1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The fundamentals of soda ash remain weak, with high production, declining downstream demand, and high inventory. The short - term trend is expected to be weak and volatile [2]. - The main logic is the mismatch between supply and demand in the soda ash industry, with high supply and falling terminal demand. The inventory is at a high level compared to the same period in history, and this situation has not been effectively improved [5]. 3. Summary by Relevant Catalogs 3.1 Soda Ash Futures Market - The closing price of the main contract decreased from 1204 yuan/ton to 1203 yuan/ton, a decline of 0.08%. The low - end price of heavy soda ash in Shahe remained unchanged at 1160 yuan/ton. The main basis decreased from - 44 yuan/ton to - 43 yuan/ton, a decrease of 2.27% [6]. 3.2 Soda Ash Spot Market - The low - end price of heavy soda ash in the Hebei Shahe market was 1160 yuan/ton, unchanged from the previous day [12]. - The profit of heavy soda ash production was at a historical low. The profit of the North China ammonia - soda process was - 168.35 yuan/ton, and the profit of the East China co - production process was - 94.50 yuan/ton [15]. - The weekly operating rate of the soda ash industry was 84.19%. The weekly production was 78.13 tons, including 42.11 tons of heavy soda ash, at a historical high [18][21]. - From 2023 to 2025, new production capacity was continuously added. In 2023, the total new capacity was 640 tons; in 2024, it was 180 tons; and in 2025, the planned new capacity was 750 tons, with 100 tons actually put into production [22]. 3.3 Fundamental Analysis - Demand - The weekly sales rate of soda ash was 97.06% [25]. - The daily melting volume of national float glass was 15.10 tons, and the operating rate was 71.86% [28]. 3.4 Fundamental Analysis - Inventory - The national soda ash inventory in factories was 154.42 tons, an increase of 1.51% compared to the previous week, and the inventory was above the 5 - year average [34]. 3.5 Fundamental Analysis - Supply - Demand Balance Sheet - The report provided the annual supply - demand balance sheet of soda ash from 2017 to 2024E, including data on effective capacity, production, operating rate, imports, exports, net imports, apparent supply, total demand, supply - demand gap, capacity growth rate, production growth rate, apparent supply growth rate, and total demand growth rate [35]. 3.6 Influencing Factors - **Positive factors**: The expected full - production time of Phase II of Yuangxing Energy's production line was postponed [3]. - **Negative factors**: Enterprises' production lines were expected to resume production, and there was no new maintenance plan in the near future, so production was expected to remain high. The downstream photovoltaic glass reduced production, leading to weaker demand for soda ash [5].

Key Insights - The report indicates that the recent market adjustments in A-shares and Hong Kong stocks are primarily technical and emotional, with a positive medium-term outlook for Chinese assets as liquidity and fundamentals remain favorable [2][3] - The report highlights the resilience of the funding environment, despite a significant net outflow of 320 billion yuan from ETFs, suggesting that there is still strong underlying demand for certain asset classes [3] - The manufacturing PMI for January fell to 49.3%, indicating contraction, while the non-manufacturing index also declined to 49.4%, suggesting potential challenges in economic activity [5][6] - The nomination of Kevin Warsh as the next Federal Reserve Chair is expected to influence market sentiment, particularly regarding inflation expectations and interest rates, which may impact risk assets [5][10] - The report discusses the recent performance of high-dividend sectors, noting that they have outperformed the market as risk appetite declines, with recommendations to focus on stable high-dividend stocks [11][12] - The report emphasizes the ongoing interest in IPOs in the Hong Kong market, with a strong performance in recent listings, suggesting continued investor appetite for new equity offerings [12][30] - The introduction of a unified capacity pricing mechanism for independent energy storage is expected to enhance the profitability and stability of the energy sector, particularly for leading companies in the storage and power generation space [27][28] - The report notes the recovery in the second-hand housing market, with increased transaction volumes and stable prices, particularly in first-tier cities, indicating a potential rebound in the real estate sector [24][29] - The report highlights the commercial acceleration of microbial protein production, driven by regulatory approvals and increasing demand for alternative protein sources, suggesting a growing investment opportunity in this sector [25]

Group 1 - The company forecasts a net profit attributable to shareholders of 21-31.5 million yuan for 2025, indicating a turnaround from losses in the previous year [4] - The company expects a net profit after deducting non-recurring gains and losses to be 14.4-21.6 million yuan for 2025, also showing a recovery from losses [4] - The price recovery of photoinitiators and improved industry dynamics are expected to enhance the company's performance throughout 2025 [5] Group 2 - The average sales prices of key photoinitiator products such as TPO, 907, and 184 are projected to increase by 14.7%, 18.1%, and 21.2% respectively in 2025 [5] - The company's quarterly net profit is expected to improve sequentially, with Q4 2025 net profit projected to be between 18.28-28.28 million yuan, reflecting a quarter-on-quarter growth of 55%-140% [5] - The company is involved in the establishment of the Tianjin Ruiwu Equity Investment Fund, which has seen significant profit increases from its investment in Hengkun New Materials, contributing to the company's investment income [5] Group 3 - New photoinitiator projects are entering trial production, strengthening the company's leading position in the industry [6] - The company’s subsidiary Hongyuan Tiancheng has commenced trial production of a project with an annual capacity of 350 tons of hydroxyketone series photoinitiators [6] - Another subsidiary, Hongrun Chemical, has started trial production of an 8000 tons/year photoinitiator H4 ketone project, while Shandong Jiuri Chemical's project for 18,340 tons/year of photopolymer materials and photoresist intermediates has also entered trial production [6]

