Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company is expected to benefit from the price increase of liquid hexafluorophosphate lithium (6F), with a projected price rise due to supply constraints from maintenance activities [1][3]. - The company's 2025 earnings forecast has been revised upwards, with net profit expected to be between 1.1 billion to 1.6 billion RMB, representing a year-on-year increase of approximately 179.45% [2][12]. - The company is focusing on increasing the proportion of LIFSI in its products, aiming to enhance growth potential and market share in electrolyte solutions [4]. Summary by Sections Investment Rating - The company is rated as "Buy" with a target price of 80.50 RMB, reflecting an increase from the previous target of 67.75 RMB [5][6]. Price and Supply Dynamics - The company plans to conduct maintenance on its 6F production line, which is expected to reduce supply by approximately 2,800 to 4,200 tons, potentially leading to higher prices in the upcoming peak season [1]. - The price of 6F has risen to 180,000 RMB per ton, significantly up from previous quarters, indicating a strong market demand [3]. Earnings Forecast - The company anticipates a substantial increase in net profit for Q4 2025, with estimates ranging from 679 million to 1.179 billion RMB, marking a significant quarter-on-quarter growth [2][12]. - Adjusted profit forecasts for 2025 to 2027 show net profits of 1.352 billion, 7.127 billion, and 8.966 billion RMB respectively, reflecting a strong growth trajectory [12][13]. Strategic Initiatives - The company is increasing its focus on LIFSI, aiming to raise its proportion in products from 2% to 3%-4%, which is expected to open new growth avenues [4]. - The report highlights the potential for significant profit elasticity due to the combination of rolling pricing orders and long-term contract negotiations [3].

Core Viewpoint - The company, Tianqi Materials, announced plans for maintenance and adjustments to its production capacity, which are expected to have minimal impact on its operations [1][2]. Group 1: Production Maintenance - Tianqi Materials plans to halt production at its Longshan North base, which has an annual capacity of 150,000 tons of liquid hexafluorophosphate lithium, starting from March 1, 2026, for maintenance lasting 20 to 30 days [1]. - The company has completed the necessary approval procedures and material preparations for the maintenance, indicating that it anticipates no significant impact on its business operations [2]. Group 2: Project Adjustments - The company intends to change the construction details and investment amount for its lithium battery electrolyte project, reducing the planned capacity from 300,000 tons to 250,000 tons, while also canceling the 100,000-ton battery recycling project [4][5]. - The total investment for the adjusted project will not exceed 600 million yuan, with the construction period estimated at 20 months [7]. - Upon reaching full production, the project is expected to generate an average annual revenue of 3.67 billion yuan and an average annual net profit of 180 million yuan [7].

Group 1 - The company announced a change in its project plan for the annual production of 300,000 tons of lithium battery electrolyte and the dismantling and recycling of 100,000 tons of iron lithium batteries, optimizing the construction content and investment amount [3] - The original project plan approved in May 2022 had a total investment of 1.33 billion yuan, with construction investment of 505.85 million yuan and working capital of 825.97 million yuan [3] - The project scale for lithium battery electrolyte production has been adjusted from 300,000 tons to 250,000 tons, and the dismantling and recycling project has been canceled [4] Group 2 - The new total investment for the adjusted project is not to exceed 600 million yuan, with the specific amount depending on actual construction conditions [4] - The construction period for the project is set at 20 months, with the final timeline to be determined based on actual investment and construction progress [4] - Once fully operational, the project is expected to generate an average annual revenue of 3.67 billion yuan and an average annual net profit of 180.02 million yuan [4]

Group 1 - The core viewpoint is that the chemical industry is experiencing a recovery phase from a cyclical bottom, with chemical product price indices expected to stabilize and improve profitability as downstream companies replenish inventory [2] - The China Chemical Industry Association and the Phosphate Fertilizer Association held a meeting to ensure the supply of sulfuric acid resources for phosphate fertilizer production, stabilizing agricultural supply for the spring farming season [1] - Wanhua Chemical has continuously raised global prices for core products such as MDI and TDI since December 2025, in line with international giants like BASF and Dow, driven by industry-wide maintenance and rising raw material costs [1] Group 2 - The top ten weighted stocks in the CSI Sub-Industry Chemical Theme Index account for 45.31% of the index, with major companies including Wanhua Chemical, Salt Lake Industry, and Hengli Petrochemical [2] - The chemical industry is seeing new growth engines from emerging applications in AI, OLED, and robotics, with semiconductor materials expanding due to demand from computing power [2] - The chemical ETF managed by Harvest (159129) closely tracks the CSI Sub-Industry Chemical Theme Index, focusing on the new economic cycle amid the "anti-involution" backdrop [2][3]

