Group 1 - Company plans to increase capital for its wholly-owned subsidiary, Wanhua Chemical (Yantai) Olefins Co., Ltd., totaling 19.086 billion yuan [1] - The capital increase aims to enhance operational efficiency in the rapidly growing C2 industry, consolidating assets worth 14.586 billion yuan and a debt of 4.5 billion yuan into the subsidiary [1] - After the capital increase, the registered capital of Wanhua Olefins will rise from 3 billion yuan to 4 billion yuan, maintaining its status as a wholly-owned subsidiary [1] Group 2 - Wanhua Chemical has established a comprehensive industrial chain layout focusing on "polyurethane + petrochemicals + emerging materials," with petrochemical business being the main revenue source [2] - In the first three quarters of the previous year, the petrochemical segment generated sales revenue of 59.319 billion yuan, with production and sales volumes significantly increasing by 41% and 33%, respectively [2] - The company is focusing on the C2 industry chain, having completed the raw material transformation of the Yantai industrial park's ethylene phase I facility, allowing for flexible feedstock switching between ethane and propane [2]

1. Report Industry Investment Rating - The investment rating for liquefied petroleum gas is "oscillating" [1] 2. Core Viewpoints of the Report - In 2026, the Asian LPG market will remain relatively loose. The Far - East FEI price is expected to oscillate at a low level within a certain range, and the domestic PG price is also expected to follow the range - bound oscillation. The market needs to improve downstream chemical profits to stimulate additional demand and achieve re - balance of the trade flow. Otherwise, the US propane inventory may break through the historical high at the end of 2026 [4][5][114] 3. Summary by Relevant Catalogs 2025 Liquefied Petroleum Gas Market Review - In 2025, the liquefied petroleum gas market was greatly affected by unexpected macro and geopolitical events, with significantly amplified volatility and reduced weight of fundamental pricing. In different quarters, various events such as cold snaps, tariff wars, and regional conflicts had different impacts on the market price and trade flow [16][17][22] Trade Pattern Remains Unchanged, and Export Volume is Expected to Increase Steadily - **US**: In 2025, the US LPG production increased, mainly from associated gas and NGL. The export growth rate slowed down due to tariff disturbances and closed arbitrage windows. In 2026, with the expansion of terminal capacity, the export volume is expected to increase by about 7.3% [30][33][40] - **Middle East**: In 2025, the LPG export volume in the Middle East increased, mainly driven by Iran and Iraq. In 2026, the export volume is expected to increase by 3.5% due to the commissioning of gas fields and the high - base effect of crude oil production [50][51][55] Asian Chemical Demand Growth Slows Down - **Southeast Asia**: In 2025, the combustion demand in Southeast Asia, especially in India, Indonesia, and Vietnam, increased. In 2026, India's import growth is expected to slow down, while Indonesia and the Philippines' combustion demand will maintain a stable growth rate [65][66][75] - **PDH**: In 2025, China's PDH capacity increased, but the growth rate slowed down. In 2026, the new effective capacity is relatively limited, and the industry's operating rate is expected to increase slightly, corresponding to a demand increment of about 115 tons [76][80][81] - **Cracking Devices**: In 2025, China's new cracking capacity squeezed out the old - fashioned devices in Japan, South Korea, and Taiwan. In 2026, the cracking devices in these regions are not expected to have further incremental demand for LPG. In China, the cracking demand for LPG is expected to decrease by about 50 tons due to tariff and economic factors [87][88][98] Supply - Demand Balance Summary - **China**: In 2026, China's LPG market is expected to see a simultaneous increase in supply and demand, with a slightly looser fundamental situation. The domestic production is expected to increase by 1.5% to 5420 tons, and the import volume is expected to increase by about 125 tons [100][108] - **Global Trade Flow**: There is a supply - demand mismatch in the global LPG trade flow. About 365 tons of supply needs to find new outlets. It is necessary to improve the economy of chemical demand to stimulate additional demand and achieve re - balance [110] Investment Recommendations - The Far - East FEI price is expected to oscillate at a low level within a certain range, and the domestic PG price is expected to oscillate within the range of 3700 - 4700 yuan/ton. Strategies such as C3/C4 price ratio, MB propane reverse - arbitrage, and expanding the spread between the US Gulf and the Far - East can be considered [5][114][115]

