目 录 | | 每日报告精选（2026-02-27 09:00——2026-03-02 15:00） 3 | | | --- | --- | --- | |  | 宏观周报：《节后生产修复》2026-03-01 3 | | |  | 宏观周报：《中东冲突再起，通胀苗头初现》2026-03-01 3 | | |  | 策略专题报告：《资源品普涨与 Token 出海新叙事》2026-03-02 4 | | |  | 策略周报：《稳定是如今中国股市的底色》2026-03-01 5 | | |  | 策略观察：《资产概览：中东紧张局势推升贵金属/原油价格》2026-03-01 6 | | |  | 策略观察：《春节旅游景气提升，科技和资源涨价》2026-02-28 7 | | |  | 行业跟踪报告：钢铁《第一批引领性钢企公布》2026-03-02 8 | | |  | 行业周报：物流仓储《中蒙业务复苏，物流春意渐浓》2026-03-01 9 | | |  | 行业专题研究：海运《中东局势再度升级，关注油运灰色市场变化》2026-03-01 9 | | |  | 行业专题研究：基础化工《PVC 长 ...

证券代码：601216 证券简称：君正集团 公告编号：临 2026-001 号 内蒙古君正能源化工集团股份有限公司 关于 2026 年 2 月为子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | 被担保人名称 | 本次担保 | 实际为其提供的 担保余额（不含本 | 是否在 | 本次担保 | | --- | --- | --- | --- | --- | | | 金额 （万元） | 次担保金额） （万元） | 前期预计 额度内 | 是否有 反担保 | | 鄂尔多斯市君正能源 化工有限公司 | 15,750 | 130,100 | 是 | 否 | | 内蒙古君正化工有限 责任公司 | 15,750 | 318,950 | 是 | 否 | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至本公告披露日公司及其控股子公司对外担保总额（万元） | 707,270.39 | | 对外担保总额占公司最近一期经审计净资产的比例（ ...

PVC 长期格局向好，优势企业有望充分受益 [Table_Industry] 基础化工 ——PVC 行业点评 |  ——PVC | 行业点评 | | | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | | | 刘威(分析师) | 0755-82764281 | liuwei7@gtht.com | S0880525040100 | | | | 沈唯(分析师) | 0755-23976795 | shenwei2@gtht.com | S0880523080006 | | | | | | | | Table_subIndustry] [细分行业评级 | | 基础化工《"房地产高质量发展"，地产链化工品 有望受益》2026.01.22 基础化工《宏川智慧下修转股价》2025.12.30 基础化工《凯盛转债、利民转债赎回》2025.12.25 基础化工《存储芯片 DRAM 价格持续上涨，利好 上游半导体材料放量》2025.11.17 基础化工《新洋丰三季 ...

（文章来源：证券日报） 证券日报网讯 2月26日，君正集团在互动平台回答投资者提问时表示，公司作为内蒙古自治区循环经济 试点示范企业，构建了完整的"煤—电—氯碱化工""煤—电—特色冶金"和"石灰石—电石—煤焦化—甲 醇—BDO—PTMEG"纵向一体化循环经济产业链，充分实现了资源的高效利用。公司将充分利用一体化 循环经济产业链优势，持续发挥产业链各环节的联动作用，不断提升包括烧碱产品在内的产品竞争力。 同时，公司将扎实练好内功，持续提升经营管理能力，不断探索提升生产装置智能化、自动化水平，推 动公司高质量可持续发展。 ...

华源证券研报指出，三友化工业绩下滑，估值处于低位。2025年公司预计实现归母净利润0.91亿元左 右，同比下降82%。主要原因是纯碱、氯碱、有机硅价格下跌。截至2026年2月24日公司PB1.2倍，处于 2003年至今26%分位，明显低于申万化工行业整体PB2.5倍的平均水平。公司粘胶短纤收入占比5成左 右，产能80万吨，价格每上涨1000元/吨，公司年化业绩有望增厚约6亿元。氯碱作为高耗能行业，盈利 较差未来产能增速低。政府加强碳排放和能耗考核，若落后产能出清及地产需求复苏，行业盈利亦有望 好转。选择中泰化学、新疆天业、君正集团作为可比公司，公司是国内粘胶、纯碱、有机硅和氯碱龙 头，一体化优势明显，粘胶短纤和有机硅涨价弹性较大，PB估值低位安全边际高，首次覆盖给予"买 入"评级。 ...

根据国家统计局数据显示：2025年12月中国烧碱(折100％)产量为422万吨，同比增长5.2%；2025年1-12 月中国烧碱(折100％)累计产量为4653.5万吨，累计增长5%。 2020-2025年中国烧碱(折100％)产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：镇洋发展（603213）,鄂尔多斯（600295）,北元集团（601568）,华塑股份（600935）,氯碱化 工（600618）,新疆天业（600075）,中泰化学（002092）,君正集团（601216）,嘉化能源（600273）,滨 化股份（601678） 相关报告：智研咨询发布的《2026-2032年中国烧碱行业市场调查研究及未来趋势预测报告》 ...

Core Viewpoint - The 800 Cash Flow ETF (159119) has seen a significant increase in trading volume and price, indicating heightened investor interest in high-quality, cash-generating companies amidst market uncertainty [1][3]. Group 1: ETF Performance - On February 11, the 800 Cash Flow ETF rose by 0.92%, reaching a trading volume of 320,600 shares and a transaction value of approximately ¥35.23 million, marking a new high for the period [1][2]. - Key performing stocks within the ETF include Ordos, Junzheng Group, China Power, and Longxin General, which have shown strong performance [1]. Group 2: Investment Strategy - The ETF's investment strategy focuses on selecting companies with the highest free cash flow from a representative sample of 800 stocks, aiming to identify "cash cow" companies that do not rely on external financing [3]. - This strategy is particularly appealing in the current economic environment, where companies generating strong free cash flow are perceived as having robust business models and financial health, aligning with investor preferences for certainty [3]. Group 3: Advantages of the ETF - The ETF helps avoid "value traps" by focusing on free cash flow rather than just dividend yield, which can mislead investors regarding a company's actual operational health [3]. - With an annual fee rate of 0.2%, the ETF offers a low-cost option for long-term investors, making it an attractive choice for those looking to minimize expenses [3].

