Group 1 - The basic chemical industry index closed at 4943.97 points, up 0.65% from last Friday, and outperformed the CSI 300 index by 0.01% this week [1][2] - Among the sub-industries, 13 out of 25 sub-industries rose, while 12 fell. The leading sectors included textile chemical products, other chemical raw materials, compound fertilizers, coal chemicals, and phosphate fertilizers, with weekly increases of 13.89%, 6.58%, 4.94%, 4.72%, and 4.56% respectively [1][2] - Conversely, modified plastics, synthetic resins, and other plastic products experienced declines, with weekly decreases of -6.44%, -4.36%, and -3.67% respectively [1][2] Group 2 - The price of disperse dyes has increased, with a rise of 1000 CNY/ton to 18000 CNY/ton on January 22, 2026, marking the first price adjustment in nearly a quarter [3] - The price of active dyes also rose from 22000 CNY/ton to 23000 CNY/ton on January 29, 2026, driven by a significant increase in the price of upstream key intermediates [3] - The price of these intermediates surged from 25000 CNY/ton to 38000 CNY/ton, an increase of over 50%, impacting downstream dye production costs [3] Group 3 - The viscose fiber industry is experiencing high operating rates and low inventory levels, creating a basis for price increases. The operating rate has remained above 90% since September 2025, with total industry inventory at 10000 tons as of January 30, 2026, down 24.53% week-on-week [4] - The inventory days are estimated at about 9 days, indicating a relatively low stock level and favorable conditions for price hikes [4] Group 4 - The PVC industry is advancing towards mercury-free production, with a focus on developing mercury-free catalysts. The industry has achieved a target of halving mercury usage per unit product by 2020 compared to 2010 [5] - The transition from "low mercury" to "mercury-free" production is expected to phase out outdated capacities, thereby restoring the supply-demand balance in the industry [5]

Core Viewpoint - The investigation into Rongbai Technology by the China Securities Regulatory Commission (CSRC) highlights the tightening of capital market regulations and emphasizes the importance of compliance and accurate information disclosure in maintaining market integrity [1][2][5] Regulatory Environment - The recent actions against Rongbai Technology reflect a broader trend of stricter regulatory measures in the capital market, including the implementation of the "Corporate Governance Guidelines" and the introduction of new penalties for violations [2][5] - The CSRC has already issued fines to five companies this year, indicating a proactive approach to enforcement and a commitment to a comprehensive regulatory framework [2][3] Information Disclosure Issues - Rongbai Technology's misleading announcement regarding a 120 billion yuan contract, which was based on unilateral estimates rather than confirmed agreements, exemplifies the risks associated with inadequate information disclosure [1][4] - The company failed to disclose critical details such as minimum procurement quantities and risks related to raw material price fluctuations, leading to misleading statements about the potential impact on its financial performance [1][4] Enforcement Mechanisms - The regulatory response to Rongbai Technology included a rapid sequence of actions: inquiry, stock suspension, and formal investigation, showcasing a new model of preemptive and real-time regulatory intervention [3] - The establishment of a comprehensive punishment and prevention system aims to deter corporate misconduct and enhance accountability within the capital market [3][5] Corporate Responsibility - The actions taken against Rongbai Technology serve as a reminder for companies to prioritize genuine operational capabilities over short-term market gimmicks, emphasizing the need for accurate and timely information disclosure [4][5] - Companies are encouraged to abandon speculative practices and focus on core competencies, ensuring compliance with disclosure standards to foster long-term growth and market trust [4][5]

Report Industry Investment Rating - Not provided Core Viewpoints - PDH device restarts partially, and supply-demand drivers gradually weaken. The supply of propylene is expected to increase, and the tight supply situation is expected to ease. The downstream demand is supported by rigid demand, but the follow - up of demand may be limited due to cost pressure. The cost - side support for propylene is gradually weakening. The future main drivers lie in the trends of crude oil and propane on the cost side and the maintenance status of major PDH devices [1][2] Summary by Directory 1. Propylene Basis Structure - The report presents figures on the closing price of the propylene main contract, the East China basis of propylene, the Shandong basis of propylene, the spread of propylene 03 - 04 contracts, the spread of PL03 - 05 contracts, and the market prices of propylene in East China, Shandong, and South China [6][12][14] 2. Propylene Production Profit and Capacity Utilization - Figures show the difference between China CFR propylene and Japan CFR naphtha, propylene capacity utilization, PDH production gross profit of propylene, PDH capacity utilization of propylene, MTO production gross profit of propylene, methanol - to - olefin capacity utilization, propylene naphtha cracking production gross profit, crude oil main refinery capacity utilization, the difference between South Korea FOB and China CFR, and propylene import profit [20][23][35] 3. Propylene Downstream Profit and Capacity Utilization - Figures cover the production profit and capacity utilization of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [38][48][53] 4. Propylene Inventory - Figures display the in - plant inventory of propylene and PP powder [64]

