Core Viewpoint - Linglong Tire (601966.SH) has announced the termination of its plan to issue H-shares, which comes more than six months after the company disclosed its prospectus for the Hong Kong stock market [2][3] Group 1: Company Performance and Market Position - Linglong Tire is the second-largest tire manufacturer in China and the sixth-largest globally, with a market share of 4.4% and an annual sales volume of 85.4 million tires as of 2024 [3] - The company's revenue for 2023 was 20.165 billion yuan, which translates to a global market share of approximately 1.6% [3] - In the first three quarters of 2025, Linglong Tire reported a revenue of 18.161 billion yuan, a year-on-year increase of 13.87%, but a net profit decline of 31.81% [4] Group 2: Financial Challenges - The company's gross margin for the first three quarters of 2025 was 16.38%, down nearly 8 percentage points from 24.35% in the same period of 2024 [6] - Linglong Tire's competitors, Sailun Tire and Zhongce Rubber, reported gross margins of 24.73% and 20.6% respectively for the same period [6] - The company faced significant cost pressures due to rising raw material prices, particularly natural and synthetic rubber, which have affected profitability [6][7] Group 3: Market Conditions and Competitive Landscape - The tire industry is currently facing multiple challenges, including the impact of U.S. tariffs and weak domestic demand, with a cumulative export of 534 million tires from January to September 2025, reflecting a year-on-year growth of 5.4% [5] - Linglong Tire's pricing strategy is under pressure due to strong bargaining power from automotive manufacturers, which has led to lower margins compared to competitors [6] - The competitive landscape is intensifying as major competitors have successfully listed and raised funds, increasing operational pressure on Linglong Tire [2][3] Group 4: Stock Market and Valuation Concerns - Linglong Tire's stock price has significantly declined, dropping over 75% from its historical high of 57 yuan to 15.15 yuan, with the current price below the net asset value per share [8] - The valuation of tire companies listed in Hong Kong, such as Pulin Chengshan, shows a price-to-earnings ratio of less than 5 times and a price-to-book ratio of 0.71 times, indicating potential challenges for Linglong Tire to issue H-shares at a favorable price [8] - The company’s stock price volatility and fluctuating net profits make it difficult for investors to assess its value, complicating the pricing of potential H-share offerings [7][8]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The recent tensions in Sino-Japanese relations are expected to accelerate the domestic substitution of Japanese semiconductor materials, as Japan holds a significant market share in this sector while domestic production rates are relatively low [3] - The chemical industry in China is anticipated to undergo a revaluation due to anti-involution measures, which are likely to slow down global capacity expansion significantly. This shift could enhance the dividend yield potential of Chinese chemical companies, transforming them from cash-consuming entities to cash-generating ones [4] - The report highlights four major investment opportunities: low-cost expansion, improved industry sentiment, new materials, and high dividend yields [8][9][10] Summary by Sections Investment Suggestions - Key targets for semiconductor material substitution include: 1) Photoresists: Dinglong Co., Yanggu Huatai, Tongcheng New Materials, and others 2) Wet electronic chemicals: Jianghua Micro, Greenland, and others 3) Electronic gases: Haohua Technology, Juhua Co., and others 4) Mask plates: Qingyi Optoelectronics, Luwei Optoelectronics 5) CMP polishing liquids and pads: Anji Technology, Dinglong Co., Jiangfeng Electronics 6) Sputtering targets: Jiangfeng Electronics, Longhua Technology, and others [3] Industry Performance - The chemical industry has shown strong performance with a 1-month increase of 16.5%, a 3-month increase of 23.4%, and a 12-month increase of 53.9% compared to the CSI 300 index [6] Key Product Price Analysis - Industrial-grade lithium carbonate price increased by 15% week-on-week to 13,800 RMB/ton, driven by maintenance at lithium salt plants and optimistic demand forecasts in the energy storage sector [12] - Pure benzene price rose by 7.96% week-on-week to approximately 5,965 RMB/ton, influenced by reduced imports and strong domestic demand [12] Company Tracking and Earnings Forecast - The report includes a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with expected earnings per share (EPS) growth for 2024 to 2026 [28]

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].

2026 年化工策略与化工框架培训会 20260122 摘要 化工行业周期性明显，可通过销量和单吨利润两个维度进行财务模型分 析，其中单吨利润波动反映原材料与产品价差，需重点跟踪。产能周期 约十年，库存周期约 40 个月，中周期 20 年，康波周期 60 年。2016 年为上一产能周期底部，预计 2026 年或处于类似位置。 中国在全球化工业中占据主导地位，市场份额达 50%，具备低成本固定 资产投资、高效人力资源和企业家精神等优势。龙头企业通过技术积累、 成本控制和一体化产业链，不断降低成本，市场份额逐渐向少数龙头集 中。 库存水平是短期价格波动的重要指标，但需结合具体情况综合判断。中 国企业擅长长周期视角下的逆势扩张，可通过价格、开工率、竞争对手 和需求变化等指标判断市场拐点，财务指标如利润、期间费用率和自由 现金流是初步判断基础。 全球化工业供给端存在利好，包括中国产能扩张结束、海外产能退出以 及中国存量产能返利卷，这些因素共同推动中国化工业盈利竞争优势加 强。中国龙头化工企业净利率处于历史中高位，现金流充裕，具备通过 资本扩张放缓后大量分红提升投资回报的潜力。 Q&A 化工行业的研究框架和分类是怎样的 ...

