Group 1 - The core point of the news is that Wanhua Chemical plans to increase capital for its wholly-owned subsidiary Wanhua Olefins by a total of 19.086 billion yuan, which will enhance the competitiveness of its carbon two industry [1] - The capital increase will involve injecting approximately 14.586 billion yuan worth of assets related to a 1.2 million ton ethylene integrated project and a 4.5 billion yuan debt into Wanhua Olefins, raising its registered capital from 3 billion yuan to 4 billion yuan [1] - This move aims to centralize the operation and management of Wanhua Chemical's carbon two industry under the same legal entity, Wanhua Olefins [1] Group 2 - The petrochemical business has become the main source of revenue for Wanhua Chemical, with the carbon two industry chain being a key focus [2] - In the first three quarters of the previous year, sales revenue from petrochemical products was 59.319 billion yuan, a year-on-year decrease of 4.29%, despite significant increases in production and sales volumes [2] - The company is undergoing capacity transformation to optimize raw material structure and reduce costs, with the Yantai industrial park's ethylene phase one facility now capable of flexible feed switching between ethane and propane [2]

Summary of Key Points from Conference Call Records Industry Overview - The chemical industry is expected to experience a significant decline in new supply in 2026 and 2027, leading to an upward cycle due to price synergy effects and the exit of overseas capacity [1][2] - The tightening of national carbon emission targets will impact the approval of oil and infrastructure projects, pushing chemical companies towards green transformation [1][7] Core Insights and Arguments - Major chemical companies have made substantial fixed asset investments during the 14th Five-Year Plan, which are expected to translate into profits in the coming years, with some companies potentially having P/E ratios as low as 3-4 times [1][5] - The PX market is operating at high capacity utilization, with expected profits around 1,000 CNY/ton being sustainable due to the rapid digestion of new capacity [1][9] - The olefin market is projected to improve long-term, supported by national policies, with an expected upward cycle from 2027 to 2029 [1][11] Company-Specific Insights Wanhua Chemical - Fixed assets and construction projects have significantly increased, with potential profits at the bottom of the cycle estimated at 15-16 billion CNY, and central profit levels reaching around 30 billion CNY [3][20] - The company’s market cap corresponds to a P/E ratio of 8-9 times, indicating substantial profit potential as the cycle rebounds [20] Longbai Group - Fixed assets have grown significantly, with potential profits estimated at 12 billion CNY based on historical averages [21][22] - The company’s market cap corresponds to a P/E ratio of around 9 times, suggesting a favorable valuation [22] Rongsheng Petrochemical - Fixed asset investments have been significantly higher than those of Hengli Petrochemical, with potential peak profits estimated between 20 billion to 30 billion CNY [23][24] - Future profitability will depend on the market conditions for ethylene and its downstream products [24] Hengli Petrochemical - The company is seen as stable and a key indicator of product reversals, with significant overseas expansion potential [14][13] - Expected profits could reach 60-70 billion CNY if current favorable conditions persist [13] Shenghong Petrochemical - The company has not fully benefited from industry conditions but has significant upside potential, with expected profits from new energy sectors [12] Other Important Insights - The chemical industry is currently characterized by a shorter duration from the bottom of the down cycle to the upturn, aided by price synergy effects and high industry concentration [4] - The large refining industry is at the tail end of its capacity cycle, with cash flow expected to improve significantly [8] - The agricultural chemicals sector faces oversupply issues, with key signals from agricultural product prices [28] Market Trends and Future Outlook - The oil market is expected to improve in the second half of 2026, with prices potentially fluctuating between 70-80 USD per barrel [15][16] - OPEC is likely to maintain production levels, indicating a slow growth cycle for oil supply, which could stabilize prices [17] - The refrigerant market is expected to see price increases, although the rate of increase may slow down [33][34] This summary encapsulates the key points from the conference call records, highlighting the chemical industry's dynamics, company-specific insights, and broader market trends.

