每经AI快讯，有投资者在投资者互动平台提问：公司的研发实力很强，浙江又是莹石的主要产区，请 问新和成有无氟化工产品或项目储备？在化工行业将来会有全球首发的材料吗？ 新和成（002001.SZ）2月11日在投资者互动平台表示，公司目前氟化工相关产品主要为全氟己基辛烷、 全氟丁基戊烷。 （文章来源：每日经济新闻） ...

Investment Rating - The report maintains a rating of "Outperform" for the new materials sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The new materials sector has experienced a decline, with the new materials index dropping by 1.53%, outperforming the ChiNext index by 1.76%. Over the past five trading days, various sub-sectors showed mixed performance, with battery chemicals slightly increasing by 0.09% while semiconductor materials fell by 3.70% [3][17]. - Strong capital expenditure growth is observed in North America, particularly among major cloud service providers like Amazon AWS, Microsoft, Google, and Meta, with a combined capital expenditure exceeding $670 billion in 2026, representing a year-on-year growth of over 60%. This investment is expected to drive demand for AI servers and related materials [6]. Summary by Sections 1. Secondary Market Performance - The new materials sector has seen a decline, with the Shanghai Composite Index and ChiNext Index also experiencing negative movements. The new materials index's performance is highlighted as it has outperformed the ChiNext index [3][13]. 2. Industry Chain Data Tracking - Price tracking for various materials shows fluctuations, with amino acids like valine at 13,850 RMB/ton (-1.42%) and vitamins such as vitamin A at 60,500 RMB/ton (-1.63%). Prices for biodegradable plastics remain stable, indicating a steady market for these materials [4][12]. 3. Industry News - The report emphasizes the importance of AI infrastructure development, which is expected to enhance the demand for high-frequency and high-speed copper-clad laminates and related materials. Companies such as Shengquan Group and Dongcai Technology are highlighted for their potential in the resin sector, while Zhongcai Technology and Honghe Technology are noted for electronic fabrics [6]. 4. Investment Recommendations - The report suggests focusing on upstream material development opportunities, particularly in AI-related sectors, as the demand for advanced materials is anticipated to grow significantly due to the increasing need for AI server infrastructure [5][6].

价格：据Wind及博亚和讯数据，2025年固蛋、液蛋市场均价为21.68、16.49元/公斤，同比+1.6%、 +3.0%，2025Q3以来蛋氨酸价格震荡下行，2月9日固蛋、液蛋市场价格18.50、14.30元/公斤，同比分 别-15.5%、-7.7%，处于1.8%、1.1%的历史分位(2008年8月14日以来)。 智通财经APP获悉，开源证券发布研报称，据百川盈孚数据，2026年1月以来工厂趁下游春节备货挺价 态度强硬，蛋氨酸报价达到18.50元/公斤，期间国内主流工厂给部分客户补单18.0元/吨公斤停止此价格 接单。维生素方面，2025Q4部分大品种厂家持续挺价+渠道商库存偏低+下游备货+出口需求增加等因素 影响下，部分产品价格低位反弹。2月5日新和成饲料级VE50%出口报价上调15%，随后北沙制药VE出 口报价同步上调至7.5美元/公斤，主流厂家对后市多持挺价态度。 开源证券主要观点如下： 蛋氨酸：成本支撑+厂家检修+备货需求，蛋氨酸价格触底反弹 据百川盈孚数据，2026年1月以来工厂趁下游春节备货挺价态度强硬，报价达到18.50元/公斤，期间国 内主流工厂给部分客户补单18.0元/吨公斤停止此价格接单 ...

基础化工 2026 年 02 月 10 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 《地产或将复苏，关注化工地产链投 资机会—行业周报》-2026.2.8 《原料价格走高+供需格局改善，本周 对硝基氯化苯、己二酸等价格上行明 显—行业周报》-2026.2.1 《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》-2026.1.28 成本支撑、需求稳增，蛋氨酸、VE 价格底部反弹 ——维生素氨基酸行业点评报告 金益腾（分析师） 徐正凤（分析师） jinyiteng@kysec.cn 证书编号：S0790520020002 xuzhengfeng@kysec.cn 证书编号：S0790524070005 蛋氨酸：成本支撑+厂家检修+备货需求，蛋氨酸价格触底反弹 据百川盈孚数据，2026 年 1 月以来工厂趁下游春节备货挺价态度强硬，报价达 到 18.50 元/公斤，期间国内主流工厂给部分客户补单 18.0 元/吨公斤停止此价格 接单。据饲 ...

