（文章来源：每日经济新闻） 每经AI快讯，1月4日消息，国务院印发《固体废物综合治理行动计划》，深入推进磷石膏综合治 理。"一库一策"推进磷石膏库环境风险隐患排查整治。加强磷石膏贮存、运输、利用等环节环境管理， 严格执行磷石膏利用和无害化贮存污染控制技术规范，依法严肃查处磷石膏相关环境违法行为。到2027 年，云南、湖北、贵州、四川、安徽、重庆等地区完成存量磷石膏库整治。 ...

证券研究报告 | 2026年01月04日 2026 年石化化工行业 1 月投资策略 优于大市 推荐炼油炼化、钾肥、磷化工、SAF 投资方向 石化化工行业 2026 年 1 月投资观点： 石化化工是周期性行业，现阶段石化化工行业"内卷式"竞争问题突出， 低质量、同质化的无序竞争导致企业普遍面临增产不增利困境，全行业 营业收入利润率从 2021 年的 8.03%持续降至 2024 年的 4.85%，2025 年 以来部分子行业率先复苏，前三季度行业归母净利润同比增长 10.56%， 行业盈利逐渐企稳复苏。 供给端：化学原料及化学制品制造业投资固定资产累计投资额于 2025 年 6 月开始转负，SW 基础化工行业及多个细分子行业的资本开支连续多 个季度转负，此轮行业扩产周期接近尾声；9 月"石化化工行业稳增长" 政策正式出台，旨在治理企业低价无序竞争、推动落后产能有序退出， 有机硅、己内酰胺、PTA 聚酯等子行业相继响应"反内卷"出台或正在 制定行业指导文件。我们认为，后续将会看到更多化工产品新产能审批 趋严、落后产能（如规模小、能耗高、污染大）将加速出清，石化化工 行业供给过剩问题将得到有效缓解。 需求端：传统需 ...

免责申明：华安证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。本报告中的信息均来源于合规渠道，华安证券研究所力求准确、可靠，但对这些信息的准确性及完整性均不做任何保证，据此投资，责任自负。 本报告不构成个人投资建议，也没有考虑到个别客户特殊的投资目标、财务状况或需要。客户应考虑本报告中的任何意见或建议是否符合其特定状况。华安证券及其所属关联机构可能会持有报告中提到的公司所发行的证券并进行交易，还可能为这些公司提供投资银行服务或其他服务。 本报告仅向特定客户传送，未经华安证券研究所书面授权，本研究报告的任何部分均不得以任何方式制作任何形式的拷贝、复印件或复制品，或再次分发给任何其他人，或以任何侵犯本公司版权的其他方式使用。如欲引用或转载本文内容，务必联络华安证券研究所并获得许可，并需注明出处为华安证券研究所，且不得对本文进行有悖原意的引用和删改。如未经本公司授权，私自转载或者转发本报告，所引 起的一切后果及法律责任由私自转载或转发者承担。本公司并保留追究其法律责任的权利。 分析师声明：本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格，以勤勉的执业态度、专业审慎的研究方法，使 ...

Core Insights - The city of Xiangyang is leveraging the "Two Investments and Three Capabilities" initiative to drive high-quality development and enhance its industrial backbone [1][2] Group 1: Industrial Development - Xiangyang is focusing on project initiation, investment attraction, production capacity release, technological upgrades, and supply chain strengthening to accelerate major project construction [1] - The city is witnessing a transformation in traditional industries and the emergence of new industrial clusters, solidifying its role as a provincial sub-center [1] Group 2: Technological Advancements - Smart manufacturing is becoming commonplace, with companies like Sanhuan Forging implementing "5G + smart factory" technologies to enhance production efficiency [1] - Digital empowerment is leading to increased production and sales for companies such as Sanhuan Axle [1] Group 3: Investment Projects - Ruipai Technology is investing 2 billion yuan to help establish a closed-loop industrial chain in the new energy battery materials sector [1] - Xingfa Baokang Gucheng Phosphate Chemical Industrial Park is set to become the largest phosphate chemical full industrial chain base in Central China with a total investment of 20 billion yuan [1] Group 4: Enterprise Support - Xiangyang is implementing tailored services for enterprises, exemplified by the influential electric forklift industry cluster in Old Hekou City [1] - Hubei Zhongli Machinery's products are gaining international traction, while Xiangyang Changyuan Langhong Technology Co., Ltd. is ensuring supply for major automotive companies [1]

