2、公司根据行业竞争格局和发展趋势，及时调整部分基地产品结构和产能布局。同时，为规避国际贸 易壁垒，促进全球化战略布局，公司将部分国内基地阻燃剂产能搬迁至泰国基地。国内基地受产能调整 削减、搬迁、产能爬坡、产品毛利率下降等综合影响，现有产能经营业绩无法覆盖整个基地的投资规 模，公司资产存在减值迹象，根据《企业会计准则》和公司会计政策规定，公司将计提资产减值。 2025年度，面对严峻的行业形势，公司管理层积极应对，及时调整发展战略，基于公司行业地位与技术 积淀，不断加强研发创新和市场开拓，深入挖潜降本增效，营业收入同比增长，且经营性现金流维持较 好流入水平，但受大额固定资产折旧摊销及资产减值影响，公司经营业绩仍面临较大压力。截至2025年 三季度末，本公司归属于上市公司股东的净利润为50,089,065.37元。根据初步测算，公司2025年全年业 绩将出现亏损情况。 格隆汇1月11日丨万盛股份(603010.SH)公布，经浙江万盛股份有限公司(以下简称"公司")财务部门初步 测算，预计2025年度归属于上市公司股东的净利润为负值，公司2025年度经营业绩将出现亏损，主要原 因如下： 1、2025年度，受国际地缘 ...

证券日报网讯1月9日，双星新材（002585）在互动平台回答投资者提问时表示，面对行业产能集中大量 释放、产品价格内卷、周期性波动等影响，公司从提品质、增品种、调结构、拓市场和节能降耗、降本 增效等多个方面开展工作，根据市场需求和公司战略定位，对产品结构和产能进行相应的调整，以适应 市场变化，提高公司的竞争力和盈利能力。 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 国投期货研究院 2026年1月8日，多晶硅期货低开低走，午后跌停，出现明显破位信号。此次大跌并非孤立，12月下旬市 场环境持续演变：光和谦成科技有限公司成立，释放多晶硅产能收储计划，推动12月17日期价冲高至 61985元/吨。此后，广期所通过提高保证金、调整开仓限制等措施强化市场监管，资金情绪有所降温， 价格进入5.5万—6万元/吨区间震荡。今日跌停，可视为交易监管收紧与政策预期逻辑转变共同驱动的 结果。以下对多晶硅市场逻辑变化展开分析。 2025年全市场品种交易明显呈现预期先行特征，资金在黑色、贵金属、光伏等板块间轮动，导致价格向 基本面回归的过程被动拉长。具体至多晶硅，其交易核心预期聚焦于平台公司成立引发的产能调整预 期。近日，监管层面释放信号，明确产业"反内卷"需沿市场化、法治化方向推进，通过提升技术标准引 导行业有序发展。多晶硅行业产能优化的核心驱动，或从早期的产业间协调，转向技术迭代主导的市场 竞争本身。 基本面上，11—12月年底终端需求处传统淡季，多晶硅、硅片、电池片及组件环节均下调排产。但多晶 硅供给收缩相对滞后且幅度不足：据 ...

当前，欧洲酚类产业链正承受前所未有的压力。在需求端，苯酚和丙酮以及衍生物需求暴跌;在供给 端，生产成本居高不下，欧洲生产商在全球竞争中苦苦挣扎，这些或将倒逼酚类产业链掀起产能调整浪 潮。 与此同时，全球苯酚产能仍在持续扩张，新增产能多集中于双酚A及其下游聚碳酸酯、环氧树脂的一体 化项目。数据显示，2024年至2029年，全球双酚A名义产能将从1150万吨攀升至近1330万吨。 受极具价格竞争力的亚洲进口产品冲击，截至12月，作为原料的双酚A现货价格已超过聚碳酸酯成品价 格。数据显示，2025年前9个月，欧洲自中国进口的聚碳酸酯数量同比激增近44%，部分进口产品已入 欧洲本地仓库，可随时投放市场。而自2024年8月以来，普氏能源资讯评估的聚碳酸酯挤出级产品价格 已累计下跌约38%。 而针对部分亚洲国家环氧树脂的反倾销税效果也令市场参与者感到失望，当前这类产品的现货价格已跌 破反倾销税征收前的水平。值得注意的是，当初联合奥林公司、斯波莱赫米公司提起反倾销申诉的三家 企业之一西湖化学，已于2025年退出欧洲市场。 随着2026年日益临近，欧洲酚类产业链及其上下游、周边市场将继续在产能合理化调整与贸易流向重构 的双重 ...

