基础化工行业点评报告：2026H1化工板块营收、利润增长可观盈利能力显著提升资本支出持续下滑

、1基础化工行业指数跑赢沪深00指数1.%，石油石化行业指数跑输沪深300指数17.8%行业指数：202606304094.4（2026年01月01日的968.8点上涨3.6300指数报4979.4755；47669%2321.614.78%。（20260101日-20260630300指数1.45%30017.8%。行业估值水平：2026063032.2PB2.4PE17.45PB1.24.16%（2010。图1：2026H1基础化工行业指数跑赢沪深300指数1.45%，石油石化行业指数跑输沪深300指数17.8%0

图2：2026上半年CCPI指数上涨14.78%0上证综指 沪深300指数 基础化工 石油石化 CCPI（中国化工产品价格指数）图2026630PE32.2倍、历史分位76.94%（2010年以来）图2026630PB2.4倍、历史分位51.47%（2010年以来）9080706050403020100市盈率PE:基础化工 市盈率PE:石油石化6.05.04.03.02.01.00.0市净率PB:基础化工 市净率PB:石油石化行业涨跌幅：据 据，2026年01月01日-2026年06月30日间个一级子行业中有10个涨幅>0，有21个涨幅<0，其中基础化工行业涨跌幅为9%、6-10.25%15位。图5：2026H1+9.0%、石油石化行业涨跌幅9.0%-10.3%9.0%-10.3%80.0%60.0%40.0%20.0%0.0%-20.0%计算机轻2026H1-6.5%,2880.9-6.5%-5.4pcts。成本端：据 百盈孚据，2026年6月30日，OPEC一子油格93.6/+29.9%4969.67元/+10.75%，国内无946.69元/+2.89%20260630日,OPEC格76.76.1592元+623，国内无烟煤参考价格1143元/吨、较年初+28%。图6：2026H1国内化学原料及化学制品制造业营收累计同比+10%

图7：2026H1国内化学原料及化学制品制造业固定资产投资完成额累计同比-6.5%100.0% 100%

80%60%20.0% 40%0.0%-20.0%-40.0%-60.0%-80.0%2018-062019-062020-062021-062022-062023-062024-062025-062026-06

20%0%-20%2012-062012-122012-062012-122013-062013-122014-062014-122015-062015-122016-062016-122017-062017-122018-062018-122019-062019-122020-062020-122021-062021-122022-062022-122023-062023-122024-062024-122025-062025-122026-06:营业收入:累计同比中国:利润总额::累计同比

中国:固定资产投资完成额:制造业:化学原料及化学制品制造业:累计同比国家统计局 国家统计局图8：2026年以来，国际油价动剧烈 图截至2026年6月30日，国内天然气价格年初+62.4%国际原油现货价（美元/桶）200500OPEC:一揽子原油价格 现货价:原油(阿联酋迪拜)现货价:原油(布伦特):FOB欧洲 现货价:原油(WTI):FOB库欣

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国内煤炭/天然气参考价格（元/吨）中国:参考价格:无烟煤 中国:参考价格:动力煤中国:参考价格:炼焦煤 中国:参考价格:天然气（右轴

10,0009,0008,0007,0006,0005,0004,0003,0002,0001,0000、百川盈孚2、基础化工：Q2营收和利润同、环比高增，盈利能力改善我们选取基础化工板块1家沪深两市A（剔除S、*，并对29H1归母净利润高增，2026Q2业绩同、环比高增经营情况：2026H113829.4+13.8%1061+35.3%7410.9+16.7%、环比+15.5%；实现归母净利润618.3亿元，同比+54.2%、环比+39.7%。盈利能力：2026H119.1%，同比+1.94pcts77+1.2pc202Q2202+2.8pc2.3pc；8.3%+2.03pcts+1.45pcts。1268.292+.27pc202Q60.8+183+2.；期间费用率9.1%，同比+0.12pcts、环比-0.3pcts。