2月2日，君正集团跌5.08%，截至发稿，报5.61元/股，成交7.79亿元，换手率1.61%，总市值473.37亿 元。 资料显示，内蒙古君正能源化工集团股份有限公司位于内蒙古乌海市乌达工业园区，成立日期2003年2 月16日，上市日期2011年2月22日，公司主营业务涉及聚氯乙烯树脂、烧碱等产品的生产、销售,化工物 流业务。主营业务收入构成为：化学原料和化学制品70.60%，物流综合服务26.79%，其他2.07%，热力 0.55%。 从基金十大重仓股角度 数据显示，富国基金旗下1只基金重仓君正集团。富国泰享回报6个月持有期混合A（012010）四季度减 持7.87万股，持有股数31.46万股，占基金净值比例为0.71%，位居第十大重仓股。根据测算，今日浮亏 损失约9.44万元。 富国泰享回报6个月持有期混合A（012010）成立日期2021年6月17日，最新规模2.11亿。今年以来收益 2.94%，同类排名5977/9000；近一年收益11.04%，同类排名6347/8193；成立以来收益19.02%。 富国泰享回报6个月持有期混合A（012010）基金经理为朱晨杰、俞晓斌。 截至发稿，朱晨杰累计任职时 ...

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [2] Core Insights - The dye industry is expected to experience an upward trend that may exceed market expectations, with price increases for various types of dyes ranging from 1,000 to 3,000 RMB. Key companies to watch include Zhejiang Longsheng, Runtu Co., Jinchicken Co., and Jihua Group [2] - The PVC industry is accelerating its transition to mercury-free production, leading to the exit of small and medium-sized capacities. The price of PVC is anticipated to have upward recovery potential due to supply contraction and stable demand expectations. Companies to focus on include Xinjiang Tianye, Junzheng Group, Ordos, and Beiyuan Group [2] - The commercial aerospace sector is witnessing significant catalysts, with SpaceX planning to deploy up to 1 million satellites for large-scale AI inference and data centers, indicating a competitive acceleration in global space resources [2] Industry Dynamics - Current macroeconomic judgment indicates that oil prices are expected to remain in a relatively loose range, with Brent crude projected between 55-70 USD per barrel. Coal prices are stabilizing, and natural gas costs are expected to decline as the U.S. accelerates its export facility construction [3][5] - The chemical sector is experiencing a recovery in PPI, with a year-on-year decrease of -1.9% and a month-on-month increase of +0.2%. The manufacturing PMI for January recorded 49.3%, indicating some volatility in manufacturing operations [5] Investment Analysis - The report suggests a diversified investment strategy across four main areas: 1. Textile and apparel chain, with a focus on companies like Luxi Chemical and Tongkun Co. 2. Agricultural chemicals, with companies such as Hailir and Yunnan Yuntianhua highlighted. 3. Export-related chemical products, particularly in fluorine chemicals and MDI, with companies like Juhua and Wanhua Chemical recommended. 4. Companies benefiting from "anti-involution" policies, such as Biyuan Chemical and Xuefeng Technology [2] - Key materials for growth include semiconductor materials, panel materials, and lithium battery materials, with companies like Yake Technology and Xinhuan Technology noted for their potential [2] Company Valuation - Selected companies in the agricultural chemicals sector include: - Hailir: "Increase" rating, market cap of 49.96 billion RMB, projected net profit of 4.45 billion RMB for 2026 [18] - Yangnong Chemical: "Buy" rating, market cap of 325.88 billion RMB, projected net profit of 19.26 billion RMB for 2027 [18] - In the fertilizer and chlor-alkali sector, companies like Yuntianhua and Xingfa Group are also rated "Increase" with significant market caps and projected profits [18]

Investment Rating - The report maintains a positive investment rating for the chemical industry, highlighting the potential benefits from the "dual carbon" policy implementation [5]. Core Insights - The "dual carbon" policy is expected to significantly impact the chemical industry, with a focus on carbon emissions control becoming a rigid constraint during the 14th Five-Year Plan period [6][14]. - The report identifies that the attention towards "dual carbon" from provincial leaders has increased by 137% since September 2025, indicating a shift in focus towards carbon emissions as a critical performance metric [7][18]. - The chemical industry is anticipated to undergo structural changes, with high carbon intensity sectors facing supply constraints, while low-carbon leaders are expected to benefit from the transition [8][30]. Summary by Sections 1. "14th Five-Year Plan": Carbon Peak Closing Battle - Local carbon assessments may treat carbon emissions as an equally important rigid constraint [15]. - High carbon intensity sectors such as ammonia fertilizer, coal chemical, and chlorine-alkali are likely to face capacity constraints first [29][30]. 2. Petrochemical "Dual Carbon" Opportunities - The petrochemical sector is expected to undergo a transformation driven by the "dual carbon" goals, with a focus on optimizing supply and demand structures [38]. - Refining sector dynamics are shifting towards improved supply-demand balance due to stringent approval processes for new projects and the elimination of high-energy-consuming capacities [38]. 3. Basic Chemical "Dual Carbon" Opportunities - Coal chemical industry is projected to stabilize supply under carbon limits, driving quality improvements in the sector [3.1]. - Carbon fiber and fluorochemical sectors are expected to benefit from process optimization and green transitions [3.2][3.3]. 4. Investment Recommendations - The report suggests focusing on three categories of leading companies: 1. Integrated leaders in the oil chemical sector with scale and efficiency advantages [8]. 2. Coal chemical leaders with advanced processes and low emissions [8]. 3. High-quality firms in fluorochemical and carbon fiber sectors that align with "dual carbon" goals [8].