Core Viewpoint - The petrochemical industry index is experiencing fluctuations, with a slight decline of approximately 0.4%, while certain stocks are performing well, indicating mixed performance in the sector [1] Group 1: Market Performance - The largest petrochemical ETF (159731) has seen a net inflow of 1.463 billion yuan over the past 20 trading days, reaching a new high of 1.8 billion yuan in total scale [1] - Major industry indices such as Shenwan Media, Shenwan Nonferrous Metals, Shenwan Petroleum and Petrochemicals, and Shenwan Basic Chemicals have all increased by over 10% this year, leading among 31 Shenwan industry indices [1] Group 2: Investment Drivers - Analysts from Dongwu Securities suggest that the resource sector is entering a major cycle, driven by new demand from AI and high-end manufacturing, while supply is constrained by geopolitical factors [1] - The ongoing narrative of de-dollarization and macroeconomic factors is contributing to the sustained price increase of bulk commodities, resulting in high industry prosperity [1] Group 3: ETF Composition - The petrochemical ETF (159731) and its linked funds (017855/017856) closely track the petrochemical industry index, benefiting from both basic chemicals and petroleum and petrochemical sectors [1] - Key weighted stocks in the ETF include Wanhua Chemical (global MDI leader), China Petroleum (domestic oil and gas leader), Sinopec (domestic refining leader), and Salt Lake Potash (domestic potash fertilizer leader) [1]

2026 年 2 月 10 日 LPG：地缘扰动仍存，基本面驱动向下 丙烯：供需维持偏紧，上行驱动转弱 陈鑫超 投资咨询从业资格号：Z0020238 chenxinchao@gtht.com 赵书岑（联系人） 期货从业资格号：F03147780 zhaoshucen@gtht.com 【基本面跟踪】 LPG、丙烯基本面数据 | | | | 昨日收盘价 | 日涨幅 | 夜盘收盘价 夜盘涨幅 | | | | | 昨日成交 较前日变动 昨日持仓 较前日变动 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2603 | 4,194 | -1.50% | 4,187 | -0.17% | | 2603 | 53,197 | -18,616 | 36,863 | -7,789 | | | PG | 2604 | 4,531 | -0.66% | 4,534 | 0.07% | PG | 2604 | 30,634 | -6,235 | 74,767 | 2,043 | | 期货市场 | ...

关键词 | DT新叶奖 |中科国生 | PEF新型全生物基功能纤维 生物基领域"奥斯卡"——「 2026(第4届)DT新叶奖 」已开启申报，将于第11届生物基大会 暨展览正式揭晓，并举行颁奖典礼。设置 四大奖项： 创新材料奖、创新应用奖、最具商业价 值奖、创新行业解决方案奖。 首轮报名截止 2月10日，享独家宣传。 参选单位&独家宣传 ： 万华化学 光华伟业 双枪科技 裕同包装 华润双鹤 利夫生物 中科国生 聚维元创 糖能科技 京博中聚 骐业科技 赛泓环境 河南浩森生物 军安绿色新材 华呋新材 麒 祥材料 泰安羽时 元一生物 华澄生物 世倍尔 播下环保 凤登绿能 和塑美 拜科瑞生物 碧嘉材 料 霍桐仪器 科幂仪器 无锡华辰 托摩根生物 谱键科技 碧普仪器 道生生物 德渊化工 漂莱特 碳和新材 微谱检测 武汉瑞鸣 树合科技 唯铂莱生物 合碳创物 深圳职业技术大学 百葵锐 ... 呋喃生物基材料全产业链先行者 —— 中科国生（杭 州） 科技有限公司 已确认参选 2026(第4届)DT新叶奖 ，以 PEF新型全生物基功能纤维 竞选 "创新应用 奖 " 。 中科国生是全球生物基材料制造领域的先行者，专注于呋喃类化学品 ...

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， ...

