Price Trends - The latest price of adipic acid as of January 26 is 7633.33 yuan per ton, reflecting a recent increase of 3.15% over the last 5 days [2][4] - Over the past 30 days, the price has risen by 11.71% [2][4] - In the last 60 days, the price has increased by 13.37% [2][4] Related Producers - Key producers in the adipic acid market include Huafeng Chemical (002064), Hualu Hengsheng (600426), Yangmei Chemical (600691), Shennong Co. (600810), and Kailuan Co. (600997) [2][4]

数据显示，红塔红土基金旗下1只基金重仓华鲁恒升。红塔红土稳健精选混合型A（009817）四季度持 有股数1.17万股，占基金净值比例为2.5%，位居第八大重仓股。根据测算，今日浮亏损失约2.23万元。 红塔红土稳健精选混合型A（009817）成立日期2020年10月16日，最新规模738.58万。今年以来收益 1.7%，同类排名7016/8861；近一年收益12.24%，同类排名6168/8126；成立以来收益20.84%。 1月27日，华鲁恒升跌5.03%，截至发稿，报36.08元/股，成交9.35亿元，换手率1.19%，总市值766.06亿 元。 红塔红土稳健精选混合型A（009817）基金经理为杨兴风。 资料显示，山东华鲁恒升化工股份有限公司位于山东省德州市天衢西路24号，成立日期2000年4月26 日，上市日期2002年6月20日，公司主营业务涉及尿素、甲醇的生产和销售。主营业务收入构成为：新 能源新材料相关产品48.34%，化学肥料24.61%，醋酸及衍生品10.82%，其他产品7.75%，有机胺 7.33%，副产品及其他1.15%。 从基金十大重仓股角度 声明：市场有风险，投资需谨慎。 本文基于第 ...

1月27日，华鲁恒升盘中下跌2.03%，截至10:09，报37.22元/股，成交2.65亿元，换手率0.33%，总市值 790.26亿元。 华鲁恒升所属申万行业为：基础化工-农化制品-氮肥。所属概念板块包括：醋酸、化学原料概念、煤化 工、化肥等。 截至9月30日，华鲁恒升股东户数4.40万，较上期减少16.59%；人均流通股48213股，较上期增加 19.90%。2025年1月-9月，华鲁恒升实现营业收入235.52亿元，同比减少6.46%；归母净利润23.74亿元， 同比减少22.14%。 分红方面，华鲁恒升A股上市后累计派现89.65亿元。近三年，累计派现47.75亿元。 机构持仓方面，截止2025年9月30日，华鲁恒升十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股3798.00万股，相比上期减少3837.47万股。华泰柏瑞沪深300ETF（510300）位居第五大流 通股东，持股2519.73万股，相比上期减少133.51万股。鹏华中证细分化工产业主题ETF联接A （014942）位居第六大流通股东，持股2228.05万股，为新进股东。中泰星元灵活配置混合A（006567） 位居第十大流 ...

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with significant growth potential identified by brokerage firms [1][3] - The companies with the highest target price increases include Baili Tianheng at 368.30%, Luoyang Molybdenum at 37.88%, and Sanqi Interactive Entertainment at 29.53%, representing the chemical pharmaceutical, industrial metals, and gaming industries respectively [1][3] - A total of 23 listed companies received brokerage recommendations on January 26, with companies like Jianda Co., Shouhua Gas, and Huayuan Bio receiving one recommendation each [3] Group 2 - On January 26, one company had its rating upgraded, specifically Hualu Hengsheng, which was raised from "Hold" to "Buy" by Tianfeng Securities [4][6] - The only company receiving a first-time coverage rating on January 26 was Boshi Jie, which was given a "Strong Buy" rating by China Merchants Securities [6][7]

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 4133 | -0.09 | 4.26 | 0.45 | | 深证综指 | 2721 | -0.92 | 7.04 | 0.77 | | 风格指数 | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | (％) | | | | | 大盘指数 | 0 | 0.36 | 13.54 | | 中盘指数 | -0.39 | 11.93 | 34.07 | | 小盘指数 | -1.66 | 10.48 | 26.75 | | 涨幅居前 | 昨日 | 近 1 个月 | 近 6 个月 | | 行业(％) | | | | | 贵金属 | 10.24 | 46.38 | 97.93 | | 动物保健Ⅱ | 5.27 | 16.4 | 31.45 | | 工业金属 | 5.24 | 23.79 | 96.1 | | 小金属Ⅱ | 4.86 | 31.59 | 73.96 | | 饰品 | 4 ...

2026.01. 26 本文字数：2633，阅读时长大约4分钟 作者 | 第一财经 魏中原 近期A股春季行情中，化工板块表现亮眼，成为市场焦点。万华化学（600309.SH）、恒力石化（600346.SH）、华鲁恒升（600426.SH）等龙头股迭创 阶段新高，环氧丙烷等化工品价格持续上涨，带动相关个股表现强劲。数据显示，1月19日至23日，基础化工板块上涨7.29%，在申万31个行业中排名第 四，该行业1月以来累计涨逾13%，跑赢电子与通信。 在以科技为主线的本轮牛市行情中，资金开始拥抱化工现象背后，是化工行业从2021年高点后经过四年低迷，正逐步走出周期底部，迎来景气度反转。 随着上市公司2025年度业绩预告密集披露，化工板块的"春意"渐浓，多家龙头化工企业的"扭亏""预增"公告，如同预告着行业基本面的回暖，行业盈利回 升趋势明显，为板块估值修复提供了坚实支撑，市场正对化工板块进行重新定价。 除了上述龙头，一批公司在报告期内实现了惊人的增长弹性或彻底的困境反转。例如，农药行业的利民股份、利尔化学等公司均预计去年净利润增幅超过 100%。更有多家公司成功"扭亏为盈"，如康达新材（002669.SZ）、万凯新 ...

