The chemical industry is riding a wave of price hikes.

Recently, capital rotation in China's A-share market has accelerated, shifting from the metals sector to the chemical industry. Last Friday, the chemical sector staged a strong rebound after a correction, with multiple stocks leading the gains and emerging as a new market focus. Driven by three key factors—the deepening "dual carbon" policies, global industrial restructuring, and surging demand for new energy—the chemical industry is entering a golden era of "volume-price growth." Based on the latest 2026 data, this article provides an in-depth analysis of 10 A-share chemical companies with the most substantial order backlog, exploring their core competitiveness and investment potential.
1. Triple Catalysts in the Chemical Industry: Price Hike Logic Unshakable 1.1 Supply Side: Policy-Driven Capacity Reduction and Supply Rigidity Under the "Dual Carbon" goals, energy-intensive chemical production capacities are being phased out rapidly. Small and medium-sized manufacturers are forced to halt operations due to non-compliance with environmental standards or cost pressures. Industry data shows that since 2025, China has eliminated over 20 million tons of outdated chemical capacities, with approval rates for new capacity approvals below 15%, significantly increasing industry concentration. Currently, most chemical product inventories are at their lowest levels in three years, and leading enterprises have substantially strengthened their pricing power, laying the groundwork for product price hikes.
2. Demand-side: Dual drivers of traditional recovery and emerging growth. Traditional demand: Recovery in real estate completed area and 12% year-on-year growth in auto production and sales have boosted demand for basic chemicals like soda ash, PVC, and MDI. Emerging demand: New energy vehicle penetration exceeding 35% has driven surging demand for lithium battery cathode materials (lithium iron phosphate), electrolyte solvents (dimethyl carbonate), and PVDF binders. A 40% year-on-year increase in photovoltaic installations has widened shortages of EVA resin and POE films. Export dividends: With manufacturing relocation to Southeast Asia and restructuring of Western supply chains, China's chemical exports grew 28%, while overseas orders for polyester filament and titanium dioxide remain strong.
3. Cost and Valuation: Price differentials recovery and low valuations. The stabilization of upstream energy prices (e.g., crude oil) will widen the price differentials for chemical products, boosting corporate profitability. Currently at historically low valuations, the chemical sector is poised for dual improvements in both profitability and valuation, unlocking substantial growth potential.
II. Top 10 Leading Companies: Holding Billions in Orders, Industry Leaders in Performance Certainty (Ranked by Order Value from High to Low) 1. Wanhua Chemical (600309.SH): Global MDI Leader, Orders Scheduled Through 2027 Order Value: Over 30 Billion CNY (primarily in polyurethane, petrochemical, and new materials), Overseas Orders>35%, Scheduled Through Q1 2027 Core Strengths: 1) Global MDI Capacity Leader (2.65M tons/year) 2) Robust Technology Barriers (Patents Covering Full Industry Chain) 3) Profitability Boost from European Production Cuts (Kovestro's German Plant Reduction) 4) Smooth Price Transmission 5) 45% Net Profit Growth Forecast for 2026 Highlights: New Materials Business (TPU, ADI) Revenue Share Surges to 28%, Diversification Mitigates Cyclical Fluctuations
2. Hengli Petrochemical (600346.SH): A private refining and petrochemical conglomerate with full industrial chain cost-efficiency optimization. Current order book: 22-23 billion yuan (refining, chemical fiber, high-end new materials), with export orders accounting for 25%. Core strengths: Global-leading 20 million tons/year integrated refining capacity, 100% PX self-sufficiency rate, 15% lower costs than peers; 16.6 million tons/year PTA production capacity, 32% market share. Highlights: Mass production breakthroughs in high-end new materials (lithium battery separator base film, optical-grade PET), accelerated import substitution, and continuous optimization of order structure.
