Core Viewpoint - The company, Yabont Chemical (300261.SZ), clarifies that it does not produce niacinamide and focuses on CDMO services for innovative pharmaceuticals and agricultural intermediates [1] Group 1 - The company's NMN-related business is operating normally [1] - The overseas subsidiary organizes and commissions compliant foreign manufacturers for production [1] - Products are sold through cross-border e-commerce platforms such as JD International and Pinduoduo [1]

Core Viewpoint - The company, Yabao Chemical (300261.SZ), clarifies that it does not produce niacinamide and focuses on CDMO services for innovative pharmaceuticals and agricultural intermediates [1] Group 1: Business Operations - The company's NMN-related business is operating normally, organized by its overseas subsidiary [1] - Production is entrusted to compliant overseas manufacturers [1] - Sales are conducted through cross-border e-commerce platforms such as JD International and Pinduoduo [1]

Group 1 - The core viewpoint of the news is that the profit of large-scale industrial enterprises in China increased by 0.6% year-on-year in 2025, reversing a three-year decline, indicating a significant support from new growth drivers [1] - In December, the profit of large-scale industrial enterprises increased by 5% compared to the previous month, which had a decline of 13.1% [1] - The short-term A-share market is expected to maintain a stock fund game pattern, with structural characteristics remaining the main trading line, focusing on sectors with performance verification and policy support [1] Group 2 - Key sectors to watch include technology growth driven by both domestic and external demand, benefiting from the TMT and innovative pharmaceuticals [1] - Cyclical sectors such as non-ferrous metals and chemicals are expected to benefit from rising commodity price expectations [1] - Advanced manufacturing sectors like new energy and military industry are anticipated to benefit from industry demand recovery and technological upgrades [1] Group 3 - The top five sectors with net inflows include semiconductors, new energy vehicles, military industry, domestic software, and charging piles [1] - The top five concept sectors with net inflows include Huawei supply chain, artificial intelligence, domestic chips, and smart manufacturing [1] - The top ten individual stocks with net inflows include Liou Co., Kunlun Wanwei, Changxin Bochuang, Tianfu Communication, China Shipbuilding, Tebian Electric, Taicheng Light, Xiechuang Data, Zhaoyi Innovation, and Blue Ocean Yuncai [1]

【烟酰胺】 260203 昨日40元，今日提价到41元！！ 根据百川盈孚，2月3日，烟酰胺市场多挺价惜售，现货货源难寻。 【烟酰胺】 260203 昨日40元，今日提价到41元！！ 根据百川盈孚，2月3日，烟酰胺市场多挺价惜售，现货货源难寻。 厂家方面，暂无明确报价，主发前期合同订单，交货持续较紧张。 贸易渠道目前报价较少，多数停报惜售，现货货源难寻，少量参考接单价上涨至40-42元/公斤附近。 近期大家问的较多的是海外装置情况怎么样？ 我们通过产业端，了 近期大家问的较多的是海外装置情况怎么样？ 我们通过产业端，了解如下 龙沙——23年产量7000吨，现在烟酰胺全套装置有问题，还得靠国内贴牌供应。 凡特鲁斯——23年产量4000吨，退出烟酰胺生产，现在只产三甲基吡啶。 全球需求7-8万吨，相当于至少15%的装置有问题。 厂家方面，暂无明确报价，主发前期合同订单，交货持续较紧张。 贸易渠道目前报价较少，多数停报惜售，现货货源难寻，少量参考接单价上涨至40-42元/公斤附近。 ...

·中共中央、国务院发布关于《现代化首都都市圈空间协同规划（2023－2035年）》的批复，要求高标 准高质量建设河北雄安新区，把北京城市副中心建设成为首都发展新的增长极。 ·《广东省2026年优化市场化一流营商环境工作方案》印发。工作方案提出，推动碳排放权交易市场建 设，支持广州期货交易所推进碳排放权期货市场建设，适时研究推出碳排放权相关的期货品种。 ·据特斯拉官微消息，第三代特斯拉人形机器人即将亮相，从第一性原理出发，进行重新设计，通过观 察人类行为即可学习新技能，预计年产百万台。 今日导读 ·亚太股市集体下跌贵金属成情绪风向标 ·低空经济标准体系建设指南发布助力行业发展 ·烟酰胺价格持续上涨市场规模不断扩大 ·远东股份公布订单合同机构席位净买入通光线缆 上证精选 ·上海黄金交易所调整白银延期合约保证金水平和涨跌停板。若2026年2月2日（星期一）Ag（T+D）合 约出现单边市情况，则自收盘清算时起，该合约的保证金水平从20%调整为26%，下一交易日起涨跌幅 度限制从19%调整为25%。若未出现单边市情况，则Ag（T+D）合约保证金水平和涨跌幅度限制维持不 变。 ·上海期货交易所发布《关于做好市场风险控制工 ...

