基础化工 | 证券研究报告 — 行业周报 2026 年 2 月 8 日 强于大市 化工行业周报 20260208 国际油价回调，己内酰胺、维生素 E 价格上涨 二月份建议关注：1、低估值行业龙头公司；2、"反内卷"对相关子行业供给端影响；3、下游需求旺 盛，自主可控日益关键背景下的电子材料公司。 行业动态 投资建议 ◼ 截至 2 月 8 日，SW 基础化工市盈率（TTM 剔除负值）为 28.57 倍，处在历史（2002 年至今） 82.89%分位数；市净率为 2.58 倍，处在历史 73.42%分位数。SW 石油石化市盈率（TTM 剔除负 值）为 15.16 倍，处在历史（2002 年至今）46.10%分位数；市净率为 1.47 倍，处在历史 50.93% 分位数。展望 2026 年，本轮行业扩产已近尾声，"反内卷"等措施有望催化行业盈利底部修复， 同时新材料受益于下游需求的快速发展，有望开启新一轮高成长，二月份建议关注：1、低估值行 业龙头公司；2、"反内卷"对相关子行业供给端影响；3、下游需求旺盛，自主可控日益关键背 景下的电子材料公司。中长期推荐投资主线：1、传统化工龙头经营韧性凸显，布局新材料等领域， ...

Group 1 - The core viewpoint of the article highlights that Zhejiang Longsheng has experienced price increases in domestic dyes due to rising raw material costs, specifically mentioning a significant rise in the price of disperse black dye by 3000 yuan per ton [1] Group 2 - The company reported that various dye products, including disperse dyes, reactive brilliant blue, and other reactive dyes, have seen a certain degree of price increase [1]

Group 1 - The company Zhejiang Longsheng (600352) has an annual production capacity of approximately 20,000 tons for its reducing agents [1] - The main producers of this product include Zhejiang Longsheng, Zhejiang Runtou Co., Ltd. (002440), and Ningxia Zhongsheng New Technology Co., Ltd. [1] - There has been a recent increase in the market price of the product, with current quotations around 50,000 yuan per ton [1]

Core Viewpoint - Zhejiang Longsheng (600352) believes that the dye industry landscape will undergo restructuring, leading to further release of dye production capacity due to years of technological and industrial investment [1] Group 1: Company Strategy - The company plans to develop a product tree for intermediates, creating a grid layout to enhance operational efficiency [1] - The company aims to leverage the brand "Dystar" to achieve its global strategic objectives [1]

证券日报网2月6日讯，浙江龙盛（600352）在接受调研者提问时表示，公司目前聚焦新材料、精细特种 化学品等，如PI漆、ASA。 ...

证券日报网2月6日讯 ，浙江龙盛在接受调研者提问时表示，德司达自去年年底成为公司的全资子公 司，目前进行了董事人选的调整，后续公司将与德司达更加紧密协同，更好地运用德司达的全球性市 场，促进公司染料市场的全球化运作。 （文章来源：证券日报） ...

Group 1 - The chemical sector is showing strong performance, with the Chemical ETF (516020) experiencing a price increase of 3.13% as of the report time [1][2] - Key stocks in the sector, including Enjie Co., Ltd., Hongda Co., and Duofuduo, have seen significant gains, with Enjie Co. reaching the daily limit up and others rising over 8% [1][2] - The basic chemical sector has attracted substantial capital inflow, with nearly 20 billion yuan in net inflow, leading among 30 major sectors [1][3] Group 2 - Prices for mainstream refrigerants have continued to rise, with R32 long-term contract prices at 61,200 yuan per ton, up 1,000 yuan from the previous quarter, marking a 1.66% increase [3] - The outlook for the industry suggests that regulatory measures and self-discipline initiatives will strengthen supply constraints, benefiting certain sub-sectors like chlor-alkali and pesticides [3] Group 3 - The Chemical ETF (516020) tracks the CSI sub-sector chemical industry index, covering popular themes such as AI computing power and new energy [4] - Investors can also access the chemical sector through the Chemical ETF linked funds, which provide a more efficient way to invest [4]

