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]

Investment Rating - The report maintains a rating of "Buy" for the small nucleic acid drug industry, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The small nucleic acid drug market, primarily driven by SiRNA and ASO, is experiencing rapid growth from technological breakthroughs to large-scale commercialization, with a compound annual growth rate (CAGR) of 217.8% from 2016 to 2021, increasing from $0.1 billion to $3.25 billion [1]. - The global market for oligonucleotide drugs is projected to exceed $15 billion by 2026, with a CAGR of 35% from 2020 to 2025 [1]. - BlueX Technology is a key player in solid-phase synthesis carriers, developing a comprehensive "synthesis-purification" platform for small nucleic acids and peptides, with significant investments planned for expanding its capabilities [2]. - Lianhua Technology is leveraging its established small molecule CDMO system to expand into the small nucleic acid business, with the global CDMO market expected to surpass $120 billion by 2024, growing at a CAGR of approximately 9.5% [3]. Summary by Sections Small Nucleic Acid Drug Market - The small nucleic acid drug market is characterized by a variety of drug types, including SiRNA and ASO, with a significant increase in market size and growth rate [1]. - The market is expected to continue its upward trajectory, driven by advancements in technology and increased demand for oligonucleotide drugs [1]. BlueX Technology - BlueX Technology has established itself as a leader in solid-phase synthesis carriers, creating a full-chain supply capability for small nucleic acids and peptides [2]. - The company plans to invest 1.15 billion yuan in a new GMP-standard biopharmaceutical park and expand its international presence [2]. Lianhua Technology - Lianhua Technology is expanding its CDMO services to include small nucleic acids, capitalizing on the growing demand for biopharmaceuticals and small molecule intermediates [3]. - The company has made significant progress in international market expansion and is focusing on developing new business areas, including peptide CDMO and radioactive drugs [3].

Group 1 - The chemical sector experienced a decline on January 8, with the Chemical ETF (516020) showing a low-level fluctuation, reaching a maximum intraday drop of 1.86% and closing down 0.98% [1] - Key stocks in the sector, including Hongda Co., Yaqi International, and Cangge Mining, saw significant declines, with Hongda Co. dropping 4.01% and others falling over 3% [1][2] - Despite the recent downturn, the Chemical ETF (516020) has seen substantial capital inflows, with a net inflow of 319 million yuan over the last five trading days and over 568 million yuan in the last ten days [1][3] Group 2 - According to Guotou Securities, the chemical industry is at the bottom of a four-year down cycle, with indicators suggesting it has nearly bottomed out, and 2026 is expected to be a turning point for the cycle [3] - The China Chemical Product Price Index (CCPI) was reported at 3930 points on December 31, 2025, a 39% decrease from the peak in 2021, indicating the industry is in a historical low range [3] - The basic chemical sector achieved a net profit of 112.7 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 7.5%, suggesting initial stabilization of the sector [3] Group 3 - Future outlook indicates that the chemical industry will be influenced by tariff policies and fluctuations in crude oil prices, with recommendations to focus on undervalued leading companies and sectors benefiting from strong downstream demand [3] - Huazhong Securities suggests that the industry may continue to experience a trend of divergence, recommending attention to sectors such as synthetic biology, pesticides, and vitamin production [3] - The Chemical ETF (516020) tracks the CSI sub-sector chemical industry index, with nearly 50% of its holdings in large-cap leading stocks, providing an efficient way to invest in the chemical sector [3]

Group 1 - The chemical sector is experiencing a pullback, with the chemical ETF (516020) showing a decline of 0.88% as of the latest report [1] - Key stocks in the sector, including Wanhua Chemical, Luxi Chemical, and Cangge Mining, have seen significant declines, with Wanhua Chemical dropping over 3% [1][2] - The chemical ETF has attracted substantial capital inflows, with a net subscription of 319 million yuan over the last five trading days and over 568 million yuan in the last ten days [2][3] Group 2 - The construction of projects in the basic chemical industry has decreased by 10% year-on-year, indicating a nearing end to capital expenditures, while domestic demand and export resilience are improving the supply-demand balance [3] - The chemical industry is expected to benefit from policies aimed at reducing competition, leading to potential improvements in performance and valuation [3] - The current state of the chemical industry is at a cyclical bottom, with expectations for enhanced profitability and valuation for leading companies as competition dynamics improve [3] Group 3 - The chemical ETF (516020) tracks the CSI sub-sector chemical industry index, covering various segments and focusing on large-cap leading stocks [4] - Nearly 50% of the ETF's holdings are concentrated in major companies like Wanhua Chemical and Salt Lake Co., allowing investors to capitalize on strong market leaders [4] - Investors can also access the chemical sector through linked funds of the chemical ETF [4]

