Report Overview - The report, "PVC Daily: Oscillating Upward," is released by Guantong Futures on January 30, 2026, providing an analysis of the PVC market [1]. Industry Investment Rating - Not provided in the report. Core Viewpoints - PVC is in a state of oscillating upward, but due to factors such as high inventory and weak downstream demand, it is recommended to observe the market cautiously [1]. Summary by Directory Market Analysis - The calcium carbide price in the upstream Northwest region is stable. The PVC operating rate has increased slightly by 0.19 percentage points to 78.93%, at a neutral level in recent years. The downstream operating rate has decreased by 0.11 percentage points, and the downstream's willingness to stock up is low [1]. - Affected by the cancellation of export tax - rebates, there is a rush to export, and PVC export orders have increased significantly. However, as export prices rise, the resistance to transactions is increasing. Due to the cold wave in the US, domestic export orders continue to increase slightly [1]. - Social inventory continues to increase and is still at a high level, with significant inventory pressure. The real - estate market is still in the adjustment phase, and the improvement of the real - estate market still takes time [1]. - The sentiment in the chemical sector is boosted, but the comprehensive gross profit of chlor - alkali is under pressure. Some production enterprises' operating expectations are decreasing, but the current production decline is limited [1]. - January is the traditional off - season for domestic PVC demand. Near the Spring Festival, downstream procurement enthusiasm is average, and the PVC market fluctuates greatly [1]. Futures and Spot Market Conditions - The PVC2605 contract decreased in positions and oscillated upward, with a closing price of 5063 yuan/ton, a gain of 3.41%. The trading volume increased by 30,557 lots to 1,046,450 lots [2]. - On January 30, the mainstream price of calcium carbide - based PVC in the East China region rose to 4785 yuan/ton. The futures closing price of the V2605 contract was 5063 yuan/ton, and the basis was - 278 yuan/ton, weakening by 68 yuan/ton, at a relatively low level [3]. Fundamental Tracking - On the supply side, affected by devices such as Yibin Tianyuan and Xinjiang Tianye, the PVC operating rate increased by 0.19 percentage points to 78.93%. New production capacities of several enterprises were put into production or trial - produced in 2025 [4]. - On the demand side, the real - estate market is still in the adjustment phase. In 2025 from January to December, real - estate development investment, sales area, new construction area, construction area, and completion area all showed significant year - on - year declines. As of the week of January 25, the weekly transaction area of commercial housing in 30 large - and medium - sized cities decreased by 7.8% month - on - month, at a low level in recent years [5]. - In terms of inventory, as of the week of January 29, PVC social inventory increased by 2.45% month - on - month to 1.2064 million tons, 60.54% higher than the same period last year [6].

每经头条（nbdtoutiao）——中国无人驾驶"军团"，"武装"阿布扎比 每经AI快讯，德方纳米1月30日晚间发布公告称，2025年度拟计提资产和信用减值损失合计4.05亿元 ~5.3亿元，减少公司2025年度利润总额4.05亿元~5.3亿元，上述数据尚未经会计师事务所审计，最终数 据以会计师事务所年度审计的财务数据为准。 （记者 张明双） ...

Group 1 - The company, 日科化学, has announced an earnings forecast indicating a net profit loss attributable to shareholders of the listed company ranging from 18 million to 30 million yuan for 2025 [1] - In comparison, the net profit attributable to shareholders for the same period last year was a loss of 68.16 million yuan [1]

Core Viewpoint - Jineng Technology has released its annual performance forecast, indicating a significant increase in net profit for 2025, while also projecting a substantial decrease in net profit after excluding non-recurring gains and losses [1] Financial Performance - The company expects a net profit attributable to shareholders of 20 million to 24 million yuan for 2025, representing a year-on-year increase of 134.56% to 141.47% [1] - Conversely, the net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between -27.2 million and -21.75 million yuan, reflecting a year-on-year decrease of 68.53% to 110.76% [1] Operational Factors - The decline in operating profit is attributed to market environment factors affecting the company's main products [1] - The maturity of convertible bonds and the associated interest expense reduction have contributed to the increase in net profit for the current period [1]

Core Viewpoint - The company, Jiu Ri New Materials (688199.SH), is expected to turn a profit in 2025, projecting a net profit attributable to shareholders of between 21 million and 31.5 million yuan, compared to a loss in the previous year [1] Financial Performance - The anticipated net profit for 2025 is between 21 million and 31.5 million yuan, with a net profit excluding non-recurring gains and losses projected to be between 14.4 million and 21.6 million yuan [1] Reasons for Performance Change - The increase in profit is attributed to a rise in prices of key photoinitiator products and ongoing cost reduction and efficiency improvement efforts, leading to an overall increase in gross sales margin compared to the previous year [1] - The company's investment in Xiamen Hengkun New Materials Technology Co., Ltd., which is set to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, is expected to significantly boost investment income due to the substantial increase in net profit from the Tianjin Ruiwu Equity Investment Fund [1]