Core Insights - The report indicates that after a period of volatility, the market is expected to regain momentum in February, supported by a decrease in the volatility index from a peak of 102 to around 32, which is historically low [2][3] - The report emphasizes the importance of focusing on two main investment themes: technology growth and cyclical recovery, as funds are likely to rotate towards underperforming sectors [3][4] Investment Themes - **Technology Growth**: The AI industry is experiencing significant positive changes, with expectations for OAI listings and advancements in storage, CPU, and packaging sectors. The report highlights the importance of monitoring policy catalysts and industry developments, particularly in emerging sectors like aerospace, new materials, and quantum technology [6][6] - **Cyclical Recovery**: The report suggests that sectors such as chemicals, real estate, and core consumer assets are expected to see a rebound as market sentiment improves. The report notes that these sectors are currently at low points in their economic cycles, with potential for recovery as institutional positions are historically low [6][6] Recommended Stocks - **Jingsheng Electromechanical (300316.SZ)**: The company is positioned to benefit from increasing demand in space and overseas photovoltaic equipment, with a market cap of 58.3 billion and projected EPS growth from 0.95 in 2026 to 1.17 in 2027 [7][7] - **Nuwai Co., Ltd. (603699.SH)**: As a leading industrial valve manufacturer, the company is expected to see growth driven by LNG and marine vessel demand, with a projected EPS increase from 2.51 in 2026 to 3.00 in 2027 [7][7] - **Longjing Environmental Protection (600388.SH)**: The company is focusing on green electricity and energy storage, with a projected EPS growth from 1.20 in 2026 to 1.37 in 2027 [7][7] - **Chip Microelectronics (688630.SH)**: The company anticipates significant profit growth, with EPS expected to rise from 4.18 in 2026 to 6.08 in 2027 [7][7] - **AVIC High-Tech (600862.SH)**: The company is expected to benefit from the increasing demand for aerospace materials, with projected EPS growth from 1.17 in 2026 to 1.29 in 2027 [7][7] - **Ping An Insurance (601318.SH)**: The company is projected to maintain strong growth in new business value (NBV), with EPS expected to rise from 8.59 in 2026 to 9.74 in 2027 [7][7] - **Rabbit Baby (002043.SZ)**: The company is expected to see steady growth in the decorative board industry, with projected EPS growth from 1.05 in 2026 to 1.15 in 2027 [7][7] - **Wanhua Chemical (600309.SH)**: The company is expected to benefit from improving MDI and TDI market conditions, with projected EPS growth from 5.13 in 2026 to 5.79 in 2027 [7][7] - **Tianfu Communication (300394.SZ)**: The company is positioned to benefit from the demand for optical modules, with projected EPS growth from 4.10 in 2026 to 5.38 in 2027 [7][7] - **Shaanxi Tourism (603402.SH)**: The company is expected to see growth driven by its core tourism operations, with projected EPS growth from 6.65 in 2026 to 7.61 in 2027 [7][7]

2026 年 02 月 02 日 券商金股解析月报（2026 年 02 月） 金融工程研究团队 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 盛少成（分析师） 证书编号：S0790523060003 蒋 韬（分析师） 证书编号：S0790525070001 相关研究报告 《开源量化评论（23）-"金股+"组 合的量化方案》-2021.4.26 《开源量化评论（32）-券商金股的内 部收益结构》-2021.8.29 魏建榕（分析师） 高鹏（分析师） weijianrong@kysec.cn 证书编号：S0790519120001 gaopeng@kysec.cn 证书编号：S0790520090002 2 月份券商金股特征解析 2 月份紫金矿业、中际旭创、海光信息、万华化学、贵州茅台、福斯特、山东黄 金等金股推 ...

