招股书显示，清泉股份是一家专业从事特种精细化学品和特种高分子新材料研发、生产与销售的国家级 专精特新重点"小巨人"企业。公司IPO于2025年12月29日获得受理。本次冲击上市，公司拟募集资金约 4.92亿元。 北京商报讯（记者 马换换 李佳雪）1月14日晚间，深交所官网显示，江苏清泉化学股份有限公司（以下 简称"清泉股份"）创业板IPO进入问询阶段。 ...

Group 1 - The overall sentiment among private fund managers regarding the A-share market in January is cautiously optimistic, with most planning to maintain their current positions. High-dividend assets, technology sectors, and leading manufacturing companies are identified as core investment directions [1][2] - The confidence index for A-share managers recorded 124.94 in January 2026, a slight increase of 0.48% from December 2025, indicating a rise in confidence compared to the previous month. The trend expectation confidence index reached 133.59, up 0.6% month-on-month, reflecting a market dominated by optimistic and neutral attitudes [1] - A breakdown of fund manager sentiment shows that 5.4% are extremely optimistic (down 0.5 percentage points), 58.7% are optimistic (up 2.6 percentage points), and 34% are neutral (down 1.6 percentage points). The proportion of pessimistic managers decreased to 1.5% (down 0.8 percentage points), while 0.4% are extremely pessimistic (up 0.4 percentage points) [1] Group 2 - Several private funds have disclosed their latest holdings and investment logic, focusing on four main areas: internet platforms with competitive advantages, consumer sectors with supply constraints, leading manufacturing companies, and hidden champions in cyclical industries. Some cyclical sectors are expected to provide stable profits and high dividends, offering returns above risk-free rates [2] - The current investment strategy includes maintaining high positions in three main lines: cyclical industry leaders with dividend characteristics, technology giants benefiting from rapid AI development, and state-owned enterprises with high barriers to entry and attractive dividend rates [2] - Recent pullbacks in dividend stocks are viewed as attractive buying opportunities, with historical data indicating that the first quarter typically sees the highest win rates and strongest gains for dividend stocks [3]

Group 1 - The core viewpoint of the news is that Xinhua Co., Ltd. has shown significant trading activity with a financing balance at a high level, indicating strong investor interest [1][2] - On January 13, Xinhua Co., Ltd. experienced a stock price increase of 1.09% with a trading volume of 278 million yuan, and the net financing buy was -381,700 yuan, indicating a slight outflow of funds [1] - As of January 13, the total financing and securities lending balance for Xinhua Co., Ltd. was 463 million yuan, which accounts for 8.26% of its circulating market value, placing it above the 90th percentile of the past year [1] Group 2 - As of September 30, the number of shareholders for Xinhua Co., Ltd. increased to 11,400, a rise of 4.00%, while the average circulating shares per person decreased by 3.79% to 16,987 shares [2] - For the period from January to September 2025, Xinhua Co., Ltd. reported a revenue of 2.197 billion yuan, reflecting a year-on-year growth of 0.36%, and a net profit attributable to shareholders of 185 million yuan, up by 2.66% [2] - The company has distributed a total of 474 million yuan in dividends since its A-share listing, with 270 million yuan distributed over the past three years [3]