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [2][3] Core Insights - The report highlights an upward trend in the dye, PVA, and vitamin sectors, with price increases expected post-holiday. It emphasizes the importance of positioning in the spring chemical sector [2][3] - Oil prices are expected to remain in a relatively loose range, supported by a stronger bottom, with Brent crude projected between $55-70 per barrel. Coal prices are stabilizing, and natural gas costs are anticipated to decline due to increased export facilities in the U.S. [2][3] - The report suggests focusing on specific sectors such as textiles, agriculture, exports, and beneficiaries of "anti-involution" policies for investment opportunities [2][3] Summary by Sections Industry Dynamics - Current macroeconomic judgment indicates that oil supply is slowing due to OPEC+ production delays and peak shale oil output. Demand is stabilizing with global economic improvements, leading to a forecast of stable oil demand [3][4] - The chemical industry is experiencing a recovery phase, with PPI showing a slight increase and manufacturing PMI at 49.3%, indicating some volatility in manufacturing operations [4] Investment Analysis - The report recommends investments in the textile chain, agricultural chain, export chain, and sectors benefiting from anti-involution policies. Specific companies to watch include: - Textiles: Lu Xi Chemical, Tongkun Co., Rongsheng Petrochemical, Hengli Petrochemical - Agriculture: Hualu Hengsheng, Baofeng Energy, Yuntianhua, Xingfa Group - Exports: Juhua Co., Sanmei Co., Wanhu Chemical, and others [2][3] - Key materials for growth include semiconductor materials, panel materials, and biobased materials, with specific companies highlighted for each category [2][3] Key Company Valuations - The report provides a valuation table for key companies, indicating their market capitalization and projected earnings for 2024-2027, with recommendations for "Increase" or "Buy" ratings for several firms [15][16]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [2][3] Core Insights - The chemical macroeconomic outlook indicates a stable increase in oil demand due to global economic recovery, with Brent crude oil expected to remain in the range of $55-70 per barrel [2][3] - The dye, PVA, and vitamin sectors are experiencing upward trends, with price increases anticipated post-holiday, highlighting the importance of positioning in the spring chemical sector [2][3] - The report suggests focusing on specific companies within the textile, agricultural, export, and "anti-involution" sectors for investment opportunities [2][3] Summary by Relevant Sections Chemical Macro Outlook - Oil supply is constrained due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with tariff adjustments and economic improvements [2][3] - Coal prices are expected to stabilize at a long-term bottom, and natural gas costs may decrease as the U.S. accelerates export facility construction [2][3] Price Trends and Recommendations - Dye prices are expected to rise significantly, with companies like Zhejiang Longsheng and Runtu Co. recommended for investment [2][3] - PVA prices have increased from 9,530 CNY/ton to 10,244 CNY/ton, indicating further upward potential, with a focus on Anhui Wuhua [2][3] - Vitamin E prices are projected to rise post-holiday due to production halts during the Chinese New Year, with New Hope Liuhe recommended [2][3] Investment Strategy - The report recommends a diversified investment approach across four main chains: textile, agricultural, export, and sectors benefiting from "anti-involution" policies [2][3] - Key companies to watch include: - Textile: LUXI Chemical, Tongkun Co., and Hengli Petrochemical - Agricultural: Hualu Hengsheng, Baofeng Energy, and Yuntianhua - Export-related chemicals: Juhua Co., Wanhua Chemical, and leading titanium dioxide producers [2][3] Growth Focus - Emphasis on self-sufficiency in key materials, particularly in semiconductor and panel materials, with companies like Yake Technology and Dingsheng Co. highlighted [2][3]

