Investment Rating - The report maintains a strong rating for the chemical industry, indicating a positive outlook for the sector [5]. Core Insights - The chemical sector has shown resilience with the CITIC Basic Chemical Index rising by 5.73% and the Shenwan Chemical Index increasing by 7.29% this week [13][16]. - Key sub-industries such as soda ash, chlor-alkali, and dyeing chemicals have experienced significant price increases, with soda ash rising by 13.3% [16]. - The report highlights the competitive strength of domestic tire manufacturers and suggests focusing on companies like Sailun Tire and Linglong Tire as potential growth opportunities [4]. - The polyurethane project by Huide Technology, with an annual production capacity of 600,000 tons, has commenced, indicating strategic growth in the new materials sector [3]. - The report emphasizes the tightening supply-demand dynamics in the phosphate chemical sector due to environmental regulations and increasing demand from the new energy sector [4]. Summary by Sections Market Overview - The Shanghai Composite Index increased by 0.84%, while the ChiNext Index decreased by 0.34% [13]. - The overall performance of the chemical sector is positive, with notable gains in various sub-industries [16]. Key Sub-Industry Developments - **Polyurethane**: The price of pure MDI in East China is reported at 17,600 RMB/ton, showing a week-on-week decline of 1.12% [28]. - **Tires**: The operating load for all-steel tires in Shandong is at 62.70%, reflecting a year-on-year increase of 20.70% [49]. - **Fertilizers**: Urea prices are at 1,757.45 RMB/ton, with a week-on-week decrease of 0.4% [63]. - **Vitamins**: The price of Vitamin A is reported at 61.5 RMB/kg, down 1.6% week-on-week [79]. Investment Themes - **Tire Sector**: Domestic tire companies are positioned strongly, with a focus on growth stocks [4]. - **Consumer Electronics**: Recovery in demand is anticipated, benefiting upstream material companies [4]. - **Phosphate Chemicals**: Supply constraints due to environmental policies are expected to tighten the market [4]. - **Vitamin Supply**: Supply disruptions in Vitamin A and E are noted, creating potential investment opportunities [4].

（编辑 任世碧） 证券日报网讯 1月23日，新和成在互动平台回答投资者提问时表示，行业格局受供应、需求端情况的综 合影响而变化。公司致力于打造"化工+""生物+"平台，不断丰富产品线，并采用"技术+管理+资源"的模 式，坚持创新降本增效，不断提升核心竞争力，通过产销联动拓市场，多措并举拓展市场份额，及时抢 抓市场机遇，全力以赴提升经营业绩。同时，公司始终坚持以"客户为中心，市场为导向"的销售策略， 为客户提供创新和优质高效的解决方案。 ...

| | 嘉实基金 陈路华 | | --- | --- | | | 中信资管 王子宁 | | | 容光投资 黄沛然 | | | 建信保险资管 班培琪 | | | 交银施罗德基金 张明晓 | | | 天风证券 唐婕、邢颜凝 | | | 富国基金 范妍、沈衡 | | 时间 | 2026 年 1 月 22 日、2026 年 1 月 23 日 | | 地点 | 上海浦东香格里拉大酒店，公司总部会议室 | | 形式 | 现场交流 | | | 年公司营养品板块主要产品价格出现波动，如何展 1、2025 | | | 望 年相关产品的市场价格走势？ 2026 | | | 年公司营养品主要产品价格受供应、需求端情况 答：2025 | | | 的综合影响出现波动，公司通过产销联动积极拓展国内外市场， | | | 持续创新并优化生产工艺，推进成本费用精细化管控，各业务板 | | | 块实现稳健经营。从行业发展趋势来看，蛋氨酸作为构成蛋白质 | | | 的必需氨基酸之一，受益于全球人口持续增长、居民健康意识提 | | | 升等多重因素，市场需求保持稳步增长态势，维生素品类价格四 | | | 季度以来已实现企稳回升。公司致力于打造"化工 ...

（文章来源：证券日报） 证券日报网讯 1月23日，新和成在互动平台回答投资者提问时表示，公司7万吨蛋氨酸扩产项目已建 设、调试完成，结合市场情况投放产能。18万吨/年（折纯）液体蛋氨酸项目检修后平稳运行。 ...

