截至2026年2月27日9:45，中证500自由现金流指数(932367)上涨0.41%，成分股锡业股份上涨7.09%，永泰能源上涨2.34%，天山铝业上涨2.04%，京能电力上 涨1.88%，横店东磁上涨1.80%。现金流500ETF(560120)上涨0.27%， 冲击4连涨。最新价报1.47元。从资金净流入方面来看，现金流500ETF近4天获得连续资 金净流入，合计"吸金"1.15亿元。 现金流500ETF紧密跟踪中证500自由现金流指数，中证500自由现金流指数从中证500指数样本中选取50只自由现金流率较高的上市公司证券作为指数样本， 以反映中证500指数样本中现金流创造能力较强的上市公司证券的整体表现。数据显示，截至2026年1月30日，中证500自由现金流指数(932367)前十大权重 股分别为白银有色、浙江龙盛、首钢股份、中集集团、云天化、神火股份、西部矿业、天山铝业、京能电力、辽港股份，前十大权重股合计占比48.63%。 （以上所列股票仅为指数成份股，无特定推荐之意） 现金流500ETF(560120)，场外联接(华夏中证500自由现金流ETF联接A：025423；华夏中证500自由现金流E ...

来源：上海证券报微信公众号 编 者 按 2025年7月起，多种化工品、工业制品、原料价格掀起上涨浪潮，引发市场的广泛关注。价格跳动的曲 线背后，藏着市场最关切的三重追问：此轮涨价由何驱动？这波涨势能持续多久？产业链上下游企业的 业绩能否借此迎来修复契机，又将如何重塑行业竞争格局？ 春江水暖"价"先知。涨价，是经济脉络复苏中最灵敏的脉动信号。上海证券报微信公众号推出《市场 探"涨"》系列报道，意在凸显这一系列价格变化背后的市场活力与商业逻辑变迁。透过"涨"声，倾听复 苏脚步；在潮起潮落之间，探见未来可期。 继2月初上调价格后，分散染料再度提价。 记者获悉，2月24日，全球染料龙头浙江龙盛对分散染料产品实施新一轮调价，涨价幅度分为2000元/ 吨、4000元/吨两档，其中主力品种ECT300%分散黑每吨上调4000元。2月25日，闰土股份亦宣布对分散 染料价格进行适当上调，最高涨幅为4000元/吨。 原材料还原物涨价为核心原因 闰土股份称，染料产品价格由市场供需及原料价格等因素决定。还原物是分散染料的重要中间体之一， 其价格近两年来在较低位运行，自2026年元月下旬开始上涨，截至目前市场报价在7万元/吨左右。 从 ...

Core Viewpoint - The recent price increases in various chemical products and industrial materials starting from July 2025 have raised significant market attention, driven primarily by rising raw material costs and supply chain dynamics [1][2]. Group 1: Price Increases - Zhejiang Longsheng and Runtu Co. have announced multiple price hikes for disperse dyes, with increases of 2000 to 4000 yuan per ton, particularly for the ECT300% disperse black, which saw a 4000 yuan increase [1][3]. - The price of disperse black has cumulatively risen by approximately 5000 yuan per ton since early February 2025 [3]. Group 2: Driving Factors - The primary driver for the price increases is the rising cost of raw materials, especially key intermediates like reducing agents, which have been at low levels for the past two years but began to rise in late January 2026, currently priced around 70,000 yuan per ton [3][4]. - The production capacity of reducing agents is highly concentrated among a few companies, with Zhejiang Longsheng and Runtu Co. being major players, and Ningxia Zhongsheng New Technology Co. holding a 65% global market share [3]. Group 3: Market Dynamics - The current price hikes may lead to increased differentiation within the industry, favoring leading companies with upstream integration while smaller firms lacking self-sufficient intermediate production capabilities face significant survival challenges [4]. - Analysts predict that the price increase trend may last for 1 to 3 months, after which a period of high-level consolidation is expected, with long-term price trends dependent on the recovery of end-user demand [5][7]. Group 4: Industry Outlook - The dye industry is anticipated to experience a phase of "high price volatility, weak demand recovery, and intensified competition" in 2026, driven by supply-side factors [7]. - The industry is undergoing a restructuring phase influenced by cost dynamics and supply-demand relationships, with a focus on cost control, technological advancement, and market adaptability for long-term competitiveness [7].