Core Viewpoint - The fourth-generation semiconductor sector is leading the market with a rise of 2.36% [1] Group 1: Company Performance - Nanda Optoelectronics increased by 9.63% [1] - Bluestar Technology rose by 2.11% [1] - China West Electric saw an increase of 1.14% [1]

| 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2026-001 | | --- | --- | --- | | 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 2025 年第四季度可转换公司债券转股情况公告 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： 1.蓝晓转 02（债券代码：123195）转股期限为 2023 年 10 月 23 日至 2029 年 4 月 16 日，最新转股价格为人民币 59.50 元/股。 2.2025 年第四季度，共有 95 张"蓝晓转 02"完成转股（票面金额共计 9,500 元人民币），合计转为 156 股"蓝晓科技"股票（股票代码：300487）。 3.截至 2025 年第四季度末，公司剩余可转债为 5,459,535 张，剩余票面总金 额为 545,953,500 元人民币。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司 自律监管指引第 15 号——可转换公司债券》的有关规定，西安蓝晓科技新材料 股份有限公司（以下简称"公 ...

Group 1 - The report emphasizes that global liquidity is continuously improving, which is expected to enhance equity asset returns, particularly in the context of AI-related software and edge applications [1][7][11] - The report suggests that the growth space for small-cap and growth sectors is likely to expand due to synchronized global monetary policy easing [7][11] - The report highlights the significant advancements in AI models, particularly with the release of Gemini 3.0 and GPT-5.2, which are expected to drive substantial commercial opportunities in AI applications [21][28][39] Group 2 - The report identifies key companies to watch, including Blue Sky Technology and Spring Wind Power, which are expected to benefit from AI-related growth [8][65] - It also mentions companies like Jieshun Technology and Kaige Precision Machinery, which are positioned to capitalize on AI-driven product releases and innovations [7][65] - The report notes that the valuation of small-cap stocks remains low, with PE ratios for the National Index 2000 and the Growth Enterprise Market Index at 57.1x and 41.21x respectively, indicating potential for further valuation recovery [65]

Industry Overview - The plastic furniture industry is gaining popularity due to its vibrant colors, diverse shapes, lightweight, durability, and ease of maintenance, especially among urban small households and those frequently relocating [1][11] - The market size of China's plastic furniture industry is projected to reach 10.855 billion yuan in 2024, with a year-on-year growth of 3.09%, and is expected to reach 11.31 billion yuan in 2025 [1][12] Industry Development History - The plastic furniture industry has undergone four stages: the initial stage (1950s-60s), development stage (1970s-80s), rapid development stage (1990s-early 2000s), and transformation and upgrading stage (early 2000s-present) [5][6] - The industry has shifted focus towards technological innovation, brand building, and green, intelligent development to adapt to market changes [6] Industry Supply Chain - The upstream of the plastic furniture industry includes raw materials and equipment such as polyethylene, polypropylene, synthetic resins, and processing equipment [8] - The midstream involves the production and manufacturing of plastic furniture, while the downstream encompasses sales channels including e-commerce platforms and retail stores [8] Market Export and Import Trends - In 2024, China's plastic furniture export volume is expected to reach 11.831 million pieces, with a year-on-year increase of 13.95%, and export value to achieve 2.035 billion USD, up 14.41% [12][13] - The import volume of plastic furniture is projected to decline, with 2024 figures showing only 17.03 thousand pieces imported, a decrease of 29.25% [13] Competitive Landscape - The industry features a clear competitive structure with leading international brands like Lock & Lock and Tupperware in the first tier, domestic brands like Chahua and Miaojie in the second tier, and numerous regional or emerging brands in the third tier [14] - Chahua Modern Household Products Co., Ltd. reported a revenue of 180 million yuan in the first half of 2025, a decrease of 11.77% year-on-year [15] Future Development Trends - Future plastic furniture will integrate functionality and experience, incorporating smart systems and adaptive structures for dynamic interaction with users [17] - The industry will emphasize a full lifecycle approach to sustainability, focusing on recyclable materials and creating a closed-loop system for product lifecycle management [18] - Design aesthetics will evolve, moving towards artistic and emotional expressions, utilizing innovative shapes and advanced surface treatments to enhance visual and tactile experiences [19]

