证券日报网2月6日讯，嘉化能源（600273）在接受调研者提问时表示，首先，产能提升需要有一定时 间；其次，PVC产业与氯碱装置有产业协同，需要氯碱装置新增技改部分产能的释放；再次，就PVC产 业单独而言，产品价格的走势也决定了产能释放节奏。二期满产运行，公司自身的液氯供给将会略有缺 口，但对PVC二期的运行影响不大，公司通过采购部分EDC(二氯乙烷)来满足原材料供应，公司PVC二 期更加注重产品品质与型号的多元化，以追求更好的盈利能力。 ...

证券日报网2月6日讯，嘉化能源（600273）在接受调研者提问时表示，公司推出的高性能合成橡胶项 目，主要是想借助公司所在的化工园区拥有项目所必要的主要原料及产业配套设施的优势，通过公司积 累多年的化工产业管理经验，以及便利的运输条件，能更好的管控成本和安全运营，生产高性能合成橡 胶。目前该项目尚在准备阶段。一直以来，公司始终围绕主业上下游发展，充分发展自身产业配套优 势，强化循环经济产业模式，挖潜增效，稳健发展。目前，除上述项目外，公司暂无重大项目投资计 划。如有，后续将按上市公司相关规定及时履行审议程序并对外公告。 ...

证券日报网2月6日讯，嘉化能源（600273）在接受调研者提问时表示，公司脂肪醇(酸)系列产品主要原 材料为棕榈仁油，深加工后得到脂肪醇及脂肪酸，此外棕榈油深加工也有部分产品为脂肪酸，属于公司 脂肪酸类产品的竞品。近年来，棕榈油、棕榈仁油价格均出现不同程度上涨，但棕榈仁油涨价幅度大于 棕榈油涨价幅度，棕榈仁油持续高位运行。导致脂肪醇的价格随着棕榈仁油的价格上扬而提价，而公司 脂肪酸类产品的价格提价困难，一定程度上影响了公司该类产品的毛利。整体而言，公司脂肪醇(酸)系 列产品的总体利润较为平稳。 ...

Core Viewpoint - Jiahuan Energy emphasizes its role as the sole steam supplier in the China Chemical New Materials (Jiaxing) Park, ensuring stable heating supply and meeting diverse customer needs through continuous capacity enhancement projects [2] Group 1: Regulatory Framework - According to China's "Combined Heat and Power Management Measures," the heating radius for steam-based CHP units is generally considered to be 10 kilometers, and no additional heat sources should be planned within this range [2] - The "Zhejiang Province Local Coal-fired Combined Heat and Power Industry Comprehensive Renovation and Upgrade Action Plan" stipulates that the heating radius for newly planned heat sources must not be less than 15 kilometers [2] Group 2: Company Operations - The total area of the China Chemical New Materials (Jiaxing) Park is 8.9 square kilometers, and Jiahuan Energy is the only steam supplier in this area [2] - The company produces approximately 12 million tons of steam annually, continuously improving its supply capacity through technological upgrades to ensure stable regional heating [2]

证券日报网2月6日讯 ，嘉化能源在接受调研者提问时表示，电石法PVC中乙炔与氯化氢的反应需以氯 化汞作为催化剂，受《水俣公约》影响及国家政策，PVC行业无汞化转型是大势所趋，电石法PVC企业 的转型成本有一定压力；公司采用的乙烯法PVC，在杂质、产品性能指标上较电石法PVC有一定优势， 且不涉及汞催化剂。公司PVC产品主要市场均在国内，目前出口量占比不高。长期来看，如果PVC行业 出口退税取消，行业内落后产能、高成本产能将被淘汰，PVC供给端格局将进一步优化。 （文章来源：证券日报） ...

