Group 1 - The chemical sector is experiencing significant positive developments, particularly in four key areas: phosphorus chemicals, disperse dyes, titanium dioxide, and non-ferrous metals [1] - An executive order signed by Trump on February 18, 2026, aims to secure domestic production of phosphorus and glyphosate herbicides, addressing supply chain vulnerabilities, as the U.S. relies heavily on a single domestic producer [1] - Zhejiang Longsheng announced a price increase for disperse dyes effective February 24, with a notable rise of 2000 yuan per ton for disperse black [1] - Longbai Group has issued a price adjustment notice for titanium dioxide, with cumulative price increases of 1200 yuan per ton over November and December [1] - The non-ferrous metals market is shifting, with expectations of interest rate cuts potentially influencing the spring market dynamics [1] Group 2 - As of January 30, 2026, the CSI Chemical Industry Theme Index (000813) has its top ten weighted stocks, including Wanhua Chemical and Yanhua Co., accounting for 44.82% of the index [2] - The CSI Chemical Industry Theme Index closely tracks the performance of major listed companies in the chemical sector, reflecting the overall performance of the industry [2]

2026 年 2 月 24 日 【基本面跟踪】 LPG、丙烯基本面数据 | | | 2603 | 昨日收盘价 | 日涨幅 -0.44% | 夜盘收盘价 夜盘涨幅 | 0.00% | | 2603 | | | 昨日成交 较前日变动 昨日持仓 较前日变动 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | PG | 2604 | 4,252 4,416 | -2.50% | 4,252 4,416 | 0.00% | PG | 2604 | 49,268 52,749 | 5,674 10,989 | 16,079 70,764 | -5,032 -3,676 | | 期货市场 | | 2605 | 4,335 | -2.52% | 4,335 | 0.00% | | 2605 | 4,190 | 1,883 | 8,429 | 647 | | | | 2603 | 6,172 | -1.69% | 6,172 | 0.00% | | 2603 | 339 | -141 | 1,443 | ...

Investment Rating - The report maintains a "Positive" rating for the chemical industry [4][3]. Core Insights - The macroeconomic outlook for the chemical industry indicates a stable increase in oil demand due to global economic recovery and tariff adjustments, with Brent crude oil expected to remain in the range of $60-75 per barrel [4][5]. - The report highlights a potential spring boom in the chemical sector, driven by the success of domestic robotics showcased during the Spring Festival and favorable export conditions following tariff reductions [4][3]. - Investment opportunities are identified in various chains, including textiles, agricultural chemicals, and overseas real estate, with specific companies recommended for investment [4][3]. Industry Dynamics - Oil supply is tightening due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with improved global economic conditions [5]. - The chemical industry is at a cyclical turning point, with downstream operations gradually resuming post-holiday, indicating a positive demand outlook for the year [4][3]. - The report notes that the Producer Price Index (PPI) for industrial products decreased by 1.4% year-on-year in January, while the manufacturing PMI recorded 49.3, indicating some volatility in manufacturing activity [7][4]. Investment Analysis - The report suggests a diversified investment strategy focusing on four key areas: textiles, agricultural chemicals, export chains, and beneficiaries of "anti-involution" policies [4][3]. - Specific companies to watch include those in the textile chain like Lu Xi Chemical and Tongkun Co., and in the agricultural chain like Hualu Hengsheng and Baofeng Energy [4][3]. - The report emphasizes the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, recommending companies such as Yake Technology and Ruilian New Materials [4][3].

化工ETF（516020）及其联接基金（012537）跟踪中证细分化工产业主题指数，成份股覆盖AI算力、反 内卷、机器人、新能源等热门主题。其中近5成仓位集中于大市值龙头股，包括万华化学、盐湖股份 等，分享强者恒强投资机遇；其余五成仓位兼顾布局磷肥及磷化工、氟化工、氮肥等细分领域龙头股， 全面把握化工板块投资机会。 2月24日，春节后的第一个交易日，A股三大指数均大幅高开，化工板块延续节前的反弹趋势，早盘大 幅高开。热门ETF品种——化工ETF（516020）早盘高开高走，场内价格涨逾2.7%。最近5个交易日， 超2.2亿元资金持续净流入化工ETF（516020），积极布局节后行情。 广发证券指出，化工作为典型周期性行业，通常5年一轮周期，经历"盈利上行—产能扩张—盈利触底— 产能出清/需求预期改善"四个阶段。伴随资本开支增速转负、反内卷、海外降息、扩内需，看好"十五 五"开局阶段化工"破晓时分"。此外，全球技术革命持续提速，材料变革迎新机遇。 国海证券指出，反内卷有望重估中国化工行业，后续措施有望使全球化工行业产能扩张大幅放缓。中国 化工行业具有充沛的经营活动现金流净额，一旦扩张放缓，潜在股息率将大幅提升， ...

