风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 细分领域景气上行，化工行业景气修复可期，2月11日，化工ETF国泰（516220）收涨2.2%。 申万宏源指出，染料、PVA、维生素等细分领域景气上行。例如，染料龙头企业于节前连续上调报 价，核心中间体供应紧张；PVA因海外装置受极端天气影响，出口订单增加，价格持续攀升；维生素则 因头部厂商计划停产检修并上调报价，节后供应预期趋紧。这些品类虽属传统化工领域，但其价格联动 上涨，释 ...

（来源：淘金ETF） 文中市盈率为2月8日收盘数据，仅供参考。 1. 华峰化学（002064），市净率：2.29 浙江温州的企业，主营氨纶、己二酸等产品，是全球氨纶行业龙头，产能规模与市场份额位居行业前 列，在差别化氨纶领域具备较强技术优势，产品广泛应用于纺织服装、医疗等领域，在氨纶细分赛道的 产能与技术实力处于全球领先水平。公司在生物基氨纶、再生氨纶等绿色纤维领域布局较早，随着全球 可持续发展趋势推进，绿色纤维需求有望持续增长。未来随着化学纤维行业供需格局优化，公司作为氨 纶龙头有望受益于行业集中度提升，同时在差别化氨纶、生物基纤维等新赛道的拓展，有望为公司带来 新的业务增量，提升盈利空间与估值水平。 2. 桐昆股份（601233），市净率：1.4 浙江嘉兴的企业，主营涤纶长丝、PTA等产品，是国内涤纶长丝行业龙头，产能规模与市场份额位居行 业前列，在涤纶长丝差别化、高端化领域具备较强技术与产能优势，产品广泛应用于纺织服装、家纺等 领域，在涤纶长丝细分赛道的产能与市场份额处于国内领先水平。公司在再生涤纶、生物基涤纶等绿色 纤维领域布局，随着下游纺织服装需求回暖及再生纤维政策推动，绿色纤维需求有望持续增长。未 ...

一、短期逻辑：资金布局与成本端趋稳，构筑价格底部支撑 短期看，板块资金流入反映市场对拐点的预期，同时油价、煤价等核心成本预期趋于稳定，为化工品价格提供了明确的底部支撑。 化工板块的短期活跃，并非无源之水。从基本面看，关键的边际变化在于成本端的预期趋于稳定。市场预期原油价格将在一个相对宽松的区间内运行，煤炭 价格中长期或底部震荡，天然气进口成本亦有下滑可能。这对于处于中游的化工行业至关重要，因为稳定的原材料成本意味着企业盈利波动区间收窄，产品 价格的底部支撑更为明确。此外，1月份制造业PMI虽略有波动，但"反内卷"政策的推进及季节性需求回暖，带动了PPI环比继续上涨，同比降幅收窄。短期 来看，成本托底与政策环境为化工品价格及企业盈利修复创造了初步条件。 二、中长期视角：供需格局重塑，"反内卷"与新兴需求驱动价值重估 中长期视角下，化工行业正经历深刻的供给侧出清与需求结构升级。国内"反内卷"政策与全球产能重构优化供给，而半导体、新能源等新兴产业则带来持续 成长动力，行业逻辑从单纯周期波动转向"周期复苏+成长溢价"。 跳出短期波动，化工行业的中长期投资逻辑正变得更加清晰和扎实，其核心是供给侧的革命性变化与需求侧的结 ...

PVA、维生素景气上行 个预期强化,重视营 fib -《化工周报 26/2/2-26/2/6》 相关研究 《生物基 PDO 格局优化，台积电资本开支 大幅增加，半导体材料景气持续上行- 《化工周报 26/1/12-26/1/16》》 2026/01/18 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 赵文琪 A0230523060003 zhaowg@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230525090001 zhouchao@swsresearch.com 李绍程 A0230525070002 lisc@swsresearch.com 李彦宏 A0230125030002 liyh@swsresearch.com 基础化工 2026 年 02 月 10 日 联系人 马昕晔 A023051109000 ...

行 业 及 产 业 基础化工 2026 年 02 月 10 日 染料、PVA、维生素景气上行，节 后提价预期强化，重视春旺化工板 块布局 看好 ——《化工周报 26/2/2-26/2/6》 相关研究 《生物基 PDO 格局优化，台积电资本开支 大幅增加，半导体材料景气持续上行—— 《化工周报 26/1/12-26/1/16》》 2026/01/18 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230525090001 zhouchao@swsresearch.com 李绍程 A0230525070002 lisc@swsresearch.com 李彦宏 A0230125030002 liyh@swsresearch ...

