Core Viewpoint - The stock of Maohua Shihua (000637) has shown a slight increase, with a closing price of 4.78 yuan on February 6, 2026, reflecting a 2.14% rise, despite a decline in revenue and net profit in the recent financial report [1][2]. Financial Performance - For the first three quarters of 2025, Maohua Shihua reported a main revenue of 2.304 billion yuan, a year-on-year decrease of 19.24% [2]. - The net profit attributable to shareholders was -93.73 million yuan, which is an increase of 18.15% year-on-year [2]. - The non-recurring net profit was -109 million yuan, showing a year-on-year increase of 7.18% [2]. - In Q3 2025, the company recorded a single-quarter main revenue of 823 million yuan, down 11.88% year-on-year [2]. - The single-quarter net profit attributable to shareholders was -11.07 million yuan, reflecting a year-on-year increase of 45.76% [2]. - The single-quarter non-recurring net profit was -284.11 million yuan, which is a year-on-year decrease of 27.84% [2]. - The company's debt ratio stands at 68.65% [2]. - Investment income was 2.4289 million yuan, while financial expenses amounted to 26.5739 million yuan [2]. - The gross profit margin is reported at 2.51% [2]. Business Overview - Maohua Shihua's main business includes the production and sales of various petrochemical products such as polypropylene (powder), liquefied gas, special white oil, MTBE, isobutane, ethanolamine, industrial hydrogen peroxide (27.5%/35%), dicyclopentadiene, hydrogenated carbon nine, petroleum resin, naphthalene, and heavy residual oil [2].

Core Viewpoint - Several central enterprises in China have announced their key projects and engineering progress for 2026, focusing on major initiatives in the "two重" (two重) and "two新" (two新) sectors, which are expected to support national strategies and stimulate economic growth [3][4][12]. Group 1: "Two重" Sector Developments - By the end of 2025, the total assets of central enterprises are projected to exceed 95 trillion yuan, with a profit total of 2.5 trillion yuan and fixed asset investments of 5.1 trillion yuan [4][13]. - The revenue from strategic emerging industries of central enterprises is expected to surpass 12 trillion yuan in 2025, achieving a consistent annual growth of 1 trillion yuan for three consecutive years [4][13]. - The Xiong'an New Area is becoming a key location for the relocation of central enterprise headquarters, with several projects already underway to enhance regional economic development and competitiveness [4][13]. Group 2: Energy Sector Projects - The National Energy Group's expansion project at the Wanzhou Power Plant has a total investment of 7 billion yuan, which includes the construction of two 1 million kilowatt ultra-supercritical coal-fired units [5][14]. - Central enterprises are positioned as crucial players in supporting national strategies, particularly in energy supply, infrastructure, and emergency response [5][14][15]. Group 3: "Two新" Sector Initiatives - Central enterprises are set to continue significant investments in the "two新" sector, focusing on large-scale equipment upgrades and consumer goods replacement programs to stimulate economic growth [6][16]. - New projects in 2026 will include the installation of elevators in old residential areas and updates to equipment in elderly care facilities, which will enhance public welfare [6][16]. - The continuation of consumer goods replacement policies aims to stimulate consumption across various sectors, including new energy vehicles and home appliances, with a total investment exceeding 8.3 billion yuan for recent projects [7][17]. Group 4: Modern Industrial System Development - Central enterprises are leading efforts to implement large-scale equipment upgrades, with plans to establish 70 exemplary smart factories by 2025 [8][18]. - The focus will be on building a modern industrial system that is self-controlled, safe, and competitive, with an emphasis on emerging industries such as renewable energy and quantum technology [8][18]. - The investment strategy of central enterprises is seen as a long-term strategic initiative that requires innovation in organizational methods and industry governance [9][19].

