宝莫股份公告称，公司职工代表董事兼财务负责人文莉辞职。2026年2月13日公司召开2026年第一次职 工代表大会，经审议表决，同意选举李鼎为公司第七届董事会职工代表董事，任期至第七届董事会任期 届满。补选后，李鼎由非职工代表董事变更为职工代表董事，董事会中兼任高管及职工代表董事人数未 超总数二分之一，符合规定。李鼎现任公司董事、总经理，未持股，无不良记录。 ...

Group 1: Core Perspectives - The article highlights the commitment of enterprises in the Yangpu Economic Development Zone towards green and low-carbon development, supported by precise tax guidance from the Danzhou Tax Bureau [1][2][3] Group 2: Green Tax System and Environmental Initiatives - The Danzhou Tax Bureau is enhancing green tax collection and management, utilizing environmental taxes and corporate income taxes to encourage companies to reduce emissions and improve efficiency [2][3] - Hainan Yisheng Petrochemical Co., as a leading enterprise in the Yangpu petrochemical industry, has increased its environmental investments and achieved a 100% compliance rate in pollution discharge and environmental facility operation [3] - The company has implemented measures such as rooftop solar panels and waste heat recovery, saving over 100,000 tons of standard coal annually [3] Group 3: Traditional Industry Transformation - The Danzhou Tax Bureau is promoting the transformation of traditional industries, such as energy and water supply, towards low-carbon development through targeted policies and green tax systems [4] - Yangpu New Energy Development Co. is utilizing agricultural waste for biomass heating, producing 90,000 tons of steam annually and generating over 200 million yuan in revenue [4] Group 4: Industrial Park Development - The Danzhou Tax Bureau is focusing on transforming industrial parks into zero-carbon demonstration zones, promoting the use of renewable energy sources like solar and wind power [5] - The Yangpu International Smart Supply Chain Center has achieved carbon neutrality and annually saves approximately 1,328 tons of standard coal while reducing carbon emissions by 1,473 tons [5]

跟随成本，短期观望 沥青月报 2026/02/06 徐绍祖 （能源化工组） 从业资格号：F03115061 交易咨询号：Z0022675 严梓桑 （联系人） 0755-23375123 yanzs@wkqh.cn 从业资格号：F03149203 05 需求端 02 期现市场 06 相关指标 03 供应端 07 产业链结构图 04 库存 01 CONTENTS 目录 01 月度评估及策略推荐 月度评估及策略推荐 行情回顾 图1：沥青主力合约近月走势（￥/吨） 2,600.0 2,800.0 3,000.0 3,200.0 3,400.0 3,600.0 3,800.0 4,000.0 2025/1/1 2025/1/8 2025/1/15 2025/1/22 2025/1/29 2025/2/5 2025/2/12 2025/2/19 2025/2/26 2025/3/5 2025/3/12 2025/3/19 2025/3/26 2025/4/2 2025/4/9 2025/4/16 2025/4/23 2025/4/30 2025/5/7 2025/5/14 2025/5/21 2025/5/28 2025 ...

Core Viewpoint - International Industry (000159) is expected to achieve a net profit of approximately 36 million yuan for the year 2025, marking a turnaround from a previous loss [1][3] Performance Disclosure Highlights - The company forecasts an earnings per share of approximately 0.0749 yuan for 2025, compared to a loss of 0.9128 yuan per share in the same period last year [1] - The expected net profit after deducting non-recurring gains and losses is approximately 36.7 million yuan, which represents a decline of about 31.90% compared to the previous year's figure of 53.89 million yuan [1][3] Company Announcement Summary - The anticipated net profit for 2025 is a significant improvement from a loss of 43.88 million yuan in the same period last year, indicating a successful turnaround [1] - The performance change is primarily attributed to a substantial loss incurred in the previous year due to the sale of a real estate subsidiary's equity [1]

Core Viewpoint - Baoli International expects a net profit loss of 105 million to 130 million yuan for the full year of 2025 after deducting non-recurring items [1] Group 1: Reasons for Performance Changes - The company experienced a delay in the construction projects of some clients, leading to postponed asphalt demand and a decline in gross margin due to fluctuations in raw material costs influenced by international oil prices [2] - The industry recovery faces significant challenges, with weak demand for asphalt products and delayed payment progress from downstream clients, resulting in an expected increase in credit impairment losses and asset impairment losses [2] - Non-recurring gains are estimated to impact net profit by approximately 40 million yuan, primarily from the disposal of non-current assets [2] Group 2: Financial Performance - For the first three quarters of 2025, the company's main revenue was 1.067 billion yuan, a year-on-year decrease of 36.42% [2] - The net profit attributable to the parent company was -10.1287 million yuan, a year-on-year decline of 245.22%, while the net profit after deducting non-recurring items was -50.4023 million yuan, down 92.83% [2] - In the third quarter of 2025, the company's single-quarter main revenue was 547 million yuan, a year-on-year increase of 2.61%, with a net profit attributable to the parent company of -3.2463 million yuan, a year-on-year decline of 15.17% [2] - The company's debt ratio was 42.79%, with investment income of 4.4048 million yuan and financial expenses of 5.1313 million yuan, resulting in a gross margin of 1.75% [2]

