Market Overview - The secondary market prices of publicly listed REITs in China showed a fluctuating upward trend in January 2026, with the CSI REITs closing at 809.56 and the CSI REITs total return index at 1052.42, yielding returns of 3.98% and 4.22% respectively [1] - Compared to other major asset classes, the return rates ranked as follows: Gold > Crude Oil > Convertible Bonds > A-shares > REITs > US Stocks > Pure Bonds [1] Industry Research - SpaceX plans to deploy one million computing satellites, expanding the commercial space demand [2] - The ability to manufacture and launch reusable rockets is fundamental for large-scale constellation construction [2] - Laser communication networks are key for achieving large-scale inter-satellite communication [2] - Recommended companies in the rocket sector include Superjet, Highhua Technology, and Zhongheng Design; in the satellite sector, focus on Shaanxi Huada, Shanghai Port, Shanghai Huanxun, Zhenlei Technology, Changguang Huaxin, Aerospace Electronics, Jiayuan Technology, and Shanghai Huguang [2] Company Research - Baihehua (603823.SH) plans to invest in a 1000-ton PEEK project, enhancing its position in the new materials sector [3] - The forecast for Baihehua's net profit for 2025-2027 is adjusted to 173 million (down 22%), 223 million (down 22%), and 270 million yuan, with corresponding EPS of 0.42, 0.54, and 0.65 yuan [3] - Zhongxin Fluorine Materials (002915.SZ) expects to achieve a net profit of 16-20 million yuan in 2025, benefiting from the recovery in pesticide demand and reduced losses from Fujian Gaobao [4] - The projected net profits for Zhongxin Fluorine Materials for 2025-2027 are 18 million, 75 million, and 110 million yuan [4] - Jiu Ri New Materials (688199.SH) anticipates a net profit of 21-31.5 million yuan in 2025, driven by the price recovery of photoinitiators [6] - The projected net profits for Jiu Ri New Materials for 2025-2027 are 31 million, 78 million, and 136 million yuan [6] - Great Wall Motors (601633.SH, 2333.HK) reported a profit forecast for 2025, with net profits adjusted to 9.9 billion, 12.4 billion, and 15.7 billion yuan for 2025-2027 [7] - Apple (AAPL.O) reported record revenue growth in FY1Q26, driven by strong demand for the iPhone 17 series and the continued penetration of AI features [8] - The company maintained a high gross margin despite rising storage costs, showcasing its pricing power and supply chain management capabilities [8] - Aoyou (1717.HK) expects a revenue growth of 1.1% in 2025, with net profits adjusted to 236 million, 262 million, and 280 million yuan for 2025-2027 [9]

Core Viewpoint - Fujian Del Technology Co., Ltd. has made a significant step in restarting its IPO process by filing a counseling record report with the China Securities Regulatory Commission [1] Company Overview - Fujian Del was previously accepted for listing on the Shanghai Stock Exchange on June 30, 2023, but voluntarily withdrew its application in August 2025, leading to the termination of its listing review [3] - The company is recognized as a national high-tech enterprise with core independent intellectual property rights, focusing on the research, production, and sales of fluorochemical basic materials, new energy lithium battery materials, special gases, and semiconductor wet electronic chemicals [3][4] Industry Context - The fluorochemical industry is referred to as a "golden industry," characterized by high technical content, high added value, and high growth potential, making it a crucial part of the national strategic emerging industries [3] - According to the China Fluorochemical Industry 2023 Annual Report, there are over 1,000 fluorochemical enterprises in China, covering all industrial sectors, with a production capacity and output accounting for over 60% of the global market and a total output value exceeding 500 billion yuan [3] Strategic Positioning - Fujian Del focuses on anhydrous hydrogen fluoride as a starting point, aligning its business with national strategic emerging industries such as special fluorinated gases, semiconductor wet chemicals, and new energy materials [4] - The company has achieved significant technological and market advantages in the field of fluorinated electronic special gases through continuous technological innovation and the development of a series of import substitution products [4] Shareholding Structure - The counseling record report indicates that Fujian Del has no controlling shareholder, with the actual controllers being Lai Zongming, Hua Xiangbin, and Huang Tianliang, who collectively hold 35.06% of the shares [4] - Lai Zongming holds 15.60%, Hua Xiangbin holds 14.88%, and Huang Tianliang holds 4.58% of the shares [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 16 million to 20 million yuan in 2025, marking a turnaround from previous losses [1]. - The recovery in demand for pesticide intermediates has significantly improved the company's performance, particularly through the operational improvements at its subsidiary, Fujian Gaobao, which has reduced its losses substantially [2]. - The company plans to raise 186 million yuan through a private placement to expand its production capacity in the new materials sector, specifically for BPEF and BPF products, which are widely used in various high-tech applications [3]. Summary by Sections Financial Forecasts - The company’s projected net profits for 2025, 2026, and 2027 are 18 million, 75 million, and 110 million yuan respectively, with a notable increase in revenue expected [4][5]. - Revenue is forecasted to grow from 1,576 million yuan in 2025 to 2,129 million yuan by 2027, reflecting a compound annual growth rate [5][9]. Profitability and Valuation Metrics - The gross margin is expected to improve from 15.5% in 2025 to 19.1% in 2027, indicating enhanced operational efficiency [11]. - The company’s price-to-earnings ratio (P/E) is projected to decrease from 410 in 2025 to 67 by 2027, suggesting a more favorable valuation as profitability improves [12]. Operational Developments - The company is enhancing its production capabilities to meet the growing demand in the new materials sector, which is expected to drive future growth [3]. - The operational efficiency improvements and strategic adjustments in product structure and sales strategies are anticipated to contribute to double-digit revenue growth in 2025 [2].