Core Viewpoint - Since 2025, PVC futures prices have hit a nearly ten-year low due to increased supply and decreased demand, particularly influenced by a sluggish real estate sector [1][2]. Supply - 2025 is expected to be a peak year for PVC capacity expansion, with an additional 2.2 million tons projected, leading to a total capacity of 29.93 million tons by year-end, a year-on-year increase of 7.35% [1]. - As of November 14, domestic PVC social inventory was 1.0282 million tons, a slight decrease of 1.27% month-on-month but a significant increase of 23.75% year-on-year, indicating high inventory pressure [1]. Demand - The current demand for PVC is characterized by "weak domestic and strong external" factors, with 80% of downstream demand related to real estate and infrastructure, both of which have seen declines in investment and new projects [1]. - The low operating rates in consumption areas such as pipes and profiles, along with a lack of positive factors in the infrastructure sector, contribute to overall weak demand [1]. Export - India's PVC demand has been growing, with a demand gap of 3 million tons per year, heavily reliant on imports. China's PVC exports to India surged from 7.3% in 2020 to 50.9% in 2024 [2]. - In the first nine months of 2025, China exported 3.3941 million tons of PVC, a year-on-year increase of 47.78%, with 1.215 million tons going to India, accounting for 41.6% of total exports [2]. Cost - Recent declines in oil and coal prices have weakened cost support for PVC, with prices falling below cost lines, leading to industry-wide losses [2]. - The integrated chlor-alkali enterprises are maintaining PVC production through high profits from caustic soda, but the price of caustic soda has dropped by 30% from its peak, making this strategy unsustainable [2]. Short-term Outlook - In the short term, PVC supply continues to grow while demand remains weak, leading to significant inventory pressure and insufficient upward price momentum [3]. - PVC is currently in a low valuation area, with negative factors largely priced in, suggesting limited downside potential. The market is expected to remain in a "bottoming out" and "capping" oscillation pattern, with the 2601 contract projected to trade between 4,400 and 4,800 yuan per ton [3].

成本方面，近期油价和煤价下跌导致PVC成本支撑减弱。截至11月17日，PVC价格跌破成本线，全行业 亏损，电石法亏损700元／吨，乙烯法亏损560元／吨。氯碱综合利润方面，山东氯碱综合利润约-20元 ／吨，基本盈亏平衡。西北氯碱综合利润约1000元／吨。氯碱一体化企业依靠烧碱高利润维持PVC生 产，但烧碱价格自年内高点已回落30%，"以碱补氯"难以持续，行业或迎来新一轮产能调整，高成本装 置将被淘汰。整体来看，PVC行业正面临"成本支撑塌陷+需求恢复乏力"双重压力。 短期来看，PVC供应持续增长，需求偏弱，库存压力大，价格上涨动力不足。但是，当前PVC已处于低 估值区域，利空因素基本得到充分消化，价格下行空间也有限。综合来看，PVC期货短期弱势难改，市 场处于"下有底，上有顶"的震荡格局之中，预计2601合约在4400~4800元／吨区间运行。（作者单位： 广州期货） 需求方面，"内弱外强"是当前PVC需求端最显著的特征。PVC下游需求中八成与房地产、基建相关，近 年来房地产市场低迷，投资、新开工等数据下滑。管材、型材等消费领域开工率偏低，基建领域缺乏利 多，需求端整体疲软。同时PVC在医疗、包装等新兴领域的 ...

Core Viewpoint - Jiangshan Oupai (603208.SH), a leading wooden door manufacturer, is undergoing significant capacity adjustments due to continuous declines in performance and increased market competition, resulting in the closure of production facilities in Henan and Chongqing, with operations shifting to Zhejiang [1][2]. Company Summary - Jiangshan Oupai has experienced a substantial decline in performance since 2024, with net profit attributable to shareholders shrinking over 70% last year and a reported loss of 41.49 million yuan in the first three quarters of this year [2]. - The company's wholly-owned subsidiaries in Henan and Chongqing have also reported losses of 14.08 million yuan and 13.52 million yuan, respectively, in the first three quarters of this year [2]. - Following its IPO in 2017, Jiangshan Oupai expanded its production capacity nationwide, establishing three major production bases in Zhejiang, Henan, and Chongqing, and diversifying its product offerings [2]. Industry Summary - The trend of national capacity expansion is common among leading home furnishing companies, with competitors like Sophia (002572.SZ) and Oupai Home (603833.SZ) also establishing multiple production bases across the country [3]. - The capacity reduction by Jiangshan Oupai sends a negative signal to the industry, indicating increased downward pressure on the home furnishing market, prompting manufacturers to reconsider the balance of their production capacities [3].

