基础化工行业 行业研究 | 行业周报 PX 价格上涨触发石化企业行情，行业存长 期修复机遇 核心观点 投资建议与投资标的 ⚫ 炼化行业我们推荐相关龙头企业中国石化(600028，买入)、荣盛石化(002493，买 入)、恒力石化(600346，买入)；同时，我们持续看好化工各子行业景气复苏机遇， 如 MDI 龙头：万华化学(600309，买入) ；PVC 行业，相关企业包括：中泰化学 (002092，未评级)、新疆天业(600075，未评级)、氯碱化工(600618，未评级)、天 原股份(002386，未评级)。以及景气度持续性受储能高速增长拉动的磷化工中相关 标的包括：川恒股份(002895，未评级)、云天化(600096，未评级)等。草酸行业 中，建议关注：华鲁恒升(600426，买入)、华谊集团(600623，买入)、万凯新材 (301216，买入)。 风险提示 ⚫ 需求不及预期；海外市场供需情况变化；油价大幅波动。 国家/地区 中国 行业 基础化工行业 报告发布日期 2026 年 01 月 04 日 看好（维持） | 倪吉 | 执业证书编号：S0860517120003 | | --- | --- | ...

每经AI快讯，鲁西化工（SZ 000830，收盘价：15.47元）12月22日晚间发布公告称，公司第九届第十四 次董事会会议于2025年12月22日在公司会议室以现场和通讯会议方式召开。会议审议了《公司2026年度 重大经营风险预测评估报告》等文件。 （记者 曾健辉） 2025年1至6月份，鲁西化工的营业收入构成为：化工行业占比66.07%，基础化工行业占比20.11%，化 肥行业占比12.06%，其他行业占比1.76%。 截至发稿，鲁西化工市值为295亿元。 每经头条（nbdtoutiao）——新能源重卡爆单了，11月销量同比增长178%！两班倒都供不应求，客户直 接进厂催单，这情景十年难遇 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The central economic work conference has outlined key tasks for 2026, emphasizing high-quality development and green transformation, which will drive optimization in the chemical industry [8] - MDI prices have shown strong resilience, influenced by unexpected production halts in major facilities, leading to a favorable supply-demand situation [8] Summary by Sections Industry Overview - The chemical industry is expected to recover, with specific focus on MDI, PVC, and phosphate chemicals due to strong demand from energy storage growth [3][8] Investment Recommendations - Companies with potential for recovery in the PVC sector include: Zhongtai Chemical, Xinjiang Tianye, Chlor-alkali Chemical, and Tianyuan Co., all currently unrated [3] - MDI leader: Wanhua Chemical is rated as "Buy" [3] - In the phosphate chemical sector, companies to watch include: Chuanheng Co. and Yuntianhua, both currently unrated [3] - In the oxalic acid industry, recommended stocks include: Hualu Hengsheng, Huayi Group, and Wankai New Materials, all rated as "Buy" [3]

每经AI快讯，鲁西化工（SZ 000830，收盘价：14.7元）发布公告称，2025年12月4日，鲁西化工接受兴 全基金等投资者调研，公司董事会秘书刘月刚、证券事务代表柳青参与接待，并回答了投资者提出的问 题。 每经头条（nbdtoutiao）——让"铁疙瘩"从数万米高空精准"踩刹车"，中国商业航天"降本复用"只差"最 后一公里"！朱雀之后，同行排队接力 （记者 王晓波） 2025年1至6月份，鲁西化工的营业收入构成为：化工行业占比66.07%，基础化工行业占比20.11%，化 肥行业占比12.06%，其他行业占比1.76%。 截至发稿，鲁西化工市值为280亿元。 ...

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Insights - The unexpected shutdown of Huntsman’s MDI facility in Europe is expected to drive a rebound in MDI prices, with European and Middle Eastern prices already increasing [9] - The report highlights a recovery in the chemical industry, particularly in MDI, PVC, and phosphate chemicals, driven by high growth expectations in energy storage [8] - The report suggests that the supply contraction in MDI could lead to a price rebound, despite current demand not being at its peak [9] Summary by Sections MDI Market - Huntsman's MDI production facility in the Netherlands, with a capacity of 280,000 tons/year, is undergoing unexpected maintenance, which is likely to last at least a month, leading to price increases in MDI [9] - The report notes that MDI prices have already returned to last year's high points, and the supply situation is more favorable compared to TDI [9] Chemical Industry Outlook - The report identifies several companies with potential for recovery in the PVC sector, including Zhongtai Chemical, Xinjiang Tianye, Chlor-alkali Chemical, and Tianyuan Co., with Wanhua Chemical being highlighted as a leading MDI player [3] - The report also emphasizes the potential for price increases in oxalic acid, driven by demand from the new energy sector, with prices rising to 3,180 yuan/ton [9]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The report highlights the positive impact of India's cancellation of BIS certification and anti-dumping duties, which is expected to boost PVC exports. India is the largest importer of PVC globally, with an estimated import volume of approximately 3 million tons in 2024, primarily driven by agricultural and construction demands [2][8] - The report emphasizes the anticipated recovery in chemical industry sentiment and the sustained high growth expectations in energy storage, particularly in the MDI, PVC, and phosphate chemical sectors [7][8] Summary by Relevant Sections Investment Recommendations and Targets - The report suggests focusing on PVC-related companies that are expected to see a recovery in demand, including Zhongtai Chemical, Xinjiang Tianye, Chlor-alkali Chemical, and Tianyuan Co., with Wanhu Chemical rated as "Buy" due to its leading position in MDI. In the phosphate chemical sector, companies like Chuanheng Co. and Yuntianhua are highlighted, while in the oxalic acid industry, Hualu Hengsheng, Huayi Group, and Wankai New Materials are recommended as "Buy" [3] Industry Insights - The report notes that the demand for oxalic acid is expected to rise due to increased energy storage needs, particularly from lithium iron phosphate. The development of the oxalic acid route is anticipated to significantly boost demand, with limited new domestic production capacity projected [8]

