Core Insights - The chemical industry is expected to experience a recovery in profitability in 2026, marking a new starting point for supply-demand rebalancing, driven by anti-involution policies and advancements in new productive forces such as AI and robotics [2][5]. Group 1: Industry Overview - The chemical industry faced a downturn in profitability and valuation in 2025, but signs of stabilization and recovery are anticipated in 2026 [2]. - The peak of capital expenditure in the chemical sector has passed, with fixed asset investment turning negative in the second half of 2025, indicating the end of the capacity expansion cycle [5][14]. - The Producer Price Index (PPI) for chemicals is expected to gradually turn positive in 2026 after a prolonged period of decline [14]. Group 2: Investment Themes - Capital expenditure is decreasing, and leading companies like Wanhua Chemical are expected to see a recovery in profitability as they reduce capital spending and increase their global market share in MDI [5]. - The anti-involution policy is reshaping supply dynamics, with a focus on quality development and the exit of outdated capacities, benefiting companies with innovative capabilities and export advantages [5]. - New materials are driving demand growth in traditional chemicals, with companies like Dinglong Technology and Anji Technology positioned to benefit from domestic substitution in high-end materials [5]. Group 3: Market Dynamics - Chemical prices have been under pressure, with the chemical product price index declining approximately 8.8% in 2025, but stock prices in the sector have rebounded by 33.3% [10][16]. - The operating rates of mainstream chemical products are showing signs of weakness, with inventory levels varying significantly across different products [17][18]. - The supply-demand balance for phosphate rock remains tight, with stable prices for high-grade phosphate rock, while the market for phosphate fertilizers is influenced by policy and demand fluctuations [46][43]. Group 4: Global Trends - The global chemical supply is shifting towards China, which has become the largest chemical producer, while European chemical production faces challenges due to high energy costs [31][33]. - The restructuring of supply chains due to tariff disturbances is prompting companies to adapt, with a focus on overseas expansion for leading chemical firms [26][22]. - The anti-involution policies are expected to enhance industry cash flow and promote sustainable development by curbing disorderly expansion and prioritizing profitability [40].

Core Viewpoint - Qingdao Senqilin Tire Co., Ltd. has adjusted the exercise price of its 2022 stock option incentive plan due to a cash dividend distribution, which will not materially affect the company's financial status or operating results [1]. Group 1: Stock Performance - As of January 12, 2026, Senqilin's stock closed at 21.25 yuan, down 0.09% from the previous trading day, with a total market capitalization of 22.015 billion yuan [1]. - The stock opened at 21.18 yuan, reached a high of 21.29 yuan, and a low of 20.90 yuan, with a trading volume of 282 million yuan and a turnover rate of 1.87% [1]. Group 2: Stock Option Adjustment - The company's board of directors approved the adjustment of the exercise price from 16.47 yuan to 16.17 yuan per share following a cash dividend distribution of 3.0 yuan per 10 shares [1]. - The adjustment has undergone necessary approval procedures and complies with relevant laws and regulations, as well as the company's incentive plan [1].

Group 1: Trading Information - On January 9, 2026, Senqilin (002984) closed at 21.27 yuan, down 0.42%, with a turnover rate of 2.39%, trading volume of 170,600 shares, and a transaction amount of 362 million yuan [1] - On the same day, the net inflow of main funds was 7.73 million yuan, while retail investors had a net inflow of 5.81 million yuan, and speculative funds had a net outflow of 13.54 million yuan [1][5] Group 2: Company Announcements - On January 9, 2026, the company held its fourth board meeting, approving several resolutions, including a financing limit of up to 4 billion yuan for 2026 and a guarantee of up to 2.5 billion yuan for subsidiaries, pending shareholder approval [2] - The company plans to conduct commodity futures hedging with a margin and premium cap of 200 million yuan and to invest up to 2 billion yuan of its own funds in financial products [2][6] - The company will hold its first extraordinary general meeting of shareholders on January 26, 2026, to discuss the guarantee for subsidiaries and expected related party transactions, requiring related shareholders to abstain from voting [2] Group 3: Related Party Transactions - The company expects to have related party transactions totaling 810 million yuan in 2026, including 800 million yuan for raw material purchases from Haitailin and 10 million yuan for tire sales and services to Dongli Station [3] - The company plans to provide a total of 2.5 billion yuan in guarantees for subsidiaries, including those with a high debt-to-asset ratio, with all subsidiaries being 100% owned [3] Group 4: Financial Risk Management - The company intends to engage in foreign exchange hedging to mitigate cost and currency fluctuation risks, with a total business scale not exceeding 6 billion yuan and a margin and premium cap of 600 million yuan [4] - The company will also conduct commodity futures hedging to avoid raw material price fluctuations, with a total margin and premium not exceeding 200 million yuan [6]

Core Viewpoint - The company, Senqilin, announced plans to engage in foreign exchange hedging activities with a total scale not exceeding 600,000 million RMB or equivalent foreign currency by 2026 [1] Group 1 - The company and its subsidiaries will utilize a maximum of 60,000 million RMB or equivalent foreign currency for transaction margins and premiums [1] - The hedging activities will allow for the amounts to be used in a rolling manner within the specified limits [1]

Core Viewpoint - The company plans to engage in commodity futures hedging business by 2026, which includes contracts for natural rubber listed on domestic and Singapore exchanges [1] Group 1: Business Strategy - The company and its subsidiaries will initiate the commodity futures hedging business, with a focus on natural rubber contracts [1] - The expected maximum utilization of trading margin and option premiums will not exceed 200 million yuan, funded by the company's own resources without involving fundraising [1] - The business is set to commence within 12 months following the board's approval [1] Group 2: Risk Management - This initiative aims to mitigate the impact of raw material price fluctuations [1] - Although there are risks associated with price volatility and funding, the company has implemented corresponding risk control measures [1] - The company ensures that this new business will not affect its main operations and is deemed feasible [1]

