（来源：衢州日报） 转自：衢州日报 记者 毛慧娟 通讯员 刘小平 姜丰 2月25日，衢州市2026年春季人力资源交流大会（以下简称"春交会"）火热启幕。这场年度最大的公共 就业服务盛会，不仅是求职者与企业的对接平台，更被视作观察衢州经济活力与产业转型的一扇窗口。 在"工业强市、产业兴市"的战略背景下，今年的招聘市场呈现出哪些新动向？人才供给与产业需求是否 实现了同频共振？带着这些问题，记者走进了市会展中心。 现场：求职应聘双向忙 走进会展中心，扑面而来的是摩肩接踵的人气和此起彼伏的洽谈声。416家企业带来了1.35万个岗位， 其中不乏巨化、华友、极电等百亿级项目和上市公司的身影。 "岗位质量还不错，选择也挺多。"在巨化集团展位前投递简历的小姜今年即将研究生毕业，这次特意回 乡求职。他告诉记者，自己重点关注工艺研发、设备运维类岗位，现场不仅有上市公司，还有多家百亿 级项目企业，"起薪比我预想高出一截，发展空间也很清晰。" 在本届春交会上，像小姜这样选择"回流"的衢州籍青年不在少数。市属国企、科创平台专区，吸引了大 批青年驻足。一位刚和招聘人员交流完的应届大学生告诉记者："以前总觉得衢州岗位少、平台小，现 在看来 ...

Group 1 - The China Petroleum and Chemical Industry Index (H11057) has risen by 2.62%, reaching a four-year high, with notable gains from companies such as Wanhua Chemical (+4.56%) and China Petroleum (+1.35%) [1] - Over the past year, the index has increased by 52.16%, indicating strong performance in the chemical sector [1] - The E Fund Chemical Industry ETF (516570), which tracks the index, has seen significant capital inflow, totaling over 49 million in the last two days and over 1.4 billion in the past 20 days, with a current fund size of 1.794 billion [1] Group 2 - The U.S. has classified elemental phosphorus and glyphosate as critical defense materials, leading to a restructuring of the global phosphorus supply chain and pushing international phosphate fertilizer prices above $700 per ton [3] - The chemical industry is characterized as a cyclical sector, typically experiencing a five-year cycle of "profit upturn - capacity expansion - profit bottoming - capacity clearance/demand expectation improvement" [3] - The ongoing global technological revolution is expected to accelerate material changes, presenting new opportunities for the chemical sector [3]

Group 1 - The core viewpoint is that the fertilizer sector is experiencing a strong upward trend, driven by the U.S. government's classification of key herbicides as critical defense materials, leading to a global restructuring of the phosphorus supply chain and rising international fertilizer prices [1] - As of February 10, 2026, the market price for urea (small particles) was 1783.8 yuan/ton, up 3.25% from the end of 2025 and 5.24% year-on-year; the market price for potassium sulfate compound fertilizer was 3458.9 yuan/ton, up 16.9% year-on-year [1] - The price of monoammonium phosphate (55% powder) reached 3850 yuan/ton on February 24, 2026, reflecting a year-on-year increase of 16.67% [1] Group 2 - Guohai Securities believes that China's leading chemical companies have established strong cost and efficiency barriers, and with the accelerated exit of some European facilities and domestic policy constraints on capacity expansion, the global chemical industry is likely entering a supply contraction cycle [2] - The operating cash flow of leading companies is robust, and potential dividend yields are expected to increase significantly, indicating a shift in industry valuation logic from "cash-consuming" to "cash-generating" [2] - As of January 30, 2026, the top ten weighted stocks in the CSI segmented chemical industry theme index accounted for 44.82% of the index, including companies like Wanhua Chemical and Yalv Co., among others [2]

