Core Viewpoint - The report highlights the current trends in the chemical industry, focusing on price movements, supply and demand dynamics, and investment opportunities in undervalued leading companies amid a backdrop of geopolitical tensions and changing market conditions [1][4][8]. Industry Dynamics - In the week of January 12-18, 49 out of 100 tracked chemical products saw price increases, while 20 experienced declines, and 31 remained stable. The average monthly price of 49% of products rose compared to the previous month [3]. - The average price of WTI crude oil futures increased by 0.54% to $59.44 per barrel, while Brent crude oil futures rose by 0.66% to $63.76 per barrel during the same week [4]. - As of January 9, U.S. crude oil production averaged 13.753 million barrels per day, a decrease of 58,000 barrels from the previous week but an increase of 272,000 barrels year-on-year. Total U.S. oil demand was 21.009 million barrels per day, up by 178,200 barrels from the previous week [4]. Price Movements - The price of butadiene rose by 4.04% to 9,663 yuan per ton as of January 18, with a month-on-month increase of 25.98% but a year-on-year decrease of 20.8%. The production of butadiene was 109,300 tons, down 2.85% from the previous week [5]. - Epoxy propane prices increased by 8.84% to 8,620 yuan per ton, with a year-on-year rise of 9.88%. The market operating rate was 65.38%, reflecting a 1.51% increase from the previous week [6][7]. Investment Recommendations - As of January 18, the price-to-earnings ratio (TTM) for the SW basic chemical sector is 14.68, at the 59.64% historical percentile, while the price-to-book ratio is 1.54, at the 40.20% historical percentile. The SW oil and petrochemical sector has a TTM P/E ratio of 13.44, at the 39.81% historical percentile [8]. - Investment suggestions include focusing on undervalued leading companies, the impact of "anti-involution" on supply in related sub-industries, and the growing importance of self-sufficiency in electronic materials and certain new energy materials amid rising prices [2][8]. - Recommended stocks include Wanhua Chemical, Hualu Hengsheng, and others, with a focus on sectors like semiconductor materials, OLED materials, and new energy materials [8][9].

Summary of Nanqiao Technology Conference Call Company Overview - **Company**: Nanqiao Technology - **Industry**: Chemical Industry, Non-ferrous Metals, Life Sciences Key Points Market Position and Growth Potential - Nanqiao Technology has established a strong presence in the chemical industry, non-ferrous metals, and life sciences, particularly in peptide and small nucleic acid pharmaceuticals, which provide a solid foundation for future growth [2][3] - The company is expected to achieve a market capitalization exceeding 50 billion yuan within the next three to five years, indicating significant growth potential [3] Small Nucleic Acid Pharmaceuticals - Clinical trial data for small nucleic acid drugs has shown excellent performance, leading to increased market confidence, with projections estimating the market size to reach 50 billion USD by 2030 [2][4] - Nanqiao's small nucleic acid solid-phase synthesis carriers have gained recognition from major pharmaceutical companies such as Novartis and GSK, indicating a strong competitive position [4] - The global market for small nucleic acid solid-phase synthesis carriers is anticipated to reach 500 million USD by 2030, with Nanqiao expected to capture a significant share due to its high profit margins and low cost advantages [2][4] Lithium Extraction from Salt Lakes - The price of lithium carbonate has surpassed 160,000 yuan per ton, leading to increased capital expenditure enthusiasm in downstream sectors, creating opportunities for Nanqiao's lithium extraction business [2][5] - The company has successfully progressed in the Chaka Salt Lake project, with the first phase of a 10,000-ton facility nearly completed, pending production license approval. This project is expected to generate approximately 300 million yuan in profit per 10,000 tons at current lithium carbonate prices [5] - Nanqiao's business model involves providing equipment and managing operational costs while earning revenue through processing fees and profit sharing [5] Future Expansion Plans - Over the next three years, Nanqiao plans to expand into ultra-pure water and metal extraction sectors, having already entered the semiconductor manufacturing and nuclear power supply chains [6] - The company is also focusing on innovative technologies for rare metal extraction, such as vanadium extraction from coal, which will support long-duration energy storage development [6] - As a platform company with strong technical barriers and competitive advantages, Nanqiao is positioned as a benchmark in the chemical industry, consistently achieving organic growth [6][7]

