Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report presents a weekly update on major refining and petrochemical sectors, including price, profit, inventory, and production rate data for domestic and foreign projects, as well as key companies' performance and financial forecasts [1][2][8]. Summary by Relevant Catalogs 1. Big Refining Weekly Data Brief - **6 Major Private Refining Companies' Performance**: The report tracks the price changes of 6 major private refining companies in the past week, month, three months, and year. For example, Hengli Petrochemical had a -5.3% change in the past week, 12.3% in the past month, 41.5% in the past three months, and 70.9% in the past year [8]. - **Earnings Forecast**: It also provides earnings forecasts for these companies from 2024 to 2027, along with price - earnings ratios (PE) and price - to - book ratios (PB) [8]. - **Oil Prices and Refining Spreads**: International crude oil prices (Brent and WTI) and domestic and foreign refining spreads are presented. The domestic refining project spread this week was 2403 yuan/ton, a 1.6% increase from last week, while the foreign spread was 1104 yuan/ton, a 0.6% increase [8]. - **Polyester Sector**: Product prices, profits, inventories, and production rates are detailed for various polyester products such as PX, MEG, PTA, POY, FDY, DTY, polyester staple fiber, and polyester bottle chips. For instance, the POY industry average price was 7071 yuan/ton this week, a 171 yuan/ton increase, with a weekly average profit of 208 yuan/ton, a 275 yuan/ton increase [2][9]. - **Refining Sector**: Prices and spreads of gasoline, diesel, and aviation kerosene in China, the US, Europe, and Singapore are reported. For example, the domestic gasoline price was 7588 yuan/ton this week, a 53 yuan/ton increase [9]. - **Chemical Sector**: Prices and spreads of various chemical products like EVA, styrene, acrylonitrile, polyethylene, and polypropylene are provided [9]. 2. Big Refining Weekly Report 2.1 Big Refining Index and Project Spread Trends No specific data analysis is provided in the given content, but it likely focuses on the trends of the big refining index and project spreads [11][12][13]. 2.2 Polyester Sector The section covers multiple aspects such as the prices and profits of PX, PTA, and various polyester filaments (POY, FDY, DTY), as well as the production rates and inventories of polyester products and downstream weaving industries. For example, the PX average price was 895.6 dollars/ton this week, a 26.4 dollars/ton decrease, and the PX production rate was 89.9%, unchanged from last week [2][9]. 2.3 Refining Sector It includes the price and spread relationships between crude oil and refined oil products in different regions (China, the US, Europe, and Singapore), such as the relationship between crude oil and domestic diesel prices [72][75][83]. 2.4 Chemical Sector The section presents the price and spread relationships between crude oil and various chemical products, like the relationship between crude oil and polyethylene LLDPE prices [109][110].

Investment Rating - The report does not explicitly state an investment rating for the petrochemical industry, but it provides insights into price trends and market dynamics that could influence investment decisions. Core Insights - The report highlights a cooling in the aromatics market and a downward shift in the price focus of the polyester industry chain [1] - Brent crude oil's weekly average price was $67.33 per barrel, reflecting a decrease of 0.60% [2] - Domestic and international refining project price differentials have shown slight increases, with domestic projects at ¥2515.90 per ton (+0.37%) and international projects at ¥1104.12 per ton (+0.63%) [3] Refining Sector Summary - The report discusses geopolitical factors affecting oil prices, including U.S.-Iran relations and supply recovery from Kazakhstan and the U.S. [2] - Brent and WTI crude prices as of February 6, 2026, were $68.05 and $63.55 per barrel, respectively, showing declines from the previous week [15] - Domestic refined oil prices showed slight fluctuations, with diesel, gasoline, and aviation kerosene averaging ¥6270.57, ¥7588.29, and ¥5140.28 per ton, respectively [15] Chemical Sector Summary - The chemical sector experienced limited support from cost factors, leading to fluctuating prices for various chemical products [2] - Polyethylene prices showed slight fluctuations, with LDPE, LLDPE, and HDPE averaging ¥9300.00, ¥6885.29, and ¥7600.00 per ton, respectively [54] - The report notes that the price of pure benzene increased slightly, with an average of ¥6150.00 per ton, reflecting a price differential of ¥2727.98 per ton [54] Polyester & Nylon Sector Summary - The polyester industry chain saw a price decline, with upstream costs weakening significantly [2] - The report indicates that the market for polyester filament yarn is experiencing a notable decrease in operating rates, leading to reduced demand [2] - Nylon filament prices have seen slight increases, but the price differential remains narrow [2] Market Performance of Major Refining Companies - The report provides stock performance data for six major refining companies, with notable weekly changes including Hengli Petrochemical (-5.29%) and Hengyi Petrochemical (+3.28%) [2] - Over the past month, stock performance varied significantly, with Rongsheng Petrochemical showing a +25.06% increase [2]