Group 1 - The Shenzhen Component Index rose by 0.53% and the Chemical Sub-Index increased by 2.43%, with notable stock performances including Junzheng Group up over 8% and Hengli Petrochemical, Wanhua Chemical up over 5% [1] - The Chemical ETF by Harvest (159129) increased by 2.49%, reflecting strong performance in the chemical sector [1] - The Venezuelan oil exports have nearly dropped to zero due to U.S. oil sanctions, leading to the state oil company reducing crude production and initiating emergency measures to close some oil fields [1] Group 2 - Guosen Securities predicts that the "anti-involution" policy signals will effectively optimize the supply side of the refining and chemical industry [1] - The global external environment is changing rapidly, with significant uncertainties related to the Russia-Ukraine conflict, U.S.-Iran relations, and U.S. "reciprocal tariffs" [1] - It is expected that the Brent oil price will stabilize between $55-65 per barrel and WTI oil price between $52-62 per barrel by 2026, considering OPEC+'s fiscal balance oil price costs and the high new well costs of U.S. shale oil [1] Group 3 - The Chemical ETF tracks the CSI Sub-Sector Chemical Industry Index, which selects 50 large-cap, liquid chemical companies from the Shanghai and Shenzhen markets [2] - The top ten weighted stocks in the index include Wanhua Chemical, Salt Lake Co., Tianci Materials, Cangge Mining, Juhua Co., Hualu Hengsheng, Duofu Du, Hengli Petrochemical, Baofeng Energy, and Yuntianhua [2]

近期披露的业绩预告显示，公司预计2025年净利润为11亿元至16亿元，较上年同期增长127.31%至 230.63%。 粗看之下，增幅不算过于夸张，但是如果从业绩预告中位数来看，公司2025年四季度净利润达到9.3亿 元，同比、环比增幅均超过500%。 值得注意的是，天赐材料5日晚公告称，为保障后续液体六氟磷酸锂生产装置正常运行和安全稳定生 产，公司拟对龙山北基地年产15万吨液体六氟磷酸锂产线进行停产检修，预计检修时间为20天至30天。 公司已做好相关报批手续及材料准备，预计不会对公司经营情况造成较大影响。截至6日10：30左右， 天赐材料股价跌近2%，市值报958亿元。 天赐材料（002709）的业绩兑现能力，为卖方提供了极强的增长信心。 元旦期间，该公司2026年的卖方盈利预期值获得大幅上调，从去年11月初的最高值51亿元左右普遍上调 至80亿元左右，其中部分机构给出盈利预期值更是超过100亿元。 百亿盈利的前提 2025年，锂电材料整体"先跌后涨"，并于下半年完成筑底反弹。 其中，以六氟磷酸锂、碳酸亚乙烯酯（VC）为代表的电解液产业链产品，更是成为四季度表现最突出 的原材料之一。 其中，六氟磷酸锂出现翻 ...

Group 1 - The chemical sector continues its recent upward trend, with lithium carbonate prices rising, leading to a 3.14% increase in the Tianhong Chemical ETF (159133), which has gained over 17% since December 17 of the previous year, reaching a new high since its listing [1] - Several companies, including Hunan Youneng, Wanrun New Energy, and Defang Nano, have announced production halts for maintenance in January, while Tianqi Lithium plans to halt its 150,000-ton liquid hexafluorophosphate lithium production line starting March 1 for 20 to 30 days, which is expected to reduce supply and boost product prices [1] - The market price for battery-grade lithium carbonate is currently between 131,000 and 133,500 yuan per ton, an increase of 7,900 yuan from the previous working day, while industrial-grade lithium carbonate has risen by 8,700 yuan [1] Group 2 - The Tianhong Chemical ETF (159133) tracks a segmented chemical index, with over 93% of its holdings in basic chemicals, petroleum and petrochemicals, and electric equipment, covering the entire chemical industry chain and including both leading companies and quality small and medium enterprises [2] - According to Industrial Securities, the chemical industry is expected to experience a dual opportunity for cyclical recovery and industrial upgrading by 2026, with traditional demand expected to recover moderately due to domestic growth policies and the Federal Reserve entering a rate-cutting cycle [2]