# 影响：1政策持续推动PVC无汞催化剂替代，而无汞化改造需高额一次性资本开支，部分中小及高成本产能缺 乏资金实力完成改造，或将被迫退出市场，倒逼行业供应端收缩，进 政策加码PVC无汞化，或带来落后产能出清打开盈利修复空间【中泰建材&化工|孙颖团队】 # 事件： 生态环境部在添汞产品及用汞聚氨酯工艺管控公告答记者问上，明确表明各部门将协同加快PVC行业无 汞化转型，聚焦无汞催化剂研发攻关。 政策加码PVC无汞化，或带来落后产能出清打开盈利修复空间【中泰建材&化工|孙颖团队】 # 事件： 生态环境部在添汞产品及用汞聚氨酯工艺管控公告答记者问上，明确表明各部门将协同加快PVC行业无 汞化转型，聚焦无汞催化剂研发攻关。 # 相关标的： 中泰化学（260万吨）、新疆天业（134万吨）、 君正集团（80万吨）、氯碱化工（48万吨）、嘉化 能源（30万吨）、三友化工（52.5万吨）、凯立新材（PVC无汞催化剂龙头）。 # 影响：1政策持续推动PVC无汞催化剂替代，而无汞化改造需高额一次性资本开支，部分中小及高成本产能缺 乏资金实力完成改造，或将被迫退出市场，倒逼行业供应端收缩，进而优化整体供需格局、缓解过剩压力，促进 行 ...

【开源化工】氯碱行业推荐更新：水俣公约限制、氯碱行业亏损加剧、高能耗限制，多重因素加快氯碱落后产能 退出，行业迎来历史性新变化-0128 事件： 生态环境部强调要加快推动聚氯乙烯行业无汞化转型 据生态环境部1月26日消息，生态环境部固体废物与化学品司有关负责同志就《关于发布含汞电池等12种添汞产品 和使用含汞催化剂生产聚氨酯工艺管控要求的公告》答记者问时表示，我国将聚焦无汞催化剂研发攻关等关键环 节，加快推动聚氯乙 【开源化工】氯碱行业推荐更新：水俣公约限制、氯碱行业亏损加剧、高能耗限制，多重因素加快氯碱落后产能 退出，行业迎来历史性新变化-0128 事件： 生态环境部强调要加快推动聚氯乙烯行业无汞化转型 据生态环境部1月26日消息，生态环境部固体废物与化学品司有关负责同志就《关于发布含汞电池等12种添汞产品 和使用含汞催化剂生产聚氨酯工艺管控要求的公告》答记者问时表示，我国将聚焦无汞催化剂研发攻关等关键环 节，加快推动聚氯乙烯行业无汞化转型。 解读：水俣公约限制、氯碱行业亏损加剧、高能耗限制，多重因素加快氯碱落后产能退出，行业迎来历史性新变 化 1.什么是《关于汞的水俣公约》（以下简称《公约》）？ 《公约》 ...

基础化工 基础化工 2026 年 01 月 28 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% 0% 14% 29% 43% 58% 2025-02 2025-06 2025-10 基础化工 沪深300 相关研究报告 《降碳趋势下龙头企业有望充分受 益，氯化钾市场格局稳中偏强—行业 周报》-2026.1.25 《农药出口退税率取消或下调，行业 反内卷持续深化—农药行业点评报 告》-2026.1.17 水俣公约等多重因素加快氯碱落后产能退出，行业有 望迎来历史性新变化 ——行业点评报告 | 金益腾（分析师） | 宋梓荣（分析师） | | --- | --- | | jinyiteng@kysec.cn | songzirong@kysec.cn | | 证书编号：S0790520020002 | 证书编号：S0790525070002 | 事件：生态环境部强调要加快推动聚氯乙烯行业无汞化转型 据生态环境部 1 月 26 日消息，生态环境部固体废物与化学品司有关负责同志就 《关于发布含汞电池等 12 种添汞产品和使用含汞催化剂生产聚氨酯工艺管控要 求的公告》答记者问时表示，我国将聚焦无汞催化剂 ...

