决议公告：2026-002 证券代码：002254 股票简称：泰和新材 公告编号：2026-002 泰和新材集团股份有限公司 第十一届董事会第二十次会议决议公告 泰和新材集团股份有限公司第十一届董事会第二十次会议（临时会议）于 2026 年 1 月 28 日以通讯方式召开。本次会议由董事长宋西全先生召集，会议通 知于 2026 年 1 月 23 日以专人送达和电子邮件等方式发出。会议应到董事 11 名， 实到董事 11 名，符合有关法律、行政法规、部门规章和《公司章程》的规定。 公司高级管理人员列席本次会议。会议通过以下决议： 1、以 8 票同意、0 票弃权、0 票反对，通过《关于批准 2026 年 1-5 月日常 关联交易额度的议案》。 关联董事初航正、李贺、顾丽萍回避了表决。 具体内容详见 2026 年 1 月 29 日刊登于《中国证券报》《上海证券报》《证券 时报》《证券日报》和巨潮资讯网的《2026 年 1-5 月日常关联交易预计公告》。 本议案已于董事会召开前经公司独立董事专门会议审议通过。 特此公告。 泰和新材集团股份有限公司 董 事 会 2026 年 1 月 29 日 1 ...

Group 1 - On January 27, the target price increases for listed companies were led by Changyuan Donggu, Hongyuan Green Energy, and Haotaitai, with target price increases of 50.61%, 42.37%, and 30.60% respectively, belonging to the automotive parts, photovoltaic equipment, and home goods industries [1][2] - A total of 29 listed companies received broker recommendations on January 27, with Tonghua Dongbao, Zhibang Home, and Yanjing Beer each receiving one recommendation [2] Group 2 - On January 27, one company had its rating upgraded, with Xinda Securities raising Xueda Education's rating from "Hold" to "Buy" [3][4] Group 3 - Five companies received initial coverage on January 27, including Taihe New Materials with an "Overweight" rating from Dongbei Securities, Keli Ke with an "Outperform" rating from Guoxin Securities, Tianyi Medical with a "Buy" rating from Xinda Securities, Xinhenghui with an "Overweight" rating from Zhongyou Securities, and Tuojing Technology with a "Buy" rating from Donghai Securities [5][6]

Group 1 - On January 27, brokerages set target prices for listed companies with notable increases for Changyuan Donggu, Hongyuan Green Energy, and Haotaitai, with target price increases of 50.61%, 42.37%, and 30.60% respectively, belonging to the automotive parts, photovoltaic equipment, and home goods industries [2][3] - A total of 29 listed companies received brokerage recommendations on January 27, with Tonghua Dongbao, Zhibang Home, and Yanjing Beer receiving one recommendation each [3] Group 2 - On January 27, one company had its rating upgraded, with Xinda Securities raising Xueda Education's rating from "Hold" to "Buy" [4][5] - Five companies received initial coverage on January 27, including Taihe New Materials with an "Accumulate" rating from Northeast Securities, Kelike with an "Outperform" rating from Guosen Securities, Tianyi Medical with a "Buy" rating from Xinda Securities, Xinhenghui with an "Accumulate" rating from Zhongyou Securities, and Tuojing Technology with a "Buy" rating from Donghai Securities [6]

Group 1: Industry Perspective on Institutional Research - The research highlights an increase in institutional research activity in the automotive, pharmaceutical, and communication sectors [3][4][12] - Weekly data shows a slight decline in total research counts across the A-share market, but the numbers are higher than the same period in 2025, indicating ongoing low research enthusiasm [13][20] - Monthly data for December 2025 indicates a decrease in total research counts compared to December 2024, with a total of 1,661 instances of research conducted [20][23] Group 2: Individual Stock Perspective on Institutional Research - Companies such as Taili Technology, Jiemai Technology, and Tianlu Technology received significant market attention, with high research counts in the past week [28][30] - In the last month, companies like Taihe New Materials, Huichuan Technology, and Chaojie Co., Ltd. also garnered considerable interest from institutional investors [33][34] - Taihe New Materials, positioned in the high-end chemical industry, has been frequently researched, with five instances of institutional research last week, focusing on its applications in commercial aerospace and computing centers [32]

