Core Viewpoint - The chemical industry is experiencing a price surge in dyes, driven by a significant increase in the prices of upstream key intermediates, with some rising over 50% [1] Group 1: Industry Overview - The price of disperse dyes has been continuously increasing, with leading companies like Zhejiang Longsheng and Runtou Co. raising their quotes on February 8 [1] - UBS Securities indicates that after four years of adjustment, the supply-demand dynamics in the chemical industry are improving, predicting an upward cycle from 2026 to 2028 [1] Group 2: Company Insights - Demy Chemical (002054), a fine chemical enterprise, has a closely related textile chemicals business to the dye industry chain, suggesting that the improved industry outlook may positively impact the company's profitability [1] Group 3: Stock Performance - Demy Chemical's stock has shown significant volatility over the past week, with a price fluctuation range of 16.19% from February 6 to February 13 [1] - On February 9, the stock hit the daily limit up, increasing by 10.05%, followed by a further rise of 1.89% on February 12, before a slight decline to 10.62 yuan on February 13, down 1.39% [1] - On February 9, institutional investors net bought 24.94 million yuan worth of shares, indicating high short-term capital activity, with a financing purchase amount of 89.58 million yuan on February 12 [1] - Technically, the stock price has broken through the 20-day moving average of 9.39 yuan, with the MACD indicator maintaining a bullish signal, although attention is needed around the resistance level of 11.00 yuan [1]

Core Insights - The report predicts a "front low and back high" trend for the real estate market in 2026, suggesting potential recovery opportunities in the sector [1][3] - It emphasizes the importance of stabilizing the market through inventory reduction and boosting demand and confidence, while also supporting reasonable financing needs of real estate companies [3][4] - The report identifies three main investment lines: stable companies in core cities, "small but beautiful" firms with significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [1][9] Market Outlook - The real estate market is expected to face continued pressure in 2025, with a focus on policy measures to prevent a sharp decline [3][4] - The report forecasts a decline in key real estate indicators for 2026, including a projected 8% decrease in sales area to 810 million square meters and a 12% drop in sales revenue to 7.4 trillion yuan [5][6] - It anticipates a gradual recovery in the market, with potential policy and fundamental turning points in Q1 and Q4 of 2026, respectively [7][8] Investment Recommendations - The report suggests focusing on companies with strong fundamentals in first and second-tier cities, such as China Resources Land and China Merchants Shekou [1][9] - It highlights the potential of Poly Real Estate Group as a "small but beautiful" firm that has made significant sales and land acquisition breakthroughs [9] - The report also points to commercial real estate companies like China Resources Vientiane Life and Swire Properties that are actively exploring new operational models [1][9]

Group 1 - The core viewpoint of the article is that Zhejiang Longsheng's competition and pricing strategy are undergoing changes, with disperse dye prices still in the early stages of an upward trend [1] - The prices of intermediates such as para-phenylenediamine are at the bottom of the cycle, indicating potential for upward movement [1] - The company's revenue and profit from the "Huaxing New City" project in Q4 2026 are expected to be confirmed, showing significant earnings elasticity [1] Group 2 - Despite the increase in disperse black prices from 16,000 yuan/ton to 21,000 yuan/ton since early January, the actual profit increase for disperse dye manufacturers is limited due to rising costs of intermediates [1] - There is still ample room for further increases in disperse dye prices, with expectations for a new round of price hikes after the Spring Festival [1] - The current market capitalization of the company may only reflect the anticipated rise in disperse dye prices, and any increase in the prices of intermediates like para-phenylenediamine could significantly enhance profit expectations [1] Group 3 - Assuming the company exports 20,000 tons of disperse dye, 4,000 tons of para-phenylenediamine, 3,000 tons of para-cresol, and 500 tons of reducing agents, each 10,000 yuan/ton price increase could boost profits by 1.5 billion yuan, 300 million yuan, 220 million yuan, and 40 million yuan respectively [1] - The target price has been raised by 27% to 21.52 yuan, maintaining an "outperforming the industry" rating [1]

