本报记者 禹伟良 陆娅楠 唐露薇 《人民日报》（2026年01月05日 第 01 版） 0:00 "推动长江经济带绿色发展首先要解决思想认识问题""一定要从思想认识和具体行动上来一个根本转变"。 ——习近平 "埋头拉车摔跟头，抬头看路尝甜头。学习新思想方向明，楚源集团认高质量发展这个新时代的硬道理！" 一进楚源厂区，党委书记、董事长杨鹏拉着记者直奔数字监控中心。 近5年记者五进楚源，变化有形又无形。 有形的是旧车间拆除，老烟囱"下岗"，机器人上线，纳米材料中试，新质生产力点亮传统化工业；无形的是企业从上到下的思想之变。 楚源高新科技集团公司，位于湖北荆州石首长江边，曾是全球规模最大的活性染料中间体制造商，在湖北省和全国同行中一直"响当当"。两任董事长杨志 成、杨鹏父子，当地人喊作"老杨""小杨"。 小杨口中的"摔跟头"发生在10年前。2016年初，楚源集团跻身荆州市纳税榜前三，老杨小杨迎来"高光时刻"。两个月后，2700多万元环保罚单砸向楚源集 团，创下长江流域"历史之最"。 "天价罚单"震惊湖北，震动沿江。涉事企业违规排污，实则是老杨小杨思想没跟上时代变化："身子进了新时代，思想还停留在过去。" 2016年 ...

本报记者 禹伟良 陆娅楠 唐露薇 "推动长江经济带绿色发展首先要解决思想认识问题""一定要从思想认识和具体行动上来一个根本转 变"。 ——习近平 "埋头拉车摔跟头，抬头看路尝甜头。学习新思想方向明，楚源集团认高质量发展这个新时代的硬道 理!" 2016年1月5日，习近平总书记在重庆召开具有里程碑意义的推动长江经济带发展座谈会，强调"当前和 今后相当长一个时期，要把修复长江生态环境摆在压倒性位置，共抓大保护，不搞大开发"。 2018年4月25日，习近平总书记乘船考察长江，从石首登岸。第二天，总书记在武汉主持召开深入推动 长江经济带发展座谈会，鲜明指出，"推动长江经济带绿色发展首先要解决思想认识问题""一定要从思 想认识和具体行动上来一个根本转变"。 讲话中，总书记点到了"位于长江'九曲回肠'石首段的一家临江化工企业，产业规模居世界前三，是当 地的纳税大户，但也是排污大户，严重污染问题多年难以解决，周围群众苦不堪言。这两年环保部门动 真格严查，开出二千七百多万元的长江流域'史上最大环保罚单'，倒逼企业关闭污染严重、难以改造的 生产线"。 近5年记者五进楚源，变化有形又无形。 有形的是旧车间拆除，老烟囱"下岗"，机 ...

南财智讯12月26日电，安诺其公告，公司对2021年4月非公开发行股份募集资金投资项目中的"22,750吨 染料及中间体项目"和2024年1月向特定对象发行股票募集资金投资项目中的"高档差别化分散染料及配 套建设项目（一期）"进行延期。其中，"22,750吨染料及中间体项目"计划投资总额30,898.00万元，募 集资金拟投入25,000.00万元，资金用于建设14,750吨活性染料、2,000吨中间体及10,000吨还原物生产 线；截至2025年11月30日累计投入募集资金24,860.85万元。因对还原物生产工艺优化升级，提升产品品 质与生产效率，公司拟将该项目达到预定可使用状态日期由2025年12月31日延期至2026年12月31日。另 一项目"高档差别化分散染料及配套建设项目（一期）"计划投资总额109,272.25万元，募集资金拟投入 17,800.00万元，截至2025年11月30日累计投入15,446.57万元，原定于2025年12月31日完成，现延期至 2026年12月31日，主要因公司动态调整实施进度以匹配市场发展节奏，控制成本与风险。本次延期仅涉 及投资进度调整，不改变募集资金用途，不影响 ...