Core Viewpoint - The petrochemical industry in China is transitioning from a growth model based on "investment + export" to one focused on "innovation + domestic demand" to ensure sustainable development and address challenges in the global and domestic markets [4]. Group 1: Industry Growth and Performance - In 2025, the domestic petrochemical industry's industrial added value is expected to grow by 6.9%, surpassing the national industrial growth rate by 1 percentage point [1]. - The production of crude oil and natural gas, as well as crude oil processing and apparent consumption, reached historical highs, with crude oil and natural gas production increasing by 1.5% and 6.2%, respectively [2]. - Major chemical products' total output increased by 5.9%, and the export value of the petrochemical industry rose by 2.5% to $331.13 billion, with significant growth in exports of synthetic resins, fertilizers, synthetic rubber, and soda ash [2]. Group 2: Energy Transition and Market Dynamics - The trend towards energy transition is accelerating, with the penetration rate of new energy passenger vehicles exceeding 55%, and a shift from traditional fuels to cleaner energy sources [3]. - The domestic refined oil market is entering a slow decline phase, with both diesel and gasoline production and consumption expected to decrease for the first time in 2025 [3]. - Despite the challenges, the industry saw a 41.4% increase in revenue and a 36.2% increase in profit compared to the end of the 13th Five-Year Plan, indicating resilience in the face of price declines [3]. Group 3: Strategic Focus and Future Directions - The petrochemical industry must shift its growth model to focus on innovation and domestic demand, addressing issues such as low-end surplus and high-end shortages [4]. - Key tasks for the industry include stabilizing growth in oil and gas production, ensuring stable supply of agricultural products, and promoting high-end and green low-carbon growth [5]. - The industry aims to enhance original innovation and focus on key technologies in new materials, new energy, and biomanufacturing, while also adjusting regional and industrial structures to promote high-quality development [5]. Group 4: Immediate Priorities for 2026 - Ensuring a strong start in the first quarter of 2026 is critical, with a focus on stabilizing production and supply of fertilizers and pesticides to support agricultural productivity [6].

一、行情回顾 市场早间低开回升，三大指数集体翻红，尾盘又震荡回落。化工股集体走强，沧州大化、金牛化工等多股涨停；油气股盘中拉升，洲际油气地天板，准油股 份涨停；机器人概念股表现活跃，五洲新春、联诚精密等涨停；固态电池概念强势，恩捷股份、三祥新材等涨停；下跌方面，零售、白酒等消费股调整，百 大集团、皇台酒业跌停。个股涨跌互现，今日成交2.16万亿；截止收盘沪指跌0.25%，深成指跌0.33%，创业板指跌0.73%。两市共2574只个股上涨，61只个 股涨停，2444只个股下跌，10只个股跌停，26只股票炸板，炸板率33%。 二、今日热点 1、化工 以化工为首的资源股今日涨幅居前，龙头百川股份强势反包创新高，金牛化工、德美化工、沧州大化、闰土股份等集体上板。 消息面上，多个化工品种出现涨价消息； 据新浪财经报道，2026年2月4日，巴斯夫宣布自即日起（或在合同条款允许的情况下），上调亚太地区（不含中国大陆）及MEAF地区的Lupranate® TDI价 格，涨幅为200美元/吨； 据百川资讯，1月12日以来溴素价格呈加速上涨趋势，国内溴素价格从1月12日的34500元/吨，到2月4日已上涨至42500元/吨，涨幅 ...