基础化工 | 证券研究报告 — 行业周报 2026 年 2 月 8 日 强于大市 化工行业周报 20260208 国际油价回调，己内酰胺、维生素 E 价格上涨 二月份建议关注：1、低估值行业龙头公司；2、"反内卷"对相关子行业供给端影响；3、下游需求旺 盛，自主可控日益关键背景下的电子材料公司。 行业动态 投资建议 ◼ 截至 2 月 8 日，SW 基础化工市盈率（TTM 剔除负值）为 28.57 倍，处在历史（2002 年至今） 82.89%分位数；市净率为 2.58 倍，处在历史 73.42%分位数。SW 石油石化市盈率（TTM 剔除负 值）为 15.16 倍，处在历史（2002 年至今）46.10%分位数；市净率为 1.47 倍，处在历史 50.93% 分位数。展望 2026 年，本轮行业扩产已近尾声，"反内卷"等措施有望催化行业盈利底部修复， 同时新材料受益于下游需求的快速发展，有望开启新一轮高成长，二月份建议关注：1、低估值行 业龙头公司；2、"反内卷"对相关子行业供给端影响；3、下游需求旺盛，自主可控日益关键背 景下的电子材料公司。中长期推荐投资主线：1、传统化工龙头经营韧性凸显，布局新材料等领域， ...

Market Overview - The three major indices in A-shares experienced slight declines, with the Shanghai Composite Index down 0.25% to 4065 points, the Shenzhen Component down 0.33%, and the ChiNext down 0.73% [2] - The total market turnover was 2.16 trillion yuan, a decrease of 308 billion yuan from the previous trading day, with over 2700 stocks rising [2] Sector Performance - The oil and gas, chemical, and mining sectors showed strong performance, with multiple stocks such as Tongyuan Petroleum and Junyou Co. hitting the daily limit [4] - The chemical sector saw an overall increase of 1.45%, with core sub-industries like basic chemicals and diversified chemicals leading the gains [16] - The basic chemical sector had a net inflow of over 156.73 billion yuan, while the power equipment sector saw a net inflow exceeding 203.54 billion yuan [6] Fund Flow Analysis - Main funds shifted away from defense, media, and food and beverage sectors, moving towards power equipment and basic chemicals [5] - The chemical industry ETF saw significant inflows, with a total of 14.49 billion yuan in net inflows over the past 15 days, indicating strong market confidence in the sector [20] Stock Highlights - Hunan Gold and Data Port were among the top gainers, with net inflows of nearly 29 billion yuan and over 20 billion yuan, respectively [10] - Stocks like Hunan Rihua and Zhejiang Wenlian saw significant outflows, with declines of 7.63% and 9.79% [10] Market Sentiment - The market is currently in a "trial period," with a high number of first-day limit-up stocks but lacking a unified logic, indicating rapid rotation of funds [14] - The strong performance of the chemical sector is attributed to a combination of rising product prices, supply-side contraction, and demand from emerging sectors, suggesting a fundamental recovery rather than mere speculation [17]