Core Insights - The report highlights that Xinhecheng (002001) is positioned to become a global leader in the fine chemical industry by leveraging high-barrier core intermediates and focusing on domestic substitution [2][12] - The nutritional products segment is expected to recover, with methionine likely to see both volume and price increases as the impact of BASF's incident fades [12] - The flavor and fragrance segment is experiencing steady growth, with the company leading in domestic scale and continuously expanding its product offerings [12] - The new materials segment demonstrates synergy between industry and technology, with the company planning to enhance its production capacity for key intermediates like adiponitrile [12] Nutritional Products Segment - The nutritional products segment is at a turning point, with methionine demand expected to grow at 6% globally, supported by a strong cost curve and reduced overseas competition due to environmental pressures [12] - The company has a significant cost advantage by mastering core intermediates and integrating the vitamin A and E supply chain [12] - The anticipated completion of projects for 70,000 tons of solid methionine and 180,000 tons of liquid methionine in 2025 is expected to lead to volume and price increases in 2026 [12] Flavor and Fragrance Segment - The global flavor and fragrance market is dominated by a few players, with high barriers to entry, and the company is well-positioned to benefit from this concentration [12] - The segment is expected to grow as downstream manufacturers are less sensitive to price changes and seek comprehensive service offerings [12] New Materials Segment - The new materials segment is characterized by high-barrier processes and significant domestic substitution potential, with the company being the second-largest producer of PPS globally [12] - The company is planning a nylon integration project in Tianjin, with an initial capacity of 100,000 tons per year for adiponitrile and hexamethylenediamine [12] Financial Projections - Revenue projections for the company are estimated at 23.183 billion, 23.426 billion, and 24.478 billion yuan for 2025, 2026, and 2027 respectively, with net profit forecasts of 6.733 billion, 7.202 billion, and 8.058 billion yuan [12] - The expected EPS for the same years is 2.19, 2.34, and 2.62 yuan per share, indicating a compound annual growth rate (CAGR) of 11% for net profit [12] - The company's PE ratio for 2026 is projected to be around 11 times, which is below the average PE of comparable companies at 15 times [12]

Core Viewpoint - Wansheng Co., Ltd. (603010.SH) is expected to report its first annual loss since its IPO in 2011, with a projected negative net profit for 2025 [1][5][8]. Financial Performance - In the first three quarters of 2025, Wansheng Co. achieved a revenue of 2.484 billion yuan, a year-on-year increase of 16.98%, but the net profit attributable to shareholders was 50.09 million yuan, down 57.85% year-on-year [6]. - The company anticipates a loss exceeding 50 million yuan in the fourth quarter of 2025, indicating a significant decline in profitability [2][7]. Reasons for Loss - The expected loss is attributed to two main factors: 1. Weak terminal demand due to international geopolitical conflicts, inflation in Europe and the U.S., and a sluggish global economy, leading to oversupply and declining gross margins [5][7]. 2. Strategic adjustments in production capacity and product structure, including relocating some production to Thailand to avoid international trade barriers, which has resulted in asset impairment [5][6]. Historical Context - Wansheng Co. has seen a significant decline in net profit over the past three years, with figures of 365 million yuan, 184 million yuan, and 103 million yuan, reflecting decreases of 55.70%, 49.69%, and 43.72% respectively [9]. - The company’s revenue for the years 2022 to 2024 was 3.564 billion yuan, 2.850 billion yuan, and 3.963 billion yuan, showing a decline of 13.38% and 20.03% in the first two years, followed by a slight recovery in 2024 [8][9]. Ownership and Control - In 2021, Wansheng Co. was acquired by Guo Guangchang through Nanjing Steel Group, with a total investment of 2.68 billion yuan for control [3][15]. - As of January 13, 2026, the market capitalization of Wansheng Co. was 6.084 billion yuan, resulting in a paper loss of nearly 900 million yuan for Guo Guangchang, considering his investment and the company's recent performance [4][16]. Market Position - Wansheng Co. specializes in the production and sale of functional fine chemicals, particularly phosphorus-based flame retardants, and has established long-term partnerships with numerous global companies [10].

证券日报网讯1月13日，金禾实业（002597）在互动平台回答投资者提问时表示，公司的新能源相关布 局，是基于现有精细化工技术积累和产业链优势的延伸。公司已通过校企合作、客户共同研发、中试验 证等方式稳步推进技术储备和市场开拓。未来将继续秉持稳健经营原则，有序推进新领域业务发展。 ...