Group 1 - The core point of the news is that Yonghe Co., Ltd. experienced a 5.05% drop in stock price, reaching 27.10 yuan per share, with a trading volume of 414 million yuan and a turnover rate of 2.96%, resulting in a total market capitalization of 13.843 billion yuan [1] - Yonghe Co., Ltd. is located in Quzhou, Zhejiang Province, and was established on July 2, 2004, with its listing date on July 9, 2021. The company specializes in the research, production, and sales of fluorochemical products, covering the entire industrial chain from fluorite resources to fluorinated polymers [1] - The main business revenue composition of Yonghe Co., Ltd. includes fluorocarbon chemicals (53.58%), fluorinated polymer materials (32.71%), chemical raw materials (9.06%), and other (2.63%), with fluorinated fine chemicals accounting for 2.02% [1] Group 2 - From the perspective of major fund holdings, data shows that one fund under Zhongjia Fund has a significant position in Yonghe Co., Ltd. The Zhongjia Quantitative Research Mixed A Fund (014691) held 28,800 shares in the fourth quarter, accounting for 1.68% of the fund's net value, ranking as the tenth largest holding [2] - The Zhongjia Quantitative Research Mixed A Fund (014691) was established on April 11, 2022, with a latest scale of 28.3431 million yuan. Year-to-date returns are 9.83%, ranking 1736 out of 9000 in its category; the one-year return is 45.75%, ranking 2449 out of 8193; and since inception, the return is 38.26% [2] - The fund manager of Zhongjia Quantitative Research Mixed A Fund is Zhong Wei, who has a cumulative tenure of 12 years and 91 days, with the total asset scale of the fund being 1.033 billion yuan. The best fund return during his tenure is 40.77%, while the worst is 0.36% [2]

（文章来源：21世纪经济报道） 化工ETF天弘（159133）跟踪的是中证细分化工产业主题指数，该指数全面覆盖化工各个细分领域，包 含磷化工、氟化工、磷肥、钾肥等行业龙头。化工ETF天弘（159133）以及联接基金（C类015897）可 一键分享化工板块整体机遇。 国盛证券表示，供给格局改善，化工行业迎来估值修复。自2025年7月"反内卷"热潮以来，化工板块迎 来持续上涨。2025年Q4以来伴随化工ETF的发行、双碳政策发布，化工投资资金侧、供给侧逻辑迎来加 强。 2月2日，三大指数集体下跌，中证细分化工产业主题指数下跌5.15%，该指数成分股中，恩捷股份、天 赐材料飘红。 相关ETF方面，化工ETF天弘（159133）截至发稿成交额超6800万元，换手率近3%，溢折率0.05%，盘 中频现溢价交易；Wind金融终端数据显示，该ETF盘中获净申购达8500万份。 资金流向方面，该ETF上个交易日（1月30日）净流入额为2.77亿元，截至上个交易日，已连续23个交 易日获资金净流入，累计净流入额超17亿元。该ETF最新流通份额为19.7亿份，最新流通规模为24.27亿 元。 ...