Company Overview - Shenzhen Moku New Materials Group Co., Ltd. (Moku Co.) has received approval for its IPO on the ChiNext board, with Huatai United Securities as the sponsor [3] - The company was established in 2006 with a registered capital of 39 million yuan, focusing on the research, production, and sales of digital printing inks, recognized as a key "little giant" enterprise by the state [3] Leadership Team - Wang Shoubin, born in 1972, is the chairman and general manager of Moku Co., having founded the company after starting a subsidiary in 2004 [3] - Zhang Yujie, who joined Moku Co. in June 2022 as a director, resigned in October 2023 and previously held managerial positions in banking and technology [3] - Wang Wei, a former civil servant, has been with Moku Co. since 2016, currently serving as a director and CFO [4] - Ma Jiji, previously associated with NAR Co., has held various roles in Moku Co. and is currently a vice president [4] - Ming Yaqiang, the R&D head and vice president, has extensive experience in research and development, having worked in various prestigious companies in the U.S. [4] - Li Yulin, the board secretary and vice president, joined Moku Co. in September 2022 after a career in investment banking and compliance [4] Compensation - In 2024, Wang Shoubin is the highest-paid executive at Moku Co. with an annual salary of 1.3466 million yuan, followed by Ma Jiji at 1.0785 million yuan, and Ming Yaqiang with over 1 million yuan [4]

Group 1 - The company Jiu Ri New Materials expects to achieve a net profit attributable to shareholders of the parent company between 21 million to 31.5 million yuan in 2025, marking a turnaround from losses in the previous year [1] - The main reasons for the performance change include a rebound in prices of key photoinitiator products and ongoing efforts to reduce costs and increase efficiency, leading to an overall increase in gross sales margin compared to the previous year [1] - The company is involved in the establishment of the Tianjin Ruiwu Equity Investment Fund, which has invested in Xiamen Hengkun New Materials Technology Co., Ltd., set to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on November 18, 2025, resulting in significant increases in net profit and corresponding investment income for the company [1] Group 2 - The nuclear power construction industry is experiencing a surge, with equipment manufacturers operating at full capacity, with orders scheduled until 2028 and employees working in three shifts, maintaining production lines 24 hours a day [1]

Core Viewpoint - Shenzhen Moku New Materials Group Co., Ltd. (Moku Co.) has submitted its IPO application to the ChiNext board, with Huatai United Securities as the sponsor [2] Group 1: Company Overview - Moku Co. was established in 2006 with a registered capital of 39 million yuan, focusing on the research, production, and sales of digital printing inks [2] - The company is recognized as a key "little giant" enterprise by the national specialized and innovative program [2] - The initial registered capital was 1 million yuan, with the founding shareholders holding 40%, 30%, and 30% respectively [2] Group 2: Shareholding Structure - The founding shareholders have all exited the company, with Wang Shoubin directly holding 31.67% and indirectly controlling 13.46% of the voting rights [2] - Wang Shoubin's current wife, Zhang Yujie, directly holds 10.69% of the shares, making the couple the controlling shareholders with a combined voting power of 55.81% [2] Group 3: Changes in Control - The actual controller of Moku Co. has changed twice since its establishment [4] - In December 2018, NAR Co. subscribed to an additional registered capital of 35.714 million yuan, acquiring a 16.67% stake [4] - By mid-2019, NAR Co. became the largest shareholder with a 51% stake after acquiring additional shares from Wang Shoubin and Zhang Yujie [5] Group 4: Recent Developments - In May 2022, NAR Co. transferred portions of its shares to three investment institutions, reducing its stake to 39% [7] - Following this transfer, Wang Shoubin and Zhang Yujie regained control with 49% of the voting rights [8]

Core Viewpoint - The company has completed the construction of the high-performance separation membrane and component project, which is now in the trial operation and production phase, aiming to enhance product structure and profitability [1] Group 1: Project Development - The project is funded by part of the surplus from fundraising and interest income, with completion of engineering construction [1] - The project is currently in the trial operation and production phase, with preparations for project settlement and acceptance following the trial production [1] Group 2: Impact on Company - Completion of the project is expected to improve the company's product structure and enhance its profitability and market competitiveness [1] - Full production capacity will take time as the company needs to gradually adjust and optimize equipment parameters and adapt production processes [1] Group 3: Potential Risks - Future production may face potential risks, including market environment changes, industry policy shifts, fluctuations in downstream demand, and intensified industry competition [1]

Core Viewpoint - The company plans to invest up to 100 million yuan in the construction of a project for an annual production capacity of 1,000 tons of polyether ether ketone (PEEK) materials, with the first phase involving an investment of up to 50 million yuan for an annual production capacity of 200 tons [1] Group 1 - The project is located in the Qiantang District of Hangzhou, covering approximately 30 acres with a total construction area of about 15,000 square meters [1] - The construction period for the project is estimated to be 12 months [1] - The investment decision was approved by the company's fifth board of directors during its eighth meeting on January 30, 2026 [1] Group 2 - Currently, the project is in the initial preparation stage and is not expected to have a significant impact on the company's finances in the short term [1] - The project faces risks related to land bidding, approval procedures, market conditions, and technology [1]