化工板块午后延续强势，反映化工板块整体走势的化工ETF（516020）持续高位震荡，截至发稿，场内价格涨2.73%。 注：化工ETF不收取销售服务费。化工ETF联接A申购费率为：100万元以下，0.8%；100万元（含）-200万元，0.5%；200万元（含）以上，每笔1000元。赎 回费率为：7天以内，1.5%；7天（含）-180天，0.5%；180天（含）-以上，0%。 化工ETF联接C赎回费率为7天以内，1.5%；7天（含）-以上，0%。销售服务费率为0.2%。 风险提示：化工ETF被动跟踪中证细分化工产业主题指数，该指数基日为2004.12.31，发布于2012.4.11，指数成份股构成根据该指数编制规则适时调整，其 回测历史业绩不预示指数未来表现。文中提及个股仅为指数成份股客观展示列举，不作为任何个股推荐，不代表基金管理人和基金投资方向。任何在本文出 现的信息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负责。另，本文 中的任何观点、分析及预测不构成对阅读者任何形式的投资建议，亦不对因使用本文内容所引发的直接或间接损失负任何责任。投 ...

（来源：中化新网） 此次吊装的EO反应器外径近9.3米、单台净重1540吨，吊装重量达1756吨，内含超3.2万根精密换热管， 是目前全球直径最大、单体最重的EO反应器，也是中沙古雷乙烯项目乙烯深加工环节的关键设备。吊 装过程采用4000吨级履带吊与1350吨级履带吊双机精准协同，通过转体、提升、直立等一系列高难度动 作，平稳将这两台"巨无霸"安装就位。 随着所有大型关键设备安装就位，中沙古雷乙烯项目总体建设进度超93%，预计将于2026年建成投产。 该项目建成投产后，对于降低我国高端化工品对外依存度、保障能源和产业供应链安全，推动古雷石化 基地加快建成世界一流高端智慧绿色石化基地都具有重要意义。 福海创：抢开局答好"第一卷" 从数字化升级到"巨无霸"设备就位，从战略布局到技术攻坚，2026年伊始，福建能源石化集团旗下福建 中沙、福海创、东南电化等企业齐头并进，以一系列关键突破拉开"十五五"发展序幕。无论是服务"一 带一路"的重大石化项目，还是契合节能降碳战略的技术革新，均彰显了福建省属国企的责任担当与核 心竞争力，为保障能源供应链安全、推动产业高质量发展注入强劲动能。 福建中沙：快行动跑好"第一棒" 新年刚 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The short - term supply in the Middle East is tight, the domestic PDH operation rate remains high, and the demand supports the market. The domestic port inventory is decreasing. Recently, the EIA C3 inventory has turned to decline, the domestic civil LPG price has risen, and with the increase in risk premium and contract price, the PG price still shows a wide - range volatile and upward trend [4]. 3. Summary According to Related Catalogs 3.1 Energy Product Price Monitoring - Various energy products have different price changes. For example, the current price of LPG is 4137 yuan/ton, with a daily decline of 2.27%, a weekly decline of 1.99%, a monthly increase of 0.93%, and an annual decline of 8.03% [3]. 3.2 LPG Market Analysis 3.2.1 Supply - Last week, the total LPG commercial volume was about 518,700 tons (a 0.12% increase). Among them, the civil LPG commercial volume was 216,500 tons (a 0.14% decrease), the industrial LPG was 189,300 tons (a 0.11% decrease), and the ether - after C4 was 167,100 tons (a 0.12% decrease). The LPG arrival volume last week was 540,000 tons (a 2.08% increase). In Xinjiang, enterprise out - put increased, while in Shandong, some enterprises reduced device loads or used resources internally [4]. 3.2.2 Demand - In winter, the heating demand remains, and the LPG combustion demand is gradually improving, reaching a relatively high level. PDH devices are operating at a high load, but the device profit loss is intensifying. The propane purchase demand of port chemical enterprises is relatively rigid, but there are news of device reduction, and the expected operating rate will gradually decline, and the propane chemical demand will fall. MTBE profit is in loss, the overseas olefin blending oil demand slows down, the domestic export window closes, and most orders have been executed, which restricts the civil LPG price trend [4]. 3.2.3 Inventory - Last week, the LPG factory inventory was 156,700 tons (a 1.20% decrease), and the port inventory was 2,027,800 tons (a 4.89% decrease). The low - supply situation of refineries continues, the market trading atmosphere is mild, and the shipment of manufacturers in many places is smooth, so the storage capacity rate continues to decline. The port arrival volume has a slight increase but is still at a low level, the import resources are insufficiently replenished, and the inventory still shows a downward trend [4]. 3.2.4 Basis and Position - The weekly average basis is 288.80 yuan/ton in East China, 763.60 yuan/ton in South China, and 196.60 yuan/ton in Shandong. The total LPG warehouse receipt volume is 5977 lots, a decrease of 36 lots, and the lowest deliverable area is Shandong [4]. 3.2.5 Chemical Downstream - The operating rates of PDH, MTBE, and alkylation are [not fully provided in the text]. The profits of PDH to propylene, MTBE isomerization, and alkylation in Shandong are also [not fully provided in the text] [4]. 3.2.6 Valuation - The PG - SC ratio is [not fully provided in the text] (a 3.35% decrease), and the PG secondary - to - primary month spread is - 242 yuan/ton (a 26.04% increase). In the fourth quarter, the LPG price is firm, the crude oil shows a bearish trend, and the oil - gas cracking spread has a weakening trend [4]. 3.2.7 Other Factors - China's CPI year - on - year growth rate in December 2025 reached the fastest in the past three years; the US ADP employment data in December showed weak labor demand. Sinopec and China National Aviation Fuel Group have implemented a restructuring. Trump's remarks have led to repeated fermentations of risk events in the US - Venezuela, Middle East, and Russia - Ukraine regions, greatly increasing the volatility of crude oil prices and driving up the price fluctuations of oil - chemical products [4]. 3.3 Trading Strategies - Unilateral: Temporarily wait and see. - Arbitrage: Pay attention to PG2 - 3 positive arbitrage, PG3 - 4 reverse arbitrage, long SC and short PG, long PP and short PG [4].

