Investment Rating - The report does not explicitly state an investment rating for the petrochemical industry, but it provides insights into price trends and market dynamics that could influence investment decisions. Core Insights - The report highlights a cooling in the aromatics market and a downward shift in the price focus of the polyester industry chain [1] - Brent crude oil's weekly average price was $67.33 per barrel, reflecting a decrease of 0.60% [2] - Domestic and international refining project price differentials have shown slight increases, with domestic projects at ¥2515.90 per ton (+0.37%) and international projects at ¥1104.12 per ton (+0.63%) [3] Refining Sector Summary - The report discusses geopolitical factors affecting oil prices, including U.S.-Iran relations and supply recovery from Kazakhstan and the U.S. [2] - Brent and WTI crude prices as of February 6, 2026, were $68.05 and $63.55 per barrel, respectively, showing declines from the previous week [15] - Domestic refined oil prices showed slight fluctuations, with diesel, gasoline, and aviation kerosene averaging ¥6270.57, ¥7588.29, and ¥5140.28 per ton, respectively [15] Chemical Sector Summary - The chemical sector experienced limited support from cost factors, leading to fluctuating prices for various chemical products [2] - Polyethylene prices showed slight fluctuations, with LDPE, LLDPE, and HDPE averaging ¥9300.00, ¥6885.29, and ¥7600.00 per ton, respectively [54] - The report notes that the price of pure benzene increased slightly, with an average of ¥6150.00 per ton, reflecting a price differential of ¥2727.98 per ton [54] Polyester & Nylon Sector Summary - The polyester industry chain saw a price decline, with upstream costs weakening significantly [2] - The report indicates that the market for polyester filament yarn is experiencing a notable decrease in operating rates, leading to reduced demand [2] - Nylon filament prices have seen slight increases, but the price differential remains narrow [2] Market Performance of Major Refining Companies - The report provides stock performance data for six major refining companies, with notable weekly changes including Hengli Petrochemical (-5.29%) and Hengyi Petrochemical (+3.28%) [2] - Over the past month, stock performance varied significantly, with Rongsheng Petrochemical showing a +25.06% increase [2]

证券研究报告 CSP 资本开支快速增长，关注算力链修复机会 [Table_ReportDate] 2026 年 2 月 8 日 行业研究 [行业周报 Table_ReportType] [Table_StockAndRank] 电子 投资评级 看好 上次评级 看好 [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 郭一江 电子行业分析师 执业编号：S1500524120001 邮 箱：guoyijiang@cindasc.com 杨宇轩 电子行业分析师 执业编号：S1500525010001 邮 箱：yangyuxuan@cindasc.com 王义夫 电子行业分析师 执业编号：S1500525090001 邮 箱：wangyifu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [Table_Title] CSP 资本开支快速增长，关注算力链修 复机会 [Table_ReportDate] 202 ...

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [11][12] - The supply side is experiencing a reduction in coal production quotas set by the Indonesian government, which is expected to support coal prices in the future [3][11] - The overall coal supply in China is likely to face slight contraction due to regulatory changes and reduced overseas supply, while demand remains resilient, indicating a potential rise in coal prices throughout the year [11][12] Summary by Sections Coal Price Tracking - As of February 7, the market price for Qinhuangdao port thermal coal (Q5500) is 692 RMB/ton, a weekly increase of 1 RMB/ton [31] - The international thermal coal price at Newcastle is 76.3 USD/ton, up by 1.5 USD/ton week-on-week [31] - The price for coking coal at Jingtang port is 1700 RMB/ton, down by 80 RMB/ton [33] Coal Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is 87.5%, down by 0.8 percentage points week-on-week [51] - Daily coal consumption in inland provinces has decreased by 81.80 thousand tons/day, a drop of 18.1% week-on-week [52] - The daily coal consumption in coastal provinces has also decreased by 16.30 thousand tons/day, down by 7.22% week-on-week [52] Investment Recommendations - The report suggests focusing on stable and high-performing companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and others, while also considering companies with high elasticity like Yanzhou Coal Mining and others [12][13] - The coal sector is characterized by high performance, cash flow, and dividends, making it a valuable investment opportunity [12][14]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights the official release of the world's first mandatory safety standard for automotive door handles, which will take effect from January 1, 2027. This standard emphasizes safety in design and functionality, requiring independent mechanical release features for each side door and specific structural strength requirements [21][22] - The Ministry of Industry and Information Technology (MIIT) is accelerating the development of key standards related to driving automation and collision safety, aiming to enhance the safety and quality of the automotive industry [21] - The A-share automotive sector outperformed the broader market, with a weekly increase of 0.32%, while the CSI 300 index fell by 1.33% [3][12] Market Performance - The automotive sector's performance ranked 12th among A-share industries, with notable gains in the passenger vehicle segment led by companies like Seres and Haima [3][4] - The commercial vehicle segment saw significant increases, particularly for Jinlong Automobile and Foton Motor, while the automotive parts sector also experienced growth, with leading companies including Xingmin Zhitong and Yinlun [6][19][20] Key Industry News - Strategic partnerships and technological advancements are highlighted, such as the collaboration between Pony.ai and Moore Threads for L4 autonomous driving technology [21] - Changan Automobile's introduction of sodium-ion batteries in collaboration with CATL, aiming for multiple passenger vehicle launches this year [21] - The launch of a vehicle replacement subsidy program in Shanghai, offering an 8% subsidy for purchasing new energy vehicles [21] Upstream Data Tracking - The report includes tracking of key material prices relevant to the automotive industry, such as steel, aluminum, and lithium carbonate, which are critical for production costs [24][25]