1. Report's Investment Rating for the Industry - No information provided 2. Core Viewpoints of the Report - This week, the near - month of Singapore 380cst continued to strengthen, reaching the five - year high year - on - year. After the crack spread rose, it fluctuated. The short - term arbitrage logistics tightened, and the Singapore residue inventory decreased significantly. The MF0.5 low - sulfur crack spread declined, reaching a historical low year - on - year, and the monthly spread was at a historical low for the same period. In terms of inventory, Singapore fuel oil significantly reduced inventory, EIA residue continued to reduce inventory, ARA residue accumulated inventory, and Fujairah's inventory accumulation accelerated. Under the new situation in Venezuela, heavy - oil logistics tilted towards the United States, Canadian heavy oil sought new buyers, and the price of Merey crude oil rose. Recently, the situation in Iran and arbitrage logistics affected 380. The high - sulfur spot tightened, the crack spread rebounded, and in the short term, high - sulfur had the strongest driving force among oil products. Attention should be paid to over - heating of domestic and foreign sentiment, and the low - sulfur external market remained weak [3][4] 3. Summary According to Relevant Catalogs Rotterdam Fuel Oil Swap Data - From January 30 to February 5, 2026, the price of Rotterdam 3.5% HSFO swap M1 changed by 1.34, the 0.5% VLSFO swap M1 changed by - 1.83, the HSFO - Brent M1 changed by 0.19, the 10ppm Gasoil swap M1 changed by 2.90, the VLSFO - GO M1 changed by - 4.73, the LGO - Brent M1 had no change, and the VLSFO - HSFO M1 changed by - 3.17 [1] Singapore Fuel Oil Swap Data - During the same period, the price of Singapore 380cst M1 changed by 2.17, 180cst M1 changed by - 0.81, VLSFO M1 changed by - 3.82, GO M1 changed by - 0.27, 380cst - Brent M1 changed by 0.53, and VLSFO - GO M1 changed by - 1.82 [1] Singapore Fuel Oil Spot Data - From January 30 to February 5, 2026, the FOB 380cst price changed by 7.14, FOB VLSFO changed by 7.54, the 380 basis changed by - 1.00, the high - sulfur domestic - foreign price difference changed by - 1.0, and the low - sulfur domestic - foreign price difference changed by 1.3 [2] Domestic FU Data - During the same period, FU 01 changed by 5, FU 05 changed by 25, FU 09 changed by 18, FU 01 - 05 changed by - 20, FU 05 - 09 changed by 7, and FU 09 - 01 changed by 13 [2] Domestic LU Data - From January 30 to February 5, 2026, LU 01 changed by - 17, LU 05 changed by 21, LU 09 changed by 28, LU 01 - 05 changed by - 38, LU 05 - 09 changed by - 7, and LU 09 - 01 changed by 45 [3]

期 货 研 究 2026 年 02 月 06 日 对二甲苯：成本坍塌，价格跟随回调，月差偏 弱 PTA：区间震荡市 MEG：区间操作 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin@gtht.com | 期货 | PX 主力 | PTA 主力 | MEG 主力 | PF 主力 | SC 主力 | | --- | --- | --- | --- | --- | --- | | 昨日收盘价 | 7200 | 5144 | 3745 | 6564 | 467.2 | | 涨跌 | -96 | -74 | -43 | -66 | 4.8 | | 涨跌幅 | -1.32% | -1.42% | -1.14% | -1.00% | 1.04% | | 月差 | PX5-9 | PTA5-9 | MEG5-9 | PF3-4 | SC2-3 | | 昨日收盘价 | 14 | -4 | -112 | -80 | -7.5 | | 前日收盘价 | 4 | 6 | -111 | -70 | -4.5 | | 涨跌 | 10 | -10 | -1 | -10 | -3 | | 现货 | PX CFR 中国（美 | ...

南化公司持续加大环保投入，累计投资1.68亿元推进大气污染防治提标改造项目，确保有机废气处理等 关键指标全面达到A级标准。同时，公司依托自身研发优势，自主创新破解行业环保难题研发钠碱吸收 技术，成功应用于大型硫酸生产装置酸雾尾气治理，通过"碱洗脱硫+两级电除雾"组合工艺，实现硫酸 雾去除率超90%，二氧化硫及硫酸雾排放指标均优于特别排放限值。 中化新网讯近日，江苏省生态环境厅发布2025年度重污染天气重点行业绩效评价A级、引领性和B(含 B-)级企业公示名单。中国石化集团南京化学工业有限公司(以下简称南化公司)通过省级部门审核评定， 获评石油化工行业重污染天气绩效A级企业。 据悉，重污染天气绩效A级标准不仅对污染物排放浓度提出了远严于国标、地标的超低要求，更构建了 涵盖装备水平、工艺管控、能源清洁度、无组织排放治理、监测监控体系、清洁运输及环境管理水平等 全链条的严苛评价体系，实行"短板原则"，任何一项指标不达标即无法获评。对于获评A级的企业，监 管部门将纳入"正面清单"，实施"无事不扰"的差异化监管。 为实现"达A"目标，南化公司系统开展自评自纠、材料申报与现场整改提升工作，全面梳理环保管理短 板，优化完善 ...