Core Viewpoint - Annochi's stock experienced a 2.05% increase on December 19, with a trading volume of 109 million yuan, indicating a potential recovery in investor sentiment despite recent financial challenges [1]. Group 1: Financial Performance - For the period from January to September 2025, Annochi reported a revenue of 773 million yuan, reflecting a year-on-year growth of 3.78% [2]. - The company recorded a net profit attributable to shareholders of -36.94 million yuan, representing a significant year-on-year decrease of 400.98% [2]. - Cumulative cash dividends since the A-share listing amount to 345 million yuan, with 57.72 million yuan distributed over the past three years [2]. Group 2: Shareholder and Market Activity - As of December 10, Annochi had 48,500 shareholders, a slight decrease of 0.27% from the previous period, while the average number of circulating shares per shareholder increased by 0.27% to 19,333 shares [2]. - On December 19, Annochi's financing buy amounted to 11.81 million yuan, while the financing repayment was 23.60 million yuan, resulting in a net financing outflow of -11.80 million yuan [1]. - The total balance of margin trading for Annochi reached 298 million yuan, accounting for 5.18% of its market capitalization, which is below the 30th percentile level over the past year, indicating a low financing balance [1]. Group 3: Business Overview - Annochi, established on October 19, 1999, and listed on April 21, 2010, is based in Qingpu District, Shanghai, and specializes in the research, production, and sales of new textile dyes and related technical services [1]. - The company's revenue composition includes disperse dyes (58.65%), computing services (23.62%), reactive dyes (8.57%), and other segments such as environmental protection (2.85%) and intermediates (0.97%) [1].

Core Viewpoint - The company, Jinji Co., is transitioning into the computing power leasing industry to capitalize on the growth driven by artificial intelligence technology, aiming to enhance its competitive edge and create new profit growth points [2][3]. Group 1: Business Strategy - Jinji Co. has recognized the development bottlenecks in the chemical industry and has initiated a transformation towards computing power leasing [2]. - The company has established clear development principles for its computing power business, focusing on long-term contracts of 3 to 5 years to stabilize pricing and mitigate market risks [2]. - The current focus is on computing power platform scheduling and software development, with an emphasis on applications in education and government sectors [2][3]. Group 2: Market Position and Opportunities - The computing power leasing sector is becoming increasingly competitive, but Jinji Co. sees it as a gateway to deeper industry applications, which are expected to emerge across various sectors in the coming years [3]. - The company’s core product, reactive dyes, ranks among the top three in the Chinese market, providing a strong foundation for its transition [3][4]. - Jinji Co. emphasizes environmental sustainability as a key principle for its long-term development, ensuring that production processes meet strict environmental standards [3][4]. Group 3: Competitive Advantages - Strong customer loyalty serves as a robust barrier against market risks, with the company maintaining resilience despite overall industry slowdowns [4]. - Jinji Co. leverages its superior environmental practices, brand reputation, product influence, and comprehensive sales network to establish a unique competitive advantage in the dye industry [4].

Industry Overview - Reactive dyes are a new type of water-soluble dyes known for their bright colors, good dyeing properties, simple dyeing methods, high dyeing fastness, complete color spectrum, and low cost, widely used in dyeing and printing of cotton, linen, viscose, silk, wool, and their blended fabrics [1][2] - The production of reactive dyes in China has remained stable at around 200,000 to 300,000 tons annually, with fluctuations due to environmental policies and structural reforms affecting smaller enterprises [1][9] - From 2021 onwards, the textile industry has shown steady recovery, leading to increased demand for reactive dyes, with production expected to reach 279,000 tons by 2024 [1][9] Industry Development History - The development of reactive dyes began in the 1950s, with significant innovations leading to their widespread adoption in the textile industry, where they accounted for 61% of cellulose fiber dyes by 2010 [5][6] Industry Chain - The upstream of the reactive dye industry includes key raw materials such as aniline, caustic soda, chlorosulfonic acid, and ethylene oxide, while the midstream involves the production of reactive dyes, and the downstream focuses on applications in textile dyeing [6] Market Dynamics - The textile industry is the largest market for reactive dyes, with policies supporting its digital transformation and quality upgrades, contributing to a projected revenue of 4.95 trillion yuan in 2024, a 4% increase [8][9] - The apparent consumption of reactive dyes in China is expected to reach 249,100 tons by 2024, reflecting stable demand from the downstream market [10] Trade and Export - China is a net exporter of reactive dyes, with annual exports around 40,000 tons, accounting for 15% of total production, while imports are about 10,000 tons [11] - In 2024, the export volume of reactive dyes is projected to be 40,100 tons, with a 5.8% increase, while imports are expected to rise by 17.24% [12] Competitive Landscape - The reactive dye industry in China is characterized by an oligopolistic market structure, with leading companies like Hubei Huali Dyeing and Zhejiang Longsheng holding significant market shares [13] - The first tier of companies includes Hubei Huali, Runtao Co., and Zhejiang Longsheng, which together control over half of the market share, indicating a trend towards resource concentration among larger firms [13] Future Trends - The industry is moving towards greener production methods, focusing on low-salt or salt-free dyeing processes and the development of biodegradable products [16] - High-performance dyes with improved fixation rates and color fastness are a priority, alongside innovations in multifunctional dyes that respond to external stimuli [16][17]

