证券研究报告：基础化工|点评报告 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 4928.61 | | 52 | 周最高 | 4988.89 | | 52 | 周最低 | 3081.91 | 行业相对指数表现（相对值） -5% 1% 7% 13% 19% 25% 31% 37% 43% 49% 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 基础化工 沪深300 资料来源：聚源，中邮证券研究所 分析师:刘海荣 SAC 登记编号:S1340525120006 Email:liuhairong@cnpsec.com 分析师:曾佳晨 SAC 登记编号:S1340525120007 Email:cengjiachen@cnpsec.com 近期研究报告 《 中 邮 基 础 化 工 行 业 周 报 （2026.01.26-2026.02.01）关注淡季 补库涨价品种粘胶、染料，化工景气度 有望持续上行》 - 2026.02.02 染料行业点评 染料价格接连上涨，环保政策趋严下关注龙头优势 ⚫ 分散 ...

2月3日，浙江龙盛涨5.11%，截至发稿，报14.40元/股，成交6.24亿元，换手率1.36%，总市值468.48亿 元。 鹏华中证细分化工产业主题ETF联接A（014942）基金经理为闫冬。 截至发稿，闫冬累计任职时间6年324天，现任基金资产总规模217.96亿元，任职期间最佳基金回报 456.3%， 任职期间最差基金回报-40.74%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 资料显示，浙江龙盛集团股份有限公司位于浙江省绍兴市上虞区道墟街道龙盛大道1号，成立日期1998 年3月23日，上市日期2003年8月1日，公司主营业务涉及染料、中间体、减水剂以及纯碱、合成氨等无 机化工产品。主营业务收入构成为：染料55.83%，中间体23.14%，助剂7.33%，无机产品5.08%，房产 业务3.48%，其它业务1.88%，汽配业务1.23%，颜色标准及可持续发展解决方案1.22%，其他(补 充)0.81% ...

Summary of Conference Call Notes Industry Involved - Chemical Industry Core Points and Arguments 1. The significant drop in the chemical sector today was primarily due to the initiation of negotiations between the US and Iran, which shifted the situation from conflict to diplomacy, resulting in a 5% decline in crude oil prices and a corresponding drop in chemical products. Future attention will be on price differentials [1] 2. The Federal Reserve's balance sheet reduction is releasing liquidity risks, which has negatively impacted the non-ferrous chemical sector [2] 3. Major chemical companies recently issued 25 earnings forecasts; although some were within expectations, the overall market sentiment was significantly affected [3] 4. Certain companies released negative announcements, contributing to the downturn [4] Additional Important Insights 1. There is a continued positive outlook on large-scale refining, but it is advised to wait for oil prices to stabilize. Attention will be on developments regarding Iran, with recommendations for companies such as Rongsheng, Hengli, and Sinopec [5] 2. There is also a favorable view on sub-sectors like chlor-alkali, calcium carbide, and dyes, with recommendations for companies such as Runtu, Zhejiang Longsheng, and Baichuan [6]

Group 1 - The basic chemical industry index closed at 4943.97 points, up 0.65% from last Friday, and outperformed the CSI 300 index by 0.01% this week [1][2] - Among the 25 sub-industries in the Shenwan chemical classification, 13 sub-industries rose while 12 fell. The leading sectors included textile chemical products, other chemical raw materials, compound fertilizers, coal chemicals, and phosphate fertilizers, with weekly increases of 13.89%, 6.58%, 4.94%, 4.72%, and 4.56% respectively [1][2] - The sectors that experienced declines included modified plastics, synthetic resins, and other plastic products, with weekly decreases of -6.44%, -4.36%, and -3.67% respectively [1][2] Group 2 - The price of disperse dyes has increased, with a rise of 1000 yuan/ton to 18000 yuan/ton on January 22, 2026, marking the first price adjustment in nearly a quarter [3] - The price of active dyes rose from 22000 yuan/ton to 23000 yuan/ton on January 29, 2026, driven by a significant increase in the price of upstream key intermediates [3] - The price of key intermediates used in dye production has surged from 25000 yuan/ton to 38000 yuan/ton, an increase of over 50%, impacting downstream dye prices [3] Group 3 - The viscose fiber industry is experiencing high operating rates and low inventory levels, creating a basis for price increases. The industry operating rate has remained above 90% since September 2025, with total inventory at 10000 tons as of January 30, 2026, down 24.53% week-on-week [4] - The inventory days are estimated to be around 9 days, indicating a relatively low inventory level and favorable conditions for price increases in the viscose industry [4] Group 4 - The PVC industry is advancing towards mercury-free production, with the Ministry of Ecology and Environment focusing on the development of mercury-free catalysts. The industry has achieved a target of halving mercury usage per unit product by 2020 compared to 2010 [5] - The transition from "low mercury" to "mercury-free" production is expected to lead to the exit of outdated production capacities, thereby restoring the supply-demand balance in the PVC industry [5]

