Group 1 - The company is optimistic about the market development prospects of CCUS projects [2] - The company's piperazine derivatives will facilitate the accelerated development of green and efficient solvents for carbon capture [2] - The company plans to develop and produce new green chemical products, including metal chelating agents and halogen-free flame retardants, based on piperazine rings [2] - The company aims to reasonably utilize CCUS devices to help expand its market [2]

Group 1 - The company Dongyue Silicon Materials (300821) responded to investor inquiries on February 2, indicating that as of January 30, 2026, the total number of shareholders (including both ordinary accounts and margin trading accounts) is 70,159 [1]

1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints of the Report - PX & PTA: Geopolitical risks disrupt oil price fluctuations on the cost side. Currently, polyester costs are high, and profit distribution has shifted from being concentrated on the PX side to a situation where both PXN and TA processing margins have rebounded to a moderately high level in the past five years. With acceptable processing profits for PX and TA, there are few changes in PX and TA devices. TA overseas devices have maintenance plans in February. China's PX maintains a monthly average of 90%, and domestic TA maintains a monthly average of 77%. On the demand side, with the Spring Festival holiday in February, the weak reality of downstream industries is gradually materializing. Polyester factories, including terminal texturing, weaving, and dyeing factories, will gradually resume work from early to mid - March. According to CCF's assessment, the average operating load of polyester in February can drop to 80 - 82%. Then, in mid - to late March, as the devices restart, the polyester operating load will rebound. Overall, polyester raw materials will enter the inventory accumulation channel in February, and the seasonal inventory accumulation pressure for PX and PTA in February is obvious. In the second quarter, polyester raw materials will undergo spring maintenance, and the polyester restart load will rebound. The far - month fundamentals are expected to be good. It is expected that the market in February will be low at first and then high. Attention should be paid to the risk of less - than - expected demand recovery in the second half of the month and significant fluctuations in crude oil prices [144]. - MEG: On the supply side, some overseas devices, including those in Saudi Arabia and Singapore, have restart plans around March. There are few changes in domestic devices in February. Currently, the domestic operating rate of ethylene glycol is at a high level, and port inventories continue to accumulate. On the demand side, with the Spring Festival holiday in February, the weak reality of downstream industries is gradually materializing. Polyester factories, including terminal texturing, weaving, and dyeing factories, will gradually resume work from early to mid - March. According to CCF's assessment, the average operating load of polyester in February can drop to 80 - 82%. Then, in mid - to late March, as the devices restart, the polyester operating load will rebound. Overall, the supply of ethylene glycol increases while the demand is weak, and the inventory accumulation expectation in February is strong. The valuation has been repaired, and it is expected that the price of ethylene glycol will fluctuate weakly. Attention should be paid to unexpected device changes, cost - side price fluctuations, and the risk of less - than - expected demand recovery in the second half of February [144]. 3. Summary According to the Directory 3.1 PX&PTA&MEG Price: Geopolitical Disturbance of Crude Oil Prices - **Futures Prices**: As of January 30, 2026, the closing prices of PTA, MEG, and PX were 5270 yuan/ton, 3913 yuan/ton, and 7400 yuan/ton respectively, with changes of - 10 yuan/ton, + 67 yuan/ton, and - 156 yuan/ton compared to December 26, 2025, and the corresponding percentage changes were - 0.2%, 1.7%, and - 2.1% [6]. - **PTA Basis and Spread**: The PTA basis and spread data show certain seasonal characteristics. For example, the basis of TA01, TA05, and TA09 contracts has different trends in different months. The PTA nine - one spread and five - nine spread also show different values in different periods [8][9][10]. - **MEG Basis and Spread**: Similar to PTA, the MEG basis and spread also have seasonal characteristics, and the basis and spread of different contracts (EG01, EG05, EG09) change over time [12]. - **PX Basis**: As of January 30, 2026, the PX basis was 30 yuan/ton, with a change of 162 yuan/ton compared to December 26, 2025, and a percentage change of 122.8% [14]. - **TA - EG Spread**: As of January 30, 2026, the TA - EG spread was 1357 yuan/ton, with a change of - 77 yuan/ton compared to December 26, 2025, and a percentage change of - 5.4% [16]. - **TA - PX Processing Margin**: As of January 30, 2026, the TA - PX * 0.656 spread was 416 yuan/ton, with a change of 92 yuan/ton compared to December 26, 2025, and a percentage change of 28.6% [20]. - **Domestic and Overseas Ethylene Glycol Spread**: As of January 29, 2026, the ethylene glycol spread between Europe and China was 199 US dollars/ton, with a change of - 17 US dollars/ton compared to December 26, 2025, and a percentage change of - 7.8% [23]. 