Investment Rating - The industry investment rating is maintained at "Outperform" [2] Core Insights - The basic chemical industry index closed at 4729.08 points, down 4.35% from the previous week, underperforming the CSI 300 index by 2.59% [18] - The domestic PC market has entered a price increase cycle driven by a tight supply-demand balance, with prices rising significantly since the beginning of 2026 [6] - The price of disperse dyes has shown strong upward momentum, with significant increases driven by rising costs of key raw materials [8] Industry Overview - The basic chemical industry index has seen a decline, with 2 sub-industries rising and 23 falling as of February 6, 2026 [21] - The domestic PC market has experienced a price increase of 500-1000 CNY/ton, with production margins rising by 48.58% [6] - The supply-demand balance in the PC market is expected to improve due to a lack of new production capacity in 2026 [6] Sub-Industry Performance - The synthetic resin and other rubber products sectors have shown positive performance, while viscose and coal chemical sectors have declined significantly [21] - The average operating rate for viscose short fibers has remained high, with a total inventory of 96,600 tons as of February 6, 2026, indicating potential for price increases [9] - The tire industry has seen a decrease in operating rates, with full steel tire rates at 60.45% and semi-steel tire rates at 72.09% [38] Price Trends - The price of disperse dyes has increased from 18,000 CNY/ton to 21,000 CNY/ton within a month, driven by rising costs of key intermediates [8] - The average industry operating rate for polyester filament is approximately 79.97%, with a notable decrease in demand leading to a cautious market outlook [31] - Key chemical products have shown varied price movements, with some experiencing significant increases while others have seen declines [26][29]

Group 1: Price Adjustments - Zhejiang Longsheng announced a price increase of 5000 yuan/ton for certain disperse dye products due to rising prices of reducing agents [1] - Lun土股份 also reported a similar price increase of approximately 5000 yuan/ton for disperse black dye, attributing it to the rising costs of reducing agents [1] - Fulaient has issued a price adjustment notice for multiple disperse dye products, with increases ranging from 2000 to 3000 yuan per ton, expected to be around 10% [1] Group 2: Industry Overview - The disperse dye sector has seen a recent surge, with companies like Haixiang Pharmaceutical and Jihua Group experiencing significant stock performance [2] - China is the largest producer, trader, and consumer of dyes globally, accounting for approximately 70%-75% of the world's total dye production [2] - Major production areas for dyes in China include Zhejiang, Jiangsu, and Shandong, with a high industry concentration [2] Group 3: Market Trends - The disperse dye industry has faced a downward trend over the past five years, but a turning point is emerging as the core intermediate, reducing agents, has started to increase in price [3] - The price of reducing agents rose over 50% from 25,000 yuan/ton to 38,000 yuan/ton by the end of January [3] - Disperse dye prices have also been on the rise, with increases noted in January, indicating a potential price turning point [3] Group 4: Future Outlook - The production of reducing agents is subject to high environmental standards and complex processes, leading to the exit of smaller producers unable to meet these standards [4] - The supply structure is highly concentrated, with major capacities held by integrated giants, which may lead to sustained price increases for reducing agents [4] - The traditional peak season for the printing and dyeing industry in March and April may exacerbate supply-demand tensions as downstream manufacturers stock up in anticipation of price hikes [4]

Group 1 - The dispersed dye concept has recently shown strong performance, with Haixiang Pharmaceutical (002099) achieving three consecutive trading limits, while Jihua Group (603980) has seen four consecutive trading limits [1] - Other companies such as Shanshui Technology (301190), Yayun Co. (603790), Runtu Co. (002440), and Yabang Co. (603188) have also experienced upward movement in their stock prices [1] - Zhejiang Longsheng (600352) has announced a price adjustment for certain dispersed dye products, with the main product, dispersed black, increasing by 5000 yuan per ton as of February 8 [1] Group 2 - The recent rise in prices of reducing agents has contributed to Runtu Co.'s dispersed dye black price increasing by approximately 5000 yuan per ton [1]