Core Insights - Guizhou Province is making significant advancements in the production of phosphorus-based materials, particularly in the production of phosphorus pentachloride, achieving a purity level of over 99% [1] - The region is leveraging its rich mineral resources to establish itself as a key player in the deep processing of resources and the development of new energy materials [1][5] - The Guizhou Phosphate Group is focusing on technological innovation to address the global challenge of phosphogypsum waste management, transforming it from a waste product into a valuable resource [2] Group 1: Phosphorus Industry Developments - Guizhou Province's Qiannan Prefecture has the largest open-pit phosphate mine in Asia, with proven phosphate reserves of 2.508 billion tons [1] - The Qiannan region's phosphate chemical industry park has surpassed a total output value of 68 billion yuan, contributing significantly to national food security by supplying over 15% of the country's phosphate fertilizer [1] - The Guizhou Phosphate Group ranks first in China and among the top three globally in phosphate mining, fertilizer production, and wet-process phosphoric acid production [3] Group 2: Coal Industry Transformation - Liupanshui City, known as "Jiangnan Coal City," is transitioning from a coal-dependent economy to one that maximizes resource value, with a focus on deep processing [3][4] - The city has a coal resource reserve of 25.636 billion tons and is expanding its coking capacity to 10.8 million tons annually, with plans to reach 21.8 million tons by the end of the 14th Five-Year Plan [3][5] - The Guizhou Energy Group is implementing advanced technologies for resource recycling, including the establishment of the first LNG production facility from coking gas in Southwest China [3] Group 3: Strategic Resource Utilization - The "Rich Mine Precision Development" strategy is being implemented in Tianzhu County, which has the largest sedimentary barite deposit in China, with proven reserves of 243 million tons [4][5] - The county aims to build the largest barite deep processing base in China by the end of the 14th Five-Year Plan, focusing on a modern industrial system centered around barium chemicals [5] - Guizhou Province is enhancing the value of its mineral resources, transitioning from traditional phosphate and coal products to high-value products such as battery materials and fine phosphorus chemicals [5]

数据显示，诺德基金旗下1只基金重仓川恒股份。诺德量化核心A（006267）三季度持有股数5.05万股， 占基金净值比例为1.11%，位居第五大重仓股。根据测算，今日浮亏损失约2.48万元。 诺德量化核心A（006267）成立日期2018年11月22日，最新规模9323.32万。今年以来收益39.64%，同 类排名2049/8087；近一年收益34.58%，同类排名2322/8085；成立以来收益53.24%。 12月30日，川恒股份跌1.33%，截至发稿，报36.23元/股，成交741.06万元，换手率0.03%，总市值 220.16亿元。 资料显示，贵州川恒化工股份有限公司位于贵州省黔南布依族苗族自治州福泉市龙昌镇，成立日期2002 年11月25日，上市日期2017年8月25日，公司主营业务涉及磷酸及磷酸盐产品的生产、销售。主营业务 收入构成为：磷酸28.41%，饲料级磷酸二氢钙25.11%，磷酸一铵21.29%，磷酸铁9.46%，磷矿石 6.93%，其他产品3.56%，贸易收入1.94%，其他1.57%，铁精粉1.11%，硫酸铵0.61%。 从基金十大重仓股角度 截至发稿，王恒楠累计任职时间7年41天，现 ...

Core Viewpoint - SanTai Holdings reported significant growth in its 2020 semi-annual report, with a revenue increase of 554.8% year-on-year, reaching 2.45 billion yuan, and a net profit of 92.4 million yuan, marking a turnaround from losses [1] Group 1: Financial Performance - The company expects to achieve a net profit of 600 million to 680 million yuan in the first three quarters of 2020, indicating a substantial year-on-year improvement [1] - The revenue contributions from the phosphate chemical business and BPO business were 1.804 billion yuan and 332 million yuan, respectively, in the first half of the year [2] - The industrial-grade monoammonium phosphate generated 637 million yuan in revenue with a gross margin of 36.19% [2] Group 2: Business Operations - SanTai Holdings prioritized pandemic prevention while ensuring production continuity and advancing the comprehensive utilization project of phosphogypsum [1] - The company’s subsidiary, Longmang Dadi, has been focused on the phosphate chemical sector for 35 years, emphasizing green development and product optimization [1] - The recovery in prices and profitability of phosphate products since the second quarter has significantly contributed to the company's performance exceeding expectations [1] Group 3: Future Outlook - Longmang Dadi's phosphate chemical business is projected to contribute approximately 320 million yuan in net profit in the first three quarters of 2020, driven by increased sales of industrial-grade monoammonium phosphate and compound fertilizers, along with lower raw material costs [2] - The merger of Zhongyou Zhidi and Fengchao Technology is expected to eliminate the losses previously shared by SanTai Holdings, which amounted to about 170 million yuan last year [2] - The new entity post-merger is anticipated to enhance equity value and valuation, with an expected investment income of approximately 436 million yuan from Zhongyou Zhidi in the third quarter [2]