Core Viewpoint - Covestro has successfully completed a major capacity expansion project for its toluene diisocyanate (TDI) production facility at its integrated site in Shanghai, increasing annual capacity from 310,000 tons to 370,000 tons, representing an increase of nearly 20% [1] Group 1: Capacity Expansion - The capacity enhancement aims to meet the growing demand for TDI from customers [1] - The expansion project was completed on schedule, ensuring reliable supply for customers in the Asia-Pacific region [1] Group 2: Strategic Commitment - Covestro's investment reflects its strong commitment to supporting growth for customers in the Asia-Pacific region, particularly in China and surrounding areas [1] - The increased TDI capacity will help solidify Covestro's position as a preferred partner in industries such as furniture and automotive [1] Group 3: Global Production Network - The achievement demonstrates Covestro's strategy of achieving growth through smart and efficient investments, maximizing value for customers [1] - The expansion further enhances Covestro's global TDI production network [1]

在合作模式上，旭化成尤为重视与中国客户的"共创"。近几年，通过直接与中国合作伙伴及客户深入对 话，旭化成已陆续设立多个共创中心。"在这些共创中心，我们紧密围绕合作伙伴与客户面临的实际课 题，持续提供高价值解决方案。"五十岚弘之介绍道。 把握趋势 聚焦新赛道 随着中国消费者环保意识和生活舒适度的不断提升，市场需求与产业结构正在发生深刻变革。旭化成敏 锐捕捉这一趋势，充分发挥自身长期积累的技术优势，积极回应中国市场的新需求。 "2026年，中国市场将从过去单纯的'拼规模'向'拼价值'转型，这对所有外企提出了更高要求。对此，我 们会更深入把握中国市场需求，不断深化与本地伙伴的合作，加强技术创新，继续与中国市场共同成 长。"近日，旭化成中国总代表五十岚弘之在接受《中国化工报》专访时表示。 坚定信心 扎根中国 五十岚弘之说："中国市场规模庞大，在我们全球增长战略中占据至关重要的位置。我们不仅仅将中国 视为销售市场，更是要扎根于此。" 近年来，中国政府大力倡导发展"新质生产力"，以创新驱动产业升级与高质量发展，这与旭化成的技术 研发方向与业务战略高度契合。"未来，我们将紧密围绕这一方向，为中国市场提供更多先进技术和高 附 ...

交易咨询业务资格：证监许可【2012】1091号 2026-02-03甲醇早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 检修状况 甲醇2605： 1、基本面：本周国内甲醇市场低位震荡概率较大。内地方面，春节前甲醇工厂仍以积极出货维持库存为主，供应相对 宽松。但随着春节临近，部分传统下游陆续停工放假。基本面仍显弱势，对行情有一定压制作用。与此同时，部分下游 仍有备货需求，且当前产销地区甲醇价格均处在底部空间，尤其是运费坚挺支撑销区到货价格。多空交织下预计后期内 地甲醇窄幅震荡。港口方面，压力边界上移至2400，预计在宏观未有炒作点的情况下，本周港口现货市场在压力位下方 区间震荡。关注地缘风险带来的市场不确定，巨大的政治冲突或快速改变定价逻辑，让市场波动不断加剧；中性 ...