Core Viewpoint - The article highlights the significant role of Blue Sky Technology in the upstream materials sector for GLP-1 peptide drugs, focusing on its advancements in adsorption separation technology and its diversification into life sciences, particularly in nucleic acid drug synthesis [1][2]. Group 1: Company Overview - Blue Sky Technology is a key player in the upstream materials for peptide drugs, specializing in high-purity synthesis and purification processes [1]. - The company has shown strong diversified growth, with its life sciences segment becoming a primary growth engine, expanding from traditional raw material purification to critical materials for nucleic acid drug synthesis [1][5]. Group 2: Technological Advancements - The company emphasizes innovation in its technology path, maintaining a rich project library that spans various downstream applications and disciplines [4]. - Blue Sky Technology invests approximately 6% of its annual revenue into R&D, facilitating the industrialization of 4 to 8 new products and 6 to 10 new processes each year [5]. Group 3: Market Position and Strategy - The life sciences segment has seen rapid growth, particularly in the solid-phase synthesis carrier market for GLP-1 peptide drugs, where the company has become a core supplier [6][10]. - The company plans to invest 1.15 billion yuan in a new life sciences industrial park, expanding its capabilities in soft and hard capsules, peptides, and nucleic acid carriers [10]. Group 4: Product Development and Future Outlook - Blue Sky Technology's product line includes chromatography media, solid-phase synthesis carriers, and various purification materials, catering to a wide range of applications in biopharmaceuticals and health products [11]. - The life sciences sector presents significant opportunities for growth, driven by the increasing demand for separation and purification technologies that directly impact product quality [11].

Core Insights - The article highlights the significant role of upstream materials, specifically "solid-phase synthesis carriers" and "chromatography fillers," in the production of GLP-1 peptide drugs, with Blue Sky Technology (蓝晓科技) being a key player in this sector [1][2] - The company has shown strong diversified growth, with its life sciences segment becoming a primary growth engine, expanding from traditional raw material purification to include critical materials for peptide and nucleic acid drug synthesis [1][11] Company Overview - Blue Sky Technology is recognized as a major innovator in the upstream materials field, providing solutions for industrial separation and purification challenges across various sectors, including life sciences and lithium extraction [1][3] - The company has established a unique growth logic by redefining the performance boundaries of upstream materials, thereby reshaping downstream industry cost curves and research possibilities [2] Technology and Innovation - The company focuses on enhancing its core competitiveness in adsorption separation technology, which has evolved from general applications to high-precision separation demands in various industries [3][4] - Blue Sky Technology invests approximately 6% of its annual revenue into R&D, operating five pilot workshops to ensure the industrialization of 4 to 8 new products and 6 to 10 new processes each year [6][11] Life Sciences Segment - The life sciences segment has rapidly grown, particularly in the solid-phase synthesis carrier field, where the company has become a key supplier for GLP-1 peptide drugs [7][11] - The company is expanding its product offerings to include solid-phase synthesis carriers and chromatography fillers for nucleic acid drugs, addressing the unique requirements of different drug types [10][12] Strategic Development - Blue Sky Technology plans to invest 1.15 billion yuan in a new life sciences industrial park, which will include a 1,000 square meter pilot laboratory and a 2,000 square meter facility, adhering to GMP standards [11] - The company is also establishing a subsidiary in Sweden and recruiting industry experts to enhance collaboration with leading pharmaceutical companies [11][12]