Group 1 - Lichong Group expects a net profit of 830 million to 870 million yuan for 2025, representing a year-on-year growth of 17.38% to 23.04% [1] - Shandong Zhanggu anticipates a net profit of 72 million to 80 million yuan for 2025, with a year-on-year increase of 0.65% to 11.83% [2] - Yinglian Co. forecasts a net profit of 32 million to 42 million yuan for 2025, marking a turnaround from a loss of 39.67 million yuan in the previous year [3] Group 2 - Hangya Technology announces plans for shareholders to reduce their holdings by up to 2.76% of the company's shares [4] - Guizhou Tire plans to invest in a project in Morocco to produce 6 million semi-steel radial tires annually, with a total investment of 299 million USD [5] - Laisentongling's shareholder plans to reduce their stake by no more than 1% [6] Group 3 - ST Yifei's shareholder intends to reduce their holdings by up to 1.53% [7] - Hengyi Petrochemical has fully launched the second phase of its Brunei refining project, aiming for a production capacity of 12 million tons per year [8] - Zai Sheng Technology's controlling shareholder has terminated an agreement to transfer part of the company's shares [9] Group 4 - Sry New Materials proposes a cash dividend of 0.4 yuan per 10 shares for the first three quarters of 2025 [10] - Quanyin High-Tech announces that the offer period for China Seed Group's acquisition has expired, leading to a temporary suspension of its stock [11] - Zhonggang Luonai's shareholder plans to reduce their stake by up to 1% [12] Group 5 - Nanmo Bio expects to receive a government subsidy of 5.8 million yuan for its subsidiary [13] - Beite Technology has received approval from the China Securities Regulatory Commission for a stock issuance to specific investors [14] - Qianyuan Pharmaceutical's subsidiary has obtained drug registration certificates for a new medication [15] Group 6 - Boto Integrated plans to reduce its holdings by no more than 1% [16] - Wanze Co. intends to reduce its stake by up to 1.66% [17] - Tianci Materials will halt production for maintenance on its lithium hexafluorophosphate production line starting March 1, 2026 [18] Group 7 - Haopeng Technology plans to raise up to 800 million yuan through a private placement [20] - Yisheng Co. reports a 43.32% year-on-year increase in sales revenue for its white feather broiler chicks in December 2025 [21] - Jinyu Medical proposes a cash dividend of 8.8 yuan per 10 shares for the first three quarters of 2025 [22] Group 8 - Caesar Travel's subsidiary has won a management service project for the Qingdao International Cruise Port [23] - Kelun Pharmaceutical plans to repurchase shares worth 50 million to 100 million yuan [24] - Jiangling Motors reports a 10.56% year-on-year increase in cumulative sales for 2025 [25] Group 9 - Yilian Technology plans to issue convertible bonds to raise up to 1.2 billion yuan [26] - Shaanxi Guotou A intends to participate in a capital increase for Chang'an Bank, with an amount not exceeding 800 million yuan [27] - Oupokang Vision has obtained a production license for eye drops [28] Group 10 - Shanghai Electric plans to provide management services for overseas assets of China Electric International [30] - Yingfang Micro is planning a major asset restructuring, leading to a temporary suspension of its stock [31] - Victory Energy's stock will resume trading after completing a verification process [32] Group 11 - China Merchants Industry has signed a shipbuilding agreement with Dalian Shipbuilding [33] - Kunyu Group has appointed a new chairman following a board meeting [34] - Microchip Bio's clinical trial application for a new diabetes treatment has been accepted [35] Group 12 - Hanshuo Technology has signed a sales intention agreement for smart shopping carts with Woolworths in Australia [36] - Zhongmin Energy's three photovoltaic power station projects have been included in the Fujian Province development list [37] - Penghui Energy plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [38] Group 13 - Victory Energy reports that the acquirer has deposited a guarantee for the acquisition [39] - Fangsheng Pharmaceutical proposes a special dividend of 0.15 yuan per share for 2025 [40] - Nanning Department Store has received approximately 14.28 million yuan in government subsidies since January 2025 [41] Group 14 - Jushen Co. has signed a bauxite transfer agreement with a company in Guinea [42] - ST Huluwawa has received a drug registration certificate for a new inhalation solution [43] - Zhongzhi Co. will become the controlling shareholder following a share transfer agreement [44] Group 15 - Chuangli Group has signed a strategic cooperation framework agreement with Chuanjiu Construction [45]

天赐材料跌3%，计划于3月1日起对六氟磷酸锂产线停产检修。 ...

2026年伊始，A股业绩预告帷幕拉开。盐湖股份、天赐材料、华菱钢铁、首钢股份、孩子王、传化智联 等一批深市代表性公司率先交出2025年度业绩"预增"答卷，为市场注入暖意。 初步统计显示，这些公司预计净利润同比增幅均超过25%，最高增幅超300%，呈现出强劲的增长动 能。 尽管所属行业各异，涵盖资源化工、新能源材料、钢铁制造、消费服务、现代物流等多个领域，但业绩 向好的背后，折射出共同的驱动力：通过核心技术突破构筑壁垒、依托智能化与绿色化推动产业升级、 借助资本市场工具优化治理，以及敏锐捕捉新消费与新科技趋势。 业内人士认为，这深刻诠释了经济结构转型期中，优质上市公司如何凭借内生韧性与创新活力实现高质 量发展。 景气度回升龙头凭核心优势领跑 "高端化+智能化"重塑竞争力 在新能源产业链上游，新一轮景气周期正在启动。具备核心资源储备与显著技术优势的龙头企业，成为 此轮行业上行最直接的受益者，业绩弹性得到充分体现。 盐湖股份预计，2025年实现归属于上市公司股东的净利润82.9亿元至88.9亿元，同比增长77.78%至 90.65%。 据公司相关负责人介绍，业绩增长主要得益于钾肥和碳酸锂两大核心产品产销稳定、价格回 ...