万华化学今年以来股价涨13.02%，近5个交易日跌0.41%，近20日涨5.17%，近60日涨34.77%。 资料显示，万华化学集团股份有限公司位于山东省烟台市经济技术开发区三亚路3号，成立日期1998年 12月16日，上市日期2001年1月5日，公司主营业务涉及各种异氰酸酯产品及其衍生产品的开发、生产、 经营、应用;各种聚氨酯系统料及其助剂的开发、生产、经营。主营业务收入构成为：聚氨酯系列 40.58%，石化系列38.43%，精细化学品及新材料系列17.19%，其他12.46%，其他(补充)0.40%。 万华化学所属申万行业为：基础化工-化学制品-聚氨酯。所属概念板块包括：环氧丙烷、化学原料概 念、POE胶膜、煤化工、装配建筑等。 2月24日，万华化学盘中上涨2.00%，截至09:49，报86.66元/股，成交5.88亿元，换手率0.22%，总市值 2712.87亿元。 资金流向方面，主力资金净流入1508.52万元，特大单买入6947.62万元，占比11.81%，卖出7618.65万 元，占比12.95%；大单买入1.68亿元，占比28.59%，卖出1.46亿元，占比24.88%。 截至9月30日，万华化 ...

化工ETF（159870），联接基金（A类 014942，C类 014943，I类 022792） 万华化学（600309）、盐湖股份（000792）、藏格矿业（000408）、天赐材料（002709）、华鲁恒升 （600426）、巨化股份（600160）、恒力石化（600346）、宝丰能源（600989）、云天化（600096）、 荣盛石化（002493） 截至02月24日09:45，化工ETF(159870.SZ)上涨1.98%，其关联指数细分化工(000813.CSI)上涨1.97%；主 要成分股中，盐湖股份上涨4.52%，云天化上涨8.24%，万华化学上涨1.52%，兴发集团上涨5.98%，龙 佰集团上涨4.58%。 关联产品： 消息面上，1) 美国最高法院裁定特朗普关税政策违法，但新关税框架生效引发市场波动，短期利好非 美资产，化工行业或受益于关税影响减弱及全球经济复苏预期；2) TMP行业因供应端收缩（万华等厂 商退出产能）及需求旺盛（百川股份排产至3月底/4月）推动价格上涨，相关化工企业成本传导顺畅； 3) 电子布与玻纤行业分化，玻纤需求受风电、基建回暖支撑，头部企业通过产能调整应对市场波动， ...

Core Viewpoint - The synthetic leather market, particularly the microfiber leather segment, is experiencing significant growth driven by technological advancements and increasing environmental awareness, with a projected market size in China growing from 11.14 billion yuan in 2016 to 36.884 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 14.23% [1][15]. Industry Overview - Microfiber leather, a high-performance synthetic leather made from ultra-fine fibers and polyurethane resin, has gained importance in the leather goods market due to its unique properties and environmental attributes [1]. - The production process of microfiber leather has become increasingly refined and efficient, resulting in products that closely resemble natural leather in appearance and tactile qualities while offering superior durability and physical performance [1][12]. Market Size and Growth - The Chinese microfiber leather industry market size is expected to grow from 11.14 billion yuan in 2016 to 36.884 billion yuan by 2025, with a CAGR of 14.23% [1][15]. - The production volume of microfiber leather in China is projected to increase from 111 million square meters in 2016 to 594 million square meters by 2025, with a CAGR of 20.5% [14][15]. - The demand for microfiber leather is anticipated to rise from 185 million square meters in 2016 to 624 million square meters by 2025, with a CAGR of 14.5% [15]. Application Fields - Microfiber leather is widely used across various sectors, including fashion, home furnishings, and industrial applications, with significant utilization in footwear, bags, and automotive interiors [1][12]. - In 2024, the distribution of microfiber leather applications in China is expected to be 57.77% in footwear, 18.78% in furniture, 9.76% in bags, and 11.81% in automotive and other sectors [12]. Industry Chain - The upstream of the microfiber leather industry includes raw materials such as ultra-fine fiber non-woven fabric and polyurethane resin, with the latter being a key raw material affecting the properties of microfiber leather [10]. - The midstream involves the production and manufacturing of microfiber leather, while the downstream encompasses various application fields including footwear, bags, furniture, and automotive interiors [10]. Competitive Landscape - The microfiber leather industry is characterized by a relatively limited number of participants due to high technical and financial barriers, resulting in a more stable competitive environment compared to other synthetic leather segments [16]. - Key players in the Chinese microfiber leather industry include Huafeng Superfiber, Tongda Co., and Meisheng New Materials, among others [16]. Development Trends - The microfiber leather industry is expected to continue evolving towards high-end, green, and concentrated development, with a focus on advanced technologies and sustainable practices [19][20][21]. - Future trends include the development of high-performance products with features such as breathability, antibacterial properties, and eco-friendly materials, as well as a shift towards larger, more integrated companies in response to stricter environmental regulations and market competition [20][21].