资本开支：2026H11004.8-7.7%20266303071-10.5%16024.3基础化工当期值（亿元）同比变化（pcts）环比变化（pcts）202120222023202420252026H12026Q2基础化工当期值（亿元）同比变化（pcts）环比变化（pcts）202120222023202420252026H12026Q220222023202420252026H12026Q22026Q2营业收入21,29524,49523,22924,00924,87013,8297,41115.0%-5.2%3.4%3.6%13.8%16.7%15.5%营业成本16,38019,56119,26120,00020,62411,1875,91319.4%-1.5%3.8%3.1%11.1%12.5%12.1%毛利4,9154,9353,9694,0094,2452,6431,4980.4%-19.6%1.0%5.9%26.6%36.9%30.9%期间费用：1,9802,0212,1262,2612,3761,2686712.1%5.2%6.3%5.1%17.2%18.3%12.3%其中：销售费用4294494764945092591324.7%6.0%3.8%3.2%7.2%5.6%4.6%管理费用7748368518849204582398.1%1.8%3.9%4.0%8.1%12.2%9.1%研发费用51859462165769235319814.6%4.6%5.8%5.3%10.3%13.2%27.4%财务费用259142178226255199102-45.3%25.9%26.5%12.8%104.8%87.6%5.2%归母净利润2,3242,2231,3181,2591,3321,061618-4.4%-40.7%-4.5%5.8%35.3%54.2%39.7%销售毛利率23.1%20.1%17.1%16.7%17.1%19.1%20.2%-2.94-3.06-0.390.371.942.982.38期间费用率9.3%8.2%9.2%9.4%9.6%9.2%9.1%-1.050.910.260.140.270.12-0.26其中：销售费用率2.0%1.8%2.0%2.1%2.0%1.9%1.8%-0.180.220.01-0.01-0.11-0.19-0.18管理费用率3.6%3.4%3.7%3.7%3.7%3.3%3.2%-0.220.250.020.01-0.17-0.13-0.19研发费用率2.4%2.4%2.7%2.7%2.8%2.6%2.7%-0.010.250.060.05-0.08-0.080.25财务费用率1.2%0.6%0.8%0.9%1.0%1.4%1.4%-0.640.190.170.080.640.52-0.13归母净利率10.9%9.1%5.7%5.2%5.4%7.7%8.3%-1.84-3.40-0.430.111.222.031.45图11：基础化工板块资本开支及现金流：2026H1资本性支出同比-7.7%；经营性现金流净额同比+2.5%基础化工当期值/期末值（亿元）同比变化202120222023202420252026H120222023202420252026H1在建工程2,2183,2273,6463,9463,1233,07145.5%13.0%8.2%-20.9%-10.5%固定资产8,89110,34712,29613,82715,67716,02416.4%18.8%12.4%13.4%8.1%资本性支出2,1212,7582,9152,4532,3061,00530.1%5.7%-15.8%-6.0%-7.7%经营性现金流净额2,6062,9112,4112,5652,8261,08011.7%-17.2%6.4%10.2%2.5%Q2有机硅、粘胶等板块利润增速领先2026H129272(16.7%)2026Q22927比增长，有2个子行业营收同比下降。营收同比增速前十名的子行业分别是：钾肥(71.7%)、膜材料、聚氨酯、氨纶、橡胶助剂、轮胎、非金属材料、钛白粉、炭黑、纺织化学制品(20.2%)。2026H12919个10(387.6%)(42.3%)29236(377.2%)(71.6%)。图12：基础化工子行业经营情况：2026H1有机硅、粘胶等板块盈利增速领先项目营业收入（亿元）归母净利润（亿元）基础化工子行业2026H1同比增速2026Q2同比增速环比增速2026H1同比增速2026Q2同比增速环比增速纯碱199.80.2%106.15.1%13.2%6.9-0.8%4.416.3%73.9%氯碱651.65.4%340.18.4%9.2%24.517.7%16.580.2%105.2%无机盐173.3-1.3%89.0-2.0%5.6%6.6-41.6%4.0-36.0%55.7%煤化工843.413.0%459.116.3%19.5%119.168.9%73.387.2%59.9%钛白粉248.511.4%128.424.3%6.9%14.8-2.5%11.671.6%263.2%涂料油墨89.83.8%48.05.5%14.9%4.7-23.1%2.5-22.6%13.0%民爆制品374.210.4%215.89.0%36.3%30.134.6%21.739.6%160.7%纺织化学制品177.820.9%91.220.2%5.5%20.258.9%11.250.4%25.4%氟化工443.620.9%246.419.3%24.9%61.142.3%33.628.2%22.1%聚氨酯1,266.029.8%689.