司回购股份方案的要求。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/4/18，由董事长提议 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 4 月 4 29 | 30 | 日~2026 | 年 | 月 | 日 | | 预计回购金额 | 20,000万元~30,000万元 | | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | | | | | | □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计 ...

Core Viewpoint - The chemical ETF experienced a significant increase of 4.1%, outperforming the Shanghai Composite Index by 2.81 percentage points, indicating a positive market sentiment in the chemical sector [1]. Industry Insights - The prices of metal futures, including gold, silver, and copper, have rebounded, with polysilicon prices increasing by 6.61%, lithium carbonate by 4.63%, and copper by 2.60% compared to the previous day [2]. - The commercial aerospace sector is advancing, with SpaceX submitting an application to the FCC for deploying a satellite constellation aimed at providing computational support for advanced AI models, potentially involving up to one million satellites [2]. - The price of core intermediates for disperse dyes surged over 50% from 25,000 yuan/ton to 38,000 yuan/ton due to supply concentration, impacting downstream disperse dye prices [2]. - The government is expected to implement measures to limit high-energy-consuming products as part of its carbon peak strategy, signaling a turning point for the chemical industry [2]. - The Ministry of Finance has canceled export tax rebates for certain chemical products to accelerate the exit of outdated capacities and promote high-quality development in the chemical sector [2]. Company Performance - The chemical ETF (159870) rose by 4.10%, closing at 0.89 yuan, with a net subscription of 765 million units on the day [3]. - The index tracking the chemical sector, the CSI Sub-Industry Chemical Theme Index (000813), increased by 3.70%, with leading stocks such as Hongda Co. (+9.16%), Cangge Mining (+6.76%), and Hualu Hengsheng (+6.17%) showing strong performance [3]. - The top ten weighted stocks in the CSI Sub-Industry Chemical Theme Index account for 44.82% of the index, including major companies like Wanhua Chemical and Salt Lake Co. [3].

Core Viewpoint - The chemical industry ETF managed by E Fund has shown strong performance, with significant increases in both stock prices and fund inflows, indicating a positive market sentiment towards the chemical sector [1][2]. Group 1: Index Performance - As of February 3, 2026, the China Petroleum Industry Index (H11057) rose by 2.92%, with notable gains from stocks such as Cangge Mining (+6.53%) and Hualu Hengsheng (+6.38%) [1]. - The E Fund Chemical Industry ETF (516570) increased by 3.32%, reaching a latest price of 1.09 yuan [1]. - Over the past month, the E Fund Chemical Industry ETF has accumulated a total increase of 6.14% [1]. Group 2: Trading Volume and Liquidity - The E Fund Chemical Industry ETF had a turnover rate of 2.72% during the trading session, with a transaction volume of 42.92 million yuan [1]. - The average daily trading volume over the past week for the ETF was 162 million yuan [1]. Group 3: Fund Size and Shares - The latest size of the E Fund Chemical Industry ETF reached 1.537 billion yuan, marking a one-year high [1]. - The total number of shares for the ETF is now 1.453 billion, also a one-year high [1]. Group 4: Fund Inflows - The E Fund Chemical Industry ETF has seen continuous net inflows over the past 12 days, with a peak single-day inflow of 391 million yuan, totaling 1.357 billion yuan in net inflows [1]. - The average daily net inflow for the ETF is 113 million yuan [1]. Group 5: Top Holdings - As of January 30, 2026, the top ten weighted stocks in the China Petroleum Industry Index account for 55.71% of the index, including major companies like Wanhua Chemical and China Petroleum [2].

Group 1 - The chemical sector experienced a rebound on February 3, with the Chemical 50 ETF (516120) rising by 4.10% [1] - More than 90% of the stocks in the index saw an increase, with notable gains from Hongda Co., Ltd. (over 9%), Boyuan Chemical, Zhejiang Longsheng, Guangwei Composite Materials, and Hualu Hengsheng (over 5%) [1] - The Chemical 50 ETF has seen continuous net inflows for 20 days, totaling over 6.5 billion yuan, bringing its latest scale to 7.8 billion yuan, with nearly 2.7 billion yuan net inflow in the past five days [1] Group 2 - Research institutions indicate a confirmed upward trend in the chemical industry's prosperity, with policy-driven supply-side optimization expected to enhance market share for leading companies [1] - The exit of European capacity presents export opportunities for Chinese enterprises, while a slowdown in capital expenditure is beneficial for profit elasticity [1]

Group 1 - The chemical sector experienced a strong rally with significant capital inflow, as evidenced by the net subscription of 737 million units in the chemical ETF (159870) [1] - The primary driver for the recent price increase in disperse dyes is the surge in the price of upstream key intermediates, which rose from 25,000 yuan/ton to 38,000 yuan/ton, an increase of over 50% [1] - The price of intermediates accounts for 20%-30% of the production cost of dyes, and the rigid price increase is directly transmitted to downstream dye products [1] Group 2 - The China Securities Sub-Industry Chemical Theme Index (000813) rose by 3.68%, with significant gains in constituent stocks such as Hongda Co., which increased by 9.02%, and Zhejiang Longsheng, which rose by 5.91% [1] - The top ten weighted stocks in the China Securities Sub-Industry Chemical Theme Index account for 44.82% of the index, including companies like Wanhua Chemical and Salt Lake Co. [2] - The chemical ETF (159870) increased by 3.98%, with the latest price reported at 0.89 yuan [1][2]

