Group 1 - The core viewpoint of the article highlights the target price increases for listed companies, with notable gains for Huaxia Bank and Xin'an Co., with target price increases of 17.98% and 13.20% respectively [1][2] - On February 13, a total of 18 listed companies received recommendations from brokers, with Huaxia Bank, Pudong Construction, and Changan Automobile each receiving one recommendation [2] - The article mentions that on February 13, brokers provided 7 instances of initial coverage, with Changan Automobile receiving an "Overweight" rating from Shanxi Securities, and Xin'an Co. receiving an "Increase" rating from Guojin Securities [2][4] Group 2 - Huaxia Bank (600015) received a "Outperform" rating from China International Capital Corporation with a target price of 7.94 yuan, reflecting a target price increase of 17.98% [2][4] - Xin'an Co. (600596) was rated "Increase" by Guojin Securities with a target price of 14.24 yuan, indicating a target price increase of 13.20% [2][4] - Other companies receiving initial coverage include Daimai Co. with a "Buy" rating, and Ningbo Huaxiang with a "Buy" rating, both indicating positive outlooks in their respective sectors [4]

Investment Rating - The report gives the company an "Accumulate" rating with a target price of 14.24 RMB based on a 30x PE for 2026 [3]. Core Views - The company is a dual leader in the silicone and glyphosate industries, with performance expected to recover against a backdrop of reduced competition [1]. - The company has pioneered a circular economy model utilizing chlorine, phosphorus, and silicon, achieving over 90% utilization rates for these elements [1][21]. - The company has a 7% market share in the domestic silicone market, ranking fifth, and a 10% share in glyphosate, ranking third [1]. Summary by Sections 1. Business Overview - The company operates in three main sectors: crop protection, silicone materials, and new energy materials, with a focus on integrating phosphorus and silicon materials [14]. - The crop protection segment has developed a comprehensive system covering intermediates, active ingredients, and formulations, contributing to food security [14]. - The silicone materials segment has a complete industrial chain from upstream silicon mining to downstream product manufacturing, with products sold in over 130 countries [14]. 2. Silicone Materials - The supply-demand dynamics are improving, leading to a price recovery for silicone products, with DMC prices rising from 11,000 RMB/ton to 14,000 RMB/ton [1]. - The company has a silicone monomer capacity of 500,000 tons, with about 80% used for self-produced downstream products [1]. - The company’s downstream silicone capacity exceeds 200,000 tons, with a conversion rate above 45% [1]. 3. Agricultural Chemicals - Glyphosate prices are expected to improve due to the promotion of genetically modified crops, with domestic capacity at 813,000 tons, accounting for nearly 70% of global capacity [2]. - The company has an existing glyphosate capacity of 80,000 tons, with a formulation conversion rate above 70% [2]. - The product portfolio includes over 100 varieties of herbicides, insecticides, fungicides, and growth regulators, supporting an integrated development model [2]. 4. Profit Forecast and Valuation - Revenue projections for 2025-2027 are 147 billion, 171 billion, and 186 billion RMB, with corresponding net profits of 1.1 billion, 6.4 billion, and 9.1 billion RMB [3]. - The company is expected to see a significant profit recovery, with net profit growth rates of 113%, 484%, and 42% for the respective years [3]. - The report highlights the cyclical nature of the company's earnings, with a current focus on recovery from recent performance lows [3][24].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 14.24 RMB based on a 30x PE for 2026 [3]. Core Views - The company is a dual leader in the silicone and glyphosate industries, with performance expected to recover against a backdrop of reduced competition [1]. - The company has pioneered a circular economy model utilizing chlorine, phosphorus, and silicon, achieving over 90% utilization rates for these elements [1][21]. - The company’s revenue and profit have been under pressure due to price declines in recent years, but improvements in supply and demand dynamics are anticipated to drive performance recovery [1][2]. Summary by Sections 1. Business Overview - The company operates in three main sectors: crop protection, silicone materials, and new energy materials, with a focus on integrating phosphorus and silicon materials [14]. - The crop protection segment has developed a comprehensive system covering intermediates, active ingredients, and formulations, contributing to food security [14]. - The silicone materials segment has a complete industrial chain from upstream silicon mining to downstream product manufacturing, with applications in over 130 countries [14]. 2. Silicone Materials - The company’s silicone segment is expected to benefit from improving supply-demand dynamics, with prices showing signs of recovery [1][54]. - The domestic market for silicone has a strong demand base, with a compound annual growth rate of over 10% in recent years [54]. - The company has a silicone monomer capacity of 500,000 tons, with approximately 80% used for self-produced downstream products [1]. 3. Glyphosate Sector - Glyphosate prices are expected to improve due to the promotion of genetically modified crops, with domestic production capacity constrained by policy [2]. - The company has a glyphosate active ingredient capacity of 80,000 tons, with a formulation conversion rate exceeding 70% [2]. - The company has developed a diverse product portfolio in the agricultural sector, including over 100 varieties of herbicides, insecticides, and fungicides [2]. 4. Financial Forecast and Valuation - The company is projected to achieve revenues of 147 billion RMB in 2025, with a net profit of 1.1 billion RMB, reflecting a significant recovery from previous lows [3]. - The earnings per share (EPS) are expected to grow from 0.081 RMB in 2025 to 0.673 RMB by 2027 [3]. - The report anticipates a recovery in profitability, with net profit expected to increase by 484% in 2026 [3]. 5. Market Position and Competitive Landscape - The company holds a 7% market share in the domestic silicone market, ranking fifth, and a 10% share in glyphosate, ranking third [1]. - The company’s revenue structure has shifted, with the agricultural segment's contribution increasing from 41% in 2020 to 49% in the first half of 2025 [24]. - The company’s profitability has shown volatility, particularly in the silicone materials segment, which has experienced significant fluctuations in gross margins [24].

