■ 保荐代表人：周巍 阙雯磊 国联民生证券承销保荐有限公司 2026年1月7日 ...

Market Performance - The digital media sector increased by 4.87% on January 9, with "Zhi De Mai" leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] Individual Stock Performance - "Zhi De Mai" (300785) closed at 52.20, up 12.14%, with a trading volume of 411,300 shares and a transaction value of 2.06 billion [1] - "Xin Hua Wang" (603888) closed at 22.24, up 7.91%, with a trading volume of 386,500 shares and a transaction value of 830 million [1] - "Mango Super Media" (300413) closed at 26.34, up 5.15%, with a trading volume of 430,300 shares and a transaction value of 1.11 billion [1] - "Ren Min Wang" (603000) closed at 21.05, up 4.88%, with a trading volume of 413,400 shares and a transaction value of 855 million [1] - "Shi Jie Zhong Guo" (000681) closed at 26.02, up 4.50%, with a trading volume of 1,395,300 shares and a transaction value of 3.56 billion [1] Capital Flow Analysis - The digital media sector saw a net inflow of 219 million from institutional investors, while retail investors experienced a net outflow of 111 million [2] - "Zhi De Mai" had a net inflow of 99.46 million from institutional investors, but a net outflow of 61.19 million from retail investors [3] - "Mango Super Media" experienced a net inflow of 72.86 million from institutional investors, with a net outflow of 41.86 million from retail investors [3]

Core Viewpoint - The fluorochemical industry index underperformed compared to the broader chemical and stock market indices in December, indicating a weaker performance in the sector [2][3]. Group 1: Market Performance - As of December 31, the Shanghai Composite Index was at 3968.84 points, up 2.06% from November 28, while the CSI 300 Index rose 2.28% to 4629.94 points [2]. - The Shenwan Chemical Index increased by 4.43% to 4372.39 points, whereas the fluorochemical index rose only 1.89% to 2018.62 points, underperforming the Shenwan Chemical Index by 2.54 percentage points [2]. Group 2: Price Trends - In the first quarter, mainstream refrigerant long-term contract prices are expected to continue rising, with R32 contracts priced at 61,200 yuan/ton (up 1.66%) and R410A at 55,100 yuan/ton (up 3.57%) compared to Q4 2025 [2]. - R134a prices increased to 58,000 yuan/ton, R125 to 47,500 yuan/ton, and R410A to 54,500 yuan/ton, reflecting a month-on-month increase of 2,500 yuan/ton and 1,500 yuan/ton respectively [3]. Group 3: Production and Demand - Domestic air conditioning production is projected to grow by 11% year-on-year in January 2026, with January production at 7.86 million units (up 8.9%) and February at 6.48 million units (down 12.0%) [4]. - The liquid cooling technology is driving demand for fluorinated liquids and refrigerants, as traditional cooling methods reach their limits [4]. Group 4: Industry Developments - PVDF prices are rising due to increased production costs and improved supply-demand dynamics, with mainstream prices for different grades ranging from 54,000 to 60,000 yuan/ton [5]. - Key industry news includes mergers and expansions by companies like Dongyangguang and Dongyue Group, indicating ongoing consolidation and growth in the sector [5]. Group 5: Investment Recommendations - The tightening of refrigerant quotas is expected to maintain a balance in supply and demand for mainstream refrigerants like R32, R134a, and R125, suggesting potential for price increases [6]. - Companies with strong infrastructure and advanced technology in the fluorochemical sector, such as Juhua Co., Dongyue Group, and Sanmei Co., are recommended for investment [6].

