行 华福证券 基础化工 2026 年 03 月 01 日 业 研 究 行 业 定 期 报 告 基础化工 行业周报：乐天百万吨级乙烯装置将关停，巴斯 夫再度调高 MDI 报价 投资要点： 本周板块行情：本周，上证综合指数上涨 1.98%，创业板指数上涨 1.05%， 沪深 300 上涨 1.08%，中信基础化工指数上涨 6.21%，申万化工指数上涨 7.15%。 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磷 肥及磷化工(18.51%)、纯碱(14.02%)、复合肥(13.17%)、钛白粉(10.63%)、有机 硅(9.76%)；化工板块涨跌幅后五的子行业分别为印染化学品(1.39%)、涂料油 墨颜料(1.81%)、改性塑料(2.13%)、轮胎(2.63%)、涤纶(2.75%)。 本周行业主要动态： 乐天百万吨级乙烯装置将关停。韩国政府 2 月 25 日宣布提供 2.1 万亿韩 元(约合人民币 100 亿元)的财政和税收支持，用于乐天化学公司和 HD 现代 化学公司在大山工业园区的重组项目。这是韩国石化行业大规模自救计划 中首个获批的重组项目。根据重组计划，乐天化学将把位于韩国忠清南道 的大仙 ...

证券日报网讯 2月9日，航天彩虹在互动平台回答投资者提问时表示，公司的光学膜主要应用于高端液 晶显示器材背光膜组、抗静电保护膜、触摸屏保护膜、汽车用膜等。 （文章来源：证券日报） ...

Core Viewpoint - The company focuses on high-tech film sectors, emphasizing innovation in process technology and new product development [1] Group 1: Business Focus - The company is dedicated to the development of functional polyester films and optical films as its two main business areas [1] - The company employs a comprehensive control model encompassing "R&D + procurement + production + sales" to accurately meet market demands [1]

2026年1月27日，鞋用胶粘剂龙头企业广东裕田霸力科技股份有限公司发布公告，宣布公司北交所上市申请已完成辅导备案，正式开启冲击北交所上市的 征程。 这一动作，标志着这家深耕细分领域二十余年的企业，向着资本市场迈出了关键一步。 2025年6月4日，裕田霸力正式挂牌新三板。值得一提的是，此次为裕田霸力为二次挂牌。裕田霸力曾于2015年9月11日在新三板挂牌，随后于2017年7月14 日起摘牌。 业绩方面，根据公司已披露的2025中报，公司实现营业收入2.43亿元，净利润2674万元，同比增长18.22%，盈利能力持续提升。 切入光学膜领域 在巩固鞋用胶粘剂主业优势的同时，裕田霸力积极寻求新的业绩增长点。 据裕田霸力介绍，自2024年起开始切入光学膜领域。公司采取委托加工的方式生产光学膜产品，下游客户聚焦消费电子生产商。 凭借深厚的技术积累和产业资源，裕田霸力顺利通过3C终端客户OPPO的产品检测，成功进入其供应链体系，成为光学膜二级配套供应商。 目前，裕田霸力已与多家企业建立业务合作关系，顺利开展光学膜产品的销售及回款工作。在上游采购方面，公司也与供应商签订采购合同，保障原材料 稳定供应。 此次冲刺北交所上市， ...

