Summary of Chlor-Alkali Industry Conference Call Industry Overview - The conference call focuses on the chlor-alkali industry, particularly the impact of the Minamata Convention on mercury and the transition towards mercury-free production methods in the polyvinyl chloride (PVC) sector [1][2]. Key Points 1. **Minamata Convention on Mercury**: The convention aims to protect human health and the environment from the adverse effects of mercury emissions and releases. It has become a focal point in recent negotiations regarding the chlor-alkali industry [1][2]. 2. **Transition to Mercury-Free PVC Production**: The Ministry of Ecology and Environment emphasizes accelerating the transition to mercury-free PVC production. This includes the development of mercury-free catalysts and the phasing out of outdated production capacities [1]. 3. **Impact on PVC Production**: The use of mercuric chloride as a catalyst in the acetylene method for PVC production poses environmental and health risks. The convention will prohibit the mining of primary mercury by 2032, making it impossible to use mercuric chloride in PVC production [2]. 4. **Methods for Achieving Mercury-Free PVC**: - **Gold-Based Catalysts**: This method requires significant production line modifications and incurs higher costs, estimated to increase the cost of PVC production by approximately 100 CNY per ton. Smaller PVC producers may struggle to afford these changes [2]. - **Ethylene Method**: The investment cost for ethylene-based PVC production is higher, averaging 5,973 CNY per ton compared to 3,328 CNY per ton for the acetylene method. Both methods will increase costs for acetylene-based PVC producers, with the gold-based catalyst route being the more favorable option [3]. 5. **Market Implications**: The transition to mercury-free production is expected to lead to the exit of smaller, less profitable PVC companies from the market, as they may not be able to bear the increased costs associated with the new production methods [3]. Beneficiary Companies - **Xinjiang Tianye**: A leading player benefiting from the transition - **Zhongtai Chemical**: Another key beneficiary - **Chlor-Alkali Chemical**: Engaged in ethylene-based PVC production - **Jiahua Energy**: Also involved in ethylene-based PVC - **Junzheng Group**: Positioned on the cost-effective side of acetylene-based PVC - **Beiyuan Group**: Lower-cost acetylene-based PVC producer - **Kaili New Materials**: Focused on gold-based catalysts [3].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that leading companies are expected to benefit significantly from the trend of carbon reduction, with a stable yet slightly strong market structure for potassium chloride [3] - The PVC industry is undergoing a transformation towards mercury-free production, driven by regulatory pressures and environmental concerns, which will increase production costs for traditional methods [5][6] - The report notes that the chlor-alkali industry is experiencing significant losses, with net profits dropping from 182 RMB/ton in Q3 2025 to -49 RMB/ton in Q4 2025, indicating a critical need for capacity exit [7] Summary by Sections Industry Overview - The PVC industry is facing a transition to mercury-free production methods, which will require significant investment and may lead to the exit of smaller, less profitable companies [6][7] - The Water Mercury Convention aims to phase out mercury use in PVC production by 2032, impacting production costs and methods [6] Market Dynamics - The chlor-alkali sector is currently in a state of widespread loss, with the profitability of caustic soda declining, making it difficult to maintain the current production balance [7] - The cancellation of export tax rebates for PVC and anticipated restrictions on high-energy-consuming industries are expected to accelerate the exit of outdated production capacity [7] Beneficiary Companies - Potential beneficiaries from these industry changes include Xinjiang Tianye, Zhongtai Chemical, Chlor-alkali Chemical, Jiahua Energy, Junzheng Group, Beiyuan Group, and Kaili New Materials [8]

基础化工 基础化工 2026 年 01 月 28 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 《降碳趋势下龙头企业有望充分受 益，氯化钾市场格局稳中偏强—行业 周报》-2026.1.25 《涤纶长丝行业新一轮减产开启，草 铵膦供需向好、价格上涨—行业周报》 -2026.1.18 《农药出口退税率取消或下调，行业 反内卷持续深化—农药行业点评报 告》-2026.1.17 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 | 金益腾（分析师） | 宋梓荣（分析师） | | --- | --- | | jinyiteng@kysec.cn | songzirong@kysec.cn | | 证书编号：S0790520020002 | 证书编号：S0790525070002 | 事件：生态环境部强调要加快推动聚氯乙烯行业无汞化转型 据生态环境部 1 月 26 日消息，生态环境部固体废物与化学品司有关负责同志就 《关于发布含汞电池等 12 种 ...