新版可持续发展报告指南落地，ESG 信息披露透明度提升 [Table_Industry] ESG 周报 行业研究 [ETSaGble_StockAndRank] 投资评级 —— 上次评级 —— 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [2T0a26bl年e_2Re月po8rt日Date] 自愿性认证方法学。这一里程碑事件标志着，人类在应对气候变化的战役 中，从被动减排迈向主动清除的关键一步，正从政策蓝图走向市场现实。 这套名为《碳清除和碳农业认证框架》（CRCF）的法规，旨在为直接从 大气中清除二氧化碳这一新兴行业，设立史上第一套清晰的官方"游戏规 则"。它不仅为投资者和项目开发者提供了迫切需要的确定性和透明度， 更被行业领袖视为一份"全球碳市场蓝图"，将巩固欧洲作为未来碳经济 主要架构师的角色。 ESG 产品跟踪： 数据统计截至 2 ...

证券研究报告 宏观研究 [Table_ReportType] 专题报告 | ] [Table_A 解运亮 uthor宏观首席 分析师 | | --- | | 执业编号：S1500521040002 | | 联系电话：010-83326858 | | 邮 箱： xieyunliang@cindasc.com | 麦麟玥 宏观分析师 执业编号：S1500524070002 邮 箱： mailinyue@cindasc.com [Table_Title] 沃什的政策可能落地一半 [Table_ReportDate] 2026 年 2 月 6 日 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号 金隅大厦B 座 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [➢Table_Summary] 沃什的鹰派不宜解读成激进。今年年初以来，海外市场的重要变化是特朗 普提名沃什为美联储新主席。沃什反对大规模的资产负债表规模，被市场 贴上"鹰派缩表"的标签。但我们认为，沃什在缩表上并非激进派。首先， 沃什既是美国首 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 齐鲁银行(601665) | 增持 | | --- | | 投资评级 | 上次评级 增持 [Table_Author] 张晓辉 银行业分析师 执业编号：S1500523080008 邮 箱：zhangxiaohui@cindasc.com 齐鲁银行 2025 半年度业绩快报点评： 营收利润稳步增长，资产质量持续优 相关研究 [Table_OtherReport] 齐鲁银行 2025 三季报点评：息差提升， 资本实力持续增强 ➢ 资产规模稳步扩容，迈上 8000 亿新台阶。截至 2025 年末，齐鲁银行 资产总额达 8043.81 亿元，同比增长 16.65%，年内新增超 1100 亿元。 存贷规模同步增长，存款总额 4895.31 亿元、贷款总额 3828.34 亿元， 分别同比增长 11.37%、13.55%，增速分别较 2024 年末+0.96pct、 +1.24pct。齐鲁银行保持稳增长、调结构、促转型、提质效的发展模式， 信贷投放对接山东区域实体经济需求，彰显本土金融主力军作用。此外， ...

