Core Viewpoint - The improvement in the pattern of disperse dye intermediates is expected to drive up disperse dye prices, while the supply tightening of H-acid, an active dye intermediate, may also lead to potential price increases. The price increase expectations for these two types of dyes have been gradually confirmed by leading companies' price hikes, with a positive outlook for a long-term bullish market driven by environmental and dual-carbon policies in China [1]. Industry Restructuring - China is the largest dye producer globally, but the dye industry is highly polluting, generating significant wastewater. The tightening of environmental regulations has led to the exit of non-compliant small enterprises, resulting in a higher industry concentration. The concentration ratio (CR4) for disperse dyes is 67.2%, and for active dyes, it is 65.3%, indicating a well-established industry reshuffle [1][2]. - The Ministry of Industry and Information Technology has issued guidelines to expand zero-carbon factory construction to various sectors, including textiles, which may tighten carbon emission requirements in the dyeing industry [1]. Intermediate Supply Dynamics - The production of disperse dye intermediates involves complex processes that generate substantial waste, leading to a concentrated supply among compliant enterprises in the Yangtze River Delta. The supply elasticity is low due to the closure of many non-compliant small factories [2]. - The effective capacity of H-acid has fallen below 60,000 tons, with a supply gap exceeding 10%. Recent maintenance by two major H-acid manufacturers may further reduce effective capacity by over 25% [2]. Price Elasticity and Market Comparison - The current situation of intermediates in the dye industry is likened to the relationship between citral and VA, characterized by complex synthesis processes and high concentration among leading firms. The cost of intermediates constitutes a significant portion of the production costs for dyes, which may lead to effective cost transmission [3]. - Historical data shows that disperse dye prices reached a high of 45,000 yuan/ton in 2015 and 19,000 yuan/ton currently, while active dye prices peaked at 33,000 yuan/ton in 2016 and are now at 23,000 yuan/ton, indicating substantial upward price potential [3]. Investment Recommendations - Companies to watch include RunTu Co., Zhejiang Longsheng, Jihua Group, Jinji Co., Annuoqi, Yabang Co., Fulaient, Wanfeng Co., and Haixiang Pharmaceutical, which are expected to benefit from the favorable market dynamics and integrated advantages [3].

☎ 染料中间体价格跳涨，产业链景气度迎来爆发！ 事件：据闰土股份最新投关记录显示，关键中间体"还原物"价格自1月下旬启动上涨，并已涨至3.8万元/吨，直 接带动了分散染料产品价格的上行。 核心受益标的： 核心受益标的： 【华尔泰】：公司产品均为用途广泛的新材料产业和有机化工中间体主要用于芳纶、偶氮染料、硫化染料、酸性 染料等，前两大客户分别为广信股份、万华化学。 【广信股份】：公司主要中间体产品为光气化中间体和精细化工中间体，下游用于主要是农药、医药和染料等领 域。 【闰土股份】：公司主要从事纺织染料、印染助剂和化工原料的研发、生产和销售。 【华尔泰】：公司产品均为用途广泛的新材料产业和有机化工中间体主要用于芳纶、偶氮染料、硫化染料、酸性 染料等，前两大客户分别为广信股份、万华化学。 ☎ 染料中间体价格跳涨，产业链景气度迎来爆发！ 事件：据闰土股份最新投关记录显示，关键中间体"还原物"价格自1月下旬启动上涨，并已涨至3.8万元/吨，直 接带动了分散染料产品价格的上行。 ...

