Investment Rating - The report does not explicitly state an investment rating for the chemical industry, but it highlights the performance of various indices and sectors within the industry, indicating a positive trend in certain segments [3][18]. Core Insights - The report indicates that during the period from January 19 to February 1, 2026, the CSI 300 index experienced a decline of 0.54%, while the CITIC Basic Chemical Index increased by 3.19%, outperforming the CSI 300 by 3.73 percentage points [3][18]. - The CITIC Petroleum and Petrochemical Index saw a significant increase of 15.22%, outperforming the CSI 300 by 15.76 percentage points, suggesting strong performance in the petroleum sector [3][18]. - Among the 39 sub-sectors in the CITIC Basic Chemical and Petroleum indices, 26 sectors saw gains, with notable increases in dyeing chemicals (25.13%), oil extraction III (17.37%), and other petrochemicals (15.09%) [4][20]. Summary by Sections 1. Price Tracking of Key Chemical Products - The report tracks significant price changes in key chemical products, with notable increases in prices for nitrochlorobenzene (27.91%), acetonitrile (13.58%), and TMP (12.15%) during the week of January 26 to February 1, 2026 [14]. - Conversely, prices for hydrogen peroxide (-7.66%), formaldehyde (-5.60%), and acetic anhydride (-3.88%) saw declines [14]. 2. Convertible Bond Market Review - As of February 1, 2026, among 60 publicly traded convertible bonds in the chemical sector, only 6 bonds increased in value, while 54 experienced declines. The top gainers included Baichuan Convertible Bond 2 (12.75%) and Jinjia Convertible Bond (4.72%) [5][22]. - The report also notes significant declines for bonds such as Huicheng Convertible Bond (-15.82%) and Julong Convertible Bond (-12.54%) [5][22]. 3. Recent Key Bond Tracking and Issuance Progress - The report mentions the listing of "Lianrui Convertible Bond" on January 28, 2026, and the early redemption of "Xingfa Convertible Bond" [6][29]. - It also highlights the issuance progress of several convertible bonds, including those from Runhe Materials and Hubei Yihua, which have received shareholder approval [29][31]. 4. Company Announcements and Industry News Tracking - Key announcements include Fulei New Materials adjusting its fundraising project to increase production lines for environmentally friendly high-precision display materials [33]. - The report discusses the closure of chemical plants in Europe, which poses a threat to the competitiveness of the European chemical industry, as well as the permanent closure of ExxonMobil's ethylene plant in the UK [34][35].

Investment Rating - The report maintains a "Recommended" rating for the organic silicon industry [1][100]. Core Insights - The demand for organic silicon is steadily increasing, driven by applications in electronics, construction, manufacturing, and textiles, with significant growth expected in photovoltaic adhesives and new energy lithium battery adhesives [7][22]. - Supply expansion in the organic silicon sector is slowing down, with the industry entering the tail end of a capacity expansion cycle, leading to limited new capacity in the coming years [7][68]. - The "anti-involution" trend is positively impacting the industry's recovery from the bottom, with recent meetings among industry leaders resulting in price increases for organic silicon intermediates [7][84]. Summary by Sections Demand and Supply - Organic silicon demand is projected to grow at rates of 8.0%, 7.0%, and 8.8% from 2025 to 2027 in China [7]. - The supply of organic silicon is expected to see limited new capacity additions, with only 45,000 tons projected from Xinjiang Qiya Group by 2027 [7][68]. Price Trends and Market Dynamics - The price of organic silicon intermediates has increased by approximately 27% from November 2025 to January 2026, reflecting strong industry support for price stabilization [7][84]. - The industry is experiencing a gradual decrease in inventory levels and maintaining a reasonable operating rate of 70%-75% [88]. Key Companies and Investment Focus - The report highlights key companies in the organic silicon sector, including Hoshine Silicon Industry, Xingfa Group, Luxi Chemical, Xin'an Chemical, Dongyue Silicon Material, Sanyou Chemical, and Hengxing Technology, as potential investment targets [7][100].

Investment Rating - The report maintains a positive investment rating for the chemical industry, highlighting the potential benefits from the "dual carbon" policy implementation [5]. Core Insights - The "dual carbon" policy is expected to significantly impact the chemical industry, with a focus on carbon emissions control becoming a rigid constraint during the 14th Five-Year Plan period [6][14]. - The report identifies that the attention towards "dual carbon" from provincial leaders has increased by 137% since September 2025, indicating a shift in focus towards carbon emissions as a critical performance metric [7][18]. - The chemical industry is anticipated to undergo structural changes, with high carbon intensity sectors facing supply constraints, while low-carbon leaders are expected to benefit from the transition [8][30]. Summary by Sections 1. "14th Five-Year Plan": Carbon Peak Closing Battle - Local carbon assessments may treat carbon emissions as an equally important rigid constraint [15]. - High carbon intensity sectors such as ammonia fertilizer, coal chemical, and chlorine-alkali are likely to face capacity constraints first [29][30]. 2. Petrochemical "Dual Carbon" Opportunities - The petrochemical sector is expected to undergo a transformation driven by the "dual carbon" goals, with a focus on optimizing supply and demand structures [38]. - Refining sector dynamics are shifting towards improved supply-demand balance due to stringent approval processes for new projects and the elimination of high-energy-consuming capacities [38]. 3. Basic Chemical "Dual Carbon" Opportunities - Coal chemical industry is projected to stabilize supply under carbon limits, driving quality improvements in the sector [3.1]. - Carbon fiber and fluorochemical sectors are expected to benefit from process optimization and green transitions [3.2][3.3]. 4. Investment Recommendations - The report suggests focusing on three categories of leading companies: 1. Integrated leaders in the oil chemical sector with scale and efficiency advantages [8]. 2. Coal chemical leaders with advanced processes and low emissions [8]. 3. High-quality firms in fluorochemical and carbon fiber sectors that align with "dual carbon" goals [8].