证券日报网讯1月26日，嘉化能源（600273）在互动平台回答投资者提问时表示，公司自上市以来即建 立财务共享中心，财务中心管理工作运行稳定。 ...

证券日报网讯1月26日，嘉化能源（600273）在互动平台回答投资者提问时表示，公司产品主要市场均 在国内，出口量占比不高。2024年，公司国外营业收入不足总营收的2%，境外销售主要为中东、非 洲、印度等市场。 ...

Summary of Conference Call Notes Industry Overview - The document discusses the potential increase in electricity prices for the calcium carbide and caustic soda industries in Shaanxi, China. This adjustment is viewed as a pilot policy for supply-side reform in high-energy-consuming industries during the "14th Five-Year Plan" period [1]. Core Insights and Arguments - The market interpretation of the electricity price adjustment has evolved, indicating that the implications extend beyond Shaanxi and are seen as part of a broader trend in supply-side reforms for high-energy industries [1]. - The logic of eliminating outdated production capacity driven by policy is being validated at the industry bottom, suggesting a significant shift in the market dynamics [1]. - Leading companies with cost advantages, such as those owning self-built power plants, are expected to achieve a revaluation of their worth as the industry landscape is reshaped [1]. Important but Overlooked Content - Specific companies to watch include Junzheng Group and Jiahua Energy, which possess self-built power plants or ethylene production processes, giving them a relative advantage amid potential cost increases [1].

Group 1 - The core point of the article highlights the recent performance of Jiahu Energy, which saw a 5.24% increase in stock price, reaching 10.24 CNY per share, with a trading volume of 209 million CNY and a turnover rate of 1.54%, resulting in a total market capitalization of 13.894 billion CNY [1] - Jiahu Energy, established on April 3, 1998, and listed on June 27, 2003, is located in Jiaxing City, Zhejiang Province. The company specializes in manufacturing and selling a range of products including fatty alcohols, polyvinyl chloride, steam, chlor-alkali products, sulfonated pharmaceuticals, and sulfuric acid [1] - The revenue composition of Jiahu Energy's main business includes fatty alcohols (33.89%), steam (19.06%), polyvinyl chloride (18.91%), chlor-alkali products (10.39%), trade and others (6.82%), sulfonated pharmaceuticals (3.69%), handling and related services (2.24%), sulfuric acid (1.86%), photovoltaic power generation (1.72%), and hydrogen (0.36%) [1] Group 2 - From the perspective of fund holdings, data indicates that one fund under Huaxia Fund has Jiahu Energy as a top ten holding. The Huaxia CSI Selected 1000 Value Stable Strategy ETF (562530) reduced its holdings by 1,600 shares, maintaining 53,900 shares, which accounts for 0.91% of the fund's net value [2] - The Huaxia CSI Selected 1000 Value Stable Strategy ETF (562530) was established on July 28, 2022, with a latest scale of 49.8467 million CNY. Year-to-date, it has achieved a return of 4%, ranking 3,327 out of 5,579 in its category; over the past year, it has returned 25.55%, ranking 3,040 out of 4,225; and since inception, it has returned 37.04% [2] - The fund manager of Huaxia CSI Selected 1000 Value Stable Strategy ETF (562530) is Zhang Jinzhi, who has been in the position for 231 days. The total asset scale during his tenure is 3.203 billion CNY, with the best fund return being 78.89% and the worst being -2.17% [2]