Group 1 - The chemical sector is showing strong performance, with the Chemical ETF (516020) experiencing a price increase of 3.13% as of the report [1][8] - Key stocks in the sector, including lithium battery, phosphorus chemical, and fluorine chemical industries, are seeing significant gains, with Enjie Co. hitting the daily limit, and Hongda Co. and Duofuduo both rising over 8% [1][8] - The basic chemical sector has attracted substantial capital, with a net inflow of nearly 20 billion yuan, leading among 30 major sectors [5][10] Group 2 - In the first quarter, the prices of mainstream refrigerants are continuing to rise, with R32 long-term contract prices expected to reach 61,200 yuan per ton, a 1.66% increase from the previous quarter [2][10] - The report suggests that with ongoing anti-involution policies, supply constraints in the industry are expected to strengthen, benefiting certain sub-sectors such as chlorine-alkali, pesticides, and polyester filament [2][10] Group 3 - The Chemical ETF (516020) tracks the CSI sub-sector chemical industry theme index, covering popular topics such as AI computing power, anti-involution, robotics, and new energy [3][11] - Investors can also access the Chemical ETF through linked funds (Class A 012537/Class C 012538) for more efficient exposure to the chemical sector [3][11]

Market Overview - A-shares showed resilience against external market pressures, with major indices recovering after a low opening, resulting in the Shanghai Composite Index rising by 4.40 points (0.11%) to 4080.31 points, the Shenzhen Component Index increasing by 90.46 points (0.65%) to 14043.17 points, and the ChiNext Index up by 21.17 points (0.65%) to 3281.45 points [1] Sector Performance - The chemical sector saw strong performance, with stocks like Cangzhou Dahua, Jinniu Chemical, Baichuan Co., and Baihehua hitting the daily limit [1] - The humanoid robot concept stocks were active, with companies such as Wuzhou Xinchun, Liancheng Precision, and Tianqi Co. also reaching the daily limit [1] - The non-ferrous metals sector showed signs of recovery, with Hunan Gold and Xianglu Tungsten hitting the daily limit [1] - The traditional Chinese medicine sector opened strong, with stocks like Te Yi Pharmaceutical reaching the daily limit [1] Policy Support - The Chinese government, through the Ministry of Industry and Information Technology and other departments, issued a development plan for the traditional Chinese medicine industry, aiming for a collaborative development system by 2030, which is expected to boost the sector's growth [2] Price Dynamics - The price of disperse dyes surged due to a significant increase in the cost of upstream key intermediates, rising from 25,000 yuan/ton to 38,000 yuan/ton, a more than 50% increase, which is expected to drive up prices in the textile dyeing industry as demand increases post-Spring Festival [3] Market Challenges - The liquor sector faced downward pressure, with stocks like Huangtai Liquor hitting the daily limit down, attributed to a decline in demand following the consumption peak around the Spring Festival and increased competition leading to price cuts [4] - AI application stocks experienced declines, with companies like Yaowang Technology and Zhejiang Wenhu falling to the daily limit due to concerns over technology maturity and unclear business models [5] - The optical module and CPO sectors continued to adjust, with stocks like Yuanjie Technology and Xinyisheng dropping over 6% as market expectations normalized [6] Institutional Insights - Zhongjin Securities noted that despite external pressures, there are no typical bull market top signals in Chinese stocks, with ample liquidity and improving earnings, suggesting a continued positive outlook for Chinese asset revaluation [7] - Tianfeng Securities highlighted the fragility of market sentiment, indicating that any news could trigger short-term sell-offs, particularly in the gold market [7] - Huachuang Securities observed a strong recovery in consumer markets expected for the 2026 Spring Festival, driven by government-led consumption initiatives, suggesting potential growth in sectors like dining, tourism, and retail [7]

2月6日，浙江龙盛涨5.04%，截至发稿，报14.79元/股，成交5.14亿元，换手率1.09%，总市值481.17亿 元。 资料显示，浙江龙盛集团股份有限公司位于浙江省绍兴市上虞区道墟街道龙盛大道1号，成立日期1998 年3月23日，上市日期2003年8月1日，公司主营业务涉及染料、中间体、减水剂以及纯碱、合成氨等无 机化工产品。主营业务收入构成为：染料55.83%，中间体23.14%，助剂7.33%，无机产品5.08%，房产 业务3.48%，其它业务1.88%，汽配业务1.23%，颜色标准及可持续发展解决方案1.22%，其他(补 充)0.81%。 从浙江龙盛十大流通股东角度 鹏华中证细分化工产业主题ETF联接A（014942）基金经理为闫冬。 截至发稿，闫冬累计任职时间6年327天，现任基金资产总规模217.96亿元，任职期间最佳基金回报 456.3%， 任职期间最差基金回报-40.74%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.co ...