Investment Rating - The investment rating for the company is "Buy" [2]. Core Insights - The company is transitioning into the mining sector and plans to list in Hong Kong, aiming to enhance its position as a leader in resource utilization [4][18]. - The company has a clear and robust strategic layout focusing on resource recycling, with significant growth expected in its metal resource recycling business [4][16]. - The company has achieved a deep integration of its upstream and downstream operations, which is expected to drive profitability as production capacity is released [16][27]. Summary by Sections Company Overview - The company originated from the Institute of High Energy Physics of the Chinese Academy of Sciences and is one of the earliest enterprises in China to engage in solid waste pollution prevention [18]. - It has expanded its business into hazardous waste management and resource recycling through acquisitions, including plans to acquire stakes in three mining companies to enhance its resource recycling capabilities [4][18]. Financial Performance - The company reported a total revenue of 145 billion yuan in 2024, a year-on-year increase of 37% [23]. - The net profit attributable to the parent company for 2025 is projected to be 823 million yuan, representing a 70.8% increase compared to the previous year [11]. - The gross profit margin for the resource recycling segment has improved from 8.3% in 2023 to 13.4% in the first half of 2025 [16]. Market Dynamics - The metal prices have shown significant increases, with gold rising by 43.1%, silver by 34.8%, and bismuth by 62.5% in 2025, which is expected to enhance the company's profit margins [17]. - The company is well-positioned to benefit from the government's push for circular economy initiatives, which aim to increase resource utilization rates significantly by 2025 [34][35]. Strategic Initiatives - The company is planning to list on the Hong Kong Stock Exchange to support its international expansion and enhance its capital structure [7][18]. - The acquisition of mining rights is expected to create synergies with its existing resource recycling operations, potentially unlocking new revenue streams [17][18].

—高能环境(603588)公司深度报告 进军矿业开采&赴港上市，资源化龙头扬帆起航 证券研究报告 公司研究 2026 年 2 月 4 日 [Table_CoverAuthor] 郭雪 环保公用联席首席分析师 吴柏莹 环保行业分析师 执业编号：S1500525030002 执业编号：S1500524100001 邮箱：guoxue@cindasc.com 邮箱：wuboying@cindasc.com [公司深度报告 Table_ReportType] [Table_StockAndRank] 高能环境(603588) 投资评级 买入 上次评级 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [高能Table_T 环境：itle]进军矿业开采&赴港上市，资源化龙头扬帆起 航 [Table_ReportDate] 2026 年 2 月 4 日 本期内容提要: [Table_S [Table_Summary ummary] ] ➢ 行情回顾：截至 5月 9日收盘，水治理板块上涨 3.75%，水务板块上 涨 1.79%；大气 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a focus on transformation and growth opportunities in the home furnishing sector [1]. Core Insights - The company is expected to face significant pressure on its short-term performance, with a projected net profit loss of between 1.15 billion to 850 million yuan for 2025, compared to a profit of 769 million yuan in the previous year [1]. - The report highlights a strategic shift towards enhancing quality and efficiency, leveraging AI design to create new traffic channels, and focusing on digitalization and globalization to drive revenue growth [2][3]. - The company has accelerated its overseas expansion, with positive developments in Cambodia and Macau, and plans to continue deepening its core home furnishing business while exploring new consumer scenarios [3]. Financial Summary - Total revenue is projected to decline from 12.966 billion yuan in 2024 to 11.653 billion yuan in 2025, before recovering to 12.301 billion yuan in 2026 and 12.929 billion yuan in 2027, reflecting a growth rate of 5.6% and 5.1% in those years respectively [4]. - The net profit attributable to the parent company is expected to be -1.004 billion yuan in 2025, with a recovery to 606 million yuan in 2026 and 699 million yuan in 2027, indicating a significant turnaround [4]. - The gross margin is forecasted to decrease to 20.3% in 2025, with a gradual recovery to 23.3% in 2026 and 24.1% in 2027 [4]. Operational Performance - In the first half of 2025, the company's leasing and management business revenue was 23.83 billion yuan, down 21.3% year-on-year, while merchandise sales revenue increased by 29.5% to 36.31 billion yuan [2]. - The company is actively transforming its business model, with plans to operate shopping centers and modern department stores in key urban areas, which are expected to contribute to revenue recovery as the macroeconomic environment improves [2][3].