3.2 PX&PTA&MEG Supply Situation: Little Change in Devices - **PX**: As of January 30, the Asian PX operating load was 81.5%, with a month - on - month increase of 2 percentage points; the Chinese PX operating load was 89.2%, with a month - on - month increase of 1 percentage point. The 800,000 - ton PX device of Sinochem Quanzhou was restarting at the end of January and was expected to produce products soon [33]. - **PTA**: As of January 30, the PTA operating load was 76.6%, with a month - on - month increase of 4.1 percentage points. Some devices had maintenance plans, such as the 1.25 - million - ton/year device of Ineos, which stopped on January 16 and was expected to restart in March; the 700,000 - ton/year (6) device of CAPCO in Taiwan was planned to be overhauled from February 5 and was expected to last until mid - March; the 225,000 - ton/year (QTA) device of Hanwha in South Korea was shut down for maintenance from January to March [36]. - **MEG**: As of January 30, the overall operating load of ethylene glycol in the Chinese mainland was 74.27% (a month - on - month increase of 0.95%), and the operating load of ethylene glycol produced by the oxalic acid catalytic hydrogenation method (syngas) was 81.02% (a month - on - month increase of 3.74%). Some devices had maintenance or production - transfer plans, such as the 700,000 - ton/year device of Gulei Petrochemical, which would start maintenance in early March and was expected to last for 50 - 60 days; one line of Satellite Petrochemical was planned to stop production and transfer to PE production in mid - to late February, and the recovery time was to be determined [52]. 3.3 PX&PTA&MEG Import and Export Situation: Cancellation of India's BIS Certification - **PX Import**: In December 2025, the total import volume of PX in the Chinese mainland was about 933,800 tons, a month - on - month increase of 14.3% and a year - on - year increase of 11.2% [56]. - **PTA Export**: In December 2025, the PTA export volume was 361,900 tons, a year - on - year increase of 40.3%. The cumulative export volume from January to December 2025 was 3.82 million tons, a decrease of 600,000 tons compared to the same period last year, with a year - on - year decline of 13.6% [59]. - **MEG Import**: In December 2025, the ethylene glycol import volume was 835,500 tons, a month - on - month increase of 43.2% and a year - on - year increase of 44.2%. The cumulative import volume from January to December 2025 was 7.72 million tons, a year - on - year increase of 17.8% [63]. - **Polyester Export**: In December 2025, the total export volume of polyester products was 1.3074 million tons, a month - on - month increase of 12,600 tons and a year - on - year increase of 32,600 tons [67]. 3.4 PX&PTA&MEG Inventory Situation: Low Profits and Low Inventories of Downstream Finished Products - **PTA Inventory**: The PTA total inventory is at the bottom. The inventory data of PTA in different aspects, such as total inventory, polyester factory inventory, in - warehouse and in - port inventory, and total warehouse receipts, show certain trends over time [76][77]. - **MEG Inventory**: As of January 26, the ethylene glycol port inventory in some main ports in East China was about 858,000 tons, a month - on - month increase of 128,000 tons [79]. 3.5 Polyester Demand Situation: Terminal Demand Faces Tests - **Domestic Polyester Device Changes**: In January 2026, many polyester devices had maintenance or restart plans, involving different types of products such as short - fiber, long - fiber, and bottle - chip [83]. - **Domestic Polyester - Related Data**: As of January 30, 2026, the polyester operating load was 84.2%, with a month - on - month decrease of 6.2 percentage points. The operating rates of texturing machines, looms, and dyeing factories also decreased to varying degrees. The inventory days and cash - flow data of different polyester products also changed [86]. - **Polyester Demand and Terminal Demand**: Polyester demand shows certain resilience, but terminal demand is declining. The operating rates of polyester, texturing machines, and looms in Jiangsu and Zhejiang regions, as well as the sales volume of polyester yarns, show different trends. The inventory of long - fiber and short - fiber products is at a low level, but the terminal digestion ability of the weaving industry is weak, and the export of textiles and clothing in China is also weak [87][101]. 3.6 PX&PTA&MEG Position Situation - **PTA Futures Position**: As of January 30, 2026, the total PTA futures position was 2,186,334 lots, with a month - on - month increase of 335,082 lots and a year - on - year increase of 897,595 lots [114]. - **MEG Futures Position**: As of January 30, 2026, the total MEG futures position was 453,170 lots, with a month - on - month increase of 102,376 lots and a year - on - year increase of 184,266 lots [114]. - **PX Futures Position**: As of January 30, 2026, the total PX futures position was 460,833 lots, with a month - on - month decrease of 17,922 lots and a year - on - year increase of 331,416 lots [114].