Core Viewpoint - Linglong Tire is actively implementing measures to enhance its product competitiveness and profitability through innovation in new materials and technologies, market expansion, and brand building [1] Group 1: Product Development and Innovation - The company has established a certain level of technological reserve in high-end tire technology, including dandelion rubber tires, self-repairing silent tires, smart power generation tires, and sustainable material eco-friendly tires [1] - Linglong Tire is pushing for the commercialization of these technological achievements while accelerating collaboration with new energy vehicle manufacturers to develop and produce tires for electric vehicles [1] Group 2: Market Strategy and Financial Goals - The company aims to develop more high-end new product series that align with changing market consumption habits and demands, effectively enhancing product profitability and average sales price [1] - Linglong Tire is committed to maintaining a balanced global production base and sales operations to effectively mitigate international trade risks and strengthen operational resilience in a complex external environment [1]

Group 1 - The core event was the visit of legendary footballer Zola to Chongqing as part of the "Chelsea Legends China Tour," which attracted significant attention from Chinese football fans [1] - Zola engaged with local culture by trying local delicacies and interacting with fans during a Chelsea match viewing event [1][4] - Chelsea FC has been focusing on the Chinese market, establishing a long-term partnership with Chinese brand Linglong Tire, which will become Chelsea's global official tire partner in 2024 [6] Group 2 - Zola emphasized the importance of youth training in improving Chinese football, stating that all clubs, including Chelsea, must focus on developing young players [6] - He shared his personal experiences and the advantages current young players have compared to his own upbringing in football [6] - Zola's commitment to youth training extends to his role as vice president of a lower-league team in Italy, where he is involved in daily youth training efforts [6] Group 3 - Zola reflected on his career, particularly his time playing alongside Diego Maradona, highlighting the impact of that experience on his understanding of football [8] - He expressed a preference for Maradona over Messi when comparing the two legends, citing the unique qualities and experiences he had with Maradona [11] - Zola acknowledged the current challenges facing the Italian national team, attributing some of the struggles to a lack of outstanding players compared to previous generations [13] Group 4 - Zola's focus on youth development is consistent for both Chinese and Italian football, as he believes it is crucial for the future success of both [15] - He recalled a personal moment of failure during a critical match for the Italian national team, illustrating the emotional weight of representing one's country [15] - Looking ahead, Zola expressed confidence in the Italian team's ability to perform well in upcoming World Cup qualifiers, emphasizing the importance of maintaining team spirit [15]

Market Performance - The basic chemical index increased by 0.90% from January 10 to January 16, outperforming the CSI 300 index, which decreased by 0.57%, by 1.47 percentage points, ranking 8th among all sectors [1][2] - The top-performing sub-industries included rubber additives (5.80%), synthetic resins (4.90%), potassium fertilizers (4.85%), textile chemicals (3.03%), and carbon black (2.91%) [1][2] Chemical Price Trends - The top five products with the highest weekly price increases were liquid chlorine (133.33%), industrial-grade lithium carbonate (12.69%), battery-grade lithium carbonate (12.33%), propylene oxide (8.86%), and coal tar (Shanxi Dongyi) (8.53%) [3] - The top five products with the largest weekly price declines were hydrochloric acid (Jiangsu) (-25.00%), concentrated nitric acid (Jinhe Industry) (-8.82%), crude phenol (-7.97%), hydrochloric acid (Shandong) (-7.69%), and hydrogen peroxide (-6.25%) [3] Industry Dynamics - Some refrigerant companies announced profit growth forecasts for 2025, with Sanmei Co. expecting a net profit of 1.99 to 2.15 billion yuan, a year-on-year increase of 155.66% to 176.11%, and Yonghe Co. forecasting a net profit of 530 to 630 million yuan, a year-on-year increase of 110.87% to 150.66% [4] - The competitive landscape for third-generation refrigerants (HFCs) is expected to continue improving, with price increases being a major factor for profit growth [4] - As of January 16, the market prices for mainstream third-generation refrigerants R32, R125, and R134a in East China were 62,500, 48,000, and 56,000 yuan per ton, respectively, with increases of 0%, 7%, and 7% since Q4 2025, and year-to-date increases of 44%, 22%, and 37% [4] Investment Recommendations - Current investment focus areas include the refrigerant sector, with recommendations for Jinshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. [6] - The chemical fiber sector is also highlighted, with suggested companies including Huafeng Chemical, Xin Fengming, and Taihe New Materials [6] - Other recommended companies include Wanhua Chemical, Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [6] - The tire sector recommendations include Sailun Tire, Senqilin, and Linglong Tire [6] - In the agricultural chemicals sector, recommended companies are Yara International, Salt Lake Co., Xingfa Group, Yuntianhua, and Yangnong Chemical [6] - High-quality growth targets include Blue Sky Technology, Shengquan Group, and Shandong Heda [6] - The basic chemical industry maintains an "overweight" rating [6]

