关于部分募投项目结项的公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 重要内容提示： 本次结项的募投项目：东材科技成都创新中心及生产基地项目（二期） 证券代码：601208 证券简称：东材科技 公告编号：2026-025 四川东材科技集团股份有限公司 剩余募集资金金额：0.00万元 根据《上海证券交易所上市公司自律监管指引第1号—规范运作》，募投 项目完成后，节余募集资金（包括利息收入）低于100万或者低于该项目募集资 金承诺投资额5%的，可以免于履行董事会审议程序，亦无需保荐机构发表明确 同意意见，公司将在最近一期定期报告中披露其使用情况。 四川东材科技集团股份有限公司（以下简称"公司"或"本公司"）2022 年公开发行可转换公司债券募集资金投资项目（以下简称"募投项目"）中的 "东材科技成都创新中心及生产基地项目（二期）"已完成主体工程项目建设， 达到预定运行条件，公司拟将该募投项目予以结项，具体情况如下： 一、募集资金的基本情况 根据中国证券监督管理委员会核发的《关于核准四川东材科技集团股份有 限公司公开发行可转换公司债 ...

Summary of Key Points from Conference Call Records Industry Overview - The chemical industry is entering a destocking phase, with the European energy crisis leading to the permanent exit of some overseas facilities. China's production capacity is expected to dominate the global market due to its scale and safety advantages, with a chemical bull market anticipated to start in 2025 [1][3] - The coal chemical sector is showing significant substitution effects, with acetic acid prices rising to 3,500 RMB/ton. Wanhua Chemical's MDI business benefits from the impact of European natural gas costs, and its new material lithium iron phosphate business is expected to reach a capacity of 800,000 tons by 2026 [1][4][6] Company Performance - Major refining companies like Hengli and Rongsheng are expected to see over 70% and 100% year-on-year earnings growth in Q1 2026, respectively, due to benefits from crude oil inventory gains and product price increases [1][12] - Satellite Chemical's single-ton ethylene profit has doubled to 400 RMB, indicating a clear trend of rising volume and price [1][12] - The polyester filament supply-demand pattern is improving, with net new capacity growth expected to be only 3% by 2026, compared to a demand growth rate of 5-6% [1][20] Market Dynamics - The chlor-alkali industry is experiencing differentiation, with calcium carbide PVC benefiting from high oil prices, and prices expected to rebound to 6,500 RMB/ton [1][15] - The refrigerant industry is affected by geopolitical conflicts, leading to a "low first, high second" demand pattern for the year [1][33] Investment Opportunities - The chemical sector is recommended for active allocation, as most mainstream sub-industries have released risks, and the fundamental landscape is improving. The current bull market is expected to exceed market expectations in terms of height and duration [3] - Companies like New Fengming and Tongkun are highlighted as potential beneficiaries in the polyester filament sector due to their expected performance in Q1 2026 [1][22] Specific Product Insights - In the pesticide sector, products like Mancozeb and Glyphosate are highlighted due to supply constraints in India, which may benefit domestic exports [2][10] - The upstream soda ash industry is expected to benefit from the global energy system restructuring, which will boost demand for photovoltaic glass and upstream soda ash [9] Financial Projections - Wanhua Chemical's MDI business is expected to see margin improvements, while its new materials business is projected to become a significant revenue contributor by 2026 [5][6] - The chlor-alkali sector's leading companies are expected to report profits near breakeven in Q1 2026, with new orders' profit release more likely in Q2 [17] Conclusion - The overall sentiment in the chemical industry is cautiously optimistic, with several companies poised for significant growth due to favorable market conditions and strategic positioning. The focus on destocking, geopolitical impacts, and evolving supply-demand dynamics will shape the investment landscape moving forward [1][3][12]