Core Viewpoint - The article emphasizes the ongoing integration of artificial intelligence (AI) in various industries, particularly in manufacturing and pharmaceuticals, driven by government policies and technological advancements [4][5][6]. Group 1: AI Integration in Manufacturing - The Chinese government has issued policies to promote the integration of AI in manufacturing, focusing on quality improvement and efficiency through technologies like large models and digital twins [4]. - Key players in the chemical industry, such as China National Petroleum, China Petroleum & Chemical, and China National Offshore Oil Corporation, are developing industry-specific AI models to enhance core business operations [5]. - Companies like Wanhua Chemical are leveraging third-party AI platforms to achieve cost reduction and efficiency in production management and material research [5]. Group 2: Growth of Small Nucleic Acid Drugs - The global market for small nucleic acid drugs has seen significant growth, with a compound annual growth rate (CAGR) of 217.8%, increasing from $0.1 billion in 2016 to $3.25 billion in 2021 [6]. - Projections indicate that the market for oligonucleotide drugs will exceed $15 billion by 2026, with a CAGR of 35% from 2020 to 2025 [6]. - The industry is expected to transition from technological breakthroughs to large-scale commercialization, indicating a promising future for the small nucleic acid drug sector [6]. Group 3: Key Players in Small Nucleic Acid Development - Bluestar Technology has established a comprehensive technology platform for small nucleic acids and peptide drugs, being one of only two global suppliers capable of providing integrated solutions for complex oligonucleotide synthesis [7]. - Lonza Technology is expanding its CDMO services globally, achieving significant progress in partnerships with leading pharmaceutical companies and enhancing its domestic collaborations [7].

Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1] Core Insights - The new materials sector is positioned as a crucial direction for the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate into a long-term growth phase. The report emphasizes that "one generation of materials leads to one generation of industry," highlighting the foundational nature of the new materials industry as the material basis for other sectors [3][4]. Summary by Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials. Samsung Display has officially launched mass production of the 8.6 generation OLED panels, which will be used in new laptops this year [5][20]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fibers. The successful suborbital flight test of the Lihong No. 1 vehicle demonstrates advancements in low-cost and flexible launch capabilities [7]. 3. New Energy Sector - Focus on photovoltaic materials, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials. India is projected to become the second-largest solar market globally by 2026, driven by steady installation growth [9]. 4. Biotechnology Sector - Key areas include synthetic biology and scientific services. A team from Tsinghua University in Shenzhen has developed a 3D-printed "mini heart" that mimics the rhythmic beating of a real heart, with future applications in organ printing anticipated [11]. 5. Energy Conservation and Environmental Protection Sector - Focus on adsorbent resins, membrane materials, and biodegradable plastics. The Ministry of Industry and Information Technology has launched an action plan to promote high-quality development of industrial internet platforms, aiming for over 450 influential platforms by 2028 [13]. 6. Key Companies and Earnings Forecast - The report highlights several companies with their respective stock prices and earnings per share (EPS) forecasts for 2024A, 2025E, and 2026E, along with their price-to-earnings (PE) ratios and investment ratings. Notable companies include: - Ruihua Tai (688323.SH): EPS forecast of 0.26 for 2026E, rated as "Increase" [14] - Guangwei Composite (300699.SZ): EPS forecast of 0.97 for 2026E, rated as "Buy" [14] - Zhongfu Shenying (688295.SH): EPS forecast of 0.23 for 2026E, rated as "Buy" [14] - Wanrun Co., Ltd. (002643.SZ): EPS forecast of 0.53 for 2026E, rated as "Buy" [14] - Dinglong Co., Ltd. (300054.SZ): EPS forecast of 0.96 for 2026E, rated as "Buy" [14]

