Core Viewpoint - The A-share market is witnessing a significant increase in performance forecasts, with 1,201 listed companies disclosing their 2025 annual performance predictions, indicating a positive trend in various industries, particularly in non-ferrous metals, automotive, chemicals, and semiconductors [1][2]. Group 1: Performance Forecasts - A total of 1,201 listed companies have released performance forecasts, with 475 companies expecting positive results and 107 companies anticipating a doubling of net profit for 2025 [1][2]. - Among the companies that disclosed forecasts, 371 are expected to achieve a net profit exceeding 100 million yuan, 84 companies over 1 billion yuan, and 22 companies over 3 billion yuan [2]. - The performance of leading companies in the non-ferrous metals, automotive, chemicals, and semiconductor sectors has shown significant recovery [2]. Group 2: Institutional Research - Following the performance forecasts, many companies have attracted intensive institutional research, focusing on new and existing order volumes, progress on new production lines, and positive industry changes [3]. - Changhua Chemical reported that its carbon dioxide polyether project is nearing completion, with trial production expected in the first quarter of this year, pending approval [3][4]. - Chutian Technology noted that while competition remains fierce, it is gradually easing, with market concentration increasing and international market expansion becoming a new growth point [5]. Group 3: Emerging Industries - Institutions are increasingly focusing on emerging industries such as semiconductors and energy storage [6]. - Hemai Co. indicated that its energy storage business is experiencing rapid growth, with significant revenue increases expected in the coming years despite rising costs in the domestic market [6]. - Dongxin Co. mentioned that the niche memory market is seeing price increases due to supply constraints, with a positive outlook for its storage products [6].

上述已发布业绩预告的1201家上市公司中，略增54家，扭亏115家，续盈5家，预增301家，整体业绩表 现分化明显。 净利润数值方面，上述已发布业绩预告的上市公司中，有371家上市公司预计2025年全年实现归属于上 市公司股东的净利润下限超过1亿元，84家预计超过10亿元，22家预计超过30亿元。紫金矿业、洛阳钼 业、药明康德、立讯精密、牧原股份、宝丰能源等公司预计2025年实现归属于上市公司股东的净利润数 值居前。 净利润增幅方面，剔除扭亏影响，上述1201家上市公司中，476家上市公司预计2025年全年归属于上市 公司股东的净利润增幅下限超过10%，107家预计超过100%，25家预计超过300%。南方精工、新强联、 利通电子、上海谊众、永创智能等公司预计2025年实现归属于上市公司股东的净利润增幅居前。 进一步梳理发现，目前净利润数值前十位的上市公司中，仅一家公司业绩同比下滑，其余9家公司业绩 均实现不同程度的上涨。 从行业角度看，有色金属、汽车与零配件、化工、半导体等行业相关上市公司业绩回暖较为明显，行业 龙头公司表现较为优异。 绩优公司获密集调研 业绩预告发布后，不少上市公司获机构密集调研。从机构调 ...

A股业绩预告加速披露。数据显示，截至1月27日17时，A股共有1201家上市公司对外披露2025年全年业 绩预告，其中475家预喜，107家公司预计2025年全年归属于上市公司股东的净利润同比翻倍。从行业角 度看，有色金属、汽车与零配件、化工、半导体等行业相关上市公司业绩回暖较为明显，行业龙头公司 表现较为优异。 业绩预告发布后，不少上市公司获机构密集调研。从机构调研的内容看，机构普遍对上市公司新增及在 手订单量情况、新产线的建设进度、所在行业出现的积极变化较为关注。 ● 本报记者 董添 107家净利润翻倍 业绩预告发布后，不少上市公司获机构密集调研。从机构调研的内容看，机构普遍对上市公司新增及在 手订单量情况、新产线的建设进度、所在行业出现的积极变化较为关注。 对于二氧化碳聚醚项目一期的建设进度，长华化学（301518）在1月26日晚间披露的投资者关系活动记 录表中表示，项目目前处于工程建设尾期，正在为申请试生产、消防验收等做好各项准备工作，预计今 年一季度试生产，具体时间以相关审批手续的办结时间而定。公司全资子公司长华化学科技（连云港） 有限公司的二氧化碳聚醚项目总体规划是年产106万吨分期建设。公司计划 ...