s 加安期货 頻 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建 议内容的客观、公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和 建议不会发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货交易决 策，独立承担期货交易后果，凡据此入市者，我司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突。未经我同 授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全部或部分材料、内容。对可能因互联网软硬件设备故障 或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造 变造资料等,我司均不承担任何责任。 声明 s 加安期货 沥青早报 研究中心能化团队 2026/1/19 | | 指标 | 12/17 | 1/12 | 1/13 | 1/14 | 1/15 | 日度变化 | 周度变化 | | --- | --- | --- | --- | ...

"改革不是简单简化流程，而是在严守安全底线的前提下，实现监管效能的提升。"杭州萧山机场海关监 管一科科长许琰丹介绍，在杭州海关的统筹指导下，杭州萧山机场海关按"一品一策""一企一策"开展全 流程调研，核查企业质量管控体系与安全生产台账，实地评估航煤输送、存储风险，梳理申报节点并形 成具有针对性的监管方案。同时，海关组织开展多轮实操培训，指导企业熟练掌握电子申报流程、精准 核对检验标准，把政策红利转化为企业的实操能力。 相较于传统模式，"分运集检"模式实现了多种突破。该模式由组货地海关统一受理申报、集中开展检 验，将以往"多次分散监管"升级为"一次集中办结"，流程时间缩短40%以上；实现统一取样送检，从源 头精准把控油品质量；在单证流转环节全面推行电子化快速签发，提升通关便利度；更让企业无需跨关 奔波，告别"两头跑"，降低人力时间成本。 据统计，自2025年9月该模式落地以来，杭州萧山机场海关以"分运集检"模式监管出口航煤20批、13.23 万吨、货值6.83亿元，为企业节省综合成本超百万元，为航空煤油出口注入了强劲动能。 商报讯（记者 汤佳烨 通讯员 周雨亮）"13100吨航煤，申报到通关仅用5天，以前至少要 ...

PX/PTA ★ 区间震荡 估值不低，pta 加工费 401.6（+56.8）元/吨，华东基差-58（-57）元/吨； 供应端方面，装置按计划检修且整体检修力度偏高（独山能源 3#提负、 INEOS125wt 停车，四川能投 100wt、逸盛新材料 360wt、逸盛大连 225wt、 逸盛海南 200wt 装置停车；独山能源 2#250wt 计划本月底停车）。下游需 求季节性走弱（聚酯企业 1-2 月检修量合计 1538wt；终端织造开工下滑， 订单延续下行）。成本端 PX 供需弱平衡（PXN337.4 美元/吨），短期跟 随成本波动。TA1-2 月略有累库，但从上下游投产节奏及聚酯端需求增速 来看，预期向好。春节前警惕需求端负反馈超预期及原油超跌。 估值偏低。国内乙二醇装置整体开工负荷提升（巴斯夫 80wt 装置调试中， 化下旬、三江石化 2 月存检修计划；兖矿重启、华谊提负，新疆天业三期 下游需求季节性走弱。港口库存回升，1-2 月存累库预期。乙二醇估值有 中辉能化观点 | | 中辉能化观点 | | | --- | --- | --- | | 品种 | 核心观点 | 主要逻辑 | | 原油 | | 中东地 ...