Summary of Key Points from Conference Call Records Industry and Company Insights Price Increases in Various Industries - **Oil**: Companies such as **Zhun Oil Co.** and **Intercontinental Oil** are experiencing price increases in the oil sector [1] - **MLCC**: **Fenghua Advanced Technology** is noted for price hikes in MLCC [1] - **Silver**: **Hunan Silver** is also raising prices [1] - **Glass Fiber**: **Shandong Glass Fiber** is seeing price increases [1] - **Titanium Dioxide**: **Jinpu Titanium Industry** is involved in price hikes [1] - **Phosphate Chemicals**: **Chengxing Co.** is mentioned in relation to price increases [1] - **Diamond Cooling Technology**: Companies like **Huanghe Xuanfeng** and **Sifangda** are involved in diamond cooling technology, which is being commercialized [1] AI and Semiconductor Developments - **NVIDIA**: The company is set to release its Q4 FY2026 earnings report on February 26 [1] - **Akash Systems**: Delivered the world's first commercial AI servers equipped with diamond cooling technology to **NxtGenAI Pvt Ltd** [1] - **AXT Inc.**: The company saw a significant stock increase of 23.39%, attributed to rising demand for indium phosphide due to AI infrastructure [2] Rare Earth Elements and Market Dynamics - **Rare Earth Prices**: Significant price increases noted for rare earth elements due to export controls from China, with prices for yttrium reaching $850/kg and dysprosium at $1100/kg [6] - **Japanese Initiatives**: Japan is planning to extract rare earth elements from the seabed, potentially contributing to future supply chains [7] Government and Policy Impacts - **U.S. Government Initiatives**: The Trump administration is focusing on AI pricing models for critical minerals to support global metal trade [2] - **Elderly Care Services**: The Chinese government is promoting the development of elderly care services and consumption [5] Energy and Infrastructure - **Electricity Companies**: U.S. states are set to receive $400-$500 million in subsidies for grid upgrades and charging infrastructure [9] - **Battery Storage Solutions**: **Daotong Technology** is expected to secure at least 100 partnerships with electricity companies for energy storage demonstration stations [11] Other Notable Mentions - **SpaceX**: Plans to deploy a satellite network from the Moon to support AI and high-performance computing needs [3] - **Quantum Information Industry**: Anhui Province is implementing actions to promote quantum information applications, with over 300 scenarios expected by 2026 [7] This summary encapsulates the key points from the conference call records, highlighting industry trends, company developments, and government initiatives that may impact investment opportunities and risks.

Group 1 - The core viewpoint of the news is that the phosphate chemical sector continues to show strength, driven by the U.S. government's inclusion of elemental phosphorus and glyphosate in its list of critical defense materials, leading to a restructuring of the global phosphate supply chain and an increase in international phosphate fertilizer prices, which have surpassed $700 per ton [1] - Huaxin Securities suggests focusing on investment opportunities in glyphosate, fertilizers, import substitution, domestic demand, and high-dividend assets, highlighting the potential for the glyphosate industry to enter a prosperous cycle due to declining inventory and rising prices amid a global restocking phase [1] - The report emphasizes the need to select stocks with good competitive dynamics and profitability in a challenging industry environment, as well as the importance of domestic demand in the chemical fertilizer and certain pesticide sectors, particularly nitrogen and phosphate fertilizers, which are self-sufficient and have relatively inelastic demand [1] Group 2 - As of February 25, 2026, the CSI Sub-Industry Chemical Theme Index (000813) has risen by 3.12%, with notable increases in component stocks such as Yuntianhua (up 10.01%), Hebang Biotechnology (up 9.92%), and Xingfa Group (up 8.18%) [2] - The Chemical ETF (159870) has increased by 2.98%, with a latest price of 0.97 yuan and a net subscription of 214 million units during the trading session [2] - The CSI Sub-Industry Chemical Theme Index reflects the overall performance of listed companies in the chemical sector, with the top ten weighted stocks accounting for 44.82% of the index, including Wanhua Chemical, Salt Lake Industry, and Cangge Mining [2]