Investment Rating - The report does not explicitly state an overall investment rating for the industry, but it highlights several investment opportunities across different sectors within the chemical industry. Core Insights - The report emphasizes the approval of the Longhua New Material's polyether project, which is expected to enhance the company's market position and profitability in the domestic polyether sector [3]. - China National Petroleum Corporation (CNPC) has achieved large-scale production of polyolefin elastomers using gas-phase technology, reducing reliance on imports for strategic emerging industries like photovoltaics [3]. - The report identifies several investment themes, including the competitiveness of domestic tire manufacturers, the potential recovery in consumer electronics, and the resilience of certain cyclical industries [4]. Summary by Sections Market Performance - The Shanghai Composite Index fell by 0.44%, while the CSI 300 rose by 0.08%. The CITIC Basic Chemical Index decreased by 2.4% [13]. - The top-performing sub-industries included dye chemicals (11.76%), compound fertilizers (4%), and phosphate fertilizers (2.63%), while modified plastics (-7.72%) and potassium fertilizers (-7.61%) were among the worst performers [16]. Key Industry Developments - Longhua New Material's project for producing 200,000 tons of environmentally friendly polyether products has been approved, with a total investment of 600 million yuan, expected to be completed by 2028 [3]. - CNPC's breakthrough in gas-phase production of polyolefin elastomers is set to alleviate import dependence for high-end materials crucial for photovoltaic applications [3]. Investment Themes - **Tire Industry**: Domestic tire companies are becoming increasingly competitive, with recommended stocks including Sailun Tire, Senqilin, and Linglong Tire [4]. - **Consumer Electronics**: A gradual recovery is anticipated, with upstream material companies expected to benefit. Key companies to watch include Dongcai Technology and Stik [4]. - **Cyclical Industries**: Focus on industries with strong resilience and inventory destocking, particularly in phosphate and fluorine chemicals, is advised [4]. - **Vitamin Supply**: Supply disruptions in vitamins A and E due to BASF's force majeure are expected to create supply imbalances, with companies like Zhejiang Medicine and New Hecheng recommended [7]. Sub-Industry Reviews - **Polyurethane**: The report notes price fluctuations in MDI and TDI, with current prices at 17,500 yuan/ton and 14,300 yuan/ton respectively [27][32]. - **Tire Production**: The operating rate for all-steel tires is at 62.41%, while semi-steel tires are at 75.35%, indicating a strong demand in the market [49]. - **Fertilizers**: Urea prices have increased to 1,776.7 yuan/ton, with a slight decrease in production rates noted [62]. Price Trends - The average price for vitamin A is reported at 61.5 yuan/kg, while vitamin E has seen a slight increase to 55.5 yuan/kg [77]. - The price of萤石 has risen to 3,375 yuan/ton, reflecting a 1.5% increase [81]. This summary encapsulates the key points from the industry report, highlighting investment opportunities and market dynamics without including risk warnings or disclaimers.

Core Viewpoint - The company, Riko Optoelectronics, anticipates a net profit attributable to shareholders of 93 million to 120 million yuan for 2025, representing a year-on-year growth of 37.83% to 77.85% [1] Group 1: Financial Performance - The expected profit growth is primarily driven by the stable growth of the dimming conductive film business, which has become a significant performance growth engine [1] - The dimming conductive film serves as a core electrode material for dimming films, with applications in automotive sunroofs, side windows, and rearview mirrors [1] - The optical film, mainly used in automotive displays and consumer electronics, has shown good market acceptance, with a notable increase in sales volume and revenue during the reporting period [1]

Core Viewpoint - Dazhongnan's stock price has shown a positive trend in early January 2025, with significant trading volume and a notable increase in net profit year-on-year despite a slight decline in revenue [1][2]. Group 1: Stock Performance - On January 12, Dazhongnan's stock rose by 2.33%, reaching 3.52 CNY per share, with a trading volume of 160 million CNY and a turnover rate of 2.46% [1]. - Year-to-date, the stock price has increased by 5.71%, with a 4.76% rise over the last five trading days and a 6.34% increase over the last 20 days, although it has decreased by 1.40% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Dazhongnan reported a revenue of 939 million CNY, a year-on-year decrease of 3.83%, while the net profit attributable to shareholders was 12.06 million CNY, reflecting a significant year-on-year increase of 158.98% [2]. - Cumulative cash dividends since the company's A-share listing amount to 172 million CNY, with no dividends paid in the last three years [3]. Group 3: Shareholder Information - As of December 31, 2025, the number of shareholders for Dazhongnan was 108,300, a decrease of 3.42% from the previous period, with an average of 17,338 circulating shares per shareholder, an increase of 3.55% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 14.65 million shares as a new shareholder [3].