Group 1 - Chemical stocks collectively rose today, with the Chemical ETF (159870) seeing a net subscription of 472 million shares, marking four consecutive days of net inflow [1] - The recovery of the industry is driven by anti-involution policies, with the civil explosives sector benefiting from both western development and overseas expansion [1] - The demand for humanoid robots has surged, driving the rise of the specialty plastics industry, with PEEK materials becoming a core beneficiary [1] Group 2 - Tesla's Optimus-Gen2 utilizes PEEK materials to achieve weight reduction and speed enhancement, confirming its irreplaceability in key components such as joints and transmission systems [1] - PEEK materials exhibit excellent properties such as high-temperature resistance, high strength, and self-lubrication, with high production process barriers due to complex polymer reactions and precision processing controls [1] - The estimated value of PEEK materials for a single humanoid robot ranges from 1,367 to 4,102 CNY, indicating a broad market potential as the industry scales [1] Group 3 - As of February 6, 2026, at 15:00, the CSI Sub-Industry Chemical Theme Index (000813) rose by 2.48%, with component stocks such as Enjie Co., Ltd. up by 10.00%, Hongda Co., Ltd. up by 6.86%, and Zhejiang Longsheng up by 6.18% [1] - The Chemical ETF (159870) increased by 2.64%, with the latest price reported at 0.89 CNY [1] - The CSI Sub-Industry Chemical Theme Index consists of seven sub-indices, reflecting the overall performance of listed companies in related sub-industries [2]

Investment Rating - The report provides a stable investment outlook for the chemical industry, with specific segments showing varying degrees of stability and weakening [3]. Core Insights - The report anticipates a turning point in the chemical industry in 2026, driven by the gradual implementation of "anti-involution" policies, although the extent of demand recovery in certain downstream sectors remains uncertain [2][4]. - The chemical industry is expected to shift its growth drivers towards technological innovation and industrial upgrades, while still needing to monitor the recovery of traditional downstream sectors like real estate [4]. - The report highlights that the peak investment period for the chemical industry has passed since 2025, with ongoing pressure from excess capacity in general materials and structural differences in demand [4][5]. - Financial performance among chemical companies has shown significant divergence since 2025, indicating potential risks for companies with weaker credit profiles [4][5]. Summary by Sections Analysis Approach - The analysis focuses on the credit fundamentals of the chemical industry, assessing factors affecting supply-demand dynamics and raw material price fluctuations to infer impacts on corporate performance and financial health [5]. Industry Fundamentals - Since 2025, the domestic economy has maintained a stable growth trajectory, but external demand from developed countries has weakened, posing challenges for the chemical sector [6]. - The report notes that the recovery of traditional downstream demand, particularly in real estate, is crucial for the industry's growth, while new market opportunities will arise from technological advancements [6][9]. Industry Financial Performance - The report analyzes 556 listed companies in the chemical sector, revealing that financial performance varies significantly across different sub-sectors, with some facing greater challenges than others [37].

2025年大连实现地区生产总值10002.1亿元，按不变价格计算同比增长5.7%，成为我国东北首个地区生 产总值突破1万亿元的城市。 "十四五"期间，大连依托支柱产业、科技创新，继续担当拉动东北地区经济增长的"火车头"。跨越万亿 台阶，大连未来发展的动能是否充沛？大连交出了一份高质量发展答卷。 如何把产品变成产业？如何使"产学研用"之间联结得更加紧密？这是大连目前正在想也正在做的课题。 近年来，大连探索以共建共享模式推动政府、高校院所、骨干企业等多方合作，形成区域科研中心，让 更多科研成果在这里落地生根、开花结果。 产业强：造船业撑起增长"半壁江山" 大连市统计局发布数据显示，从产业贡献度看，2025年大连第二产业增加值3532.5亿元，同比增长 7.7%，增速分别高于第一、第三产业4.1个和2.9个百分点；从行业来看，全市规模以上铁路船舶、医 药、汽车制造业增加值分别增长57.5%、30.9%和19.5%。 另一方面，从规上工业企业经济效益情况来看，2025年大连装备制造业实现利润总额282.4亿元，同比 增长18.7%，增长贡献率达45.2%。其中，铁路船舶行业增长168.3%。"目前大连经济逐渐成势，车 ...

