Group 1: Chemical Sector Performance - The chemical index outperformed the oil index last week, with all chemical indices rising. The chemical raw materials index increased by 5.14%, the chemical machinery index rose by 7.20%, the chemical pharmaceuticals index climbed by 7.33%, and the pesticide and fertilizer index went up by 5.10% [1] - In the oil sector, the oil processing index increased by 0.65%, while the oil extraction index fell by 3.82%, and the oil trading index rose by 4.88% [1] Group 2: Oil Price Movements - International crude oil prices showed mixed trends. As of January 9, the settlement price for West Texas Intermediate (WTI) crude oil was $59.12 per barrel, up 3.14% from January 2. The settlement price for Brent crude oil was $63.34 per barrel, up 4.26% from January 2 [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with the highest price increases were battery-grade lithium carbonate (up 18.21%), butadiene (up 10.37%), isooctyl acrylate (up 8.23%), diethylene glycol (up 5.90%), and polybutadiene rubber (up 4.86%). The top five products with the largest price declines were liquid chlorine (down 31.25%), glycine (down 4.55%), vitamin D3 (down 4.00%), mancozeb (down 3.45%), and acrylonitrile (down 3.33%) [1] Group 4: Capital Market Performance of Listed Chemical Companies - The top five listed chemical companies with the highest stock price increases were Puli Tech (up 42.59%), Dawi Technology (up 35.34%), Sanfu Co. (up 32.29%), Guofeng Plastics (up 30.63%), and Tongcheng New Materials (up 30.54%). The bottom five companies with the largest stock price declines were Evergrande High-tech (down 13.05%), Jiabiyou (down 12.16%), Hangzhou High-tech (down 11.24%), Yahua Group (down 6.59%), and Fengshen Co. (down 5.48%) [2]

Core Viewpoint - Yunwei Co., Ltd. reported that as of January 10, the number of its shareholders is approximately 30,700 [2] Company Information - The company has engaged with investors through an interactive platform to provide updates on shareholder statistics [2]

Core Viewpoint - The company Kanda New Materials (002669) is focusing on the localization of high-end electronic ceramic materials through its subsidiary Jingcai Technology, which specializes in the research, production, and sales of ceramic raw materials, precious metal pastes, and porcelain powders [1] Group 1: Company Overview - Kanda New Materials' subsidiary, Jingcai Technology, is dedicated to the development of high-end electronic ceramic materials [1] - The main products include ceramic raw materials, precious metal pastes, and porcelain powders [1] - The products are primarily used in the manufacturing and packaging of electronic components and circuit modules utilizing Low-Temperature Co-Fired Ceramics (LTCC) technology [1] Group 2: Application Fields - The end applications of the products span various sectors, including wireless communication, consumer electronics, automotive electronics, aerospace, and special equipment [1] - Currently, the application of Jingcai Technology's products is mainly concentrated in the special equipment sector [1]

（文章来源：每日经济新闻） 1月12日，赤天化(600227.SH)公告称，预计2025年年度归属于上市公司股东的净利润为负值，公司2025 年年度经营业绩将出现亏损。 ...

Group 1 - The core point of the news is that Boyuan Chemical's stock has experienced a decline of 2.38% on January 12, with a total market value of 27.393 billion yuan and a cumulative drop of 6.23% over three consecutive days [1] - Boyuan Chemical, established on January 23, 1997, and listed on January 31, 1997, is located in Ordos City, Inner Mongolia, and its main business involves the production and sales of coal, methanol, fertilizers, soda ash, and sodium bicarbonate [1] - The revenue composition of Boyuan Chemical's main business includes soda ash at 60.01%, urea at 25.08%, sodium bicarbonate at 12.88%, and other products at 1.56% [1] Group 2 - According to data from the top ten holdings of funds, one fund under Bosera Asset Management holds a significant position in Boyuan Chemical, with 3.78% of its net asset value allocated to Boyuan Chemical shares [2] - The fund, Bosera Growth Select Mixed A (011740), has seen a floating loss of approximately 717,000 yuan today and a total floating loss of 1.9519 million yuan during the three-day decline [2] - Bosera Growth Select Mixed A was established on April 20, 2021, with a current scale of 464 million yuan, and has achieved a year-to-date return of 4.58% [2]

