| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2026-014 | | --- | --- | --- | | 债券代码：127050 | 债券简称：麒麟转债 | | 青岛森麒麟轮胎股份有限公司 关于归还暂时补充流动资金的闲置募集资金的公告 在本次使用部分闲置募集资金暂时补充流动资金期间，公司对该项暂时补充 流动资金使用情况进行了合理的安排与使用，仅限于与主营业务相关的生产经营 使用，单次补充流动资金时间没有超过十二个月，不存在使用闲置募集资金直接 或者间接进行证券投资、衍生品交易等高风险投资，不存在变相改变募集资金投 向和损害股东利益的情况。 截至2026年3月27日，公司已将上述授权范围内实际使用的15,151.94万元人 民币的用于暂时补充流动资金的部分闲置募集资金全部归还至募集资金专户，此 次募集资金的使用期限未超过12个月。上述募集资金的归还情况已通知保荐机构 及保荐代表人。 特此公告。 青岛森麒麟轮胎股份有限公司董事会 2026年3月28日 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 青岛森麒麟轮胎股份有限公司（以下简称"公司 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, China National Offshore Oil Corporation, and others [11]. Core Viewpoints - The report highlights significant price increases in international diesel and fuel oil, with international diesel rising by 66.38% and fuel oil by 38.73% [16][19]. - It suggests focusing on sectors such as helium, biodiesel, and agricultural chemicals due to the geopolitical tensions affecting oil prices and supply chains [7][20]. - The report anticipates a substantial upward adjustment in the central value of international oil prices for 2026, driven by ongoing geopolitical uncertainties [7][21]. Summary by Sections Industry Investment Recommendations - The report recommends attention to import substitution, pure domestic demand, and high-dividend stocks within the chemical sector [5][12]. Market Performance - The basic chemical sector has shown a performance increase of 47.8% over the past 12 months, significantly outperforming the Shanghai Composite Index [2]. Price Movements - Notable price increases this week include international diesel (66.38%), fuel oil (38.73%), and international gasoline (35.73%) [16][19]. - Conversely, industrial-grade lithium carbonate and battery-grade lithium carbonate saw declines of -11.63% and -11.49%, respectively [6][16]. Geopolitical Impact - The report discusses the impact of the closure of the Strait of Hormuz on oil prices, with Brent crude oil reaching $92.69 per barrel, reflecting a 27.88% increase [7][21]. - It emphasizes the need to monitor the geopolitical situation closely, as it is a significant driver of market volatility [22][27]. Focused Sectors - Helium is highlighted as a critical sector due to its supply constraints, with Qatar being a key supplier [8][19]. - Biodiesel is expected to gain traction in Europe, driven by rising SAF prices and energy security concerns [9][20]. - The agricultural chemicals sector is projected to benefit from rising food prices, with increased demand for fertilizers and pesticides anticipated [20][21].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The titanium dioxide industry has initiated its first collective price increase of the year, with domestic prices rising by 500 CNY/ton and international prices by 100 USD/ton [3] - A historic disruption in the global natural gas supply chain occurred due to an attack on Qatar's energy facilities, leading to a 50% increase in European natural gas prices and an 8% rise in Brent crude oil prices [3] - The domestic tire industry shows strong competitiveness, with recommended companies including Sailun Tire, Senqilin, General Motors, and Linglong Tire [4] - The consumer electronics sector is expected to gradually recover, with a focus on upstream material companies benefiting from the recovery in the panel supply chain [4] - The report highlights the resilience of certain cyclical industries, particularly in the phosphorous chemical sector, which is supported by environmental policies limiting supply [6] Summary by Sections Chemical Sector Market Review - The Shanghai Composite Index fell by 0.93%, with the CITIC Basic Chemical Index down by 2.27% [12] - The top-performing sub-industries included synthetic resins (6.9%) and chlor-alkali (3.53%), while electronic chemicals (-7.91%) and membrane materials (-7.5%) were the worst performers [15] Key Sub-Industry Market Review Tires - Full steel tire production load in Shandong increased to 66.41%, while semi-steel tire production load reached 73.52% [52] Fertilizers - Urea prices rose to 1853.5 CNY/ton, with a production load of 93.62% [67] - Phosphate prices for monoammonium phosphate and diammonium phosphate increased to 3892.5 CNY/ton and 4381.88 CNY/ton, respectively [70] Vitamins - Vitamin A price remained stable at 60.5 CNY/kg, while Vitamin E increased by 15.65% to 66.5 CNY/kg [82] Fluorochemicals - Fluorspar prices rose to 3475 CNY/ton, with a production load of 8.07% [84] Organic Silicon - The organic silicon market is experiencing price increases due to production cuts, with DMC prices reported at 14000-14300 CNY/ton [97]