关键词| 生物基大会 生物基材料作为实现双碳目标的重要路径、助力我国产业链自主可控，并拥有万亿市场潜力，已成为全球战略重点，更是我国"十五五"重点规划产 业。 浙江省全省生物基高分子材料重点实验室 、 宁波德泰中研信息科技有限公司（DT新材料） 站在关键节点，以推动行业绿色低碳转型为目标，搭建全 球交流合作平台——生物基大会暨展览（Bio-based）。 作为生物基行业盛会风向标， # 第11届生物基大会暨展览（Bio-based 2026） 布局" 9大主题论坛 + 9大同期活动 + 1000 个新品展示 + 1 场创新评选 &颁奖 "，将邀请产业化专家、行业领袖与终端品牌分享 产业趋势、前沿科技创新、创新材料与下游应用、需求与趋势、项目路演、成果转化等 关键 话题，以助推产业绿色低碳转型。 展会正在火热报名中， 诚邀您 参会、新品发布、参展、参选DT新叶奖 ，共同跨越新周期，澎湃新生机！ Bio-based 2026 会务组 2026年 5 月 20-22 日（周三-周五） 中国 · 上海富悦大酒店 朱锦研究员 ：给研究者展示新技术的平台，给生产者找到应用客户，给下游客户找到产品新方向，为政府寻找新技术， ...

1.1电芯与模组之间的热传导优化 在动力电池模组中，有很多电芯紧紧地排列在一起。当它们充放电的时候，会产生大量的热量，如果这些 热量不能及时散发出去，就会导致局部温度升高，进而影响整个电池的性能，导热胶在这时候就能发挥很 大的作用。 1.2电池Pack与冷却系统的热管理 到了电池Pack这个层级，导热胶一般用在模组和液冷板、风冷通道之间，起到热连接的作用。 长期稳定性 ：汽车运行的环境很复杂，可能会遇到零下40度到零上120度这样的高低温循环，还有振 动以及潮湿闷热的条件。所以导热胶必须能在这样的环境下 长期保持稳定的性能，不能因为环境的变 化而失效 。 填充界面间隙 ：电芯和散热结构，像液冷板、铝壳这些，它们的接触面其实并不是完全平整的。而空 气的导热能力很差，这会阻碍热量的传递。导热胶可以把这些空隙填满，减少热量传递过程中的阻碍， 也就是降低接触热阻，让散热的效率提高不少 。 控制均温性 ：通过合理安排导热胶的涂覆方式， 能让模组里不同电芯的温度保持均衡 ，不会出现有 的地方特别热，有的地方温度又不高的情况，避免了局部过热带来的问题。 缓冲震动 ：有些导热胶还具有粘接功能， 在帮助散热的同时，还能把电芯固 ...

以下文章来源于生物基智库 ，作者生物基能源与材料 生物基智库 . 向世界讲好中国生物基产业故事。 DT新材料旗下生物基和生物制造产业服务平台www.bio-basedlink.net 【 DT新材料 】 获 悉，2月9日， 安徽昊源化工集团有限公司 可降解塑料PBAT、PETG系列产品升级改造项目环境影响报告书在阜阳市生态环境局 官网审批前公示。在2025年初已建成的一期年产10万吨全生物可降塑料(PBAT)生产线上进行改建， 改造完成后产能变更为年产2.5万吨PBAT和7.5 万吨PETG 。 首先是，PBAT和PETG的核心工艺都是酯化、缩聚反应。 原料都使用PTA（对苯二甲酸）。主体设备酯化釜、缩聚釜可以共用。主要改原料供应系 统。PBAT用的是BDO（1,4-丁二醇）和AA（己二酸）。PETG用的是CHDM（环己烷二甲醇）、EG（乙二醇）、NPG（新戊二醇）。但还要调整工 艺参数。 其次是，PETG，聚对苯二甲酸乙二醇酯-1,4-环己烷二甲醇酯， 作为战略性新兴材料，有4大"核心竞争力"： 国内需求受消费升级与环保需求驱动， 医疗领域对无毒、耐消毒PETG器材需求增长，食品包装领域偏好可回收、高透明材 ...