国家知识产权局信息显示，炜宏新材料科技有限公司取得一项名为"一种减缩型MXene聚羧酸减水剂及 其制备方法"的专利，授权公告号CN118165282B，申请日期为2024年3月。 天眼查资料显示，宁波砼程数智科技有限公司，成立于2023年，位于宁波市，是一家以从事科技推广和 应用服务业为主的企业。企业注册资本2000万人民币。通过天眼查大数据分析，宁波砼程数智科技有限 公司共对外投资了1家企业，参与招投标项目5次，财产线索方面有商标信息61条，专利信息8条，此外 企业还拥有行政许可1个。 宁波砼森数字科技有限公司，成立于2023年，位于宁波市，是一家以从事互联网和相关服务为主的企 业。企业注册资本1000万人民币。通过天眼查大数据分析，宁波砼森数字科技有限公司财产线索方面有 商标信息16条，专利信息5条。 来源：市场资讯 宁波青泽新材料技术有限公司，成立于2023年，位于宁波市，是一家以从事化学原料和化学制品制造业 为主的企业。企业注册资本1000万人民币。通过天眼查大数据分析，宁波青泽新材料技术有限公司参与 招投标项目3次，专利信息12条，此外企业还拥有行政许可1个。 炜宏新材料科技有限公司，成立于2020 ...

Group 1: Weekly New Stock Performance - Four new stocks were listed from January 26 to January 30, with an average first-day price increase of 174.37%[2] - All four new stocks had first-day gains exceeding 100%, including Meidele (161.46%), Zhenshi Co. (121.65%), Nongda Technology (111.56%), and Hengyun Chang (302.80%)[2][5] - There were no stocks that experienced a first-day decline during this period[2] Group 2: Weekly New Stock Issuance Trends - The total amount raised from new stock issuances last week was 55.49 billion yuan, an increase of 50.85 billion yuan compared to the previous week[4] - The number of new stocks listed increased from 2 to 4 compared to the previous week, with no first-day decline rates reported[4][12] - The average first-day price increase for new stocks in the previous week was 168.19%, indicating a strong market trend[12] Group 3: Monthly New Stock Overview - In January, a total of 9 new stocks were listed, raising 90.53 billion yuan, with 8 stocks experiencing first-day gains over 100%[12] - The previous month (December) saw 18 new stocks listed, raising 314.11 billion yuan, with all 18 stocks having first-day gains exceeding 100%[12] - The average first-day price increase for new stocks in December was 298.63%, reflecting a robust market environment[12] Group 4: Upcoming New Stock Listings - One new stock, Shiemeng Co., is set to be listed this week on the main board at a price of 28 yuan with a P/E ratio of 15.29[18] - Two new stocks are available for subscription this week, including Aide Technology (2.27 billion yuan) and Yisiwei (13.20 billion yuan)[20] Group 5: Risk Considerations - New stock performance is influenced by market sentiment, and poor market conditions may negatively impact new stock issuance[21] - If the performance of newly listed companies does not meet expectations, it could adversely affect their market performance post-issuance[21]

Group 1 - The macro liquidity environment is balanced and slightly loose, with the central bank conducting a net reverse repo of 580.5 billion and a net MLF injection of 700 billion [4][10][11] - The stock market shows a structural divergence in funding supply, with an increase in equity fund issuance and a recovery in leveraged funds, while ETFs experience significant net outflows [5][12][13] - The stock market's funding demand pressure has eased, with equity financing rising to 11.244 billion, and the scale of locked-up shares being released decreasing to 49.09 billion [20][21] Group 2 - The stock market funding supply shows a significant net outflow for the CSI 300 index for three consecutive weeks, with a total net outflow of 2,446.02 billion this week [5][12][19] - The net inflow of financing is concentrated in the non-ferrous metals and basic chemicals sectors, while the electronics and defense industries see net outflows [5][18] - The overall scale of equity financing has increased, driven by a significant rise in IPOs, with 4 IPOs raising 5.549 billion this week [21][27] Group 3 - The stock market's funding demand has shown signs of relief, with a decrease in the scale of locked-up shares released and a reduction in significant shareholder sell-offs [20][21] - The total amount of locked-up shares released this week is 49.09 billion, down from 59.55 billion the previous week, with the highest release values in the power equipment and machinery sectors [21][24] - The net reduction in significant shareholder holdings is 12.278 billion, a decrease from 14.508 billion the previous week, with the electronics and communications sectors seeing the most significant reductions [21][28]

Group 1 - The company Huahua Co., Ltd. (stock code: 003002) reported that as of January 30, 2026, the total number of shareholders (including both ordinary accounts and margin trading accounts) is 12,333 [1]