蒯三可 投资咨询从业资格号：Z0015369 kuaisanke@nzfco.com 报告导读： 1、市场回顾与展望：上周港口甲醇市场震荡整理运行，其中江苏价格波动区间在2240-2330元/吨，广 东价格波动在2220-2290元/吨。进口表需偏弱，港口甲醇库存高位窄幅累积，市场可流通量高位，上方存压 制。但由于国际形势不稳，宏观面向好，在情绪的提振下，市场震荡偏强运行。内地甲醇价格持续下行，主 产区鄂尔多斯北线价格波动区间在1785-1805元/吨；下游东营接货价格波动区间2100-2130元/吨。内地产销 两地劈叉运行，节前企业仍以降价排库为主基调，叠加运费高居不下，西北产区纷纷让利导致出厂持续走低。 而消费市场因到货成本抬升则延续相对坚挺趋势， 2026年2月2日 周报 期货研究报告 甲醇：港口库存高位，震荡偏弱 展望：甲醇企业整体利润不佳，国内甲醇开工预期高位维持，中东季节性限气落地，本周港口到货预期 下降，甲醇下游整体需求预计有所回升。甲醇供应充裕，港口库存高位上升，本周预期下降。预计甲醇价格 近期震荡偏弱，05合约上方压力2350一线。 关注因素：1.甲醇开工变化；2.甲醇港口库存变化。 | 甲 ...

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。 ...

Core Viewpoint - The company, Shuangxin Environmental Protection (001369.SZ), has successfully launched its annual production of 100,000 tons of DMC and 30,000 tons of lithium battery EMC/DEC project, with high market recognition for its products [1] Group 1: Production and Market Acceptance - The production of the DMC and EMC/DEC project is proceeding smoothly, with the project expected to operate normally by 2026 [1] - Downstream electrolyte manufacturers are currently conducting small-scale and medium-scale testing of the company's products, with some manufacturers already achieving bulk supply [1] Group 2: Future Development Plans - The company plans to further develop high-purity solvents that are compatible with high voltage and solid-state electrolytes, aiming to enhance impurity control precision and reduce moisture and metal ion content [1] - These developments are intended to better meet the demands of power batteries and energy storage batteries [1]

Group 1 - The core point of the news is that Baihehua's stock price has been declining for five consecutive days, with a total drop of 8.64% during this period, currently trading at 17.08 yuan per share and a market capitalization of 7.112 billion yuan [1] - Baihehua Group Co., Ltd. is located in Hangzhou, Zhejiang Province, established on August 11, 1995, and listed on December 20, 2016. The company specializes in the research, production, sales, and service of organic pigments, intermediates, and pearlescent pigments [1] - The main business revenue composition of Baihehua is as follows: pigments account for 89.33%, intermediates 9.60%, and others 1.06% [1] Group 2 - From the perspective of the top ten circulating shareholders, a fund under Southern Fund, Southern Zhihong Mixed A (020645), has entered the top ten circulating shareholders, holding 2.1788 million shares, which is 0.53% of the circulating shares [2] - The estimated floating loss for Southern Zhihong Mixed A today is approximately 1.9609 million yuan, with a total floating loss of 3.7039 million yuan during the five-day decline [2] - Southern Zhihong Mixed A was established on August 2, 2024, with a latest scale of 263 million yuan, and has achieved a year-to-date return of 9.87% [2] Group 3 - In terms of the fund's top heavy positions, Southern Zhihong Mixed A (020645) reduced its holdings by 1.0581 million shares in the fourth quarter, now holding 1.1207 million shares, which accounts for 3.03% of the fund's net value [3] - The estimated floating loss for Southern Zhihong Mixed A today is about 1.0086 million yuan, with a total floating loss of 1.9051 million yuan during the five-day decline [3]

新湖期货：苯乙烯价格波动异常剧烈 新湖期货 苯乙烯价格波动异常剧烈 东吴期货：苯乙烯大幅回调或是做多时机 产能方面，近期大量装置意外停车，全球苯乙烯产能处于5年同期最低水平，海外供应偏紧或将持续至 一季度末。国内开工率亦处于去年以来较低的水平，部分正在停产的装置或因为利润上升提前重启，1 月28日中化泉州45万吨装置已经重启，天津渤化等正在检修的装置预计将逐步回归，苯乙烯目前或已达 到开工低点，预计未来产量将逐渐增加。美国本轮大规模寒潮基本结束，对苯乙烯生产影响有限，美国 天然气价格出现明显回落，但受地缘政治事件影响原油价格明显反弹，需关注原油价格未来走势。下游 需求方面，三大下游EPS、ABS和PS开工全线下降。由于苯乙烯近期大幅上涨，下游亏损幅度增加，负 反馈加剧。市场传闻PS、ABS企业均出现降负停车卖原料的现象。出口方面，伴随国外苯乙烯装置进 入检修季，短期内存在出口增加的可能性。目前苯乙烯市场情绪仍然偏强，但目前价格已经偏高，随着 下游负反馈加剧和品种波动变大，建议谨慎追高，若大幅回调或是做多时机。 2月2日盘中，苯乙烯期货主力合约遭遇一波急速下挫，最低下探至7394.00元。截止发稿，苯乙烯主力 ...

