Group 1: Company Overview - The company, Shandong Boyuan Pharmaceutical Chemical Co., Ltd., has an existing production capacity of 4,100 tons/year for iodide products, with a trial production project of 4,000 tons/year [2] - The main inorganic iodides include potassium iodide, potassium iodate, sodium iodide, hydriodic acid, and cuprous iodide, while the organic iodides include trimethyl iodide and iodomethane [2] Group 2: Applications and Market Distribution - Iodine and its derivatives are crucial raw materials in medical, agricultural, industrial, and nutritional fields, widely used in various product formulations [2] - The major applications of iodine include X-ray contrast agents, biocides, preservatives, pharmaceutical intermediates, LCD and LED screen polarizers, chemicals, organic compounds, and pigments [2] - According to SQM's 2024 annual report, the core application areas of iodine account for approximately 63% of global consumption, with significant production concentrated in Chile, Japan, and the USA, which together account for 88% of global sales [3] Group 3: Financial Performance - The company's net profit decreased year-on-year in the first nine months of 2025, primarily due to rising upstream material prices, which increased product cost pressures [3] Group 4: Production Processes and Innovations - The production of lithium iodide utilizes raw materials such as hydriodic acid, lithium carbonate, formic acid, activated carbon, and lithium hydroxide, involving processes like neutralization, vacuum concentration, cooling crystallization, filtration, and vacuum drying [3] - The company is conducting research and product development on the application of iodides in perovskite batteries, with related R&D projects currently in progress, but no products have been sold as of the report date [3]

Core Viewpoint - Hoshine Silicon Industry (合盛硅业) has been placed under regulatory scrutiny due to significant disclosure violations, including unreported related party transactions totaling 16.18 billion yuan and undisclosed investments amounting to 110 billion yuan, leading to a decline in financial performance and shareholder sell-offs [1][3][4]. Group 1: Regulatory Issues - Hoshine Silicon received two decision letters from the Zhejiang Securities Regulatory Bureau, mandating corrective actions due to undisclosed related party transactions and significant investments [1][3]. - The company failed to disclose related party transactions with Kaifa Lianying Trading Co. and Kucha Juyou Coal Industry Co., amounting to 16.18 billion yuan, which did not follow the required review and disclosure procedures [4][3]. - The company’s chairman and key executives received warning letters for their roles in these violations [1][5]. Group 2: Financial Performance - The company has faced declining financial performance, with a reported revenue of 152.06 billion yuan in the first three quarters of 2025, a 25.35% decrease year-on-year, marking its first loss with a net profit of -3.21 billion yuan [8][9]. - In contrast, the company had previously reported peak revenues of 213.43 billion yuan in 2021, with a net profit of 82.12 billion yuan, reflecting a significant decline in profitability over the years [7][8]. - The asset-liability ratio stood at 62.89% as of September 2025, with monetary funds of 11.42 billion yuan against interest-bearing liabilities of approximately 279.26 billion yuan [9]. Group 3: Shareholder Actions - Hoshine's controlling shareholder, Hoshine Group, cashed out 26.34 billion yuan through a share transfer in July 2025, while the second-largest shareholder, Fuda Industrial, completed a full exit, having sold shares worth approximately 134 billion yuan since 2019 [10][11]. - The stock price has plummeted over 70% since its peak of 259.80 yuan per share in September 2021, closing at 53.46 yuan on January 16, 2025 [2][11].