Investment Highlights - The article highlights the increasing trend of industry consolidation driven by recent mergers and acquisitions among leading companies, indicating a clear upward trajectory in industry concentration [2] - The chemical industry is expected to experience a recovery in 2026, supported by improving supply-demand dynamics, macroeconomic stability during the 14th Five-Year Plan, and the impact of new technologies such as AI and robotics on demand for new materials [39][40] 2025 Chemical Industry Review and 2026 Outlook 1.1 2025 Industry Review: Clear Differentiation - As of December 12, 2025, the basic chemical industry outperformed the market with a 32.16% increase in the CITIC Basic Chemical Index, compared to a 6.59% increase in the CITIC Oil and Petrochemical Index [3][6] 1.2 2025 Industry Review: Sub-industry Differentiation - Among 39 sub-industries, 38 saw increases, with potassium fertilizer leading at +85.87% and refining lagging at -8.99% [6] 1.3 Energy Chemical Products Review and 2026 Outlook - Oil prices have significantly decreased, with WTI and Brent averaging $65.05 and $68.36 per barrel respectively in 2025, down from $76.10 and $80.11 in 2024 [8] 1.4 Supply-Demand Dynamics Improvement: Capacity Expansion Slowing - Fixed asset investment in the chemical industry decreased by 7.9% year-on-year from January to October 2025, indicating a slowdown in capacity expansion [13] 1.5 Supply-Demand Dynamics Improvement: Demand Side Stabilization Expected - The basic chemical industry achieved revenue of 676.5 billion yuan in Q3 2025, reflecting a 5.32% year-on-year increase [18] 1.6 Supply-Demand Dynamics Improvement: Capital Expenditure and Construction Projects - Capital expenditure in the basic chemical industry fell by 1.17% year-on-year in Q3 2025, indicating a trend of reduced investment [22] 1.7 Revenue and Profit Situation: Revenue Growth of 2.87% in 2025 - The basic chemical industry saw a revenue increase of 2.87% in the first three quarters of 2025, with 14 out of 33 sub-industries reporting growth [25] 1.8 Revenue and Profit Situation: Profit Growth of 5.61% in 2025 - The industry recorded a profit increase of 5.61% in the first three quarters of 2025, with notable growth in sectors like pesticides and membrane materials [27] 1.9 Capital Expenditure and Construction Projects: Capacity Expansion Slowing - Capital expenditure in the basic chemical sector decreased by 9.07% year-on-year in the first three quarters of 2025, indicating a slowdown in capacity expansion [29] 1.10 Oil and Petrochemical Industry Revenue and Construction Projects - The oil and petrochemical industry reported a revenue of 19,037 billion yuan in Q3 2025, a decline of 4.67% year-on-year [33] 1.11 Strategic Emerging Industries Development Direction - The focus for 2026 will be on quality improvement in the chemical industry, with an emphasis on new materials and technologies [37] Chemical Cycle Products: "Anti-Internal Competition" Catalyzing Cycle Recovery 2.1 Petrochemical Refining: Oil Price Stabilization - Oil prices are expected to stabilize around $60 per barrel, benefiting refining margins and improving profitability for domestic refineries [42][45] 2.2 Pesticides: Industry Outlook Improving - The pesticide industry is expected to see gradual improvement in market conditions as raw material prices stabilize [48][50] 2.3 Potash: Resource Endowment Supporting Industry Stability - The potash industry is characterized by a concentrated global supply chain, ensuring food security [52][56] 2.4 Phosphate: Favorable for Integrated Resource Companies - The phosphate industry is expected to benefit from stable demand in agriculture and the growth of new energy sectors [59][62] 2.5 Civil Explosives: Steady Growth Supported by Demand - The civil explosives industry is projected to grow steadily due to stable demand from infrastructure projects [64][66] 2.6 Fluorochemicals: Growth Potential in High-Value Applications - The fluorochemical industry is expected to benefit from increasing demand for high-value applications in various sectors [71][74] 2.7 Soda Ash: Tight Supply-Demand Balance - The soda ash industry is expected to maintain a tight supply-demand balance, with limited new capacity expected [81][83] 2.8 Titanium Dioxide: Industry Recovery Anticipated - The titanium dioxide industry is expected to recover as supply constraints and environmental regulations drive consolidation [86][89] Chemical New Materials: "New Economy" Driving Growth 3.1 Electronic Chemicals: Accelerating Domestic Substitution - The semiconductor materials market is projected to grow, with domestic companies making strides in replacing imported products [91][93]

