Investment Rating - The report maintains a "Buy" rating for the companies mentioned, indicating a positive outlook for their stock performance in relation to the industry benchmark [4]. Core Insights - The chemical industry is expected to experience price increases due to improved supply-demand dynamics and a "de-involution" policy that encourages companies to avoid price wars and focus on profitability [10][22]. - The manufacturing sector shows signs of recovery, with the manufacturing PMI reaching 50.1% in December 2025, indicating a return to expansion [16][22]. - The inventory cycle in the chemical industry is transitioning from active destocking to passive destocking, which could lead to price support if demand improves [22]. Summary by Sections Supply Side Analysis - Investment growth in the chemical raw materials and products manufacturing sector has been declining since 2022, with a projected drop in investment growth turning negative by June 2025 [15]. - The construction of new capacity in the chemical industry has significantly decreased, influenced by energy consumption controls and environmental policies [15][22]. Demand Side Analysis - Although traditional demand remains weak, there is strong support for certain chemical products due to manufacturing restocking, pre-holiday inventory buildup, and increased exports [15][22]. - The manufacturing PMI data indicates a marginal improvement in demand, with production and new orders both showing positive trends [16]. Policy Impact - The "de-involution" policy initiated by the central government aims to prevent vicious competition, leading to a consensus among leading companies to stabilize prices by reducing production rates [22]. Company-Specific Insights - **China Chemical**: The company has a production capacity of 200,000 tons for both adiponitrile and caprolactam. Price rebounds in these products could significantly enhance its earnings [23]. - **Sandi Chemical**: The company is expected to benefit from price recovery in its core products, with a projected revenue of 730 million yuan in H1 2025 [30]. - **Donghua Technology**: The company has multiple high-end chemical projects that are expected to improve profitability and support stock valuation [37]. - **Southeast Net Rack**: The company produces 500,000 tons of polyester filament, with potential for revenue growth as prices stabilize [41]. Investment Recommendations - The report highlights key companies to watch, including China Chemical, Sandi Chemical, Donghua Technology, and Southeast Net Rack, all of which are positioned to benefit from the anticipated price increases in chemical products [10][45].

Core Viewpoint - The chemical industry is expected to experience price increases due to improved supply-demand dynamics and a shift towards "anti-involution" practices, benefiting certain construction companies that have extended their operations into the chemical sector [1][21]. Supply Side Summary - Investment growth in the chemical raw materials and products manufacturing sector has been declining since 2022, with a significant drop in investment growth turning negative by June 2025. The construction of new capacity in the chemical industry has notably decreased, with the share of ongoing projects in the basic chemical sector falling from 33.8% in 2022 to 24.4% in Q1-Q3 2025 [1]. - The reduction in new capacity is compounded by energy consumption controls and enhanced environmental policies set for 2025, alongside significant shutdowns of chemical facilities in Europe and Japan due to cost disadvantages, leading to an overall improvement in the global supply landscape [1]. Demand Side Summary - Despite weak traditional demand, certain factors such as manufacturing inventory replenishment, pre-Spring Festival stocking, increased exports, and growth in new manufacturing demands are providing strong support for some chemical products. The manufacturing PMI reached 50.1% in December 2025, indicating a return to expansion for the first time since April 2025 [3]. Inventory Cycle Summary - The chemical industry is transitioning from active destocking to passive destocking. Although there was a slight increase in inventory levels in the chemical raw materials and products sector in H2 2025, the inventory growth of finished products in downstream sectors has been declining since March 2025, indicating a significant inventory disparity within the supply chain [5]. - The current inventory structure shows moderate inventory levels upstream and low inventory levels downstream, suggesting that any improvement in demand could trigger rapid destocking of upstream chemical products, providing strong support for price elasticity [5]. Policy Environment Summary - The "anti-involution" policy introduced in July 2024 has shifted from a slogan to actionable industry measures, encouraging leading companies to avoid price wars and instead focus on maintaining price levels through reduced production rates [5]. Company-Specific Insights - **China Chemical (601117.SH)**: Positioned as a quality undervalued stock with strong cash flow, benefiting from the anti-involution trend. The company has a production capacity of 200,000 tons for both adiponitrile and caprolactam, with potential profit increases from price rebounds in these products [6]. - **Sandi Chemical (002469.SZ)**: Expected to see continued price improvements for existing chemical products under the anti-involution backdrop. The company has significant production capacities and is advancing new product lines that are anticipated to enhance profitability [11]. - **Donghua Technology (002140.SZ)**: The company is experiencing improved profitability in its industrial segment due to supply reductions stabilizing ethylene glycol prices. It has several high-end chemical projects in operation, contributing to revenue growth [15]. - **Southeast Net Framework (002135.SZ)**: The company produces polyester filament with a capacity of 500,000 tons. Price recovery in this segment is expected to contribute positively to performance [18]. Investment Recommendations - The chemical product price increase is supported by declining capital expenditures, environmental restrictions, and a shift in competitive dynamics. Companies such as China Chemical, Sandi Chemical, Donghua Technology, and Southeast Net Framework are highlighted as key beneficiaries of this trend [21].