◎记者 刘立 液冷主流技术路线分为冷板式和浸没式。非水基冷却液作为热交换介质，属于技术壁垒较高的环节，目 前主要分为氟化冷却液（主要用于部分高端冷板式和浸没式液冷）和硅基冷却液（主要用于浸没式液 冷）两大路线。 多位业内受访人士表示，氟化冷却液与硅基冷却液作为液冷产业链上游核心材料之一，市场需求有望迎 来爆发式增长。"从行业格局看，我国正在追赶冷却液的市场发展步伐，而国外产能处于收缩状态，将 有利于国内优先布局企业抢占市场份额。"前述新安股份负责人表示。 随着AI技术快速迭代，芯片功耗持续攀升，高功耗催生了更高的散热需求。 据上海证券报记者了解，在人工智能算力需求爆发与智算中心绿色转型的双重驱动下，液冷技术作为解 决高密散热难题的核心方案，市场需求呈现爆发式增长。其中，冷却液作为产业链上游核心材料之一， 已吸引多家氟化工、有机硅龙头企业布局。 "近日，公司基于自研硅基冷却液的浸没式液冷解决方案，已在杭州'中国数谷'落地首个商用浸没式硅 基液冷算力应用项目，并实现稳定运行。"2月11日，新安股份相关负责人向上海证券报记者表示。 液冷冷却液需求有望快速增长 液冷技术是通过液体介质实现电子设备散热的核心技术，主要应 ...

证券日报网讯2月12日，新安股份（600596）发布公告称，截至2026年1月31日，公司及其控股子公司对 外担保总额0元，公司对控股子公司已提供担保总额23.2053亿元，占公司2024年度经审计的归属于上市 公司股东净资产的18.65%，公司截至目前无逾期担保情况发生。 ...

证券代码：600596 证券简称：新安股份 公告编号：2026-003 号 浙江新安化工集团股份有限公司 关于公司及控股子公司提供担保的进展公告 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个别及连带责任。 重要内容提示： ●被担保人名称： 镇江江南化工有限公司（以下简称"镇江江南"） 合肥星宇化学有限责任公司（以下简称"合肥星宇"） 福建新安科技有限责任公司（以下简称"福建新安"） 甘肃西部鑫宇化学有限公司（以下简称"西部鑫宇"） 新安硅材料（盐津）有限公司（以下简称"新安硅材料"） 福建福杭新业科技股份有限公司（以下简称"福杭新业"） 湖北皇恩烨新材料科技有限公司（以下简称"湖北皇恩烨"） 浙江启源新材料有限公司（以下简称"启源新材"） 浙江传化嘉易新材料有限公司（以下简称"传化嘉易"） 湖州启源金灿新能源科技有限公司（以下简称"启源金灿"） 宁夏新安科技有限公司（以下简称"宁夏新安"） ●担保金额：截至 2026 年 1 月 31 日，公司及控股子公司为控股子公司实际已提供 担保总额为 23.2053 亿元。 ●本次担保是否有反 ...