化工板块周五（12月26日）继续猛攻！反映化工板块整体走势的化工ETF（516020）全天强势，截至收 盘，场内价格大涨2.23%，收盘价创2022年9月以来新高。 成份股方面，锂电大面积爆发，氟化工、磷化工等板块部分个股亦涨幅居前。截至收盘，恩捷股份飙涨 9.1%，星源材质、光威复材、多氟多大涨超8%，藏格矿业涨超7%。 | 证券简称 | 应号 证券代码 | 区间涨跌幅 | | | --- | --- | --- | --- | | | | [区间首日] 2025-01-01 | | | | | [区间尾日] 2025-12-26 | | | | | [单位] % | | | :: 1 000813.CSI 细分化工 | | | 40.3522 | | ::: | 2 000001.SH 上证指数 | | 18.2565 | | ::: | 3 000300.SH 沪深300 | | 18.3569 | 注：统计区间为2025年1月1日至2025年12月26日，细分化工指数近5个完整年度的涨跌幅为：2020年， 51.68%；2021年，15.72%；2022年，-26.87%；2023年，-23.17%； ...

行 华福证券 基础化工 2025 年 12 月 28 日 业 研 究 行 业 定 期 报 告 基础化工 行业周报：11 月 TDI 出口量创单月历史最高，中 国合成树脂协会倡议规范聚甲醛行业秩序 投资要点： 本周板块行情：本周，上证综合指数上涨 1.88%，创业板指数上涨 3.9%， 沪深 300 上涨 1.95%，中信基础化工指数上涨 5.41%，申万化工指数上涨 4.23%。 化工各子行业板块涨跌幅：本周，化工板块涨跌幅前五的子行业分别为膜 材料(12.18%)、合成树脂(8.23%)、磷肥及磷化工(6.5%)、钾肥(5.91%)、有机硅 (5.39%)；化工板块涨跌幅后五的子行业分别为轮胎(-1.5%)、食品及饲料添加 剂(0.41%)、农药(0.96%)、绵纶(1.12%)、印染化学品(1.33%)。 投资主线二：消费电子有望逐渐复苏，关注上游材料企业。随着下游消费 电子需求逐渐回暖复苏，面板产业链相关标的有望充分受益。部分国内企业在 面板产业链部分环节成功实现进口替代，切入下游头部面板厂供应链，自身α 属性充足。随着面板产业链景气度有望回暖，头部显示材料厂商有望享受行业 β共振。建议关注：东材科技（ ...

Group 1 - The Yunnan Provincial Party Committee's 11th Plenary Session and Economic Work Conference have outlined a grand blueprint for the "14th Five-Year Plan," emphasizing the importance of enterprises in driving economic progress and contributing to the modernization of Yunnan [1][2] - Various enterprises in Yunnan, both state-owned and private, are actively engaging in learning and implementing the conference's directives, aiming to enhance their roles in economic development [1][2][8] - The focus is on creating a market-oriented, legal, and international business environment to stimulate high-quality development and support the growth of various enterprises [2][8] Group 2 - Yunnan Investment Management Company aims to enhance regional financial stability and service strategic collaboration, focusing on optimizing development paths and improving services for the real economy [2][3] - YunTianHua Group is committed to advancing green and high-quality development, balancing traditional industry upgrades with emerging industry innovations, and leveraging regional advantages for project development [3][4] - Yunnan Construction Investment Group has accumulated significant assets and is focusing on integrating transportation, logistics, energy, and tourism sectors to enhance project applications and drive economic corridors [5][6] Group 3 - Yunnan Coffee Factory is set to enhance its processing capabilities and brand presence, aiming to elevate the coffee industry in Yunnan through innovation and quality control [6][7] - The emphasis on supporting private enterprises is evident, with initiatives to promote project opportunities and reduce burdens on businesses, fostering a supportive environment for innovation and growth [8][10] - Yunnan's private enterprises are encouraged to focus on core responsibilities and enhance competitiveness, particularly in resource-based industries, to contribute to the province's economic transformation [9][10]