Group 1 - The chemical sector experienced a significant rebound on February 3, with the Chemical ETF (516020) rising by 4.19% during the trading day [1][2][6] - Key stocks in the sector, including phosphate chemicals, soda ash, and potash, saw notable gains, with Hongda Co. surging over 9% and several others, such as Boyuan Chemical and Hualu Hengsheng, increasing by more than 5% [1][7][9] Group 2 - Huafu Securities indicated that the chemical industry has undergone a bottoming process in profitability and valuation, with expectations for a recovery in earnings in 2026, driven by supply-side reforms and new production capabilities represented by AI computing and advanced manufacturing [1][9] - Zhongyin Securities projected that the current round of industry expansion is nearing its end, and measures like "anti-involution" are expected to catalyze a recovery in industry profitability, particularly benefiting new materials due to rapid downstream demand growth [3][9] - Investors are advised to focus on low-valuation industry leaders and the impact of "anti-involution" on supply-side dynamics, as well as companies in the electronic materials sector that are increasingly critical in the context of self-sufficiency [3][9] Group 3 - The Chemical ETF (516020) tracks the CSI sub-sector chemical industry theme index, covering popular themes such as AI computing, anti-involution, robotics, and new energy [3][9] - Investors can also consider the Chemical ETF linked funds (Class A 012537/Class C 012538) for exposure to the chemical sector [3][9]

Group 1 - The core viewpoint of the news highlights the strong performance of the petrochemical sector, with the China Petrochemical Industry Index rising by 2.41% and significant gains in individual stocks such as Zhejiang Longsheng and Guangwei Composites [1][2] - The Petrochemical ETF (159731) has seen a price increase of 2.46%, with a trading volume of 1.78 billion yuan and a turnover rate of 10.87%, indicating active market participation [1] - Over the past 19 days, the Petrochemical ETF has experienced continuous net inflows, totaling 14.13 billion yuan, with a peak single-day inflow of 3.48 billion yuan [1][2] Group 2 - The severe winter storm affecting the Gulf Coast of the United States has led to production disruptions among major chemical companies, resulting in a 3.1% increase in PVC prices and signs of supply tightness in some regions [2] - The outlook for the chemical industry in 2026 suggests a potential upward cycle due to supply constraints and recovering demand, with a recommendation to maintain a positive rating for the sector [2] - The top ten weighted stocks in the China Petrochemical Industry Index account for 55.71% of the index, with companies like Wanhua Chemical and China Petroleum being significant contributors [2][4]

2026年2月3日午后，化学制品、化纤行业等震荡走强，截至13:14，中证细分化工产业主题指数强势上 涨2.18%，成分股浙江龙盛上涨5.99%，宏达股份上涨5.74%，光威复材上涨5.50%，博源化工，和邦生 物等个股跟涨。 数据显示，截至2026年1月30日，中证细分化工产业主题指数(000813)前十大权重股分别为万华化学、 盐湖股份、藏格矿业、天赐材料、华鲁恒升、恒力石化、巨化股份、宝丰能源、云天化、荣盛石化，前 十大权重股合计占比44.82%。 化工ETF嘉实(159129)紧密跟踪中证细分化工产业主题指数，聚焦行业"反内卷"背景下新一轮景气周 期。 场外投资者还可以通过化工ETF联接基金(013527)关注化工板块投资机遇。 消息面方面，天赐材料2025年Q4业绩超预期，单季净利润达9.3亿元，同比增长536%，环比增长 507%，主要受益于六氟磷酸锂价格从年初6.3万元/吨大幅上涨至年末16.7万元/吨（涨幅164%），叠加 电解液年度销量突破70万吨、满产运行及与瑞浦兰钧、中创新航等头部电池企业签订多项大额订单。 近期，化工行业迎来政策与产业双重催化。广发证券指出，新型储能作为电力系统关键调节 ...

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry, indicating a projected investment return exceeding the market benchmark index by 5% to 15% over the next 6-12 months [5]. Core Insights - The collaboration between Qicai Chemical and Deepverse to establish an AI laboratory aims to enhance the R&D capabilities in high-performance materials, transitioning from traditional trial-and-error methods to data-driven predictive models [2][4]. - National policies are increasingly promoting the integration of AI in the chemical industry, with specific guidelines aimed at enhancing efficiency and innovation in both the petrochemical and new materials sectors [3]. - The current economic environment emphasizes the need for chemical companies to leverage AI technologies to improve operational efficiency and reduce costs, thereby enhancing resilience during periods of low industry demand [4]. Summary by Sections AI Collaboration - Qicai Chemical and Deepverse have signed an agreement to jointly build an AI laboratory, focusing on high-performance materials R&D [1]. - The partnership aims to create a long-term collaborative R&D mechanism, utilizing AI to enhance efficiency and quality in material development [2]. Policy Support - Since the second half of 2025, the government has introduced multiple policies to facilitate the implementation of AI in the chemical sector, with a vision for widespread adoption by 2030 [3]. - The policies emphasize the need for adaptive optimization in petrochemical processes and deeper integration of AI in new materials R&D [3]. Industry Dynamics - The chemical industry is currently navigating a phase of "stabilizing growth" and "anti-involution," necessitating the adoption of AI to strengthen internal capabilities [4]. - Companies that successfully implement AI-driven transformations are expected to maintain stronger operational resilience and capitalize on recovery phases in the market [4]. Investment Recommendations - The report suggests focusing on leading companies that can leverage data for cost reduction and efficiency gains, such as China National Petroleum, Sinopec, and Wanhua Chemical [5]. - It also highlights the potential of Qicai Chemical in the AI domain and its implications for sectors like semiconductors and fine chemicals [5].