634.7%1.261.8%64.8104.3%69.1%食品及饲料添加剂623.010.1%325.914.9%9.7%71.2-17.7%42.210.9%45.6%有机硅204.67.8%105.113.8%5.6%12.5387.6%7.2314.2%34.1%胶黏剂及胶带95.516.5%53.718.9%28.4%2.931.5%1.729.0%39.6%涤纶511.417.1%288.319.1%29.2%20.229.7%13.556.5%101.6%粘胶73.315.1%38.116.3%8.3%3.8344.0%2.3377.2%62.9%氨纶141.716.7%74.027.1%9.4%19.8101.6%13.1174.4%96.5%锦纶150.0-4.0%79.52.0%12.8%1.98.4%1.7300.0%685.6%改性塑料697.212.5%379.418.5%19.4%20.222.7%11.326.0%26.2%合成树脂175.99.8%98.816.1%28.3%9.2-36.2%5.7-29.6%62.8%膜材料227.129.0%126.936.9%26.7%18.3244.9%8.9217.8%-5.5%炭黑118.99.4%67.422.6%31.0%3.2-27.8%2.534.8%247.7%橡胶助剂40.118.7%21.026.6%10.1%4.5-6.1%2.1-19.2%-14.8%轮胎957.823.7%501.826.0%10.0%62.8-1.3%31.1-2.4%-1.8%氮肥406.86.3%207.8-2.1%4.4%27.155.5%15.330.9%28.5%磷肥及磷化工615.52.5%318.24.5%7.0%49.816.2%29.019.2%39.6%钾肥199.274.0%105.971.7%13.4%84.9119.9%45.3113.0%14.5%复合肥779.816.3%398.415.7%4.5%26.1-3.5%10.7-20.8%-30.4%农药978.03.2%508.30.5%8.2%51.530.6%21.429.2%-29.1%非金属材料135.325.2%74.025.4%20.5%10.24.5%5.56.9%18.3%2026H12918(65.5%)(21.3%)。2026Q229个218(67.7%)(22.5%)。2026H12918(42.6%)(8.1%)2026Q229218(42.8%)(9.1%)。图13：基础化工子行业盈利能力：2026H1钾肥、纺织化学制品、氟化工毛利率排名靠前项目销售毛利率（pcts）归母净利率（pcts）基础化工子行业2026H1同比2026Q2同比环比2026H1同比2026Q2同比环比纯碱17.8%-1.0818.3%-1.521.093.5%-0.034.1%0.401.44氯碱14.8%-0.4615.7%1.251.883.8%0.394.8%1.932.27无机盐18.4%-2.8219.2%-3.181.783.8%-2.644.5%-2.421.46煤化工23.5%5.3926.4%7.736.3414.1%4.6716.0%6.054.04钛白粉17.8%-0.6422.1%2.828.995.9%-0.859.0%2.496.37涂料油墨23.3%-0.6123.8%-0.501.085.3%-1.855.2%-1.90-0.09民爆制品25.8%2.4028.7%3.826.748.0%1.4510.1%2.214.81纺织化学制品29.5%5.0331.4%6.073.9111.4%2.7212.3%2.471.96氟化工28.7%3.2528.2%2.32-0.9913.8%2.0713.6%0.94-0.31聚氨酯16.9%3.1518.9%6.664.278.1%1.619.4%3.202.75食品及饲料添加剂24.8%-4.0626.6%-1.183.7011.4%-3.8613.0%-0.473.19有机硅20.0%6.9419.8%10.09-0.276.1%4.766.8%10.431.45胶黏剂及胶带13.0%0.5413.0%0.280.043.0%0.343.1%0.240.25涤纶10.1%1.8511.0%2.841.983.9%0.384.7%1.111.68粘胶14.4%4.0815.7%5.092.825.1%3.806.1%4.632.05氨纶21.8%8.0524.9%10.806.4414.0%5.8917.8%9.537.88锦纶10.1%1.4111.0%3.481.971.3%0.152.1%1.601.840.9313.7%1.040.682.9%0.243.0%0.180.16合成树脂20.0%-0.3620.3%-0.470.585.2%-3.755.7%-3.731.22膜材料20.6%4.3222.5%6.124.268.1%5.047.0%3.98-2.39炭黑9.3%-0.6310.5%1.282.802.7%-1.393.7%0.342.31橡