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The dye industry is expected to see a recovery in demand due to both domestic and international factors, with China maintaining its position as the world's largest producer, consumer, and exporter of dyes, with an annual production exceeding 900,000 tons [5][18] - The supply structure of dyes is improving, with leading companies possessing significant pricing power due to the elimination of smaller, less compliant enterprises [7][29] - The price increase of dyes is driven by the intermediate production process, benefiting companies with integrated supply chains [8][48] Summary by Sections Demand and Supply Dynamics - The dye industry is characterized by diverse products and applications, with significant growth in downstream printing and dyeing fabric production, which is projected to grow at a compound annual growth rate (CAGR) of 2.59% from 2018 to 2024 [20] - China's dye export volume is expected to reach 272,000 tons in 2024, reflecting an 11% year-on-year increase, supported by a compound annual growth rate of 7.51% from 2020 to 2025 [23] Environmental and Regulatory Landscape - The dye industry faces stringent environmental regulations, leading to the gradual elimination of high-pollution, low-compliance small enterprises, thus optimizing the industry structure [26][29] - Recent regulatory changes have increased compliance costs for smaller players, further consolidating market share among larger firms [30] Intermediate Supply and Price Trends - The production of key intermediates, such as H acid and reducing agents, is critical for dye manufacturing, with recent supply disruptions leading to price increases [40][45] - The price of reducing agents has surged from 25,000 yuan/ton to approximately 50,000 yuan/ton, directly impacting the production costs of disperse dyes [43] Key Companies in the Industry - Zhejiang Longsheng is a leading enterprise with a dye production capacity of 300,000 tons and a strong integrated supply chain [51] - RunTu Co. has a well-established dye industry system with a total dye production capacity of 238,000 tons [53] - Annoqi focuses on differentiated dye products and is integrating AI technology into its production processes [54] - Jinhua Group has a dye production capacity of 95,000 tons and is expanding its product portfolio through strategic acquisitions [56]

Core Viewpoint - The dye industry is experiencing a significant price increase driven by the rising costs of upstream intermediates, which is expected to continue in the short term and may accelerate industry consolidation [1][2][4]. Group 1: Price Trends - Several dye-related companies have announced price increases, with Zhejiang Longsheng Group reporting a rise of 5000 yuan/ton for certain disperse dyes [2]. - The price of key intermediates, particularly reducing agents, has surged to around 70,000 yuan/ton, contributing to the overall increase in dye prices [2]. - The current price increase is expected to last for 1-3 months, followed by a phase of high-level consolidation, with potential stabilization in the fourth quarter if demand does not improve significantly [3]. Group 2: Industry Dynamics - The rise in dye prices is anticipated to accelerate industry consolidation due to high raw material costs and stricter environmental regulations [4]. - Leading companies with integrated intermediate capabilities are likely to strengthen their market positions, potentially using a "volume compensates for price" strategy to expand their advantages [4]. - Companies without intermediate support may face profitability challenges due to high procurement costs and weak bargaining power, leading to a "high-price procurement, low-price sales" dilemma [4][5]. Group 3: Strategic Adjustments - Companies lacking intermediate support need to seek breakthroughs by establishing long-term collaborations with intermediate suppliers or exploring high-end, functional, and environmentally friendly dye segments to avoid homogenization [5]. - Improvements in performance for companies without intermediate support will rely more on strategic adjustments and upgrades rather than an overall industry recovery [5].

Group 1 - The core viewpoint is that the prices of dye intermediates, particularly reducing agents, have been rising since mid-January, leading to an increase in dye prices. This trend is supported by a concentrated supply and stringent safety and environmental regulations, which are optimizing the industry landscape. Current prices are at historically low levels, and cost pressures are expected to further transmit downstream, benefiting companies with stable market shares and related intermediate support [1][2][4]. Group 2 - The cost of intermediates is driving a rapid increase in dye prices. The price of reducing agents, a key intermediate for disperse dyes, has surged from 25,000 yuan/ton to around 70,000 yuan/ton since mid-January. Companies like Zhejiang Longsheng and Runtao Co. have announced price increases for disperse dyes, with Zhejiang Longsheng raising prices by 2,000 yuan/ton and Runtao Co. by 5,000 yuan/ton for certain products [2][3]. - The dye prices have been historically low due to intensified industry competition. By 2025, the average export price of disperse dyes is expected to decline by 6.66% year-on-year to $4.36/kg, marking the lowest level in nearly a decade [2][3]. - The supply of dyes is concentrated, with China being the largest producer, trader, and consumer of dyes globally, accounting for approximately 70%-75% of the world's total production. The top five dye-producing companies in China are projected to account for 61.07% of the total national output in 2024, an increase of 1.54 percentage points from 2023 [3][4]. Group 3 - The investment recommendation suggests that dye prices are at a bottom range, and changes in cost and strict regulations may improve industry conditions. Companies with stable market shares, high safety and environmental investments, and complete industrial chain support are likely to benefit. Recommended companies include Zhejiang Longsheng, with Runtao Co. suggested for further attention [4].

