"十五五"规划建议提出，深入推进新污染物治理。 国内外广泛关注的新污染物主要包括国际公约管控的持久性有机污染物、内分泌干扰物、抗生素、微塑 料等。近年来，福建厦门市强化新污染物协同治理，推动形成绿色生产和生活方式。 早上8点，家住福建厦门市思明区莲前街道的居民黄淳怡准备出门上班，捎上家里的3袋垃圾，前往小区 内的垃圾投放点。"一袋厨余垃圾，一袋其他垃圾，还有一个快递盒装着可回收物，里面是纸皮、塑料 瓶和塑料袋。"黄淳怡说。 "回收的塑料能成为循环利用的资源，而随意丢弃的塑料则可能会变成微塑料等新污染物。"听过不少垃 圾分类科普，黄淳怡对环境保护格外关注。 除了微塑料，新污染物还有哪些？我们应该如何治理新污染物？治理新污染物，我们在生活中能做些什 么？近年来，厦门市强化新污染物协同治理，探索新污染物全生命周期环境风险管控。 核心阅读 "治理新污染物，源头替代是绿色的治理方法，但并不易实现。"厦门市生态环境局土壤环境与固体废物 管理处负责人冯卫国介绍，生产、使用到废弃的各环节都可能导致新污染物泄漏，这些都对检测和监管 提出更高要求，需要多方合力，加强生产环节和末端处置的全生命周期管控。 什么是新污染物？ 主要包括 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, Jiangshan Co., and others [10]. Core Insights - Domestic gasoline and natural gas prices have seen significant increases, while products like hydrochloric acid and liquid chlorine have experienced substantial declines. The report suggests focusing on import substitution, pure domestic demand, and high-dividend opportunities [6][19]. - The international oil prices are expected to stabilize around $65 per barrel in 2026, influenced by geopolitical uncertainties. Companies with high dividend characteristics, such as Sinopec, are expected to benefit from declining raw material costs [6][19]. - The chemical industry is currently in a weak state, with mixed performance across sub-sectors. However, certain sectors like lubricants are performing better than expected, indicating potential investment opportunities [22]. Summary by Sections Chemical Industry Investment Recommendations - The report highlights significant price increases for domestic gasoline (11.38%) and natural gas (8.68%), while products like liquid chlorine (-18.02%) and hydrochloric acid (-13.79%) have seen notable declines [19][20]. - It emphasizes the importance of focusing on sectors that may enter a recovery phase, such as glyphosate, and suggests specific companies for investment [22]. Market Performance - The report notes that the chemical industry is currently facing a weak overall performance, with varying results across different sub-sectors due to past capacity expansions and weak demand [22]. - It recommends monitoring companies with strong competitive positions and growth potential, particularly in the lubricant additives and coal-to-olefins sectors [22]. Price Trends - The report provides insights into the price trends of various chemical products, indicating a mixed performance with some products rebounding while others continue to decline [20][22]. - It also discusses the impact of geopolitical factors on oil prices, which in turn affect the chemical industry [23][24]. Key Companies and Earnings Forecast - The report lists several companies with strong earnings forecasts, including Sinopec, Jiangshan Co., and others, all rated as "Buy" [10][11].