证券日报网讯 2月2日，兴发集团在互动平台回答投资者提问时表示，公司2025年新推磷化剂系列产品 和乙硫醇已完成市场导入，2025年分别实现销量约800吨和900吨。2026年上述两类产品规划销量较2025 年增长3至4倍，其中磷化剂系列产品2026年第一季度销量预计超过1000吨。2026年，公司计划建成投产 1万/吨电池级五硫化二磷，加快叔十二烷基硫醇、4，4-二氯二苯砜等新产品的中试放大以及电子级红 磷、聚硫醇等新产品的小试验证。 （文章来源：证券日报） ...

证券日报网讯 2月2日，江化微在互动平台回答投资者提问时表示，公司主要从事超净高纯试剂、光刻 胶配套试剂等湿电子化学品的研发、生产和销售。 （文章来源：证券日报） ...

1月27日，旭化成、三井化学和三菱化学宣布，将共同推动位于日本西部两家乙烯工厂的脱碳进程，并优化其生产能力。 目前，三家公司已签署了一份基本协议，计划在日本西部建立一个新的合资经营实体，统一运营日本西部的两座乙烯工厂。其 中，旭化成三菱化学乙烯公司位于水岛的乙烯工厂将关停，涉及产能49.6万吨/年；并在2030财年之前，将相关业务整合到大阪石 油化学工业有限公司位于高石的乙烯工厂。 近年来，日本国内乙烯需求持续萎缩，日本化企加快了对乙烯装置的整合步伐。比如，出光兴产和三井化学将整合日本千叶乙烯 生产业务，其中包括关闭一套37万吨/年的乙烯装置；日本ENEOS计划2027年财年关停一套44.8万吨/年乙烯裂解装置；丸善石化 千叶乙烯工厂将于2026年关闭，同时优化与住友化学合资的京叶乙烯工厂。 新合资企业的股权比例将根据各公司所占市场份额确定。两家乙烯工厂总产能为95.1万吨/年，但水岛裂解装置关闭后，产能将减 至45.5万吨/年。 与此同时，三家公司将开启乙烯脱碳计划，投资额约为212亿日元，其中包括日本政府提供的最高104亿日元的补贴。 三家公司将在旭化成水岛工厂建设利用生物乙醇生产乙烯、丙烯和其他绿色基础 ...

证券日报网讯 2月2日，溢多利在互动平台回答投资者提问时表示，过氧化氢通常可与硫酸、盐酸等化 学品按比例混合配制成高效清洗液，用于清除晶圆、封装基板等电子产品组件表面的有机物、颗粒及金 属离子。过氧化氢酶可高效、专一地分解组件材料表面残留的过氧化氢，避免其对后续工艺造成影响， 同时能将清洗液废水中的过氧化氢分解为水和氧气，无二次污染，满足废水的环保排放要求。 （编辑 姚尧） ...

兴发集团(600141)2月2日在互动平台表示，公司2025年新推磷化剂系列产品和乙硫醇已完成市场导入， 2025年分别实现销量约800吨和900吨。2026年上述两类产品规划销量较2025年增长3至4倍，其中磷化剂 系列产品2026年第一季度销量预计超过1000吨。2026年，公司计划建成投产1万/吨电池级五硫化二磷， 加快叔十二烷基硫醇、4,4-二氯二苯砜等新产品的中试放大以及电子级红磷、聚硫醇等新产品的小试验 证。 ...

格隆汇2月2日丨醋化股份(603968.SH)公布，公司于近日收到由江苏省科学技术厅、江苏省财政厅、国 家税务总局江苏省税务局联合颁发的《高新技术企业证书》。企业名称：南通醋酸化工股份有限公司， 证书编号：GR202532000804，发证日期：2025年11月18日，有效期：三年。 本次认定系公司原高新技术企业证书有效期满后进行的重新认定。根据《中华人民共和国企业所得税 法》等有关规定，公司自通过高新技术企业重新认定后三年内(2025年-2027年)继续享受国家关于高新技 术企业的相关优惠政策，即按15%的税率缴纳企业所得税。 ...

Group 1 - Jiangsu Sopo's stock price dropped by 5.05%, currently trading at 7.52 CNY per share, with a total market capitalization of 8.782 billion CNY [1] - The company was established on September 13, 1996, and listed on September 18, 1996, primarily engaged in the production and sales of acetic acid and its derivatives, sulfuric acid, chlor-alkali products, and foaming agents [1] - The main business revenue composition is 65.03% from acetic acid and its derivatives, and 34.97% from other chemical products [1] Group 2 - Among the top ten circulating shareholders, Huaxia Fund holds a position with its Huaxia CSI 1000 ETF (159845) having reduced its holdings by 1,700 shares, now holding 1.9043 million shares, which is 0.16% of the circulating shares [2] - The Huaxia CSI 1000 ETF was established on March 18, 2021, with a current scale of 49.908 billion CNY, and has achieved a year-to-date return of 8.66% [2] - The fund manager, Zhao Zongting, has been in position for 8 years and 294 days, with the fund's best return during his tenure being 124.19% and the worst being -32.63% [2]