"去年四季度焦炭市场涨跌变化的主要原因，是原料焦煤价格先强后弱及钢材需求的季节性变化。"刘璐 璐表示，2025年10月份国内高炉开工负荷高位，铁水产量高位运行，焦炭刚需支撑偏强，叠加焦煤价格 持续上涨，市场采购积极性高，焦炭需求表现旺盛。而焦炭供应端因焦煤涨价节奏快，焦化厂盈利不 佳，个别焦企亏损达100元/吨至150元/吨，焦化厂生产意向下降，检修、减产情况增加，影响了市场供 应。 2026年伊始，在有色商品掀起一轮领涨狂欢后，大宗商品市场黑色系品种接棒上涨，焦煤、焦炭主力合 约价格均大幅拉升。 焦煤期货再度逼近涨停 在1月7日双双涨停后，1月8日早间，焦煤、焦炭主力合约再度领涨商品市场，其中焦煤主力合约2605价 格再度逼近涨停，两个交易日最高涨幅近16%。不过午后"双焦"涨幅收窄，截至下午收盘，焦煤、焦炭 分别录得4.75%、2.56%的涨幅。 "期货市场价格大涨主要受宏观消息面利好影响，黑色商品走势整体偏强。受期货市场影响，现货市场 采购情绪有所升温，焦煤投机需求增加，钢厂对焦炭采购积极性也有提升。"卓创资讯（301299）分析 师刘璐璐分析，从现货市场来看，目前焦煤坑口成交略有好转，价格或止跌企稳， ...

Core Viewpoint - The outbreak of highly pathogenic avian influenza in France has disrupted the supply of breeding chickens to China's white feather broiler industry, prompting a renewed focus on the need for domestic breeding autonomy [2][3]. Group 1: Impact of Avian Influenza - The avian influenza outbreak in France has led to the suspension of breeding chicken imports, affecting companies like Yisheng [3]. - Yisheng's planned importation of breeding chickens in late January 2026 has been halted, with no clear timeline for resumption [3]. - The poultry industry has faced multiple interruptions in breeding imports due to avian influenza in recent years, highlighting the vulnerability of the supply chain [3]. Group 2: Company Response and Strategy - Yisheng has proactively built reserves, having imported 266,000 sets of breeding chickens in 2025, accounting for over 40% of the national total [4]. - The company expects an increase in the supply of parent breeding chickens in 2026 compared to 2025, mitigating short-term impacts from the import suspension [4]. - Yisheng plans to increase its parent breeding stock to 10 million sets and expand its chick production capacity to 1 billion over the next four years [7]. Group 3: Market Dynamics and Price Trends - The price of parent breeding chickens has risen continuously since September 2025, reaching over 53 yuan per set, driven by reduced imports and expected future price increases [5]. - The domestic self-breeding ratio has exceeded 59%, with self-breeding chickens accounting for a significant portion of the total breeding stock, providing a buffer against external supply disruptions [6]. - The impact of the breeding interruption is expected to manifest gradually, potentially leading to a decrease in market supply and an increase in prices for broiler chickens by the second quarter of 2027 [6]. Group 4: Long-term Industry Considerations - The industry is being compelled to confront the fundamental issue of breeding autonomy, as domestic breeding strains still lag behind imported varieties in key performance metrics [6]. - Experts suggest that integrating domestic breeding resources and increasing R&D investment are essential for overcoming current limitations and enhancing competitiveness [6].

消息面 光大期货： 本周尿素企业库存小幅增加0.29%，尿素基本面近期变化不大，期货市场煤炭走强对尿素期价提供强力支撑，再加上后续印标最终结果、出口以 及国内宏观等方面仍有题材发酵可能，预计短期尿素期货价格继续偏强运行。考虑到保供稳价导向，盘面连续多日上涨后上方空间已较为有限， 关注主力合约上方整数关卡压力位。另需关注现货市场成交氛围、印标最终结果、期货市场相关品种走势。 国信期货： 据卓创资讯（301299），尿素市场整体呈现供应宽松格局，当前尿素生产企业开工率处于近年的高位区间运行；需求端方面，农业需求适量跟 进，淡季储备按部就班推进；工业需求支撑乏力，市场以零星补货为主。当前尿素期货主力合约UR2605价格居于低位区间波动，处于下方有成本 支撑，而上方由于供应比较宽松造成的压力的格局。操作上建议以震荡交易思路为主。 1月7日，尿素前20名期货公司(全月份合约加总)多单持仓21.55万手，空单持仓24.24万手，多空比0.89。净持仓为-2.69万手，相较上日减少690手。 机构观点 1月8日，山东联盟尿素小颗粒报价上调10元/吨至1730-1760元/吨；江苏恒盛中颗粒尿素参考报价1720元/吨，该厂尿 ...