截至2026年2月10日9:40，中证石化产业指数(H11057)下跌0.53%。成分股方面涨跌互现，扬农化工、圣 泉集团、彤程新材等领涨；万华化学，东方盛虹，光威复材等领跌。石化ETF(159731)下跌0.68%，最 新报价1.02元。截至2月9日，流动性方面，石化ETF近1月日均成交1.75亿元。从资金净流入方面来看， 石化ETF近3天获得连续资金净流入，合计"吸金"7156.83万元，最新份额达17.63亿份，最新规模达18亿 元，创新高。 截至2月9日，石化ETF近2年净值上涨57.77%。从收益能力看，截至2026年2月9日，石化ETF自成立以 来，最高单月回报为15.86%，最长连涨月数为9个月，最长连涨涨幅为60.75%，上涨月份平均收益率为 5.59%。截至2026年2月9日，石化ETF近1年超越基准年化收益为2.33%。截至2026年2月6日，石化ETF 近1年夏普比率为2.28。 年初以来，Brent和WTI油价分别上涨11.83%和10.68%。银河证券认为，当前原油市场在区域冲突、供 需过剩预期之间博弈，预计短期Brent原油价格将在65-70美元/桶区间运行。建议后续密切关注区域局 ...

Overview - Furan-2,5-dicarboxylic acid (FDCA) is recognized as a significant bio-based platform compound, with potential to replace petroleum-based products, particularly in the production of high-performance polymers and chemicals [2][11] - The global FDCA market is projected to grow from $13.8 million in 2022 to $160.32 million by 2025, indicating a strong upward trend in demand [11][12] Industry Development - The FDCA industry in China has evolved through four stages: technical exploration, pilot breakthroughs, industrialization initiation, and scale expansion, with significant projects launched since 2022 [6][10] - The market is currently dominated by European and Chinese companies, with a notable increase in R&D investments in bio-based FDCA [11][12] Market Structure - The FDCA supply chain includes upstream suppliers of raw materials like corn and sugarcane, midstream FDCA production companies, and downstream application markets [8] - The primary application of FDCA is in producing polyethylene furanoate (PEF), which is expected to account for over 90% of demand by 2024, showcasing its advantages over traditional PET materials [10][11] Competitive Landscape - The FDCA market is characterized by high concentration, with the top five companies expected to hold over 90% market share by 2024 [13][14] - Companies like Wanhua Chemical and Hefei Leaf Biotech are actively pursuing technological advancements and production capacity expansions in the FDCA sector [13][14] Future Trends - The FDCA industry is anticipated to focus on technological breakthroughs and optimization of existing production processes, with an emphasis on green and low-carbon production methods [16][18] - The application scope of FDCA is expected to broaden, particularly in green packaging and high-performance engineering plastics, driven by increasing market demand and supportive policies [17][18]

不得不承认，黄金、有色金属、石化等构筑的大宗商品叙事，短期内已然挣脱惯常的分析框架。 急涨、急跌、再反弹，市场的呼吸变得急促而失序。历史新高与数十年新低，在短短几个交易日轮番上演；涨 停与跌停、贪婪与恐惧，在情绪的剧烈摇摆中反复交替；疯狂抢筹与踩踏出逃，亦在预期的突然反转间迅速切 换。 黄金这个在2025年53次刷新历史纪录的贵金属品类，在最近短短一周内，走完了一段过山车般的史诗级轨迹。 1月29日，伦敦金价强势触及每盎司5598美元的历史极值，随后迎来急速调整，并在1月31日以一次近四十年未 见的单日暴跌急速冷却；正当市场惊魂未定时，2月4日，它又以一场近207个月以来的最大单日涨幅，再度改 写了剧本。 市场的解释我们已不陌生，"沃什交易"的冲击、获利回吐的压力，让黄金处于震荡行情。1月30日，以激进缩 表主张闻名的前美联储理事凯文·沃什为主席候选人，这一信号瞬间动摇了黄金的货币宽松逻辑。 在此基础上，交易所上调保证金的要求， 成为了压垮骆驼的最后一根稻草 。高杠杆资金在强制平仓的压力下 被迫集体离场，前期积累的巨大获利盘如雪崩般涌出，市场的极致波动由此诞生。 但若跳出眼下的喧嚣与波动，便会发现，这或许并非 ...

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， ...