Summary of Key Points Industry Overview - The documents focus on the vitamin and amino acid industry, specifically highlighting the activities of a company named 新和成 (New Hope Liuhe) in the production and pricing of Vitamin E (VE) and methionine. Core Insights and Arguments - **Vitamin E Price Increase**: 新和成 has raised the export price of feed-grade Vitamin E by 15% effective from February 5. This price adjustment is attributed to strong overseas demand, with China's Vitamin E export volume projected to reach 14,436.80 tons by December 2025, marking a year-on-year increase of 39.12% and a quarter-on-quarter increase of 28.44% [1][1][1]. - **Methionine Price Increase**: Starting February 3, 新和成 has also increased the export price of solid methionine by 8% [1][1][1]. - **Current Pricing Levels**: The prices for methionine and Vitamin A are currently at historical lows, with Vitamin A priced at 61.5 yuan/kg and methionine at 18.1 yuan/kg, which are at the 0.1% and 1% historical price percentiles respectively. This indicates a significant potential for upward price elasticity [1][1][1]. - **Production Capacity**: 新和成 has a production capacity of 550,000 tons of methionine, 8,000 tons of Vitamin A, 60,000 tons of Vitamin E, and 2,000 tons of Vitamin D3 [1][1][1]. - **Profitability of Methionine**: According to Baichuan Information, the theoretical daily profit for methionine stands at 3,790 yuan/ton, which is at the 10% historical price difference percentile [1][1][1]. Additional Important Content - **Current Financial Status of Vitamin A Producers**: Vitamin A production companies are currently operating at the breakeven point, indicating a challenging financial environment [2][2][2]. - **Risk Factors**: There are several risk factors highlighted, including potential underperformance in terminal demand, unexpected increases in raw material prices, and delays in project implementation [3][3][3].

Investment Rating - The report maintains an "Overweight" rating for the oil and gas sector and the basic chemicals sector [5]. Core Insights - The overall price spread in the industry improved in January, indicating a potential recovery in profitability for 2026, with the CCPI-raw material price spread reaching 2631, up from 2500 at the end of 2025 [1][9]. - The demand for chemical products is shifting from real estate to consumer goods, infrastructure, and emerging technologies, with significant growth potential driven by global economic trends [2][11]. - The capital expenditure growth in the chemical industry has been declining since June 2025, suggesting a supply-side adjustment is approaching, which may lead to improved profitability in the sector [2][16]. Summary by Sections Price Trends - In January, oil prices rose due to geopolitical tensions and strong global crude oil replenishment demand, leading to a slight improvement in the price spread of most chemical products [9][21]. - Major price increases were observed in products like lithium carbonate and butadiene, while some products like methyltrichlorosilane saw price declines due to supply adjustments [3][33]. Supply and Demand Dynamics - The January PMI was reported at 49.3, indicating a continued bottoming out in the real estate sector, while consumer goods and major infrastructure showed positive growth [2][11]. - The chemical industry is expected to see a recovery in demand, supported by the exit of high-energy-consuming facilities in Europe and North America, and economic growth in Asia, Africa, and Latin America [2][11][14]. Investment Strategy - The report suggests focusing on sectors with potential recovery, such as oil and gas, basic chemicals, and companies leveraging synthetic biology for cost reduction [32]. - Specific stock recommendations include China Petroleum & Chemical Corporation, Baofeng Energy, and Yun Tianhua, among others, highlighting their potential for growth and profitability [7][32]. Monthly Performance Review - In January, the basic chemical index rose by 12.72%, with significant gains in sub-sectors like dye chemicals and petrochemical raw materials [34][36]. - The report notes that the chemical industry is experiencing a recovery phase, with various sub-sectors showing positive price movements and improved market conditions [34][36].