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, Juhua, Yangnong Chemical, CNOOC, Tongkun, and Daotong Technology [10]. Core Insights - Domestic gasoline and natural gas prices have seen significant increases, while products like liquid chlorine and hydrochloric acid have experienced substantial declines. The report suggests focusing on import substitution, pure domestic demand, and high-dividend opportunities [6][19]. - The international oil prices are expected to stabilize around $65 per barrel in 2026, influenced by geopolitical uncertainties and expectations of price declines. Companies with high dividend characteristics, such as Sinopec, are viewed positively due to their benefits from lower raw material costs [6][19]. - The chemical industry is currently in a weak state, with mixed performance across sub-sectors. However, certain sectors like lubricants are performing better than expected. The report highlights investment opportunities in glyphosate, fertilizers, and companies with strong domestic demand [22]. Summary by Sections Chemical Industry Investment Recommendations - The report emphasizes the importance of focusing on sectors that are likely to enter a recovery phase, such as glyphosate, which is currently facing operational difficulties but shows signs of improvement [22]. - It recommends selecting stocks with strong competitive positions and growth potential, particularly in the lubricant additives sector and the coal-to-olefins industry [22]. - The report also highlights the resilience of domestic chemical fertilizer sectors, which are expected to maintain stable demand due to self-sufficiency [22]. Market Performance - The report notes significant price increases for domestic gasoline (11.38%), natural gas (8.68%), and TDI (7.03%), while products like liquid chlorine (-18.02%) and hydrochloric acid (-13.79%) have seen notable declines [19][20]. - The overall performance of the chemical industry remains weak, influenced by past capacity expansions and weak demand, although some sectors are outperforming expectations [22]. Price Trends - The report provides insights into the price trends of various chemical products, indicating a mixed performance with some products rebounding while others continue to decline [20][22]. - It highlights the fluctuations in international oil prices, which are expected to impact the chemical sector significantly [23][24].

Group 1 - Dongyue Group (00189) saw a stock price increase of over 4%, currently at HKD 11.42 with a trading volume of HKD 137 million [1] - Guosen Securities reported that mainstream refrigerant long-term contract prices continued to rise in the first quarter, indicating a positive outlook for refrigerants like R32, R134a, and R125 due to tightening quota constraints [1] - The company is recognized as a leader in the fluorosilicone industry, with divisions producing and selling various products including polytetrafluoroethylene (PTFE), refrigerants, silicone rubber, dichloromethane, polyvinyl chloride (PVC), and caustic soda [1] Group 2 - The tightening of refrigerant quotas is expected to be a long-term trend, suggesting that leading companies in the refrigerant quota space will maintain high profitability levels [1] - There is an anticipated increase in demand for fluorinated liquids and refrigerants driven by the liquid cooling industry [1] - The report also suggests monitoring the price recovery of PVDF [1]