证券代码：601966 证券简称：玲珑轮胎 公告编号：2026-002 山东玲珑轮胎股份有限公司 关于终止发行H股股票并在香港联合交易所 有限公司上市的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 山东玲珑轮胎股份有限公司（以下简称"公司"）分别于2025年4月24日、2025年5月15日召开第五届董事 会第二十三次会议及2024年年度股东会，审议通过了《关于公司发行H股股票并在香港联合交易所有限 公司上市的议案》《关于提请股东会授权公司董事会及其授权人士全权处理与公司本次H股股票发行上 市有关事项的议案》等与发行H股股票事项相关的议案，同意公司发行H股股票并申请在香港联合交易 所有限公司（以下简称"香港联交所"）主板挂牌上市。具体内容详见公司于2025年4月25日在上海证券 交易所网站上披露的《山东玲珑轮胎股份有限公司关于筹划发行H股股票并在香港联合交易所有限公司 上市相关事项的提示性公告》（公告编号：2025-024）。 鉴于当前宏观经济环境、公司自身实际情况、发展规划，以及结合资本市场环境变化等多重因素的综 ...

Monetary Policy - The People's Bank of China (PBOC) will continue to implement a moderately loose monetary policy in 2026, focusing on promoting stable economic growth and reasonable price recovery [2] - The PBOC plans to flexibly use various monetary policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to maintain ample liquidity [2] - There is still room for RRR cuts and interest rate reductions this year, with an emphasis on managing interest rate policies to keep financing costs low [2] Structural Policies - The PBOC has introduced a series of structural monetary policies, including a 0.25 percentage point reduction in the interest rates of various structural monetary policy tools [3] - The PBOC has set up a dedicated 1 trillion yuan relending facility for private enterprises and increased the relending quota for agricultural and small enterprises by 500 billion yuan to 4.35 trillion yuan [3] - The PBOC aims to maintain stable financial markets and manage expectations, ensuring the RMB exchange rate remains stable [3] Real Estate Market - The real estate market in 2025 is expected to stabilize with four positive signals, including a noticeable stabilization in sales scale for new and second-hand homes [4] - There is increasing differentiation among cities and regions, with some core cities showing signs of activity in the real estate market [4] - Inventory levels have shown a certain degree of decline, contributing to the overall market recovery [4] Investment and Innovation - A strong domestic demand market is crucial for promoting technological innovation, as it attracts global resources, talent, and capital [5] - A domestic company with leading foundational model capabilities could benefit from a stronger consumer environment, enhancing subscription revenue and model investment interactions [5] AI and Technology Developments - Baidu has officially released the Wenxin large model 5.0, which supports various forms of information understanding and output [6] - Baichuan Intelligent has launched the Baichuan-M3 Plus, which significantly reduces the hallucination rate in medical scenarios and introduces evidence anchoring technology for verifiable medical judgments [8] Market Regulations - The State Administration for Market Regulation has prohibited certain gas companies from establishing joint ventures, marking a significant enforcement of antitrust laws in the public utility sector [15] - The Ministry of Commerce and other departments have issued opinions to promote high-quality development in the pharmaceutical retail industry, encouraging participation in centralized procurement [13] International Investment Trends - The Swedish largest private pension fund has sold a significant portion of its U.S. Treasury holdings due to concerns over the unpredictability of the U.S. government and rising debt levels [20] - Chinese enterprises are expected to maintain healthy and orderly development in foreign investments, with direct investments reaching $174.38 billion in 2025, a 7.1% increase from the previous year [14]

（文章来源：证券日报） 证券日报网讯 1月22日，玲珑轮胎发布公告称，鉴于公司经营管理和工作安排需要，张卫卫女士辞去公 司职工董事及董事会下设可持续发展委员会、合规管理委员会委员职务。公司于2026年1月22日召开职 工代表大会，同意选举王少艺女士为公司第六届董事会职工董事，并接任张卫卫女士在董事会各专门委 员会中的全部职务。公司董事会于近日收到副总裁魏胜先生的书面辞职申请。因工作变动，魏胜先生申 请辞去公司副总裁职务，其辞职后仍将在公司担任其他职务。公司召开第六届董事会第四次会议，同意 聘任张卫卫女士、王立江先生为公司副总裁。 ...