□四川日报全媒体记者 底伊乐 1月16日，成都科创生态岛眉山分岛项目推进活动在四川天府新区眉山片区举行。以陶智院士工作站为依托，这颗 嵌入天府大道科创走廊的"科创明星"，正从蓝图加速落地。 增强"创新基因"，眉山将突破口精准地选在科技成果从实验室走向市场的关键环节——中试转化。 "中试是对工艺系统优化、安全环保升级、市场可行性的系统性工程验证。"四川中试科技成果转化服务有限公司 总工程师叶锐说，因此被业界称为跨越创新"死亡谷"的桥梁。 打通这座桥梁，需要系统性布局。2024年9月，眉山市新能源新材料融合创新中心投运，一年多来累计引进优质中 试项目22个，其中4个已在眉山实现产业化落地。 2025年底，全球首条大规模单体年产200吨硫化锂量产示范线在融创中心完成主体建设，即将投料试车。这标志着 该材料即将从中试迈向产业化示范，也意味着眉山站上了固态电池材料产业化的最前沿。 如果说融创中心体现的是"成都研发+眉山中试"的地理协同加速度，那么华南农业大学与丹棱县合作共建的丹棱食 品生物智造研究院，则以"定向研发+眉山转化"模式，展现出需求牵引的精准赋能。 日前，在丹棱县食品园区的控糖大米生产厂区内，工人们正在抓紧进 ...

Group 1: Company Overview - Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally, currently positioned at the trough of a cyclical downturn while exhibiting strong turnaround characteristics [2] - The company's share was trading at $68.67 as of January 16th, with trailing and forward P/E ratios of 11.46 and 11.26 respectively [1] Group 2: Financial and Operational Strategies - Management is aggressively reshaping profitability through self-help initiatives, including $175 million in structural cost reductions over 2025–2026 and a 7% global workforce reduction [2] - Anticipated earnings rebound in 2026 is supported by a swing from 2025 inventory losses to positive contributions and realization of an additional $100 million in cost savings [6] Group 3: Growth Drivers - The core growth engine lies in its Molecular Recycling Technology (Methanolysis), which produces virgin-quality recycled polyester (rPET) without color or performance degradation, addressing high-end brand requirements [3] - The Kingsport plant is performing above expectations, with identified debottlenecking opportunities that could expand capacity to 130% with minimal capital expenditure [4] Group 4: Market Conditions and Demand Indicators - The investment thesis is closely tied to macroeconomic indicators, with New Home Sales serving as a leading signal for demand recovery in housing-related sectors [5] - Interest rate declines are likely to improve consumer affordability in EMN's highly rate-sensitive end markets, supporting broader demand recovery [5] Group 5: Long-term Outlook - Strategic repositioning and operational leverage position EMN to benefit from the cyclical recovery while capturing durable long-term growth, making the stock an attractive opportunity for investors seeking both turnaround potential and exposure to innovative, high-margin technologies [7]

Market Performance - The A-share market saw a strong performance on January 9, with the Shanghai Composite Index breaking the 4100-point mark, reaching its highest level since July 2015 [1] - The trading volume in the Shanghai and Shenzhen markets reached 2.06 trillion yuan, an increase of 296.3 billion yuan compared to the previous trading day [1] - By midday, the Shanghai Composite Index was at 4095.33 points, up 0.3%, with a transaction volume of 851.4 billion yuan [1] Sector Highlights - The commercial aerospace concept stocks surged, with over ten stocks including Xinke Mobile and JuLi Sockets hitting the daily limit [1] - AI application concepts also gained traction, with stocks like Yiyuan Media and GuoXin Health seeing significant increases [1] - The controllable nuclear fusion concept continued its strong performance, with Hongxun Technology achieving three consecutive daily limits [1] - Conversely, the brain-computer interface concept saw declines, with Meihua Medical dropping over 10% [1][2] Institutional Insights - CITIC Securities predicts that the chemical industry's capital expenditure will gradually recover, suggesting investment opportunities in high-energy-consuming products like calcium carbide and caustic soda [3] - CICC notes that the monetization of Chatbots is primarily subscription-based overseas, while domestic models are free, indicating a potential shift in business models in the future [3] - CITIC JianTou highlights the white liquor industry's cyclical bottoming phase, suggesting a potential investment opportunity as the market approaches the Spring Festival [3] Economic Indicators - In December, the Consumer Price Index (CPI) rose by 0.2% month-on-month and 0.8% year-on-year, driven by increased consumer demand [4] - The Producer Price Index (PPI) saw a month-on-month increase of 0.2% but a year-on-year decrease of 1.9%, influenced by international commodity prices and domestic capacity management policies [4] Policy Developments - Five departments, including the Ministry of Industry and Information Technology, issued guidelines to promote the construction and application of industrial green microgrids, aiming for a renewable energy self-consumption rate of at least 60% [5] - The Shanghai government plans to boost the advertising industry's revenue to over 450 billion yuan by 2028, emphasizing the integration of AI and digital advertising [6][7]