胶助剂21.3%-0.6422.2%0.231.9811.2%-2.969.8%-5.56-2.88轮胎21.0%2.0120.1%1.00-1.816.6%-1.666.2%-1.80-0.75氮肥16.7%1.4717.9%-0.482.436.7%2.117.3%1.851.38磷肥及磷化工18.4%1.9520.4%2.074.238.1%0.969.1%1.132.13钾肥65.5%11.7167.7%11.834.5742.6%8.8942.8%8.300.41复合肥11.2%-0.3111.3%-0.270.163.3%-0.692.7%-1.24-1.35农药22.4%1.0222.5%1.560.155.3%1.114.2%0.93-2.21非金属材料16.5%-3.8817.1%-2.741.337.5%-1.487.5%-1.29-0.1302H9（）12175(39.2%)(21.4%)263个子5(52.9%)、(21.2%)14155(182.8%)(38.1%)。2026H1291316项目在建工程（亿元）固定资产（亿元）资本性支出（亿元）经营性现金流净额（亿元）基础化工子行业2026H1同比增速2026H1同比增速2026H1同比增速2026H1项目在建工程（亿元）固定资产（亿元）资本性支出（亿元）经营性现金流净额（亿元）基础化工子行业2026H1同比增速2026H1同比增速2026H1同比增速2026H1同比增速纯碱38.7-46.5%477.822.6%16.0-12.7%-0.0-100.2%氯碱239.8-11.1%1,278.12.0%45.1-26.7%41.7-22.6%无机盐45.116.3%269.96.1%11.915.0%2.6-78.8%煤化工186.6-4.0%1,250.33.0%68.27.1%209.060.1%钛白粉63.7-1.1%358.2-1.4%19.544.6%25.327.8%涂料油墨11.0-6.8%81.32.9%6.010.5%3.42.6%民爆制品29.828.3%324.06.4%17.036.2%-8.1-165.8%纺织化学制品26.5-6.3%162.50.0%9.531.5%28.5-44.8%氟化工202.127.5%481.710.7%67.438.1%59.924.9%聚氨酯354.3-15.9%1,662.76.2%110.2-37.6%116.25.7%食品及饲料添加剂130.714.1%761.75.7%65.6-0.4%67.9-24.4%有机硅343.2-7.7%389.5-4.3%8.9-41.9%27.9-30.7%胶黏剂及胶带11.128.2%63.73.5%6.6-8.5%-1.2-198.2%涤纶31.4-25.4%422.114.6%26.3-44.5%-23.2-5915.9%粘胶19.7-11.7%142.46.0%11.1182.8%7.5736.4%氨纶25.321.4%101.4-2.2%6.6-21.3%13.71.6%锦纶48.8-24.8%161.936.7%20.75.0%9.125.3%改性塑料87.52.9%459.94.8%34.435.7%30.733.8%合成树脂36.80.2%123.110.6%8.7-27.9%-10.5-109.5%膜材料57.0-11.0%425.538.8%23.826.2%14.0896.0%炭黑12.70.7%83.711.3%3.9-43.8%0.6-91.9%橡胶助剂10.13.3%31.515.2%4.140.2%1.6-49.7%轮胎135.7-22.9%1,069.221.2%70.7-6.1%77.4449.6%氮肥96.3-8.1%702.85.4%45.4-12.9%43.625.0%磷肥及磷化工156.639.2%744.40.4%48.427.0%16.8-55.6%钾肥24.8-69.8%242.252.9%15.9-7.5%92.817.0%复合肥54.7-17.2%343.618.5%37.651.1%-12.1-136.3%农药126.3-38.3%883.27.2%49.4-13.3%51.2-17.6%非金属材料26.020.7%135.22.5%8.0-6.8%-9.0-2670.6%3、石油石化：Q2营收和利润同、环比增长可观43A（ST、*ST，包括中国石油、中国石化，细分油气开采、油田服务、油气及炼化工程、油品石化贸易、6H1营收、利润表现较佳，盈利能力向好经营情况：2026H1，石油石化行业实现营收38887亿元，同比+4%；实现归母净利润2510.9亿元，同比+34.8%。2026Q2，实现营收20142.7亿元，同比+11.2%、环比+7.5%；实现归母净利润1311.6亿元，同比+58.7%、环比+9.4%。盈利能力：2026H121.6%，同比+2.72pcts+1.48pcts+2.52pcts-1.14pcts；6.5%+1.95pcts+0.11pcts。期间费用：2026H11860.9+0.8%-0.15pcts931.5+2.7%+0.2%；4.6%-0.38pcts-0.3pcts。