国联民生证券承销保荐有限公司 关于山东卓创资讯股份有限公司 持续督导 2025 年培训情况的报告 山东卓创资讯股份有限公司（以下简称"卓创资讯"或"公司"）首次公开 发行股票并于 2022 年 10 月 19 日在深圳证券交易所创业板上市交易。国联民生 证券承销保荐有限公司（以下简称"保荐机构"或"国联民生承销保荐"）作为 其保荐机构，指定周巍、阙雯磊担任保荐代表人。 根据《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳 证券交易所创业板股票上市规则》以及《深圳证券交易所上市公司自律监管指引 第 2 号——创业板上市公司规范运作》等有关规定， 国联民生承销保荐保荐代表 人周巍于 2025 年 12 月 29 日对卓创资讯控股股东、实际控制人、董事、高级管 理人员等相关人员进行了专项培训，现将相关情况报告如下： 一、培训基本情况 1、培训时间：2025 年 12 月 29 日 2、培训人员：卓创资讯控股股东、实际控制人、董事、高级管理人员等相 关人员 3、培训主题：关联方违规占用上市公司资金案例分析 二、培训主要内容 本次培训通过法规与案例相结合的方式，重点向培训对象介绍了关联交易、 资金占 ...

关于山东卓创资讯股份有限公司 国联民生证券承销保荐有限公司 2025 年定期现场检查报告 国联民生证券 保存有限 2026 阙雯磊 (本页无正文,为《国联民生证券承销保荐有限公司关于山东卓创资讯股 份有限公司 2025年定期现场检查报告》之签章页 ) 保荐代表人: 周 巍 | 保荐机构名称：国联民生证券承销保荐有限公司 被保荐公司简称：卓创资讯 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 保荐代表人姓名：周巍 联系电话：0531-82596870 | | | | | | | | 保荐代表人姓名：阙雯磊 联系电话：0531-82596870 | | | | | | | | 现场检查人员姓名：周巍 | | | | | | | | 年度 现场检查对应期间：2025 | | | | | | | | 现场检查时间：2025 年 月 月30 12 12 | 29 | 日至 | 2025 | 年 | 日 | | | 一、现场检查事项 现场检查意见 | | | | | | | | （一）公司治理 是 否 | | | | | | 不适用 | | 现场检 ...

Core Viewpoint - The black futures market experienced a strong upward trend due to favorable macroeconomic news, with coking coal and coke main contracts hitting the limit up, leading to increased market purchasing sentiment and speculative demand for coking coal [1] Market Dynamics - The current transaction of coking coal at the pit has shown slight improvement, indicating a potential stabilization in prices, while the cost support for coke has increased [1] - Coking plants are maintaining stable operating loads, but some local coking enterprises still have inventory, focusing on active shipments in the short term [1] Supply and Demand Analysis - Downstream steel mills have seen a temporary rebound in pig iron production; however, there are upcoming maintenance schedules for blast furnaces before the Spring Festival, which will keep pig iron production at low levels, limiting support for coke demand [1] - Most steel mills are currently maintaining just-in-time purchasing without concentrated stockpiling, leading to a slightly loose supply-demand balance for coke in the short term, with prices expected to remain stable [1]

Core Viewpoint - The black futures market experienced a strong upward trend influenced by positive macroeconomic news, with coking coal and coke main contracts hitting the limit up [1] Group 1: Market Sentiment and Demand - Market purchasing sentiment has improved, leading to increased speculative demand for coking coal and heightened procurement enthusiasm from steel mills for coke [1] - Expectations for coke price reductions have weakened as a result of the improved market conditions [1] Group 2: Supply and Production Dynamics - In the spot market, coking coal pit transactions have shown slight improvement, indicating a potential stabilization in prices [1] - Coking coal supply remains relatively sufficient, with coking plants maintaining stable operational loads and some local coking enterprises still holding inventory [1] - Downstream steel mills have seen a temporary increase in pig iron production; however, upcoming maintenance of blast furnaces before the Spring Festival is expected to limit support for coke demand [1] Group 3: Price Outlook - The overall supply-demand balance for coke is expected to remain slightly loose in the short term, with coke prices anticipated to stabilize [1]