Core Viewpoint - The domestic white cardboard market is experiencing a new round of price increases, with several paper companies announcing a price hike of 200 yuan/ton effective November 1, 2025, driven by rising costs, seasonal demand, and delayed new capacity releases [1][2]. Group 1: Price Increase Announcement - Multiple paper companies, including Bohui Paper and Nine Dragons Paper, have issued price increase notices, raising the price of white cardboard products by 200 yuan/ton [1][2]. - APP (China) also announced a price increase for all products produced by its subsidiaries, indicating a widespread trend among paper manufacturers [2]. Group 2: Factors Driving Price Increases - The price hike is primarily driven by three factors: continuous cost increases nearing the breakeven point for companies, the arrival of the traditional demand peak season ("Golden September and Silver October"), and delays in the release of new production capacity [1][2]. - Rising prices of raw materials such as waste paper and coal have significantly increased operational costs, leading to a divergence between current product prices and their actual value [2]. Group 3: Market Trends and Price Movements - The average market price for white cardboard in Q3 was 3981.78 yuan/ton, reflecting a 3.56% decrease from the previous quarter and a 9.32% year-on-year decline [3]. - The lowest market price was recorded at 3930 yuan/ton in late August, with a recovery to 3999 yuan/ton by the end of September, and a further increase to 4054 yuan/ton by October 23, marking a 1.38% rise since the end of September [3]. Group 4: Seasonal Demand and Supply Adjustments - The traditional consumption peak in September and October has led to a rigid increase in orders, particularly in the packaging sector, driven by the Mid-Autumn and National Day holidays [4]. - The overall inventory in the industry has decreased to a low level, and demand is expected to grow by 5.80% in Q4 [4]. - New production capacity releases have been adjusted, with a significant line in South China successfully launched, while another planned line by Nine Dragons Paper has faced delays, easing supply pressure [4]. Group 5: Future Market Outlook - The price of white cardboard is expected to rise further in October, with an overall average price forecasted to reach 4182 yuan/ton in Q4, representing a 5.02% increase [4].

Core Viewpoint - Dow's polyurethane division plans to close its 55,000 tons/year polyol plant in Terneuzen, Belgium by the end of Q1 2026 due to high local operating costs and a burdensome regulatory environment [1] Group 1: Strategic Decisions - The decision to close the Terneuzen plant is part of Dow's ongoing European asset strategy assessment initiated last year, focusing on the capacity layout of its polyurethane business [1] - Dow's spokesperson emphasized the company's ability to maintain its existing product supply, indicating that the closure is not expected to negatively impact customers or related markets [1] Group 2: Market and Operational Efficiency - The closure is aimed at adjusting regional capacity to market demand, eliminating high-cost assets, enhancing cost efficiency, and ensuring long-term competitiveness, aligning with the company's ongoing development goals [1] - CEO Jim Fitterling noted that challenges from the European regulatory environment are increasing, prompting a review of the competitiveness of several European assets, particularly those related to the polyurethane business [1] Group 3: Recent Developments - In July, Dow's board approved the closure of three chemical plants in Europe, including a steam cracker in Borken, Germany, a chlor-alkali/ethylene asset in Schkopau, Germany, and a siloxane plant in Barry, UK [1] - Polyols typically react with isocyanates to produce polyurethanes, which are used in various products such as mattresses, appliance foam insulation, automotive seats, elastic shoe soles, fibers, and adhesives [1]

Core Viewpoint - Dow's polyurethane (PU) division plans to close its 55,000 tons/year polyol plant in Tertre, Belgium by the end of Q1 2026 due to high local operating costs and a burdensome regulatory environment [1] Group 1: Company Strategy - The decision to close the Tertre plant is part of Dow's ongoing strategic assessment of its European assets, focusing on the capacity layout of its polyurethane business [1] - Dow emphasizes its capability to maintain the supply of its existing product portfolio, indicating that the closure will not negatively impact customers or related markets [1] - The measures taken are aimed at adjusting regional capacity according to market demand, eliminating high-cost assets, enhancing cost efficiency, and ensuring long-term competitiveness [1] Group 2: Market Context - CEO Jim Fitterling highlighted the increasing challenges posed by the European regulatory environment, prompting a review of the competitiveness of several European assets, particularly those related to the polyurethane business [1] - Polyols typically react with isocyanates to produce polyurethanes, which are used in various products such as mattresses, appliance foam insulation, automotive seats, elastic shoe soles, fibers, and adhesives [1]