1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Core Viewpoints of the Report - Cost - side disturbances in the propylene market have intensified, and attention should be paid to the follow - up of the demand side. The main drivers in the later stage lie in the trends of crude oil and propane on the cost side, the maintenance dynamics of major PDH plants, and the follow - up of downstream demand under cost pressure [1][2] - The supply of propylene has limited growth, with some PDH plants under maintenance and some restarted but not fully loaded. Downstream demand has rigid support, but as propylene prices rise, downstream costs are significantly pressured, and demand follow - up may be limited. The cost side has increased volatility [2] 3. Summary by Relevant Catalogs 3.1 Market News and Important Data - **Propylene**: The closing price of the propylene main contract is 6353 yuan/ton (+124), the East China spot price is 6490 yuan/ton (+0), the North China spot price is 6430 yuan/ton (+10), the East China basis is 137 yuan/ton (-124), the Shandong basis is 77 yuan/ton (-114), the operating rate is 70% (-1%), the difference between China CFR propylene and Japan CFR naphtha is 251 US dollars/ton (-2), the difference between propylene CFR and 1.2 propane CFR is 110 US dollars/ton (+4), the import profit is - 442 yuan/ton (-53), and the in - plant inventory is 42,790 tons (+3,810) [1] - **Propylene downstream**: The operating rate of PP powder is 32% (+1.29%), the production profit is - 230 yuan/ton (+40); the operating rate of propylene oxide is 73% (+0%), the production profit is - 375 yuan/ton (+0); the operating rate of n - butanol is 86% (-1%), the production profit is 951 yuan/ton (-7); the operating rate of octanol is 91% (-5%), the production profit is 1048 yuan/ton (-58); the operating rate of acrylic acid is 84% (+3%), the production profit is 192 yuan/ton (+0); the operating rate of acrylonitrile is 69% (-6%), the production profit is - 857 yuan/ton (-107); the operating rate of phenol - acetone is 88% (+3%), the production profit is - 766 yuan/ton (+0) [1] 3.2 Market Analysis - **Supply side**: Some PDH plants such as Juzhengyuan Phase II, Jinneng Phase II, and Zhongjing continue to be under maintenance. Some plants have restarted but the supply increase of propylene is still limited. Attention should be paid to the maintenance dynamics of major PDH plants in the later stage [2] - **Demand side**: Downstream rigid demand support continues. However, as propylene prices reach high levels, downstream costs are significantly pressured, and demand follow - up may be limited. The operating rates of downstream industries show mixed trends [2] - **Cost side**: International oil prices have rebounded and then fluctuated, and the external propane market has also rebounded. The cost side of propylene has increased volatility in the short term [2] 3.3 Strategy - **Unilateral**: Hold a wait - and - see attitude - **Inter - period**: No strategy - **Inter - variety**: No strategy [3]

Group 1 - BASF has announced a price increase of $200 per ton for its Lupranate TDI products in the Asia-Pacific region (excluding mainland China) and MEAIF region, effective February 4, 2026, due to rising costs in sustainable business development, transportation, energy, and regulation [1] - The price increase represents an approximate 11% rise from the pre-increase market price of around $1750 per ton for TDI products in the Asia-Pacific region [1] - The chemical industry ETF (159870) has seen mixed performance among its constituent stocks, with Guangdong Hongda leading with a 1.49% increase, while Lianhong Xinke experienced a decline [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the CSI Chemical Industry Theme Index (000813) include Wanhua Chemical, Salt Lake Co., Cangge Mining, Tianci Materials, Hualu Hengsheng, Hengli Petrochemical, Juhua Co., Baofeng Energy, Yuntianhua, and Rongsheng Petrochemical, collectively accounting for 44.82% of the index [2]

