Market Overview - The chemical products sector experienced a decline of 0.55% on January 14, with Chenghe Technology leading the losses [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index rose to 14248.6, up 0.56% [1] Top Gainers in Chemical Sector - Qicai Chemical (300758) saw a significant increase of 20.01%, closing at 16.85 with a trading volume of 524,100 shares and a turnover of 832 million [1] - Changhua Chemical (301518) rose by 12.77%, closing at 44.60 with a trading volume of 124,200 shares and a turnover of 519 million [1] - Demei Chemical (002054) increased by 9.99%, closing at 8.81 with a trading volume of 420,300 shares and a turnover of 360 million [1] Top Losers in Chemical Sector - Chenghe Technology (688625) declined by 5.79%, closing at 58.71 with a trading volume of 88,500 shares and a turnover of 525 million [2] - Duofuduo (002407) fell by 4.31%, closing at 31.55 with a trading volume of 1,265,100 shares and a turnover of 404.6 million [2] - Kaisa Bio (688065) decreased by 3.97%, closing at 59.77 with a trading volume of 158,000 shares and a turnover of 965 million [2] Capital Flow Analysis - The chemical products sector experienced a net outflow of 1.757 billion from institutional investors, while retail investors saw a net inflow of 1.333 billion [2] - The top stocks with significant net inflows from retail investors include Qicai Chemical (300758) with a net inflow of 256 million [3] - Demei Chemical (002054) also had a notable net inflow of 108 million from retail investors [3]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to experience an upward cycle due to the implementation of "anti-involution" policies in China and the accelerated exit of some European facilities [29] - The report highlights the potential for domestic substitution of semiconductor materials from Japan due to rising geopolitical tensions, which could benefit various companies in the sector [5] - The chromium salt industry is undergoing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with a projected supply-demand gap of 340,900 tons by 2028 [8] Summary by Sections Industry Performance - The chemical industry has shown strong relative performance with a 1-month increase of 10.7%, 3-month increase of 9.6%, and a 12-month increase of 45.1%, outperforming the CSI 300 index [3] Price Trends - Key products such as lithium carbonate and polysilicon have seen significant price increases, supported by policy guidance and industry self-discipline [12] - The price of chromium salts has remained stable, with metal chromium priced at 82,000 CNY/ton as of January 9, 2026 [15] Investment Opportunities - Focus on companies with low-cost expansion capabilities, such as Wanhu Chemical and Hualu Hengsheng, as well as those in sectors with improving market conditions like chromium salts and phosphates [6][9] - High dividend yield opportunities are identified in state-owned enterprises like China Petroleum and China National Chemical [10] Key Company Tracking - Companies such as Dongfang Shenghong and Huabei Yihua are highlighted for their earnings potential, with projected EPS growth for 2026 [30] - The report tracks specific price movements for various chemicals, including a notable increase in the price of ammonium phosphate and a stable price for urea [17][19]

证券代码：002637 证券简称：赞宇科技 公告编号：2025-058 赞宇科技集团股份有限公司 关于变更签字注册会计师的公告 三、本次变更对公司的影响 本次变更过程中相关工作安排已有序交接，变更事项不会对公司 2025 年 本公司及董事会全体人员保证公告内容真实、准确和完整，并对公告中的虚 假记载、误导性陈述或者重大遗漏承担责任。 赞宇科技集团股份有限公司（以下简称"公司"）已于 2025 年 4 月 20 日、2025 年 5 月 30 日召开第六届董事会第二十次会议、2024 年年度股东大会审议通过了 《关于续聘会计师事务所的议案》，同意续聘天健会计师事务所（特殊普通合伙） （以下简称"天健事务所"）为公司 2025 年度审计机构。具体内容详见公司于 2025 年 4 月 21 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于续聘 2025 年度审计机构的公告》（公告编号：2025-014）。 公司近日收到天健事务所出具的《关于变更签字注册会计师的函》，现将具 体情况公告如下： 一、本次变更签字注册会计师的情况 天健事务所作为公司2025年度财务报表和 2025年末财务报告内部控制审计 ...