[Table_Title] 证券研究报告 / 公司点评报告 国内芳纶领先企业，多元布局芳纶涂覆助成长 [Table_Summary] 国内芳纶领军企业。公司自设立以来一直从事氨纶纤维的生产销售，通 过引进吸收和自主研发逐步拓展了间位芳纶、芳纶纸以及对位芳纶等高 性能纤维。截至 2024 年底公司拥有氨纶产能 10 万吨，芳纶产能 3.2 万 吨，间位芳纶、芳纶纸产能居全球第 2 位，对位芳纶产能居全球第 3 位，氨纶产能居全球第 5 位。 芳纶新产能释放致景气承压，积极开拓芳纶涂覆新成长曲线。2025 年 受新增产能释放及传统工业领域需求调整影响，芳纶行业竞争压力进一 步加剧。间位芳纶方面，防护领域受国际环境和采购活动减少等因素的 影响，国内需求有所减弱；工业过滤领域因房地产行业持续低迷，水 泥、钢铁、筑路等终端市场需求持续乏力，叠加同质化竞争激烈，价格 竞争进一步加剧；对位芳纶方面，传统领域光通信、汽车胶管市场竞争 充分，需求呈下滑趋势；高端轮胎领域受益新能源车性能需求，芳纶渗 透率有所提升，但放量较为缓慢；另一方面，随着新建产能持续投放， 市场竞争激烈，导致产品价格大幅度下行，利润空间收窄。公司一方面 深 ...

Group 1 - The chemical fiber sector experienced a decline of 2.24% on January 26, with Tongyi Zhong leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Key stocks in the chemical fiber sector showed mixed performance, with Youfu Co. rising by 3.55% to a closing price of 7.87, while Tongyi Zhong fell by 5.01% to 20.66 [2] Group 2 - The net outflow of main funds in the chemical fiber sector was 528 million yuan, while retail investors saw a net inflow of 440 million yuan [2] - The table of fund flows indicates that New Xiang Chemical Fiber had a main net inflow of 23.73 million yuan, while Youfu Co. had a net outflow of 61.85 million yuan [3] - The overall trading volume in the chemical fiber sector was significant, with Youfu Co. achieving a transaction amount of 443 million yuan [1]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The macroeconomic outlook for the chemical industry indicates a stable recovery in demand, with oil prices expected to remain in a range of $55-70 per barrel due to OPEC+ production delays and improved global economic conditions [4][5]. - The report highlights a recovery in spandex prices, an ongoing improvement in titanium dioxide supply and demand, and an anticipated acceleration in dye supply clearance [4][5]. - The investment strategy suggests focusing on sectors benefiting from the "anti-involution" policy, including textiles, agriculture, and export chains, with specific company recommendations provided [4][5]. Industry Dynamics - Oil: OPEC+ has delayed production increases, and shale oil production has peaked, leading to a slowdown in supply growth. Demand is stabilizing with improved global economic conditions [5]. - Spandex: The overall operating rate in the spandex industry has increased from 79% to 87%, with prices rising by 1,000 CNY per ton as of January 20, 2026 [4][5]. - Titanium Dioxide: The closure of production facilities by major companies is expected to improve profitability, with recommendations to focus on leading companies in this sector [4][5]. - Dyes: The price of core intermediates for disperse dyes has increased by over 50%, indicating a potential industry clearance [4][5]. Investment Analysis - The report suggests a diversified investment approach across various chains, including textiles, agriculture, and export-related chemicals, with specific companies highlighted for potential growth [4][20]. - Key materials for semiconductor and panel manufacturing are emphasized, with recommendations for companies involved in these sectors [4][5]. - The report also notes the importance of focusing on companies that can achieve self-sufficiency in critical materials [4][5].

Investment Rating - The report maintains a rating of "Buy" for the basic chemical industry [5] Core Views - The report highlights that the spandex industry is at a turning point, with prices reaching historical lows and recent price increases indicating a recovery in the industry [1][2] - The report emphasizes the limited new capacity in the spandex sector and the exit of outdated capacity, suggesting a favorable supply-demand balance and a positive outlook for the spandex industry [2] - The "anti-involution" policy is expected to enhance the recovery of the "refining-chemical fiber" industry chain, with improvements in market competition and supply-demand dynamics [3] Summary by Sections Industry Overview - Spandex prices have dropped from a peak of 83,750 yuan/ton in 2021 to 23,600 yuan/ton in early January 2026, a decline of 72% [1] - The report notes that spandex production capacity in China is projected to grow from 925,000 tons in 2020 to 1,430,000 tons by 2025, with a compound annual growth rate (CAGR) of 7.6% [2] Supply and Demand Dynamics - The apparent consumption of spandex in China is expected to increase from 720,000 tons in 2020 to 1,060,000 tons by 2025, with a CAGR of 6.7% [2] - The report indicates that the spandex industry is entering a recovery phase due to the reduction in new capacity and the exit of outdated production [2] Policy Impact - The "anti-involution" policy aims to optimize market competition and improve the supply-demand balance in the refining and chemical fiber sectors [3] - The report suggests that the refining industry is nearing the end of capacity expansion, which is expected to improve supply-demand dynamics [3] Investment Recommendations - The report recommends focusing on leading companies in the polyester filament sector such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong, as well as spandex companies like Huafeng Chemical and Xinxiang Chemical Fiber [4]