Investment Rating - The report maintains an "Outperform" rating for the phosphate chemical industry [1][4][5] Core Insights - The phosphate rock supply and demand are in a tight balance, with new energy contributing to incremental growth [1][2] - The wet-process phosphoric acid is the core preparation route in the phosphate chemical industry, gradually replacing the high-energy-consuming thermal process due to its lower energy consumption and simpler equipment [1][16] - Stricter safety and environmental policies are accelerating the exit of outdated production capacity, leading to a continuous optimization of the supply-demand structure in the industry [1][18] - The domestic supply of phosphate rock is tightening due to limited resources and strong environmental constraints, with the price expected to remain high in the long term [1][26][33] Summary by Sections Phosphate Chemical Industry Overview - The phosphate chemical industry includes both wet and thermal processes, with wet-process phosphoric acid being favored due to its lower energy consumption and cost advantages [1][13][16] - The industry is facing increasing pressure from environmental regulations, leading to the closure of many outdated production facilities [1][18] Supply and Demand Dynamics - China's phosphate rock resources are characterized by scarcity and low quality, with the country holding about 5% of global reserves while contributing nearly half of the world's production [1][26] - The demand for phosphate rock is expected to increase, particularly driven by the growth in new energy applications, which is projected to account for a significant portion of phosphate consumption by 2024 [2][31] Key Companies and Investment Recommendations - Recommended companies include: - Chuanheng Co., a leading integrated phosphate chemical company with high profit margins supported by self-sufficient high-grade phosphate rock [3][4] - Yuntianhua, a dual leader in phosphate rock and fertilizer with significant resource reserves and stable growth [3][4] - Xingfa Group, a leader in fine phosphate chemicals with a diversified business model [3][4] - Yuntu Holdings, a leader in the phosphate compound fertilizer industry benefiting from tight sulfur supply [3][4] Profit Forecast and Valuation - The report provides profit forecasts and investment ratings for key companies, indicating a favorable outlook for their earnings per share (EPS) and price-to-earnings (PE) ratios [4][5]

南财智讯1月30日电，萃华珠宝发布2025年年度业绩预告，预计2025年全年归属于上市公司股东的净利 润为2100万元—3100万元，同比预减85.69%—90.31%；预计2025年全年归属于上市公司股东的扣除非 经常性损益的净利润为16200万元—24200万元，同比预增154.81%—280.64%。业绩变动原因说明：1、 公司珠宝板块业务受黄金行情上涨影响，经营业绩有所增长；同时锂盐板块转亏为盈，经营业绩有所增 长。2、公司控股子公司四川思特瑞锂业有限公司向湖北兴发化工集团股份有限公司转让其持有湖北磷 氟锂业有限公司2%的股权，转让后磷氟锂业已不再纳入思特瑞锂业合并报表范围。此合并报表范围变 动会造成商誉减少，具体金额需以评估机构确认的数据为准，该变动属于非经常性损益。3、公司期末 确认业绩承诺事项，预计公司净利润增加，具体金额需以会计师事务所出具的专项报告为准，该变动属 于非经常性损益。 ...

●本次权益变动系湖北兴发化工集团股份有限公司（以下简称"公司"）可 转换公司债券转股使得公司股份总数增加，导致公司持股5%以上股东浙江金帆达 生化股份有限公司（以下简称"浙江金帆达"）持股比例由16.14%被动稀释至 15.95%，触及1%的整数倍，不涉及持股数量变化。 ●本次权益变动未触及要约收购，不会导致公司控股股东及实际控制人发生 变化。 转债代码：110089 转债简称：兴发转债 证券代码：600141 证券简称：兴发集团 公告编号：临2026-011 湖北兴发化工集团股份有限公司 关于持股5%以上股东权益变动触及1%刻度的提示性 公告 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个别及连带责任。 重要内容提示： 三、其他情况说明 一、可转债基本情况 根据中国证券监督管理委员会《关于核准湖北兴发化工集团股份有限公司公 开发行可转换公司债券的批复》（证监许可【2022】1904 号），公司于2022 年 9 月22 日公开发行了2,800 万张可转换公司债券（转债简称"兴发转债"，转债 代码"110089"），每张面值100 元 ...