3. Rongsheng Petrochemical (002493.SZ): Overseas bases provide strategic support, with polyester price differentials unlocking order potential: 20-21 billion yuan (primarily polyester and olefins), export orders exceeding 30% of total; Core strengths: Zhejiang Petrochemical's 40 million tons/year refining project operates at full capacity, achieving high self-sufficiency in PX and ethylene glycol; The Saudi joint venture refinery circumvents U.S. and European tariffs, demonstrating strong export competitiveness; Highlights: Polyester fiber demand rebounds, POY/DTY price spread expands 22% year-on-year, with profit elasticity gradually emerging.
4. Hualu Hengsheng (600426.SH): A benchmark in coal chemical industry, maintaining low-cost cycle resilience with orders totaling 18-19 billion yuan (across the entire coal chemical value chain), scheduled through the second half of 2026. Core strengths: Leading coal gasification platform technology, achieving 300 yuan lower per-ton ammonia alcohol costs than industry averages; consistently ranking among the top three in urea and acetic acid market share. Highlights: Global leader in DMF production capacity (550,000 tons/year), with orders exceeding supply driven by surging demand for lithium battery solvents.
5. Satellite Chemical (002648.SZ): A leader in light hydrocarbon cracking, with a significant cost advantage in ethane imports. Current orders: 16-17 billion yuan (primarily ethylene and propylene), while export orders grew 40% year-on-year. Core strengths: Long-term U.S. ethane contracts secure low-cost feedstock (40% cheaper than naphtha), and new production capacity from the Lianyungang base has secured additional orders. Highlights: Expansion of the C2 industrial chain to EAA (ethylene-acrylic acid copolymer), marking entry into the high-end packaging materials sector.
6. Juhua Shares (600160.SH): The industry leader in the fluorine chemical sector, with PVDF orders doubling to 13-14 billion yuan (primarily PVDF and refrigerants). Its core strength lies in the smooth price transmission of third-generation refrigerants (R32/R134a) amid reduced second-generation refrigerant quotas. The company operates a 15,000-ton annual PVDF production capacity (60% lithium battery-grade), securing partnerships with CATL and BYD. A standout achievement is the mass production of semiconductor-grade hydrofluoric acid, marking its entry into the chip cleaning materials market.
7. Yangnong Chemical (600486.SH): A global leader in pesticide active ingredients, with accelerated import substitution. Current orders: 12-13 billion yuan (high-end pesticides and intermediates), scheduled through the end of 2026. Core strengths: 30% global market share in pyrethroid pesticide active ingredients, technology benchmarked against BASF; long-term agreements with Bayer and Syngenta ensure high order certainty. Highlights: Innovative drug (SYN545) in clinical trials, with a robust pipeline.
8. Xingfa Group (600141.SH): A leader in integrated phosphorus-fluorine production, with orders for new energy materials valued at 11-12 billion yuan (covering phosphorus chemicals, fluorine chemicals, and new energy materials). The company faces tight scheduling for lithium iron phosphate orders. Core strengths include 429 million tons of phosphate ore reserves (100% self-sufficiency) and 100,000 tons/year production capacity for lithium iron phosphate cathode materials. Its electronic-grade hydrofluoric acid has obtained TSMC certification. Highlights: 360,000 tons/year production capacity for organic silicon monomers, benefiting from growing demand for photovoltaic adhesives.
9. New Hope (002001.SZ): A global leader in vitamins with diversified anti-cyclical orders totaling 8-9 billion yuan (vitamins, new materials), supported by stable partnerships with pharmaceutical and feed industry leaders. Core strengths include: 60,000 tons/year of vitamin E (global second), 10,000 tons/year of vitamin A (global third) with high technical barriers; 15,000 tons/year of PPS (polyphenylene sulfide) to enter the automotive lightweight sector. Highlights: Expanded methionine production capacity to 300,000 tons/year, breaking overseas monopolies.
10. Cangzhou Dahua (600230.SH): A leading TDI producer with the highest price elasticity. Current orders: 7-8 billion yuan (TDI and related products), representing a year-on-year increase of over 50%. Core strength: 150,000 tons/year TDI production capacity (among China's top three), benefiting from supply shortages caused by Covestro's facility failures in Europe. Highlights: Strategic expansion into biodegradable plastic PBAT, with long-term plans for 120,000 tons/year capacity.