Investment Rating - The report maintains a positive investment rating for the chemical industry, specifically recommending leading companies in the light hydrocarbon sector, such as Satellite Chemical [4]. Core Insights - Ethane prices have continued to decline, reaching 1277 RMB/ton as of January 9, with a week-on-week decrease of 3.10% [4]. - Natural gas prices have significantly dropped by 29.02% week-on-week, while ethylene and liquid chlorine prices remained stable [4]. - The report anticipates that despite fluctuations, ethane prices will continue to decline due to a loose supply-demand balance, with expectations for recovery in downstream demand this year [4]. - The report highlights the historical price percentiles for key downstream products, indicating they are currently in a mid-low percentile range [4]. Price Trends of Major Products and Raw Materials - As of January 9, the latest prices for polyethylene, epoxy ethane, polyester monomer, ethylene glycol, and styrene are 6534, 5750, 8200, 3829, and 6796 RMB/ton respectively, with varying week-on-week changes [16][18]. - The report notes that the price of polypropylene has slightly increased by 1.79% week-on-week, while acrylic acid prices remained stable [33][36]. - Brent crude oil prices were recorded at 61.08 USD/barrel, with a week-on-week decrease of 0.34%, and natural gas prices at 3.02 USD/MMBtu, down 29.02% [41][44]. Price Differentials - As of January 9, the price differentials for ethylene-ethane, ethylene glycol-ethylene, and other product pairs have shown various changes, with some differentials widening [62][65]. - The ethylene-ethane differential increased by 1.30%, while the ethylene glycol-ethylene differential decreased by 8.40% [70][74]. Competitive Landscape and Downstream Demand - The report indicates that the ethylene-naphtha differential is -1301 RMB/ton, reflecting a week-on-week decrease of 1.04% [87]. - The cost advantages of ethane cracking over other routes have been emphasized, particularly with the recent decline in ethane prices [90].

Core Viewpoint - The market price of caustic soda has shown a slight decline this week, with expectations for continued price stabilization and minor decreases in the near future due to supply and demand dynamics [1] Price Trends - As of January 14, the price of caustic soda in the Inner Mongolia Wuhai region is 2600 RMB per ton, down 2.99% from 2680 RMB per ton the previous week [1] - The overall market is characterized by sufficient supply and weak demand from both alumina and non-alumina sectors, leading to inventory pressures among manufacturers [1] Market Sentiment - Manufacturers are experiencing a lack of confidence due to inventory build-up and shipping pressures, contributing to the downward price trend [1] - It is anticipated that the price of caustic soda will continue to stabilize with minor declines, as the fundamental supply and demand situation remains largely unchanged [1] Regional Insights - In the Xinjiang region, major caustic soda producers may reduce prices due to diminishing price advantages compared to Inner Mongolia and shortened pre-sale periods [1] - Other major production areas may adopt a temporary price stabilization strategy in response to the continuous price decline [1]

中欣氟材公告，公司2025年度以简易程序向特定对象发行股票的申请文件已收到深圳证券交易所出具的 《关于受理浙江中欣氟材股份有限公司向特定对象发行股票申请文件的通知》。深交所对公司报送的申 请文件进行了核对，认为申请文件齐备，决定予以受理。本次发行股票事宜尚需深交所审核通过，并获 得中国证券监督管理委员会同意注册的批复后方可实施。 ...

Group 1 - The company has completed the construction of a new 10,000-ton battery-grade manganese tetroxide project, which reached full production capacity in 2024 [2] - As of now, the total production capacity for battery-grade manganese tetroxide stands at 35,000 tons [2]

■ 江苏恒兴新材料科技股份有限公司本次高新技术企业的认定系原高新技术企业证书有效期满后进行的重 新认定，宁夏港兴新材料科技有限公司系本次首获高新技术企业认定。根据《中华人民共和国企业所得 税法》及国家对高新技术企业的税收优惠政策等相关规定，上述公司本次重新通过高新技术企业认定起 连续三年（2025年至2027年）可享受国家关于高新技术企业的税收优惠政策，即按15%的税率缴纳企业 所得税。 特此公告。 江苏恒兴新材料科技股份有限公司 江苏恒兴新材料科技股份有限公司董事会 关于公司及子公司通过高新技术 企业认定的公告 证券代码：603276 证券简称：恒兴新材 公告编号：2026-006 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 根据全国高新技术企业认定管理工作领导小组办公室于近日发布的《对江苏省认定机构2025年认定报备 的第二批高新技术企业进行备案的公告》、《对宁夏回族自治区认定机构2025年认定报备的第二批高新 技术企业进行备案的公告》（刊载于"高新技术企业认定管理工作网"，网 址:http://www.innocom ...

纯苯苯乙烯产业链期货周报 研究员：温健翔 从业资格证号： F03118724 投资咨询资格证号： Z0022792 目录 第二章 核心逻辑分析 4 第一章 综合分析与交易策略 2 第三章 周度数据追踪 17 GALAXY FUTURES 1 综合分析与交易策略 【综合分析】 1.单边：纯苯继续累库，施压市场心态，苯乙烯估值较低，短期受市场情绪影响反弹预计震荡偏强。 2.套利：空纯苯多苯乙烯。 3.期权：观望。 GALAXY FUTURES 2 n 供应方面，本月中下旬大连福佳大化歧化装置计划重启，1月中下旬中化泉州51万吨、上海石化12万吨、云南石化8万吨纯苯检修装置计划重 启，后期国内炼厂计划检修装置不多，前期新投产的新装置稳定运行，纯苯进口到港相对充裕，港口库存延续上升，下游利润走弱开工下降， 原料库存整体偏高，纯苯供需格局整体宽松。 n 苯乙烯： n 苯乙烯港口库存延续高位。供应方面，天津渤化45万吨/年苯乙烯装置计划外停工，苯乙烯现货基差走强，辽宁宝来35万吨/年苯乙烯检修装 置目前已重启，恒力石化72万吨苯乙烯检修计划或延期至元旦后，中化泉州45万吨苯乙烯检修装置计划检修至2月末，苯乙烯开工率回升缓 ...

Group 1 - The core point of the article is that Zhihua New Materials has achieved significant production milestones with its ultra-high nickel ternary 9-series materials, reaching a shipment level of hundreds of tons [1] Group 2 - The company responded to investor inquiries on an interactive platform, indicating strong market demand and production capabilities for its advanced materials [1]

Core Viewpoint - Wanrun Co., Ltd. has completed the laboratory small-scale development of lithium sulfide, a key upstream material for solid-state battery electrolytes, and has initiated the construction of a pilot production line, aiming for completion around the end of June [1] Group 1 - The laboratory small-scale development of lithium sulfide has been completed [1] - Lithium sulfide is identified as a crucial material for solid-state battery electrolytes [1] - The construction of the pilot production line has commenced [1]

Core Viewpoint - Wanrun Co., Ltd. has completed the laboratory small-scale development of lithium sulfide, a key upstream material for solid-state battery electrolytes, and is advancing towards industrialization [1] Group 1 - The company has initiated the construction of a pilot production line for solid-state battery materials [1] - The goal is to complete the construction of the pilot line by the end of June 2026 [1] - The company aims to promote the industrialization process following the completion of the pilot line [1]

Group 1 - The core viewpoint of the article is that Shuangxin Environmental Protection has a limestone mine with an annual production capacity of 2 million tons, which provides raw materials for the company's calcium carbide production [2] Group 2 - The company emphasizes the importance of its limestone mine in supporting its production processes [2] - The interaction with investors highlights the company's commitment to transparency and communication regarding its operational capabilities [2]