资本开支：2026H1，石油石化行业资本性支出2674.5亿元，同比+1.2%。截至20266307201.6-2.6%21513.7现金流：2026H1，石油石化行业经营性现金流净额5019.5亿元，同比+16.5%。图152026H138887.0亿元，同比+4.0%2510.9+34.8%（包括中国石油、中国石化）当期值（亿元） 同比变化（pcts） 环比石油石化2021 2022 2023 2024 2025 2026H1 2026Q2 2022 2023 2026营业收入 67,239 83,548 81,582 79,316 74,523 38,887 20,143 24.3% -2.4% -2.8% -6.0营业成本 53,608 67,894 65,787 64,166 60,319 30,490 15,904 26.7% -3.1% -2.5%毛利 13,631 15,654 15,794 15,150 14,204 8,397 4,239 14.8% 0.9%期间费用： 3,660 3,721 3,949 3,969 3,939 1,861 931 1.7%其中：销售费用 1,355 1,342 1,390 1,321 1,275 587 290 -0管理费用 1,396 1,351 1,435 1,526 1,542 725 36研发费用 451 521 583 605 619 308财务费用 458 508 541 517 505归母净利润 2,920 3,810 3,691 3,721销售毛利率 20.3% 18.7% 19.4%期间费用率 5.4% 4.5%其中：销售费用率 2.0% 1管理费用率 2.1研发费用率财归母图16：石油石化板块资本开支及现金流：2026H1，经营性现金流净额5019.5亿元，同比+16.5%（包括中国石油、中国石化）石油石化当期值/期末值（亿元）同比变化202120222023202420252026H120222023202420252025H12026H1在建工程5,9745,8225,3047,3526,8687,202-2.5%-8.9%38.6%-6.6%7.7%-2.6%固定资产15,37717,36719,21119,94621,48421,51412.9%10.6%3.8%7.7%-8.0%8.9%资本性支出6,5236,4627,1986,7376,3842,674-0.9%11.4%-6.4%-5.2%-58.6%1.2%经营性现金流净额8,2427,9409,4768,9419,3005,019-3.7%19.3%-5.6%4.0%-53.7%16.5%经营情况：2026H1，9246.4+4.9%1215.3+50.5%。2026Q24932.9+12%、环比+14.4%；实现归母净利润669.4亿元，同比+79.8%、环比+22.6%。盈利能力：2026H124.8%，同比+3.62pcts3.1+3.8pc202Q224+4.8pc0.pc；13.6%+5.12pcts+0.91pcts。期间费用：2026H1377.8-0.4%4.1%，同比-0.22pcts。2026Q2197.3+6.8%+9.3%；4%，同比-0.19pcts-0.2pcts。949-2.2%20266302943.58385.9+5.2%。现金流：2026H1，石油石化行业经营性现金流净额1881.7亿元，同比+31.7%。图2261实现营收926.4+4215.3+55%（剔除中国石油、中国石化）石油石化当期值（亿元）同比变化（pcts）环比变化（pcts）202120222023202420252026H12026Q220222023202420252026H12026Q22026Q2营业收入13,68717,97519,34919,19118,0439,2464,93331.3%7.6%-0.8%-6.0%4.9%12.0%14.4%营业成本10,72714,42115,66715,42514,4446,9543,70634.4%8.6%-1.5%-6.4%0.1%5.8%14.1%毛利2,9603,5543,6833,7663,5982,2921,22720.1%3.6%2.3%-4.5%22.8%35.9%15.3%期间费用：68375184987383637819710.0%13.0%2.8%-4.2%-0.4%6.8%9.3%其中：销售费用6373767578231216.4%3.3%-1.1%4.5%-38.1%-30.5%15.9%管理费用254273288296296136687.8%5.5%2.66%0.0%3.6%3.5%0.0%研发费用1681932242222251015814.3%16.2%-0.7%1.0%4.2%13.1%32.9%财务费用198212261279238118607.0%23.2%7.1%-15.0%3.2%17.7%1.4%归母净利润1,2871,6531,4751,5711,4011,21566928.5%-