证券代码：002440 证券简称：闰土股份 编号：RTIR-2026-002 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 富国基金（张啸伟 黄彦东） 长江证券（王呈） 时间 2026 年 1 月 28 日 上午 10:30-11:30 地点 闰土大厦 2511 会议室 上市公司接待人 员姓名 副总经理、董事会秘书刘波平 投资者关系活动 主要内容介绍 交流的主要内容： 公司副总经理、董事会秘书刘波平先生就染料行业发展概况、染料市场 行情及公司经营方面的相关问题与投资者进行了交流。 1、染料行业竞争格局情况 答：我国已成为世界染料生产数量、贸易数量和消费数量的第一大国， 染料产量约占世界染料总产量的 70%-75%。国内染料主要产区在浙江省、江苏 省和山东省，行业集中度较高。 分散染料主要生产企业为浙江龙盛、闰土股份、吉华集团、安诺其等； 活性染料主要生产企业有闰土股份、浙江龙盛、锦鸡股份等，印度活性染料 产能也已有相当规模。 染料行业属于充分竞争行业，近几年来，境内外染料产能增加，市场竞 | | 争有加剧迹 ...

Market Overview - The Shanghai Composite Index rose by 0.27%, while the Shenzhen Component Index increased by 0.09%. However, the ChiNext Index fell by 0.57% after opening high and dropping over 1% during the day [1] - Over 3,600 stocks in the market experienced declines [2] Sector Performance - Resource stocks led the market, with significant gains in precious metals, oil and gas, and electrolytic aluminum sectors. Notable performances included China Gold with four consecutive trading days of gains, Hunan Gold with three consecutive gains, and China Aluminum hitting a 16-year high [2] - The dyeing and finishing chemicals sector saw collective gains, with Zhejiang Longsheng, Runtou Co., and Yabong Co. reaching their daily price limits [3] - The storage chip sector was active, with Zhongwei Semiconductor and Qipai Technology both hitting their daily price limits [4] - Conversely, the pharmaceutical and medical sectors faced significant declines, with Baipusais and Bibete dropping over 10%, and Heng Rui Pharmaceutical experiencing 11 consecutive days of decline [5] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 2.97 trillion yuan, an increase of 704 billion yuan compared to the previous trading day [6] Individual Stock Highlights - Zijin Mining had a trading volume exceeding 27.2 billion yuan, while Zhongji Xuchuang reached over 20.8 billion yuan in trading volume [7] - Notable individual stock performances included: - Zijin Mining: +4.16%, latest price 42.30 yuan, trading volume 27.285 billion yuan [8] - Zhongji Xuchuang: +2.01%, latest price 628.00 yuan, trading volume 20.819 billion yuan [8] - BlueFocus: -8.29%, latest price 20.36 yuan, trading volume 18.446 billion yuan [8] - Ningde Times: +0.17%, latest price 339.99 yuan, trading volume 15.638 billion yuan [8] - Sunshine Power: -3.34%, latest price 152.90 yuan, trading volume 14.757 billion yuan [8]

Core Viewpoint - The stock market experienced fluctuations with the Shanghai Composite Index and Shenzhen Component Index rising initially but then retreating, while the ChiNext Index opened high but fell, indicating mixed investor sentiment in the market [1] Market Performance - The total trading volume in the Shanghai and Shenzhen markets reached 2.97 trillion yuan, an increase of 70.4 billion yuan compared to the previous trading day [1] - Over 3,600 stocks in the market declined, reflecting a broad sell-off [1] Sector Performance - Resource stocks led the market, with significant gains in precious metals, oil and gas, and electrolytic aluminum sectors. Notable performances included: - China Gold achieving four consecutive trading limit increases - Hunan Gold with three consecutive trading limit increases - China Aluminum hitting a 16-year high with a trading limit increase [1] - The disperse dye concept stocks collectively surged, with Zhejiang Longsheng, Runtou Shares, and Yabang Shares all hitting trading limits [1] - The storage chip concept also showed strong activity, with Zhongwei Semiconductor and Qipai Technology both reaching trading limits [1] Declining Sectors - The pharmaceutical and medical sectors faced significant declines, with notable drops including: - Baipusais and Bibete falling over 10% - Heng Rui Medicine experiencing 11 consecutive days of decline [1] - The photovoltaic sector also saw substantial losses, contributing to the overall market downturn [1] Index Closing - At the close, the Shanghai Composite Index rose by 0.27%, the Shenzhen Component Index increased by 0.09%, while the ChiNext Index fell by 0.57% [1]