Group 1: Zhenstone Co., Ltd. (振石股份) - Zhenstone Co., Ltd. is a national high-tech enterprise focused on the research, production, and sales of fiber-reinforced materials in the clean energy sector, covering industries such as wind power, photovoltaic power, new energy vehicles, and construction materials [1][5] - The company plans to raise funds for projects including a fiberglass product production base (17 billion yuan), a composite materials production base (16.48 billion yuan), and a research center (2.75 billion yuan) [4] - Zhenstone holds over 35% of the global market share for wind power fiberglass fabric in 2024, making it the leading manufacturer in this field [5] Group 2: Agricultural University Technology Co., Ltd. (农大科技) - Agricultural University Technology Co., Ltd. specializes in the research, production, and sales of new fertilizers and their intermediates, including humic acid fertilizers and controlled-release fertilizers [7][14] - The company plans to allocate funds for projects such as a 300,000-ton humic acid intelligent high-tower composite fertilizer project (2.01 billion yuan) and a 150,000-ton bio-fertilizer production line (1.10 billion yuan) [11][12] - The company has been recognized as a national "manufacturing single champion demonstration enterprise" and ranks first in the industry for the production and sales of coated urea [14]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report 2.1 Soda Ash - Last week, soda ash plants operated stably, production continued to rise, demand remained weak and stable, and manufacturers' inventories continued to accumulate. With sufficient soda ash production capacity, supply is expected to increase after plant overhauls end, while terminal demand remains weak, limiting price rebound space. The 2605 contract is expected to fluctuate in the range of 1150 - 1280 [8]. 2.2 Glass - Last week, there was no glass production line water - release or ignition, and a previously ignited production line started producing glass, with a slight increase in daily melting volume. Market production and sales were fair, and enterprise inventories continued to decline. Some glass production lines have cold - repair plans. After supply tightens, market production and sales have improved, and high - level inventories have decreased to relieve pressure, but they are still at a high level compared to the same period. In the short term, it will continue to fluctuate at a low level. The 2605 contract is expected to fluctuate in the range of 1070 - 1180 [11]. 3. Summary by Relevant Catalogs 3.1 Weekly Views and Strategies 3.1.1 Soda Ash - **Inventory**: As of January 15, 2026, the total inventory of domestic soda ash manufacturers was 1.575 million tons, including 837,000 tons of light soda ash and 738,000 tons of heavy soda ash. Compared with 1.4311 million tons in the same period last year, it increased by 14,390 tons, a rise of 10.06%. Enterprises mainly delivered previous orders, and inventory increased slightly [8]. - **Supply**: As of January 15, 2026, the weekly domestic soda ash production was 775,300 tons, a week - on - week increase of 21,700 tons, a rise of 2.88%. Among them, the production of light soda ash was 361,500 tons, a week - on - week increase of 12,400 tons, and the production of heavy soda ash was 413,800 tons, a week - on - week increase of 9,300 tons. Most enterprise equipment operated stably, with few overhaul expectations, and combined with the increase in new production capacity, supply remained high [8]. - **Demand**: As of January 15, 2026, the weekly shipment volume of Chinese soda ash enterprises was 773,000 tons, a week - on - week increase of 31.20%; the overall shipment rate of soda ash was 99.70%, a week - on - week increase of 21.52 percentage points. Some enterprises delivered orders during the week, overall production and sales were basically balanced, inventory increased slightly, and the overall shipment rate increased [8]. 