下一步，甘河园区将持续谋划项目清单，进一步提速招商对接节奏，优化招商服务举措。 中化新网讯新年伊始，甘河工业园区(下称甘河园区)锚定高质量发展目标，聚焦产业链延伸、项目落地 见效、服务效能提升，多点发力、多措并举开展招商引资工作，以务实举措推动项目招引、签约、落地 全链条提速，冲刺一季度"开门红"。 具体而言，甘河园区聚焦合金新材料、氟化工、碳纤维应用等高附加值领域，加强2026年度招商项目储 备，精心谋划项目32项，总投资约260亿元，为年度招商工作划定路线图。同时，园区提前储备"十五 五"招商项目百余项，总投资规模达605亿元。今年1月，园区赴广东、云南等地开展外出招商活动2次， 对接目标企业与优质项目，加快了与成都蜀虹铜精深加工、山西东强氟精细化工等项目的合作进程。1 月以来，甘河园区成功签约项目2项，总投资约22亿元。 ...

Core Viewpoint - The fluorochemical index experienced a decline of 4.98% during the week of January 26 to January 30, underperforming compared to the Shanghai Composite Index and other benchmarks [1][2]. Market Overview - The fluorochemical index closed at 5062.85 points, down 4.98%, lagging behind the Shanghai Composite Index by 4.54%, the CSI 300 Index by 5.06%, and the basic chemical index by 4.08%, while outperforming the new materials index by 0.31% [1][2]. Fluorochemical Prices - Fluorspar prices stabilized, with the market average for wet flourspar at 3,314 CNY/ton as of January 30, reflecting a slight increase of 0.15% week-on-week, but a year-on-year decrease of 9.61% [3]. - The average price for January 2026 was 3,310 CNY/ton, down 4.92% from 2025 [3]. Refrigerant Prices - As of January 30, prices for various refrigerants remained stable week-on-week, including: - R32: 63,000 CNY/ton (domestic), 61,200 CNY/ton (export) - R125: 50,000 CNY/ton (domestic), 45,000 CNY/ton (export) - R134a: 58,000 CNY/ton (domestic), 56,000 CNY/ton (export) - R143a: 40,000 CNY/ton (domestic), 20,000 CNY/ton (export) - R227: 55,000 CNY/ton (domestic), 50,000 CNY/ton (export) - R152a: 27,000 CNY/ton (both domestic and export) - R410a: 55,500 CNY/ton (domestic), 54,000 CNY/ton (export) - R404: 46,000 CNY/ton (domestic), 35,000 CNY/ton (export) - R507: 46,000 CNY/ton (domestic), 35,000 CNY/ton (export) - R22: 17,500 CNY/ton (domestic), 14,500 CNY/ton (export) [3]. Market Demand and Outlook - The refrigerant market is entering a demand off-season, with exports gradually resuming post-holiday. However, delays in export license processing are hindering full recovery. The demand from A5 countries for high GWP refrigerants is expected to increase, potentially boosting exports and domestic market activity [4]. - Overall, with low inventory and constrained supply, the upcoming demand recovery, especially during peak seasons, is anticipated to provide sufficient upward momentum for refrigerant prices [4]. Company Performance Forecasts - Companies such as Juhua Co., Ltd. (600160) and Haohua Technology (600378) are expected to see significant profit increases in 2025, with Juhua projected to achieve a net profit of 3.54 to 3.94 billion CNY (up 80% to 101% year-on-year) and Haohua expected to reach 1.38 to 1.48 billion CNY (up 30.96% to 40.44%) [4]. - Other companies like Luxi Chemical (000830) and ST Lianchuang (300343) also forecast substantial profit growth for 2025 [4]. Beneficiary Stocks - Recommended stocks benefiting from the fluorochemical market include Jinshi Resources, Juhua Co., Ltd., Sanmei Co., Ltd. (603379), and Haohua Technology, among others [6].

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Insights - The fluorochemical industry is experiencing a stable pricing environment for third-generation refrigerants, with potential for a new round of price increases. Companies like Juhua Co., Ltd. and Haohua Technology have announced profit increases for 2025 [4][19] - The industry is entering a long-term prosperity cycle, with significant growth potential across the entire fluorochemical value chain, from raw materials like fluorite to high-end fluorinated materials and fine chemicals [25] Summary by Sections 1. Fluorochemical Market Overview - Fluorite prices have stabilized and are expected to gradually recover, with the average market price for 97% wet fluorite at 3,314 CNY/ton as of January 30, 2026, reflecting a 0.15% increase from the previous week [19][20] - The fluorochemical index decreased by 4.98% during the week of January 26 to January 30, 2026, underperforming compared to the Shanghai Composite Index by 4.54% [6][38] 2. Refrigerant Pricing Trends - As of January 30, 2026, the prices for various refrigerants are as follows: R32 at 63,000 CNY/ton, R125 at 50,000 CNY/ton, R134a at 58,000 CNY/ton, and R410a at 55,500 CNY/ton, all remaining stable compared to the previous week [21][22] - The market for refrigerants is entering a demand off-season, but there is potential for price increases as domestic demand is expected to rise with the upcoming peak season [23][24] 3. Company Performance and Announcements - Juhua Co., Ltd. expects a net profit of 3.54 to 3.94 billion CNY for 2025, representing a year-on-year increase of 80% to 101%. Haohua Technology anticipates a net profit of 1.38 to 1.48 billion CNY, a growth of 30.96% to 40.44% [10] - Other companies such as Luxi Chemical and ST Lianchuang also forecast significant profit increases for 2025, indicating a positive outlook for the industry [10] 4. Recommended Stocks - Recommended stocks include Jinshi Resources, Juhua Co., Ltd., Sanmei Co., Ltd., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Ltd., Dongyue Group, and Xinzhou Bang [11][25]