华鑫证券表示，截至2026-02-23收盘，布伦特原油价格为71.49美元/桶，相较上周+4.14%；WTI原油价 格为66.31美元/桶，相较上周+3.98%。预计2026 年国际油价中枢值将维持在65美金。鉴于当前国际局势 不确定性和对油价下降的预期，我们看好具有高股息特征，同时受益原材料降价的中国石化等。 截至2026年2月25日9:40，中证石化产业指数(H11057)上涨0.33%，成分股和邦生物上涨9.92%，云天化 上涨6.91%，兴发集团上涨3.42%，川发龙蟒上涨3.29%，万华化学上涨2.27%。石化ETF(159731)多空胶 着，最新报价1.06元。流动性方面，截至2月24日，石化ETF近1月日均成交2.2亿元。 资金流入方面，石化ETF最新资金净流入104.70万元。拉长时间看，近11个交易日内有8日资金净流入， 合计"吸金"1.68亿元。石化ETF近3月份额增长15.35亿份，实现显著增长，石化ETF最新规模达18.58亿 元，创近1年新高。 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) ...

Core Viewpoint - The Chinese photovoltaic backsheet industry exhibits a fluctuating market scale, with growth driven by policy support and installation expansion from 2015 to 2017, followed by a downturn due to regulatory adjustments and price declines in 2018-2019. The market rebounded from 2020 onwards, reaching 8.5 billion yuan in 2022, but is expected to decline in 2023-2024 due to increased penetration of bifacial modules and intensified price competition [1][14]. Industry Overview - Photovoltaic backsheets are essential encapsulation materials located at the back of photovoltaic modules, providing protection against environmental factors and ensuring insulation [2][5]. - The structure of photovoltaic backsheets typically consists of five layers, with the outer layer made of PVDF for environmental resistance, a middle layer of PET for insulation, and inner layers of PVDF and EVA for adhesion [2][4]. Market Dynamics - The market for photovoltaic backsheets is influenced by the rapid penetration of bifacial modules, increased competition in traditional backsheet pricing, and adjustments in the global photovoltaic supply chain [1][14]. - The market scale reached 8.5 billion yuan in 2022, but is projected to decline in 2023-2024 due to various factors [1][14]. Industry Policies - The photovoltaic industry is supported by national policies aimed at promoting renewable energy, which has led to significant growth in both scale and technology within the sector [5][13]. - Policies such as the "14th Five-Year Plan for Renewable Energy Development" aim for renewable energy consumption to reach 18% of total energy consumption by 2025 [13]. Industry Chain - The photovoltaic backsheet industry has a complex supply chain, with upstream materials including PVDF, PVF, PET, and glass. Domestic materials have increasingly met performance and quality standards, reducing reliance on foreign suppliers [5][7]. - The midstream involves the manufacturing of backsheets, while the downstream is focused on application within the photovoltaic industry [5][6]. Market Share of Materials - The primary materials used in photovoltaic backsheets include PVDF (53%), PVF (15%), glass (14%), PET (10%), and others, with PVDF being the dominant material due to its superior properties [7][8]. Competitive Landscape - The market is characterized by a high concentration of leading domestic companies such as Zhonglai Co., Foster, and Saiwu Technology, with significant production bases primarily located in Jiangsu and Zhejiang provinces [15][16]. - In 2024, the estimated shipment volumes for major companies are projected to be 135 million square meters for Zhonglai, 100 million for Foster, and 89 million for Saiwu [15]. Development Trends - The industry is expected to see advancements in flexible photovoltaic backsheet technology, ultra-thin and lightweight materials, and the integration of smart functionalities into backsheets [17][18][19]. - These innovations aim to enhance adaptability, reduce costs, and improve the overall efficiency and reliability of photovoltaic systems [17][18][19].