Company Overview - DOW (NYSE:DOW) is a significant player in the chemical industry, providing a diverse range of materials science solutions across various sectors such as packaging, infrastructure, and consumer care [1] - The company faces competition from other major chemical firms like BASF and DuPont, which also hold substantial market shares [1] Stock Performance - As of January 8, 2026, DOW's stock price is $24.80, reflecting a decrease of 2.82% or $0.72 from the previous trading session [3][5] - The stock has shown volatility, with a trading range today between $24.55 and $25.61, and over the past year, it has fluctuated between a high of $42.17 and a low of $20.40 [3][5] Market Capitalization and Trading Activity - DOW's market capitalization is approximately $17.56 billion, indicating its substantial size within the industry [4][5] - The trading volume today is 6,453,484 shares, demonstrating active investor interest despite the broader market downturn [4][5] Analyst Outlook - John Roberts from Mizuho Securities has set a price target of $27 for DOW, suggesting a potential increase of about 8.87% from the current stock price [2][5] - This optimistic outlook persists even amid a broader market downturn, as indicated by declines in futures for the Dow and S&P 500 [2]

Core Insights - The services sector of the economy expanded at its fastest pace in December, marking its 10th month of growth in the last 12 months, while the manufacturing sector continued to struggle, slowing down for the 10th consecutive month [2][4][9] Group 1: Economic Performance - The services sector constitutes 73% of the economy as measured by Gross Domestic Product, compared to manufacturing's 9% share, indicating the services sector's dominance in economic activity [5] - Employment in the services sector expanded in December for the first time since May, contrasting with manufacturing, which has lost an average of 9,600 jobs per month since April [6] Group 2: Impact of Tariffs - Tariffs imposed last year aimed to protect U.S. manufacturing but have instead led to increased costs, reduced demand, and job losses in the manufacturing sector [3][9] - Managers in various industries, including chemicals and food services, reported that tariffs have raised prices and created uncertainty, negatively impacting their operations [5][8] Group 3: Economic Outlook - Despite the struggles in manufacturing, the overall economy appears to be growing at a solid pace, supported by the resilience of the services sector [10] - The continued expansion in services suggests that the economy is still on a growth trajectory, even if it did not end the year on a high note [10]