Core Viewpoint - The company has established a 360,000 tons/year calcium carbide production capacity at its BDO integrated project in Ulanqab, Inner Mongolia, primarily to meet the raw material needs for its first phase of 300,000 tons/year BDO production [1] Group 1 - The BDO integrated project aims for a total scale of 900,000 tons/year BDO production, with a supporting calcium carbide facility of 1,200,000 tons/year [1] - Upon completion, the project is expected to rank among the top in domestic production capacity [1]

证券日报网讯2月2日，湖南裕能（301358）在互动平台回答投资者提问时表示，受下游旺盛需求驱动， 公司2025年全年产能利用率保持在高位。产品价格方面，主要是基于公司产品供不应求的市场情况，尤 其是新产品系列供需矛盾突出，以及部分原材料价格上涨带来的压力，公司与客户积极开展了商务谈 判，并取得较好的效果。 ...

Core Viewpoint - The announcement indicates that Weiyuan Co., Ltd. has successfully completed the commissioning of its 250,000 tons/year electrolyte solvent project, which will enhance its production capacity and market competitiveness [1] Group 1: Project Details - The electrolyte solvent project has achieved full process integration and has begun producing qualified products [1] - The project will increase the production capacity of electronic-grade propylene carbonate, dimethyl carbonate, ethyl methyl carbonate, and diethyl carbonate, while also producing by-products such as propylene glycol and food-grade carbon dioxide [1] Group 2: Strategic Implications - The establishment of the "propane dehydrogenation-epoxy propane-electrolyte solvent" new energy industry chain has been fully integrated, enriching the product structure [1] - This development is expected to further enhance the company's market competitiveness and promote long-term growth [1]

Core Viewpoint - The company is actively progressing with the Jingmen project, with most equipment installation completed and trial production expected to begin in the first quarter of 2026, subject to actual developments [1] Group 1: Project Development - The Jingmen project is currently under construction, with significant progress made in equipment installation [1] - Trial production is anticipated to start in the first quarter of 2026, pending actual progress [1] Group 2: Product Application - The company's ion exchange and adsorption resins are primarily used in the hydrometallurgy sector for the extraction and separation of precious metals, rare metals, and rare earth metals [1]

Core Viewpoint - The company, Shuangxin Environmental Protection, has successfully launched its annual production of 100,000 tons of DMC and 30,000 tons of EMC/DEC for lithium battery applications, with positive market recognition and plans for normal production by 2026 [1] Group 1 - The production of DMC and EMC/DEC is proceeding smoothly, with high market acceptance of the products [1] - Downstream electrolyte manufacturers are currently conducting small and medium-scale tests of the company's products, with some already achieving bulk supply [1] - The company plans to further develop high-purity solvents suitable for high voltage and solid-state electrolytes, aiming to enhance impurity control precision and reduce moisture and metal ion content [1]