Group 1 - The core viewpoint of the news highlights the performance of the medical innovation sector, with the China Securities Medical and Medical Device Innovation Index (931484) rising by 0.51% and notable increases in constituent stocks such as Ganli Pharmaceutical (3.05%) and Zhejiang Pharmaceutical (2.29%) [1] - The Medical Innovation ETF (516820) has seen a net inflow of funds over the past five days, with a peak single-day net inflow of 40.537 million yuan, totaling 62.4623 million yuan, averaging a daily net inflow of 12.4925 million yuan [1] - Baichuan Intelligent has launched the Baichuan-M3 Plus evidence-enhanced medical model, achieving a hallucination rate of 2.6%, the lowest globally, and introduced the "Evidence Anchoring" technology to provide citation sources for medical conclusions [1] Group 2 - Everbright Securities emphasizes that the AI+ healthcare sector should focus on several core areas: AI drug development, AI medical imaging, AI chronic disease management, and AI surgical robots, highlighting the strong willingness of pharmaceutical companies to invest in AI drug development due to its potential to significantly shorten drug development cycles [2] - The China Securities Medical and Medical Device Innovation Index selects 30 publicly listed companies with good profitability and growth potential from the pharmaceutical and healthcare sector, reflecting the overall performance of profitable and growth-oriented companies [2] - As of December 31, 2025, the top ten weighted stocks in the index include WuXi AppTec, Hengrui Medicine, Mindray Medical, and others, accounting for 63.75% of the total index weight [2]

Core Viewpoint - The Chinese government is accelerating agricultural modernization and promoting comprehensive rural revitalization, focusing on achieving high-level agricultural technology self-reliance and innovation [2] Group 1: Agricultural Modernization - The State Council Information Office held a press conference on January 22 to discuss the acceleration of agricultural modernization [2] - The Ministry of Agriculture and Rural Affairs emphasizes the importance of agricultural technology innovation and application of results [2]

Company Performance - The stock price of Xinhecheng reached a historical high, increasing by 2.11% to 28.07 yuan, with a trading volume of 17.99 million shares and a transaction value of 498 million yuan, resulting in a turnover rate of 0.59% [2] - For the latest A-share total market capitalization, it stands at 86.271 billion yuan, while the circulating market capitalization is 85.245 billion yuan [2] - The company reported a revenue of 16.642 billion yuan for the first three quarters, representing a year-on-year growth of 5.45%, and a net profit of 5.321 billion yuan, which is a 33.37% increase year-on-year [2] - The basic earnings per share is 1.7300 yuan, with a weighted average return on equity of 17.32% [2] Industry Overview - The overall increase in the basic chemical industry is 1.22%, with 291 stocks rising, including Qiaoyuan Co., Fule New Materials, and Hebang Bio, which saw increases of 17.51%, 10.01%, and 8.64% respectively [2] - Conversely, 136 stocks in the industry experienced declines, with Cangzhou Dahua, Jujiao Co., and Sidike showing decreases of 6.94%, 5.82%, and 4.63% respectively [2] Margin Trading Data - As of January 21, the latest margin trading balance for Xinhecheng is 1.231 billion yuan, with a financing balance of 1.229 billion yuan, reflecting an increase of 43.2472 million yuan over the past 10 days, which is a 3.65% growth [2]

Group 1 - The core viewpoint of the news indicates that the Artemisinin concept sector has experienced a decline of 0.85%, ranking among the top losers in the concept sector, with companies like Delong Huineng, Rundu Co., and Kunming Pharmaceutical Group showing significant declines [1] Group 2 - The top gainers in today's concept sectors include Lead Metal with a rise of 5.01%, Zinc Metal at 4.83%, and Gold Concept at 3.82%, while the top losers include Duty-Free Shops at -1.16% and Trust Concept at -1.09% [2] - The net outflow of main funds from the Artemisinin concept sector today was 0.24 billion yuan, with six stocks experiencing net outflows, led by Delong Huineng with a net outflow of 36.54 million yuan [2] - The stocks with the highest net inflows include Fosun Pharma, New Hecheng, and Zhejiang Medicine, with net inflows of 32.34 million yuan, 19.09 million yuan, and 9.40 million yuan respectively [2]

Group 1 - The core viewpoint of the article highlights that the company, Xinhecheng, has a wide range of downstream applications for its new material products, including automotive transportation, electronics, semiconductors, environmental dust removal, and 5G communications [2] - The company has collaborations with modification customers in the robotics industry [2]

Core Viewpoint - The company emphasizes the importance of information technology and automation in its manufacturing processes, aiming to enhance operational efficiency and innovate through the application of AI projects [1] Group 1: Company Initiatives - The company is committed to continuously optimizing and upgrading its production processes to strengthen intelligent operations [1] - The implementation of AI projects is expected to improve business efficiency and facilitate the realization of innovative practices [1] - The company aims to achieve an optimized and upgraded digital system architecture through these initiatives [1]