A股业绩预告加速披露。Wind数据显示，截至1月27日17时，A股共有1201家上市公司对外披露2025年 全年业绩预告，其中475家预喜，107家公司预计2025年全年归属于上市公司股东的净利润同比翻倍。从 行业角度看，有色金属、汽车与零配件、化工、半导体等行业相关上市公司业绩回暖较为明显，行业龙 头公司表现较为优异。 绩优公司获密集调研 业绩预告发布后，不少上市公司获机构密集调研。从机构调研的内容看，机构普遍对上市公司新增及在 手订单量情况、新产线的建设进度、所在行业出现的积极变化较为关注。 ● 本报记者 董添 107家净利润翻倍 上述已发布业绩预告的1201家上市公司中，略增54家，扭亏115家，续盈5家，预增301家，整体业绩表 现分化明显。 净利润数值方面，上述已发布业绩预告的上市公司中，有371家上市公司预计2025年全年实现归属于上 市公司股东的净利润下限超过1亿元，84家预计超过10亿元，22家预计超过30亿元。紫金矿业、洛阳钼 业、药明康德、立讯精密、牧原股份、宝丰能源等公司预计2025年实现归属于上市公司股东的净利润数 值居前。 净利润增幅方面，剔除扭亏影响，上述1201家上市公司中，47 ...

格隆汇1月27日丨长华化学(301518.SZ)近日接受特定对象调研时表示，公司二氧化碳聚醚项目一期目前 处于工程建设尾期，正在为申请试生产、消防验收等做各项准备工作，预计今年一季度试生产，具体时 间以相关审批手续的办结时间而定。公司全资子公司长华化学科技(连云港)有限公司的二氧化碳聚醚项 目总体规划是年产106 万吨，分期建设。公司计划：先夯实，以全球首套低温低压制备年产8万吨二氧 化碳聚醚的项目一期的技术壁垒，筑牢首阶段市场口碑；再扩张，以一期产能为支点，不断优化工艺路 径与效能管理，打开长期市场空间；终沉淀，让技术转化为品牌资产，构建竞争护城河。 ...

答：二氧化碳聚醚是环氧丙烷与二氧化碳的共聚产物，不仅 具有低温柔顺性、耐水解性等优点，而且兼具聚碳酸酯的力学强 度、耐磨性、耐热性等特点，由其制备的聚氨酯材料具有优异的 抗氧化、耐磨、耐化学品、耐水解等性能；除此之外，二氧化碳 聚醚分子链上含有碳酸亚丙酯键，更容易被降解再生，由其制备 的聚氨酯制品更容易实现可持续循环再生，因此预计未来二氧化 碳聚醚在聚氨酯行业市场容量能够持续扩大。 证券代码：301518 证券简称：长华化学 长华化学科技股份有限公司 投资者关系活动记录表 编号：2026-001 | ☑ | 特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | 类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 东吴证券股份有限公司 | 陈淑娴、周少玟 | | | 浙商基金管理有限公司 上海瓦洛兰投资管理有限公司 | 景徽 董骁 | | | 五地投资管理有限公司 | 成佩剑 | | 参与单位名称及 | 贵山基金管理有限公司 | 毛程霖 | | 人员姓名 | 基明资产管理（上海）有限公司 | ...