Core Viewpoint - The chemical industry is transitioning from a state of overcapacity to a supply-demand rebalancing, driven by global economic recovery and targeted domestic policies, with 2026 identified as a critical year for establishing a turning point in the industry [2][3]. Supply Side Analysis - Capital expenditure in the chemical industry has peaked, with fixed asset and new capacity growth rates declining to around 7%, a significant drop from double-digit growth in 2021-2022 [3]. - New capacity for traditional bulk chemicals like methanol, ethylene, and PTA has decreased by over 30% year-on-year, while smaller capacities are exiting the market due to environmental and safety constraints, leading to increased industry concentration [3]. Demand Side Analysis - The recovery in demand is driven by both domestic and international factors, including the U.S. entering a rate-cutting cycle, which is expected to boost global chemical product export demand growth to 8%-10% by 2026 [3]. - In China, key demand engines such as real estate, textile exports, and agricultural chemicals are gradually gaining momentum, with chemical product export growth showing signs of recovery [3]. Policy Impact - The "anti-involution" policy is accelerating the industry's turnaround, with the Ministry of Industry and Information Technology emphasizing three key measures: controlling new capacity, reducing existing capacity, and managing processes [4]. - The old capacity assessment has been completed, and the implementation of these policies is in the countdown phase, with industry associations and leading companies actively participating in these initiatives [4]. Sector-Specific Insights - The chlor-alkali industry is expected to see a gradual slowdown in supply growth due to restrictions on traditional production methods [5]. - The textile chain, particularly the nylon industry, is projected to improve profitability as operating rates rise above 90% [5]. - The organic silicon sector is nearing a turning point as the period of intensive capacity investment ends, with strong demand support anticipated [5]. High-Elasticity Core Enterprises - The textile chain is highlighted as a primary focus, with significant improvements in supply-demand dynamics expected to lead to concentrated profit releases in 2026 [6]. - The agricultural chemical chain is benefiting from food security strategies, with a tight supply-demand situation projected for phosphate chemicals until at least 2028 [7]. - The overseas real estate chain is expected to benefit from global economic recovery, particularly in the fluorochemical sector, where demand for refrigerants is strong [8]. New Materials and Technologies - New materials are identified as a critical area for investment, with a focus on semiconductor materials, OLED panel materials, and solid-state batteries among others [9]. - The chemical industry is witnessing a consolidation of leading companies, with the number of top firms increasing from 3-4 to around 20 over the past decade, indicating a strengthening competitive landscape [10].