Group 1 - The core index, the China Securities Petrochemical Industry Index (H11057), has seen a strong increase of 2.64% as of January 28, 2026, with notable individual stock performances including Bang Bio rising by 10.16%, Zhejiang Longsheng by 9.99%, and Satellite Chemical by 8.50% [1] - The E Fund Chemical Industry ETF (516570) has increased by 2.87%, with a latest price of 1.15 yuan, and has accumulated a weekly increase of 2.77% as of January 27, 2026 [1] - The trading activity for the E Fund Chemical Industry ETF has been robust, with a turnover rate of 10.92% and a transaction volume of 61.67 million yuan, indicating active market participation [1] Group 2 - The E Fund Chemical Industry ETF has reached a new high in scale at 549 million yuan and a new high in shares at 494 million shares, both within the past year [1] - Over the past eight days, the E Fund Chemical Industry ETF has experienced continuous net inflows, with a maximum single-day net inflow of 74.97 million yuan, totaling 280 million yuan in net inflows and an average daily net inflow of 35.02 million yuan [1] - As of December 31, 2025, the top ten weighted stocks in the China Securities Petrochemical Industry Index account for 56.73% of the index, including major companies such as Wanhua Chemical, China Petroleum, and China Petrochemical [2]

Group 1 - The chemical sector has shown significant movement today, with the Chemical 50 ETF (516120) rising by 3.23% at one point and currently up by 2.52% [1] - Key stocks in the sector, such as Hebang Biotechnology and Zhejiang Longsheng, have hit the daily limit up, while Satellite Chemical and Huafeng Chemical have increased by over 9% and 7% respectively, with 80% of stocks in the sector showing positive performance [1] - Price increases in certain chemicals have been identified as a key driver for the rise in the chemical sector, supported by growing downstream demand and a positive outlook for leading companies in the industry [1] Group 2 - The industry is experiencing a recovery in fundamentals, with several leading chemical companies announcing profit turnarounds and earnings forecasts for 2025 indicating a clear trend of profit recovery [1] - Investors looking to enter the chemical sector are advised to consider the Chemical 50 ETF (516120) and its associated funds, which track the CSI Sub-Industry Chemical Theme Index (000813.CSI), focusing on cyclical areas such as chemical products, agricultural chemicals, and refining trade [1] - The current size of the Chemical 50 ETF (516120) is nearly 6.4 billion, with an increase of approximately 4.7 billion this year, indicating strong investor interest [1]

Group 1 - The core viewpoint of the article highlights the strong performance of the CSI 500 Free Cash Flow Index, which rose by 3.05%, with significant gains in stocks such as Silver Nonferrous and Zhejiang Longsheng, and a notable increase in the Cash Flow 500 ETF, which is up 3.21% and has achieved an 8-day consecutive rise [1] - The Cash Flow 500 ETF has seen active trading with a turnover rate of 17.9% and has attracted a net inflow of over 79.9 million yuan in the past 10 days, indicating strong investor interest [1] - Huachuang Securities suggests that in a low-interest-rate environment, the compounding effect of stable free cash flow is a cornerstone for a long-term bull market, shifting the focus from front-end expansion to back-end prudent management and cash flow accumulation [1] Group 2 - The Cash Flow 500 ETF closely tracks the CSI 500 Free Cash Flow Index, selecting 50 stocks with positive and high free cash flow after liquidity, industry, and ROE stability screening, characterized by small to mid-cap market value, lower valuations, and higher ROE [1] - The industry distribution of the index is balanced, primarily focusing on nonferrous metals, basic chemicals, steel, pharmaceutical biology, and machinery equipment, with no allocation to the financial and real estate sectors [1]