明日主题前瞻 1、低空经济 | 市场监管总局会同中央空管办，国家发展改革委等十部门联合发布《低空经济标准体系建设指南(2025年版)》，重点围绕低空航空器，低空基 础设施，低空空中交通管理，安全监管和应用场景五大核心领域，建立技术标准与管理规范融合，国内标准与国际规则融合，强制性标准与推荐性标准融 合，基础标准与场景标准融合的"四维融合"标准供给体系。 点评：中金公司认为，低空经济作为一种辐射带动作用强，产业链较长的综合经济形态，对经济社会发展具有较强的带动作用。工信部赛迪研究院预测， 2023年中国低空经济市场规模约为5060亿元，2026年市场规模有望达万亿元。随着低空经济相关政策环境的完善，以及相关发展规划的落地实施，我国低空 经济市场有望快速发展。 2、烟酰胺 | 公开数据显示，烟酰胺市场价格持续上涨。2月2日，烟酰胺报价为39.5元/千克，较2026年1月初价格上涨约14.5%。 点评：研究机构认为，烟酰胺凭借其营养强化和功能性特点，在食品，医药和化妆品三大领域实现了多元化应用。在食品行业，烟酰胺被广泛添加于谷物， 乳制品等日常食品中，以满足消费者对营养强化的需求；在化妆品领域，其卓越的抗衰老和美白 ...

Industry Overview - The price of niacinamide has been continuously rising, with a reported price of 39.5 yuan per kilogram on February 2, reflecting an increase of approximately 14.5% since early January 2026 [1] - Niacinamide is diversely applied in three major sectors: food, pharmaceuticals, and cosmetics, due to its nutritional enhancement and functional characteristics [1] - In the food industry, niacinamide is widely added to daily foods such as grains and dairy products to meet consumer demands for nutritional fortification [1] - In the cosmetics sector, its excellent anti-aging and whitening effects have made it a star ingredient in skincare products, included in high-end lines like serums and creams [1] - The pharmaceutical industry is seeing deepening applications of niacinamide in disease treatment and health care [1] - The market size for niacinamide is expanding, driven by global population aging trends and increasing consumer demand for health and beauty products [1] Company Insights - Brother Technology focuses on pharmaceutical food and specialty chemicals, with an annual production capacity of 8,000 tons for niacinamide products [2] - Baihe Co., Ltd. is a national high-tech enterprise specializing in the research, production, and sales of nutritional health foods, with its NMN products involving niacinamide [2]

Group 1: Industry Performance - The chemical raw materials index increased by 6.24%, and the chemical machinery index rose by 3.49%, while the chemical pharmaceuticals index decreased by 1.54% and the pesticide and fertilizer index increased by 8.32% [1] - In the oil sector, the oil processing index rose by 6.74%, the oil extraction index increased by 1.77%, and the oil trading index went up by 5.97% [1] Group 2: Oil Prices - International crude oil prices showed an upward trend, with the NYMEX West Texas Intermediate crude oil futures closing at $61.07 per barrel, up 2.74% from January 16, and the ICE Brent crude oil futures closing at $65.88 per barrel, up 2.73% from January 16 [1] Group 3: Petrochemical Products - The top five petrochemical products with the highest price increases were battery-grade lithium carbonate (up 17.62%), industrial-grade lithium carbonate (up 10.24%), niacinamide (up 8.96%), styrene (up 7.96%), and tetrachloroethylene (up 7.86%) [1] - The top five petrochemical products with the largest price decreases were propylene oxide (down 6.15%), soft foam polyether (down 3.10%), dimethyl ether (down 2.67%), calcium pantothenate (down 2.63%), and POP-type polyether (down 2.59%) [1] Group 4: Capital Market Performance - The top five listed chemical companies with the highest stock price increases were Jianghua Micro (up 46.41%), Jiangtian Chemical (up 38.09%), Runbei Hangke (up 33.40%), Intercontinental Oil and Gas (up 30.95%), and Jiuding New Materials (up 28.47%) [2] - The top five listed chemical companies with the largest stock price decreases were Bofei Electric (down 24.16%), Shenjian Co. (down 15.12%), *ST Yatai (down 9.47%), Shanghai Xinyang (down 6.66%), and Baomo Co. (down 6.33%) [2]