Core Viewpoint - Dongyue Group (00189) saw a stock price increase of over 4%, currently trading at HKD 11.42 with a transaction volume of HKD 137 million, driven by positive market sentiment regarding refrigerant prices and demand [1] Industry Summary - Guosen Securities reported that mainstream refrigerant long-term contract prices continued to rise in the first quarter, indicating a positive outlook for refrigerants like R32, R134a, and R125 due to tightening quota constraints [1] - The firm believes that leading companies in the refrigerant quota space are likely to maintain high profitability levels in the long term, supported by sustained demand from the liquid cooling industry for fluorinated liquids and refrigerants [1] - There is an expectation for price recovery in PVDF, which is relevant to the broader market dynamics [1] Company Summary - Dongyue Group is a leader in the fluorosilicone industry, with divisions engaged in the production and sale of various high polymer materials, refrigerants, and silicone products [1] - The high polymer materials division produces products such as polytetrafluoroethylene (PTFE), while the refrigerant division focuses on refrigerant products [1] - Other divisions include the production and sale of dichloromethane, polyvinyl chloride (PVC), and caustic soda [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The current spot price of caustic soda is stable with a slight decline. The supply side is operating at a high level, and the demand side shows weakening trends. The overall supply - demand situation is weak. The future focus is on changes in liquid chlorine prices, device dynamics, and the implementation of macro anti - involution details [3]. - The PVC market was weak in the early part of the month, rebounded due to macro - sentiment, and then the macro - sentiment faded, with the overall supply - demand situation remaining weak. It is expected to fluctuate in the near future, and attention should be paid to subsequent device maintenance and macro - side policies [6]. 3. Summary According to the Directory 3.1 Basis Strategy Analysis - **Caustic Soda**: The basis of caustic soda maintains a C - structure. The spot price first fell, then rose, and then fell again. The inventory is at a high level, and the basis is expected to continue to weaken. A reverse cash - and - carry strategy is recommended [12]. - **PVC**: The basis of PVC also shows a C - structure. After the price hit a new low, the supply - demand situation improved marginally, and the basis strengthened slightly. However, it is expected to weaken again in the future, and a reverse cash - and - carry strategy is recommended [12]. 3.2 Caustic Soda Price & Spread - In December, the spot price of caustic soda first fell, then rose, and then fell again. The high - level operation of production led to an oversupply situation and inventory accumulation. The demand from alumina is relatively stable, but the procurement price has been adjusted downward. Non - aluminum downstream demand enters the off - season in January [13]. 3.3 PVC Price & Spread - In December, the PVC price first fell and then rose. The high inventory led to a continuous decline in price, and the low price improved the supply - demand situation marginally. Macro - sentiment boosted the long - term demand expectation, but the overall supply - demand situation remained weak after the macro - sentiment faded [35]. 3.4 Cost and Profit - The comprehensive profit of chlor - alkali has been significantly reduced and is at a low level compared to the same period. The profit of PVC upstream raw materials is extremely compressed. The price of ethylene is expected to remain weak in January [52]. 3.5 Caustic Soda Supply - In December, new caustic soda production capacity was put into operation, and the overall supply remained at a high level. There are few planned maintenance enterprises in January, and the supply is expected to remain high due to the good market conditions of liquid chlorine [70]. 3.6 Liquid Chlorine Price and Its Downstream Products - In December, the price of liquid chlorine increased. The downstream demand supported the price, but in January, the terminal demand of some downstream products entered the off - season, and the price is expected to fluctuate slightly [82]. 3.7 PVC Supply - The overall PVC output remained high in December. All new production capacity has been put into operation, and the supply is still abundant. There is no new domestic production capacity in 2026, and the overseas supply contraction in December 2025 provided a small support to the market sentiment [98]. 3.8 Caustic Soda Downstream Demand - The demand from alumina is expected to weaken in the long - term. The non - aluminum downstream demand enters the off - season in January, and the demand of various industries is expected to decline seasonally [110]. 3.9 Caustic Soda Import and Export - The main import sources of domestic liquid caustic soda in November were Singapore, Norway, and Germany, and the main export destinations were Indonesia, Australia, and Canada. The export orders remain normal [132]. 3.10 PVC Downstream Demand - The downstream demand for PVC is weakening. The demand for pipes and profiles is affected by the sluggish real - estate market, while the film industry performs relatively well. The downstream demand is expected to decline further in January [145]. 3.11 PVC Import and Export - The BIS certification and anti - dumping duties of PVC in India have been cancelled, and the export expectation for 2026 is improving. The current PVC export maintains its resilience through price - for - volume strategy [156]. 3.12 Caustic Soda and PVC Inventory Data - The inventory of caustic soda increased in December due to factors such as production increase and weakening downstream demand. The PVC social inventory continued to increase, and the high - level futures warehouse receipts continued to suppress the PVC futures price [160].

Group 1 - The core viewpoint of the article highlights the significant price increases for refrigerants, particularly R32 and R410a, which are expected to impact demand positively for companies like Dongyue Group [1] - Dongyue Group's stock rose nearly 5% in early trading, reflecting market optimism regarding its performance and the broader industry trends [1] - The company is a leader in the fluorosilicone industry, with divisions focused on high polymer materials, refrigerants, silicone products, and other chemical products [1] Group 2 - According to Zhuochuang Information, the long-term contract prices for refrigerants in 2026 have been set, with R32 priced at 61,200 yuan/ton (+1,000 yuan) and R410a at 55,100 yuan/ton (+1,900 yuan) [1] - The demand for R134a is projected to be several times higher for electric vehicles compared to traditional fuel vehicles, indicating a strong growth potential in the refrigerant market [1] - The final year of the quota baseline period in regions like India is expected to increase the demand for high GWP products such as R125, while the willingness to switch quotas for R134a and R125 is lower than for R32, suggesting a favorable pricing outlook for 2026 [1]

