来源：中国能源网 东吴证券近日发布2026年大化工行业投资策略：中海油继续增储上产和降本增效，承诺2025-2027年不 低于45%的分红率。中石油继续受益于国内天然气市场化改革。中石化关注国内炼油化工反内卷进展。 磷化工：下游新能源动力电池和储能需求拉动磷酸铁和六氟磷酸锂需求，带动磷化工产业链景气度提 升；氟化工：下游AI需求提升带动液冷需求。 以下为研究报告摘要： 投资方向1：红利策略。推荐：中国海油、中国石油、中国石化。我们预计2026年布伦特油价中枢60-70 美元/桶。 中海油继续增储上产和降本增效，承诺2025-2027年不低于45%的分红率。中石油继续受益于国内天然 气市场化改革。中石化关注国内炼油化工反内卷进展。 投资方向2：资金配置化工低估值龙头。推荐：万华化学、宝丰能源、卫星化学、华鲁恒升。市场增量 资金（含量化）优先配置化工ETF权重股，化工龙头受益于成本、技术、市场等行业壁垒，业绩基本见 底。 投资方向3：下游需求驱动涨价。 1）传统需求：关注食品添加剂、农药、化肥。①食品添加剂：维生素、蛋氨酸等食品添加剂需求稳健 增长，关注：新和成、安迪苏；②农药：下游海外农药制剂企业补库，国内农药 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 10 companies, including Guoen Technology, regarding their overseas listing application [1] - Guoen Technology submitted its listing application to the Hong Kong Stock Exchange on June 26, 2025, with CMB International as the sole sponsor [1] - The CSRC has requested Guoen Technology to clarify the debt repayment capability of its actual controller and whether its projects are classified as "high energy consumption" or "high emissions" [1] Group 2 - Guoen Technology is a comprehensive enterprise group driven by technological innovation, focusing on long-term scale efficiency [3] - The company implements a "one body, two wings" development strategy, establishing a vertically integrated industrial platform in the large chemical and health industries [3] - In the large chemical sector, Guoen Technology focuses on the chemical new materials industry chain, building a "new materials+" ecological circle and extending upstream to green petrochemical materials [3] - In the health sector, Guoen Technology concentrates on the natural collagen industry, developing a vertically integrated product layout from animal collagen to end products [3]