2026 年 02 月 27 日 "申万宏源十大金股组合" —— 2026 年第 3 期：3 月 1 日-3 月 31 日 组合说明： ⚫ "金股组合"一方面体现申万宏源未来 1 个月的大势研判观点及风格判断结论，另一方面 体现我们申万宏源整体研究团队的研究能力与市场竞争力，在严格的申报筛选流程下，我 们从全行业的角度为投资者精选个股，力求为投资者提供踏实的研究支持。本次报告对上 期金股组合进行更新。 上期组合回顾： 本期策略判断： 本期金股组合：(具体推荐逻辑详见正文第 3 部分十大金股组合) 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 证券分析师 王胜 A0230511060001 wangsheng@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 刘雅婧 A0230521080001 liuyj@swsresearch.com 王雪蓉 A0230523070003 wangxr@swsresearch.com 联系人 王雪蓉 A0230 ...

Investment Rating - The industry investment rating is upgraded to "Overweight" [3] Core Insights - The chemical industry is expected to experience a recovery driven by both cyclical and growth factors, with a focus on organic silicon, PTA, polyester filament, caprolactam, spandex, vitamins, sweeteners, refrigerants, and phosphorus chemicals [7] - The organic silicon industry is entering a recovery phase, with new applications becoming the core growth driver. From 2019 to 2024, domestic DMC capacity expanded rapidly, leading to temporary oversupply and declining prices. However, with no new capacity expected in 2025 and increasing demand from sectors like new energy vehicles and photovoltaics, the supply-demand balance is improving [7] - The PTA and polyester filament industries are approaching a turning point, with the expansion cycle nearing its end. The demand side is expected to continue growing, supported by easing trade tensions and improved external demand [7] - The introduction of quota policies is expected to lead refrigerants into a high prosperity cycle, with supply constraints and stable demand growth from markets like heat pumps and cold chain logistics [9] - The synthetic biology sector is poised for explosive growth, driven by the transition to low-energy products and breakthroughs in non-grain bio-based materials [9] - OLED technology is accelerating its penetration into various display sizes, supported by policy measures aimed at fostering the new display industry [10] - The demand for high-frequency and low-loss electronic resins is increasing due to the rise of AI infrastructure, with AI server shipments expected to grow significantly [11] - The electronic chemicals sector is benefiting from the expansion of wafer production capacity, with increasing demand for key materials like photoresists and packaging materials [12] Summary by Sections Industry Performance - The chemical sector's overall performance ranked 14th with a weekly change of 0.78%, outperforming the Shanghai Composite Index by 0.38 percentage points [6][21] - Key stocks such as Honghe Technology and Zhongcai Technology saw significant price increases due to rising demand in AI servers and high-speed network equipment [6] Supply-Side Tracking - A total of 155 companies in the chemical industry had their production capacities affected, with 4 new repairs and 7 restarts reported [14] Key Industry Dynamics - BlueStar announced the acquisition of Elkem's core organic silicon assets, marking a strategic move to enhance its position in the global organic silicon industry [34] - The first biofuel blending policy in China was approved, allowing for local blending and reducing reliance on imports [34]

长白山旅游股份有限公司业务涵盖了长白山旅游交通、景区管理、酒店管理、产品营销等多个领域，连 续10年获评纳税信用A级。针对景区经营业态多、产业链上子公司多的特点，公司主动为8家子公司提 供税务合规指导，开展税务体检，重点核查景区环保车、酒店客房、团体旅游服务收入的计税口径，及 时排查税源信息遗漏风险。在公司内部财务核算管理体系中，增设业务报销审批流程主管会计审核节 点，实现对费用的前置把关。同时，公司引入信息化系统，将采购、入库至销售的全过程整合进供应链 系统，显著提升财务管理的规范性。2025年，长白山主景区共接待游客368万人次，同比增长7.9%。 2025年，公司累计申报缴纳税费5307万元。 此次发布的案例为行业内企业提供了可操作的实践参考。比如，惠州市德赛西威汽车电子股份有限公司 自研工时记录系统强化研发费用管理；东莞市奥海科技股份有限公司以管理流、业务流、发票流、资金 流"四流合一"为核心规范发票管理；浙江三花智能控制股份有限公司在传统ERP系统与采购系统之间创 新搭建"业财融合"系统，嵌入298项审核标准，将发票及采购价格审批单、入库单、订单等所有相关单 据纳入系统规范化管理。 近期，多地税务部 ...