Report Summary 1. Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Soda Ash**: Supply is at a high level due to the resumption of maintenance - affected enterprises, with production reaching 75.36 million tons in the week of January 8, 2026, a week - on - week increase of 8.11%. Demand is weak as downstream float glass production lines have cold - repairs, and overall shipment rate dropped to 78.18%. Factory inventories have accumulated significantly, reaching 157.27 million tons, a year - on - year increase of 6.93%. Overall supply - demand is difficult to improve, and the 2605 contract is expected to fluctuate in the range of 1150 - 1280 [6]. - **Glass**: Supply is decreasing as two production lines had cold - repairs, with the average capacity utilization rate at 75.63%, a week - on - week decrease of 1.03 percentage points. Some regions saw improved sales due to market sentiment, and overall enterprise inventories decreased slightly to 5551.8 million heavy cases, a week - on - week decrease of 2.37%. However, high inventories still suppress the market, and the 2605 contract is expected to fluctuate in the range of 1070 - 1180 [9]. 3. Summary by Directory 3.1 Week - on - week Views and Strategies - **Soda Ash**: Supply increased, demand was weak, inventories accumulated, and the 2605 contract is expected to range from 1150 - 1280 [6]. - **Glass**: Supply decreased, inventories decreased slightly, but high inventories still pressured the market, and the 2605 contract is expected to range from 1070 - 1180 [9]. 3.2 Industrial Chain Structure - **Soda Ash**: Upstream includes natural soda mines, raw salt, synthetic ammonia, etc.; downstream includes agricultural fertilizers, glass, and daily detergents [12]. - **Flat Glass**: Upstream includes raw materials like quartz sand, limestone, soda ash, and fuels such as natural gas, coal - made gas, and petroleum coke; downstream includes real estate, automotive, and electronics industries [14]. 3.3 Futures and Spot Markets - **Glass**: As of January 9, 2026, the FG main contract closed at 1144, and the North China basis closed at - 124 yuan/ton. The FG5 - 9 spread closed at - 94 yuan/ton [21][29]. - **Soda Ash**: As of January 9, 2026, the SA main contract closed at 1228, and the North China basis closed at 22 yuan/ton. The SA5 - 9 spread closed at - 67 yuan/ton [25][29]. 3.4 Inventory - **Glass**: As of January 8, 2026, the total inventory of national float glass sample enterprises was 5551.8 million heavy cases, a week - on - week decrease of 2.37%, and an inventory days of 24.1 days, a decrease of 1.5 days from the previous period [9][33]. - **Soda Ash**: As of January 8, 2026, the total inventory of domestic soda ash manufacturers was 157.27 million tons, a week - on - week increase of 6.01 million tons, and a year - on - year increase of 6.93% [6][44]. 3.5 Supply - **Glass**: From January 2 - 8, 2026, the average capacity utilization rate was 75.63%, a week - on - week decrease of 1.03 percentage points, and the output was 105.92 million tons, a week - on - week decrease of 1.32% [9][49]. - **Soda Ash**: As of January 8, 2026, the production was 75.36 million tons, a week - on - week increase of 8.11%. The theoretical profit of ammonia - soda process was - 57.85 yuan/ton, a week - on - week increase of 39.65%, and that of combined - soda process (double - ton) was - 40 yuan/ton, a week - on - week decrease of 12.68% [6][57][59]. 3.6 Demand - **Glass**: As of December 31, 2025, the average order days of national deep - processing sample enterprises was 8.6 days, a week - on - week decrease of 10.7% and a year - on - year decrease of 16.1%. Engineering orders are winding down [64]. - **Soda Ash**: As of January 8, 2026, the shipment volume was 58.92 million tons, a week - on - week decrease of 18.99%, and the overall shipment rate was 78.18%, a week - on - week decrease of 26.15 percentage points [6][78].