1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints The report presents a comprehensive analysis of the basic chemical industry's weekly data, covering price and profit changes in multiple sectors such as polyurethane, oil - gas - olefin, coal - chemical, and animal nutrition, and also tracks the stock price performance and profitability of related listed companies [1][2][8]. 3. Summary by Directory 3.1 Basic Chemical Weekly Data Briefing - **Related Company Performance Tracking**: - **Stock Price Changes**: The basic chemical index decreased by 2.1% in the past week, increased by 9.0% in the past month, 17.6% in the past three months, 48.7% in the past year, and 10.4% since the beginning of 2026. Among the related listed companies, New Hope Liuhe Co., Ltd. (002001.SZ) had a 6.8% increase in the past week, while other companies such as Wanhua Chemical Group Co., Ltd. (600309.SH) and Baofeng Energy Group Co., Ltd. (600989.SH) had varying degrees of decline [8]. - **Profitability**: The report provides the total market value, stock price, net profit attributable to the parent company, PE, and PB of related listed companies from 2024A to 2027E [8]. - **Industry Chain Data**: - **Polyurethane Industry Chain**: This week, the average prices of pure MDI, polymer MDI, and TDI were 17,500 yuan/ton, 13,900 yuan/ton, and 14,377 yuan/ton respectively. The corresponding weekly changes were - 43 yuan/ton, + 36 yuan/ton, and + 292 yuan/ton, and the gross margins were 4,097 yuan/ton, 1,497 yuan/ton, and 2,345 yuan/ton respectively [2][8]. - **Oil - Gas - Olefin Industry Chain**: The average prices of ethane, propane, steam coal, and naphtha were 1,277 yuan/ton, 4,399 yuan/ton, 520 yuan/ton, and 4,137 yuan/ton respectively, with weekly changes of - 139 yuan/ton, + 51 yuan/ton, 0 yuan/ton, and + 63 yuan/ton. The theoretical profits of polyethylene production through different processes and polypropylene production through different processes also had corresponding changes [2][8]. - **Coal - Chemical Industry Chain**: The average prices of synthetic ammonia, urea, DMF, and acetic acid were 2,119 yuan/ton, 1,758 yuan/ton, 4,004 yuan/ton, and 2,511 yuan/ton respectively, with weekly changes of - 65 yuan/ton, + 13 yuan/ton, + 41 yuan/ton, and - 69 yuan/ton. The corresponding gross margins also changed [2]. - **Animal Nutrition Industry Chain**: The average prices of VA, VE, solid methionine, and liquid methionine were 61.4 yuan/kg, 55.9 yuan/kg, 18.2 yuan/kg, and 14.3 yuan/kg respectively, with weekly changes of - 0.1 yuan/kg, + 0.9 yuan/kg, + 0.3 yuan/kg, and + 0.1 yuan/kg [2][9]. 3.2 Basic Chemical Weekly Report - **Basic Chemical Index Trend**: The report does not elaborate on the basic chemical index trend but focuses on the performance data of the index and related companies [8]. - **Polyurethane Plate**: Analyzes the price trends and price - spread situations of pure MDI, polymer MDI, and TDI in China [16][19]. - **Oil - Gas - Olefin Plate**: Discusses the price trends of raw materials such as ethane, propane, natural gas, and crude oil, as well as the profitability of different processes for producing polyethylene and polypropylene [23][31][38]. - **Coal - Chemical Plate**: Covers the price and gross margin trends of coal - coking products and traditional coal - chemical products, as well as some new materials [40][45][52]. - **Animal Nutrition Plate**: Analyzes the price trends of VA, VE, solid methionine, and liquid methionine [57][59][63].

Group 1 - The A-share market opened lower but saw the pharmaceutical sector rebound, with the only ETF tracking the pharmaceutical index recovering its 10-day moving average and aiming for a four-day winning streak [1] - The Ministry of Industry and Information Technology, along with eight other departments, issued a plan for the high-quality development of traditional Chinese medicine, outlining a development blueprint for 2026-2030 [2] - The report highlights a positive outlook for the pharmaceutical sector driven by policy support, cost improvements, and expectations for adjustments in the basic drug catalog [3] Group 2 - The report indicates that the raw material drug sector is favored, with innovative drug segments such as small nucleic acids, peptides, and ADC toxins driving continuous industry chain catalysts [3] - The pharmaceutical ETF (562050) covers 50 leading pharmaceutical companies, focusing on innovative drugs while also considering traditional Chinese medicine [5] - Notable stock performances include Xinhecheng rising over 7%, and Sanofi Guojian increasing by more than 5%, with traditional Chinese medicine stocks like Darentang and Yiling Pharmaceutical also seeing gains of over 4% [5]