化工行业ETF易方达（516570）跟踪中证石化产业指数，备受资金青睐。数据显示，该基金连续10日获 资金净流入，合计超13亿；最新基金规模攀升至16.31亿元。 截至9：54，中证石化产业指数（H11057）跌0.74%，权重股中，万华化学跌0.33%，中国石油跌 1.04%，中国石化跌1.08%，盐湖股份跌2.11%，中国海油跌0.59%，藏格矿业跌2.8%，巨化股份涨 0.13%，恒力石化跌1.01%，华鲁恒升跌1.34%，宝丰能源涨0.04%。截至2月4日，该指数近一年上涨 45.87%。 消息面上，欧洲化学工业理事会（Cefic）发布的报告显示，在2022年至2025年的短短四年间，欧洲化 工行业关闭产能激增6倍，累计关闭产能达3700万吨，约占欧洲化工总产能的9%。 与此同时，根据海关总署数据，2025年我国化学原料及化学制品制造业出口数量指数月均值约为 113.0，意味着2025年我国化学原料及化学制品月均出口量同比增长约13.0%。 光大证券指出，化工行业呈现"东升西落"，我国化工企业全球竞争力持续增强，助力国内企业消化新增 产能，也更为显著地提高了中国化工品在全球市场的份额和品牌影响力。 相 ...

西部证券认为，2026年全球油价有望大涨，带动化工品涨价重估，大炼化板块将复制有色板块的上涨路 径，且由于其位置更低、启动更晚，未来的上涨空间或将更大。 易方达中证石化产业ETF联接C(020105.OF) 相关产品： 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 截至10：05，中证石化产业指数（H11057）跌1.2%，权重股中，万华化学跌0.8%，中国石油跌1.52%， 中国石化跌1.38%，盐湖股份跌2.98%，中国海油跌1.03%，藏格矿业跌3.22%，恒力石化跌1.61%，华鲁 恒升跌1.48%，宝丰能源跌0.13%。截至2月4日，该指数近一年上涨45.87%。 化工行业ETF易方达（516570）覆盖"三桶油"，一键打包石化产业龙头，管理费率+托管费率合计仅 0.2%/年，助力投资者低成本布局传统能源产业机会。 化工行业ETF易方达（516570）跟踪中证石化产业指数，备受资金青睐。数据显 ...

Summary of Key Points from Conference Call Industry Overview Real Estate Market - The liquidity in the real estate market is constrained by sales rather than financing, with residents holding a pessimistic view on leveraging and housing prices. The cancellation of the "three red lines" has limited impact [1][3] - Recent increases in the real estate sector are primarily driven by market sentiment and capital rotation, with expectations of a pullback in February and March due to decreased transaction volumes during the Spring Festival and a generally poor outlook for 2025 [1][5] - Companies like Longfor, Greentown, and Jinmao may issue profit warnings due to expected underperformance [5] Recommendations - Companies to watch include China Resources Land and Xincheng Holdings, which are expected to benefit from commercial real estate operations and domestic demand stimulus policies. China Resources' performance in 2025 may not meet expectations, but growth in 2026 and 2027 is anticipated [1][6] Banking and Insurance Sector - The banking sector is starting the year rationally, with reasonable GDP growth across provinces supporting stable development. Strong sales in funds and insurance are beneficial for the market environment [1][7] - The insurance sector is expected to continue its growth trajectory, driven by strong sales, high profit margins, and good investment returns. Ping An Group aims for a mid-term ROE of over 15% through asset management loss reduction and improved life insurance profitability [1][8][10] Future Outlook for Insurance - The insurance industry is projected to maintain rapid growth in 2026, supported by expanded distribution networks and favorable regulatory policies [9] Chemical Industry - Recent stock performance in the chemical sector has exceeded expectations, with price increases driven by capital rotation rather than fundamental improvements. Current valuations are at high percentiles within a 10-year range, while product prices remain low [1][21] - Downgrades for companies like Xinghecheng and Wanhua are warranted due to valuations exceeding reasonable levels, with expectations of a market correction in the short term [1][22][23] Specific Company Insights - Xinghecheng faces significant pressure in 2026 due to intense competition in the methionine market and low vitamin prices, while Wanhua's MDI prices are weaker than expected [23] Additional Insights - Futu Holdings is accelerating the integration of Tianxing Bank, increasing its stake to 68%, and plans to launch more integrated banking and securities products in 2026 [1][14] - AIA (AIA Group) is expected to perform strongly in 2025, with a positive outlook for 2026, supported by a rebound in the Chinese market and ongoing share buyback plans [1][15] - Futu is also making strides in the cryptocurrency space, with applications for licenses in multiple regions, including Hong Kong, to enhance customer experience [1][16] This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of the real estate, banking, insurance, and chemical industries, along with specific company insights and recommendations.