Investment Rating - The report maintains a positive outlook on energy engineering and energy materials, suggesting potential for revaluation in the sector [2][13]. Core Insights - The transition of engineering companies from traditional construction to renewable energy infrastructure is significantly altering revenue structures. For instance, China Energy Engineering's renewable energy business revenue is projected to exceed 32% by the first half of 2025, up from 22.7% in 2022. The total new contracts signed in 2025 are expected to reach 1.45 trillion yuan, with renewable energy contracts accounting for over 40% [2][13]. - The business model is shifting towards integrated investment, construction, and operation. Companies like North International and China Power Construction are leading examples, with projects such as the Croatian wind farm demonstrating this model. The average project size in renewable energy has increased to 360 million yuan, compared to 220 million yuan in 2021 [3][14]. - The international expansion of energy engineering is becoming a hallmark of Chinese infrastructure. For example, China Energy Engineering's overseas revenue share is projected to be 15% in the first half of 2025, up from 12.8% in 2022 [4][15]. Summary by Sections Weekly Discussion - The report emphasizes the ongoing transformation in energy engineering and materials, highlighting the structural changes in revenue and order composition within companies like China Energy Engineering [2][13]. Cycle Linkage - The report provides insights into various materials, noting that the national average price of cement is 337 yuan per ton, down 60 yuan year-on-year, with an average shipment rate of 24.7% [5][17]. - The average price of float glass is reported at 1177.42 yuan per ton, reflecting a slight increase, while the inventory days for monitored provinces have decreased [5][17]. Market Performance - The construction materials index has shown a decline of 1.33%, with specific segments like glass manufacturing and cement showing varied performance [20][21]. Price Changes in Construction Materials - Cement prices have seen a slight decrease, with regional variations noted, while float glass prices have been supported by rising costs, particularly due to geopolitical events affecting energy prices [30][40].

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [55]. Core Insights - The report highlights a significant increase in memory costs, leading to the prediction that "entry-level" PCs will disappear by 2028 due to rising prices and a shortage of DRAM memory affecting the PC industry more than others [4][29]. - The report notes that several companies, including Japan's Toray and Evonik, will increase prices for their products due to the inability to absorb the impact of currency fluctuations and rising raw material costs [4][33]. - The semiconductor materials sector is experiencing rapid domestic production acceleration, with major companies expected to maximize their industry benefits [4]. Market Overview - The Wind New Materials Index closed at 5849.59 points, down 5.28% week-on-week. The semiconductor materials index fell by 8.97%, while the display device materials index decreased by 3.12% [3][11]. - The report lists the top gainers and losers in the market, with companies like Hongbai New Materials and Sanxiang New Materials showing significant gains, while companies like Boqian New Materials and Dongcai Technology faced substantial losses [25][26]. Recent Industry Trends - Gartner's report indicates that PC shipments are expected to decline by 10.4% by 2026, surpassing the decline in the smartphone market, as manufacturers struggle to meet the demand for budget-friendly gaming hardware [4][30]. - Companies are responding to rising costs by adjusting prices, with Dow Chemical announcing a price increase of 5% to 15% for its products starting March 27, 2026 [34]. - The report emphasizes the importance of high-performance materials in driving industry upgrades and innovations, suggesting that the new materials industry is poised for rapid growth [4].

证券代码：601208 证券简称：东材科技 公告编号：2026-024 四川东材科技集团股份有限公司 关于使用闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 重要内容提示 现金管理产品名称：中国工商银行区间累计型法人人民币结构性存款产 品-专户型2026年第129期B款 在确保募投项目正常推进和资金安全的前提下，公司拟合理使用部分暂时 闲置的募集资金进行现金管理，可有效降低募集资金闲置成本，提升募集资金 的保值增值能力，增加公司投资收益。 （二）资金来源 1、本次现金管理的资金来源为公司暂时闲置的募集资金。 2、募集资金的基本情况 现金管理受托方：中国工商银行股份有限公司绵阳游仙支行 现金管理金额：10,000万元（人民币） 根据中国证券监督管理委员会核发的《关于核准四川东材科技集团股份有 限公司非公开发行股票的批复》（证监许可【2021】735号），公司采用非公开 发行股票方式，向特定对象非公开发行人民币普通股66,464,471股，每股发行价 格为人民币11.54元，募集资金总额人民币766, ...