Core Insights - The report emphasizes the importance of a strong domestic economic foundation for building a financial powerhouse in China, highlighting the need for comprehensive policies to boost domestic demand and optimize support for new industries [6][7][8] - The manufacturing sector is experiencing a decline in PMI, indicating weakening production and demand, with specific industries like food processing and aerospace remaining in a high prosperity zone while others face pressure [11][12][13] - The real estate sector is projected to hit a bottom in 2026, with historical patterns suggesting a cyclical rather than a trend-based issue, and the report discusses the implications of rental yields and mortgage rates on property prices [30][31][32][34] Macro Economic Analysis - The report outlines macroeconomic policies focusing on enhancing domestic circulation and expanding domestic demand, with specific measures including a 500 billion yuan investment guarantee plan for private investment [6][7] - It notes that the central bank will maintain a moderately loose monetary policy in 2026, with potential for further rate cuts and liquidity support [7][8] - Fiscal policies are aimed at stimulating consumption and investment, with a focus on service sectors and adjustments in real estate financing [8] Industry Insights - The automotive industry is highlighted with significant growth in FSD paid user penetration, reaching over 12%, and a fivefold increase in global humanoid robot shipments expected in 2025 [53][54] - The chemical industry is experiencing stable prices for refrigerants despite seasonal downturns, with companies like Juhua and Haohua Technology announcing performance increases for 2025 [4] - The food and beverage sector shows resilience in demand, particularly for brands like Moutai, indicating a clear trend of improvement at the bottom [4] Investment Strategy - The report suggests maintaining positions in the market despite volatility, advocating for a focus on theme-based investments that align with macroeconomic conditions [23][25] - It emphasizes the importance of sector rotation, recommending investments in steel, building materials, media, chemicals, and communication sectors [39][41] - The report also discusses the performance of "quantitative fixed income+" funds, noting their rapid growth and the strategies employed within this category [49][50][51]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Views - The fluorochemical industry is experiencing a stable price trend for the third-generation refrigerants, with a potential new round of price increases on the horizon. Companies such as Juhua Co., Ltd. and Aohua Technology have announced profit increases for 2025 [4][19] - The industry is entering a long-term prosperity cycle, with significant growth potential across the entire fluorochemical value chain, from raw materials like fluorite to high-end fluorinated materials and fine chemicals [25] Summary by Sections Industry Overview - The fluorite price has stabilized and is expected to gradually recover, with the average market price for 97% wet fluorite at 3,314 CNY/ton as of January 30, 2026, reflecting a 0.15% increase from the previous week [19][20] - The fluorochemical index decreased by 4.98% during the week of January 26 to January 30, 2026, underperforming compared to the Shanghai Composite Index by 4.54% [6][38] Refrigerant Market - As of January 30, 2026, the prices for various refrigerants remained stable, with R32 at 63,000 CNY/ton, R125 at 50,000 CNY/ton, and R134a at 58,000 CNY/ton [21][22] - The refrigerant market is entering a demand off-season, but there is potential for price adjustments as domestic demand increases, especially with low inventory levels and supply constraints [9][24] Company Announcements - Juhua Co., Ltd. expects a net profit of 3.54 to 3.94 billion CNY for 2025, representing a year-on-year increase of 80% to 101%. Aohua Technology anticipates a net profit of 1.38 to 1.48 billion CNY, a growth of 30.96% to 40.44% [10] - Other companies such as Luxi Chemical and ST Lianchuang also forecast significant profit increases for 2025 [10] Recommended Stocks - Recommended stocks include Jinshi Resources, Juhua Co., Ltd., Sanmei Co., Ltd., and Aohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Ltd., Dongyue Group, and Xinzhou Bang [11][25]