Core Insights - The public REITs market in China is expanding from infrastructure to commercial real estate, marking a new phase of development as per the announcement by the China Securities Regulatory Commission (CSRC) on December 31, 2025 [5][6][18] - The announcement defines commercial real estate REITs and outlines requirements for fund registration, management, and regulatory responsibilities, while still adhering to previous guidelines for infrastructure securities [5][6] - The first batch of commercial real estate REITs is expected to raise a total of 31.47 billion yuan, covering various commercial formats such as hotels, office buildings, and shopping centers [7][18] Summary by Sections Commercial Real Estate REITs Overview - The CSRC's announcement on December 31, 2025, signifies the dual development of commercial real estate and infrastructure REITs in China [5] - Commercial real estate REITs are defined as closed-end public funds that invest in commercial real estate asset-backed securities to acquire ownership or operational rights, generating stable cash flows from rents and fees [5][6] Regulatory Framework - The new business guidelines include the expansion of applicable scope to include commercial real estate REITs, with specific requirements for operational and financial disclosures [6] - Funds raised through public REITs can be used for acquiring existing assets, new investments, debt repayment, and working capital, but not for purchasing residential land [6] Initial Batch of REITs - Eight commercial real estate REITs have been submitted for approval, with expected fundraising ranging from 1.703 billion yuan to 7.47 billion yuan [7][8] - The underlying assets for these REITs are primarily located in core urban areas, with operational performance generally strong [7] Specific REITs Details - **Hua'an Jinjiang REIT**: Expected to raise 1.703 billion yuan, focusing on 21 hotels across 18 cities, with an average occupancy rate of 61.58% [8] - **Huitianfu Shanghai Real Estate REIT**: Expected to raise 4.002 billion yuan, with two office buildings in Shanghai showing a 100% occupancy rate [9] - **CICC Vipshop REIT**: Expected to raise 7.47 billion yuan, focusing on two outlet projects with high operational performance [10] - **Hua'an Lujiazui REIT**: Expected to raise 2.810 billion yuan, with assets including office and commercial projects in Shanghai [11] - **Hua'an Poly Development REIT**: Expected to raise 2.093 billion yuan, with assets in Guangzhou and Foshan [12] - **Hua'an Yintai REIT**: Expected to raise 4.2785 billion yuan, focusing on a shopping center in Hefei [13] - **Hua'an CapitaLand REIT**: Expected to raise 4.054 billion yuan, with assets in Shenzhen and Mianyang [14] - **Guotai Haitong Sasseur REIT**: Expected to raise 5.064 billion yuan, focusing on an outlet project in Xi'an [15] Market Potential - The commercial real estate sector in China has a substantial existing asset base, with over 9,000 retail properties and a total area exceeding 667 million square meters [18] - The introduction of commercial real estate REITs is expected to enhance asset liquidity and broaden financing channels for companies [18] Investment Recommendations - Companies that have proactively assessed and prepared for REIT issuance, such as Poly Development and Maoye Commercial, are likely to have a competitive advantage [19] - Focus on firms with stable and mature assets, such as China Resources Land and China Overseas Development, for potential investment opportunities [19]

证券日报网讯2月2日，浙江龙盛（600352）在互动平台回答投资者提问时表示，截至2026年1月31日， 公司股东总户数102468户。 ...

Market Overview - The chemical products sector experienced a decline of 4.83% on February 2, with Meibang Technology leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Notable gainers in the chemical products sector included: - Wanfeng Co., Ltd. (603172) with a closing price of 28.30, up 9.99% on a trading volume of 52,700 shares [1] - Fulu Technology (688350) closed at 28.42, up 3.65% with a volume of 136,800 shares [1] - Tiansheng New Materials (300169) at 7.11, up 3.64% with 311,400 shares traded [1] - Major decliners included: - Meibang Technology (920471) with a closing price of 18.57, down 12.61% on a volume of 102,000 shares [2] - Yida Co., Ltd. (300721) at 15.57, down 11.23% with 256,000 shares traded [2] - Zhongchumei (688267) at 28.92, down 10.02% with a volume of 85,100 shares [2] Capital Flow - The chemical products sector saw a net outflow of 3.325 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.427 billion yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Jinghua New Materials (603683) with a net inflow of 37.77 million yuan from institutional investors [3] - Wanfeng Co., Ltd. (603172) had a net inflow of 12.78 million yuan from institutional investors [3] - Yida Co., Ltd. (300721) experienced a net outflow of 32.26 million yuan from retail investors [3]