（文章来源：证券日报） 证券日报网讯 1月22日，东华科技在互动平台回答投资者提问时表示，截至2026年1月20日下午收市， 公司股东人数约为3.193万户。 ...

Core Viewpoint - The case submitted by Donghua Engineering Technology Co., Ltd. under China National Chemical Corporation has been selected as a typical case for brand building in the oil and chemical industry for 2025, focusing on enhancing brand value in the context of the "dual carbon" initiative [1] Group 1: Brand Building Strategies - The company has elevated brand building to a strategic level in response to industry transformation and internal challenges [1] - A brand operation model has been innovatively constructed and implemented through "four pathways" [1] - The brand management path is standardized through the principles of "systematic + unified" [1] Group 2: Brand Value Enhancement - The brand value path is solidified by "innovation + high quality," relying on a rigorous quality management system and breakthroughs in key technologies [1] - Continuous strengthening of core competitiveness is emphasized through these innovations [1] Group 3: Brand Behavior and Culture - The brand behavior path is regulated by "cultural strength + compliance," which includes upgrading the cultural system and creating a unique "four-way linkage" mechanism [1] - This mechanism aims to internalize brand concepts into actions [1] Group 4: Brand Image Expansion - The brand image path is expanded through "sense of responsibility + communication power," actively practicing ESG principles [1] - The company enhances its brand appeal and influence by engaging in high-end industry conferences and utilizing a media matrix for proactive communication [1]

Core Viewpoint - Donghua Technology (002140) is the general contractor and operator of the Zabuye lithium carbonate project, which is expected to officially commence production by the end of September 2025 after completing a 120-hour functional assessment [1] Group 1 - The project is currently ramping up production capacity as expected [1] - Donghua Technology provides design and general contracting services for the lithium carbonate projects of Zangge Mining (000408) and Qinghai Huixin, but does not engage in operational activities [1]

Core Viewpoint - Donghua Technology (002140) is the general contractor and operator of the Zhabuye lithium carbonate project, with an operational period of three years, and is on track for production ramp-up [1] Group 1 - The Zhabuye lithium carbonate project is expected to complete a 120-hour functional assessment by the end of September 2025 [1] - The production ramp-up phase is currently meeting expectations, with an overall positive trend [1]

Core Viewpoint - Tibet Mining confirmed that Donghua Technology Company is the general contractor and operator for the Zabuye Phase II project, with an operational period of three years [1] Group 1 - The operational costs will be settled according to the "Operation Contract" [1] - Details regarding the contract were disclosed in the announcement on October 8, 2021 [1]

Group 1 - The core point of the article is that Donghua Technology (002140) reported its shareholder count as approximately 32,280 as of January 9, 2026 [1]

Core Viewpoint - The achievements of Donghua Engineering Technology Co., Ltd. in the fields of industrial wastewater treatment, new materials, and resource utilization highlight the company's technological strength in promoting industrial green transformation and efficient resource use [1][2]. Group 1: Awards and Recognitions - Donghua Engineering won multiple awards at the Anhui Provincial Employee Technology Innovation Competition, including the "Gold Achievement" award for the project on "Key Technologies and Applications for Coordinated Treatment and High-Value Resource Utilization of Industrial Wastewater" and the "Gold Project" award for the "Development Project of High-Conductivity Graphene-Aluminum Composite Materials" [1]. - The company also received first-class recognition from the China Energy Chemical Geological Trade Union for its technologies on "Zero Discharge and Resource Utilization of Coal Chemical Wastewater" and "Lithium Extraction Technology from Salt Lakes" [1]. Group 2: Technological Innovations - The industrial wastewater treatment technology developed by the company integrates "multi-pollutant coordinated removal + multi-path high-value resource utilization + whole-process cost reduction and efficiency enhancement," marking an upgrade from end-of-pipe treatment to whole-process control [2]. - The graphene-aluminum composite material project utilizes Donghua's continuous gas-phase synthesis technology to create a new composite material with high conductivity, high modulus, high strength, and lightweight characteristics, overcoming traditional aluminum alloy performance limitations [2]. - The zero discharge and resource utilization technology for coal chemical wastewater establishes a comprehensive intelligent control technology system, providing a replicable and promotable demonstration solution for the industry [2]. - The lithium extraction technology from salt lakes addresses the technical bottlenecks in developing low-grade, high magnesium-to-lithium ratio brine in China, innovating process pathways and developing specialized reactors to form a highly adaptable lithium extraction technology system [2]. Group 3: Future Directions - The company is committed to increasing R&D investment in new materials, new energy, and new environmental protection fields, focusing on key technical challenges in the industry [2]. - By leveraging the "T+EPC" model, the company aims to promote more innovative achievements that contribute to industrial green transformation [2].

Group 1 - The company is the general contractor and operator of the Zhabuye lithium carbonate project, with an operational period of 3 years [2] - The project is currently in the capacity ramp-up stage [2] - The company settles operational expenses based on the operating contract [2]