Core Viewpoint - The A-share market saw a strong performance in gold-related stocks, with several companies experiencing significant price increases on February 11 [1] Group 1: Stock Performance - Baodi Mining reached the daily limit with a rise of 9.97%, bringing its total market value to 6.968 billion [2] - Guocheng Mining increased by 9.18%, with a total market capitalization of 36.8 billion [2] - Hangmin Co. and Baoding Technology both rose over 5%, with market values of 8.861 billion and 7.934 billion respectively [2] - Other notable performers included Zhongjin Metal, Shandong Gold, and Feinan Resources, all of which saw increases of over 4% [1][2] Group 2: Year-to-Date Performance - Baodi Mining has a year-to-date increase of 18.02% [2] - Guocheng Mining's year-to-date rise stands at 11.65% [2] - Hangmin Co. and Baoding Technology have year-to-date increases of 25.98% and 23.86% respectively [2] - Shandong Gold and Feinan Resources also reported strong year-to-date performances of 22.35% and 28.17% [2]

2月9日，新安股份大宗交易成交72.99万股，成交额929.89万元，占当日总成交额的2.63%，成交价12.74 元，较市场收盘价12.74元持平。 | 股票基金信息 | | --- | | 交易日期 | 证券商标 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 026-02-09 | 新安股份 | 600596 | 12.74 929.89 | 72.99 | 茶宴里麵屋品喜感 | 顏鐵鐵 | | ка | ...

【DT新材料】 获悉， 当前AI大模型的算力竞赛进入白热化， 芯片"散热"正成为制约行业发展的隐形 天花板。 2月3日， 有机硅龙头 新安 股份 携手 算想科技 宣布 正式 推出有机硅浸没式液冷解决方 案， 成功将自主研发的高性能硅基冷却液应用于国内商用浸没式液冷算力平台。这家深耕化工领域40 余年的巨头，竟带着最新的"硅基液冷解决方案"杀入了AI基建的核心地带。 当前，随着高性能芯片功率不断攀升，单机柜密度已从5kW向40kW甚至100kW演进。传统的空调风 冷散热效率已达极限。在国家双碳政策下，数据中心能耗指标（PUE）被严格限制。 此次 新安 股 份 发布会展示的液冷方案，成功将 PUE降至1.08 。 这意味着绝大部分电力都用于计算，而非散热，这 对于运营成本的节省是极其惊人的。 新安股份 此次入局，通过与 算想科技 的深度绑定，实现了从"原材料供应商"到"整体解决方案提供 商"的身份转变。在有机硅传统市场竞争日趋激烈的背景下，AI新材料赛道无疑为这位化工巨头插上了 第二次飞跃的翅膀。 据预测，到2025年，中国液冷市场规模将达到293亿元，而边缘算力市场更将突破千亿大关。当前在 浸没式液冷新材料的赛 ...

业内认为，该项目的顺利运行，不仅验证了硅基液冷材料在真实负载环境下的可靠性与经济性，凸显了有机硅材料在解决高热流密度散热难题上的独特优 势，为后续规模化复制提供了成熟样板，还凸显出特种有机硅材料在数字新基建中的巨大潜力，打通了从上游材料创新到下游系统集成与商业化运营的全 链条。 新安股份表示，硅基冷却液固有的高绝缘性、极低挥发性、优异的热稳定性和环境友好特性，满足了数据中心直接接触式液冷(浸没式冷却)的严苛要求。 该技术方案有效攻克了传统风冷及冷板液冷在超高功率密度算力集群面前遇到的散热瓶颈，将系统PUE值降至1.1以下，节能效果超过35%，为下一代算力 中心散热提供了新的技术解决方案。同时，浸没式冷却方案具有降低设备维护成本、延长设备使用寿命、提升设备运行稳定性等优势，将大大降低算力中 心的建设与运维成本。 新安股份2月3日宣布，携手算想科技，成功将自主研发的高性能硅基冷却液应用于国内商用浸没式液冷算力平台，实现了有机硅功能材料在绿色算力关键 环节的规模化、商业化落地。 据介绍，新安股份基于自研硅基冷却液的浸没式液冷解决方案，已在杭州—中国数谷落地，并实现稳定运行。本次落地的商用算力平台采用高功率密度浸 没 ...