Core Viewpoint - The article highlights the successful entry of Wanhua Chemical into the lithium iron phosphate (LFP) market, emphasizing its strategic positioning and technological advancements in the context of the booming global lithium battery industry [2][3]. Group 1: Market Dynamics - The global lithium battery cathode material market is projected to reach 4.798 million tons by 2025, marking a 48.5% year-on-year increase, with LFP shipments expected to hit 3.654 million tons, a staggering 67.2% increase, capturing 78% market share [2][3]. - The demand for LFP is driven by the rising penetration of electric vehicles and explosive growth in the renewable energy storage sector, positioning LFP as the preferred material for downstream enterprises [3]. Group 2: Competitive Landscape - The LFP market, previously dominated by a few leading companies, is undergoing significant restructuring as more players enter the field, intensifying competition [3]. - By 2025, the top 10 companies in China's lithium iron phosphate cathode material shipments include Hunan Youneng, De Fang Nano, Wanhua Chemical, and others, indicating Wanhua's successful positioning in the market [4][3]. Group 3: Company Background and Strategy - Wanhua Chemical, established in 1998, has transformed from a small leather factory into a global leader in high-end chemical materials, leveraging its extensive technical expertise and supply chain capabilities to enter the lithium battery sector [5]. - The company has strategically built a comprehensive lithium battery materials ecosystem, covering various core segments such as LFP, ternary materials, and electrolytes, breaking away from traditional single-point layouts [5]. Group 4: Production Capacity and Technological Innovation - Wanhua Chemical has established a production capacity matrix across Shandong and Sichuan, with planned capacities of 650,000 tons in Laizhou, 500,000 tons in Haiyang, and over 100,000 tons in Meishan, totaling over 1.25 million tons [5][6]. - The company has developed high-pressure compacted LFP technology, achieving a density of ≥2.5 g/cm³ and a capacity retention rate of ≥90% after 500 cycles, which is crucial for meeting the demands of modern electric vehicles and energy storage systems [6][7]. Group 5: Project Developments - Key projects, including the 650,000 tons LFP project in Laizhou and the 200,000 tons project in Haiyang, are progressing towards implementation, with environmental assessments underway [8][9]. - The Meishan project aims to upgrade existing production lines to enhance capacity, further solidifying Wanhua's position in the southwestern market [9][10]. Group 6: Market Expansion and Collaborations - Wanhua Chemical is expanding its market reach, having established strategic partnerships with companies in Europe and domestic markets to supply LFP materials and key raw materials [11]. - The company's cross-industry approach, combining chemical expertise with renewable energy initiatives, positions it to influence the existing LFP market structure and contribute to the industry's transition towards high-end, large-scale, and low-carbon solutions [11].

2026 年 02 月 02 日 券商金股解析月报（2026 年 02 月） 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 蒋 韬（分析师） 证书编号：S0790525070001 相关研究报告 《开源量化评论（23）-"金股+"组 合的量化方案》-2021.4.26 《开源量化评论（32）-券商金股的内 部收益结构》-2021.8.29 魏建榕（分析师） 高鹏（分析师） weijianrong@kysec.cn 证书编号：S0790519120001 gaopeng@kysec.cn 证书编号：S0790520090002 2 月份券商金股特征解析 2 月份紫金矿业、中际旭创、海光信息、万华化学、贵州茅台、福斯特、山东黄 金等金股推 ...

Market Overview - The chemical products sector experienced a decline of 4.83% on February 2, with Meibang Technology leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Notable gainers in the chemical products sector included: - Wanfeng Co., Ltd. (603172) with a closing price of 28.30, up 9.99% on a trading volume of 52,700 shares [1] - Fulu Technology (688350) closed at 28.42, up 3.65% with a volume of 136,800 shares [1] - Tiansheng New Materials (300169) at 7.11, up 3.64% with 311,400 shares traded [1] - Major decliners included: - Meibang Technology (920471) with a closing price of 18.57, down 12.61% on a volume of 102,000 shares [2] - Yida Co., Ltd. (300721) at 15.57, down 11.23% with 256,000 shares traded [2] - Zhongchumei (688267) at 28.92, down 10.02% with a volume of 85,100 shares [2] Capital Flow - The chemical products sector saw a net outflow of 3.325 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.427 billion yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Jinghua New Materials (603683) with a net inflow of 37.77 million yuan from institutional investors [3] - Wanfeng Co., Ltd. (603172) had a net inflow of 12.78 million yuan from institutional investors [3] - Yida Co., Ltd. (300721) experienced a net outflow of 32.26 million yuan from retail investors [3]

摩根士丹利 将 万华化学 评级下调至平配；目标价80元人民币。 ...

