分析师 1: 好的。那个各位投资者大家下午好，欢迎大家参加我们今天策略会一个线上交流那么本场 是这个荣盛环保的一个线上交流。我们今天非常有幸的邀请到了公司的董秘胡总，以及财 务总监沈总来跟我们交流。那么首先我们还是想先请胡总，就是您这边能否先简单对我们 25 年或者是说四季度的一个基本面进行一个更新，以及我们以及我们这个 2026 年我们公 司的一些新的一些这个想法。 荣盛环保董秘胡总: 好的，王老师，您好。各位投资者大家下午好，非常感谢华福证券给我们这样一个交流的 平台。那我们公司，主营业务，是主要从事牛皮箱板纸、瓦楞原纸等再生环保纸产品以及 瓦楞纸板纸箱的生产制造，主要处于我们整个行业产业链的一个中游。那应该讲 2025 年 四季度来讲，整个的整体经济形势，就是按照我们 25 年的一个整体的一个趋势，还是大 体趋势是不变的。那具体的，我们在四季度整体的价格上面，还是稍微有一些。略有向好 的一些趋向。所以在整个的一个我们库存管控，第二个我们产品的一个投放市场上面，在 季度整体形势还是相对还是比较乐观的。 大体情况是这样。那这，至于我们 2026 年的一个，我们讲我们公司从整个的经营目标来 讲，我们 25 年 ...

作为全球锂资源的龙头企业，天齐锂业（002466）(09696)的一举一动都被市场格外关注，而于近期发 生的两件大事，表明了其在资源布局上的最新战略意图。 1月28日，天齐锂业发布公告称，其全资子公司天齐智利在智利最高法院的终审判决中败诉。这意味着 天齐锂业在SQM这家核心公司中的治理话语权和未来收益的确定性或将出现下降。 虽然天齐锂业于公告中表示，此次败诉对公司当前的利润没有重大直接影响，但市场普遍认为，从长远 来看，天齐锂业在全球最大锂盐湖——阿塔卡马盐湖中的投资回报潜力和资源影响力正面临实质性挑 战。 而就在这份败诉公告发布的当天，天齐锂业便迅速展开另一项关键布局——与全球循环经济产业中的领 先玩家晋景新能(01783)正式签署了《战略框架合作协议》。 智通财经APP观察到，晋景新能于1月30日发布自愿性公告称，其已于1月28日与天齐锂业的全资附属公 司Tianqi Grand Vision Energy Limited(以下简称"Tianqi Grand")达成战略合作，双方将共同构建锂电池绿 色循环产业链，推动产业闭环与资源高效回收。 对于天齐锂业而言，随着公司在海外核心资源(如智利阿塔卡马盐湖)面 ...

Core Insights - Japan's Ministry of Agriculture, Forestry and Fisheries (MAFF) is actively promoting resource circulation in food packaging, indicating a commitment to circular economy principles in packaging design and recycling [1][5] Group 1: Taskforce and Meetings - A government taskforce focused on plastic container and packaging resource circulation has been established following a revision of the Resource Recycling Law in 2025, aiming to expand the use of recycled plastics in food packaging over the next five years [3] - The fourth meeting of the taskforce included presentations from six industry associations discussing current practices, challenges, and strategies for increasing recycled plastics usage in food packaging [2][4] Group 2: Upcoming Regulations - Japan is set to implement new national rules on packaging design and recycled content by 2026, which will impact manufacturers and supply chains significantly [2][6] - New certification standards for beverage bottles and plastic packaging will require minimum levels of recycled content and improved recyclability, effective from January 24, 2026 [6][7] Group 3: Industry Implications - Manufacturers and brand owners must adapt their packaging designs to meet new criteria, including ease of label removal and specific resin types, to qualify for certification [7] - Analysts suggest that Japan's regulatory frameworks could benefit from enhanced incentives for packaging waste prevention and design for reuse, aligning with broader circularity goals [8]

中化新网讯 1月28日，中国可持续发展工商理事会(CBCSD)在京召开2026年可持续发展CEO报告会， CBCSD会长、中国企业可持续发展指数项目组组长喻宝才发布了《2025中国企业可持续发展指数报 告》。报告指出，2025年全样本企业可持续发展水平稳中有升，但不同行业的样本企业表现差异较大， 仍有提升空间。 喻宝才表示，报告综合了近5年对企业可持续发展的评价与分析，总结了4点启示。一是我国环境、社会 和公司治理(ESG)信息披露进入规范化、系统化发展新阶段。二是可持续发展从"合规"迈向"核心竞争 力"。三是市场化与政策驱动并重，推动企业绿色转型。四是企业更加重视循环经济，终端回收的广度 与深度快速拓展。 报告共选取了1025家样本企业作为调查对象，其中能源、化工业企业占比11.5%。2025年中国企业可持 续发展指数总体评分为67.8分，较上年度增长2.8分。其中，2025年能源化工业企业可持续发展指数为 66.5，较上年增长1;可持续发展指数达到"良好"(75~100)的样本企业占比29.7%，较去年提升13.6个百分 点。但同时，能源、化工业样本企业在竞争力、环境与社会三个维度的得分与全样本平均水平仍 ...