Summary of Key Points from Conference Call Records Industry Overview - The records primarily focus on the chemical industry, specifically tracking price changes and stock performance of chemical companies as of January 20. Key Financial Metrics - The Shanghai Composite Index reported at 4113.65, with a day-on-day change of -0.01% - Basic chemicals and petrochemicals reported at 7785.68 and 4841.91, with day-on-day changes of +0.35% and +2.58% respectively [1][1][1] Price Changes in Chemicals - Top five price increases in chemicals: - R125: +3.09% - R22: +2.94% - Niacinamide: +2.94% - Acrylic Acid: +2.7% - Propyl Acetate: +2.22% [1][1][1] - Price increases in anti-involution products: - Polyester Bottle Chips: +0.75% - Caprolactam: +0.54% [1][1][1] Price Spread Changes - Top five increases in price spreads: - Lithium Iron Phosphate: +52.62% - Anhydride: +38.41% - Rigid Polyether: +37.5% - Glyphosate: +29.24% - Phenol: +17.62% [1][1][1] Stock Performance of Chemical Companies - Top five stock price increases: - Jiangtian Chemical: +19.99% - Yida Co.: +11.96% - Runfeng Co.: +10.72% - Qicai Chemical: +10.71% - Hongmian Co.: +10.13% [1][1][1] Earnings Forecasts - **Oriental Tower**: Expected net profit for 2025 is between 1.08-1.27 billion, a year-on-year increase of 91.4%-125.07% [2][2][2] - **Batian Co.**: Expected net profit for 2025 is between 890-980 million, a year-on-year increase of 117.53%-139.53% [2][2][2] - **Kaisheng New Materials**: Expected net profit for 2025 is between 110-140 million, a year-on-year increase of 96.47%-150.06% [2][2][2] - **Qiaoyuan Co.**: Expected net profit for 2025 is between 226-256 million, a year-on-year increase of 51.51%-71.62% [2][2][2] - **Zhongshi Technology**: Expected net profit for 2025 is between 330-370 million, a year-on-year increase of 63.86%-83.73% [2][2][2] - **Changhua Chemical**: Expected net profit for 2025 is between 89-109 million, a year-on-year increase of 53.75%-87.91% [2][2][2] - **Xinjiang Tianye**: Expected net profit for 2025 is around -50 million, indicating a loss [2][2][2] - **Juheshun**: Expected net profit for 2025 is between 130-160 million, a year-on-year decrease of 47%-57% [2][2][2] Other Notable Announcements - **Huarun Materials**: Expected net loss for 2025 is between 85-115 million, a year-on-year reduction of 85.08%-79.81% [3][3][3] - **Huajin Co.**: Expected net loss for 2025 is between 1.6-1.9 billion, a year-on-year increase of 42.75%-32.02% [3][3][3] - **Xinghua Co.**: Expected net loss for 2025 is between 420-560 million [3][3][3] - **Baomo Co.**: Change in actual controller due to share transfer agreement [3][3][3] - **Nanjing Julong**: Plans to invest 30 million to establish a wholly-owned subsidiary for a 60,000-ton modified plastic production line [3][3][3] - **Jiangtian Chemical**: Plans to invest 49.8 million to establish a 60,000-ton acrylic acid project with a one-year construction period [3][3][3] Conclusion - The chemical industry shows a mix of positive earnings forecasts and significant stock price movements, alongside some companies projecting losses. The data indicates potential investment opportunities in companies with strong growth forecasts while highlighting risks in those expecting losses.

撰文丨王聪 编辑丨王多鱼 排版丨水成文 心理压力 （ Psychological Stress ） 与 肝脏疾病 的关联日益受到关注，但其潜在机制尚不明确。 2026 年 1 月 16 日，山东大学齐鲁医学院 梁晓红 教授团队在 Nature 子刊 Nature Metabolism 上发表了题为： Chronic stress drives liver cancer by impairing the hepatic kynurenine pathway and immune surveillance 的研究论文。 该研究表明， 慢性压力 通过损害肝脏的 犬尿氨酸代谢途径 和 免疫监视 而驱动 肝癌 ，该研究揭示了肝脏中存在着将 神经系统与免疫监视联系起来的 应激压力 响应的代谢检查点，其可作为肝癌治疗的新靶点。 在这项最新研究中，研究团队发现， 慢性压力 会破坏 脑-肝神经环路 ，导致肝脏 CD8 + T 细胞免疫功能受损，进而加速肝癌进展。 通过使用雄性小鼠的致癌基因驱动的肝癌模型和致癌物诱导的肝癌模型，研究团队发现，心理压力会干扰儿茶酚胺/β2-肾上腺素能受体 （ADRB2） 信号通路， 从而抑制肝细胞 ...