Core Viewpoint - Zhenhua Co., Ltd. (振华股份) has announced a plan to issue convertible bonds to unspecified investors, aiming to raise up to RMB 87.8 million for various projects and working capital [1] Group 1: Convertible Bond Issuance - The company plans to issue convertible bonds convertible into A-shares, with a total fundraising amount not exceeding RMB 87.8 million [1] - Each bond will have a face value of RMB 100 and will be issued at face value [2] - The bonds will have a term of six years from the date of issuance [2] Group 2: Use of Proceeds - The raised funds will be allocated to projects including a 5,000 tons/year Vitamin K3 and 74,000 tons/year chromium green project, a 500,000 tons/year sulfur and 50,000 tons/year chromium powder project, as well as for working capital and repayment of bank loans [1] Group 3: Bond Features - The bonds will pay interest annually and will return the principal and final year's interest at maturity [3] - The conversion period for the bonds will start six months after issuance and last until the maturity date [3] - The bonds will be available to various investors, including individuals and institutions, excluding those prohibited by law [3]

每日观点 交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2026-1-5 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。 纯碱： 1、基本面：碱厂产量高位，整体供给预期充裕；下游浮法玻璃、光伏日熔量整体延续下滑趋势， 纯碱厂库处于历史同期高位；偏空 2、基差：河北沙河重质纯碱现货价1120元/吨，SA2605收盘价为1209元/吨，基差为-89元，期货升 水现货；偏空 3、库存：全国纯碱厂内库存140.83万吨，较前一周减少2.10%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线上方运行，20日线向下；中性 5、主力持仓：主力持仓净空，空增；偏空 6、预期：纯碱基本面疲弱，短期预计震荡运行为主。 影响因素总结 利多： 1、设备问题导致企业减量检修，纯碱供应恢复较慢。 利空： 1、23年以来，纯碱产能大幅扩张，2025年 ...

Group 1 - The core viewpoint of the news highlights the significant trading activity and financial performance of Weiteou, with a notable increase in stock price and trading volume on December 31 [1] - On December 31, Weiteou's stock price rose by 8.07%, with a trading volume of 381 million yuan, and a net financing purchase of 242,300 yuan [1] - As of December 31, the total margin balance for Weiteou was 296 million yuan, accounting for 4.29% of its market capitalization, indicating a high level of financing activity [1] Group 2 - As of November 20, the number of Weiteou's shareholders increased by 16.92% to 9,951, while the average circulating shares per person decreased by 14.47% to 9,388 shares [2] - For the period from January to September 2025, Weiteou reported a revenue of 1.06 billion yuan, representing a year-on-year growth of 24%, while the net profit attributable to shareholders decreased by 4.84% to 69.53 million yuan [2] - Since its A-share listing, Weiteou has distributed a total of 191 million yuan in dividends [3]

Group 1 - The core viewpoint of the news is that Yuanxiang New Materials has shown significant financial activity, with a notable drop in stock price and changes in financing and margin trading activities [1] - On December 31, Yuanxiang New Materials' stock price fell by 1.07%, with a trading volume of 43.96 million yuan. The financing buy amount was 3.67 million yuan, while the financing repayment was 5.46 million yuan, resulting in a net financing buy of -1.79 million yuan [1] - As of December 31, the total balance of margin trading for Yuanxiang New Materials was 82.18 million yuan, with a financing balance of 82.01 million yuan, accounting for 5.59% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of September 30, the number of shareholders for Yuanxiang New Materials was 7,290, a decrease of 17.99% from the previous period, while the average circulating shares per person increased by 22.78% to 4,223 shares [2] - For the period from January to September 2025, Yuanxiang New Materials achieved an operating income of 362 million yuan, representing a year-on-year growth of 4.29%, and a net profit attributable to the parent company of 65.15 million yuan, which is a significant increase of 95.58% year-on-year [2] - Yuanxiang New Materials has distributed a total of 183 million yuan in dividends since its A-share listing, with 157 million yuan distributed over the past three years [3]