Core Viewpoint - Changhua Chemical (301518) has shown a positive stock performance, closing at 35.57 yuan, a 2.74% increase from the previous week, with a total market capitalization of 4.986 billion yuan as of December 31, 2025 [1] Company Announcements - The company held its fourth board meeting on December 29, 2025, where it approved the estimated amount for daily related transactions for 2026, which is expected to be no more than 59.5 million yuan [2][3] - The related transactions will involve sales of products, procurement of goods, provision of services, and rental of properties with pricing based on market principles, ensuring no impact on the company's independence or shareholder interests [2][3] - The independent directors and the sponsor institution have approved the related transactions, which do not require submission to the shareholders' meeting for approval [2][3] Fundraising and Projects - Changhua Chemical has received approval from the China Securities Regulatory Commission for a simplified procedure to issue shares to specific investors, aiming to raise approximately 155.3 million yuan for the first phase of a carbon dioxide polyether project [4][5] - The share issuance will involve 5,291,311 shares at a price of 29.35 yuan per share, with the project expected to have an annual production capacity of 80,000 tons of carbon dioxide polyether [4][5]

Group 1 - The chemical industry is showing signs of partial recovery, but has not yet reached a bottom rebound, with significant "involution" still present [2] - Longhua Chemical's performance has improved significantly, with a net profit of approximately 76.07 million yuan for the first three quarters of 2025, a year-on-year increase of 127.81% [3] - The company emphasizes the importance of sustainable development in its product research and development, focusing on biodegradable materials [4] Group 2 - Longhua Chemical has established a comprehensive technical system from basic research to industrialization, with over 40 R&D personnel and collaborations with universities [4][6] - The company has developed a third-generation phosphazene catalyst technology that enhances the comfort of automotive seating by reducing mid-frequency vibrations [6][7] - Longhua Chemical exports about 20% of its products annually and is focusing on expanding into the European market, adapting strategies for different regional market characteristics [8]

Core Viewpoint - The chemical industry is showing signs of partial recovery, but has not yet reached a bottom rebound, with significant "involution" still present. A notable round of mergers and acquisitions is expected before a true stabilization occurs [1] Industry Overview - The overall chemical industry is still characterized by excess low-to-mid-end capacity, but there is strong demand for fine chemical products related to emerging industries. New product launches are contributing to a significant recovery in performance [1][2] - The company reported approximately 1.99 billion yuan in revenue for the first three quarters of 2025, a year-on-year decrease of 9.31%, while net profit attributable to shareholders reached approximately 76.07 million yuan, a year-on-year increase of 127.81% [1][2] Product Development and R&D - The company emphasizes the importance of new product development, focusing on sustainable development. The R&D direction includes biodegradable materials from the outset [2] - The company has established a research institute with over 40 R&D personnel and collaborates with universities for industry-academia research. It has developed a comprehensive technology system from basic research to industrialization [3] - Key products include high-activity POP and high-rebound PPG, which possess core characteristics such as low odor, low VOC, low aldehyde, and low benzene content [3] Green and Low-Carbon Initiatives - Current R&D focuses on catalyst upgrades, high-performance automotive polyethers, and the development of green, low-carbon, and recyclable functional materials. The company has established a strong technical advantage in catalyst technology and molecular structure design [3] Product Innovation - The company has developed a third-generation phosphazene catalyst technology that enhances automotive seat comfort by reducing mid-frequency vibrations. This technology has taken nearly 12 years to develop and has resulted in multiple patents [4] International Market Expansion - The company exports approximately 20% of its products globally and is focusing on expanding into the European market. It recognizes two core types of overseas markets: underdeveloped regions with lower technical levels and developed regions with higher standards [5] - In underdeveloped regions, the company can leverage its cost advantages for volume sales, while in developed regions, it must focus on high-end product technology and diverse application scenarios to meet stringent quality requirements [5]

Core Viewpoint - The company is actively progressing on its new projects related to carbon dioxide polyether production and is engaging in exhibitions to attract potential clients [1] Group 1: Project Progress - The company's subsidiary is constructing a project for the production of 80,000 tons of carbon dioxide polyether and 300,000 tons of polyether polyols, along with 800 tons of catalyst equipment and supporting utilities [1] - The project is expected to be completed by the end of 2025, after which the company will apply for trial production permits [1] Group 2: Market Engagement - The company is participating in domestic and international exhibitions to expand its client base and promote sales [1] - There is a specific focus on attracting new clients for carbon dioxide polyether products [1]