3.1.2 Glass - **Inventory**: As of January 15, 2026, the total inventory of national float glass sample enterprises was 53.013 million heavy boxes, a week - on - week decrease of 2.505 million heavy boxes, a decrease of 4.51%, and a year - on - year increase of 20.89%. The inventory days were 23 days, a decrease of 1.1 days from the previous period [11]. - **Supply**: From January 9 - 15, 2026, the average operating rate of the float glass industry was 71.38%, a week - on - week decrease of 0.58 percentage points; the average capacity utilization rate of the float glass industry was 75.14%, a week - on - week decrease of 0.49 percentage points. The national float glass production was 1.0523 million tons, a week - on - week decrease of 0.65% and a year - on - year decrease of 4.28% [11]. - **Profit**: From January 9 - 15, 2026, according to the production cost calculation model of Longzhong Information, the weekly average profit of float glass using natural gas as fuel was - 164.40 yuan/ton, a week - on - week increase of 22.00 yuan/ton; the weekly average profit of float glass using coal - made gas as fuel was - 69.01 yuan/ton, a week - on - week increase of 4.82 yuan/ton; the weekly average profit of float glass using petroleum coke as fuel was 3.93 yuan/ton, a week - on - week increase of 9.71 yuan/ton [11]. - **Demand**: As of January 15, 2026, the average order days of national deep - processing sample enterprises was 9.3 days, a week - on - week increase of 7.9% and a year - on - year increase of 86.4%. As the Spring Festival approaches, the deep - processing order trends in the north and south regions are differentiated. The executable days of orders in the south have slightly increased, and some orders can be maintained for more than 20 days; orders in the north and central regions have declined [11]. 3.2 Industrial Chain Structure 3.2.1 Soda Ash Industrial Chain - **Upstream**: Natural soda mines, raw salt, synthetic ammonia, raw salt, limestone, ammonium chloride - **Mid - stream**: Soda ash (light soda ash/heavy soda ash) - **Downstream**: Agricultural fertilizers, glass, daily detergents [14] 3.2.2 Flat Glass Industrial Chain - **Upstream**: Auxiliary materials (clarifiers, colorants), quartz sand, limestone, soda ash; fuels include coal - made gas (24%), natural gas (40%), petroleum coke (16%) - **Mid - stream**: Float glass, other (such as calendering method), tempered glass, laminated glass, hollow glass, coated glass - **Downstream**: Real estate (75%), automobile (18%), electronic appliances (7%) [16] 3.3 Futures and Spot Market 3.3.1 Glass - As of January 16, 2026, the closing price of the FG main contract was 1103, and the closing price of the North China basis was - 83 yuan/ton. The FG5 - 9 spread closed at - 106 yuan/ton [23][33]. 3.3.2 Soda Ash - As of January 16, 2026, the closing price of the SA main contract was 1192, and the closing price of the North China basis was 58 yuan/ton. The SA5 - 9 spread closed at - 67 yuan/ton [28][33]. 3.4 Inventory 3.4.1 Glass - As of January 15, 2026, the total inventory of national float glass sample enterprises was 53.013 million heavy boxes, a week - on - week decrease of 2.505 million heavy boxes, a decrease of 4.51%, and a year - on - year increase of 20.89%. The inventory days were 23 days, a decrease of 1.1 days from the previous period. Inventories in North China decreased by 10.27% week - on - week, in East China by 2.07%, in South China by 3.80%, and in Central China by 10.43% [37][43][45]. 3.4.2 Soda Ash - As of January 15, 2026, the total inventory of domestic soda ash manufacturers was 1.575 million tons, including 837,000 tons of light soda ash and 738,000 tons of heavy soda ash. Compared with 1.4311 million tons in the same period last year, it increased by 14,390 tons, a rise of 10.06%. Enterprises mainly delivered previous orders, and inventory increased slightly [50]. 3.5 Supply Side 3.5.1 Glass - From January 9 - 15, 2026, the average operating rate of the float glass industry was 71.38%, a week - on - week decrease of 0.58 percentage points; the average capacity utilization rate of the float glass industry was 75.14%, a week - on - week decrease of 0.49 percentage points. The national float glass production was 1.0523 million tons, a week - on - week decrease of 0.65% and a year - on - year decrease of 4.28%. The weekly average profit of float glass using natural gas as fuel increased by 22 yuan/ton week - on - week, that using coal - made gas increased by 4.82 yuan/ton, and that using petroleum coke increased by 9.71 yuan/ton [56][58]. 