Summary of Taihe New Materials Conference Call Company Overview - Taihe New Materials Group Co., Ltd. was established in 1987 and focuses on high polymer new material technology. The company aims to empower a better life through customer-centric values and innovation. It is a leader in the high-performance fiber industry and has expanded into six new sectors including new energy vehicles and green manufacturing [3][4]. Key Points Discussed Production and Cost Issues - The cost of spandex production in Ningxia is considered high due to several factors: poor initial engineering design, inadequate control during implementation, and operational challenges. These issues have affected production load and cost efficiency [6]. - The current production capacity in Ningxia is 85,000 tons [7]. - The company is undergoing improvements in engineering design to align with industry standards, aiming to enhance production efficiency and reduce costs over the next two years [8]. Production Capacity and Strategy - The company plans to increase the proportion of high-end differentiated products from 10% in 2025 to over 30% in 2026, with a long-term goal of exceeding 50% [19]. - The production line in Yantai focuses on differentiated products, which are priced higher than those in Ningxia, leading to better profitability [16][18]. Market Dynamics - The demand for aramid paper is driven by various sectors, including insulation and aerospace, with a static global demand of approximately 12,000 tons, where insulation accounts for 7,000 to 8,000 tons [28]. - The company acknowledges that while there is pressure on prices due to new capacity, the impact will be limited, and there is still room for improvement in product structure and profitability [30]. Product Development and Customer Feedback - The company is focused on enhancing delivery capabilities and is currently testing new products from modified production lines to gather customer feedback [13][32]. - The development of aramid coatings is progressing slower than expected, but the company remains ahead of domestic competitors [32]. Competitive Landscape - The company faces competition from new entrants in the aramid market, but it believes its investment density, efficiency, and quality are superior to those of competitors [21]. - The market for aramid fibers is evolving, with a shift towards lower-cost, high-volume production, which the company is adapting to by focusing on differentiated products [18]. Export and Market Share - Approximately 20% of aramid production is exported, primarily in fiber form [53]. Additional Insights - The company is aware of the challenges in the market, including fluctuating demand in sectors like optical cables, where performance is becoming less prioritized compared to price [39]. - The company is also exploring new applications in emerging markets such as small power tools and drones, which may drive future growth [34]. This summary encapsulates the key discussions and strategic directions of Taihe New Materials as presented in the conference call.

Group 1: Production Challenges and Improvements - The cost of spandex production in Ningxia is higher than normal due to design flaws, poor implementation, and operational challenges, affecting output and quality [2] - Ningxia's production capacity is confirmed at 85,000 tons [2] - The company is currently making improvements to production lines, aiming to align with industry standards by 2024 and 2025 [3] - The current operating rate is higher than in 2025, with ongoing modifications expected to take about a year to complete [3][4] Group 2: Product Differentiation and Market Strategy - The company aims to increase the proportion of differentiated products from 10% to over 30% in 2026, with a long-term goal of exceeding 50% [4] - The focus is shifting back to differentiated products due to the challenges faced with large-scale production lines [4] - The company has developed several differentiated products that require market validation before full-scale production [4] Group 3: Market Demand and Pricing - The global demand for aramid paper is approximately 12,000 tons, with insulation applications accounting for 7,000 to 8,000 tons and aerospace applications for 4,000 to 5,000 tons [5] - Despite pressures on pricing, the overall profitability of aramid products remains positive, with expectations of limited price declines [6] - The company is optimizing its product structure to improve profitability amidst market fluctuations [6] Group 4: Applications and Customer Insights - Key applications for aramid products include industrial filtration and protective clothing, with a stable demand in these sectors [6] - The company is focusing on enhancing delivery capabilities for coated products, which are progressing faster than anticipated compared to competitors [6] - The demand for aramid in the telecommunications sector, particularly for outdoor cables, is influenced by market conditions and performance requirements [7]