每经头条（nbdtoutiao）——2月井喷！中国AI调用量首超美国，四款大模型霸榜全球前五，国产算力需 求正经历指数级增长 （记者 曾健辉） 每经AI快讯，长华化学2月27日晚间发布公告称，长华化学科技股份有限公司特定股东上海创丰昕汇创 业投资管理有限公司－厦门创丰昕锐创业投资合伙企业（有限合伙）以下简称及其一致行动人上海创丰 昕汇创业投资管理有限公司－宁波保税区创丰昕汇创业投资合伙企业（有限合伙）共计持有公司首次公 开发行前已发行股份约201万股（占按剔除截至本公告披露之日的回购股份数后的公司总股本计算的持 股比例为1.39%），计划自本公告披露之日起3个交易日后的3个月内以集中竞价方式减持股份数量不超 过约144万股，在任意连续90个自然日内通过集中竞价方式合计减持股份总数不超过剔除回购股份数后 公司总股本的1%。 ...

Core Insights - BASF Group reported a decline in sales for the fiscal year 2025, amounting to €59.7 billion, down from €61.4 billion in the previous year, primarily due to negative currency effects involving the US dollar, Chinese yuan, and Brazilian real [1] - The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) for 2025 were €5.6 billion, a decrease from €6.2 billion in 2024, with special items totaling negative €936 million [1] - Net income for 2025 increased to €1.6 billion from €1.3 billion in 2024, driven by higher net income from equity investments and significant special net income related to asset compensation from Wintershall Dea [2] Financial Performance - EBITDA for 2025 was impacted by restructuring costs of €937 million, mainly related to ongoing cost-cutting measures at the Ludwigshafen site [1] - Earnings before interest (EBIT) decreased to €1.6 billion, down €176 million from the previous year, with total depreciation and amortization at €4 billion [1] - Cash flow from operating activities for 2025 was €5.6 billion, a decrease of €1.3 billion compared to the previous year [2] Cash Flow and Investments - Cash flow from investing activities improved to negative €3.2 billion in 2025 from negative €5.1 billion in 2024, due to reduced expenditures on real estate, facilities, and intangible assets, which fell from €6.2 billion to €4.3 billion [2] - Free cash flow significantly improved to €1.3 billion in 2025, up from €748 million in 2024, influenced by decreased capital expenditures [2] Future Projections - For 2026, BASF expects EBITDA (excluding special items) to be between €6.2 billion and €7 billion, with capital expenditures projected at €3.4 billion and free cash flow anticipated to range from €1.5 billion to €2.3 billion [3]

Group 1 - The core point of the article highlights that Zhenhua New Materials reported a significant decline in its 2025 annual performance, with operating revenue approximately 1.428 billion yuan, a year-on-year decrease of 27.16% [1] - The net profit attributable to shareholders of the listed company is reported as a loss of approximately 432 million yuan, indicating financial challenges faced by the company [1] - The basic earnings per share reflect a loss of 0.85 yuan, further emphasizing the company's current financial difficulties [1] Group 2 - The article also notes a significant development in the AI industry, stating that in February, China's AI usage surpassed that of the United States for the first time, with four major models ranking among the top five globally [1] - There is an exponential growth in demand for domestic computing power, indicating a robust trend in the AI sector within China [1]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司PLA产品在3D打印耗材方面与拓竹科技、创想三 维这些设备品牌商有合作吗？ 海正生材（688203.SH）2月27日在投资者互动平台表示，公司专注于聚乳酸树脂的研发、生产和销 售，聚乳酸是目前3D打印耗材的重要原料之一，公司与下游主要3D打印耗材生产厂家有着良好的上下 游合作关系。 ...

久日新材公告称，2025年度公司实现营业总收入14.86亿元，同比减少0.15%；营业利润4675.20万元、 利润总额4176.32万元、归母净利润2777.13万元、扣非归母净利润1817.94万元，实现扭亏为盈。截至期 末，总资产42.48亿元，较期初增加5.90%；归母所有者权益25.96亿元，较期初增加1.55%。业绩扭亏得 益于部分产品价格回升、降本增效及投资收益增加。数据为初步核算，未经审计，以年报为准。 ...

南财智讯2月27日电，天奈科技发布2025年度业绩快报，报告期内公司实现营业收入12.99亿元，同比下 降10.29%；归属于上市公司股东的净利润2.36亿元，同比下降5.75%；基本每股收益0.66元，同比下降 9.59%。 ...

格隆汇2月27日丨华尔泰(001217.SZ)在互动平台表示，公司电子级双氧水产品生产正常，应用于光伏、 显示面板等领域。 ...