公开资料显示，标普A股红利ETF华宝（562060）及其联接基金（A类501029、C类005125）被动跟踪 标普中国A股红利机会指数，2005年至2025年末，标普A股红利全收益指数的累计收益率高达 2780.43%，年化收益率17.82%，作为市场稀缺的具备"红利+小盘+行业分散"特征的进攻型红利产品， 借道增配红利资产作为资产压舱石，或可使组合更加攻守兼备。 1月19日早盘，三大指数继续进攻，石化、燃气、机械等传统高股息红利板块协同走强。岱美股份、常 宝股份、九丰能源、海容冷链份等高股息、低估值热门股轮番上攻，"进攻型红利"标的——标普A红利 ETF华宝（562060）高开高走，截至发稿场内价格劲涨1.59%创历史新高且持续溢价，实时成交额突破 4000万元。 数据来源：沪深交易所，截至2026.1.19，10点20分 值得注意的是，管近期科技成长主线走强，资金对红利资产的配置热情依然不减。截至2026年1月16 日，标普A股红利ETF华宝（562060）已连续5日揽金3730万元；拉长时间看，近10个交易日中有9日净 流入，合计吸金逾2.1亿元，最新规模突破28亿元，创历史新高。 数据来源：沪深交易 ...

Group 1: Report Summary - The report is an asphalt morning report from Jia'an Futures' research center's energy and chemical team, dated January 19, 2026 [1][2][5] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Views - No clear core views are presented in the given content Group 4: Data Summary Basis and Spread - Shandong basis (+80) (non-Jingbo) on 1/15 was -7, with a daily change of 11 [3] - East China basis (Zhenjiang warehouse) on 1/15 was 3 [3] - South China basis (Foshan warehouse) on 1/15 was -37 [3] - 01 - 03 spread on 1/15 was -68 [3] - 02 - 03 spread on 1/15 was -21, with a daily change of -6 [3] - 03 - 06 spread on 1/15 was -7 [3] BU Main Contract (02) - Price on 1/15 was 3167, with a daily change of -1 [3] - Volume on 1/15 was 240,295, a decrease of 59,540 (-9%) from the previous day [3] - Open interest on 1/15 was 427,132, a decrease of 3,970 (-3%) from the previous day [3] - Warehouse receipts on 1/15 were 16,910, an increase of 1,270 from the previous day [3] Crude Oil and Asphalt Prices - Brent crude oil price on 1/14 was 66.5 [3] - Jingbo asphalt price on 1/15 was 3130, an increase of 10 from the previous day [3] - Shandong (non-Jingbo) asphalt price on 1/15 was 3080, an increase of 10 from the previous day [3] - Zhenjiang warehouse asphalt price on 1/15 was 3170, unchanged from the previous day [3] - Foshan warehouse asphalt price on 1/15 was 3130, unchanged from the previous day [3] Asphalt Profit - Asphalt Ma Rui profit on 1/14 was 279 [3] Weekly Changes - Various weekly changes are presented, including -10, -11, -6, -2, 10, -95,562, -33,549, 750, 20, etc [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - This week, the cracking spread of Singapore 380 strengthened, the monthly spread rebounded significantly. The high-sulfur cracking spread in Europe rebounded, and the monthly spread also rebounded significantly. The high-sulfur EW was in a high-level oscillation. The cracking spread of Singapore 0.5% was at a historical low for the same period, rebounding month-on-month. The monthly spread strengthened slightly, and the basis oscillated at a low level. In terms of inventory, Singapore's residual oil had a slight inventory build, at a historical high year-on-year, ARA's residual oil had a slight inventory draw, and Fujairah's residual oil had an inventory build. This week, the situation in Iran affected the global heavy oil valuation. In the short term, the driving force of high-sulfur was stronger than that of low-sulfur. The high-sulfur spot tightened, and the cracking spread rebounded. The short-term downside space was limited, and the low-sulfur external market remained weak [3][4] 3. Summary by Relevant Content Rotterdam Fuel Oil Swap Data | Type | 2026/01/12 | 2026/01/13 | 2026/01/14 | 2026/01/15 | 2026/01/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O swap M1 | 319.41 | 338.39 | 342.84 | 333.76 | 341.06 | 7.30 | | Rotterdam 0.5% VLS FO swap M1 | 381.51 | 393.07 | 397.96 | 384.56 | 389.58 | 5.02 | | Rotterdam HSFO - Brent M1 | -12.48 | -11.61 | -11.23 | -10.45 | -10.09 | 0.36 | | Rotterdam 10ppm Gasoil swap M1 | 606.35 | 634.60 | 639.10 | 621.40 | 634.20 | 12.80 | | Rotterdam VLSFO - Gasoil M1 | -224.84 | -241.53 | -241.14 | -236.84 | -244.62 | -7.78 | | LGO - Brent M1 | 19.89 | 21.98 | 21.50 | 21.81 | 23.19 | 1.38 | | Rotterdam VLSFO - HSFO M1 | 62.10 | 54.68 | 55.12 | 50.80 | 48.52 | -2.28 | [1] Singapore Fuel Oil Swap Data | Type | 2026/01/12 | 2026/01/13 | 2026/01/14 | 2026/01/15 | 2026/01/16 | | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 338.12 | 346.25 | 360.39 | 359.16 | 356.84 | | Singapore 180cst M1 | 346.55 | 353.19 | 366.14 | 363.46 | 363.27 | | Singapore VLSFO M1 | 418.09 | 422.84 | 428.26 | 426.98 | 426.45 | | Singapore Gasoil M1 | 79.92 | 81.26 | 82.45 | 81.65 | 81.51 | | Singapore 380cst - Brent M1 | -9.22 | -8.90 | -7.37 | -7.10 | -6.79 | | Singapore VLSFO - Gasoil M1 | -173.32 | -178.48 | -181.87 | -177.23 | -176.72 | [1] Singapore Fuel Oil Spot Data | Type | 2026/01/12 | 2026/01/13 | 2026/01/14 | 2026/01/15 | 2026/01/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 337.29 | 344.30 | 358.10 | 358.88 | 358.34 | -0.54 | | FOB VLSFO | 417.42 | 424.25 | 431.74 | 429.02 | 429.37 | 0.35 | | 380 Basis | -1.22 | -1.80 | -1.50 | -1.45 | -1.65 | -0.20 | | High - Sulfur Domestic - Foreign Spread | 14.4 | 13.4 | 13.0 | 13.9 | 13.7 | -0.2 | | Low - Sulfur Domestic - Foreign Spread | 12.2 | 15.8 | 16.0 | 14.9 | 15.3 | 0.4 | [2] Domestic FU Data | Type | 2026/01/12 | 2026/01/13 | 2026/01/14 | 2026/01/15 | 2026/01/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2436 | 2451 | 2513 | 2510 | 2485 | -25 | | FU 05 | 2465 | 2469 | 2578 | 2566 | 2520 | -46 | | FU 09 | 2452 | 2467 | 2546 | 2533 | 2498 | -35 | | FU 01 - 05 | -29 | -18 | -65 | -56 | -35 | 21 | | FU 05 - 09 | 13 | 2 | 32 | 33 | 22 | -11 | | FU 09 - 01 | 16 | 16 | 33 | 23 | 13 | -10 | [2] Domestic LU Data | Type | 2026/01/12 | 2026/01/13 | 2026/01/14 | 2026/01/15 | 2026/01/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3088 | 3112 | 3159 | 3166 | 3088 | -78 | | LU 05 | 3019 | 3063 | 3087 | 3074 | 3041 | -33 | | LU 09 | 3050 | 3081 | 3112 | 3090 | 3056 | -34 | | LU 01 - 05 | 69 | 49 | 72 | 92 | 47 | -45 | | LU 05 - 09 | -31 | -18 | -25 | -16 | -15 | 1 | | LU 09 - 01 | -38 | -31 | -47 | -76 | -32 | 44 | [3]