Core Viewpoint - The proposed restrictions by the European Commission on aluminum waste exports are deemed unnecessary and potentially harmful to the circular economy by the Bureau of International Recycling (BIR) [1] Group 1: Proposed Restrictions - The European Commission plans to limit aluminum waste exports to prevent a significant outflow from the EU, which could lead to supply shortages in the industry [1] - The European Aluminium Association supports the proposed restrictions and urges policymakers to impose export fees on aluminum waste [1] Group 2: Industry Response - BIR argues that the idea of restricting aluminum waste exports is neither necessary nor effective, stating that the EU generates more aluminum waste than it can process domestically [1] - Current data does not support the claim of structural "waste leakage" as a valid reason for intervention [1] Group 3: Economic Implications - BIR warns that export restrictions could lead to an oversupply of aluminum waste in the EU, negatively impacting prices and placing recyclers in an unsustainable economic position [1] - Such restrictions could ultimately reduce collection and recycling rates, increasing the risk of unmanaged waste streams and undermining the circular economy [1] Group 4: Future Actions - The European Commission is expected to propose measures regarding aluminum waste before the second quarter of this year [1]

（原标题：越南永隆省大力发展绿色、循环农业） 越通社1月26日报道，为贯彻越共中央政治局关于科技创新和数字化转型突破发展的第57号决议精 神，永隆省大力按照绿色、现代、可持续方向发展农业，涌现出智能农业、优质低碳水稻生产、有机椰 子循环开发利用等大量案例。 永隆省人委会副主席周文和表示，该省将继续完善机制政策，鼓励企业、合作社和农民应用科技， 实施农环部门数字化转型提案。目标是到2030年，15%-20%的农业生产面积应用高新技术，形成贯穿价 值链全程的智能生产区域和可溯源体系。 近年来，永隆省以科技和数字化转型推动农业现代化，提升农产品附加值和竞争力，品种改良、生 物技术、机械化、自动化、智能管理和溯源等先进技术得到日益广泛运用，降低成本，节约资源，提高 适应气变能力。该省有机农业和高科技应用田地超8.14万公顷，约占农业总生产面积10.5%，质量监 管、食品安全和溯源工作得到加强，为永隆农产品进入高要求出口市场创造了条件。数字化转型在养 殖、水产和资源环境管理中同步推进，许多生产区域应用自动监控、环境监测、畜群管理等软件，有效 降低疫病风险，提高生产效率。推广利用电子商务平台，拓宽农产品销售渠道。 与此同 ...

2026年1月26日，人人租母公司——广州研趣信息科技股份有限公司（以下简称"研趣信息"）正式向港 交所主板递交上市申请书，引发市场广泛关注。 作为中国租用消费行业的领军企业，研趣信息凭借75亿元的年交易额和27.5%的市场份额，成功登顶行 业榜首。然而，伴随这份亮丽成绩单而来的，还有一些自媒体的疑问。 "高利贷""比茅台还挣钱""金融陷阱"等标签被贴在这家企业身上，这些情绪化的表述引发公众对租用消 费新模式的疑虑。这些疑问背后是否有事实依据？租用消费这种新兴模式是否真的如传言所说暗藏风 险？ 疑问一： 人人租真的比茅台赚钱吗？ 在招股书披露后，研趣信息超过80%的毛利率被广泛关注。有自媒体将这一数据与贵州茅台对比，认 为"做租用比卖白酒还暴利"。这种观点认为，如此高的毛利意味着平台通过高价收割消费者，赚取了不 合理的超额利润。 顾瑾 "两者根本就没法比。"笔者在深入拆解其财务模型后发现，这种比较存在着基本的商业常识误读。一位 业内人士解释道："拿茅台做对比本身就不科学。茅台是生产型企业，其高毛利源于品牌溢价；而人人 租是平台型企业，其毛利反映的是轻资产模式下的技术服务价值。" 研趣信息采用的是典型的轻资产平 ...