Group 1: Manufacturing Investment and Economic Drivers - A combination of policy incentives and sustained demand for semiconductors and components related to the data center boom is expected to drive manufacturing investment growth in the upcoming year [1] - The Trump administration's AI Action Plan aims to facilitate the construction of data centers and semiconductor fabrication sites by removing regulatory barriers and expediting permits [8] - The National Defense Authorization Act has approved billions for defense-related manufacturing and emerging technologies, indicating strong government support for the sector [9] Group 2: Tariff Impact and Legal Uncertainty - Ongoing tariff uncertainty has led to decreased U.S. manufacturing activity, reaching its lowest point in December 2025, as reported by the Institute for Supply Management [5] - The U.S. Supreme Court is set to make a decision regarding the legality of tariffs imposed under the International Emergency Economic Powers Act, which could significantly impact manufacturers [3][2] - Manufacturers have been forced to raise prices, modify operations, and implement layoffs due to the pressures of tariffs and trade uncertainty [4] Group 3: Workforce Development and Skills Gap - The manufacturing industry faces a significant talent skills gap, with projections indicating a need for up to 3.8 million new workers by 2033 [17] - The Department of Labor is investing millions into state workforce development programs focused on advanced manufacturing, with $98 million recently announced for education and training [15] - Companies like GE Aerospace Foundation and others are committing funds to training programs aimed at increasing the number of skilled workers in the U.S. [16] Group 4: Technological Advancements and AI Adoption - U.S. manufacturers are increasingly turning to artificial intelligence to reduce costs and enhance production efficiency amid ongoing trade uncertainties [6][19] - The adoption of agentic AI is expected to generate up to $650 billion in additional revenue across industries by 2030, with automation potentially yielding up to 50% in cost savings [22] - A survey indicates that about 22% of manufacturers plan to utilize physical AI by 2027, highlighting a trend towards advanced robotics in manufacturing [23] Group 5: Mergers and Acquisitions Activity - Two-thirds of U.S. business leaders are planning to engage in more mergers and acquisitions in the coming year, driven by interest rate cuts and lower taxes [12] - Despite uncertainties from tariffs and government actions, dealmakers are adapting to the "new normal" and proceeding with M&A activities [13]

Core Viewpoint - LyondellBasell is set to announce its fourth-quarter 2025 financial results on January 30, 2026, before the U.S. market opens, followed by a webcast and teleconference to discuss the results [1]. Group 1: Financial Results Announcement - The financial results will be announced before the U.S. market opens on January 30, 2026 [1]. - A webcast and teleconference will take place at 11 a.m. EST on the same day [1]. Group 2: Teleconference and Webcast Details - The teleconference will be hosted by David Kinney, head of investor relations [2]. - Participants can access the webcast 10 to 15 minutes prior to the start of the call at www.lyb.com/earnings [2]. Group 3: Toll-Free Teleconference Information - Toll-free dial-in number for participants is 877-407-8029, and the toll number is 201-689-8029 [3]. - Presentation slides will be available during and after the teleconference at www.lyb.com/earnings [3]. Group 4: Replay Information - A replay of the call will be available from 1 p.m. EST on January 30 until March 2, 2026 [4]. - Replay dial-in numbers include a toll-free option at 877-660-6853 and a toll number at 201-612-7415, with an access ID of 13746215 [4]. Group 5: Company Overview - LyondellBasell is a leader in the global chemical industry, focusing on sustainable living solutions [4]. - The company aims to enable a circular and low carbon economy through advanced technology and investments [4]. - LyondellBasell is one of the world's largest producers of polymers and a leader in polyolefin technologies, providing innovative products for various applications [4].

Core Viewpoint - Olin Corporation's near-term performance is under pressure due to macroeconomic factors such as weak demand, industry oversupply, and high leverage, which pose risks to growth [1][10]. Group 1: Near-Term Concerns - Olin's chlor-alkali and related chemical businesses are experiencing weak demand and oversupply, negatively impacting pricing and profit margins, particularly for caustic soda [2][10]. - The Epoxy segment is facing challenges from subsidized Asian imports and slow recovery in U.S. markets for construction, automotive, and consumer electronics, leading to increased uncertainty regarding chemical demand recovery [2][10]. - High debt levels are constraining Olin's financial flexibility, with total debt unchanged from the previous year, maintaining elevated leverage and increasing exposure to interest rate fluctuations [3]. Group 2: Winchester Segment Challenges - The Winchester segment is facing pressure from rising metal input costs, especially copper, which is expected to increase further, while retailers are destocking due to slow consumer spending [4][10]. - Olin has implemented production cuts and shifted to a make-to-order model to align output with demand and limit inventory build [4]. Group 3: Long-Term Opportunities - Olin is expected to benefit from ongoing cost-saving initiatives and clean hydrogen tax credits, which will enhance margins and cash flow generation [5][10]. - The Beyond250 cost-savings program aims to deliver $70 million to $90 million in annual savings, focusing on operational efficiencies and manufacturing discipline, with benefits expected to become visible from late 2025 [7]. - Olin is positioned to take advantage of the U.S. Clean Hydrogen Production Tax Credit, which will contribute to improved adjusted EBITDA through its chlor-alkali business [8]. Group 4: Market Performance - Olin's shares have declined by 2% over the past six months, compared to a 14% decline in the industry [9].