每经AI快讯，鲁西化工（SZ 000830，收盘价：16.14元）发布公告称，2025年11月17日，鲁西化工接受 线上参与公司2025年第三季度业绩说明会的全体投资者调研，公司董事长陈碧锋等人回答了投资者提出 的问题。 2025年1至6月份，鲁西化工的营业收入构成为：化工行业占比66.07%，基础化工行业占比20.11%，化 肥行业占比12.06%，其他行业占比1.76%。 截至发稿，鲁西化工市值为307亿元。 每经头条（nbdtoutiao）——展望"十五五" | 专访尹艳林：让有钱且愿消费的人顺利消费；个税起征点可 提高，最高边际税率可下调，让有关群体少缴税、多收入 （记者 王晓波） ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The report emphasizes that green and low-carbon initiatives will become a significant focus, as highlighted by the release of the white paper "China's Actions on Carbon Peak and Carbon Neutrality" [2][8] - The chemical industry is expected to see a recovery in demand, particularly in sectors like polyester, MDI, and PVC, driven by policy support and market dynamics [3][8] Summary by Sections Investment Recommendations and Targets - The report recommends buying shares of Wan Kai New Materials (301216) for its leading position in the green polyester industry. It also suggests buying shares of Wanhua Chemical (600309), a leader in MDI, while PVC-related companies such as Zhongtai Chemical (002092), Xinjiang Tianye (600075), Chlor-alkali Chemical (600618), and Tianyuan Co. (002386) are rated as not yet evaluated. Companies like Chuanheng Co. (002895) and Yuntianhua (600096) are also noted for their growth potential driven by energy storage [3] Industry Trends - The report notes that the chemical industry has shown improved performance recently, particularly in polyester, PTA, organic silicon, chlor-alkali, and phosphate sectors. Despite a decline in the overall industry sentiment in Q3, there is optimism for recovery driven by demand-side improvements and policy changes [8] - The report highlights that the U.S. entering a rate-cutting cycle and easing tariff issues may lead to marginal improvements in demand, while emerging markets provide long-term growth potential for chemical products [8]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The recent US-China talks have led to a potential recovery in demand, which is expected to positively impact the chemical industry [7] - The energy storage sector is driving an optimistic outlook for lithium battery demand, particularly benefiting the phosphate rock segment due to its rigid supply characteristics [7] Summary by Sections Industry Overview - The chemical industry is facing challenges due to the US-China trade disputes, but recent negotiations have shown signs of easing tensions, which may stabilize demand [7] - The global energy storage battery shipments are projected to exceed 500 GWh in 2025, representing a year-on-year growth of approximately 60% [7] Investment Recommendations - The report recommends buying shares in companies that are well-positioned in the green polyester industry, such as Wankai New Materials (301216) [3] - Companies in the pesticide formulation sector, like Runfeng Co. (301035), Guoguang Co. (002749), and Hailier (603639), are also recommended for purchase due to their lower exposure to trade disputes [3] - The report highlights potential recovery in the petrochemical and chemical sectors, suggesting investments in Sinopec (600028), Hengli Petrochemical (600346), Rongsheng Petrochemical (002493), Wanhua Chemical (600309), and Huayi Group (600623) [3]

Core Insights - The enthusiasm for private placements has surged in 2025, with 51 private equity firms participating in 53 A-share companies, raising a total of 5.524 billion yuan, a 23.17% increase from the previous year [1] - The overall floating profit from these private placements amounts to 2.438 billion yuan, with a floating profit ratio of 44.13% [1] Group 1: Private Placement Participation - 33 stocks received private placement allocations of at least 50 million yuan, with 17 stocks receiving between 50 million to 99.9 million yuan, and 16 stocks receiving over 100 million yuan [1] - Lexin Technology attracted the most interest, with a total allocation of 788 million yuan from four private equity firms [1] - Other notable stocks include *ST Songfa with 599 million yuan and TCL Technology, Green Harmony, and Aisxu with allocations exceeding 200 million yuan each [1] Group 2: Profitability of Private Placements - Among the 53 stocks involved in private placements, 51 are currently in a floating profit state, with 11 stocks having a floating profit ratio of 10% or less [2] - The stock with the highest floating profit rate is Demingli in the electronics sector, with a floating profit rate of 317.76% [2] - Other high-performing stocks include Henghe Precision and Jinghua New Materials, with floating profit rates of 266.02% and 255.65%, respectively [2] Group 3: Industry Distribution - Private placements have covered 17 primary industries, with 10 industries receiving allocations of at least 100 million yuan [3] - The electronics industry is the most favored, with a total allocation of 2.032 billion yuan, accounting for 36.78% of the total private placement amount [3] - The power equipment and light manufacturing industries follow closely, each with allocations of 670 million yuan [3] Group 4: Floating Profit by Industry - Of the 17 industries involved in private placements, 16 have achieved floating profits [3] - The public utilities sector leads with a floating profit rate of 113.57%, followed by the non-ferrous metals sector at 84.23% [4] - Other industries with significant floating profits include automotive, mechanical equipment, and basic chemicals, all exceeding 50% [4] Group 5: Market Sentiment and Future Outlook - The active participation of private equity firms in private placements reflects a positive outlook on the long-term performance of the A-share market [5] - The influx of capital from private placements enhances overall market liquidity and activity, indicating a recognition of the value and growth potential of the involved companies [5]