3.5.2 Soda Ash - As of January 15, 2026, the weekly domestic soda ash production was 775,300 tons, a week - on - week increase of 21,700 tons, a rise of 2.88%. Among them, the production of light soda ash was 361,500 tons, a week - on - week increase of 12,400 tons, and the production of heavy soda ash was 413,800 tons, a week - on - week increase of 9,300 tons. As of January 15, 2026, the theoretical profit of soda ash produced by the ammonia - soda process in China was - 96.3 yuan/ton, a week - on - week decrease of 66.46%; the theoretical profit (per double - ton) of soda ash produced by the combined - soda process was - 44 yuan/ton, a week - on - week decrease of 108% [65][66]. 3.6 Demand Side 3.6.1 Glass - As of January 15, 2026, the average order days of national deep - processing sample enterprises was 9.3 days, a week - on - week increase of 7.9% and a year - on - year increase of 86.4%. As the Spring Festival approaches, the deep - processing order trends in the north and south regions are differentiated. The executable days of orders in the south have slightly increased, and some orders can be maintained for more than 20 days; orders in the north and central regions have declined [71]. 3.6.2 Soda Ash - As of January 15, 2026, the weekly shipment volume of Chinese soda ash enterprises was 773,000 tons, a week - on - week increase of 31.20%; the overall shipment rate of soda ash was 99.70%, a week - on - week increase of 21.52 percentage points. Some enterprises delivered orders during the week, overall production and sales were basically balanced, inventory increased slightly, and the overall shipment rate increased [84].

Core Viewpoint - The article emphasizes the importance of county-level economies in driving China's modernization, highlighting various counties' economic achievements and future goals in Jiangsu province [1]. Group 1: Economic Performance and Goals - Kunshan has ranked first among China's top 100 counties for 21 consecutive years, with a projected GDP of approximately 560 billion yuan by 2025, outpacing both Suzhou and the provincial average [3]. - Jiangyin aims for a GDP growth of around 5% this year, with a target of 730 billion yuan in fixed asset investment and a 4% increase in retail sales [4]. - Rugao's GDP is expected to reach nearly 170 billion yuan by 2025, with a budget revenue of 8.303 billion yuan, reflecting a growth of 3.8% [6]. - Danyang targets a GDP of over 160 billion yuan by 2025, with a growth rate exceeding the provincial average and a budget revenue of 8.418 billion yuan [6][7]. - Shuyang aims for a GDP increase of over 6% this year, with a budget revenue target of 7.4 billion yuan [9]. Group 2: Development Strategies and Initiatives - Jiangyin's government report outlines a strategy to build a regional center city focused on industrial innovation and ecological living [4]. - Rugao plans to break free from traditional county thinking and embrace competitive strategies to enhance its economic standing [6]. - Danyang's report emphasizes optimizing advantages and showcasing unique characteristics to achieve its development goals [7]. - Shuyang's strategy includes a focus on comprehensive development, aiming for a high-quality living environment and economic prosperity [9]. Group 3: Project Developments and Collaborations - Nanjing's Jiangbei New Area is set to enhance its innovation ecosystem through collaborations in smart laboratory development and digital transformation [11]. - Zhangjiagang has seen significant project advancements, including a $150 million semiconductor equipment project aimed at upgrading the local industry [11]. - New projects in Jiangyan include technological upgrades in textile manufacturing and advancements in low-altitude economy sectors [12].