Group 1 - The company announced the approval of several resolutions during the 11th meeting of the 5th Board of Directors, including the cancellation of unvested restricted stock from the 2021 incentive plan [2] - The resolutions also included the achievement of vesting conditions for the first grant's third vesting period and the second vesting period of reserved grants under the 2021 incentive plan [2] - Additionally, the company proposed adjustments to the grant price of the 2021 restricted stock incentive plan [2]

Group 1 - The company announced the adjustment of the grant price for its 2021 restricted stock incentive plan to 17.72 yuan per share [2] - The decision was made during the 11th meeting of the 5th Board of Directors held on January 9, 2026 [2] - The adjustment applies to both the initial and reserved portions of the restricted stock [2]

| 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2026-005 | | --- | --- | --- | | 债券代码：123195 | 债券简称：蓝晓转02 | | 西安蓝晓科技新材料股份有限公司 关于调整 2021 年限制性股票激励计划授予价格的公告 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。 西安蓝晓科技新材料股份有限公司（以下简称"公司"）于 2026 年 1 月 9 日召开第五届董事会第十一次会议，审议通过了《关于调整 2021 年限制性股票 激励计划授予价格的议案》，现将公司《2021 年限制性股票激励计划》（以下简 称"本次激励计划"）授予价格调整的有关事项公告如下： 一、本次激励计划已履行的相关审批程序 1.2021 年 11 月 25 日，公司召开第四届董事会第八次会议，审议通过了《关 于公司<2021 年限制性股票激励计划（草案）及其摘要>的议案》《关于公司<2021 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权董 事会办理股权激励相关事宜的议案》等相关议案，公司独立董事对相关事项发 表了同 ...

| 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2026-004 | | --- | --- | --- | | 债券代码：123195 | 债券简称：蓝晓转02 | | 西安蓝晓科技新材料股份有限公司 2.本次拟归属股票数量：1,479,170 股，占目前公司总股本的 0.2914%。其中， 首次授予部分拟归属股票数量为 1,144,170 股，占目前公司总股本的 0.2254%； 预留授予部分拟归属股票数量为 335,000 股，占目前公司总股本的 0.0660%； 3.归属股票来源：公司向激励对象定向发行的本公司人民币 A 股普通股股票； 4.本次归属的限制性股票待相关手续办理完成后、股票上市流通前，公司将 发布相关提示性公告，敬请投资者关注。 西安蓝晓科技新材料股份有限公司（以下简称"公司"）于 2026 年 1 月 9 日召开第五届董事会第十一次会议，审议通过了《关于 2021 年限制性股票激励 计划首次授予部分第三个归属期及预留授予部分第二个归属期归属条件成就的 议案》，同意按照规定向 2021 年限制性股票激励计划（以下简称"《激励计划》" 或"本次激励计划"）中符合条件的 3 ...

部分已授予尚未归属的限制性股票的公告 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。 西安蓝晓科技新材料股份有限公司（以下简称"公司"）于 2026 年 1 月 9 日召开第五届董事会第十一次会议，审议通过了《关于作废 2021 年限制性股票 激励计划部分已授予尚未归属的限制性股票的议案》，同意作废已授予尚未归属 的第二类限制性股票共计 21,200 股，现就相关情况公告如下： 一、2021 年限制性股票激励计划已履行的相关审批程序 1.2021 年 11 月 25 日，公司召开第四届董事会第八次会议，审议通过了《关 于公司<2021 年限制性股票激励计划（草案）及其摘要>的议案》《关于公司<2021 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权董 事会办理股权激励相关事宜的议案》等相关议案，公司独立董事对相关事项发 表了同意的独立意见。 2.2021 年 11 月 25 日，公司召开第四届监事会第七次会议，审议通过《关于 公司<2021 年限制性股票激励计划（草案）及其摘要>的议案》《关于公司<2021 年限制性股票激励计划实施考核管 ...