Market Outlook - The A-share market is expected to continue a structural opportunity-driven volatile market approach as the year-end trading concludes, with key signals from trading volume [1][5] - The focus is on sectors with low holding concentration and potential for long-term ROE improvement, such as commercial aerospace and other trending themes [1][5] Fiscal Policy - The National Fiscal Work Conference has decided to continue implementing a more proactive fiscal policy in 2026, which includes expanding fiscal spending, optimizing government bond tools, and enhancing the effectiveness of transfer payments [2] Industrial Profit - From January to November, the total profit of large-scale industrial enterprises reached 66,268.6 billion yuan, showing a year-on-year growth of 0.1%, with cumulative growth maintained for four consecutive months since August [3] ETF Market - The total scale of domestic ETFs has reached a historical high of 6.03 trillion yuan, with stock ETFs exceeding 3.8 trillion yuan and cross-border ETFs over 930 billion yuan [4] Investment Strategies - Citic Securities suggests a focus on sectors with low holding concentration and rising market attention, such as chemicals, engineering machinery, and new energy, while also monitoring the trend of RMB appreciation [5] - Industrial sectors benefiting from RMB appreciation include AI hardware, advantageous manufacturing, and non-ferrous metals, as well as upstream resource products like steel and chemicals [6] - China Galaxy emphasizes that trading volume will be a key signal for market trends, recommending defensive sectors and focusing on new production capabilities in AI, renewable energy, and aerospace [7] Economic Expectations - The low-altitude economy is highlighted as a key investment theme, with expectations for a spring market rally in 2026 driven by stable macroeconomic conditions and abundant global liquidity [8] - Investment in infrastructure and real estate is anticipated to drive cyclical price increases, while service consumption is also recommended as a focus area [8]

Core Insights - Inflationary pressures are moderating, leading to a return of price stability in markets, which is beneficial for many companies as they face lower input costs and improving profit margins heading into 2026 [1][2] Sector Analysis Consumer Staples - The consumer staples sector is poised for growth as key commodity input costs related to agricultural products, such as dairy, sugar, vegetable oils, and grains, decline [3] - Food processors and packaged-goods manufacturers are regaining margins that were previously compressed due to high input inflation [4] Capital Goods and Manufacturing - Capital goods and manufacturing companies are expected to benefit from easing inflation, particularly those that consume energy and commodities, such as chemical and heavy machinery producers [5] - Lower prices for petroleum-based inputs and industrial metals are reducing project costs and improving returns on new capital investments [5] Airlines and Logistics - Airlines and logistics companies are classic beneficiaries of easing price pressures, as fuel costs, a major operating expense, are declining [6] - Companies like Delta Air Lines and FedEx are well-positioned for margin expansion as economic activity normalizes, with fuel savings directly impacting their bottom lines [7] Company Highlights United Natural Foods (UNFI) - UNFI is regaining margins as inflation cools, with a projected revenue increase of 1% and a significant EPS increase of 187.3% for fiscal 2026 compared to the previous year [10] - The company has improved its gross margin by approximately 20 basis points year over year due to better procurement conditions [9] FedEx Corp. (FDX) - FedEx is undergoing a cost realignment initiative that resulted in $2.2 billion in annual cost savings, positioning it for margin recovery as inflation pressures fade [11] - The company is expected to see a revenue increase of 4.6% for fiscal 2026, with operating margin expansion driven by lower fuel expenses and structural cost reductions [12] LATAM Airlines Group (LTM) - LATAM Airlines is benefiting from a lean cost structure and improved air travel demand, with a projected revenue increase of 10.1% and EPS increase of 17.8% for 2026 [16] - The company achieved an adjusted operating margin of 18.1% in Q3 2025, supported by a decline in jet fuel expenses [15] Conclusion - The analysis indicates that companies in consumer staples, logistics, and transportation sectors are well-positioned to leverage declining input costs to restore margins and enhance financial performance as inflation eases [19]