Group 1 - The company Zhejiang Wanfeng Chemical Co., Ltd. has signed a tripartite supervision agreement for the storage of raised funds [3][4] - The company raised a total of RMB 486.68 million from its initial public offering, with a net amount of RMB 420.59 million after deducting issuance costs [2] - The funds will be used for specific projects including the reconstruction of the "Eight Workshop" and upgrades to dye production [3][4] Group 2 - The company's stock experienced a significant increase, with a cumulative rise of 46.43% from January 29 to February 3, 2026, while the Shanghai Composite Index fell by 2.01% during the same period [11][14] - The company confirmed that there are no undisclosed significant matters affecting stock price fluctuations, and its production and operational activities are normal [15][16] - There were no major media reports or market rumors that could impact the company's stock price during the period of abnormal trading [18][19]

万丰股份公告，公司A股股票于2026年1月29日至2月3日连续4个交易日涨停，公司股价累计涨幅为 46.43%，同期上证指数累计跌幅为2.01%，偏离值为48.44%。公司目前生产经营活动正常，不存在应披 露而未披露的重大信息。公司股票交易于2026年2月2日、2026年2月3日连续两个交易日内日收盘价格涨 幅偏离值累计达到20%。公司注意到，近期受分散染料核心中间体还原物及部分分散染料价格上涨影 响，公司市场关注度有所提高。需特别说明的是，上述产品价格未来预计变动幅度及其持续性仍存在不 确定性，能够为公司带来的预期收益仍存在不确定性。公司主营业务和基本面未发生重大变化，敬请广 大投资者理性投资、审慎决策，注意投资风险。 ...

格隆汇2月3日｜万丰股份发布异动公告，公司A股股票于2026年1月29日至2月3日连续4个交易日涨停， 公司股价累计涨幅为46.43%，同期上证指数累计跌幅为2.01%，偏离值为48.44%。公司股价短期涨幅较 大，未来可能存在快速下跌的风险。公司注意到，近期受分散染料核心中间体还原物及部分分散染料价 格上涨影响，公司市场关注度有所提高。需特别说明的是，上述产品价格未来预计变动幅度及其持续性 仍存在不确定性，能够为公司带来的预期收益仍存在不确定性。 ...

Group 1 - The dye industry is experiencing a significant price increase in disperse and reactive dyes, driven by soaring prices of key raw material reducing agents and stricter environmental policies [1][2] - The price of disperse dyes rose by 1,000 CNY/ton to 18,000 CNY/ton on January 22, 2026, marking the first price adjustment since mid-October 2025, with further increases to 19,000 CNY/ton by January 29 [1] - Reactive dyes also saw a price increase from 22,000 CNY/ton to 23,000 CNY/ton on January 29, with traders receiving price adjustment notices for various dye products [1] Group 2 - The primary driver for the price increase in disperse dyes is the sharp rise in the price of upstream key intermediate reducing agents, which increased from 25,000 CNY/ton last year to 38,000 CNY/ton, a rise of over 50% [2] - Reducing agents account for 20%-30% of dye production costs, and their price increase directly impacts downstream dye prices, creating unsustainable cost pressures for small enterprises lacking integrated supply chains [2] - Stricter environmental regulations in China, the world's largest dye producer, are expected to further compress the operational space for small enterprises, enhancing the competitive advantage of larger firms [2] Group 3 - Investment recommendations include focusing on dye manufacturers with key intermediate capabilities and large-scale production, such as Zhejiang Longsheng, which has an annual dye production capacity of 300,000 tons and a complete supply chain [3] - Runtao Co., Ltd. has a total dye production capacity of approximately 238,000 tons, maintaining a top market share in China [3] - Jihua Group possesses a disperse dye capacity of 75,000 tons and reactive dye capacity of 20,000 tons, along with key intermediate production capabilities [3]

证券研究报告：基础化工|点评报告 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 4928.61 | | 52 | 周最高 | 4988.89 | | 52 | 周最低 | 3081.91 | 行业相对指数表现（相对值） -5% 1% 7% 13% 19% 25% 31% 37% 43% 49% 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 基础化工 沪深300 资料来源：聚源，中邮证券研究所 分析师:刘海荣 SAC 登记编号:S1340525120006 Email:liuhairong@cnpsec.com 分析师:曾佳晨 SAC 登记编号:S1340525120007 Email:cengjiachen@cnpsec.com 近期研究报告 《 中 邮 基 础 化 工 行 业 周 报 （2026.01.26-2026.02.01）关注淡季 补库涨价品种粘胶、染料，化工景气度 有望持续上行》 - 2026.02.02 染料行业点评 染料价格接连上涨，环保政策趋严下关注龙头优势 ⚫ 分散 ...