杉杉股份8日公告，公司控股股东将变更为皖维集团，公司实际控制人将变更为安徽省国资委。 杉杉股份旗下杉金光电前身为LG化学偏光片业务部，目前是全球最大的偏光片供应商，有望与皖维高新的PVA光 学膜业务协同（类似公司PVB胶片与集团内明池玻璃协同），叠加公司两大新材料目前仍为日本企业把控，26年 公司新材料板块有望加速放量，我们测算新材料产能达产后可贡献约5亿元利润。 皖维高新推荐：集团成功中标杉杉集团重整，新材料有望加速放量，近期PVA景气上行 杉杉股份8日公告，公司控股股东将变更为皖维集团，公司实际控制人将变更为安徽省国资委。 杉杉股份旗下杉金光电前身为LG化学偏光片业务部，目前是全球最大的偏光片供应商，有望与皖维高新的PVA光 学膜业务协同（类似公司PVB胶片与集团内明池玻璃协同），叠加公司两大新材料目前仍为日本企业把控，26年 公司新材料板块有望加速放量，我们测算新 皖维高新推荐：集团成功中标杉杉集团重整，新材料有望加速放量，近期PVA景气上行 公司成本优势显著，PVA周期底部利润可看到3亿元，盐城在建20万吨乙烯法PVA投产后底部利润可抬升至7亿 元。 近期美国醋酸装置现供给端扰动，PVA出口需求较好， ...

Group 1: Industry Overview - The chemical industry is experiencing a fundamental improvement driven by both policy and cyclical support, with measures to control traditional capacity expansion and encourage high-end material development [1] - The PPI data shows a narrowing decline, indicating a potential upward trend in chemical product prices, which supports the profitability recovery of leading companies [2] Group 2: Company Positioning - Double Xin Environmental Protection, as a leading player in the PVA industry, benefits from a complete circular economy industrial chain and has a cost advantage with a production capacity of 130,000 tons per year [2] - The company has a stable market share of 13% in the domestic market and has accumulated 260 authorized patents, enhancing its technological edge [2] Group 3: Growth Potential - The company’s IPO raised approximately 1.8 billion yuan, focusing on high-value downstream areas, including PVB and optical film projects, aligning with green policies [3] - The company is actively exploring diverse application scenarios in lithium batteries, optics, aerospace, and robotics, which are expected to drive future growth [3] Group 4: Future Outlook - With ongoing optimization in the chemical industry and the release of high-end demand, the company is positioned to achieve sustained profitability beyond expectations [4] - Short-term performance is expected to benefit from rising PVA prices and pre-holiday stocking demand, while long-term growth will be driven by new project capacities and market expansions [4]

Group 1: Industry Overview - The chemical industry is experiencing a fundamental improvement driven by both policy and cyclical support, with measures to control traditional capacity expansion and encourage high-end material development [1] - The PPI data shows a narrowing decline, indicating a potential upward trend in chemical product prices, which supports profitability recovery for leading companies [2] Group 2: Company Positioning - Double Xin Environmental, as a leader in the PVA industry chain, benefits from structural adjustments in the industry, with a market capitalization of approximately 17.3 billion yuan and a trading volume of 253 million yuan [1] - The company has a complete circular economy industry chain, achieving a cost advantage with a production capacity of 130,000 tons of PVA and a market share of 13% [2] Group 3: Competitive Advantages - The company has built a cost barrier through its full industry chain layout and has a strong technical advantage from its high-end transformation, with a production capacity of 870,000 tons of calcium carbide [2] - Double Xin Environmental has obtained 260 authorized patents and is involved in setting national and industry standards, enhancing its competitive edge in high-end product markets [2] Group 4: Growth Potential - The company’s IPO raised approximately 1.8 billion yuan, focusing on high-value downstream areas, including PVB and optical film projects, aligning with green policies [3] - The company is actively exploring diverse application scenarios in lithium batteries, optics, aerospace, and robotics, which are expected to drive future growth [3] Group 5: Future Outlook - With ongoing optimization in the chemical industry's supply side and the release of high-end demand, Double Xin Environmental is positioned to exceed profitability expectations [4] - The company is expected to transition from a PVA leader to a high-end new materials platform, with a focus on production capacity release and new market entry [4]

Group 1 - The core viewpoint of the article highlights that Shuangxin Environmental Protection (001369.SZ) has indicated the broad application potential of PVA, particularly in the robotics sector [1] Group 2 - The Food and Beverage ETF (Product Code: 515170) tracks the CSI Sub-Industry Food and Beverage Theme Index, with a recent five-day change of 0.72% and a price-to-earnings ratio of 20.16 times. The latest share volume is 10.19 billion, a decrease of 110 million, with a net subscription/redemption of -64.507 million [3] - The Gaming ETF (Product Code: 159869) tracks the CSI Animation and Gaming Index, showing a five-day change of 6.22% and a price-to-earnings ratio of 39.31 times. The latest share volume is 9.02 billion, an increase of 10 million, with a net subscription/redemption of 152.54 million [3] - The Sci-Tech 50 ETF (Product Code: 588000) tracks the SSE Sci-Tech 50 Index, with a five-day change of 6.83% and a price-to-earnings ratio of 172.84 times. The latest share volume is 53.51 billion, a decrease of 670 million, with a net subscription/redemption of -1.02 billion [3] - The Cloud Computing 50 ETF (Product Code: 516630) tracks the CSI Cloud Computing and Big Data Theme Index, showing a five-day change of 5.59% and a price-to-earnings ratio of 98.61 times. The latest share volume is 240 million, a decrease of 3 million, with a net subscription/redemption of -5.089 million [3]