证券日报网2月6日讯 ，嘉化能源在接受调研者提问时表示，自公司上市以来，坚持持续现金分红及回 购股份，是公司坚守稳健经营之道，持续回馈股东的价值经营理念的体现。持续推出了三年股东回报规 划：公司承诺，2024-2026年，在满足现金分红条件下，公司每年以现金方式分配的利润应不低于当年 实现的可分配利润的40%。能够持续分红及回购股份，首先是基于公司稳定的盈利，并结合目前及未来 投资发展、以及公司的现金流状况、资产负债情况综合考量做出的决定。这也符合近年来监管层鼓励上 市公司通过现金分红和股份回购提升投资者回报的指导意见。公司多年来坚守稳健经营模式，深耕能源 化工主业，围绕循环经济产业模式开展业务，有稳定的经营业绩托底、各个产业趋于稳定，在负债率较 低以及宽松的货币政策的大环境下，公司将继续维持稳健的回馈股东政策，以积极的回购股份政策（回 购股份主要用于注销）及稳定的现金分红回报各方投资者。 （文章来源：证券日报） ...

证券日报网2月6日讯 ，嘉化能源在接受调研者提问时表示，公司着力发展的循环经济，实现了资源、 能源的综合开发和高效利用，降低产品的能耗和物料成本，提高设备的运行效率，增强公司各项业务的 竞争力和企业的综合实力；其次，公司的核心管理团队结构稳定、风格稳健，拥有经验丰富的管理团 队、深耕行业多年的技术研发团队、精益求精的生产管理团队以及以合作共赢为理念的自有直销团队； 再次，公司所在的嘉兴港区地处上海南翼、杭州湾北岸，是"长三角"沪、苏、杭、甬地区的一个重要交 通枢纽，同时嘉兴港具有海河联运的独特优势，上下游产业链集聚、消纳便利，交通条件优越，区位优 势明显。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网2月6日讯 ，嘉化能源在接受调研者提问时表示，一直以来，公司坚持主业，各项业务保持 了良性、健康的发展。2026年，PVC二期项目及脂肪醇二期项目产能陆续释放，预计公司氯碱装置技改 项目推进，将为公司2026年经营业绩贡献力量。 ...

Core Viewpoint - The company, Jiahuan Energy, emphasizes its commitment to a circular economy model, which is central to its development strategy and aims to enhance resource and energy efficiency while improving competitiveness and profitability [2]. Group 1: Circular Economy Model - The company is a key player in the China Chemical New Materials (Jiaxing) Park, focusing on establishing a circular economy that integrates energy and chemical industries [2]. - The circular economy includes both internal and external cycles, with internal cycles involving the development of the chlor-alkali industry and polymer materials (VCM/PVC) through cogeneration [2]. - The development of polymer materials positively impacts the chlor-alkali industry and self-generated power advantages, contributing to the company's growth [2]. Group 2: Resource and Energy Utilization - The company has developed a series of fatty alcohol (acid) products, which have become significant growth units due to the advantages of self-produced steam and by-product hydrogen from the chlor-alkali industry [2]. - The external cycle involves supplying steam, liquid alkali, desalinated water, and hydrogen, while recycling condensate and related materials to enhance the value of the industrial chain [2]. Group 3: Operational Performance - The company reported stable performance for the year, with no significant seasonal variations in operating results during the first three quarters [2].

Group 1 - The core viewpoint of the article highlights the performance of the CSI 1000 Value ETF (562530), which rose by 0.64% to 1.410 yuan with a trading volume of 808,100 yuan as of the midday close [1] - The top-performing stocks within the CSI 1000 Value ETF include Jiahu Energy, which increased by 3.45%, and Zhejiang Medicine, which rose by 3.87% [1] - The fund's performance benchmark is the CSI Smart Select 1000 Value Steady Strategy Index, managed by Huaxia Fund Management Co., Ltd., with a return of 40.54% since its inception on July 28, 2022, and a return of 5.51% over the past month [1] Group 2 - Notable stock movements include Shengfeng Cement increasing by 2.28%, while Jiufeng Energy decreased by 0.80%, and Changjiang Media fell by 0.65% [1] - The fund manager is Zhang Jinzhi, indicating a specific leadership in the management of the ETF [1] - The article emphasizes the importance of cautious investment due to market risks, although it does not provide specific risk details [1]