2026 年 01 月 06 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2026 年第 1 期 观点精粹: 最新报告摘要 拟发行可转债用于重庆铬盐新基地，新工艺推动铬绿工艺+产能双升--振华股份/化学原料(603067/212202) 公 司点评 赎回新规落地，多少家固收卖方看多债市？--债券研究周报 回购股份彰显信心，关注新产品测试表现--世纪华通/游戏Ⅱ(002602/217204) 公司点评 证券研究报告 铬绿是金属铬的直接原料，金属铬在各种类型的高温合金中有着重要的应用，通过在高温下形成保护性表面膜， 提高合金的抗氧化、抗碳化和抗硫化性。受益于近年来军用、民用飞机及燃气轮机等高端装备的需求增长，高 温合金市场规模有望快速提升，有效拉动金属铬以及上游原材料铬绿的市场需求。民丰化工于业界首创"维生 素 K3 联产铬绿"工艺路线，以维生素 K3 副产的含铬废液为原料制备高品质铬绿，实现了维生素生产过程中 铬元素的高值化综合利用，近年来已取得显著的环保成效和经营业绩。项目实施后民丰化工铬绿产能将得到提 ...

Core Insights - The Dubai Airshow commenced on November 17, showcasing the C919 aircraft and C909 business jet, marking the first participation of COMAC in this event [1] - COMAC aims to present the latest achievements in the development of Chinese commercial aircraft and enhance communication and trust within the global aviation industry [1] Product Showcase - COMAC displayed a full range of aircraft models, including the C909, C919, and C929 basic models, as well as various specialized aircraft such as the C909 business jet, medical aircraft, emergency rescue command aircraft, firefighting aircraft, and cargo aircraft [1] - The C909 aircraft has a passenger capacity of 78-97 seats and a range of 2,225-3,700 kilometers, with over 170 units delivered and more than 790 routes opened, currently operating in Southeast Asia [1] - The C919 aircraft can accommodate 158-192 passengers with a range of 4,075-5,555 kilometers, having delivered 26 units and opened over 30 routes [1] - The C929 aircraft is under steady development, with a range of approximately 12,000 kilometers and a basic seating capacity of 280 [1]