Economic Overview - Thailand's GDP growth has been volatile, with an average growth rate of 2.5% projected for 2024, lower than the global average of 2.9% and emerging markets at 4.3%[8] - The contribution of tourism to Thailand's GDP is significant, averaging around 17.7% from 2015 to 2019, and rebounding to 18% in 2024 after pandemic impacts[29] Manufacturing and Exports - Manufacturing, particularly in automotive and electronics, is a key driver of Thailand's economy, with manufacturing contributing over 25% to GDP[17] - Thailand is the largest automotive producer in Southeast Asia, with automotive exports accounting for nearly 2% of global exports[23] Foreign Investment Landscape - China is a major source of foreign direct investment (FDI) in Thailand, with Chinese investments reaching approximately $3.16 billion in 2024, representing 22.1% of total FDI[34] - From 2018 to 2024, Chinese investment applications in Thailand totaled 1,941 projects, amounting to 779.6 billion Thai Baht[34] Compliance and Regulatory Environment - Foreign investment in Thailand is subject to strict regulations, including restrictions on land ownership and specific industries requiring government approval[43] - The Thai government mandates that foreign companies must have local partners holding at least 40% of shares in certain restricted sectors[45] Labor and Employment - Thailand has a minimum wage policy and a high number of public holidays, with 13 public holidays and 6 paid leave days annually[43] - There are restrictions on foreign labor, including quotas and limitations on certain job types for expatriates[43]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [4][5]. Core Insights - The geopolitical conflict between the US and Iran is expected to drive up prices for methanol, ethylene glycol, and urea, with a comprehensive price increase anticipated for chemical products after the holiday [4]. - The report highlights the impact of differentiated electricity pricing in Shaanxi, which may accelerate the exit of outdated production capacities and improve industry dynamics [4]. - The overall capital expenditure in the chemical sector is at its peak, with low inventory levels in the supply chain, suggesting a favorable environment for price increases as downstream production resumes post-holiday [4]. Industry Dynamics - Current macroeconomic judgment indicates that oil prices are expected to remain in a relatively loose range, with Brent crude projected between $60 and $75 per barrel due to delayed OPEC+ production increases and stable demand recovery [5]. - Coal prices are expected to stabilize at a low level in the medium to long term, while natural gas costs may decrease as the US accelerates its export facility construction [5]. - The report notes that the January PPI for industrial products decreased by 1.4% year-on-year but increased by 0.4% month-on-month, indicating a slight recovery in the manufacturing sector [7]. Investment Analysis - The report suggests focusing on four main areas for investment: 1. Textile and apparel chain, benefiting from high demand growth and improved supply dynamics [4]. 2. Agricultural chemicals, with stable fertilizer demand and increasing transgenic penetration supporting long-term pesticide demand [4]. 3. Export-related chemical products, as overseas inventories are at historical lows and interest rates are expected to decline [4]. 4. "Anti-involution" policies leading to accelerated clearance of outdated capacities in various sectors [4]. Key Material Focus - The report emphasizes the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, as well as in lithium battery and fluorine materials [4].

Core Viewpoint - Qingdao Senqilin Tire Co., Ltd. announced the retirement of Vice President Philippe OBERI, effective immediately upon submission of his application to the board [1][2]. Group 1: Management Changes - Philippe OBERI submitted a written application for retirement and will no longer hold any position within the company or its subsidiaries after his departure [1]. - The responsibilities managed by Philippe OBERI have been properly handed over according to company regulations, with Chairman Qin Long overseeing the R&D center [1]. Group 2: Contributions and Acknowledgments - During his tenure as Vice President, Philippe OBERI contributed to the global talent development of the R&D center and coordinated technology planning and implementation [2]. - The board expressed sincere gratitude to Philippe OBERI for his contributions to the company [2].