Report Industry Investment Rating - Not provided Report's Core View - The overall situation of pure benzene shows strong supply and weak demand, and it should still be treated weakly; benzene styrene is in the seasonal off - season demand in the first quarter, with obvious demand pressure, and the industry should participate in hedging appropriately [3] Summary by Relevant Catalogs Fundamental Analysis - As of December 29, 2026, the total commercial inventory of pure benzene in Jiangsu port samples was 300,000 tons, a month - on - month increase of 9.89% and a year - on - year increase of 56.09%; from December 22 to 28, the estimated arrival was about 39,500 tons and the pick - up was about 12,500 tons; 3 out of the statistical storage areas increased and 4 remained stable [1] - As of January 5, 2026, the total inventory of benzene styrene port samples in Jiangsu was 132,300 tons, a decrease of 4.68% from the previous period; the commercial inventory was 77,300 tons, a decrease of 7.20% from the previous period; according to past industry rules, there is a high possibility of seasonal inventory accumulation from January to March [1] Macroeconomic Analysis - The short - term large - denomination certificate of deposit interest rates of some banks have entered the "0 -字头", similar to ordinary fixed deposits [2] - In December 2025, the national consumer price increased by 0.8% year - on - year; China's December CPI annual rate was 0.8%, with an expected 0.9% and a previous value of 0.70% [2] Futures and Spot Market Analysis - Pure benzene fluctuated slightly during the day, with strong upward pressure and a supply - strong and demand - weak state, and is still treated weakly [3] - Benzene styrene fluctuated slightly, with attention paid to the pressure near the 40 - day moving average on the weekly line level; in the first - quarter off - season, it may be boosted by the short - term rebound sentiment of overall commodities, but the demand pressure is still obvious, and the industry should participate in hedging appropriately [3]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The downstream is still in a low - operation state during the off - season. Pure benzene maintains a deep negative basis and high inventory pressure, and the arrival pressure in China remains. The downstream operation shows differentiation. Styrene's port inventory has not met the original expectation of inventory replenishment, and the operation at the bottom is still slowly recovering. The downstream is in the off - season of operation [1][3] Summary by Directory I. Pure Benzene and EB's Basis Structure and Inter - Period Spread - Figures related to pure benzene and styrene's basis and inter - period spread are presented, such as pure benzene's main basis, spot - M2 paper cargo spread, and styrene's main basis, etc [8][13][17] II. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Information about production profits of pure benzene and styrene, and their internal - external spreads are shown, including naphtha processing fee, FOB and CFR price differences in different regions, and import profits [20][21][29] III. Inventory and Operation Rates of Pure Benzene and Styrene - Data on the inventory and operation rates of pure benzene and styrene are provided, like pure benzene's East China port inventory and operation rate, and styrene's East China port inventory, commercial inventory, and operation rate [35][38][40] IV. Operation and Production Profits of Styrene's Downstream - Information on the operation and production profits of styrene's downstream products (EPS, PS, ABS) is given, including their operation rates and production profits [48][50][52] V. Operation and Production Profits of Pure Benzene's Downstream - Data about the operation and production profits of pure benzene's downstream products (caprolactam, phenol - ketone, aniline, adipic acid, etc.) are presented, including their operation rates and production profits [59][63][71] Market News and Important Data - **Pure Benzene**: The main basis is - 102 yuan/ton (+57), port inventory is 31.80 tons (+1.80 tons), CFR China processing fee is 138 dollars/ton (+5 dollars/ton), FOB Korea processing fee is 130 dollars/ton (+6 dollars/ton), US - Korea spread is 165.8 dollars/ton (-1.0 dollars/ton), and East China spot - M2 spread is - 190 yuan/ton (-10 yuan/ton). Downstream production profits and operation rates vary [1] - **Styrene**: The main basis is 103 yuan/ton (+56 yuan/ton), non - integrated production profit is 138 yuan/ton (+5 yuan/ton) with expected gradual compression. East China port inventory is 132,300 tons (-6,500 tons), and commercial inventory is 77,300 tons (-6,000 tons). The operation rate is 70.9% (+0.7%) [1] - **Styrene's Downstream Hard Rubber**: EPS production profit is 109 yuan/ton (+65 yuan/ton), PS production profit is - 291 yuan/ton (+15 yuan/ton), ABS production profit is - 1,074 yuan/ton (-39 yuan/ton). Their operation rates also change [2] Market Analysis - **Pure Benzene**: Upstream, the US turning Venezuelan crude oil into compliant oil supply suppresses oil prices, and attention should be paid to whether the US will take military action against Iran. Pure benzene has a deep negative basis and high inventory pressure. The downstream shows weak performance during the off - season, and the operation is differentiated [3] - **Styrene**: The port inventory has not met the inventory replenishment expectation, the operation at the bottom is still slowly recovering, and the downstream is in the off - season [3] Strategy - **Unilateral**: None - **Basis and Inter - Period**: Do reverse arbitrage on BZ2603 - BZ2605 when the price is high - **Cross - Variety**: Short BZ2603 and long EB2602 [4]

Core Viewpoint - The Ministry of Commerce of China has announced an anti-dumping investigation into imported dichlorodihydrosilane from Japan, effective January 7, 2026, following a formal application from a domestic producer [1][3][5]. Group 1: Investigation Background - The application for the anti-dumping investigation was submitted by Tangshan Sanfu Electronic Materials Co., Ltd., representing the domestic dichlorodihydrosilane industry [3]. - The Ministry of Commerce conducted a review based on the qualifications of the applicant, the product in question, the domestic industry situation, and the impact of the imported product on the domestic industry [3][5]. Group 2: Product and Market Impact - Dichlorodihydrosilane is primarily used in the semiconductor manufacturing process for thin film deposition, including epitaxial films, silicon carbide films, silicon nitride films, silicon oxide films, and polysilicon films [5]. - The product is essential for producing logic chips, memory chips, analog chips, and other types of chips, as well as for synthesizing silicon-based precursors and polysilazane [5]. Group 3: Investigation Findings - Preliminary evidence from the applicant indicates that from 2022 to 2024, the quantity of dichlorodihydrosilane imported from Japan has shown an overall upward trend, while prices have decreased by 31% cumulatively [8]. - The Ministry of Commerce has determined that the dumping of imported products from Japan has caused damage to the domestic industry, leading to the decision to initiate the investigation [8].

Core Viewpoint - The recent decline in crude oil prices has positively impacted the overall production costs for the company, particularly in terms of raw material procurement costs [1] Group 1: Impact of Crude Oil Prices - The decrease in crude oil prices has provided a certain benefit to the company's overall production costs [1] - Raw material procurement costs have been alleviated due to the falling oil prices [1] Group 2: Challenges Faced - There is a time lag in the transmission of crude oil price changes to chemical product prices, which has resulted in some pressure on product prices [1] - The recovery in terminal demand has been relatively mild, further putting pressure on product prices [1] Group 3: Strategic Responses - The company is actively leveraging the low oil price window to optimize inventory strategies [1] - There is a plan to moderately increase bulk procurement of economical raw materials [1] - The company is expanding overseas low-cost raw material procurement channels through its Singapore subsidiary, enhancing its resource allocation capabilities domestically and internationally [1] - This strategy aims to further solidify the company's integrated operational advantages [1]