正如柠檬醛之于VA，还原物优异的供给格局决定了其行业协同一旦达成，下游染料格局将被瞬时优化，原材料供 给的不足或价格压力将迫使染料迅速进入供需紧张状态。 历史上柠檬醛扰动带来VA价格曾上涨超过10倍，染料属性与维生素趋同，下游对其价格敏感度低，此轮高度值得 期待。 （浙江龙盛）为什么我们看好此轮染料涨价的持续性和高度？ 正如柠檬醛之于VA，还原物优异的供给格局决定了其行业协同一旦达成，下游染料格局将被瞬时优化，原材料供 给的不足或价格压力将迫使染料迅速进入供需紧张状态。 历史上柠檬醛扰动带来VA价格曾上涨超过10倍，染料属性与维生素趋同，下游对其价格敏感度低，此轮高度值得 期待。 头部企业态度的坚决，一体化叠加规模化 （浙江龙盛）为什么我们看好此轮染料涨价的持续性和高度？ 我们认为很难，这一方面来自多年的价格战已清退大量中小产能，目前格局高度集中，且还原物的品质将较大程 度影响染料品质，另一方面来自还原物生产工艺中涉及到的硝化及加氢环节危险性较高，重启需漫长审批。 我们看好此轮头部企业主导的染料新一轮涨价行情，高度及持续性或超市场预期，建议关注浙江龙盛、闰土股 份、锦鸡股份、吉华集团、安诺其，雅运股份，部分标 ...

Important Matters - Evert plans to acquire 100% of Shengpu shares, with stock resuming trading on February 10 [1] - Hainan Mining intends to acquire 69.9% stake in Fengrui Fluorine Industry, with stock resuming trading on February 10 [1] - Runtou Co., which has seen its core product disperse dye prices rise by approximately 5000 yuan per ton recently, has achieved two consecutive trading limit increases [1] - Zhejiang Longsheng has announced another price adjustment for certain types of disperse dyes on February 8, with price sustainability dependent on supply and demand [1] - Taisheng Wind Power's rocket fuel storage tank production line is designed for an annual capacity of 60 tanks, expected to be operational by mid-2026 [1] - Dingsheng Technology has signed a cooperation framework agreement with Huineng Technology for solid-state batteries and the new energy industry [1] - Microelectrophysiology has received EU MDR certification for its magnetic navigation ablation catheter and star high-density mapping catheter [1] - Yuandong Bio has completed the first dosing of the Phase I clinical trial for the EP-0210 monoclonal antibody injection [1] - Xinyi Sheng has mass-produced and delivered 1.6T optical modules, while advancing the development of 3.2T, 6.4T, and 12.8T products [1] Investments, Contracts, and Collaborations - Mengguli plans to invest 929 million yuan to build a project for an annual production of 30,000 tons of lithium-ion battery cathode materials [1] - Zhiguang Electric's subsidiary has signed a 1.004 billion yuan contract for energy storage systems [1] - Daily Interaction's wholly-owned subsidiary intends to increase capital by 10 million yuan in Yuntong Shuda [1] - Jinhui Co. plans to acquire 100% of Fusheng Mining for 210 million yuan, which holds a gold mining right with an annual production capacity of 50,000 tons [1] - Yuanjie Technology intends to invest 1.251 billion yuan to build a second-phase research and production base for optoelectronic communication semiconductors, focusing on high-speed optical chips [1] - Zhongke Shuguang plans to issue convertible bonds to raise no more than 8 billion yuan for advanced computing cluster systems aimed at artificial intelligence [1] Share Buybacks - Huitai Medical plans to repurchase shares worth 150 million to 200 million yuan for employee stock ownership plans or equity incentives [2] - Kaiying Network intends to repurchase shares worth 100 million to 200 million yuan [2] - Dianzhi Technology plans to repurchase shares worth 100 million to 200 million yuan [2]