Core Viewpoint - The petrochemical industry is experiencing mixed performance, with the China Petrochemical Industry Index showing a slight decline, while certain stocks within the sector are performing well, indicating potential investment opportunities and market volatility [1][2]. Group 1: Market Performance - As of February 5, 2026, the China Petrochemical Industry Index (H11057) decreased by 0.39%, with stocks like Sankeshu, Guangdong Hongda, and Huafeng Chemical leading the gains, while Lianhong Xinke, Cangge Mining, and Salt Lake Co. led the declines [1]. - The Petrochemical ETF (159731) fell by 0.50%, with the latest price at 1 yuan, and had an average daily trading volume of 314 million yuan over the past week [1]. Group 2: Fund Flows - The Petrochemical ETF attracted a total of 611 million yuan over the last five trading days, averaging a net inflow of 122 million yuan per day [2]. - Over the past month, the ETF's scale increased by 1.46 billion yuan, indicating significant growth [2]. Group 3: Price Trends - In January 2026, international oil prices saw substantial increases, with WTI crude oil rising by 13.57% to $65.21 per barrel and Brent crude oil increasing by 16.17% to $70.69 per barrel [2]. - Among 319 tracked products, 207 experienced price increases, with notable rises in liquid chlorine, lithium hydroxide, acetonitrile, lithium carbonate, and butadiene, which saw increases of 71.43%, 44.10%, 32.86%, 25.58%, and 25.31% respectively [2]. - Conversely, 69 products declined in price, with the largest decreases in hydrogen peroxide, nitric acid, caustic soda, kerosene, and argon, which fell by 18.40%, 16.71%, 13.94%, 8.73%, and 8.33% respectively [2]. - Overall, the prices of basic chemical products are beginning to show signs of recovery [2]. Group 4: ETF Performance Metrics - As of February 4, 2026, the Petrochemical ETF's net value has increased by 69.98% over the past two years [2]. - The ETF's Sharpe ratio for the past year, as of January 30, 2026, is 2.52, indicating strong risk-adjusted returns [2]. - The tracking error of the ETF over the past two months is 0.006%, the highest tracking precision among comparable funds [2]. Group 5: Index Composition - The Petrochemical ETF closely tracks the China Petrochemical Industry Index, with the top ten weighted stocks as of January 30, 2026, including Wanhua Chemical, China Petroleum, Salt Lake Co., Sinopec, CNOOC, Cangge Mining, Hualu Hengsheng, Hengli Petrochemical, Juhua Co., and Baofeng Energy, collectively accounting for 55.71% of the index [3].

"十五五"时期，山东围绕打造能源绿色低碳转型示范区，将继续坚定不移地大力发展清洁能源，把 新能源开发和产业发展结合起来，全力打造核、风、光、储、氢装备产业集群，着力构建新能源产业全 链条式发展格局。对产业链上下游进行逐层分解；对原材料生产、设备制造、系统集成到配套服务等20 多个主要板块、近百个细分环节逐项分析；对产业链短板空白、"卡脖子"关键技术、核心产品装备等， 梳理重点招引培育环节，为各地精准招商、产业布局明确方向，为企业卡位入链、强链补链提供引导。 根据全省新能源产业布局发展方向，对16市新能源产业投资机遇、发展潜力进行全面评估，支持产业向 资源禀赋优、基础条件好、发展空间大、市场需求旺盛的地区集聚，全力打造我国北方重要的新能源装 备产业基地。（记者 刘童 王浩奇） 山东是能源生产和消费大省。近年来，山东全力以赴推动能源绿色低碳转型，非化石能源实现跨越 式发展。"十四五"期间，全省新增非化石能源装机9167.7万千瓦，总容量突破1.39亿千瓦。 非化石能源的规模化开发，带动了相关产业提档升级、扩链强群。宁德时代、欣旺达、海辰储能等 全球锂电制造领军企业相继落地，万华化学电池材料绿电产业园提速建设，威海 ...

