交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2026-2-13 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 主要逻辑和风险点 1、近期企业产线面临恢复，且暂无新增检修预期，预计产量延续高位徘徊。 2、重碱下游光伏玻璃减产，对纯碱需求走弱。 每日观点 纯碱： 1、基本面：碱厂产量高位，整体供给预期充裕；下游浮法玻璃、光伏日熔量整体延续下滑趋势， 纯碱厂库处于历史同期高位；偏空 2、基差：河北沙河重质纯碱现货价1110元/吨，SA2605收盘价为1162元/吨，基差为-52元，期货升 水现货；偏空 3、库存：全国纯碱厂内库存158.80万吨，较前一周增加0.44%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：纯碱基本面不改疲弱，短期预计震 ...

经济观察网 安纳达（002136）（002136）近期董事会审议新董事选举议案，2025年业绩预告显示净利 润预亏，股价出现异动。 高管变动 2026年2月12日，公司以通讯方式召开第七届第二十五次董事会会 议，审议了《关于选举第八届董事会非独立董事的议案》等文件。 业绩经营情况 公司于2026年1月30日 发布2025年度业绩预告，预计归属于上市公司股东的净利润亏损6,500万元至10,300万元，主要因钛白粉 产品价格下跌及原材料成本上升影响毛利率。 股票近期走势 2026年2月9日，公司股价出现异动，当日 收盘价13.20元，振幅显著，换手率达3.56%。 以上内容基于公开资料整理，不构成投资建议。 ...

Group 1 - The company, Zhenhua New Materials, has applied for multiple patents related to phosphorus-based anode materials, which are currently in the substantive examination stage [1]

Core Insights - The company has made substantial breakthroughs in layered oxide materials, having developed its fourth-generation product that meets customer demands for high voltage and high energy density [1] - The company is actively researching polyanion materials and has sent samples to some customers [1]

Core Viewpoint - The controlling shareholder and actual controller of Sanmei Co., Ltd., Hu Rongda, along with his associates, have reduced their shareholding from 60.60% to 60.00% through the sale of 3.6593 million shares, which represents 0.60% of the total share capital of the company. This change will not affect the control or governance structure of the company [1]. Summary by Categories Shareholding Changes - Hu Rongda and his associates have collectively reduced their shareholding in the company from 60.60% to 60.00% [1]. - A total of 3.6593 million shares were sold, accounting for 0.60% of the company's total share capital [1]. Impact on Company Governance - The reduction in shareholding will not lead to any changes in the controlling shareholder or actual controller of the company [1]. - There will be no significant impact on the company's governance structure or its ongoing operations [1].

海正生材公告，中石化资本持有1078.82万股占5.32%，拟自公告披露后十五个交易日后的三个月内通过 集中竞价减持不超202.67万股，占公司总股本不超1%，减持期为2026年3月17日～2026年6月16日，减 持价格按届时市场价格确定，股份均为IPO前取得，减持原因为经营发展资金需求。 ...

Core Viewpoint - The company has made significant breakthroughs in layered oxide materials, having developed its fourth-generation product to meet customer demands for high voltage and high energy density [1] Group 1: Product Development - The company has successfully iterated to its fourth-generation product in layered oxide materials [1] - The new product is designed to satisfy customer requirements for high voltage and high energy density [1] Group 2: Research and Development - The company is actively researching poly-anion materials and has sent samples to some customers [1]

每日观点 纯碱： 交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2026-2-12 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 1、基本面：碱厂产量高位，整体供给预期充裕；下游浮法玻璃、光伏日熔量整体延续下滑趋势， 纯碱厂库处于历史同期高位；偏空 2、基差：河北沙河重质纯碱现货价1120元/吨，SA2605收盘价为1178元/吨，基差为-58元，期货升 水现货；偏空 3、库存：全国纯碱厂内库存158.11万吨，较前一周增加2.39%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空减；偏空 6、预期：纯碱基本面不改疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、远兴能源二期产线满产时间预期延后。 利空： 主要逻辑和风险点 1、近期企业产线面临恢复， ...

Core Viewpoint - The company plans to raise up to 1 billion yuan through a private placement to invest in projects related to high-performance resins and composite materials, aiming to become a leader in the PEEK (Polyether Ether Ketone) industry chain [4][7][10]. Group 1: Fundraising and Investment Projects - The company intends to issue shares to specific investors to raise no more than 1 billion yuan for three main projects: 1) an annual production of 8,100 tons of high-performance resins and composite materials, with a total investment of 961 million yuan; 2) an annual production of 5,000 tons of monomers, with a total investment of 348 million yuan; 3) the establishment of an innovation center for high-performance composite materials, with a total investment of 60 million yuan [4][7]. - The company plans to invest 2 billion yuan in a high-performance resin, composite materials, and core monomer integration project at the Nanjing Jiangbei New Materials Science and Technology Park, which will be constructed in two phases [5][9]. Group 2: Shareholder Return Planning - The company has released a shareholder return plan for the next three years (2026-2028), emphasizing cash dividends. The company aims to distribute at least 10% of the distributable profits as cash dividends annually, with higher percentages for different development stages [6][11]. - In mature stages without significant capital expenditures, cash dividends should constitute at least 80% of profit distributions; in mature stages with major expenditures, at least 40%; and in growth stages with significant expenditures, at least 20% [11]. Group 3: Market Outlook and Competitive Position - The demand for PEEK materials is expected to grow significantly due to their excellent properties, making them suitable for various industries such as electronics, aerospace, automotive, and medical [10]. - The company has established a strong reputation and customer base, including partnerships with well-known chemical groups, which positions it favorably for future growth in the high-end manufacturing sector [10].

Core Viewpoint - Tianji Co., Ltd. is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which has led to the company announcing corrections to its financial statements for 2023, 2024, and 2025 [1][3]. Group 1: Regulatory Actions - On February 11, the company received a notice from the CSRC regarding the investigation due to suspected violations of information disclosure laws [3]. - The company is currently conducting its normal business operations, and the investigation is not expected to significantly impact its operations [3]. - The company has also received corrective measures from the Guangdong Regulatory Bureau and warning letters from the Shenzhen Stock Exchange, citing issues such as improper goodwill impairment testing and inaccurate financial accounting [4]. Group 2: Financial Adjustments - The company announced that its board approved corrections and retrospective adjustments to its financial statements for the third quarters of 2023, 2024, and 2025 [3]. - The adjustments will not change the profit or loss nature of previously disclosed reports, nor will they result in negative net assets in the annual financial statements [3]. Group 3: Future Performance Expectations - The company forecasts a turnaround in profitability for 2025, expecting a net profit attributable to shareholders of between 70 million and 105 million yuan, compared to a loss of 1.361 billion yuan in the previous year [5]. - The anticipated improvement in performance is attributed to the rapid growth in demand for electric vehicles and energy storage, along with an increase in sales prices for its main product, lithium hexafluorophosphate, in the fourth quarter of 2025 [5]. - The company’s subsidiary, Changshu New Special Chemical Co., Ltd., is also expected to contribute positively to overall performance due to improved market conditions and increased sales prices for its main product, sodium hypophosphite [5].