Group 1 - The basic chemical industry index closed at 4943.97 points, up 0.65% from last Friday, and outperformed the CSI 300 index by 0.01% this week [1][2] - Among the 25 sub-industries in the Shenwan chemical classification, 13 sub-industries rose while 12 fell. The leading sectors included textile chemical products, other chemical raw materials, compound fertilizers, coal chemicals, and phosphate fertilizers, with weekly increases of 13.89%, 6.58%, 4.94%, 4.72%, and 4.56% respectively [1][2] - The sectors that experienced declines included modified plastics, synthetic resins, and other plastic products, with weekly decreases of -6.44%, -4.36%, and -3.67% respectively [1][2] Group 2 - The price of disperse dyes has increased, with a rise of 1000 yuan/ton to 18000 yuan/ton on January 22, 2026, marking the first price adjustment in nearly a quarter [3] - The price of active dyes rose from 22000 yuan/ton to 23000 yuan/ton on January 29, 2026, driven by a significant increase in the price of upstream key intermediates [3] - The price of key intermediates used in dye production has surged from 25000 yuan/ton to 38000 yuan/ton, an increase of over 50%, impacting downstream dye prices [3] Group 3 - The viscose fiber industry is experiencing high operating rates and low inventory levels, creating a basis for price increases. The industry operating rate has remained above 90% since September 2025, with total inventory at 10000 tons as of January 30, 2026, down 24.53% week-on-week [4] - The inventory days are estimated to be around 9 days, indicating a relatively low inventory level and favorable conditions for price increases in the viscose industry [4] Group 4 - The PVC industry is advancing towards mercury-free production, with the Ministry of Ecology and Environment focusing on the development of mercury-free catalysts. The industry has achieved a target of halving mercury usage per unit product by 2020 compared to 2010 [5] - The transition from "low mercury" to "mercury-free" production is expected to lead to the exit of outdated production capacities, thereby restoring the supply-demand balance in the PVC industry [5]

染料行业点评：底部多年，中间体以及染料景气有望上行 根据百川盈孚，本周分散染料均价在1.9万元/吨，较上周同期均价上涨0.1万元/吨，活性染料场均价在2.3万元/吨， 较上周同期均价上涨0.1万元/吨。 根据染化严选公众号，分散染料中间体还原物价格已从去年的2.5万元/吨飙升至目前的3.8万元/吨。 染料中间体具备环保和技术门槛，当下还原物等中间体环保管控趋严，产能主要掌握 染料行业点评：底部多年，中间体以及染料景气有望上行 根据百川盈孚，本周分散染料均价在1.9万元/吨，较上周同期均价上涨0.1万元/吨，活性染料场均价在2.3万元/吨， 较上周同期均价上涨0.1万元/吨。 根据染化严选公众号，分散染料中间体还原物价格已从去年的2.5万元/吨飙升至目前的3.8万元/吨。 染料中间体具备环保和技术门槛，当下还原物等中间体环保管控趋严，产能主要掌握在几家大型染料巨头手中。 目前我国分散染料产能为56.3万吨/年，CR3为59%，活性染料总年产能为45.5万吨/年，CR3为55%，集中度较高。 历史上，分散、活性染料高时价格达5万元/吨以上，涨价历史上龙头具有较强话语权（如13年专利和解），中间 体供应往往扰动驱动 ...

万丰股份（603172）(603172.SH)发布风险提示公告称，公司注意到，近期受分散染料核心中间体还原 物及部分分散染料价格上涨影响，公司市场关注度有所提高。需特别说明的是，上述产品价格未来预计 变动幅度及其持续性仍存在不确定性，能够为公司带来的预期收益仍存在不确定性。公司主营业务和基 本面未发生重大变化，敬请广大投资者理性投资、审慎决策，注意投资风险。 ...