Core Viewpoint - BASF expects adjusted EBITDA for 2026 to be between €6.2 billion and €7.0 billion, with a forecast of €7.22 billion [1] - The company anticipates free cash flow for 2026 to range from €1.5 billion to €2.3 billion, with a forecast of €2.14 billion [1] Financial Performance - In Q4, BASF reported adjusted EBIT of €76 million, a decrease of 84% year-on-year, compared to the forecast of €189.9 million [1] - The net profit for Q4 was €560 million, a significant improvement from a loss of €786 million in the same period last year [1] - BASF's adjusted loss per share for Q4 was €0.34, down from a profit of €0.59 per share in the previous year, with a forecast of €0.40 per share profit [1]

同时，科思创宣布自2026年3月1日起，或根据合同规定，科思创上调北美地区MDI系列产品价格涨幅为 0.10美元/磅(等同于220美元/吨)，此次提价在此前已实施的产品价格调整基础上进行。在此之前2月17 日，亨斯迈宣布，对美国市场的MDI产品涨价260美元/吨，聚醚产品涨价110美元/吨。涨价自即日起生 效，或按既定合同执行。 据了解，每年2月前后是聚氨酯产品的传统涨价节点之一，这主要是由于聚氨酯的主要消费市场比如中 国大陆、中国台湾、越南等东南亚国家和地区处于春节假期。此外，中东市场处于斋月期，节日备货需 求提升，使得MDI和聚醚等聚氨酯厂家顺利出货，库存降至低位。截至2月24日，国内聚合MDI价格 1.39万元/吨，纯MDI价格1.75万元/吨，均与春节前持平；TDI价格1.49万元/吨，较春节前上涨275元/ 吨。海外装置低负荷叠加不可抗力，聚氨酯节后或显现涨价动能MDI方面，截至2026年2月12日，全球 MDI产能1155万吨，海外工厂共194万吨MDI产能处于低负荷运行状态。截至2024年末，万华化学拥有 380万吨MDI产能。TDI方面，据相关数据显示，截至2026年2月12日，德国科思创TD ...

1. Report Industry Investment Rating The report does not provide an industry investment rating. 2. Core Viewpoints of the Report - The fundamentals of soda ash are weak. With the increasing production load of Yuangxing Energy's Phase II project, high production levels of soda ash plants, and a general downward trend in the daily melting volume of downstream float glass and photovoltaic glass, the inventory of soda ash plants is at a historically high level for the same period. The industry's supply - demand mismatch has not been effectively improved, and it is expected to fluctuate weakly in the short term [2]. 3. Summary by Relevant Catalogs Soda Ash Futures Market - The closing price of the main contract is 1191 yuan/ton, the low - end price of heavy soda ash in Shahe is 1150 yuan/ton, and the main basis is - 41 yuan/ton, with a 0.00% change in all indicators [6]. Soda Ash Spot Market - The low - end price of heavy soda ash in Hebei Shahe is 1150 yuan/ton, unchanged from the previous day [12]. Soda Ash Production - The profit of heavy soda ash using the North China ammonia - soda method is - 160.80 yuan/ton, and that using the East China co - production method is - 97 yuan/ton, at a historical low [15]. - The weekly industry operating rate of soda ash is 83.25% [18]. - The weekly production of soda ash is 77.43 tons, including 41.40 tons of heavy soda ash, at a historical high [20]. - From 2023 to 2025, there were significant new production capacity additions in the soda ash industry. In 2023, 640 tons of new production capacity were added; in 2024, the planned new production capacity was 180 tons; in 2025, the planned new production capacity was 750 tons, with an actual production of 100 tons [21]. Soda Ash Demand - The weekly sales - production ratio of soda ash is 97.06% [24]. - The daily melting volume of national float glass is 14.98 tons, with an operating rate of 71.86% [27]. Soda Ash Inventory - The national in - plant inventory of soda ash is 189.44 tons, a 19.29% increase from the previous week, and the inventory is above the five - year average [33]. Soda Ash Supply - Demand Balance Sheet - From 2017 to 2024E, the soda ash industry's effective production capacity, production, and other indicators have changed. In 2024E, the effective production capacity is expected to reach 3930 tons, production is 3650 tons, and the supply - demand gap is 157 tons, indicating a supply surplus [34]. Influencing Factors - Positive factors: There is little cold - repair of downstream float glass, and the production remains stable [3]. - Negative factors: The production load of Yuangxing Energy's Phase II production line has increased, and there is no expectation of new maintenance, so production is expected to remain high. The production of photovoltaic glass, a downstream product of heavy soda ash, has decreased, leading to weaker demand for soda ash. The main logic is the high supply of soda ash, declining terminal demand, high inventory in the same period, and the ineffective improvement of the industry's supply - demand mismatch [5].