Group 1 - The core viewpoint of the articles highlights a strong performance in the chemical sector, particularly in phosphates, fluorochemicals, and chemical raw materials, with the CSI sub-industry index rising by 2.91% as of February 11, 2026 [1] - The PC market is entering a new price increase cycle driven by a tight supply-demand balance, with domestic PC industry capacity utilization reaching a critical limit of 86% and no clear new capacity expected to come online in 2026 [1] - Major production facilities are undergoing maintenance, leading to a potential supply loss of 100,000 tons in the first half of the year, while upstream bisphenol A prices have risen from 7,500 CNY/ton to 7,950 CNY/ton in January [1] - The chemical industry is characterized as a typical cyclical sector, usually experiencing a five-year cycle of "profit upturn - capacity expansion - profit bottoming - capacity clearance/demand expectation improvement" [1] - The industry outlook is optimistic due to factors such as negative capital expenditure growth, anti-involution trends, overseas interest rate cuts, and domestic demand expansion, indicating a "dawn" phase for the chemical sector [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the CSI sub-industry chemical index include Wanhua Chemical, Salt Lake Shares, and others, accounting for 44.82% of the total index [2] - The chemical ETF managed by Harvest (159129) closely tracks the CSI sub-industry chemical index, focusing on the new economic cycle under the "anti-involution" backdrop [2] - Investors can also consider the chemical ETF linked fund (013527) to explore investment opportunities in the chemical sector [3]

2月9日，天弘基金发布公告称，旗下知名"固收+"基金经理姜晓丽因个人原因，正式卸任其管理的全部 10只公募基金产品。据悉，姜晓丽已向公司提交离职申请，且已在中国证券投资基金业协会完成相关注 销手续。此次其离任的产品涵盖 "固收 +" 及纯债类，包括天弘永利债券、天弘增强回报债券、天弘安 康颐养混合等，合计管理规模达350.24亿元。 在天弘基金微信公众号同步发布的《致天弘固收+投资者的一封信》中，姜晓丽对其离职原因作出说 明，称此次离职是长期高强度工作后希望休息、陪伴家人的个人选择，希望能调整自己的状态，以更好 的状态迎接下一个人生阶段。 任职超13年，代表产品长期回报稳健 作为业内为数不多的女性"固收+"领军人物，姜晓丽拥有超16年证券从业经验和超13年基金管理经验， 其职业轨迹颇具代表性。公开资料显示，2009年7月至2011年2月，她曾在天弘基金担任债券研究员和债 券交易员；2011年3月至2011年7月，于光大永明人寿保险有限公司担任债券交易员兼研究员；2011年8 月姜晓丽回归天弘基金，2012年8月起出任基金经理，后续逐步晋升至固定收益业务总监，兼任固定收 益部、混合资产部总经理，是天弘基金自主培 ...

Summary of Conference Call Records Industry Overview: Chemical Industry Key Points - The chemical sector has seen a significant increase of approximately 60% since July 1, 2025, outperforming the CSI 300 and the CSI All Share Index by over 35% [5][6] - Despite the rise in stock prices, product prices have not shown a significant increase, raising concerns about the divergence between market performance and economic fundamentals [5][6] - The chemical industry has a beta value of 1.25, indicating high elasticity and potential for significant returns during economic upturns [5][6] - The macroeconomic outlook is optimistic, with expectations of gradual improvement in demand and supply-side changes due to global supply chain constraints and domestic capital expenditure reductions [6][7] Future Outlook - Oil prices are expected to reach $70-80 during peak seasons and $65-70 during off-peak seasons in 2026 and 2027, with a generally optimistic view on future oil prices [4][6] - The chemical industry is anticipated to benefit from long-term supply-demand improvements, driven by supply-side constraints and the dual carbon policy [6][7] - Investment recommendations include cyclical alpha leaders such as Wanhua and Hualu, as well as bottom-tier stocks in the silicon chemical sector [2][7] Subsector Insights Petrochemical Sector - Recent performance has been strong, particularly in oil prices influenced by geopolitical events [3][4] - Specific sub-industries such as polyester, urea, PVC, and rubber have shown price increases, with polyester prices reaching around 7,000 CNY [3][8] Fuel Industry - Currently in a bottoming phase, with significant market share held by leading companies in disperse and reactive dyes [9] - Fuel prices have fluctuated but are showing signs of recovery due to rising raw material costs [9] Urea Market - Urea prices have recently increased due to winter storage and upcoming spring farming demand [12] - The market is expected to remain volatile, influenced by domestic production levels and export policies [12] PVC Market - PVC prices have risen due to oil price increases and futures market influences, with potential long-term benefits from dual carbon policies [13] Soda Ash Market - Prices are stable, with a slight profit increase due to reduced coal costs, but many companies are currently facing losses [14] Tire Market - Raw material costs for tires, including rubber and carbon black, have increased, impacting profit margins [15] Additional Insights - The chemical industry is expected to undergo a transformation towards high-quality development, driven by supply-side optimization and industry upgrades [6][7] - The dual carbon policy is likely to extend the upward cycle in the chemical sector, with a focus on sustainable practices [7]