Core Viewpoint - The chemical industry ETF, E Fund (516570), 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: Market Performance - As of February 6, 2026, the China Securities Petrochemical Industry Index (H11057) rose by 2.00%, with key stocks such as Zhejiang Longsheng up by 6.18%, Hengyi Petrochemical up by 5.01%, and Rongsheng Petrochemical up by 4.93% [1]. - The E Fund chemical industry ETF has increased by 7.61% over the past month, ranking in the top half among comparable funds [1]. Group 2: Liquidity and Trading Volume - The E Fund chemical industry ETF had a turnover rate of 3.39% during the trading session, with a total transaction volume of 56.91 million yuan [1]. - The average daily trading volume over the past week reached 94.10 million yuan [1]. Group 3: Fund Size and Shares - The latest size of the E Fund chemical industry ETF reached 1.65 billion yuan, marking a one-year high [1]. - The total number of shares for the E Fund chemical industry ETF is now 1.538 billion, also a one-year high [1]. Group 4: Fund Inflows - Over the past 15 days, the E Fund chemical industry ETF has experienced continuous net inflows, with a peak single-day net inflow of 391 million yuan, totaling 1.449 billion yuan in net inflows [1]. - The average daily net inflow during this period was 96.58 million yuan [1]. Group 5: Index Composition - As of January 30, 2026, the top ten weighted stocks in the China Securities Petrochemical Industry Index accounted for 55.71% of the index, including major companies like Wanhua Chemical and China Petroleum [2].

Group 1 - The chemical sector is experiencing an upward trend, with collective strength in chemical stocks and continuous capital inflow, as evidenced by a net subscription of 490 million units in the chemical ETF (159870) over four consecutive days [1] - According to Guosen Securities, certain sub-industries are recovering ahead of others since 2025, with a year-on-year growth of 10.56% in net profit attributable to the parent company in the first three quarters, indicating a gradual stabilization and recovery in industry profitability [1] - Looking ahead to February 2026, there is an anticipated recovery in overseas demand for certain chemical products, alongside a potential boost in domestic demand, with a focus on investment directions in oil and gas, refining and chemical, potash fertilizer, and phosphorus chemicals due to improved supply-demand dynamics and scarcity of resources [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the CSI sub-sector chemical industry theme index (000813) include Wanhua Chemical, Salt Lake Industry, Cangge Mining, Tianci Materials, Hualu Hengsheng, Hengli Petrochemical, Juhua Co., Baofeng Energy, Yuntianhua, and Rongsheng Petrochemical, collectively accounting for 44.82% of the index [2]

Core Viewpoint - The chemical sector is experiencing a general price increase, leading to a rise in the chemical ETF (159870) with a net subscription of 357 million units, marking four consecutive days of net inflow [1] Group 1: Price Trends and Market Dynamics - Multiple categories of chemical products are witnessing price increases, driven by the cancellation of export tax rebates and improved supply-demand dynamics in the industry [1] - The leading companies and products at price bottoms show strong potential for profit recovery [1] Group 2: Index Performance - As of February 6, 2026, the CSI Sub-Industry Chemical Theme Index (000813) surged by 3.49%, with significant gains from component stocks such as Enjie Co., Ltd. (up 8.52%), Zhejiang Longsheng (up 8.31%), and DuPont (up 8.24%) [1] - The chemical ETF (159870) increased by 3.79%, with the latest price reported at 0.9 yuan [1] Group 3: Index Composition - The CSI Sub-Industry Chemical Theme Index (000813) includes major stocks such as Wanhua Chemical, Salt Lake Industry, and Cangge Mining, with the top ten stocks accounting for 44.82% of the index [1]