Core Viewpoint - The successful delivery of the "SC DIAMOND" marks a significant milestone in the collaboration between Junzheng Shipping and Wuchang Shipbuilding, enhancing Junzheng Shipping's position in the global liquid chemical transportation market [1][2]. Group 1: Company Developments - Junzheng Group's subsidiary, Junzheng Shipping, has entered a new phase of cooperation with Wuchang Shipbuilding, focusing on the construction of a fleet of 10 stainless steel chemical tankers, which will optimize the fleet structure and expand its market share [2][3]. - The "SC DIAMOND" is the first of the series of 10 vessels, equipped with advanced environmental protection and energy-saving systems, meeting the latest green shipping standards [2][3]. - Junzheng Group has established a global logistics network for liquid chemicals, controlling a fleet of 1.0881 million tons and 43,515 tanks, with joint operations of 166,500 cubic meters of storage tanks and two 50,000-ton chemical terminals by June 30, 2025 [1]. Group 2: Industry Context - The global trade of chemical products is on the rise, and the demand for green shipping is becoming increasingly stringent, positioning Junzheng Group to enhance its market standing in high-end liquid chemical logistics [4]. - Junzheng Shipping is recognized as a leading player in the liquid chemical shipping sector, having successfully transported hazardous liquids such as TDI, MDI, and PO, and is committed to optimizing fleet structure and operational management [2][3].

基础化工 基础化工 2026 年 01 月 28 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% 0% 14% 29% 43% 58% 2025-02 2025-06 2025-10 基础化工 沪深300 相关研究报告 《降碳趋势下龙头企业有望充分受 益，氯化钾市场格局稳中偏强—行业 周报》-2026.1.25 《涤纶长丝行业新一轮减产开启，草 铵膦供需向好、价格上涨—行业周报》 -2026.1.18 《农药出口退税率取消或下调，行业 反内卷持续深化—农药行业点评报 告》-2026.1.17 水俣公约等多重因素加快氯碱落后产能退出，行业有 望迎来历史性新变化 ——行业点评报告 | 金益腾（分析师） | 宋梓荣（分析师） | | --- | --- | | jinyiteng@kysec.cn | songzirong@kysec.cn | | 证书编号：S0790520020002 | 证书编号：S0790525070002 | 事件：生态环境部强调要加快推动聚氯乙烯行业无汞化转型 据生态环境部 1 月 26 日消息，生态环境部固体废物与化学品司有关负责同志就 《关于发布含汞电池等 12 种 ...

本报讯(记者马宇薇)在"双碳"目标与全球产业链重构的双重驱动下，中国民营企业正加速向科技创新要 动力、向绿色转型要空间。 1月27日，《证券日报》记者从内蒙古君正能源化工集团股份有限公司(以下简称"君正集团 （601216）")获悉，该公司正以创新工作室为核心载体，构建起"技术攻坚、人才集聚、生态共荣"的全 链条创新体系，让技术创新成为驱动企业高质量发展的第一引擎，为传统化工产业转型升级注入强劲动 能。 创新是君正集团立足市场、持续发展的核心密码，该公司通过顶层设计搭建起覆盖全产业链的创新平台 矩阵。目前，君正集团已建成1个内蒙古自治区级、3个乌海市级职工创新工作室，与2个内蒙古自治区 级企业研究开发中心、1个内蒙古自治区级企业技术中心高效联动、优势互补，形成多层级、全方位的 创新生态；公司打造"双轮驱动"机制，实现内部创新活力激发与外部智力资源引入的有机结合，持续激 活企业创新内生动力。 绿色发展理念始终贯穿君正集团产业实践全过程。君正集团在清洁能源与产业布局上持续向绿而行。一 方面完成落后产能置换升级，新建绿色低碳可降解塑料循环产业链、450MW光伏发电项目，布局风光 制氢一体化项目，构建起高效清洁、循环 ...

| 601001 | 晋控煤业 | -3.20 | 1.15 | -821.43 | | --- | --- | --- | --- | --- | | 603113 | 金能科技 | -3.06 | 2.14 | -808.77 | | 600117 | 西宁特钢 | -2.33 | 0.91 | -808.08 | | 600180 | 瑞茂通 | -1.61 | 1.61 | -633.76 | | 601225 | 陕西煤业 | -2.65 | 0.55 | -609.66 | | 000552 | 甘肃能化 | -2.46 | 1.84 | -593.07 | | 601101 | 昊华能源 | -2.44 | 0.96 | -567.01 | | 001286 | 陕西能源 | -1.51 | 1.28 | -556.15 | | 600348 | 华阳股份 | -1.28 | 1.71 | -492.85 | | 002535 | 林州重机 | -0.97 | 2.86 | -488.80 | | 600740 | 山西焦化 | -3.38 | 1.13 | -486.85 | | 002691 ...