Investment Rating - The report maintains a "Buy" rating for Zhejiang Longsheng (600352) as of October 30, 2025 [1]. Core Insights - The company has shown steady growth in net profit attributable to shareholders, with a 3.23% year-on-year increase in the first three quarters of 2025, despite an 8.85% decline in revenue [6][9]. - The dye industry remains competitive, with domestic overcapacity leading to low sales prices, but the company is leveraging its leading position to maintain market share [6][7]. Financial Performance Summary - For the first three quarters of 2025, Zhejiang Longsheng achieved revenue of 9.671 billion yuan, down 8.85% year-on-year, while net profit reached 1.397 billion yuan, up 3.23% [6]. - In Q3 2025, the company reported revenue of 3.166 billion yuan, a decrease of 13.39% year-on-year, but net profit increased by 4.00% to 469 million yuan [5]. - The gross profit margin for the first three quarters was 29.32%, an increase of 0.71 percentage points year-on-year, while the net profit margin was 16.47%, up 1.78 percentage points [6]. Market Position and Strategy - The company is focusing on direct sales in the dye sector and maintaining its distribution business to enhance its competitive edge during industry downturns [7]. - In the first three quarters, the company sold 174,617 tons of dyes, an increase of 188 tons year-on-year, demonstrating stable market share growth [7]. Profit Forecast and Valuation - The report projects revenues for 2025-2027 to be 14.816 billion, 19.473 billion, and 22.659 billion yuan, respectively, with net profits of 2.125 billion, 2.460 billion, and 2.904 billion yuan [9]. - The corresponding price-to-earnings (PE) ratios are expected to be 16, 14, and 12 times for the respective years [9].

Group 1 - The core viewpoint of the article highlights the recent investor relations activity conducted by Zhejiang Runtu Co., Ltd., focusing on the dye industry development and the company's operations [1][2] - The dye industry in China has become the world's largest producer, trader, and consumer, accounting for approximately 70% of global production [3] - The main production areas for dyes in China are concentrated in Zhejiang, Jiangsu, and Shandong, indicating a high industry concentration [3] Group 2 - For the first half of 2025, Runtu Co., Ltd. reported a revenue of 2.706 billion yuan, a year-on-year increase of 0.65%, and a net profit attributable to shareholders of 150 million yuan, reflecting a significant growth of 43.15% [3] - The company's export revenue for the first half of 2025 was 226 million yuan, representing 8.36% of total revenue, with a year-on-year growth of 32.99% [3] - The domestic effective capacity for H acid is currently below 60,000 tons, with a market supply gap exceeding 10%, while historical prices for H acid have exceeded 100,000 yuan per ton, currently maintaining around 40,000 yuan per ton [3] Group 3 - Runtu Co., Ltd. employs a "backward integration" strategy to extend its industrial chain, ensuring raw material supply by developing key intermediates [3] - The company's dye industry system encompasses a complete industrial chain from thermal power, steam, chlorine, caustic soda to intermediates, filter cakes, and dyes [3] - Future plans include increasing investment in the planning, research, and development of key intermediates [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company is positioned at the bottom of the market, awaiting recovery, with its leading advantages becoming more pronounced [1][5] - In the first half of 2025, the company achieved operating revenue of 6.505 billion yuan, a year-on-year decrease of 6.46%, while the net profit attributable to shareholders increased by 2.84% to 928 million yuan [3][4] - The dye industry remains competitive, with domestic overcapacity leading to relatively low sales prices [3][5] Financial Performance - In the first half of 2025, the average price of reactive dyes was 22.7 yuan/kg, up 2.4 yuan/kg year-on-year, while the price of disperse dyes decreased to 17.5 yuan/kg, down 0.3 yuan/kg year-on-year [3][4] - The company’s sales expenses decreased by 7.3% to 340 million yuan, while management expenses increased by 11.17% to 429 million yuan [4] - As of the end of the first half of 2025, the company's contract liabilities increased by 59.47% year-on-year to 11.593 billion yuan, mainly due to significant pre-sale amounts from its real estate subsidiary [4] Market Position and Strategy - The company is focusing on direct sales in the dye sector and maintaining its distribution business, which has led to a stable growth in market share, with sales volume slightly increasing to 115,400 tons [5] - In the intermediate products sector, the company has managed to maintain stable production and sales despite industry challenges, achieving sales of 49,500 tons [5] Earnings Forecast - The company’s revenue is projected to be 17.324 billion yuan in 2025, with net profit expected to reach 2.097 billion yuan, corresponding to a PE ratio of 16 [6][8] - For the years 2026 and 2027, revenue is expected to grow to 19.989 billion yuan and 20.846 billion yuan, with net profits of 2.445 billion yuan and 2.552 billion yuan respectively [6][8]