Core Viewpoint - Tianyuan Co., Ltd. is accelerating its capacity expansion with a new project for producing 100,000 tons of chlorination titanium dioxide, involving a total investment of 1.483 billion yuan, which is expected to enhance its market competitiveness and support its transition to high-value new materials [1][2][6]. Group 1: Expansion Plans - The new chlorination titanium dioxide project will be built on existing company land, minimizing additional land acquisition costs and construction time [2]. - This project is a key part of the company's "one body, two wings" strategy, aimed at increasing overall titanium dioxide production capacity and optimizing product structure [2][3]. Group 2: Financial Performance - In the first three quarters of 2025, the company reported revenues of 8.49 billion yuan, a year-on-year decrease of 14.89%, while net profit attributable to shareholders reached 31.69 million yuan, a significant increase of 132.63% [1][4]. - The improvement in profitability is attributed to product structure optimization, effective cost control, and positive contributions from non-recurring gains [4]. Group 3: Research and Development - Over the past five years, the company has invested a total of 427 million yuan in R&D, with annual expenditures showing a consistent upward trend [5]. - The company has developed multiple technological reserves in chlorination titanium dioxide process optimization, comprehensive utilization of phosphate resources, and lithium battery material research, which support business expansion [5]. Group 4: Market Position and Strategy - The chlorination method has become the mainstream production process for titanium dioxide, with competitors like Longbai Group and Luban Chemical also expanding their capacities [3]. - The new project is expected to help Tianyuan Co., Ltd. break the monopoly of foreign companies in the high-end chlorination titanium dioxide market and enhance the international competitiveness of domestic brands [3][6].

Group 1 - The company expects a net profit increase of over 50% for the fiscal year 2025, with the performance period from January 1, 2025, to December 31, 2025 [1] - The company reported a production of approximately 4.9 million tons of potassium chloride and 46,500 tons of lithium carbonate, with sales figures of about 3.81 million tons and 45,600 tons respectively [2] - The price of potassium chloride has risen compared to the previous year, while lithium carbonate prices have shown volatility but are recovering in the second half of the year, contributing to the overall growth in performance [2] Group 2 - The company has successfully passed the re-examination for high-tech enterprise qualification, which will allow it to recognize deferred tax assets, further boosting net profit [2] - The financial data in the performance forecast has not been audited by a registered accounting firm, and the company has communicated with the accounting firm regarding significant matters without major disagreements [1][2]

Core Viewpoint - Tianyuan Group Co., Ltd. is actively expanding its production capacity and financial strategies while managing operational challenges in its subsidiaries [4][5][6]. Group 1: Trading Information - On December 31, 2025, Tianyuan shares closed at 5.43 yuan, down 1.99%, with a turnover rate of 1.7%, trading volume of 221,800 shares, and a transaction amount of 121 million yuan [1]. - On the same day, the net outflow of main funds was 12.858 million yuan, accounting for 10.65% of the total transaction amount, while retail investors saw a net inflow of 6.7811 million yuan, representing 5.62% of the total [2]. Group 2: Company Announcements - The company’s board approved an investment of 148.281 million yuan by its wholly-owned subsidiary to construct a 100,000-ton annual production capacity titanium dioxide project, with a construction period of 24 months and a payback period of 6.26 years [4]. - The board also approved a proposal to provide a guarantee for a 75 million yuan new policy financial tool loan application, with the controlling shareholder providing a joint liability guarantee [2][7]. - The company decided to cease operations of its subsidiary, Vietnam Tianxiang New Materials Technology Co., Ltd., starting January 1, 2026, due to ongoing losses since its operation began in 2024 [5]. - The board approved an increase in the risk margin for commodity futures hedging from 150 million yuan to 250 million yuan, allowing for cyclical use within the authorized period [3][8]. Group 3: Subsidiary Operations - The subsidiary Yunnan Tianli Coal Chemical Co., Ltd. signed a contract for a gas power generation project, which will utilize gas resources from Changneng Coal Mine, with a contract duration of 20 years [6][7]. - The project aims to prioritize electricity supply for the coal mine's own use, with excess power sold to the grid, contributing to resource utilization and cost reduction [7].