中银证券（601696）近日发布化工行业周报：本周（02.17-02.24）国际油价大幅上涨，WTI原油期货价 格收于66.31美元/桶，收盘价周涨幅6.39%；布伦特原油期货价格收于71.49美元/桶，收盘价周涨幅 6.04%。宏观方面，根据新浪财经的消息，美国与伊朗关系持续紧张，地缘政治紧张局势以及市场对美 国可能对伊朗采取行动的担忧成为本轮油价上涨的主要推手。 以下为研究报告摘要： 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 本周（02.17-02.24）均价跟踪的100个化工品种中，共有33个品种价格上涨，8个品种价格下跌59个品种 价格稳定。跟踪的产品中60%的产品月均价环比上涨，29%的产品月均价环比下跌，11%的产品月均价 环比持平。周均价涨幅居前的品种分别是WTI原油、纯苯（FOB韩国）、石脑油（新加坡）、对二甲苯 （PX东南亚）、硝酸铵（陕西兴化）；周均价跌幅居前的品种分别是甲苯（华东）、电石（华东）、 硝酸（华东地区）、二氯甲烷（华东）、多氟多（002407）冰晶石。 本周（02.17- ...

石化ETF(159731)，场外联接(华夏中证石化产业ETF发起式联接A：017855；华夏中证石化产业ETF发 起式联接C：017856)。 MACD金叉信号形成，这些股涨势不错！ 截至2026年2月26日9:53，中证石化产业指数(H11057)上涨0.86%，成分股盐湖股份上涨8.51%，蓝晓科 技上涨4.23%，藏格矿业上涨4.02%，和邦生物上涨3.12%，浙江龙盛上涨2.98%。石化ETF(159731)上涨 1.13%， 冲击3连涨。流动性方面，截至2月25日，石化ETF近1月日均成交2.17亿元。资金流入方面，石 化ETF近12个交易日合计"吸金"1.46亿元。 国海证券分析称，节后需求回暖叠加库存低位，关注春节后聚氨酯涨价行情。每年2月前后是聚氨酯产 品的传统涨价节点之一，这主要是由于聚氨酯的主要消费市场比如中国大陆、中国台湾、越南等东南亚 国家和地区处于春节假期。此外，中东市场处于斋月期，节日备货需求提升，使得MDI和聚醚等聚氨酯 厂家顺利出货，库存降至低位。 石化ETF(159731)紧密跟踪中证石化产业指数，截至2026年1月30日，中证石化产业指数(H11057)前十大 权重股分别为 ...

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(159870)，场外联接(A：014942；C：014943；I：022792)。 MACD金叉信号形成，这些股涨势不错！ 消息面上，继春节前最后一天跳涨之后，2月25日，龙盛再度上调间氨基苯酚价格，从7万元上调到8.5 万元/吨，2月仅仅两周时间，间氨基苯酚已经暴涨55%。 机构指出，目前间氨基苯酚国内仅有两家，各自拥有1万吨产能。且间氨基苯酚的原料间硝基苯胺涉及 硝化工艺，爆炸事件后，国内对硝化黑工厂只会更严，市场完全控制在两家手中。而春节后，下游分散 染料的普涨，给上游中间体彻底打开了提价空间。历史上，间氨基苯酚2018年的染料行情涨到过30多万 一吨，龙头公司当年上涨超500%，预计本轮行情价格至少看到20万元以上，弹性巨大。 截至2026年2月26日 09:33，中证细分化工产业主题指数(000813)上涨0.64%，成分股盐湖股份上涨 7.38%，蓝晓科技上 ...

中银证券近日发布化工行业周报：本周（02.17-02.24）国际油价大幅上涨，WTI原油期货价格收于66.31 美元/桶，收盘价周涨幅6.39%；布伦特原油期货价格收于71.49美元/桶，收盘价周涨幅6.04%。宏观方 面，根据新浪财经的消息，美国与伊朗关系持续紧张，地缘政治紧张局势以及市场对美国可能对伊朗采 取行动的担忧成为本轮油价上涨的主要推手。 以下为研究报告摘要： 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 本周（02.17-02.24）均价跟踪的100个化工品种中，共有33个品种价格上涨，8个品种价格下跌59个品种 价格稳定。跟踪的产品中60%的产品月均价环比上涨，29%的产品月均价环比下跌，11%的产品月均价 环比持平。周均价涨幅居前的品种分别是WTI原油、纯苯（FOB韩国）、石脑油（新加坡）、对二甲苯 （PX东南亚）、硝酸铵（陕西兴化）；周均价跌幅居前的品种分别是甲苯（华东）、电石（华东）、 硝酸（华东地区）、二氯甲烷（华东）、多氟多冰晶石。 本周（02.17-02.24）国际油价大幅上涨，W ...