市场分析 1、2月5日沥青期货下午盘收盘行情：主力BU2603合约下午收盘价3339元/吨，较昨日结算价下跌12元/吨，跌幅 0.36%；持仓85907手，环比下跌13038手，成交135269手，环比下跌13227手。 2、卓创资讯重交沥青现货结算价：东北，3506—3600元/吨；山东，3240—3280元/吨；华南，3300—3350元/吨； 华东，3250—3280元/吨。 近期能源板块波动受到伊朗局势影响较大，目前形势仍不明朗，等待6号伊朗与美国谈判情况，盘面可能受到消息 面的反复扰动。现货方面，昨日华南地区沥青现货价格小幅上涨，其余地区沥青现货价格大体企稳。市场情绪偏 谨慎观望，春节前华南地区终端仍有赶工需求支撑，但整体成交氛围较淡，局部货源偏紧。如果抛开地缘与宏观 层面的扰动，沥青市场短期矛盾相对有限，原料切换带来的成本与收率变化可能会在3月份后逐步明朗，已经有炼 厂采购浮仓与保税罐中的伊朗原油来替代马瑞原油，考虑到伊朗油的折价，成本端的增长在一定程度上可控。但 如果中东局势恶化，则替代原料供应也将面临更大威胁。 石油沥青日报 | 2026-02-06 现货整体持稳，市场观望情绪较浓 策略 单边 ...

Core Viewpoint - The domestic asphalt market is entering a critical window as the 2026 Spring Festival approaches, characterized by a "strong cost support and weak supply-demand" situation, with prices expected to continue rising post-holiday as supply-demand gradually improves and raw material support remains in place [3][5][16]. Supply Side - As of February 4, the average operating load of domestic asphalt plants is 28.08%, reflecting a 1.89 percentage point decrease week-on-week, indicating reduced production activity as the holiday approaches [3][17]. - February production is expected to decrease due to lower operational rates, although some refineries like Lanzhou Petrochemical and CNOOC Zhanjiang plan to resume operations, providing some stability to supply [6][17]. - There are expectations of tightening raw material supply, with potential shortages anticipated in the longer term, which may affect refinery production rates [9][20]. Demand Side - The demand for asphalt is currently weak, particularly in northern regions where construction has halted due to low temperatures, and in southern regions where cold weather has slowed down construction progress [3][14]. - The market demand is primarily supported by social inventory and speculative trading, with a general lack of enthusiasm among traders for stocking up [6][17]. Price Outlook - Pre-holiday, the asphalt market is expected to maintain a stable price trend, with short-term fluctuations influenced by crude oil price volatility, but overall price increases will be limited due to weak demand [6][17]. - Post-holiday, as logistics resume and downstream enterprises restart operations, the asphalt market is anticipated to gradually recover, supported by infrastructure policies and potential increases in construction demand [7][18]. - The average price of asphalt is projected to be around 3,350 yuan/ton in February and may rise to 3,480 yuan/ton in March [10][20].

2026 年 2 月 6 日 LPG：短期地缘扰动偏强，基本面驱动向下 丙烯：上行驱动有限，关注成本端扰动 陈鑫超 投资咨询从业资格号：Z0020238 chenxinchao@gtht.com 赵书岑（联系人） 期货从业资格号：F03147780 zhaoshucen@gtht.com 【基本面跟踪】 LPG、丙烯基本面数据 | | | | 昨日收盘价 | 日涨幅 | 夜盘收盘价 夜盘涨幅 | | | | | 昨日成交 较前日变动 昨日持仓 较前日变动 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2603 | 4,173 | -1.83% | 4,191 | 0.43% | | 2603 | 66,139 | 2,994 | 50,476 | -10,199 | | | PG | 2604 | 4,463 | -1.17% | 4,486 | 0.52% | PG | 2604 | 32,788 | 7,001 | 69,243 | 2,533 | | 期货市场 | | ...