香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 建議變更募集資金用途 為提高募集資金使用效率，經董事會審議通過，以將全球發售募集資金淨額中 劃撥的143.8百萬港元的擬定用途作出調整，由擬用於在為位於遼寧省葫蘆島 市的生產工廠的生產活動提供部分資金、在烏茲別克斯坦及印度尼西亞建設 海外生產工廠、實施營銷計劃、償還部分銀行貸款與一般營運資金變更為用於 廣東省茂名市設立水泥助磨劑與混凝土助磨劑生產工廠項目（「茂名項目」）（「建 議變更」）。 根據本公司章程細則，變更未動用募集資金淨額的用途須取得股東批准。因此， 建議變更需待股東於本公司股東會上以普通决議案方式批准後方可作實。 Anhui Conch Material Technology Co., Ltd. 安徽海螺材料科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：02560） 建議變更募集資金用途 茲提述(i)安徽海螺材料科技股份有限公司（「本公司」）日期為二零二四年十二月 ...

Core Viewpoint - The establishment of Dow's Cooling Science Studio in Shanghai signals a significant shift in the role of thermal management within intelligent automotive systems, moving from a passive to an active role in system design and performance [2][4]. Group 1: AI-Driven Thermal Management Paradigm Shift - Thermal management has traditionally been a reactive process, addressing heat dissipation after system design, but with the integration of AI and advanced electronic architectures, it is now a critical component of system design [4]. - The increasing power density and complexity of automotive systems mean that thermal management is no longer just about cooling but is essential for the functionality of advanced features like autonomous driving [4]. Group 2: Dow's Strategic Positioning - Dow's Cooling Science Studio is part of a broader strategy to develop thermal management solutions for AI-driven applications, having previously focused on data centers and consumer electronics [5]. - The launch of the lab in China reflects the need for rapid product development and validation in the local market, which differs from the slower processes in Western markets [7]. Group 3: Industry Restructuring and Changes - The automotive industry is shifting from a focus on power systems to a competition based on perception, computation, and connectivity, leading to increased thermal loads concentrated in fewer components [10]. - The competition in thermal management is evolving from material performance to system-level collaboration capabilities, necessitating a more integrated approach [11]. Group 4: Complexity and Collaboration in Thermal Management - The transition to highly integrated electronic architectures means that thermal management must consider multiple factors, including thermal conductivity, structural design, and electromagnetic compatibility [12]. - There is a growing need for material companies to engage in the design phase to identify risks early and reduce costs associated with later-stage validation [12]. Group 5: Dow's Role in Intelligent Automotive Systems - Dow is transitioning from a material supplier to a collaborative participant in the electronic systems of vehicles, focusing on understanding customer processes to provide optimal material solutions [13]. - The lab serves as a platform for collaborative development, emphasizing the importance of total cost reduction rather than just material pricing [13]. Group 6: Future of Thermal Management - The evolution of intelligent vehicles is pushing thermal management from a supporting role to a critical capability, with implications for other sectors like robotics [14]. - The lab's role extends beyond automotive applications, aiming to explore materials for next-generation intelligent systems, indicating a broader trend in thermal management competition [16].

Core Viewpoint - The article discusses the strategic opportunities and challenges faced by Dow in the Chinese market, emphasizing the importance of sustainable development and alignment with China's "dual carbon" goals [1][8][23]. Group 1: Market Opportunities - The Chinese market is characterized by significant policy support and demand in sectors such as new energy, semiconductors, and high-end manufacturing, presenting key opportunities for Dow [3][18]. - Dow has identified the potential for transforming cutting-edge materials science technologies into scalable and sustainable solutions within the Chinese market [4][19]. - The company is leveraging its long-term expertise in high-performance materials to meet the increasing safety, reliability, and sustainability requirements in the new energy sector [4][20]. Group 2: Sustainable Development Strategy - Dow aims to reduce its global carbon emissions by 5 million tons annually by 2030, which represents a 15% reduction from 2020 levels, and to achieve carbon neutrality by 2050 [8][23]. - Approximately 90% of Dow's R&D projects are focused on sustainability, with a goal to reach 100% [8][23]. - The company is actively engaging in circular economy initiatives, including recycling plastic waste and developing sustainable materials that balance performance and environmental impact [9][24]. Group 3: Local Adaptation and Innovation - Dow is adapting to the rapidly changing regulatory environment and consumer demands in China by maintaining a long-term strategic focus while enhancing competitiveness [6][21]. - The company emphasizes the integration of global capabilities with local insights to develop innovative solutions tailored to the Chinese market [7][22]. - Dow is committed to collaborating with local customers and partners to drive application-oriented innovation in sectors such as artificial intelligence and new energy [14][29]. Group 4: Future Outlook - Dow recognizes China's evolving role in global supply chains and aims to deepen its presence in the market by enhancing supply chain reliability and sustainability [13][28]. - The company plans to invest in circular materials and green design to support clients' transitions towards sustainability and contribute to China's "dual carbon" goals [14][29]. - Dow's focus on long-term partnerships and co-creation with clients and industry stakeholders is seen as essential for navigating future market dynamics [7][22].