Industry Overview - The chemical sector is experiencing overall strength, with sub-sectors like phosphate chemicals and dyes continuing to rise. For instance, Chengxing Co. reached the daily limit, and Zhejiang Longsheng has seen a year-to-date increase of over 54%. Analysts suggest that the exit of overseas capacity, domestic supply contraction, and anti-involution policies are driving a rebalancing of supply and demand in the chemical industry, potentially directing funds towards smaller market cap stocks within the sector [1]. Market Activity - On February 25, 2026, the stock price of Chenhua Co. (300610.SZ) experienced a significant movement, rising by 4.39% to close at 13.31 yuan, with a trading volume of 334 million yuan and a turnover rate of 15.54%. The day saw a net inflow of speculative funds amounting to 19.85 million yuan, accounting for 5.95% of the total trading volume, while main funds saw a net outflow of 1.63 million yuan. The stock price broke through the upper Bollinger Band (12.94 yuan) and stabilized above the 20-day moving average (12.33 yuan), indicating a strong short-term technical outlook [1][2]. Company Fundamentals - Chenhua Co.'s Q3 2025 report indicates a revenue decline of 4.76% year-on-year and a net profit decrease of 20.80%, with a net profit of only 600,000 yuan in Q3. However, the recent stabilization and rebound in chemical prices, such as continuous price adjustments in disperse dyes, may alleviate cost pressures. Additionally, the company's subsidiary, Huai'an Chenhua, has received environmental approval for a project with an annual capacity of 35,000 tons of alkyl glycosides, which could contribute to long-term capacity growth [3]. Future Outlook - Companies in the chemical sector, including Chuanjinno, have recently announced uncertainties regarding raw material price fluctuations and policy impacts. It is essential to monitor how changes in industry supply and demand will affect individual stocks [4].

Group 1 - The core viewpoint of the articles highlights a significant price increase in the chemical sector, particularly in sub-sectors like phosphorus chemicals, titanium dioxide, fertilizers, and glyphosate, driven by leading companies' collective price hikes [1][2] - Zhejiang Longsheng, a leader in the dye and textile chemicals industry, announced a price increase of 5000 yuan/ton for certain disperse dyes due to rising costs of upstream key intermediates [1][2] - Another leading company, Runtu Co., also confirmed a similar price increase for disperse black dye, indicating a synchronized response to the rising costs of raw materials [1][2] Group 2 - The ability of leading companies to implement price increases is supported by rigid supply constraints, particularly in the disperse dye sector where the price of reducing agents has surged over 50% from last year's lows, with supply gaps difficult to alleviate in the short term due to environmental regulations and high technical barriers [2] - In the titanium dioxide sector, price adjustments are also driven by supply constraints, with high prices for sulfur, a critical raw material, and supply tightening due to maintenance shutdowns of acid production facilities [2] - The recent rise in international oil prices has further fueled the price increase logic in the chemical industry, with WTI and Brent crude prices rising nearly 14% over the past three months, enhancing the cost transmission and market expectations for price hikes across the chemical supply chain [2] Group 3 - According to Guotou Securities, the chemical industry is at a turning point after four years of decline, with the basic chemical sector achieving a net profit of 112.7 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 7.5% and indicating initial stabilization of the sector [3] - The market is expected to transition from a phase of "weak reality, strong expectations" to a verification period focused on whether price increases can be sustained [3]

基础化工 | 证券研究报告 — 行业周报 2026 年 2 月 25 日 强于大市 化工行业周报 20260225 国际油价大幅上涨，分散染料迎来第四轮涨价 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 相关研究报告 《染料价格上行，一体化企业有望受益》 20260211 《化工行业周报 20260208》20260208 《化工行业周报 20260201》20260202 中银国际证券股份有限公司 具备证券投资咨询业务资格 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bocichina.com 证券投资咨询业务证书编号：S1300517050002 证券分析师：范琦岩 qiyan.fan@bocichina.com 证券投资咨询业务证书编号：S1300525040001 投资建议 风险提示 ◼ 地缘政治因素变化引起油价大幅波动；全球经济形势出现变化。 ◼ 本周（02.17-02.24）均价跟踪的 100 个化工品种中，共有 33 个品种价格上涨，8 个品种价格下跌， 59 个品 ...