Core Viewpoint - The report highlights the significant advancements in the space photovoltaic industry, emphasizing the high barriers to entry and the advantages of China's photovoltaic supply chain in accelerating market growth [1][2]. Sub-industry Weekly Core Views Photovoltaics & Energy Storage - There is a resonance between the demand for ground data centers and space computing, with the U.S. demand for "self-controlled" photovoltaic systems intensifying, benefiting core enterprises in the photovoltaic sector [2]. - Major companies in the photovoltaic supply chain are releasing annual performance forecasts, confirming a "performance bottom" in Q4, alongside improved asset quality, positioning them well for a recovery in 2026 [1][2]. Wind Power - The UK government announced the results of the AR7 offshore wind auction, totaling 8.4 GW, exceeding market expectations of 6-7 GW, which strengthens the outlook for domestic supply chain exports amid capacity shortages in Europe [2][4]. Power Grid - The State Grid's investment plan for the 14th Five-Year Plan is set at 4 trillion yuan, a 40% increase from the previous plan, establishing a strong foundation for long-term domestic market growth [3]. - Recent incidents in North America, such as transformer explosions, highlight the ongoing need for infrastructure upgrades, reinforcing the demand for new power grid solutions [3]. Lithium Batteries - New regulations on battery recycling will take effect on April 1, 2026, emphasizing a "vehicle-battery integrated scrapping" system and establishing a digital identity for batteries [3]. - Fulin Precision plans to raise 3.175 billion yuan to enhance its production of lithium iron phosphate and advance its strategic positioning in the industry [3]. Hydrogen and Fuel Cells - Inner Mongolia has optimized the economic viability of green hydrogen projects, with significant sales expected in the hydrogen vehicle market by 2025 [3][5]. - The government is actively supporting the hydrogen industry, indicating an imminent surge in development [3][5]. Recent Significant Industry Events - JunDa Co. has officially launched investments in space photovoltaic projects, expanding its product offerings [4]. - Strategic collaborations have been established between companies like Dongfang Risen and Shanghai Port for advanced photovoltaic technologies [4]. - The results of the UK AR7 offshore wind auction have been announced, with a total capacity of 8.4 GW, surpassing expectations [4].

Group 1 - The chemical raw materials sector increased by 2.76% on February 3, with Jiangtian Chemical leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Jiangtian Chemical's stock price rose by 11.39% to 33.75, with a trading volume of 199,700 shares and a transaction value of 652 million yuan [1] Group 2 - The main funds in the chemical raw materials sector experienced a net outflow of 393 million yuan, while retail investors saw a net inflow of 461 million yuan [2] - The trading data for various companies in the sector shows mixed performance, with some stocks like Jiangtian Chemical and Huarong Chemical seeing significant gains, while others like Jinniu Chemical and Luxi Chemical reported declines [2][3] - The net inflow and outflow of funds varied significantly among individual stocks, indicating diverse investor sentiment within the sector [3]

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].

1. Report's Investment Rating for the Industry - No information provided in the report. 2. Core View of the Report - As of 2025, the global annual ethylene production capacity has exceeded 230 million tons. The ethylene production capacity expansion in the Americas, Middle East, and Europe faces challenges, while Asia will be the core contributor to global ethylene production capacity growth. - Europe, Japan, and South Korea are likely to shut down ethylene production capacity due to high raw material costs, competitive disadvantages under global over - capacity, and regional structural problems. After that, China may become the global core beneficiary and supply mainstay with its multiple advantages [4][8]. 3. Summary by Relevant Catalogs 3.1 America: Ethane Cracking Project Commissioning Pace May Slow Significantly - In 2025, the total ethylene production capacity in the Americas reached 60.338 million tons/year, with the United States accounting for 77.74% of the regional capacity at 46.907 million tons/year, being the core contributor to future ethylene production capacity growth in the Americas [10]. - The U.S. ethylene process mainly uses ethane. After three stages of development, the U.S. ethane cracking project will see a significant slowdown in the commissioning pace after 2025, mainly because of the decline in ethane supply growth and weakening ethylene market demand. The high - grade and easily - mined resources in core shale gas production areas are decreasing, the single - well production decline is accelerating, and the overall natural gas production has entered a medium - low growth stage. Also, the ethane recovery ratio is approaching the upper limit, and the ethylene demand growth has slowed down [14][16][20]. 3.2 Middle East: Facing Ethane Resource Constraints - As of 2025, the total ethylene production capacity in the Middle East was 35.67 million tons/year, with Saudi Arabia being the largest producer with a capacity of 17.63 million tons/year, accounting for 49.42%. After 2015, the growth rate of ethylene production capacity in the Middle East slowed significantly due to ethane resource constraints. The supply of NGLs in OPEC countries has decreased, and the ethane recovery ratio is saturated. Ethylene production in the Middle East is showing a trend of heavier raw materials [26][29][31]. 3.3 Europe: High Energy Costs and Weak Demand - As of 2025, the total ethylene production capacity in Europe was about 30.8 million tons/year, with Germany being the largest producer with a capacity of 5.82 million tons/year, accounting for 18.87%. European ethylene production has high costs due to a naphtha - based raw material structure, high energy prices, policy constraints, and industrial layout issues. The demand for ethylene in Europe is weak. Since 2021, the demand has declined significantly, and in 2025, the demand was about 23 million tons with a growth rate of only 1.71% [32][36][37]. 3.4 Asia: Will Contribute the Main Incremental Production Capacity Globally - As of 2025, the total ethylene production capacity in Asia reached about 110 million tons/year, with China being the largest producer with a capacity of about 62 million tons/year, accounting for 56.58%. From 2026 - 2027, Asia will still have a large amount of new ethylene production capacity, and China may be the main contributor. In 2026, China may have 9.11 million tons/year of new production capacity put into operation, with a production capacity growth rate of up to 14.69% [44][48][49]. 3.5 Europe, Japan, and South Korea: Likely to Shut Down Ethylene Production Capacity Concentratedly - The shutdown of ethylene production capacity in Europe, Japan, and South Korea is mainly due to high raw material costs, competitive disadvantages under global over - capacity, and regional structural problems. After the shutdown, China may become the global core beneficiary and supply mainstay due to its leading global ethylene production capacity scale, scale - effect of refining and chemical integration plants, diversified raw material routes, and lower costs compared to the single naphtha route in Europe, Japan, and South Korea [50][52].