10.8%6.5%-10.8%50.5%79.8%22.6%销售毛利率21.6%19.8%19.0%19.6%19.9%24.8%24.9%-1.85-0.740.590.323.624.380.20期间费用率5.0%4.2%4.4%4.5%4.6%4.1%4.0%-0.810.210.160.09-0.22-0.19-0.18其中：销售费用率0.5%0.4%0.4%0.4%0.4%0.2%0.2%-0.05-0.020.000.04-0.17-0.150.00管理费用率1.9%1.5%1.5%1.5%1.6%1.5%1.4%-0.33-0.030.050.10-0.02-0.11-0.20研发费用率1.2%1.1%1.2%1.2%1.2%1.1%1.2%-0.160.080.000.09-0.010.010.16财务费用率1.4%1.2%1.3%1.5%1.3%1.3%1.2%-0.270.170.11-0.14-0.020.06-0.15归母净利率9.4%9.2%7.6%8.2%7.8%13.1%13.6%-0.21-1.570.56-0.423.985.120.91图181881.7石油石化当期值/期末值（亿元）同比变化202120222023202420252026H120222023202420252026H1在建工程2,1781,8931,5283,1152,7502,943-13.1%-19.3%103.9%-11.7%-7.0%固定资产5,1996,4307,6217,9718,5018,38623.7%18.5%4.6%6.6%5.2%资本性支出2,4192,3002,6582,3192,120949-4.9%15.6%-12.8%-8.6%-2.2%经营性现金流净额2,5752,8403,2953,3823,5501,88210.3%16.1%2.6%4.9%31.7%Q2炼油化工利润高增、盈利改善石油石化子行业营收增速：2026H1，石油石化6个子行业中，有4个子行业营2(16.7%)(-7.2%)。2026Q2660(25.4%)(1.7%)。石油石化子行业归母净利润增速：2026H1，石油石化6个子行业中，有4个子2(723.7%)(-16.1%)5归母净利润同比增长，有1个子行业归母净利润同比下降。归母净利润同比增速前十名的子行业分别是：炼油化工(6107.3%)、其他、油品石化贸易、油气开采、油田服务、油气及炼化工程(-7.1%)。图19：石油石化子行业经营情况：2026Q2炼油化工利润高增（剔除中国石油、中国石化）项目营业收入（亿元）归母净利润（亿元）石油石化子行业2026H1同比增速2026Q2同比增速环比增速2026H1同比增速2026Q2同比增速环比增速油气开采2,43616.7%1,27125.4%9.0%860.223.3%467.241.5%18.9%油田服务8661.4%4641.7%15.3%43.5-5.2%27.01.5%63.2%油气及炼化工程5356.3%30613.8%33.4%13.7-16.1%7.9-7.1%36.5%油品石化贸易191-7.2%996.4%6.3%18.360.0%13.4355.5%172.5%炼油化工4,232-1.7%2,2456.2%13.0%234.5723.7%127.86107.3%19.7%其他98614.4%54919.1%25.8%45.1483.6%26.01163.3%37.0%图20：石油石化子行业盈利能力：2026H1炼油化工毛利率、净利率同比改善（剔除中国石油、中国石化）项目销售毛利率（pcts）归母净利率（pcts）石油石化子行业2026H1同比2026Q2同比环比2026H1同比2026Q2同比环比油气开采53.4%0.0355.5%3.384.3835.3%1.8836.8%4.173.06油田服务13.8%0.1214.0%-0.340.535.0%-0.355.8%-0.011.71油气及炼化工程10.4%0.1110.2%-0.64-0.492.6%-0.692.6%-0.580.06油品石化贸易23.0%6.1227.3%13.658.919.6%4.0213.6%10.418.29炼油化工16.2%4.6615.4%3.80-1.745.5%4.885.7%5.590.32其他8.7%2.719.7%4.802.274.6%3.684.7%4.300.3902H16（245(2.4%)(-43.9%)335(12.9%)、油品(-2.7%)（3）335(50.1%)(-30%)。石油石化子行业现金流：2026H1年，石油石化6个子行业中，有3个子行业经35(1048.2%)(-130.7%)。