Market Overview - The agricultural chemical sector experienced a decline of 1.56% on January 29, with Nongda Technology leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Stock Performance - Notable gainers in the agricultural chemical sector included: - Guangxin Co., Ltd. (Code: 6655209) with a closing price of 15.50, up 10.01% and a trading volume of 779,400 shares, totaling 1.156 billion yuan [1] - Limin Co., Ltd. (Code: 002734) closed at 20.99, up 6.98% with a trading volume of 835,600 shares, totaling 1.696 billion yuan [1] - Major decliners included: - Nongda Technology (Code: 920159) with a closing price of 46.05, down 12.93% and a trading volume of 81,600 shares, totaling 3.81 billion yuan [2] - Zhongnong United (Code: 003042) closed at 22.87, down 10.00% with a trading volume of 455,700 shares [2] Capital Flow - The agricultural chemical sector saw a net outflow of 1.974 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.463 billion yuan [2] - The capital flow for specific stocks showed: - Limin Co., Ltd. had a net inflow of 1.89 billion yuan from institutional investors, but a net outflow of 819.96 million yuan from retail investors [3] - Guangxin Co., Ltd. experienced a net inflow of 139 million yuan from institutional investors, with a net outflow of 668.65 million yuan from retail investors [3]

Group 1 - The core viewpoint of the articles indicates that the chemical materials sector is experiencing a shift from a "cost-sensitive" model to a "structural growth" model, driven by policies on carbon emissions, global energy transitions, and domestic manufacturing recovery [1] - The China Securities Index shows that the chemical industry index rose by 7.29% last week, outperforming the CSI 300 index by 7.91 percentage points, with all 24 sub-industries within the sector recording gains [1] - The implementation of a dual control system for carbon emissions in China marks a new phase in institutionalizing green and low-carbon development, which is expected to accelerate the elimination of outdated capacity in high-energy-consuming and high-emission chemical sub-industries [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the China Securities Index for the chemical industry include Wanhua Chemical, Salt Lake Co., and Cangge Mining, with these stocks collectively accounting for 45.31% of the index [2] - The chemical ETF managed by Harvest (159129) closely tracks the China Securities Index for the chemical industry, focusing on the new round of prosperity cycle against the backdrop of "anti-involution" in the industry [2] - Investors can also explore investment opportunities in the chemical sector through the chemical ETF linked fund (013527) [3]

Core Viewpoint - The petrochemical sector is experiencing slight adjustments, with the CSI Petrochemical Industry Index declining approximately 0.65% in early trading on January 29. The sector shows mixed performance among constituent stocks, with notable gains from companies like Sankeshu and Rongsheng Petrochemical, while companies like Hebang Bio and Xingfa Group are underperforming [1]. Group 1: Market Performance - The largest petrochemical ETF (159731) has seen continuous net inflows over the past 16 days, totaling 838 million yuan, reaching a new high in size at 1.166 billion yuan with a total of 1.106 billion shares [1]. - The CSI Petrochemical Industry Index is primarily composed of the basic chemical and petroleum sectors, which together account for over 91% of the index's weight [1]. Group 2: Investment Recommendations - Guolian Minsheng Securities recommends focusing on industry leaders with stable performance and high dividends, specifically China National Petroleum and China Petroleum & Chemical [1]. - The oil price is expected to have a bottom, leading to high earnings certainty for oil companies, with a recommendation to pay attention to China National Offshore Oil Corporation, which has low barrel oil costs and continuous production growth [1]. - The domestic encouragement for oil and gas reserve increases suggests monitoring companies in the growth phase of production, such as New Natural Gas and Man Oil [1].

2026 年化工策略报告汇报 化工进入击球区：看好全球供 给反内卷大周期，看好全球 AI 需求大周期 20260128 摘要 基础化工行业产能扩张放缓，在建工程与固定资产比值降至低位，叠加 行业协会和龙头企业推动反内卷，有望扭转亏损局面，双碳政策也限制 了新增产能，预示行业盈利能力将恢复。 全球流动性宽松及新兴产业发展驱动需求增长，化工品消费具全球性， 下游产业对海外消费依赖度高，人工智能、机器人等新兴产业对新材料 需求增加，共同推动化工行业景气度提升。 基础化工行业价差虽有复苏但仍处底部，安全度较高，自由现金流自 2022 年以来逐渐改善，预计 2025 年全年转正，预示行业拐点出现， 为投资者带来分红等回报机会，潜在股息率普遍超过 10%。 化工行业估值提升受益于自由现金流转正、投资放缓约束、库存低位和 开工率良好，反内卷及能耗政策约束，以及欧洲企业退出市场，共同推 动化工产品价格上涨。 欧洲化工企业因能源成本、人工成本及供应链效率等问题，长期低开工 率难以恢复，高成本产能逐步退出市场，将导致聚烯烃、有机硅等产品 供应减少，推升全球价格。 Q&A 2026 年至 2030 年化工行业的整体趋势如何？ 从 ...