Core Viewpoint - The article discusses recent developments in various sectors, highlighting significant technological advancements in space exploration, financial incentives in the tech industry, and market trends in materials and inflation data. Group 1: Space Exploration - The successful sea landing test of the Long March 10A rocket marks a significant breakthrough in technology, crucial for the recovery of low-orbit satellites and future landing operations [1] - The successful maximum dynamic pressure escape flight test of the Dream Chaser manned spacecraft indicates a major milestone in China's lunar exploration program [2] Group 2: Financial Incentives and Market Trends - Ant Group's promotional campaign offering new users a 16.8 yuan red envelope reflects a competitive landscape in the tech sector, with various platforms engaging users through incentives [4] - The glass fiber sector saw a notable increase in stock prices, driven by supply reductions from major producers due to rising demand [4] Group 3: Economic Indicators - January's CPI growth was 0.2% year-on-year, below expectations, while the core CPI reached its highest level in six months at 0.3% [9][15] - PPI data showed a slight improvement at -1.4%, with certain sectors like non-ferrous metals and AI-related industries experiencing price increases [15] Group 4: Stock Market Performance - On February 11, the A-share market showed mixed results, with the Shanghai Composite Index up by 0.09% and the Shenzhen Component down by 0.35% [17] - The glass fiber concept stocks surged, with several companies hitting the daily limit up, indicating strong market interest [17] Group 5: Industry Dynamics - The electric power sector is undergoing significant reforms, aiming to establish a unified national electricity market by 2030, which will enhance market participation and efficiency [20] - The AI sector is being prioritized for commercial applications, with government initiatives to foster growth and innovation in various industries [23]

Group 1 - The company Zhejiang Longsheng announced that as of February 10, 2026, all external guarantees are for its subsidiary companies, with a total guarantee balance of approximately RMB 10.895 billion, which accounts for 31.78% of the audited net assets attributable to the parent company as of the end of 2024 [1]

2023 年 2 月 8 日，公司以通讯表决方式召开公司第九届董事会第五次会议， 审议通过了《关于延长 2021 年员工持股计划存续期的议案》，同意延长 2021 年 员工持股计划存续期三年,至 2026 年 2 月 19 日。具体内容详见公司于 2023 年 2 月 10 日披露在上海证券交易所网站（http://www.sse.com.cn）相关公告。 证券代码：600352 证券简称：浙江龙盛 公告编号：2026-004 号 浙江龙盛集团股份有限公司 关于延长 2021 年员工持股计划存续期的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 公司于 2026 年 2 月 10 日以通讯方式召开的第十届董事会第五次会议审议通 过了《关于延长 2021 年员工持股计划存续期的议案》（表决结果：同意 9 票，反 对 0 票，弃权 0 票），现将公司延长 2021 年员工持股计划存续期的相关情况公告 如下： 一、本员工持股计划持有公司股份情况 公司于 2021 年 2 月 3 日、2021 年 2 月 19 日召开了公司第八 ...

浙江龙盛集团股份有限公司 2021 年员工持股计划 2026 年第一次持有人 会议决议的公告 证券代码：600352 股票简称：浙江龙盛 公告编号：2026-003 号 参加表决的持有人以20,855万份同意，0份反对，0份弃权，审议通过了《关 于延长2021年员工持股计划存续期的议案》，同意延长2021年员工持股计划存续 期五年，即延长至2031年2月19日。本议案已经公司第十届董事会第五次会议决 议通过。 特此公告。 浙江龙盛集团股份有限公司 二 O 二六年二月十二日 浙江龙盛集团股份有限公司（以下简称"公司"）于2026年2月10日上午在公 司办公大楼401会议室以现场结合远程视频的方式召开了2021年员工持股计划 2026年第一次持有人会议。本次会议有4名员工持股计划份额持有人出席，代表 员工持股计划份额20,855万份，占公司员工持股计划总份额的100%。会议由管理 委员会负责召集，管理委员会主任卢邦义主持，本次会议的召集、召开及表决程 序符合《浙江龙盛集团股份有限公司2021年员工持股计划》和《浙江龙盛集团股 份有限公司2021年员工持股计划管理办法》的规定,本次会议审议通过了以下议 案： 《关于 ...