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The chemical sector is experiencing a dual drive of cyclical recovery and growth, with a focus on organic silicon, PTA, polyester filament, caprolactam, spandex, vitamins, sweeteners, refrigerants, and phosphorus chemicals [5][6] - The organic silicon industry is entering a recovery phase, with new applications becoming the core growth engine. From 2019 to 2024, domestic DMC capacity is rapidly expanding, leading to temporary oversupply and continuous price declines. However, by 2025, no new capacity is expected, and demand from emerging sectors like new energy vehicles and photovoltaics is maintaining high growth [5][6] - The PTA and polyester filament industry is moving towards a new prosperity cycle as the capacity expansion phase is nearing its end, with new capacity mainly concentrated in leading enterprises [6] - The refrigerant market is entering a high prosperity cycle due to quota policies and stable demand growth from the heat pump and cold chain markets [7] - The synthetic biology sector is expected to see explosive demand growth as fossil-based materials face disruptive challenges, with a focus on energy-efficient products [8] - OLED technology is accelerating its penetration into larger displays, supported by government policies promoting the new display industry [9] - The demand for electronic chemicals is increasing due to the rapid development of the semiconductor industry, particularly in China, where the market is heavily reliant on imports [11] Summary by Sections Industry Performance - The chemical sector's overall performance ranked 12th with a decline of 0.86% during the week of January 26 to January 30, 2026 [20] - The top three performing sectors were oil and petrochemicals (7.95%), communications (5.83%), and coal (3.68%) [20] Key Industry Dynamics - The Ministry of Ecology and Environment is promoting the mercury-free transformation of the PVC industry, focusing on the development of mercury-free catalysts [36] - Recent geopolitical tensions in the Middle East have led to increased oil prices, with WTI crude averaging $61.33 per barrel, up 2.39% from the previous week [36]

Core Insights - The collaboration between South China University of Technology and Shandong Huasheng Rubber Co., Ltd. focuses on the industrial application of lignin in green tire production, showcasing a successful model of industry-academia-research cooperation [1][6] Group 1: Lignin Utilization - Lignin, a byproduct of the paper industry, can achieve high-value utilization in the rubber tire sector, addressing long-standing issues of "easy agglomeration and difficult dispersion" in rubber applications [3][8] - The research team has developed a multi-level nano-micro phase separation structure and dynamic energy sacrifice bonds, significantly improving the compatibility of lignin with rubber [3][8] - The application of lignin can reduce tire rolling resistance by 5-10% and enhance aging resistance by over 20%, while its natural UV resistance helps mitigate performance degradation during use [3][8] Group 2: Cost Efficiency and Economic Impact - Lignin's cost is only 30-50% of traditional reinforcing agents like silica, providing a buffer for tire companies against raw material price fluctuations [3][8] - The collaboration also explores the "lignin + silica" pre-dispersion technology, which improves processing performance and balances the "magic triangle" of rolling resistance, wet grip, and wear resistance in tire formulations [10] Group 3: Circular Economy Initiatives - Huatai Paper Industry is implementing a "waste-to-resource" practice by extracting high-purity lignin from paper black liquor, with a project to produce 50,000 tons of lignin annually using advanced membrane separation technology, reducing costs by 15-20% [10] - The project aims to create a circular economy loop from "green electricity - pulp - lignin - rubber," contributing to environmental sustainability [10] - Current advancements in the application of lignin in tire formulations have shown progress in sidewall and inner liner compounds, although challenges remain for large-scale replacement in tread compounds [10]

展会现场将集中呈现一批具有突破性的技术成果。例如，某知名厂商推出的纳米级防腐涂层技术，可有效延长金属制品的使用寿命；另一家企业的智能检测 设备则通过AI算法实现涂装缺陷的实时识别，大幅减少人工成本。此外，展会还将设立"未来实验室"专区，展示3D打印在复杂曲面涂装中的应用、生物基 涂料的产业化进展等前沿方向。这些创新技术的集中亮相，不仅为行业提供了新的发展方向，也为中小企业提供了转型升级的参考路径。 参展价值：从供需对接到资源链接 2026年9月22日至24日，武汉国际博览中心将举办一场聚焦表面处理与涂装涂料领域的行业盛会——2026武汉国际表面处理及涂装涂料展览会。作为国内领 先的行业交流平台，本次展会将汇聚全球顶尖企业、科研机构与产业链上下游代表，共同探讨行业发展趋势，分享技术创新成果。对于关注制造业升级、环 保技术应用及材料研发的从业者而言，这是一场不容错过的行业盛宴。 行业趋势：绿色转型推动表面处理技术迭代 随着全球环保政策的持续收紧，表面处理行业的绿色发展已成为不可逆的趋势。本届展会将重点展示水性涂料、高固体分涂料等环保型涂装解决方案，以及 新型表面处理工艺的应用场景。据业内人士透露，近年来我国表面处 ...