图21：石油石化子行业资本开支及现金流：2026H1油气及炼化工程现金流改善（剔除中国石油、中国石化）项目 在建工程（亿元） 固定资产（亿元） 资本性支出（亿元） 经营性现金流净额石油石化子行业 2026H1 同比增速 2026H1 同比增速 2026H1 同比增速油气开采 1,661.9 2.4% 116.2 -2.4% 536.5油田服务 59.6 -12.0% 772.7 -2.7%油气及炼化工程 21.8 2.2% 178油品石化贸易 23.8 -炼油化工其4、重点公司跟踪：Q2多数化工龙头营收、利润同比增长我们选取万华化学、华鲁恒升、巨化股份、恒力石化等化工龙头上市公司进行分析，具体如下：图22：化工龙头白马经营情况：2026Q2多数龙头公司归母净利润同比增长证券简称营业收入（亿元）归母净利润（亿元）2026H1同比增速2026Q2同比增速环比增速2026H1同比增速2026Q2同比增速环比增速万华化学1,193.231.3%652.636.4%20.7%100.664.4%63.5108.7%70.7%盐湖股份130.579.9%66.267.4%2.9%61.7137.9%31.4123.6%3.8%恒力石化982.2-5.5%490.34.6%-0.3%72.1136.2%33.0229.8%-15.7%荣盛石化1,294.1-12.9%687.8-6.6%13.4%51.1748.8%23.016675.6%-18.5%新和成131.318.3%68.320.7%8.6%40.111.3%21.826.7%19.5%卫星化学307.130.9%180.462.0%42.3%62.3126.9%41.1249.7%94.1%巨化股份133.40.1%73.2..7%26.529.2%14.818.5%25.9%东方盛虹699.214.8%379.023.8%18.4%45.01065.1%30.76705.2%114.2%华鲁恒升171.68.9%88.210.3%5.7%23.550.0%12.443.4%10.7%云天化228.2-8.9%108.4-9.8%-9.5%29.36.1%15.12.4%6.0%华峰化学141.716.7%74.027.1%9.4%19.8101.6%13.1174.4%96.5%桐昆股份527.119.4%293.518.6%25.6%42.2285.0%23.2378.3%22.5%合盛硅业101.63.9%51.513.3%3.0%3.2181.7%2.5137.6%219.6%亚钾国际38.251.5%23.378.2%56.9%13.557.9%8.273.8%53.5%君正集团128.91.8%68.05.4%11.7%16.7-13.2%9.54.0%32.3%昊华科技96.924.9%54.618.6%29.0%9.039.8%5.929.0%92.5%金发科技341.27.8%185.316.0%18.9%6.817.0%3.812.1%24.5%龙佰集团144.28.1%72.615.7%1.5%8.4-39.1%6.6-6.1%251.2%三美股份34.120.7%20.224.8%44.2%10.77.6%5.6-5.0%11.6%兴发集团174.519.4%100.035.3%34.2%8.415.0%5.839.1%125.6%博源化工60.31.9%33.18.7%21.9%8.312.3%4.12.5%-1.5%圣泉集团60.913.7%34.118.1%27.8%4.5-10.7%2.7-8.2%52.3%蓝晓科技13.810.5%7.715.0%27.0%4.2-5.4%2.4-5.1%31.2%新凤鸣406.921.5%231.622.3%32.1%14.4103.2%10.7166.2%191.5%扬农化工66.16.0%31.44.9%-9.5%7.9-2.0%3.83.2%-6.0%梅花生物122.4-0.4%62.54.0%4.4%6.6-62.6%5.4-27.4%361.3%图23：化工龙头白马盈利能力：2026Q2毛利率同、环比表现各异证券简称 销售毛利率（pcts） 销售净利率（pcts）2026H1 同比 2026Q2 同比 环比 2026H1 同比 2026Q2 同比 环万华化学 17.1% 3.24 19.0% 6.87 4.31 9.7% 2.30 11.0% 4.05盐湖股份 71.4% 14.18 74.0% 13.56 5.25 55.5% 15.59 56.8% 17.23恒力石化 14.0% 2.00 13.9% 0.30 -0.04 7.3% 4.40 6.7%荣盛石化 15.3% 1.96 11.3% -1.28 -8.36 7.2% 6.03 6.2%新和成 44.2% -1.67 45.5% 0.34 2.57 30.7% -1.94 32.卫星化学 28.1% 7.53 30.7% 11.41 6.40 20.3% 8.59巨化股份 34.0% 5.31 33.7% 4.78 -0.65 22.3% 5.25东方盛虹 20.3% 10.16 21.5% 11.08 2.55 6.6%华鲁恒升 24.1% 6.09 25.8% 6.19 3.54 14.8%云天化 20.9% 1.73 22.4% 1.11 2.81 13.7华峰化学 21.8% 8.05 24.9% 10.80 6.44桐昆股份 10.0% 3.28 10.8% 4.78 1.70合盛硅业 18.4% 10.46 17.7% 17.4