本报阿拉善1月4日电 （记者 刘宏章 通讯员 础鲁）日前，位于阿拉善盟阿拉善右旗的博源阿拉善塔木素 天然碱开发利用二期项目正式建成投产。 博源阿拉善塔木素天然碱开发利用项目于2020年6月开工建设，规划建设规模为年产780万吨纯碱、200 万吨小苏打。项目一期建设年产500万吨纯碱、40万吨小苏打装置，于2023年6月建成投产；二期建设年 产280万吨纯碱、40万吨小苏打装置及120万吨小苏打碳回收综合利用项目，于2023年底启动。随着二期 项目的建成投产，纯碱和小苏打年产能将突破1000万吨，预计年产值超120亿元、贡献税收超20亿元。 据了解，该项目是博源深耕天然碱开采加工40多年取得的重大成果，在工艺技术创新、设备大型化、管 理数智化等方面实现了新突破。博源阿拉善塔木素天然碱开发利用项目是博源发展的核心，二期项目的 建成，标志着博源打造世界级纯碱基地的目标取得了决定性成果。 （来源：内蒙古日报） 转自：内蒙古日报 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Pure benzene processing fees remain low, and domestic pure benzene operations are still sluggish despite the rising ethylene cracking operations. Overseas refined oil crack spreads may reach the bottom. Meanwhile, domestic pure benzene arrivals are rising from the bottom, downstream pick - up is weakening during the off - season, and port inventories are accumulating rapidly to high levels. Styrene maintenance recovery is slow, with operations increasing slower than expected. CPL operations continue at a low level, terminal consumption is weak, and PA6 and nylon loads are low. Aniline operations are at historical lows, dragged down by the year - on - year decline in refrigerator production schedules. Phenol operations have rebounded from a low level, but PC operations are still average. Adipic acid operations are acceptable. [7] - Styrene port inventories have changed little, and the original inventory replenishment expectation has not been fulfilled. This is due to Bohua's short - term maintenance and the boost from previous styrene export orders. Downstream pick - up still has some resilience, but downstream operations are seasonally low. During the off - season, EPS operations have rebounded slightly, PS operations have increased again after inventory reduction, and ABS operations have remained low due to continuous inventory pressure. [7] 3. Summary by Relevant Catalogs 3.1. Basis Strategy Analysis - **Basis Status**: In December, the basis of styrene in Jiangsu against the EB2602 contract declined in the first and middle of the month and then rose to around +80 yuan/ton in the second half of the month. The basis of pure benzene in Jiangsu against the BZ2603 contract further dropped to the range of - 100 to - 150 yuan/ton. [12] - **Basis Analysis and Forecast**: In the first and middle of December, the styrene basis weakened due to the anticipation of inventory accumulation. However, in the second half of the month, it rebounded because of improved styrene exports and Bohua's short - term maintenance. It is expected that in January, as styrene operations further recover and it is the downstream off - season, the basis may fall to the range of +30 to +60 yuan/ton, depending on the styrene resumption rate. The pure benzene basis was dragged down by the further accumulation of port inventories to a historical high in December. In January, the port inventory pressure will continue, and the basis is expected to remain weak at - 80 to - 130 yuan/ton. [12] - **Basis Strategy**: For styrene, conduct a reverse spread on EB2602 - EB2603 when the spread is high, but it is currently at a low level. For pure benzene, continue the reverse spread on BZ2603 - BZ2605. [12] 3.2. Pure Benzene and Styrene Futures and Spot Prices, Basis, and Inter - period - Not summarized as the content mainly lists the figures without further text descriptions 3.3. Styrene Supply - **Production and Capacity**: Styrene monthly output was 1,457,526 tons, a year - on - year increase of 13.93%. The plant operation rate was 70.70% (+1.57%). New capacity includes Guoen Chemical's 200,000 - ton/year EB/PO plant, which was put into production in early December. Future planned capacities include Wanhua Chemical's 30,000 - ton/year C8 extraction plant in 2026 and Huajin Aramco's 700,000 - ton/year ethylbenzene dehydrogenation plant in Q4 2026. [1][23] - **Import and Export**: Monthly styrene imports were 18,836 tons, a year - on - year decrease of 69.00%, and exports