Group 1: AI Chip Industry - The AI chip market in China is projected to grow from CNY 142.54 billion in 2024 to CNY 1,336.79 billion by 2029, driven by government support and technological advancements in the domestic AI industry [5][6]. - The domestic AI industry is categorized into three stages: the first focuses on self-sufficient AI computing, storage, and power chips; the second on chip manufacturing processes like wafer fabrication and packaging; and the third on foundational technologies such as materials and EDA [6][8]. - Key players in the AI chip market include Huawei, Cambricon, and Haiguang Information, with significant growth expected in AI storage and computing chips [6][7]. Group 2: Banking Sector - The banking sector is expected to see a steady growth of CNY 3.8 trillion in wealth management products by 2026, with a year-on-year increase of 11.46% [11]. - The demand for short-term wealth management products is rising, particularly non-current management products with a duration of less than one month, which are expected to yield annualized returns close to 3-year fixed deposit rates [12]. - Major banks like Citic Bank and Everbright Bank are recommended for their diversified product lines and strong research capabilities, while other banks such as SPDB and Bank of Beijing are also seen as beneficiaries [15]. Group 3: High-end Membrane Materials - The Chinese high-end membrane materials industry is poised for rapid growth due to geopolitical tensions and the shift of the global optoelectronic industry towards China, with a focus on breaking Japan's technological monopoly [19][20]. - Key domestic companies in this sector include Dongcai Technology and Jiemai Technology, which are expanding their production capacities and entering supply chains of major clients [20]. - The market for optical films and release films is characterized by high technical barriers, with significant opportunities for domestic manufacturers to capture market share from established foreign competitors [20][21]. Group 4: Semiconductor Equipment and Materials - The semiconductor materials and equipment sector is expected to accelerate its domestic capabilities due to increased geopolitical risks and supply chain security concerns, with a focus on self-sufficiency [29][30]. - Key areas for growth include photoresists and coating equipment, where domestic companies are beginning to establish a foothold in high-end markets [31][32]. - Beneficiaries in this sector include companies like Tongcheng New Materials and Changchuan Technology, which are positioned to capitalize on the growing demand for domestic semiconductor solutions [33]. Group 5: Animal Health Industry - The company is a leading player in the animal health sector, with a strong pipeline of vaccines, including the upcoming launch of a novel African swine fever vaccine, which is expected to significantly enhance profitability [34][36]. - The company has a robust R&D framework, with a focus on innovation and a diverse range of vaccine products, which positions it well for future growth [35]. - The anticipated market for the African swine fever vaccine could reach CNY 8.4 billion annually, providing a substantial growth opportunity for the company [36].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a positive outlook for the basic chemical industry, indicating a recovery in PTA processing fees and an overall improvement in supply and demand dynamics [3][4] - The report emphasizes the potential for domestic high-end film materials to replace imports, driven by geopolitical tensions and the shift of the global optoelectronic industry to China [3] Summary by Relevant Sections Industry Trends - The basic chemical industry is projected to outperform the overall market, with a significant recovery in PTA processing fees noted [1][3] - The industry is experiencing an upward trend in overall prosperity, particularly in the polyester supply chain [3] High-End Film Materials - The report discusses the critical role of high-end film materials in the optoelectronic industry, highlighting the significant market potential and high barriers to entry [3] - Domestic manufacturers such as Dongcai Technology and Jiemai Technology are expanding their production capacities and successfully entering supply chains of major clients [3] Key Players and Developments - Dongcai Technology is rapidly expanding its optical base film capacity and diversifying its product offerings [3] - Jiemai Technology is making strides in the high-end MLCC release film market, achieving stable supply to major clients [3] - Other notable companies include Shuangxing New Materials and Sidik, which are also enhancing their production capabilities and entering domestic supply chains [3]

Core Viewpoint - Aerospace Rainbow's stock has shown a positive trend with a year-to-date increase of 5.09% and a significant rise in the last 60 days of 11.50%, indicating strong market interest and performance [1]. Group 1: Stock Performance - As of January 8, Aerospace Rainbow's stock price reached 25.20 CNY per share, with a trading volume of 4.67 billion CNY and a market capitalization of 248.20 billion CNY [1]. - The stock has experienced a 5.79% increase over the last five trading days and an 8.86% increase over the last 20 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Aerospace Rainbow reported a revenue of 1.523 billion CNY, reflecting a year-on-year growth of 18.02%. However, the net profit attributable to shareholders was 6.062 million CNY, which represents a decrease of 1.67% compared to the previous year [2]. Group 3: Shareholder Information - As of November 28, 2025, the number of shareholders for Aerospace Rainbow increased to 123,000, while the average number of circulating shares per person decreased to 8,004 shares [2]. - The company has distributed a total of 464 million CNY in dividends since its A-share listing, with 178 million CNY distributed in the last three years [3].