Group 1 - Xi Jinping emphasized the importance of technological self-reliance for building a modern socialist country during his visit to the National Innovation Park in Beijing, where he observed advancements in AI and robotics [1] - The Shanghai, Shenzhen, and Beijing stock exchanges announced a package of measures to optimize refinancing processes for high-quality listed companies, aiming to enhance refinancing efficiency [2] - The Ministry of Commerce plans to implement a vehicle trade-in program by 2026 to boost automotive consumption, alongside other reforms in the automotive circulation sector [3] Group 2 - Zhongke Shuguang announced plans to issue convertible bonds to raise up to 8 billion yuan for advanced computing cluster projects focused on AI [5] - Efort plans to acquire 100% of Shengpu shares, with stock resuming trading on February 10; Hainan Mining intends to acquire 69.9% of Fengrui Fluorine Industry shares, also resuming trading [6] - Jinhui shares announced a 210 million yuan acquisition of 100% of Fusheng Mining, which holds a gold mining license with an annual production capacity of 50,000 tons [6] Group 3 - Mengguli announced an investment of 929 million yuan to build a project for producing 30,000 tons of lithium-ion battery cathode materials annually [7] - Yuanjie Technology plans to invest 1.251 billion yuan in the second phase of a semiconductor chip and device R&D production base, focusing on high-speed optical chips [7] - Cuihua Jewelry is under investigation by the CSRC for suspected violations of information disclosure regulations [8] Group 4 - The transportation regulatory office conducted a meeting with Gaode Dache, highlighting issues such as inadequate management of partner ride-hailing platforms and improper emergency responses [13] - The U.S. stock market saw gains, with major indices rising, particularly Oracle, which increased by over 9% [14] - COMEX gold futures rose by 2.1% to $5084.2 per ounce, while silver futures increased by 8% to $83.05 per ounce [15]

Industry News - The Ministry of Transport's new regulatory meeting addressed issues with Gaode Taxi, highlighting management shortcomings and requiring immediate corrective actions to protect driver rights [41] - The Ministry of Commerce held a meeting with automotive companies to discuss strategies for enhancing automotive consumption, including the implementation of a vehicle trade-in program and industry management improvements by 2026 [41] - Apple plans to launch a new iPhone Flip model following the iPhone Fold, prompting Samsung Display to evaluate expanding OLED panel production capacity for Apple [41] - Rare earth product prices have increased, with praseodymium-neodymium oxide averaging 798,800 yuan/ton, up 41,300 yuan/ton; neodymium metal averaging 976,300 yuan/ton, up 61,900 yuan/ton; dysprosium oxide averaging 1,400,800 yuan/ton, up 16,500 yuan/ton; and terbium oxide averaging 6,214,300 yuan/ton, up 77,200 yuan/ton [41][42] Company News - Zhiguang Electric announced a contract for the sale of energy storage systems worth 1.004 billion yuan [43] - Zhejiang Longsheng reported a price increase of 5,000 yuan/ton for certain disperse dyes as of February 8 [43] - Source Technology plans to invest 1.251 billion yuan in the second phase of its optical communication semiconductor chip and device R&D production base [48] - Jinwei Co. intends to acquire 100% of Fusheng Mining for 210 million yuan, with the target company holding mining rights for a production scale of 50,000 tons/year [48]

2月9日盘后，浙江龙盛发布机构调研公告称2月8日公司分散染料部分品种再次调价，其中主要产品分散 黑报价近期累计上涨5000元/吨。 后续走势如何？ 染料行业属于充分竞争行业，印度活性染料产能也已有相当规模。但过去五年分散染料行业震荡下行， 中间体环节利润也显著压缩，行业产能不断出清，行业拐点出现。 对于此次调价，浙江龙盛表示直接因素是还原物价格上涨，染料进行了跟调。此外，浙江龙盛还提到， 近期活性染料相对分散染料来说，大品种涨价相对温和，但也有个别小品种涨价明显，特别是一些重要 中间体（如还原物、6氯）的涨价，如活性艳兰报价由15万元/吨上调至18万元/吨。 随后二连板的闰土股份也发布投资者关系活动记录表，其中明确提到公司分散染料黑价格近期已每吨累 计上涨约5000元。闰土股份表示，还原物是分散染料较重要的中间体之一，其价格近两年来在较低位运 行。从元月下旬开始上涨，截至目前，还原物市场报价在7万元/吨左右。 此外，据证券时报报道，福莱蒽特销售部已向其客户发布提价通知，自今日起对旗下多款分散染料产品 调整价格。自2026年2月9日起，分散染料价格作适当调整，其中分散黑ECT（300%）等9款产品每吨提 价20 ...

证券日报网2月9日讯 ，浙江龙盛在接受调研者提问时表示，近期，活性染料相对分散染料来说，大品 种涨价相对温和，但也有个别小品种涨价明显，如活性艳兰报价由15万元/吨上调至18万元/吨。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网2月9日讯 ，浙江龙盛在接受调研者提问时表示，公司一如既往地看好德司达的行业地位， 会继续强化其全球渠道与品牌协同，加速全球化与高端化布局，在当前地缘政治和贸易关税的背景下， 公司认为德司达是一个不错的平台，会有很多机会。 ...