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 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]

Core Insights - The coal industry is expected to see an improvement in supply-demand dynamics starting in 2026 after a generally loose supply in 2025 [1] Group 1: Coal Sector Review - The coal sector outperformed the market in January, with a cumulative increase of 8.3% year-to-date, surpassing the CSI 300 index by 6.7 percentage points [16] - The coal sector's price-to-earnings (PE) ratio is currently at 15.7 times, ranking 5th among all sectors, indicating a relatively high valuation [20][26] - The coal sector's price-to-book (PB) ratio stands at 1.51 times, also reflecting a historical high level [24] Group 2: Coal Market Overview - In December, electricity consumption remained flat year-on-year, while coal imports increased by approximately 12% [29] - Domestic coal prices in January showed stability, with power coal prices rising slightly by 2.1% or 14 RMB/ton compared to the end of December [29] - International coal prices saw a notable increase, with Newcastle's 6000 kcal thermal coal price rising by 3.8% to 110.1 USD/ton [45] Group 3: Domestic Demand and Supply - In 2025, domestic coal production increased by 1.2% year-on-year, while coal imports decreased by 9.6% [56] - The total coal production in 2025 reached 483.2 million tons, with significant contributions from Shanxi, Inner Mongolia, and Shaanxi [56] - The demand for electricity in 2025 grew by 5.0%, with the industrial sector showing varied growth rates [46] Group 4: Key Companies and Financial Analysis - Key companies in the coal sector include China Shenhua, Yanzhou Coal, and Shaanxi Coal, all rated as "Buy" with robust dividend policies [6][7] - Financial metrics for these companies indicate a favorable outlook, with expected earnings per share (EPS) growth and attractive valuation ratios [7]

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 chemical industry is rated as "Weak" and stable for 2025, with expectations of continued low economic prosperity and pressure on profitability [1]. Core Insights - The chemical industry is expected to remain in a low prosperity phase in 2025, with most raw material and product prices at historical lows. The decline in oil, coal, and gas prices has eased raw material cost pressures for chemical companies, but has weakened support for product prices [1][7]. - The overall profitability of the chemical industry is under pressure, with different segments experiencing varying levels of impact. The supply side shows a slowdown in fixed asset investment, while certain petrochemical raw materials like ethylene and propylene are expected to see significant new capacity released [1][4]. - Demand from downstream sectors is expected to remain weak, with notable differences across industries. Real estate demand continues to be sluggish, while automotive production is growing rapidly, and the demand for chemical raw materials in the new energy and new materials sectors remains high [1][27][32]. Summary by Sections Industry Overview - The chemical industry is categorized into basic chemicals and fine chemicals, with basic chemicals including acids, alkalis, and plastics, while fine chemicals encompass pesticides, fuels, and specialty chemicals [6]. Supply and Demand Dynamics - The supply of basic chemical raw materials is expected to grow moderately, while demand is anticipated to improve slightly. However, issues of overcapacity and homogenized competition are expected to persist in the short term [4][18]. - Fixed asset investment in the chemical industry has shown a general slowdown, with significant growth in the petrochemical and chemical fiber sectors, while investment in chemical raw materials and products has decreased [20][21]. Financial Performance - In the first three quarters of 2025, the overall operating income of sample companies in the chemical sector showed a slight decline, with profitability remaining at historical lows. However, cash flow from operations has improved [2][3]. - The credit quality of the chemical industry has weakened, with a concentration of credit ratings in the AAA and AA+ categories. The financing environment is stable, with a focus on leading companies [3][4]. Price Trends - The CCPI index for chemical products has shown a downward trend, with an average decline of 12.69% compared to 2023. Prices for many chemical products have reached historical lows due to weak demand and oversupply [9][17]. Sector-Specific Insights - In the agricultural chemicals sector, prices for key products like urea and glyphosate have fluctuated, influenced by global price trends and domestic demand [31]. - The new energy sector continues to drive demand for chemical raw materials, with significant growth in lithium battery production and renewable energy installations [32]. Future Outlook - The chemical industry is expected to face challenges in 2026, including continued overcapacity and competition issues. However, the fine chemicals sector is projected to develop towards high-end, green, and intelligent growth [4][5].