Group 1 - The core point of the article highlights the recent performance of Jiahu Energy, which saw a 5.57% increase in stock price, reaching 10.24 CNY per share, with a total market capitalization of 13.894 billion CNY [1] - Jiahu Energy, established on April 3, 1998, and listed on June 27, 2003, is located in Jiaxing, Zhejiang Province, and specializes in manufacturing and selling a variety of chemical products, including fatty alcohols, PVC, steam, chlor-alkali products, sulfonated pharmaceuticals, and sulfuric acid [1] - The revenue composition of Jiahu Energy's main business includes fatty alcohols (33.89%), steam (19.06%), PVC (18.91%), chlor-alkali (10.39%), trade and others (6.82%), sulfonated pharmaceuticals (3.69%), handling and related (2.24%), sulfuric acid (1.86%), photovoltaic power generation (1.72%), and hydrogen (0.36%) [1] Group 2 - From the perspective of fund holdings, one fund under Huaxia Fund has Jiahu Energy as a top ten holding, specifically the Huaxia CSI Selected 1000 Value Stable Strategy ETF, which reduced its holdings by 1,600 shares to 53,900 shares, representing 0.91% of the fund's net value [2] - The Huaxia CSI Selected 1000 Value Stable Strategy ETF was established on July 28, 2022, with a latest scale of 49.8467 million CNY, and has achieved a year-to-date return of 4.72% [2] - The fund manager, Zhang Jinzhi, has been in position for 227 days, overseeing total assets of 3.203 billion CNY, with the best fund return during his tenure being 68.25% and the worst being -1.67% [2]

Market Overview - The chemical products sector experienced a decline of 0.55% on January 14, with Chenghe Technology leading the losses [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index rose to 14248.6, up 0.56% [1] Top Gainers in Chemical Sector - Qicai Chemical (300758) saw a significant increase of 20.01%, closing at 16.85 with a trading volume of 524,100 shares and a turnover of 832 million [1] - Changhua Chemical (301518) rose by 12.77%, closing at 44.60 with a trading volume of 124,200 shares and a turnover of 519 million [1] - Demei Chemical (002054) increased by 9.99%, closing at 8.81 with a trading volume of 420,300 shares and a turnover of 360 million [1] Top Losers in Chemical Sector - Chenghe Technology (688625) declined by 5.79%, closing at 58.71 with a trading volume of 88,500 shares and a turnover of 525 million [2] - Duofuduo (002407) fell by 4.31%, closing at 31.55 with a trading volume of 1,265,100 shares and a turnover of 404.6 million [2] - Kaisa Bio (688065) decreased by 3.97%, closing at 59.77 with a trading volume of 158,000 shares and a turnover of 965 million [2] Capital Flow Analysis - The chemical products sector experienced a net outflow of 1.757 billion from institutional investors, while retail investors saw a net inflow of 1.333 billion [2] - The top stocks with significant net inflows from retail investors include Qicai Chemical (300758) with a net inflow of 256 million [3] - Demei Chemical (002054) also had a notable net inflow of 108 million from retail investors [3]

Group 1 - The core point of the news is that 嘉化能源 (Jiahua Energy) experienced a stock price increase of 5.18%, reaching 9.75 yuan per share, with a trading volume of 402 million yuan and a turnover rate of 3.12%, resulting in a total market capitalization of 13.23 billion yuan [1] - 嘉化能源 is located in Jiaxing City, Zhejiang Province, and was established on April 3, 1998, with its listing date on June 27, 2003. The company specializes in manufacturing and selling various products, including fatty alcohols, polyvinyl chloride, steam, chlor-alkali products, sulfonated pharmaceuticals, and sulfuric acid [1] - The revenue composition of 嘉化能源 includes fatty alcohols (33.89%), steam (19.06%), polyvinyl chloride (18.91%), chlor-alkali products (10.39%), trade income and others (6.82%), sulfonated pharmaceuticals (3.69%), handling and related services (2.24%), sulfuric acid (1.86%), photovoltaic power generation (1.72%), and hydrogen (0.36%) [1] Group 2 - From the perspective of 嘉化能源's top ten circulating shareholders, 景顺长城基金 (Invesco Great Wall Fund) holds a position, having reduced its holdings by 2.0691 million shares to 7.5356 million shares, representing 0.56% of the circulating shares. The estimated floating profit today is approximately 3.6171 million yuan [2] - The 景顺长城中证红利低波动100ETF (515100) was established on May 22, 2020, with a current scale of 4.685 billion yuan. Year-to-date returns are 0.5%, ranking 5221 out of 5520 in its category, while the one-year return is 9.71%, ranking 4010 out of 4203 [2]