Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The new materials sector is a crucial direction for the future development of the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The report emphasizes that "one generation of materials leads to one generation of industries," highlighting the foundational nature of the new materials industry as the material basis for other industries [4][15]. Summary by Relevant Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials [5]. - Recent developments include TSMC's plan to increase investment in advanced packaging technology, aiming to upgrade existing InFO equipment and establish a new WMCM production line, with a target capacity of approximately 60,000 wafers per month by the end of 2026 [6][40]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fibers [7]. - The successful launch of the Long March 12 rocket, which deployed 19 low-orbit satellites, demonstrates the capabilities of China's aerospace technology [8][50]. 3. New Energy Sector - Focus areas include photovoltaics, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [9]. - By the end of 2025, China's power storage capacity is projected to reach 213.3 GW, a year-on-year increase of 54%, with new energy storage accounting for over two-thirds of this capacity [10]. 4. Biotechnology Sector - Key areas include synthetic biology and scientific services [11]. - Significant advancements in agricultural biotechnology were reported, including breakthroughs in crop genetic improvement and the development of new wheat varieties [12]. 5. Energy Conservation and Environmental Protection Sector - Focus areas include adsorption resins, membrane materials, and biodegradable plastics [13]. - The government has initiated projects to support equipment upgrades across various sectors, with a total investment exceeding 460 billion yuan [14]. 6. Key Companies and Profit Forecasts - The report highlights several key companies with their respective stock prices and earnings per share (EPS) forecasts for 2023 to 2025, indicating a generally positive outlook for the new materials sector [16].

2026 年 01 月 25 日 公司研究 评级：买入(维持) | 研究所： | | | --- | --- | | 证券分析师： | 李永磊 S0350521080004 | | | liyl03@ghzq.com.cn | | 证券分析师： | 董伯骏 S0350521080009 | | | dongbj@ghzq.com.cn | | 证券分析师： | 李振方 S0350524080003 | | | lizf@ghzq.com.cn | [Table_Title] 2025 年公司归母净利润同比大幅提升，看好制 冷剂景气持续 ——巨化股份（600160）2025 年业绩预增点评 最近一年走势 | 相对沪深 | 300 表现 | | | 2026/01/23 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 巨化股份 | | 4.4% | 9.9% | 55.6% | | 沪深 300 | | 1.8% | 2.1% | 23.6% | | 市场数据 | 2026/01/23 | | --- | --- | | 当前价格（元） | ...

Investment Rating - The report maintains a bullish outlook, focusing on long-term opportunities in cyclical industries [2][24]. Core Viewpoints - The macro timing model for January 2026 scored 0, indicating a 76.92% probability of an increase in the Wande All A Index over the following month, with an average expected gain of 3.18% [24][31]. - The report emphasizes the strong upward momentum in cyclical industries, particularly in non-ferrous metals and chemicals, driven by global macro events [24][25]. - Short-term investments in thematic sectors such as commercial aerospace, AI applications, and space photovoltaics have shown significant rebounds, although caution is advised due to potential volatility from rapid price increases [25][27]. Fund Size Statistics - In the period from January 19 to January 23, 2026, the top three increasing equity ETF types were: thematic index ETFs (59.135 billion), industry index ETFs (7.975 billion), and cross-border industry index ETFs (5.346 billion) [9][10]. - The top three increasing equity ETF products were: power grid equipment ETF (7.326 billion), chemical ETF (5.717 billion), and sci-tech chip ETF (3.953 billion) [10][14]. - The top three increasing equity ETF tracking indices were: segmented chemical index (9.829 billion), power grid equipment thematic index (7.326 billion), and SSH gold stock index (5.251 billion) [18][20]. Market Outlook - The report suggests a positive outlook for the A-share market in January 2026, with a focus on the micro-cap index and the CSI 500 leading the market [24][25]. - Long-term recommendations include a focus on non-ferrous metals and chemicals, with silver prices surpassing the psychological level of 100, indicating potential for further increases [24][25]. - The report anticipates a market characterized by oscillating upward trends, recommending a growth-oriented ETF allocation [67][68].