Group 1 - The core viewpoint of the news highlights a significant increase in the CSI 500 Free Cash Flow Index, which rose over 3.2%, with specific stocks like Silver Nonferrous and Zhejiang Longsheng hitting the daily limit [1] - The CSI 500 Free Cash Flow ETF (560120) has seen a rise of over 3.7%, marking an 8-day consecutive increase, and has attracted a net inflow of over 79.9 million yuan in the past 10 days [1] - The index employs a quarterly adjustment mechanism to dynamically update its sample based on the latest financial data, effectively removing companies with negative or declining cash flow quality, thus enhancing its "metabolic" capability and reducing long-term holding risks [1] Group 2 - Western Securities notes that during the Kondratiev wave downturn, increased geopolitical uncertainty has led to a natural preference for gold or stable cash flow "safe assets," which has re-evaluated the dividend strategy in the A-share market [2] - The cash flow strategy has outperformed dividends in the current market, as the "anti-involution + capital repatriation" trend is restoring corporate free cash flow [2] - As of December 31, 2025, the top ten weighted stocks in the CSI 500 Free Cash Flow Index include CIMC, Shougang, Silver Nonferrous, and Zhejiang Longsheng, collectively accounting for 44.11% of the index [2]

Group 1 - The chemical sector is experiencing a strong upward trend, with the chemical ETF (516020) rising over 2.48% and reaching a peak increase of over 3% during trading [1][7] - Key stocks in the sector include Hebang Biotechnology and Zhejiang Longsheng, both hitting the daily limit, while Satellite Chemical surged over 9% [1][7] - The overall market sentiment indicates that the current chemical sector boom may have more sustainability compared to previous cycles, with expectations for a prolonged upward trend [8][10] Group 2 - Guojin Securities suggests that the chemical sector may undergo a revaluation driven by supply-side policies and the current mismatch between China's chemical industry status and operational conditions, indicating a high probability of recovery [9] - The market may be underestimating the impact of liquidity on the sector, which is characterized by being at the bottom of the cycle, with an upward trend in fundamentals and attractive valuations [9] - Guohai Securities highlights that leading companies in the global chemical sector have established solid cost and efficiency advantages, entering a long-term upward performance phase [10] Group 3 - There are four key opportunities in the chemical sector: low-cost expansion, improving market conditions, new materials, and high dividends [10] - The chemical ETF (516020) tracks the CSI sub-sector chemical industry index, covering popular themes such as AI computing power, anti-involution, robotics, and new energy [10] - Investors can also consider the chemical ETF linked funds (Class A 012537/Class C 012538) for more efficient exposure to the chemical sector [10]

Group 1 - Non-ferrous metals lead the market with precious metals and alumina continuing to rise, as spot gold breaks through $5200 per ounce and LME aluminum hits $3250 per ton, the highest since April 2022 [1] - Northeast Securities highlights the dividend value of aluminum stocks, indicating room for valuation upgrades, with limited capacity growth in the electrolytic aluminum industry and strong profitability and cash flow among listed companies [1] - As the annual report performance forecast disclosure period approaches at the end of January, market pricing logic shifts from valuation expansion to performance verification, emphasizing cash flow assets with strong profitability as a reliable anchor for navigating structural differentiation [1] Group 2 - The CSI All-Share Free Cash Flow Index closely tracks the CSI All-Share Free Cash Flow ETF, selecting 100 companies with high free cash flow rates to reflect the overall performance of companies with strong cash flow generation capabilities [2] - As of December 31, 2025, the top ten weighted stocks in the CSI All-Share Free Cash Flow Index include China National Offshore Oil Corporation, SAIC Motor, Gree Electric Appliances, COSCO Shipping Holdings, Muyuan Foods, China Aluminum, TCL Technology, Baosteel, Great Wall Motors, and Chint Electric, collectively accounting for 53.78% of the index [2]

Group 1 - Precious metals and non-ferrous metals have surged again, with the A500 ETF (512050) rising by 0.40% as of 13:43, benefiting from strong performance in key sectors [1] - The A500 ETF has seen a year-to-date increase of over 33% as of yesterday, indicating robust market performance [1] - The Chinese yuan's central parity rate against the US dollar was adjusted up by 103 points to 6.9755, the highest since May 2023, with the largest increase since August [1] Group 2 - The A500 ETF (512050) offers investors a way to access core A-share assets with a low fee rate of only 0.2%, high liquidity, and a scale exceeding 40 billion yuan [2] - The ETF tracks the CSI A500 Index, employing a dual strategy of industry-balanced allocation and leading stock selection, covering all 35 sub-sectors [2] - Compared to the CSI 300, the A500 ETF is overweight in sectors such as AI industry chain, pharmaceutical biology, and new energy power equipment, showcasing a natural "barbell" investment strategy [2]