上 市 公 司 公 司 研 究 / 公 司 深 2026 年 02 月 25 日 桐昆股份 (601233) 报告原因：强调原有的投资评级 投资要点： 市场数据： 2026 年 02 月 24 日 收盘价（元） 24.51 一年内最高/最低（元） 24.80/9.63 市净率 1.6 股息率%（分红/股价） 0.41 流通 A 股市值（百万元） 58,723 上证指数/深证成指 4,117.41/14,291.57 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 15.75 | | 资产负债率% | 66.30 | | 总股本/流通 A 股（百万） | 2,400/2,396 | | 流通 B 股/H 股（百万） | -/- | dingying@swsresearch.com 联系人 邵靖宇 A0230524080001 shaojy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 风雨四十载铸就全球长丝巨头，产业链一体化优势稳固。公司成立 40 年来专注涤纶长丝产 业 ...

桐昆股份 –2025 年业绩符合预期，长丝及炼化景气回暖盈利大幅 增长 THE TH 2026 年 02 月 25 日 | 报告原因:有业绩公布需要点评 | | --- | | 2 (维持) | | 市场数据: 2026 年 02 月 24 日 | | --- | | 收盘价（元） 24.51 | | 一年内最高/最低（元） 24.80/9.63 | | 市净率 1.6 | | 股息率%（分红/股价） 0.41 | | 流通 A 股市值 (百万元) 58,723 | | 上证指数/深证成指 | | 注："股息率"以最近一年已公布分红计算 | | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产 (元) | 15.75 | | 资产负债率% | 66.30 | | 总股本/流通 A 股 (百万) | 2,400/2,396 | | 流通 B 股/H 股 (百万) | -/- | 年内股价与大儒对 桐昆股份 沪深300指数 收益有 相关研究 申万宏源研究微信服务号 投资要点: 财务数据及盈利预测 | | 2024 | 202501-3 | 2025E | 2026E | 20 ...

——2025 年业绩符合预期，长丝及炼化景气回暖盈利大幅 增长 | 报告原因：有业绩公布需要点评 | | --- | | 买入（维持） | | 市场数据： | 2026 年 02 月 24 日 | | --- | --- | | 收盘价（元） | 24.51 | | 一年内最高/最低（元） | 24.80/9.63 | | 市净率 | 1.6 | | 股息率%（分红/股价） | 0.41 | | 流通 A 股市值（百万元） | 58,723 | | 上证指数/深证成指 | 4,117.41/14,291.57 | | 注："股息率"以最近一年已公布分红计算 | | 石油石化 2026 年 02 月 25 日 桐昆股份 (601233) 一年内股价与大盘对比走势： -50% 0% 50% 100% 02-24 03-24 04-24 05-24 06-24 07-24 08-24 09-24 10-24 11-24 12-24 01-24 02-24 桐昆股份 沪深300指数 (收益率) 相关研究 证券分析师 | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（ ...

Group 1: Core Insights - The report highlights a clear trend of "East rising, West falling" in the global chemical industry, with Chinese companies leveraging cost advantages to capture market share as European chemical firms face high energy and compliance costs [1] - The "PX-PTA-Polyester filament" industry chain is expected to show resilience due to improved supply-demand dynamics [1] Group 2: PX Supply and Demand - PX production growth is limited, with no new capacity added since 2024, leading to a forecasted production increase of only 1% in 2026 [2][3] - The supply of PX is expected to remain tight in 2026, with only one new plant (200,000 tons) coming online in Q4, while demand is projected to grow by 5% due to downstream polyester industry expansions [3][30] Group 3: PTA Market Dynamics - The PTA industry is at a turning point, with a significant slowdown in capacity expansion expected after 2025, leading to a projected production growth of 5% in 2026 [4][42] - The concentration of PTA supply among a few major players (CR6 around 75%) is expected to facilitate better industry coordination and improve profitability [41][43] Group 4: Polyester Filament Outlook - The polyester filament industry is anticipated to benefit from a new round of production cuts, with expectations for a strong seasonal demand in the first half of the year [10][12] - The supply-demand balance for polyester filament is improving, with a projected production growth of 4% in 2026, driven by domestic consumption and favorable external factors [12][30]