Investment Rating - The report maintains a strong rating for the chemical industry, indicating a positive outlook for the sector [5]. Core Insights - The chemical sector has shown resilience with the CITIC Basic Chemical Index rising by 5.73% and the Shenwan Chemical Index increasing by 7.29% this week [13][16]. - Key sub-industries such as soda ash, chlor-alkali, and dyeing chemicals have experienced significant price increases, with soda ash rising by 13.3% [16]. - The report highlights the competitive strength of domestic tire manufacturers and suggests focusing on companies like Sailun Tire and Linglong Tire as potential growth opportunities [4]. - The polyurethane project by Huide Technology, with an annual production capacity of 600,000 tons, has commenced, indicating strategic growth in the new materials sector [3]. - The report emphasizes the tightening supply-demand dynamics in the phosphate chemical sector due to environmental regulations and increasing demand from the new energy sector [4]. Summary by Sections Market Overview - The Shanghai Composite Index increased by 0.84%, while the ChiNext Index decreased by 0.34% [13]. - The overall performance of the chemical sector is positive, with notable gains in various sub-industries [16]. Key Sub-Industry Developments - **Polyurethane**: The price of pure MDI in East China is reported at 17,600 RMB/ton, showing a week-on-week decline of 1.12% [28]. - **Tires**: The operating load for all-steel tires in Shandong is at 62.70%, reflecting a year-on-year increase of 20.70% [49]. - **Fertilizers**: Urea prices are at 1,757.45 RMB/ton, with a week-on-week decrease of 0.4% [63]. - **Vitamins**: The price of Vitamin A is reported at 61.5 RMB/kg, down 1.6% week-on-week [79]. Investment Themes - **Tire Sector**: Domestic tire companies are positioned strongly, with a focus on growth stocks [4]. - **Consumer Electronics**: Recovery in demand is anticipated, benefiting upstream material companies [4]. - **Phosphate Chemicals**: Supply constraints due to environmental policies are expected to tighten the market [4]. - **Vitamin Supply**: Supply disruptions in Vitamin A and E are noted, creating potential investment opportunities [4].

Fund Size Changes - The top three increasing equity ETF types from January 19 to January 23, 2026, are: Theme Index ETF (¥591.35 billion), Industry Index ETF (¥79.75 billion), and Cross-Border Industry Index ETF (¥53.46 billion) [9] - The top three decreasing equity ETF types during the same period are: Scale Index ETF (-¥3348.87 billion), Cross-Border Strategy Index ETF (-¥7.12 billion), and Style Index ETF (-¥0.19 billion) [9] Market Outlook - The macro timing model's score for January 2026 is 0, indicating a 76.92% probability of the Wande All A Index rising in the following month, with an average increase of 3.18% [24] - The report maintains a bullish outlook, emphasizing long-term opportunities in cyclical industries, particularly in non-ferrous metals and chemicals [24] - The price of London silver surpassed the psychological level of 100 on January 23, 2026, indicating potential for further increases [24] Investment Recommendations - The report suggests a focus on growth-oriented ETF allocations, particularly in sectors like commercial aerospace, AI applications, and space photovoltaics, which have shown short-term rebounds [27] - The recommended ETFs include those focused on chemical, electric grid equipment, and semiconductor sectors, with specific stocks highlighted for each ETF [69] Risk Considerations - The model's predictions are based on historical data, which may not hold in the future, and there are risks associated with macroeconomic performance falling short of expectations [70]

Core Viewpoint - The E Fund Reform Dividend Mixed Fund (001076) reported a profit of 149 million yuan in Q4 2025, with a weighted average profit per fund share of 0.2411 yuan, and a net value growth rate of 8.74% for the period [2]. Fund Performance - As of January 22, the fund's unit net value was 3.343 yuan, with a one-year cumulative net value growth rate of 103.59%, ranking 2nd among comparable funds [2][3]. - Over the past three months, the fund's net value growth rate was 19.82%, ranking 11th out of 185 comparable funds; over the past six months, it was 77.54%, ranking 2nd out of 185 [3]. - The fund's three-year net value growth rate was 77.07%, ranking 8th out of 176 comparable funds [3]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years was 1.0696, ranking 7th out of 176 comparable funds [7]. - The maximum drawdown over the past three years was 33.13%, with the largest single-quarter drawdown occurring in Q1 2021 at 28.24% [9]. Investment Strategy and Outlook - The fund manager anticipates a continuation of an active market in 2026, with structural opportunities expected to emerge, driven by macro liquidity easing, supply-demand structure improvement, policy catalysts, and valuation recovery [2]. - The fund maintains an average stock position of 87.31% over the past three years, with a peak of 92.71% at the end of 2022 and a low of 74.88% in Q3 2021 [12]. Fund Composition - As of Q4 2025, the fund's total size was 1.914 billion yuan [14]. - The top ten holdings included Dongshan Precision, Zhongji Xuchuang, Huashu High-Tech, Mingyang Smart Energy, Xinyi Sheng, Xinwangda, Century Huatong, Juhua Co., Industrial Fulian, and Meinian Health [17].

隆众资讯制冷剂分析师孙亚奇在接受《证券日报》记者采访时表示："2025年二代氟制冷剂已进入淘汰 后半程，累计削减至基线值的67.5%，补贴政策助力终端消费品类换新机，售后市场大幅萎缩。相较之 下，三代氟制冷剂自2024年实行配额管控后，供应端收紧甚至短缺成为常态，终端消费品类升级，售后 需求被大量新机需求替代，三代氟制冷剂在供不应求的市场环境下价格再创新高。" 从供需关系看，2025年制冷剂行业供给端的配额管控，对氟制冷剂价格上涨的拉动作用显著。 "从需求端来看，制冷剂的消费场景主要包括家用商用空调、冷链物流及冷冻冷藏、汽车空调及热管理 系统、工业制冷及特殊场景等。尽管终端的排产波动会产生一定影响，但受产品更新换代周期长、社会 库存处于高位等因素影响，增量市场难以在短时间内冲击存量市场。此外，配额管理是制冷剂供给端控 量保价的主基调。"浙江大学管理学院特聘教授钱向劲对《证券日报》记者表示。 过去一年，国内空调以旧换新、新能源车热管理、医药冷链、数据中心工业制冷等需求的增长，对制冷 剂市场起到了核心拉动作用。那么，这些下游领域的需求增长持续性如何？ 孙亚奇认为，未来制冷剂市场最为核心的应用场景仍是空调以旧换新。 ...