Core Viewpoint - Satellite Chemical (sz002648) experienced a limit down on February 2, 2026, with a price of 21.92 yuan, reflecting a decline of 9.73% and a total market capitalization of 74.077 billion yuan [1] Group 1: Financial Performance - The company's short-term performance is under pressure, with a net profit decrease of 49.02% year-on-year in 2022 and a 38.21% decline in net profit for Q3 2025, raising concerns among investors about its short-term profitability [2] - The stock price drop is attributed to significant selling pressure from investors due to the company's poor short-term earnings outlook [2] Group 2: Cost Pressures - Fluctuations in ethane prices are increasing cost pressures for Satellite Chemical, as raw material costs are influenced by energy prices, which may compress profit margins and negatively impact operational efficiency [2] Group 3: Governance Issues - There are governance issues reflected in the high dissent rates among minority shareholders, with over 50% opposition to certain proposals, such as a 54.44% dissent on procedural rules, which may undermine confidence in the company's strategic direction and decision-making [2] Group 4: Market Dynamics - Following a historical high on January 29, 2026, there may be profit-taking activities leading to the stock price correction, compounded by technical signals such as MACD crossovers and BOLL channel breaches prompting further selling [2]

Group 1 - The core point of the news is that Junzheng Group's stock price dropped by 5.08% to 5.61 CNY per share, with a trading volume of 779 million CNY and a turnover rate of 1.61%, resulting in a total market capitalization of 47.337 billion CNY [1] - Junzheng Group, established on February 16, 2003, and listed on February 22, 2011, is located in Wuhai City, Inner Mongolia, and primarily engages in the production and sales of polyvinyl chloride resin and caustic soda, along with chemical logistics services [1] - The revenue composition of Junzheng Group includes 70.60% from chemical raw materials and products, 26.79% from logistics services, 2.07% from other sources, and 0.55% from thermal power [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under the Fortune Fund has a significant holding in Junzheng Group, specifically the Fortune Tai Xiang Return 6-Month Holding Period Mixed A (012010), which reduced its holdings by 78,700 shares in the fourth quarter, now holding 314,600 shares, accounting for 0.71% of the fund's net value [2] - The estimated floating loss for the fund today is approximately 94,400 CNY [2] - The Fortune Tai Xiang Return 6-Month Holding Period Mixed A (012010) was established on June 17, 2021, with a current scale of 211 million CNY, yielding 2.94% this year, ranking 5977 out of 9000 in its category, and 11.04% over the past year, ranking 6347 out of 8193 [2]

红宝丽（002165）(002165.SZ)发布股价异动公告称，目前，公司不生产环氧丙烷产品，子公司泰兴化 学环氧丙烷综合技术改造项目进展情况：该项目已完成职业病危害预评价、环评报告批复、节能报告批 复、安全条件审查批复、安全设施设计审查批复、消防设计审查批复等手续办理工作。项目现场土建工 程、安装工程完成，实现中交;打压、打漏工作、单机调试、仪表自控测试、吹扫、保温等工作已结 束，完成水汽联运工作，完成规划、质监、防雷及消防验收，主管部门已组织专家对项目试生产方案进 行了论证。目前，项目已进入试生产前期准备阶段，从试生产准备到装入物料正式反应产出合格产品仍 需较长时间，这一过程具有不确定性。请投资者注意投资风险。 ...

格隆汇2月2日丨*ST东晶(002199.SZ)在投资者互动平台表示，公司全资子公司山西东拓主要从事电池级 碳酸锂生产与销售业务。根据公司的整体规划部署，未来公司将持续深耕石英晶体元器件业务和电池级 碳酸锂业务，实行双主业并行发展策略，优化资源配置，探索新的合作机遇，积极推动公司实现高质量 发展，努力为公司全体股东创造更大价值。 ...

格隆汇2月2日丨*ST东晶(002199.SZ)在投资者互动平台表示，公司全资子公司山西东拓主要从事电池级 碳酸锂生产与销售业务。根据公司的整体规划部署，未来公司将持续深耕石英晶体元器件业务和电池级 碳酸锂业务，实行双主业并行发展策略，优化资源配置，探索新的合作机遇，积极推动公司实现高质量 发展，努力为公司全体股东创造更大价值。 ...