Investment Rating - The report emphasizes low valuation companies in the energy sector with a PE ratio below 20X for the 2026 profit forecast [2] Core Insights - The report highlights the importance of "selling shovel" companies in the coal chemical sector, particularly in the context of fluctuating oil prices, which significantly impact the economic viability of coal chemical projects [3][13] - It identifies several key players in the energy engineering sector, including Donghua Technology, China Energy Engineering, and China Chemical, which are involved in significant projects and are expected to see revenue growth [3][13] - The report also discusses the energy materials sector, noting that companies like Keda Manufacturing and Changbao Co. are experiencing improvements due to unexpected changes in demand [4][14] - AI new materials are highlighted as having a price increase expectation, with specific references to electronic fabrics and copper foil, indicating a strong cycle of inflation in these sectors [4][14] Summary by Sections Energy Engineering - Focus on coal chemical projects, particularly coal-to-olefins, coal-to-oil, and coal-to-natural gas, with economic viability tied to oil prices above $80 per barrel [3][13] - Key companies include: - Donghua Technology: Expected revenue of 10 billion with a 13% increase in 2025 [3][13] - China Energy Engineering: Largest green hydrogen and ammonia project globally [3][13] - Other notable mentions include China Chemical, Sanwei Chemical, and local mining companies in Xinjiang [3][13] Energy Materials - Companies like Keda Manufacturing are benefiting from the growing demand for energy storage materials [4][14] - The report notes the potential for price increases in AI materials, particularly in electronic fabrics and copper foil, driven by ongoing inflationary pressures [4][14] Market Performance - The cement sector shows a national average price of 338 RMB/ton, with a year-on-year decrease of 52 RMB/ton and a slight month-on-month decline [15][18] - The glass market sees a slight increase in prices, with the average price for float glass at 1174.93 RMB/ton, reflecting a 0.89% increase [15][36] - The report indicates a mixed performance across various building materials, with the construction index down by 6.21% [18][24]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The titanium dioxide industry has initiated its first collective price increase of the year, with domestic prices rising by 500 CNY/ton and international prices by 100 USD/ton [3] - A historic disruption in the global natural gas supply chain occurred due to an attack on Qatar's energy facilities, leading to a 50% increase in European natural gas prices and an 8% rise in Brent crude oil prices [3] - The domestic tire industry shows strong competitiveness, with recommended companies including Sailun Tire, Senqilin, General Motors, and Linglong Tire [4] - The consumer electronics sector is expected to gradually recover, with a focus on upstream material companies benefiting from the recovery in the panel supply chain [4] - The report highlights the resilience of certain cyclical industries, particularly in the phosphorous chemical sector, which is supported by environmental policies limiting supply [6] Summary by Sections Chemical Sector Market Review - The Shanghai Composite Index fell by 0.93%, with the CITIC Basic Chemical Index down by 2.27% [12] - The top-performing sub-industries included synthetic resins (6.9%) and chlor-alkali (3.53%), while electronic chemicals (-7.91%) and membrane materials (-7.5%) were the worst performers [15] Key Sub-Industry Market Review Tires - Full steel tire production load in Shandong increased to 66.41%, while semi-steel tire production load reached 73.52% [52] Fertilizers - Urea prices rose to 1853.5 CNY/ton, with a production load of 93.62% [67] - Phosphate prices for monoammonium phosphate and diammonium phosphate increased to 3892.5 CNY/ton and 4381.88 CNY/ton, respectively [70] Vitamins - Vitamin A price remained stable at 60.5 CNY/kg, while Vitamin E increased by 15.65% to 66.5 CNY/kg [82] Fluorochemicals - Fluorspar prices rose to 3475 CNY/ton, with a production load of 8.07% [84] Organic Silicon - The organic silicon market is experiencing price increases due to production cuts, with DMC prices reported at 14000-14300 CNY/ton [97]