Industry Investment Rating - The industry investment rating is maintained at "Outperform" [2] Core Insights - The basic chemical industry index closed at 4943.97 points, up 0.65% from the previous week, outperforming the CSI 300 index by 0.01% [5][17] - In the sub-sectors, 13 out of 25 reported gains, with textile chemical products, other chemical raw materials, compound fertilizers, coal chemicals, and phosphate fertilizers leading with weekly increases of 13.89%, 6.58%, 4.94%, 4.72%, and 4.56% respectively [18] - The dye market is experiencing price increases, with disperse dye prices rising from 18,000 CNY/ton to 19,000 CNY/ton within a week, driven by a surge in the prices of upstream key intermediates [6] - The viscose fiber industry shows a strong basis for price increases due to high operating rates and low inventory levels, with total industry inventory at 100,000 tons, down 24.53% week-on-week [7][8] - The PVC industry is progressing towards mercury-free production, which is expected to improve the supply-demand balance as outdated capacities are phased out [8] Summary by Sections Weekly Chemical Sector Review - The basic chemical industry index rose to 4943.97 points, outperforming the CSI 300 index [17] - 90% of the 462 stocks in the chemical sector saw weekly gains, with the top gainers including Jiangtian Chemical and Runbei Hangke [21] Key Chemical Subsector Tracking - **Polyester Filament**: Prices increased slightly, with POY averaging 6,870 CNY/ton, up 160 CNY/ton from last week [27] - **Tires**: The full steel tire industry operating rate is at 62.47%, showing a slight decrease, while half steel tire rates increased to 74.32% [37]

Group 1 - A total of 44 stocks in the A-share market hit the daily limit up, while 123 stocks hit the daily limit down on February 2 [1] - The smart grid concept was active, with stocks like Senyuan Electric and Shun Sodium hitting the limit up [1] - The ultra-high voltage concept strengthened, with Baiyun Electric and Hangdian Co. achieving consecutive limit up, while companies like Baobian Electric and Hancable also hit the limit up [1] Group 2 - ST Jinglan achieved 4 limit ups in 6 days, while Hengdian Film and Wan Feng Co. recorded 3 consecutive limit ups [1] - Jin Hui Wine and Zhujiang Piano had 2 limit ups in 3 days, while Maoye Commercial and Litong Electronics achieved 2 consecutive limit ups [1] - Tianpu Co. and Huanghe Xunfeng hit the limit up [1] Group 3 - ST Wan Fang faced a continuous decline with 15 consecutive limit downs, while ST Jinglun had 5 consecutive limit downs [1] - ST Chuntian and Zhongnong United experienced 3 consecutive limit downs, and Jiangxi Copper and Pengxin Resources had 2 consecutive limit downs [1] - Shengtun Mining and Zhejiang Longsheng also hit the limit down [1]

化工板块今日（2月2日）深度回调，反映化工板块整体走势的化工ETF（516020）开盘后单边下行，截至发稿，场内价格跌5.85%。 如何把握化工板块反弹机遇？借道化工ETF（516020）布局效率或更高。公开资料显示，化工ETF（516020）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。场外投资者亦可通过化工ETF联接基金（A类012537/C类012538）布局化工板块。 来源：沪深交易所等，截至2026.2.2。 机构观点来源：（1）方正证券2026年1月25日基础化工行业事件点评报告《十五五碳排放双控加速化工业绿色转型，看好能效领跑龙头及生物制造》； （2）中国银河证券2026年1月25日基础化工行业周报《化工品价格表现偏强，关注周期弹性机会》 注：投资者在申购或赎回基金份额时，申购赎回代理券商可按照不超过0.5%的标准收取佣金，其中包含证券交易所、登记机构等收取的相关费用。化工ETF 不收取销售服务费。 成份股方面，氨纶、磷化工、氮肥等板块部分个股跌幅居前。截至发稿，华峰化学、宏达股份、鲁西化工三股跌停，卫星化学、浙江龙盛跌超9%，扬农化 工、华鲁恒升、荣盛石 ...