Core Viewpoint - Baoli International expects a net profit loss of 60 million to 84 million yuan for the full year of 2025, indicating significant financial challenges ahead [1]. Group 1: Reasons for Performance Change - The company experienced delays in project commencement from some clients, leading to postponed asphalt demand and a decline in gross margin due to fluctuations in raw material costs influenced by international oil prices [2]. - The industry recovery faces numerous challenges, with weak demand for asphalt products and delayed payment progress from downstream clients, resulting in anticipated increases in credit impairment losses and asset impairment losses [2]. - Non-recurring gains are expected to impact net profit by approximately 40 million yuan, primarily from the disposal of non-current assets [2]. Group 2: Financial Performance Overview - For the first three quarters of 2025, the company's main revenue was 1.067 billion yuan, a year-on-year decrease of 36.42% [2]. - The net profit attributable to shareholders was -10.1287 million yuan, a year-on-year decline of 245.22%, while the net profit excluding non-recurring items was -50.4023 million yuan, down 92.83% [2]. - In Q3 2025, the company's single-quarter main revenue was 547 million yuan, a year-on-year increase of 2.61%, but the single-quarter net profit attributable to shareholders was -3.2463 million yuan, a decline of 15.17% [2].

| × | | --- | | 免责声明 15 | | --- | 能化板块研发报告 基本面弱势维持，地缘仍为主要利多驱动 第一部分 前言概要 【行情回顾】 高硫燃料油 1 月上旬价格跟随原油成本上行，高硫裂解维持-10 至-7 美金/桶环比低位，同比中位，体现出其在一季度高库存弱需求的弱季节性 基本面现状。1 月下旬，伊朗地缘局势及俄罗斯制裁加剧，地缘动荡及关税 威胁均可能导致大量燃料油滞留在供应地，市场利多情绪增长。 低硫燃料油 1 月整体跟随原油成本波动，自身供应增长同时需求无驱 动。Al-Zour 产能回归后低硫生产及出口达到历史新高。Dangote 炼厂汽 油装置 1 月整月处于检修状态，低硫出口也相应增长，新加坡低硫库存累 积。裂解维持在 3 至 5 美金/桶，同比极低位震荡；贴水环比上月上行约 2 美金/吨但也处于同期最低位水平。 【市场展望】 高硫燃料油裂解受到市场需求抬升及地缘供应担忧的支撑而上行至同 期高位，但一季度高库存弱需求基本面现状仍存，重点关注伊朗及俄罗斯主 要供应地区近端的物流变化情况。低硫燃料油供应充裕维持，关注寒潮背景 下相较于天然气的经济性暂无强支撑出现。地缘仍为最主要利多 ...

Core Viewpoint - Baoli International's stock price is influenced by multiple factors including macroeconomic conditions, industry cycles, and the company's operational development [1] Group 1: Company Operations - The company is currently managing its production and operations in an orderly manner [1] - Existing business operations are being deepened and refined [1] Group 2: Strategic Initiatives - The company plans to actively leverage its status as a listed entity and the advantages of state-owned enterprises to promote transformation and upgrading [1] - There is a focus on continuously enhancing core competitiveness and sustainable profitability [1] - The company aims to improve its overall value [1]

Core Viewpoint - Fuel oil futures continue to show weakness, with the main contract reported at 2674.00 CNY/ton, a decline of 2.23% [1] Group 1: Market Activity - In the Singapore spot market on January 26, there was one transaction for high-sulfur fuel oil 380, while there were no transactions for high-sulfur fuel oil 180 and low-sulfur fuel oil [2] - As of January, Russian fuel oil exports to Asia are approximately 1.2 million tons (about 246,000 barrels per day), expected to decline for the third consecutive month [2] Group 2: Refinery Operations - The utilization rate of main refinery vacuum distillation capacity was 78.78% for the week of January 16-22, an increase of 1.54% week-on-week and 2.66% year-on-year [2] - Independent refineries in China have a vacuum distillation capacity utilization rate of 60.75%, down 0.27 percentage points from the previous week [2] Group 3: Institutional Insights - Nanhua Futures notes that geopolitical influences from Iran and tightened U.S. sanctions have led to low high-sulfur exports from Iran, while exports from Venezuela, Iraq, and Russia have significantly recovered, easing supply tightness [3] - Demand for high-sulfur fuel oil is primarily directed towards the bunkering market, with the overall high-sulfur market fundamentals remaining weak [3] - Ruida Futures indicates that the fuel oil market is experiencing an increase in supply and a decrease in demand, with price volatility expected to be significant due to fluctuations in crude oil prices and geopolitical tensions [3]

Core Viewpoint - Compton's stock hit the daily limit down on January 27, 2026, closing at 16.66 yuan, a decrease of 9.99%, with a total market capitalization of 4.272 billion yuan, indicating significant investor concern regarding the company's performance and future prospects [1][2]. Group 1: Company Performance - The company's net profit for 2024 is projected to decline by 51.19% compared to 2020, falling short of the 80% growth target, which has led to a large-scale cancellation of stock options, reflecting poor operational conditions and declining profitability [2]. - The market is worried about the company's future due to the termination of significant matters and the lack of consensus on core terms, which has negatively impacted investor confidence [2]. Group 2: Market Sentiment - The traditional lubricants industry, in which Compton operates, is currently overshadowed by more popular sectors such as new energy vehicles, leading to a lack of market support for Compton's stock price [2]. - The recent reduction in holdings by major shareholders is typically viewed as a negative signal, indicating a lack of confidence in the company's future or a need for liquidity, which may have contributed to the stock's limit down [2]. Group 3: Technical Analysis - The limit down in stock price may have caused technical indicators to deteriorate, potentially triggering further sell-off by investors [2].