Core Viewpoint - Dongyue Group's stock price increased by 4.51%, currently at HKD 10.90, with a trading volume of HKD 103 million [1][5] Group 1: Price Trends and Market Outlook - According to Zhuochuang Information, the long-term contract prices for the third-generation refrigerants in Q1 2026 are set at RMB 61,200 per ton for R32 (up by RMB 1,000) and RMB 55,100 per ton for R410A (up by RMB 1,900) [1][5] - Shenwan Hongyuan forecasts that in 2026, the demand for R134A from electric vehicles will be several times that of fuel vehicles, with increasing penetration likely to continue driving R134A demand [1][5] - In 2026, regions like India will enter the final year of the quota baseline period, which may increase the import demand for high GWP varieties like R125, while the willingness to switch quotas for R134A and R125 is expected to be lower than for R32, making 2026 prices promising [1][5] Group 2: Company Overview - Dongyue Group is a leader in the fluorosilicone industry, with its polymer materials division engaged in the production and sales of polymer materials such as polytetrafluoroethylene (PTFE) [1][5] - The refrigerant division is involved in the production and sales of refrigerant products, while the silicone division produces and sells raw rubber, compounded rubber, and deep-processed silicone rubber products [1][5] - The dichloromethane, polyvinyl chloride (PVC), and caustic soda divisions are responsible for the production and sales of dichloromethane, PVC, and caustic soda products [1][5]

Core Viewpoint - Dongyue Group (00189) saw a nearly 5% increase in early trading, with a current rise of 4.31% to HKD 10.88, with a trading volume of HKD 84.61 million [1] Group 1: Price Trends and Market Outlook - According to Zhaochuang Information, the long-term contract prices for refrigerants in 2026 have been set at RMB 32,612 per ton for R326 (+RMB 1,000) and RMB 55,100 per ton for R410A (+RMB 1,900) [1] - Shenwan Hongyuan forecasts that the demand for R134A from new energy vehicles will be several times that of fuel vehicles, with an increase in penetration rate expected to continue driving R134A demand [1] - The year 2026 marks the final year of the quota baseline period in regions like India, which may increase the import demand for high GWP varieties such as R125, while the willingness to switch quotas for R134A and R125 is lower than for R32, making the price outlook for 2026 promising [1] Group 2: Company Overview - Dongyue Group is a leader in the fluorosilicone industry, with its polymer materials division engaged in the production and sales of polymer material products, such as polytetrafluoroethylene (PTFE) [1] - The refrigerant division is involved in the production and sales of refrigerant products, while the silicone division focuses on the production and sales of raw rubber, compounded rubber, and deep-processed silicone rubber products [1] - Other divisions include the production and sales of dichloromethane, polyvinyl chloride (PVC), and caustic soda [1]

Core Viewpoint - Dongyue Group (00189) has seen a nearly 5% increase in stock price, attributed to positive developments in the refrigerant market and strong demand forecasts for its products [1] Group 1: Stock Performance - Dongyue Group's stock rose by 4.31%, reaching HKD 10.88, with a trading volume of HKD 84.61 million [1] Group 2: Market Developments - According to Zhaochuang Information, the long-term contract prices for refrigerants in 2026 have been set at RMB 61,200 per ton for R32 (up by RMB 1,000) and RMB 55,100 per ton for R410A (up by RMB 1,900) [1] - Shenwan Hongyuan forecasts that the demand for R134A from new energy vehicles will be several times that of traditional fuel vehicles, which is expected to continue driving R134A demand as penetration rates increase [1] - The final year of the quota baseline period in 2026 for regions like India may increase the import demand for high GWP varieties such as R125, with a lower willingness to switch quotas for R134A and R125 compared to R32, making 2026 prices promising [1] Group 3: Company Overview - Dongyue Group is a leader in the fluorosilicone industry, with divisions producing and selling various products including high polymer materials (e.g., PTFE), refrigerants, silicone rubber, dichloromethane, PVC, and caustic soda [1]