Core Insights - In 2025, the U.S. Department of Transportation (DOT) issued 39 new tire factory identification codes, with Chinese companies securing 26 of these, representing nearly 70% of the total [1][13] - This development marks a significant expansion of China's tire production capacity and reflects a new trend of globalized layout in the tire industry, combining domestic and international strategies [3][15] Group 1: Domestic Expansion - Leading Chinese tire manufacturers are actively expanding their production capabilities. Zhongce Rubber Group received two new codes for its factories in Jintan and Tianjin, focusing on electric vehicle tires and a $400 million transformation after acquiring the Tianli Tire brand [3][15] - Sailun Group has also made significant moves, registering a new company in Shenyang, which involves a $240 million investment to expand a former Bridgestone factory, aiming for an annual production capacity exceeding 3 million tires [5][17] - Other domestic companies like Senqilin, Shuangtuo, Wanjun, and Kubisen have also received new codes, indicating an overall leap in production scale and technical qualifications within China's tire manufacturing sector [19] Group 2: International Expansion - Chinese tire companies are accelerating their overseas expansion, with all five new codes in Cambodia awarded to Chinese firms, demonstrating a clustering effect of Chinese capital in the region [19] - Yongsheng Rubber's factory in Morocco, which received code 09J, is planned to have an annual capacity of 18 million tires, primarily targeting European and African markets, marking a strategic shift from Southeast Asia to North Africa [19] - The global landscape of tire manufacturing is undergoing a "reshuffling," with a focus on active manufacturing bases, as evidenced by the concentration of new codes among dynamic producers [10][22] Group 3: Global Manufacturing Trends - Despite over 2,000 DOT codes issued globally, fewer than 1,000 factories are actively producing, highlighting a trend of "eliminating the obsolete" in tire manufacturing [10][22] - The data indicates a shift in the global supply chain, with new codes also being issued in Mexico and India, reflecting a broader adjustment in manufacturing capabilities [10][22]

截至本公告披露日，Philippe OBERTI先生未持有公司股份，不存在未履行完毕的 公开承诺。Philippe OBERTI先生在担任副总经理期间对研发中心全球人才梯队建设、 统筹技术规划与落地做出了贡献，公司董事会对Philippe OBERTI先生表示衷心感谢！ 特此公告。 青岛森麒麟轮胎股份有限公司董事会 2026年2月28日 青岛森麒麟轮胎股份有限公司 关于公司高级管理人员退休离任的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 近日，青岛森麒麟轮胎股份有限公司（以下简称"公司"）董事会收到公司副总 经理Philippe OBERTI先生的书面申请。Philippe OBERTI先生申请退休并离任公司副 总经理职务，离任后不再担任公司及子公司任何职务。Philippe OBERTI先生负责的工 作已按照公司规定妥善交接，由董事长秦龙先生代管研发中心，根据《公司法》及《公 司章程》等有关规定，Philippe OBERTI先生的退休离任申请自送达公司董事会之日起 生效。 | 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2026- ...

Group 1 - The company Senqilin announced that Mr. Philippe OBERTI has applied for retirement and will resign from the position of Deputy General Manager, and will no longer hold any positions in the company or its subsidiaries after his departure [1] Group 2 - The article highlights a significant shift in AI usage, with China's AI call volume surpassing that of the United States for the first time, leading to a surge in various sectors of the A-share market [1] - A well-known Wall Street analyst commented that China's computing power path is overturning traditional perceptions [1]

Investment Rating - The report maintains a "Positive" rating for the chemical industry [4][3]. Core Insights - The macroeconomic outlook for the chemical industry indicates a stable increase in oil demand due to global economic recovery and tariff adjustments, with Brent crude oil expected to remain in the range of $60-75 per barrel [4][5]. - The report highlights a potential spring boom in the chemical sector, driven by the success of domestic robotics showcased during the Spring Festival and favorable export conditions following tariff reductions [4][3]. - Investment opportunities are identified in various chains, including textiles, agricultural chemicals, and overseas real estate, with specific companies recommended for investment [4][3]. Industry Dynamics - Oil supply is tightening due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with improved global economic conditions [5]. - The chemical industry is at a cyclical turning point, with downstream operations gradually resuming post-holiday, indicating a positive demand outlook for the year [4][3]. - The report notes that the Producer Price Index (PPI) for industrial products decreased by 1.4% year-on-year in January, while the manufacturing PMI recorded 49.3, indicating some volatility in manufacturing activity [7][4]. Investment Analysis - The report suggests a diversified investment strategy focusing on four key areas: textiles, agricultural chemicals, export chains, and beneficiaries of "anti-involution" policies [4][3]. - Specific companies to watch include those in the textile chain like Lu Xi Chemical and Tongkun Co., and in the agricultural chain like Hualu Hengsheng and Baofeng Energy [4][3]. - The report emphasizes the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, recommending companies such as Yake Technology and Ruilian New Materials [4][3].