商品资源大时代，下一个战略品种在哪里？20260223 摘要 地缘政治扰动和中国企业出海投资意愿减弱导致全球有色矿产资源供给 刚性，叠加降息周期和全球经济复苏，共同推动有色金属价格上涨。全 球性品种因受益于全球供需关系改善，更具投资价值，尤其是在制造业 和工业企稳复苏的背景下。 电力板块因中国电价竞争力强、全产业链成本较低、电力公司成本控制 和盈利能力优异而值得重点推荐。电解铝行业虽依赖进口矿石，但国内 产能限制约束了供应，出口铝材占比高，通过锁定冶炼环节利润，实现 了上下游双重获利。 化工行业预计 2025 年下半年触底反弹，供需变化将带来价格弹性。中 国化工行业已取得较强低价权，未来将向高端化升级。制冷剂行业受环 保政策配额制影响，企业集中度提高，产品提价增加盈利，预计三美股 份业绩将显著增长。 铬盐市场因生产过程受限，下游应用于民用、军用航空等战略领域，需 求有望增长。硫磺市场因油气回收减少导致供应受限，而电池级硫酸镍 生产增加需求，价格持续上涨，且趋势具有长期性。 Q&A 资源品市场在 2025 年的行情表现如何？有哪些特征和变化？ 2025 年资源品市场表现强劲，尤其是有色金属板块，包括金、银、铜、 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Xin Yang Feng, Sen Qi Lin, Rui Feng New Material, Sinopec, Ju Hua Co., Yang Nong Chemical, China National Offshore Oil Corporation, Tong Kun Co., and Dao Tong Technology [11]. Core Insights - The report highlights significant price increases for industrial-grade lithium carbonate (up 7.58%) and battery-grade lithium carbonate (up 7.46%), while liquid chlorine and nitric acid experienced substantial declines [4][18]. - The report suggests focusing on investment opportunities in areas such as import substitution, domestic demand, and high-dividend stocks, particularly in light of fluctuating international oil prices [6][18]. - The chemical industry is currently facing a mixed performance, with some sectors showing resilience while others struggle due to overcapacity and weak demand [21]. Summary by Sections Chemical Industry Investment Recommendations - The report emphasizes the importance of monitoring price trends in key chemical products, noting both significant increases and decreases in various sectors [4][18]. - It recommends focusing on sectors like glyphosate, fertilizers, and companies with strong domestic demand and import substitution potential [21]. Price Trends - Key products that saw price increases include industrial-grade lithium carbonate, battery-grade lithium carbonate, PVC, and ammonium chloride, while products like liquid chlorine and nitric acid saw significant price drops [4][5][18]. - The report indicates that the overall chemical industry remains weak, with performance varying across sub-sectors due to past capacity expansions and weak demand [21]. Market Outlook - The report predicts that international oil prices will stabilize around $65 per barrel, influenced by geopolitical uncertainties and expectations of price declines [6][18]. - It highlights the potential for certain sectors, such as the lubricants and chemical fertilizers, to benefit from domestic demand and import substitution strategies [21].

Group 1 - Chemical ETF rose by 3.53%, outperforming the Shanghai Composite Index by 2.66 percentage points [1] - Elemental phosphorus and glyphosate were designated as critical defense materials by the U.S. government, which may benefit China's phosphate fertilizer and phosphate trade [1] - The U.S. EPA approved three glyphosate products for use on cotton and soybeans for two planting seasons [1] - The chemical fiber sector is entering a traditional peak season, with inventory depletion during the Spring Festival and rising prices for polyester and viscose fibers [1] - Tensions in the Middle East have led to an increase in oil prices, with ICE Brent crude at $71.54 per barrel, up 0.60% [1] Group 2 - The "14th Five-Year Plan" aims to promote carbon peaking, with restrictions on high-energy-consuming products expected to be implemented, indicating a turning point for the chemical industry [2] - Real estate policies are showing signs of stabilization in first-tier cities, suggesting a gradual recovery in the industry, with a focus on investment opportunities in the chemical-real estate chain [2] - The chemical industry index (000813) rose by 3.39%, with significant gains in stocks such as Andong Biological and Xingfa Group, both up over 10% [2] - The chemical ETF closely tracks the chemical industry index, which consists of large, liquid listed companies to reflect the overall performance of the sector [2] Group 3 - As of January 30, 2026, the top ten weighted stocks in the chemical industry index (000813) accounted for 44.82% of the index, including companies like Wanhua Chemical and Salt Lake Industry [3]