Group 1 - Three new stocks are available for subscription from January 19 to January 23, with specific dates for each stock [1] - Zhenstone Co., Ltd. (Stock Code: 601112) operates in the non-metallic mineral products industry, with a price-earnings ratio of 32.59, which is above the industry average [1] - Zhenstone is a leading supplier of fiber-reinforced materials for wind turbine blades, positioning itself strongly in the clean energy sector [2] Group 2 - Nongda Technology (Stock Code: 920159) is in the chemical raw materials and chemical products manufacturing industry, with a price-earnings ratio of 13.4, below the industry average [3] - The company specializes in products such as humic acid-based fertilizers and coated urea, with significant production volumes in 2022 [3] Group 3 - Shimon Co., Ltd. (Stock Code: 001220) focuses on the road transportation industry, with its subscription date on January 23 [4] - The company provides embedded supply chain logistics solutions for multinational manufacturing enterprises and has established close partnerships with major companies like Maersk and Tetra Pak [4]

Investment Rating - The report assigns a rating of "Buy" for the company, with a target price of 32.94 CNY [5][18]. Core Insights - The company is positioned as a high-quality player in the wet-process phosphoric acid sector, being the only domestic enterprise capable of producing food-grade purified phosphoric acid using self-developed technology. The company has achieved a technical level comparable to industry leaders [12][20]. - The Guangxi base offers significant advantages in phosphate ore procurement and logistics, enhancing the company's operational efficiency [12][20]. - The Egypt project is progressing steadily according to plan, with strategic importance in establishing an overseas processing center to optimize cost structure and enhance market competitiveness [12][20]. Financial Summary - Total revenue is projected to grow from 2,711 million CNY in 2023 to 4,659 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 18.3% [4]. - Net profit attributable to the parent company is expected to turn from a loss of 91 million CNY in 2023 to a profit of 570 million CNY by 2027, indicating a significant recovery and growth trajectory [4]. - Earnings per share (EPS) are forecasted to increase from -0.33 CNY in 2023 to 2.08 CNY in 2027 [4][18]. Business Overview - The company's operations focus on the wet-process phosphoric acid technology, producing various products including feed additives, fertilizers, and purified phosphoric acid, which are essential in agriculture, industry, and food sectors [20][21]. - The company has developed advanced techniques for utilizing low-grade phosphate ore and has established a comprehensive capability in production technology, cost control, and international channels [20]. Market Position - The company benefits from a strategic location in Guangxi, approximately 20 kilometers from the port, facilitating efficient logistics for raw material procurement and product transportation [12][20]. - The report highlights the company's competitive edge in the phosphoric acid market, driven by its innovative production methods and strong market demand for its products [20][24].

Group 1: Report Title and Date - The report is titled 'Demand Expectation Reduction, Methanol in Weak Oscillation - Guoxin Futures Methanol Weekly Report' and dated January 18, 2026 [1] Group 2: Market Review 2.1 Methanol Futures and Spot Prices and Spreads - The main methanol contract MA2605 closed at 2,239 yuan/ton on Friday, with a weekly decline of 0.27%, an increase of 11,000 lots in positions, and a total position of 820,000 lots [6] 2.2 Methanol Spot Prices in Different Regions and Spreads between Production and Sales Areas - The coastal methanol market slightly declined this week, and the inland market also had a narrow decline. The weekly average price in Taicang was 2,246 yuan/ton, a 0.11% decrease from the previous week, and