Report Industry Investment Rating - No information provided Core Viewpoints - Last week, the port methanol market fluctuated and consolidated. The price in Jiangsu ranged from 2,240 to 2,330 yuan/ton, and in Guangdong from 2,220 to 2,290 yuan/ton. Import demand was weak, port methanol inventory accumulated slightly at a high level, and the market's tradable volume was high, putting pressure on the upside. However, due to the unstable international situation and positive macro - outlook, the market fluctuated strongly under the boost of sentiment. Inland methanol prices continued to decline, with the price in the Ordos northern line in the main production area ranging from 1,785 to 1,805 yuan/ton, and the receiving price in Dongying ranging from 2,100 to 2,130 yuan/ton. The production and sales areas in the inland were split. Before the festival, enterprises mainly focused on reducing prices to clear inventory. Coupled with high freight rates, manufacturers in the northwest产区 offered discounts, leading to a continuous decline in ex - factory prices. The consumer market remained relatively firm due to the increase in arrival costs [1]. - The overall profit of methanol enterprises is poor. The domestic methanol start - up is expected to remain at a high level. Seasonal gas restrictions in the Middle East have taken effect. This week, the expected arrival at ports is expected to decrease, and the overall demand for methanol downstream is expected to pick up. Methanol supply is abundant, port inventory has increased at a high level and is expected to decline this week. It is expected that the methanol price will fluctuate weakly in the near future, with the upper pressure on the 05 contract at the 2,350 level [1]. Summary by Directory 1. Market Review and Outlook - Port methanol market: Last week, it fluctuated and consolidated. Jiangsu price range: 2,240 - 2,330 yuan/ton; Guangdong price range: 2,220 - 2,290 yuan/ton. Import demand was weak, inventory accumulated slightly at a high level, and tradable volume was high. Market fluctuated strongly due to positive macro - outlook [1]. - Inland methanol market: Prices continued to decline. Ordos northern line price range: 1,785 - 1,805 yuan/ton; Dongying receiving price range: 2,100 - 2,130 yuan/ton. Enterprises focused on price - cut inventory clearance, freight was high, and ex - factory prices decreased. Consumer market was relatively firm due to higher arrival costs [1]. - Outlook: Overall profit of methanol enterprises is poor. Domestic start - up expected to remain high. Middle East gas restrictions in place, port arrivals expected to decrease this week, downstream demand expected to pick up. Supply is abundant, port inventory increased at high level and expected to decline. Price expected to fluctuate weakly, 05 contract upper pressure at 2,350 [1]. 2. Key Factors to Watch - Methanol start - up changes [2] - Methanol port inventory changes [2] 3. Weekly Changes in Fundamental Data - **Periodic and Spot Market Review**: Last week, the port methanol market fluctuated and consolidated, with the Jiangsu price ranging from 2,240 to 2,330 yuan/ton [7]. - **Supply Situation Analysis**: As of January 29, the weekly capacity utilization rate of Chinese methanol plants was 91.21%, a 1.43% increase from the previous period. The weekly average profit of coal - to - methanol in Inner Mongolia was - 266.10 yuan/ton, a 1.00% increase from the previous period and a 598.43% decrease from the same period last year; the average profit of coal - to - methanol in Shandong was - 158.10 yuan/ton, a 10.58% increase from the previous period and a 226.58% decrease from the same period last year; the average profit of coal - to - methanol in Shanxi was - 226.30 yuan/ton, a 10.71% decrease from the previous period and a 454.66% decrease from the same period last year; the weekly average profit of coke - oven gas - to - methanol in Hebei was 61.00 yuan/ton, a 16.00% decrease from the previous period and an 85.78% decrease from the same period last year; the weekly average profit of natural gas - to - methanol in the southwest was - 290.00 yuan/ton, a 9.02% decrease from the previous period and a significant decrease from the same period last year [8]. - **Demand Situation Analysis**: As of January 29, 2026, the weekly average capacity utilization rate of MTO plants in the Jiangsu and Zhejiang regions was 30.48%, a decrease of 13.90 percentage points from the previous week. The Ningbo Fude plant restarted, and the Sierbang plant was shut down for maintenance. The overall capacity utilization rate of glacial acetic acid increased as the southwest plant resumed operation, while Ineos and Xinjiang plants remained shut down [10]. - **Inventory Analysis**: As of January 28, the total sample inventory of Chinese methanol ports was 147.21 tons, a 1.46 - ton increase from the previous period and a 54.24 - ton increase (58.34% year - on - year) compared with the same period last year [12]. - **Position Analysis**: As of January 30, the long positions of the top 20 members in the methanol futures market were 613,144, an increase of 371, and the short positions were 739,936, an increase of 44,528. The net positions of the top 20 members were bearish [19].

Core Viewpoint - The company, Nantong Acetic Acid Chemical Co., Ltd., has received a new High-tech Enterprise Certificate, allowing it to continue benefiting from preferential tax policies for the next three years [1] Group 1 - The company was awarded the High-tech Enterprise Certificate by the Jiangsu Provincial Department of Science and Technology, Jiangsu Provincial Department of Finance, and the National Taxation Bureau of Jiangsu Province [1] - The certificate number is GR202532000804, issued on November 18, 2025, and is valid for three years [1] - This recognition is a renewal of the company's previous High-tech Enterprise Certificate, which had expired [1] Group 2 - Following the re-certification as a high-tech enterprise, the company will enjoy a corporate income tax rate of 15% from 2025 to 2027, in accordance with the relevant provisions of the Corporate Income Tax Law of the People's Republic of China [1]