Core Viewpoint - Citigroup has raised the target price for Kintor Pharmaceutical (00148) from HKD 45 to HKD 48, maintaining a "Buy" rating, indicating positive sentiment towards the company's future performance [1] Financial Performance - Kintor's revenue for 2025 is projected to grow by 5% to HKD 45.375 billion, aligning with market expectations [1] - Net profit is expected to surge by 170% to HKD 4.402 billion, exceeding previous guidance of over HKD 4.32 billion, primarily due to higher-than-expected investment income of HKD 2.635 billion [1] - Adjusted core net profit, excluding revaluation losses and investment income, is forecasted to decline by 4% year-on-year to HKD 2.635 billion [1] Earnings Forecast Adjustments - Due to a recent placement of Kintor's shares (01888), which will reduce profit contributions, the 2026 core earnings forecast has been cut by 11% [1] - Anticipated contributions from several upcoming AI upstream materials and chemical projects are expected to boost the 2027 earnings forecast by 4% [1] - A new earnings forecast for 2028 has been introduced, projecting a compound annual growth rate of 24% for core earnings, reaching HKD 5.029 billion by 2028 [1] Comparative Analysis - Based on the pure AI upstream materials layout, Citigroup believes that Kintor's layered board is superior to Kintor Group, with expectations for further revaluation of its valuation [1]

Group 1 - The core viewpoint of the articles highlights the price adjustments announced by major chemical companies, including Japan's Toray and Evonik, due to the inability to absorb the impacts of currency fluctuations (Yen depreciation) and rising raw material costs [3] - Toray and Evonik will implement price increases on various product categories starting from April 1, 2026, with specific adjustments such as an increase of 200 JPY per kilogram for PA12, PA612, and transparent resins, and a 10% increase for polyether ether ketone [3] - Other major chemical companies, including BASF, Covestro, and Wanhua Chemical, are also raising prices across their product lines, indicating a broader trend in the industry [3] Group 2 - The articles provide detailed pricing information for various chemical products, including methyl tert-butyl ether (MTBE), butanol (TBA), and styrene (SM), with price changes ranging from 1100 to 1850 CNY per ton across different regions [5][6][7] - Specific price adjustments for acrylates and polyolefins are also noted, with increases of 1200 to 1500 CNY per ton reported for products like butyl acrylate and LLDPE [6][7] - The articles mention that the prices listed are indicative and actual transaction prices may vary based on contracts [7]

Group 1 - The Nantong Industrial Chain Development Fund has been established with a total scale of 5 billion yuan, and the first phase is 3 billion yuan, aimed at promoting key industrial clusters and emerging industries in Nantong [2] - The fund is managed by CITIC Private Equity Fund Management Co., Ltd. and has a duration of 10 years, with a 5-year investment period and a 5-year exit period [2] - At least 70% of the fund's committed capital will be invested in sub-funds, with a maximum of 30% of the total committed capital of any single sub-fund [2] Group 2 - The fund focuses on six key industrial clusters: shipbuilding and marine engineering, high-end textiles, new generation information technology, new materials, high-end equipment, and new energy [3] - Investment directions include energy storage and new photovoltaic technologies in the new energy sector, chemical and metal materials in the new materials sector, smart production equipment in advanced manufacturing, medical devices and innovative drugs in the biomedicine sector, and communication technology in the new generation information technology sector [3] - The fund primarily supports the development of growth-stage and mature enterprises in Nantong [3]