Core Insights - The rapid growth of electric vehicle demand is driving the need for lithium-ion batteries, with lithium iron phosphate (LiFePO4) becoming a mainstream material due to its safety, cost-effectiveness, and longevity [1] - The energy density of LiFePO4 batteries is relatively low, which limits their application in the power battery sector as the market demands longer driving ranges [1] - High-density lithium iron phosphate (LiFePO4) is defined as having a packing density of over 2.6 g/cm³, significantly enhancing battery energy density and charging speed, making it highly sought after by downstream battery manufacturers [2] Industry Developments - Domestic manufacturers are investing in oxalic acid iron production capacity, with major players like Hualu Hengsheng holding over 58% of the market share [3] - The production of oxalic acid iron is expected to consume approximately 37.56 million tons of oxalic acid based on current capacity estimates [3] - The price of oxalic acid has shown a V-shaped trend since 2020, with a recent peak in December, indicating a potential for both volume and price increases in the future [3] Company Analysis - Hualu Hengsheng's projected net profit for 2025-2027 has been adjusted to 2.994 billion, 4.635 billion, and 4.827 billion yuan, respectively, with a target price set at 46.37 yuan per share [4] - The company is expected to benefit significantly from the rising demand for high-density lithium iron phosphate, leading to increased revenue and profitability [3][4]

Core Viewpoint - Hualu Hengsheng's stock price has shown significant growth in recent months, with a year-to-date increase of 22.62% and a 51.13% rise over the past 60 days, indicating strong market performance and investor interest [1]. Financial Performance - For the period from January to September 2025, Hualu Hengsheng reported a revenue of 23.55 billion yuan, a year-on-year decrease of 6.46%, and a net profit attributable to shareholders of 2.37 billion yuan, down 22.14% compared to the previous year [2]. - Cumulatively, since its A-share listing, Hualu Hengsheng has distributed a total of 8.97 billion yuan in dividends, with 4.78 billion yuan distributed over the last three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Hualu Hengsheng was 44,000, reflecting a decrease of 16.59% from the previous period, while the average circulating shares per person increased by 19.90% to 48,213 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 37.98 million shares, a decrease of 38.37 million shares from the previous period, while new shareholder Penghua CSI Sub-Segment Chemical Industry Theme ETF has entered the list with 22.28 million shares [3].

Core Viewpoint - The company aims to leverage the "14th Five-Year Plan" achievements to drive high-quality development and transformation in the "15th Five-Year Plan" period, focusing on stability, progress, and practical measures for sustainable growth [1][3]. Group 1: Strategic Focus - The company will balance quality and quantity, existing and new resources, internal and external factors, and stability and progress to enhance its competitive capabilities [2][5]. - Key areas of focus include strengthening resilience against market fluctuations, fostering new productive forces, and optimizing the development structure [3][4]. Group 2: Innovation and Investment - The company plans to invest 1.4 billion yuan in R&D to enhance innovation platforms and attract high-level talent, aiming to develop cutting-edge technologies [4]. - A total investment of 7 billion yuan is planned for new high-end chemical materials projects to bolster competitiveness [4]. Group 3: Cost Management and Profitability - The company aims to maintain a low-cost, sustainable competitive advantage, with key operational metrics positioned in the top 5% of the industry [5][6]. - The target is to keep the sales profit margin above 15% to enhance profitability [5]. Group 4: Safety and Environmental Responsibility - The company will implement comprehensive safety production systems and enhance environmental protection measures to ensure safe and sustainable operations [7]. - Efforts will include optimizing existing environmental facilities and reducing pollutant emissions while promoting carbon utilization [7].

Core Viewpoint - The company aims to leverage the "14th Five-Year Plan" achievements to drive high-quality development and transformation in the "15th Five-Year Plan" period, focusing on stability, progress, and practical measures for sustainable growth [1][2]. Group 1: Strategic Focus - The company will balance quality and quantity, existing and new resources, internal and external factors, and stability and progress to enhance its competitive capabilities [2][3]. - Key areas of focus include strengthening resilience against market fluctuations, fostering new productive forces, and optimizing the development structure [3][4]. Group 2: Innovation and Investment - The company plans to invest 1.4 billion yuan in R&D to enhance innovation platforms and attract high-level talent, aiming to develop cutting-edge technologies [4]. - A total investment of 7 billion yuan is planned for new high-end chemical materials projects to further enhance competitiveness [4]. Group 3: Cost Management and Profitability - The company aims to maintain a low-cost, sustainable competitive advantage, with key operational metrics positioned within the top 5% of the industry [5][6]. - The target is to keep the sales profit margin above 15% and ensure a 100% production and sales rate, enhancing cash flow and project funding [6]. Group 4: Safety and Environmental Responsibility - The company will implement a comprehensive safety production system and enhance environmental protection measures to ensure safe and sustainable operations [7]. - Efforts will include optimizing existing environmental facilities and reducing pollutant emissions while promoting carbon reduction and resource recycling [7].