再论 2026 年化工行业投资机会 20260116 摘要 基础化工板块配置当前有所回升但未达标配，行业景气度回升有望使其 恢复至标配甚至超配。2025 年二季度起，化工行业收入、利润、毛利 率等指标触底回升，预示行业复苏。 国内自建工程和资本开支增速放缓，欧洲关闭大量化工产能，缓解国内 外市场供需压力。2023 年以来，欧洲关闭约 1,100 万吨产能，多家化 工企业业绩大幅下滑甚至亏损。 2026 年是"十五五"规划开局之年，历史数据显示规划开局年前两季 度基础化工行业指数通常跑赢大盘。国家电网未来五年投资 4 万亿人民 币，将拉动相关化工需求。 制冷剂行业受益于配额方案的持续推行，高景气度有望维持。2025 年 制冷剂价格稳定在高位，下游空调厂采购合同周期缩短，有助于业绩及 时反映市场情况。 磷化工领域，磷矿石价格维持高位稳定，储能需求超预期带动磷酸铁锂 及磷酸铁原材料价格。草铵膦价格近期上涨，农药小品种价格也出现显 著涨幅，行业前景向好。 Q&A 2026 年化工行业的投资机会有哪些？ 2026 年化工行业的投资机会主要基于以下几个方面： 炼化和聚酯板块受益于油价回升及库存收益，PX 盈利能力较好，P ...