Group 1 - Shanghai's districts are actively conducting visits and research to align with the "14th Five-Year Plan," emphasizing a sense of urgency to seize opportunities in the new year [1][2] - Huangpu District plans to advance 65 major construction projects by 2026, covering a total area of approximately 7.5 million square meters, with an investment of about 485 billion yuan, aiming for a 10% annual growth target [1] - The focus on technology and innovation is evident, with various districts visiting leading research institutions and companies to enhance the conversion of scientific achievements into productive forces [2][3] Group 2 - The research visits cover multiple industries, including biomedicine, aerospace, and chemical materials, aligning with Shanghai's modern industrial layout [3] - Districts are adopting a problem-oriented approach, addressing companies' concerns regarding revenue, regulatory issues, and service efficiency to support business development [4] - The visits also reflect a commitment to grassroots governance and public welfare, with attention given to community needs and local governance [4]

Core Viewpoint - The company is focused on developing environmentally friendly, high-performance materials solutions that enhance quality, efficiency, reduce costs, and lower emissions [1] Group 1: Product Development - The company is developing high-performance organic silicone coatings for high-temperature applications based on the needs of special equipment customers [1] - Sales of these high-temperature coatings are expected to begin gradually by the end of 2025 in a state-owned special equipment enterprise [1] Group 2: Customer-Centric Solutions - The company aims to provide tailored solutions based on specific application areas and performance parameters to meet the performance needs and working conditions of relevant users [1] - The company will comprehensively match the most suitable solutions to satisfy user requirements [1]

Group 1 - The core message emphasizes the vigorous production efforts of over 20 industrial enterprises in Lanzhou New Area during the Spring Festival, aiming for a strong start in the first quarter [1][2] - Key enterprises such as Gansu Layan, Hewei Environmental Protection, and Taibang Chemical are fully operational, focusing on production stability and supply assurance to meet market demands [2][3] - Tuo Qiu Biotechnology has developed a product matrix of over 20 formulations in three major series, with its bromoxynil raw material winning a gold medal at the China High-tech Expo, showcasing its leading position in quality and production scale [1] Group 2 - Lanzhou Ruillong High-tech Materials Company has completed trial production and has a substantial order reserve for the first quarter, with 400 tons of 2-ethyl anthraquinone orders alone, reflecting strong market demand [2] - The project construction center provides comprehensive support to enterprises, ensuring smooth operations during the holiday by implementing a "package and link enterprise" service mechanism [2][3] - Continuous 24-hour inspections by utility departments ensure stable energy supply, while logistics improvements facilitate efficient transportation of materials, highlighting the commitment to maintaining production during the Spring Festival [3]

Core Viewpoint - DuPont reported a net loss of $738 million for the full year 2025, a significant decline from a net income of $738 million in the same period last year, primarily due to losses from divested businesses [2][3]. Financial Performance Summary - Full-year net sales reached $6.849 billion (approximately 47.3 billion RMB), representing a 2% year-on-year increase, driven mainly by growth in healthcare and water technology sectors [3]. - Core earnings (GAAP continuing operations) were $98 million, a dramatic increase of 202% year-on-year, attributed to improved profitability in core business segments and a decrease in effective tax rates [3]. - Operating EBITDA was $1.628 billion, up 6% year-on-year, reflecting significant organic growth and productivity improvements, partially offset by growth investments [3]. - The net loss of $738 million (approximately 5.1 billion RMB) was entirely from actively divested discontinued operations, which incurred a loss of $836 million, mainly from the spin-off of the electronics business and the sale of the aramid business [3]. Strategic Moves - DuPont's sale of its aramid business to TJC's portfolio company Arclin is expected to close by the end of Q1 2026, with a total transaction value of approximately $1.8 billion, including $1.2 billion in pre-tax cash and additional equity interests [3][4]. - This transaction is part of DuPont's strategy to optimize its product portfolio, focusing on high-growth areas such as semiconductors, healthcare, and water treatment, while also providing substantial cash for reinvestment [4][5]. - The planned spin-off of the electronics business is anticipated to be completed by November 1, 2025, with the remaining industrial segment being integrated back into DuPont [4]. Industry Context - The global nylon market is projected to exceed $47 billion, with ongoing innovations and applications in sectors such as electric vehicles, electronics, and robotics [10]. - The nylon industry is currently undergoing structural adjustments driven by technological iterations, cost optimization, and market expansion opportunities, alongside challenges posed by energy system restructuring and trade environment adjustments [10]. - An upcoming conference in March 2026 will focus on nylon industry innovations and applications, gathering key players and experts to discuss strategies for high-quality industry development [11][12].