were 23,688 tons, a year - on - year increase of 5780.29%. [1] 3.4. Styrene Downstream Demand - **Output**: EPS output was 380,286 tons (+12.52% y/y), PS output was 394,000 tons (+4.27% y/y), ABS output was 658,000 tons (+20.29% y/y), UPR output was 282,000 tons (-23.78% y/y), and SBS output was 103,386 tons (+20.90% y/y). [2] - **Operation Rate**: EPS operation rate was 43.64% (-8.92%), PS operation rate was 60.40% (+1.80%), ABS operation rate was 69.40% (-0.70%), UPR operation rate was 35.00% (-3.00%), and styrene - butadiene rubber operation rate was 80.80% (+1.42%). [2] - **Terminal Demand**: In December, the air - conditioning production schedule was still weak. From January to February 2026, the production schedule was flat year - on - year, with an increase in export plans, mainly dragged down by the high domestic sales base. [2] 3.5. Styrene Inventory - **Port Inventory**: Styrene inventory at East China ports was 138,800 tons (-500), and it did not further decrease in December, nor did it meet the pre - holiday inventory accumulation expectation. [3] - **Factory Inventory**: Styrene factory inventory was 171,760 tons (+800). Due to the slow recovery of styrene operations, factory inventory continued to decline. [3] 3.6. Pure Benzene Supply and Inventory - **Production and Capacity**: Pure benzene output was 1.936 million tons, a year - on - year increase of 1.09%. The operation rate was 75.18% (+0.29%). New capacity concentrated production period has passed. In the first quarter of 2026, attention should be paid to the production progress of BASF's 150,000 - ton/year cracked pure benzene, Shandong Ruilin's 280,000 - ton/year thermal hydro - demethylated pure benzene, and Tangshan Mudi's 400,000 - ton/year disproportionated pure benzene. [4] - **Import and Port Inventory**: Monthly pure benzene imports were 459,625 tons, a year - on - year increase of 5.93%. East China port inventory was 300,000 tons (+27,000). In December, port inventory pressure further increased to a historical high due to arrival pressure and low downstream pick - up. [3] 3.7. Pure Benzene Downstream Demand - **Output**: Caprolactam output was 560,000 tons (-9.13% y/y), aniline output was 303,000 tons (-9.62% y/y), phenol output was 487,000 tons (-2.77% y/y), and adipic acid output was 207,000 tons (+14.78% y/y). [4] - **Operation Rate**: Caprolactam operation rate was 74.04% (-0.12%), phenol - acetone operation rate was 81.00% (+2.50), aniline operation rate was 62.98% (+1.63), and adipic acid operation rate was 63.60% (+4.00). [4][5] - **Industrial Chain Conditions**: In the CPL industrial chain, caprolactam operations continued to decline, CPL factory inventory decreased rapidly, but PA6 and nylon filament factory inventory pressure remained. In the phenol - acetone industrial chain, phenol operations rebounded, driven by the rebound of bisphenol A, but PC operations were average. In the aniline industrial chain, aniline operations fell to a historical low due to MDI operations, but MDI factory inventory pressure eased. In the adipic acid industrial chain, operations increased slightly in December. [5][6]

Core Viewpoint - Zhenhua Co., Ltd. plans to issue convertible bonds to raise a total of up to RMB 878 million, which will be allocated to various projects including the production of vitamin K3 and chromium-related products [1] Group 1: Fundraising Details - The total amount of funds to be raised through the issuance of convertible bonds is capped at RMB 878 million, including the principal [1] - The funds will be used for multiple projects, including a 5,000 tons/year vitamin K3 production facility and a 50 tons/year chromium powder project [1] Group 2: Project Investments - The investment will support a project with an annual output of 74,000 tons of chromium green, alongside the aforementioned vitamin K3 project [1] - Additional allocations will be made for working capital and repayment of bank loans [1]