the weekly average price in Inner Mongolia was 1,848 yuan/ton, a 0.35% decrease [9] 2.3 Methanol Foreign Prices and Spreads between Domestic and Foreign Markets - For foreign markets, the reference negotiation price for non-Iranian cargoes arriving in the far - month is 254 - 269 US dollars/ton, and the negotiation price for Iranian cargoes arriving in the near - far - month is +0.5 - 2.4%. The European methanol market was stable this week, with a reference price of 260 - 265 euros/ton and a few transactions at 260 euros/ton [12] Group 3: Methanol Fundamental Analysis 3.1 Methanol Operating Rate - As of January 15, the overall operating rate of domestic methanol plants was 77.91%, a decrease of 0.18 percentage points from the previous week and 1.69 percentage points lower than the same period last year. The operating rate in the northwest region was 89.45%, a decrease of 0.15 percentage points from the previous week and 1.75 percentage points higher than the same period last year [16] 3.2 Methanol Import and Export Volumes - No specific data provided in the given text 3.3 Methanol Port Inventories - The coastal methanol inventory this week was 1.432 million tons, a decrease of 30,500 tons from the previous week, a decline of 2.09%. The available methanol supply in coastal areas was 688,000 tons. The unloading speed of imported ships was slow, leading to a narrow decline in coastal inventory. It is expected that the arrival volume of imported ships in China in mid - to - late January will be 740,000 tons [23] 3.4 Crude Oil and Natural Gas - The domestic thermal coal market weakened from strong this week, and the market sentiment cooled. The production of coal mines in producing areas was stable, and the downstream procurement rhythm was first fast and then slow, putting pressure on pit - mouth prices [27] 3.7 Methanol Downstream - Traditional Downstream - The weighted operating rate of the overall methanol downstream was 74.2%, a decrease of 4.4% from the previous week, and the weighted operating rate of the traditional downstream was 55.5%, an increase of 0.1% from the previous week [29] 3.8 Methanol Downstream - MTO - The average operating rate of methanol - to - olefin plants this week was 80.75%, a decrease of 4.67 percentage points from the previous week. The average operating rate of MTO plants using externally purchased methanol was 70.03%, a decrease of 8.85 percentage points from the previous week [39] Group 4: Market Outlook - On the domestic supply side, the operating rate of methanol plants slightly decreased due to the maintenance of Henan Zhongxin and Shanxi Lubao. The coastal methanol inventory decreased slightly this week. In terms of demand, more olefin plants carried out maintenance due to profit issues, and the operating rate of externally purchased MTO plants decreased by 8.85 percentage points to 70%. The overall market was in a weak consolidation state due to uncertain foreign supply, sellers' reluctance to sell at low prices, downstream resistance to high prices, and the expectation of weakening demand [41]

徐绍祖（联系人） 18665881888 xushaozu@wkqh.cn 交易咨询号： Z0022675 季节性检修来临， 继续做多EB连1-连2 苯乙烯周报 从业资格号：F03115061 2026/01/17 CONTENTS 目录 01 周度评估及策略推荐 04 成本端 02 期现市场 05 供给端 03 利润库存 06 需求端 01 周度评估及策略推荐 周度评估及策略推荐 纯苯&苯乙烯周度策略 【行情资讯】 政策端：国际地缘冲突升级，德法驻军格林兰岛，能化板块大幅反弹。 估值：苯乙烯周度涨幅（期货＞现货＞成本），基差走弱，BZN价差下降，EB非一体化装置利润上涨。 成本端：上周华东纯苯现货价格上涨4.98%，纯苯期货活跃合约价格上涨4.87%，纯苯基差无变动0元/吨，纯苯开工率高位震荡。 供应端：EB产能利用率70.92%，环比上涨0.31%，同比去年下降-5.82%，较5年同期下降-12.98%。苯乙烯非一体化利润修复，开 工率随之上升。 风险提示：石脑油、纯苯价格大幅下跌，下游三S开工大幅下降。 02 期现市场 期现市场—苯乙烯活跃合约价格反弹 进出口：11月国内纯苯进口量为459.62万吨，环 ...

天眼查显示，近日，西藏科顺防水科技有限公司成立，法定代表人为葛云尚，注册资本1000万人民币， 由重庆科顺新材料科技有限公司全资持股。 企业名称西藏科顺防水科技有限公司法定代表人葛云尚注册资本1000万人民币国标行业制造业>化学原 料和化学制品制造业>基础化学原料制造地址西藏自治区山南市扎囊县扎塘镇嘎杂村80号企业类型有限 责任公司（自然人投资或控股的法人独资）营业期限2026-1-16至无固定期限登记机关扎囊县市场监督 管理局 来源：市场资讯 经营范围含建筑防水卷材产品制造；金属材料制造；金属包装容器及材料制造；玻璃纤维及制品制造； 石灰和石膏制造；有色金属合金制造；涂料制造（不含危险化学品）；专用设备制造（不含许可类专业 设备制造）；轻质建筑材料制造；建筑材料生产专用机械制造（除许可业务外，可自主依法经营法律法 规非禁止或限制的项目） 序号股东名称持股比例1重庆科顺新材料科技有限公司100% ...