Group 1 - The core focus of several prominent fund managers, including Xie Zhiyu and Fu Pengbo, has shifted towards the technology sector, with increased allocations in semiconductor and AI-related companies [1][2] - Xie Zhiyu's fund, Xingquan Helun Mixed Fund, significantly increased its holdings in technology stocks, particularly in the semiconductor industry, with companies like Zhongji Xuchuang and Ningde Times among the top ten holdings [1] - Fu Pengbo's Ruiyuan Growth Value Mixed Fund raised its stock position and concentrated its top ten holdings, increasing the proportion of assets from 66.04% at the end of Q3 2025 to 70.38% at the end of Q4 2025 [2] Group 2 - The Ruiyuan Growth Value Mixed Fund has prepared for 2026 by reducing positions in companies with weak fundamentals and increasing investments in data center cooling and computing power-related firms [2] - The top ten holdings of the E Fund Blue Chip Selected Mixed Fund remained consistent with Q3 2025, with notable adjustments in share quantities, including increased holdings in Alibaba and reduced positions in JD Health and Focus Media [2] - Morgan Stanley's Digital Economy Mixed Fund, managed by Lei Zhiyong, focused on the digital economy sector, particularly the AI computing power industry, with new additions to its top ten holdings including Xunwei Communication and Dongshan Precision [3] Group 3 - Lei Zhiyong expressed optimism about the ongoing A-share bull market, citing sustained investor confidence and a favorable market environment [3] - The fund manager highlighted continued interest in AI, military industry, nuclear power, wind power, and energy storage sectors, as well as traditional industry leaders leveraging AI for transformation [3]

Core Viewpoint - Zhejiang Juhua Co., Ltd. has announced a significant impairment provision of 320.89 million yuan for fixed assets in 2025, reflecting the company's efforts to accurately represent its asset status and optimize its asset structure [1][5][6]. Group 1: Impairment Provision Details - The impairment provision includes 99.55 million yuan for the cyclohexanone unit, 206.71 million yuan for the caprolactam unit, and 14.63 million yuan for the diketoxime unit [5]. - The cyclohexanone unit, operational since July 1987, has a net book value of 111.73 million yuan as of December 31, 2025 [2]. - The caprolactam unit, which began operations in 2014 and was expanded in 2020, has a net book value of 232.10 million yuan as of December 31, 2025 [2]. - The diketoxime unit, operational since 2019, has a net book value of 15.63 million yuan as of December 31, 2025 [2]. Group 2: Reasons for Impairment - The cyclohexanone unit faces significant operational challenges due to outdated technology and high production costs, especially under increasing environmental regulations [3]. - The caprolactam unit has been operating at a loss due to market competition and low downstream demand, making recovery to previous profit levels unlikely [3][4]. - The diketoxime unit has been out of production since September 2025 due to changes in market supply and demand [4]. Group 3: Financial Impact - The impairment provision is expected to reduce the company's net profit attributable to shareholders by 320.89 million yuan for the year 2025 [5]. - The provision aligns with industry policies and accounting standards, ensuring that the financial statements accurately reflect the company's asset values [6]. Group 4: Performance Forecast - The company anticipates a net profit attributable to shareholders of between 3.54 billion yuan and 3.94 billion yuan for 2025, representing an increase of 1.58 billion yuan to 1.98 billion yuan compared to the previous year [8][10]. - The expected growth in net profit is attributed to the recovery in prices of core products, particularly fluorinated refrigerants, and stable production and sales volumes [14][15].

1月23日，工业和信息化部发布的《关于公布20 25年度国家重点研发计划高新技术成果产业化试点名单的通知》指出，为强化高新技 术对产业的支撑引领作用，经各单位自主申报、地方择优推荐、专家评审评估等环节，工业和信息化部确定了6 7个试点成果和108个 试点单位，现将名单予以公布。 以下为原文 工业和信息化部办公厅关于公布2025年度国家重点研发计划高新技术成果产业化试点名单的通知 工信厅高新函〔2 026〕28号 各省、自治区、直辖市及新疆生产建设兵团工业和信息化、高新技术主管部门： 为强化高新技术对产业的支撑引领作用，按照《工业和信息化部办公厅关于开展国家重点研发计划高新技术成果产业化试点工作的通 知》（工信厅高新函〔2025〕2 31号）及相关工作要求，经各单位自主申报、地方择优推荐、专家评审评估等环节，工业和信息化部 确定了67个试点成果和108个试点单位，现将名单予以公布（详见附件）。 工业和信息化部办公厅 202 6年1月22日 本批试点实施周期为自名单公布之日起两年。各试点单位要及时完善试点实施方案，于202 6年2月2 8日前通过高新技术成果产业化信 息服务平台（s d.miiti p . c o ...