Group 1 - The company plans to provide joint liability guarantees for its subsidiaries in 2026, with a total guarantee amount of 2.5 billion RMB [1] - The guarantee scope includes various financing methods such as comprehensive credit applications, loans, trade financing, and project loans [1] - The board of directors will seek authorization from the shareholders' meeting for the chairman or general manager to sign relevant guarantee documents within the approved limit [1] Group 2 - As of the announcement date, the company's external guarantee balance is approximately 264 million RMB, accounting for 1.96% of the audited net assets for 2024 [2] - After the approval of the new guarantee, the total external guarantee limit will be 2.5 billion RMB, representing 18.53% of the audited net assets for 2024 [2]

青岛森麒麟轮胎股份有限公司 关于 2026 年度开展商品期货套期保值业务的可行性分析报告 一、开展商品期货套期保值业务的目的和必要性 青岛森麒麟轮胎股份有限公司（以下简称"公司"）及子公司（包括全资子公 司、控股子公司等合并报表范围内的子公司，以下合称"子公司"）开展商品期货 套期保值业务，主要为充分利用期货市场的套期保值功能，有效控制市场风险， 规避原材料价格大幅度波动给公司经营带来的不利影响，减少由于商品价格发生 不利变动引起的损失，提升公司整体抵御风险能力，促进公司稳定健康发展。 二、开展商品期货套期保值业务的基本情况 1、商品期货套期保值业务的品种 公司及子公司开展的商品期货套期保值业务品种包括在中国境内、新加坡交 易所挂牌交易的与公司生产经营有直接关系的天然橡胶等商品期货合约。 2、资金来源及额度 2026 年，公司及子公司开展的商品期货套期保值业务预计动用的交易保证 金和权利金上限不超过 20,000 万元人民币（不含期货标的实物交割款项），在上 述额度内可循环滚动使用。资金来源为公司自有资金，不涉及募集资金。 3、业务期间 商品期货套期保值操作可以有效控制原材料的采购价格风险，特别是减少原 材料 ...

| | | 青岛森麒麟轮胎股份有限公司 关于2026年度开展商品期货套期保值业务的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 1、交易目的：充分利用期货市场的套期保值功能，有效控制市场风险，规 避原材料价格大幅度波动给青岛森麒麟轮胎股份有限公司（以下简称"公司"） 及子公司（包括全资子公司、控股子公司等合并报表范围内的子公司，以下合称 "子公司"）经营带来的不利影响，减少由于商品价格发生不利变动引起的损失， 提升公司整体抵御风险能力，促进公司稳定健康发展。 2、交易品种、交易工具及交易场所：包括在中国境内、新加坡交易所挂牌 交易的与公司生产经营有直接关系的天然橡胶等商品期货合约。 3、交易金额：2026 年，公司及子公司开展的商品期货套期保值业务预计动 用的交易保证金和权利金上限不超过 20,000 万元人民币（不含期货标的实物交 割款项），在上述额度内可循环滚动使用。资金来源为公司自有资金，不涉及募 集资金。 一、投资情况概述 1、投资目的 充分利用期货市场的套期保值功能，有效控制市场风险，规避原材料价格大 幅度波动给公司及子公司经 ...

青岛森麒麟轮胎股份有限公司 关于2026年度开展外汇套期保值业务的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：002984 证券简称：森麒麟 公告编号：2026-007 债券代码：127050 债券简称：麒麟转债 重要内容提示： 1、交易目的：为进一步锁定成本，有效规避外汇风险，防范汇率大幅波动 给青岛森麒麟轮胎股份有限公司（以下简称"公司"）及子公司（包括全资子公 司、控股子公司等合并报表范围内的子公司，以下合称"子公司"）经营带来的 不利影响，提高外汇资金使用效率，合理降低财务费用，更好地维护公司及全体 股东的利益。 2、交易品种及交易工具：公司及子公司开展的相关外汇业务仅限于从事与 公司实际经营业务所使用的主要结算货币相同的币种，包括美元、欧元、人民币、 泰铢、迪拉姆、日元等；具体方式或产品主要包括并不限于远期结售汇、外汇掉 期、外汇期权、利率互换等。 3、交易场所：经有关政府部门批准、具有外汇业务经营资质的银行等非关 联金融机构。 4、交易金额：2026 年，公司及子公司开展的外汇套期保值业务规模合计不 超过 600,000 万元人 ...

| | | 青岛森麒麟轮胎股份有限公司 关于2026年度为子公司提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 青岛森麒麟轮胎股份有限公司（以下简称"公司"）2026年度为下属子公司提供 担保事项，涉及对资产负债率超过70%的子公司青岛森麒麟国际贸易有限公司提供担 保，公司对上述被担保对象在经营管理、财务、融资等方面均能有效控制，财务风险 处于公司有效控制范围内，敬请投资者关注担保风险。 公司于2026年1月9日召开第四届董事会第九次会议，全票审议通过了《关于2026 年度为子公司提供担保的议案》。上述事项尚需提交公司股东会审议。现将具体事项 公告如下： 一、担保情况概述 根据2026年度生产经营业务的需求，公司拟在2026年度为下属子公司提供连带责 任担保，担保额度合计250,000万元人民币。担保范围包括但不限于申请综合授信、 流贷、承兑、承兑贴现、贸易融资、保函、信用证、项目贷款等融资方式。担保方式 包括但不限于连带责任担保、抵押担保等方式。以上担保额度包括新增担保及原有担 保展期或续保，实际担保金额及担保期限以最终实际发生的 ...