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [10] Core Views - The basic chemical index decreased by 0.86% over the past week, underperforming the CSI 300 index by 0.94 percentage points, ranking 12th among all sectors [3][15] - Key sub-sectors that performed well include compound fertilizers (10.93%), textile chemical products (10.36%), coal chemicals (4.81%), polyurethane (3.75%), and soda ash (2.99%) [3][16] - International crude oil prices continued to rise, with Brent and WTI crude oil futures settling at $70.69 and $65.21 per barrel, respectively, marking increases of 7.30% and 6.78% from the previous week [4] - The price of polyester filament has also increased, with weekly average prices for POY 150D/48F, FDY 150D/96F, and DTY 150D/48F rising by 2.99%, 3.84%, and 2.04%, respectively [5] Summary by Sections Market Trends - The basic chemical index's performance was negative, with a decrease of 0.86% compared to a slight increase of 0.08% in the CSI 300 index [3][15] - The top-performing sub-sectors included compound fertilizers, textile chemical products, and coal chemicals, indicating a mixed performance across the industry [3][16] Chemical Price Trends - The top five products with the highest weekly price increases were international fuel oil (9.66%), adipic acid (9.59%), and octanol (8.84%) [4][24] - Conversely, the products with the largest price declines included NYMEX natural gas (-25.76%) and hydrochloric acid (-15.38%) [4][24] Investment Recommendations - The report suggests focusing on several key sectors: refrigerants, chemical fibers, high-quality companies like Wanhua Chemical, and agricultural chemicals [10][44] - Specific companies to watch include Jinshi Resources, Juhua Co., and Sanmei Co. in the refrigerant sector, and Huafeng Chemical and New Fengming in the chemical fiber sector [10][44]

Core Viewpoint - The Shandong Times New Energy Battery Production Base is progressing towards the concept of a "lighthouse factory + zero-carbon factory," aiming to enhance battery production capacity and support green energy initiatives [1][2]. Group 1: Production and Technology - The production line at Shandong Times New Energy can produce a battery cell every second, with a defect rate as low as one in a billion [1]. - The total scale of the production project is 160 GWh, making it the largest energy storage and power battery production base in northern China [1]. - The first and third phases of the project have already been put into operation, while the second phase is expected to commence production soon [1]. Group 2: Market and Export - The production base is part of a global network of thirteen manufacturing bases for the company, with a focus on meeting global customer orders [2]. - In 2025, the base is expected to complete the largest single export order for lithium batteries in the province [2]. - A production line developed at the base has been adopted by Ford in the United States, indicating international collaboration [2][4]. Group 3: Environmental Impact - The introduction of five electric cargo ships equipped with high-capacity battery systems marks a significant step towards commercializing electric shipping in the region [5]. - These electric ships are projected to reduce carbon dioxide emissions by over 1,300 tons annually [5]. - The establishment of the battery production base is transforming the local industrial landscape and promoting a new green industrial chain [5]. Group 4: Strategic Development - The company aims to leverage its talent, technology, and supply chain advantages to support Shandong's transition to a national energy green low-carbon demonstration zone [6]. - The focus is on developing high-end equipment for new energy and accelerating the construction of a green transportation network [6]. - Shandong is actively promoting the development of clean energy and aims to create a comprehensive new energy industry development framework [8].

Core Viewpoint - The Bio-based materials industry is a crucial pathway to achieve carbon neutrality goals and has a trillion-dollar market potential, making it a global strategic focus and a key part of China's "14th Five-Year Plan" [1]. Group 1: Event Overview - The 11th Bio-based Conference and Exhibition (Bio-based 2026) will feature 9 major thematic forums, 9 concurrent activities, 1000 new product displays, and an innovation award ceremony, aiming to promote green and low-carbon transformation in the industry [1]. - The event will take place from May 20-22, 2026, at the Shanghai Fuyue Hotel, inviting industry experts and leaders to discuss trends, technological innovations, and project roadshows [1]. Group 2: Awards and Recognition - The 4th DT New Leaf Award 2026 has been launched to recognize outstanding products, technologies, and companies in the bio-based sector, with four award categories: Innovative Materials Award, Innovative Application Award, Most Commercially Valuable Award, and Innovative Industry Solution Award [3]. Group 3: Forums and Discussions - The conference will host 9 major forums covering various topics, including key chemicals and materials, bio-based coatings, and biodegradable packaging, aimed at fostering collaboration and innovation within the industry [7][10][14]. - Specific forums will focus on bio-based chemicals, applications in packaging, and the development of bio-based materials for automotive use, among others [12][17][22]. Group 4: Exhibition Highlights - The exhibition is expected to showcase over 1000 new products, emphasizing technology, innovation, and demand-side connections, with a focus on bio-based materials and solutions [24]. - Concurrent activities will include technical matchmaking sessions, product launches, and standard evaluation meetings for bio-based materials [25].