Core Viewpoint - The company Xinhecheng is positioned as a global leader in the fine chemical industry, leveraging high-barrier core intermediates and focusing on domestic substitution to drive growth [1] Group 1: Business Strategy - The company has successfully overcome challenges in the domestic production of Vitamin A and E, and is now extending its industrial chain through high-barrier core intermediates, customer collaboration, and domestic substitution [1] - The company has diversified into multiple sectors including nutrition products, flavor and fragrance, new materials, active pharmaceutical ingredients, and intermediates, as well as bio-fermentation [1] Group 2: Market Conditions - Current methionine prices are declining, but the cost curve remains steep with strong bottom support; the company is positioned at the leftmost side of this curve, ensuring solid bottom-line profits [1] - Overseas production capacity is gradually exiting due to cost and environmental pressures, with the EU carbon tariff in 2026 potentially accelerating this trend, leading to expected price elasticity for methionine [1] Group 3: Future Prospects - In 2025, the company plans to implement a 70,000-ton solid methionine technical upgrade and an 180,000-ton liquid methionine project, which may lead to simultaneous volume and profit growth in 2026 [1] - The flavor and fragrance segment continues to expand, showing steady growth, while new materials demonstrate industrial and technological synergy, with additional growth potential from adiponitrile [1] - Given the company's status as a global leader in fine chemicals, its significant scale cost advantages, and the cyclical bottom with elasticity and new material growth potential, a "buy" rating is maintained [1]

| | | | --- | --- | | | | | . | 1 | | . | | | 市场数据: | 2026 年 01 月 12 日 | | --- | --- | | 收盘价（元） | 25.36 | | 一年内最高/最低（元） | 26.28/19.52 | | 市净率 | 2.4 | | 股息率%（分红/股价） | 3.55 | | 流通 A 股市值(百万元) | 77,015 | | 上证指数/深证成指 4,165.29/14,366.91 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产 (元) | 10.48 | | 资产负债率% | 28.25 | | 总股本/流通 A 股 (百万) | 3,073/3,037 | | 流通 B 股/H 股 (百万) | -/- | 市公司 同研究人公司深 年内股价与大盘对比走势: 沪深300指数 相关研究 证券分析师 李绍程 A0230525070002 lisc@swsresearch.com 宋涛 A0230516070001 songtao@sw ...

Group 1 - The core point of the news is that Tongcheng New Materials experienced a decline of 5.07% in its stock price, reaching 53.79 yuan per share, with a trading volume of 2.43 billion yuan and a turnover rate of 7.02%, resulting in a total market capitalization of 33.14 billion yuan [1] - Tongcheng New Materials Group Co., Ltd. is located in the China (Shanghai) Free Trade Pilot Zone and was established on June 4, 2008, with its listing date on June 27, 2018. The company specializes in the research, production, sales, and related trade of fine chemical materials [1] - The main business revenue composition of Tongcheng New Materials includes rubber additives and other products at 70.06%, electronic materials at 26.69%, and fully biodegradable materials at 3.25% [1] Group 2 - From the perspective of the top ten circulating shareholders, Penghua Fund has one fund that ranks among the top shareholders of Tongcheng New Materials. The Penghua CSI Sub-Segment Chemical Industry Theme ETF Link A (014942) entered the top ten shareholders in the third quarter, holding 3.6216 million shares, accounting for 0.61% of the circulating shares [2] - The estimated floating loss for the Penghua CSI Sub-Segment Chemical Industry Theme ETF Link A today is approximately 10.394 million yuan. The fund was established on March 8, 2022, with a latest scale of 72.8091 million yuan. Year-to-date, it has a return of 2.54%, ranking 4544 out of 5517 in its category; over the past year, it has a return of 49.62%, ranking 1658 out of 4203; and since its inception, it has a loss of 5.23% [2]

上 市 公 司 -20% 0% 20% 40% 01-13 02-13 03-13 04-13 05-13 06-13 07-13 08-13 09-13 10-13 11-13 12-13 新和成 沪深300指数 (收益率) 相关研究 证券分析师 李绍程 A0230525070002 lisc@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 联系人 公 司 研 究 / 公 司 深 度 证 券 研 究 报 告 | | | | --- | --- | | | | | . | 1 | | . | | | 市场数据： | 2026 年 01 月 12 日 | | | --- | --- | --- | | 收盘价（元） | | 25.36 | | 一年内最高/最低（元） | 26.28/19.52 | | | 市净率 | | 2.4 | | 股息率%（分红/股价） | | 3.55 | | 流通 A 股市值（百万元） | 77,015 | | | 上证指数/深证成指 | ...