截至发稿，闫冬累计任职时间6年345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-41.27%。 从桐昆股份十大流通股东角度 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.com.cn。 数据显示，鹏华基金旗下1只基金位居桐昆股份十大流通股东。鹏华中证细分化工产业主题ETF联接A （014942）三季度新进十大流通股东，持有股数2527.48万股，占流通股的比例为1.05%。根据测算，今 日浮盈赚取约2931.87万元。 责任编辑：小浪快报 2月24日，桐昆股份涨5%，截至发稿，报24.34元/股，成交3.92亿元，换手率0.69%，总市值584.22亿 元。 鹏华中证细分化工产业主题ETF联接A（014942）成立日期2022年3月8日，最新规模1.16亿。今年以来 收益9.61%，同类排名1182/5580；近一年收益49.39%，同类排名877/4297；成立以来收益1.3%。 资料显示 ...

Group 1 - The core viewpoint of the article highlights the significant performance of six leading companies in the chemical fiber industry, with stock prices increasing by over 30% since mid-December 2025 [3][4] - The six leading companies include Tongkun Co., Ltd. (601233.SH), Hengyi Petrochemical (000703.SZ), Dongfang Shenghong (000301.SZ), Hengli Petrochemical (600346.SH), Rongsheng Petrochemical (002493.SZ), and Xin Fengming (603225.SH) [3] - The article notes that the performance of the chemical fiber industry, particularly polyester filament, has shown significant differentiation over the past five years, with ordinary polyester industrial yarn experiencing the most price volatility [4][6] Group 2 - Among the six leading companies, Hengli Petrochemical achieved a net profit of 15.5 billion in 2021, while in the downturn of 2024, Dongfang Shenghong reported a loss of nearly 2.3 billion [6]

Core Insights - The chemical industry is at the beginning of a new prosperity cycle globally, with Chinese chemical companies showing stronger profit foundations and elasticity due to past expansions and capital expenditures [5][11][29] - Focus on cyclical chemical products, particularly those with resource attributes and potential in the real estate chain [4][5] - The demand from major economies like China and the US is expected to improve, with China's GDP projected to exceed 140 trillion yuan, growing at 5.0% year-on-year [5][22] Group 1: Global and Domestic Chemical Landscape - The global chemical landscape is improving, with China's chemical sector becoming more resilient [9][12] - China's share of the global chemical market has significantly increased from 13% in 2004 to 47% in 2024, indicating its growing importance in the global chemical industry [14][29] - The capital expenditure in the global chemical sector has paused, with many overseas chemical companies reducing production, which may benefit Chinese companies [14][16] Group 2: Resource Attributes in Chemical Products - Three main resource directions are emphasized: mineral resources (like phosphate and potash), indicator resources (such as pesticides and refrigerants), and channel resources (like compound fertilizers) [5][33] - China's phosphate reserves rank second globally, with a steady increase in demand driven by both traditional fertilizer needs and emerging sectors like lithium iron phosphate for batteries [33][36] - The supply of fertilizers is expected to contract in 2025, with production of monoammonium phosphate and diammonium phosphate projected to decrease by 6.73% and 6.86% respectively [39] Group 3: Real Estate Chain Chemical Products - The market currently has low expectations for the recovery of demand in the real estate chain, but there is potential for significant improvement due to government stimulus policies [5][22] - The supply concentration of chemical products related to the real estate chain is gradually increasing, which may lead to faster and easier supply-demand improvements [5] Group 4: New Materials and Domestic Substitution - The report highlights the importance of domestic substitution and the development of new materials in line with China's strategic plans for emerging industries [7][8] - Key areas of focus include lubricating oil additives, semiconductor materials, and bio-based materials [7] Group 5: Investment Recommendations - Suggested companies for investment include Hualu Chemical, Xin Fengming, Yuntianhua, and others, focusing on those with strong market positions and innovative capabilities [7][8]