关于部分募投项目结项的公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 重要内容提示： 本次结项的募投项目：东材科技成都创新中心及生产基地项目（一期） 剩余募集资金金额：0.00万元 根据《上海证券交易所上市公司自律监管指引第1号—规范运作》，募投 项目完成后，节余募集资金（包括利息收入）低于100万或者低于该项目募集资 金承诺投资额5%的，可以免于履行董事会审议程序，亦无需保荐机构发表明确 同意意见，公司将在最近一期定期报告中披露其使用情况。 证券代码：601208 证券简称：东材科技 公告编号：2026-023 四川东材科技集团股份有限公司 四川东材科技集团股份有限公司（以下简称"公司"或"本公司"）2022 年公开发行可转换公司债券募集资金投资项目（以下简称"募投项目"）中的 "东材科技成都创新中心及生产基地项目（一期）"已完成主体工程项目建设， 达到预定运行条件，公司拟将该募投项目予以结项，具体情况如下： 一、募集资金的基本情况 根据中国证券监督管理委员会核发的《关于核准四川东材科技集团股份有 限公司公开发行可转换公司债 ...

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The chemical sector has shown strong performance, with a weekly increase of 7.15%, outperforming the Shanghai Composite Index by 5.17 percentage points [3][20] - The phosphate and phosphate chemical sectors have strengthened due to the U.S. designating phosphorus as a critical defense material, raising concerns about the stability of the global phosphate supply chain [4] - China, being the largest producer of phosphate rock and phosphate chemicals, faces challenges such as limited high-grade resources and increasing environmental regulations, which restrict new capacity expansion [4] - Demand for phosphate fertilizers is driven by the upcoming spring farming season and the growth of new energy sectors, leading to price increases in phosphate-related products [4] - The chemical industry is expected to experience a recovery driven by both cyclical and growth factors, with a focus on organic silicon, PTA, and other segments [5] Summary by Sections Industry Performance - The chemical sector ranked third in performance among various sectors, with a weekly increase of 7.15% [3][20] - The phosphate and phosphate chemical sectors led the gains with a 19.25% increase [23] Key Industry Dynamics - The U.S. has classified phosphorus and glyphosate as critical defense materials, which may impact domestic production and resource allocation [36] - South Korea announced a financial support plan for restructuring its chemical industry, indicating a trend towards consolidation in the sector [36] Price Trends - Significant price increases were observed in various chemical products, with PTA prices rising by 60.46% [12] - The report highlights the weekly tracking of chemical prices, showing both increases and decreases across different products [12][13] Company Performance - Notable stock performances included Jinzhengda with a 46.23% increase and Chuanjinnuo with a 34.39% increase, primarily from the phosphate and phosphate chemical sectors [27][30]

Investment Rating - The report suggests a positive outlook for the electronic inflation chain and oil chain sectors, indicating potential price increases and strong demand in various materials [1][2][3]. Core Insights - The electronic inflation chain is expected to see price increases in early March due to strong downstream demand from AI materials and new product launches, with a successful price transmission anticipated [1]. - The oil chain is impacted by rising oil prices, leading to cost increases for products like asphalt, with companies adjusting prices accordingly [2]. - Companies like Keda, Huaxin, and Leshushi are highlighted for their expansion into international markets, particularly in Africa and South America, indicating a strategic focus on local manufacturing and job creation [3]. Summary by Sections Electronic Inflation Chain - Strong demand for AI materials is driving price increases in electronic fabrics and copper foil, with expectations for smooth price transmission in March [1]. - The report emphasizes the ongoing trend of AI displacing traditional production capacities in various sectors, including storage and electronic fabrics [1]. Oil Chain - The report notes that the cost of asphalt has risen from 3,000 RMB/t to 3,350 RMB/t, prompting companies to increase prices by 5%-10% for related products [2]. - The report highlights the potential for coal chemical alternatives to gain traction as oil prices rise, suggesting increased capital expenditure in this area [2]. International Expansion - Keda's establishment of a glass factory in Ghana is noted as a significant development, with expectations for local job creation and reduced costs for construction and automotive needs [3]. - Leshushi's inclusion in the Hang Seng Composite Index is also highlighted, indicating its growing market presence and liquidity [3]. Market Performance - The report provides insights into the performance of various materials, with cement prices averaging 339 RMB/ton, down 52 RMB/ton year-on-year, and glass prices showing a slight increase [4][15]. - The overall building materials index has shown a positive performance, with specific sectors like glass manufacturing and fiberglass seeing notable gains [18].