Group 1 - The core point of the article is that Zanyu Technology (002637) reported a total of 22,154 shareholders as of October 31 [1]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to benefit from a shift in supply chain dynamics due to geopolitical tensions, particularly in semiconductor materials, leading to accelerated domestic replacements [5][6] - The chromium salt industry is experiencing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with significant price increases noted [8][9] - The report highlights a potential upturn in the chemical industry as supply-side constraints and rising demand could enhance profitability and dividend yields for leading companies [6][10] Summary by Sections Industry Performance - The basic chemical sector has shown a 24.0% increase over the past 12 months, outperforming the CSI 300 index, which increased by 16.9% [3] Key Opportunities - Focus on low-cost expansion opportunities in companies such as Wanhua Chemical and Hualu Hengsheng, as well as sectors like tire manufacturing and pesticide formulations [6][9] - Emphasis on sectors with improving market conditions, including chromium salts, phosphate rock, and polyester filament [9][10] Price Trends - Recent price increases for key products include chromium oxide green at 35,500 CNY/ton and metallic chromium at 84,000 CNY/ton, both up by 1,000 CNY/ton from the previous week [8][16] - The report notes a tightening supply for isooctanol, with prices rising due to increased demand and production disruptions [13] Company Focus - The report identifies several key companies for investment, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical, with positive earnings forecasts and attractive price-to-earnings ratios [28]

Core Points - Zanyu Technology announced the convening of the 22nd meeting of the 6th Board of Directors on September 15, 2025, and the first extraordinary shareholders' meeting on October 9, 2025, to review and approve the proposal to expand its business scope and amend relevant clauses [2] - The company elected Zhang Jingguo as the chairman of the 7th Board of Directors and appointed Zou Huanjin as the general manager, along with several other senior management appointments [2] - Zanyu Technology has completed the registration procedures for business scope changes, articles of association filing, and the registration of directors and senior management personnel with the Zhejiang Provincial Market Supervision Administration, and has obtained a new business license [2]

证券代码：002637 证券简称：赞宇科技 公告编号：2025-057 赞宇科技集团股份有限公司 关于经营范围完成工商变更登记的公告 本公司及董事会全体人员保证公告内容真实、准确和完整，并对公告中的 虚假记载、误导性陈述或者重大遗漏承担责任。 一、本次变更的基本情况 公司于近日在浙江省市场监督管理局完成了经营范围变更、公司章程备案、 董事和高级管理人员备案等工商登记手续，并取得了浙江省市场监督管理局换发 的《营业执照》，除前述事项外，公司营业执照其他登记事项未发生变更。 二、新取得《营业执照》基本登记信息 统一社会信用代码：91330000723629902K； 名称：赞宇科技集团股份有限公司； 住所：浙江省杭州市城头巷 128 号； 法定代表人：邹欢金； 注册资本：肆亿柒仟零肆拾万壹仟元； 公司类型：其他股份有限公司（上市）； 赞宇科技集团股份有限公司（以下简称"公司"）分别于 2025 年 9 月 15 日、 2025 年 10 月 9 日召开了第六届董事会第二十二次会议和 2025 年第一次临时股 东会，审议通过了《关于增加经营范围并修订<公司章程>相关条款的议案》，具 体内容详见公司于 2025 年 ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to benefit from the ongoing "anti-involution" measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift is anticipated to enhance cash flow and dividend yields for companies in the sector, transforming them from cash-consuming entities to cash-generating ones [7][27] - The report highlights the potential for domestic substitutes for Japanese semiconductor materials due to rising tensions in Sino-Japanese relations, which could accelerate the domestic market's growth in this area [6] Summary by Sections Recent Trends - The chemical industry has shown a relative performance increase of 16.1% over the past 12 months, outperforming the CSI 300 index, which increased by 11.6% [4] Key Price Movements - DMC (Dimethyl Carbonate) prices rose to 4400 CNY/ton, up 14.29% week-on-week, driven by strong demand from the electrolyte sector [14] - Lithium battery electrolyte prices increased to 27000 CNY/ton, up 8.00% week-on-week, although profit margins for manufacturers are under pressure due to rising raw material costs [14] - Diammonium phosphate prices in East China reached 3850 CNY/ton, up 5.48% week-on-week, amid rising production costs [14] Investment Opportunities - The report identifies four key opportunities in the chemical sector: 1. Low-cost expansion, focusing on companies like Wanhua Chemical and Hualu Hengsheng [9] 2. Improved industry conditions, particularly in chromium salts and phosphate rock [10] 3. New materials with high growth potential, such as electronic chemicals and aerospace materials [11] 4. High dividend yields from state-owned enterprises in the chemical sector, including China Petroleum and China National Chemical [11] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with many rated as "Buy" [28]