Group 1: Macro Insights - The report highlights that the recent volatility in gold and silver prices is primarily driven by market momentum reversals, with silver attracting high leverage and speculative funds since November 2025 [2][5] - The report anticipates that after the appointment of the new Federal Reserve Chairman, there will be more interest rate cuts than the market expects, with short-term U.S. Treasury yields likely to decline [2][4] - The report notes that the recent decline in the manufacturing PMI does not indicate a weakening economy, as it reflects a temporary fluctuation rather than a downward trend [10] Group 2: Commodity Market Analysis - The report indicates that the recent crash in silver prices has led to liquidity risks that may spread to other commodities, particularly in the non-ferrous metals sector [5][6] - It emphasizes the importance of monitoring the support levels for gold prices, particularly the 60-day moving average, which is currently at $4,400 per ounce [5] - The report suggests that the Shanghai Futures Exchange has implemented measures to manage the risk of a one-sided market in silver futures [5] Group 3: Equity Market Outlook - The report predicts a rebound in the A-share market following the Spring Festival, driven by positive sentiment from performance forecasts and new developments in sectors like AI applications and commercial aerospace [6][10] - It advises a balanced ETF allocation in domestic equities, reflecting a cautious yet optimistic outlook for the market [11] Group 4: Bond Market Perspective - The report notes that the bond market is expected to see increased buying activity due to risk aversion and expectations of monetary easing, with 10-year yields projected to decline to around 1.80% [7][10] - It highlights that the recent adjustments in risk appetite have created trading opportunities in government bonds as a hedge against stock market volatility [4][7]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable declines in share prices across multiple sectors, suggesting a bearish sentiment in the market. Group 1: Major Stocks with Capital Outflows - Zhongji Xuchuang experienced the highest capital outflow of 3.861 billion, with a share price decline of 8.94% [1][2] - BlueFocus Media saw a capital outflow of 2.275 billion, with a decrease of 8.4% in its stock price [1][2] - Zijin Mining had an outflow of 1.891 billion, reflecting an 8.79% drop in its share price [1][2] - Industrial Fulian faced an outflow of 1.839 billion, with a 3.5% decline in stock value [1][2] - Zhaoyi Innovation reported a capital outflow of 1.673 billion, with a significant drop of 10% in its share price [1][2] Group 2: Additional Stocks with Notable Outflows - Shannon Microelectronics had an outflow of 1.520 billion, with a steep decline of 12.36% [1][2] - BYD experienced a capital outflow of 1.374 billion, with a 4.22% decrease in its stock price [1][2] - Baiwei Storage saw an outflow of 1.183 billion, with a decline of 10.35% [1][2] - Jiangbolong had an outflow of 1.150 billion, with a 10.77% drop in its share price [1][2] - Northern Rare Earth reported an outflow of 1.027 billion, with a 7.62% decline [1][2] Group 3: Other Stocks with Capital Outflows - China Aluminum faced an outflow of 1.016 billion, with a stock price decrease of 9.98% [1][2] - Tianfu Communication had an outflow of 0.977 billion, with a 4% decline in its share price [1][3] - SMIC reported an outflow of 0.953 billion, with a 4.81% drop [1][3] - iFlytek experienced an outflow of 0.797 billion, with a 4.36% decline [1][3] - Wanhua Chemical had an outflow of 0.741 billion, with an 8.68% decrease [1][3]