一方面，实施"从混合到权益"的能力积累。理财子优先深耕混合类产品， 通过"固收打底、多策略增强"的模式，在控制波动前提下积累权益、衍生 品等实战管理经验，逐步搭建多资产配置框架。待投研体系与风控机制成熟 后，再审慎推出以追求长期资本增值为目标的纯权益类产品。 银行理财 2026 年 2 月月报 优于大市 从财报看理财子如何布局多资产 银行开年"心思"不在卖理财上，1 月份理财存量规模环比基本持平略有少 增。阶段性规模少增原因在于 1 月份银行重点抓贷款"开门红"，同时中收 营销力度着力"分红险"等更高销售佣金率的产品；不过随着居民定期存款 到期再配置，判断节后理财逐步将迎来显著增量。 本期月报中我们整理了市场各家理财子多资产产品布局：当前理财行业在多 资产产品布局上呈现"整体占比低、个体差异大、发展刚初期"的显著特征； （1）行业马太效应明显：根据 2025 年银行半年报数据披露，招银理财、兴 银理财、工银理财、中银理财、农银理财等规模领先，多数城商行理财子公 司规模在 1000 亿至 6000 亿元之间，让她合资理财公司（如贝莱德建信、汇 华理财等）及部分小型公司规模尚在百亿量级，处于差异化起步阶段：（2） ...

Financial Data and Key Metrics Changes - The company reported a consolidated recurring EBITDA of $74 million, which is 67% lower compared to the previous year due to a challenging market environment [7] - Operating cash consumption increased to $31 million, up by $129 million from the previous quarter [7] - The company's cash position at the end of the second quarter was approximately $1.7 billion, sufficient to cover debt maturities over the next 30 months [7][18] - Corporate leverage stood at 10.59 times at the end of the quarter, reflecting the lowest EBITDA in the last twelve months [18] Business Segment Performance - In Brazil, the petrochemical plants maintained an average utilization rate consistent with the previous quarter, with the gas-based plant in Rio de Janeiro operating at 95% [9] - The recurring EBITDA for the Brazilian segment was $152 million, 24% lower than the previous quarter, impacted by stock effects and increased fixed costs [10] - The utilization rate of the green ethylene plant was 71%, down 16 percentage points from the previous quarter, while sales of green polyethylene increased due to higher demand [11] - In the United States and Europe segment, the plant utilization rate remained at 74%, but the recurring EBITDA was negative by $8 million due to inventory effects [12] - The Mexico segment faced significant challenges, with a utilization rate of 44% due to a general maintenance shutdown, resulting in a negative recurring EBITDA of $9 million [13] Market Data and Key Metrics Changes - The global petrochemical industry continued to experience a downturn, with utilization rates stable in Brazil and the U.S. but significantly impacted in Mexico [6] - The average global accident frequency rate was recorded at 1.11 events per million hours worked, below the industry average, indicating a strong commitment to safety [7] Company Strategy and Industry Competition - The company is focused on a transformation plan aimed at increasing productivity and generating EBITDA, particularly through a shift to green production and gas-based feedstocks [35][45] - The outlook for the international petrochemical industry remains challenging, with significant investments in ethylene and propylene chains expected to lead to oversupply and increased idleness in the sector [19] - The Brazilian chemical industry faces structural challenges, including high levels of autonomy and uncompetitive cost structures, which the company aims to address through its resilience and transformation program [20][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the recovery of spreads is taking longer than expected and emphasized the need for liquidity initiatives to improve financial health [31][35] - The company is committed to managing working capital effectively and addressing the challenges posed by imports and pricing imbalances in the Brazilian market [38] - Future controlling shareholders may revise company plans, but current management believes in the effectiveness of their existing strategy [45][66] Other Important Information - The company has made significant progress in its Alagoas project, with a total provision of approximately BRL 17.5 billion, of which BRL 13.1 billion has been disbursed [16] - The company is exploring partnerships for green production and evaluating the hibernation of less competitive production lines to enhance efficiency [26][68] Q&A Session Summary Question: Concerns about leverage and asset sales - Management acknowledged high leverage due to low EBITDA and discussed measures to improve financial health through a transformation plan focused on increasing productivity and cash generation [31][35] Question: Update on discussions with Petrobras - Management clarified that they are not directly involved in negotiations regarding shareholder control and emphasized the importance of focusing on operational challenges [39][41] Question: Strategic importance of U.S. assets - Management confirmed that U.S. assets are integral to the company's strategy, particularly for technology and green product development [56] Question: Cash burn forecast for the second half of the year - Management expects to continue cash consumption in the second half but at a reduced rate, focusing on improving productivity and cash generation [50] Question: Capacity closure dynamics and industry outlook - Management stated that all production plants must generate positive cash flow, and those that do not will be subject to intervention or closure [84]