Group 1: Company Overview - Zanyu Technology Group is a high-tech enterprise specializing in the research and manufacturing of surfactants, fatty chemical products, and personal care products (OEM/ODM processing) [2] - The company has become a leading enterprise in the domestic research and production of surfactants and fatty chemical products [2] - The headquarters is located in Hangzhou, with production bases in multiple locations including Zhejiang, Jiangsu, Sichuan, Henan, Guangdong, and Indonesia [2] Group 2: Production Capacity - Annual production capacity for surfactants exceeds 1.2 million tons [2] - Annual production capacity for fatty chemical products exceeds 1 million tons [2] - OEM/ODM processing capacity for personal care products reaches 1.1 million tons [2] Group 3: Product Applications - Surfactants are primarily used in detergents, cosmetics, food processing, and textile dyeing industries [3] - Fatty chemical products are applied in plastics, rubber, textiles, daily chemicals, leather, paper, and oil fields, indicating a broad market potential [3] Group 4: Export Markets - The company's export business targets countries and regions along the "Belt and Road," RCEP, the African Free Trade Area, and Latin America [3] Group 5: Raw Material and Cost Management - Key raw materials include palm oil, C12-14 alcohol, alkylbenzene, and olefins, with price fluctuations impacting production costs [4] - The company has implemented a pricing model adjustment and commodity hedging to mitigate the impact of raw material price volatility on performance [4] Group 6: Future Strategy - The company aims to enhance its market share and competitiveness by focusing on surfactants, fatty chemical products, and personal care products, while leveraging technological innovation and supply chain management [4] - The goal is to become a globally outstanding chemical manufacturing service provider [4]

Core Viewpoint - Zanyu Technology's stock price has experienced fluctuations, with a recent decline of 2.09% and a year-to-date increase of 15.28%, indicating volatility in market performance [1] Financial Performance - For the period from January to September 2025, Zanyu Technology achieved a revenue of 9.676 billion yuan, representing a year-on-year growth of 27.92% [2] - The net profit attributable to shareholders for the same period was 151 million yuan, reflecting a year-on-year increase of 24.96% [2] Shareholder Information - As of October 20, 2025, the number of shareholders increased to 21,800, up by 1.77% from the previous period [2] - The average number of circulating shares per shareholder decreased by 1.74% to 20,344 shares [2] Dividend Distribution - Since its A-share listing, Zanyu Technology has distributed a total of 637 million yuan in dividends, with 149 million yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, notable new institutional shareholders include Guangfa Multi-Factor Mixed Fund, holding 6.0415 million shares, and Jingshun Longcheng Stable Gain Bond Fund, holding 4.5491 million shares [3] - Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3] Business Overview - Zanyu Technology, established on September 19, 2000, and listed on November 25, 2011, specializes in the production and sales of surfactants and oil chemical products [1] - The company's revenue composition includes 52.21% from oil chemical products, 45.59% from surfactants (including personal care products), 1.75% from trade and other businesses, and 0.45% from processing services [1]