Investment Rating - The report maintains a "Buy" rating for the chemical industry, highlighting its resilience and potential for recovery in demand and pricing [4][8]. Core Insights - BASF's Zhanjiang integrated base has commenced full production, marking a significant milestone as China's first wholly foreign-owned project in the heavy chemical sector, with a focus on high-end materials and special chemicals [3]. - Titanium dioxide prices have seen three consecutive increases within a month, indicating strong market dynamics and potential profitability for producers [3]. - The domestic tire industry is showing strong competitive advantages, with recommended stocks including Sailun Tire, Senqcia, General Motors, and Linglong Tire [4]. - The consumer electronics sector is expected to gradually recover, benefiting upstream material companies, with key players identified in the display materials supply chain [4]. - The phosphate chemical sector is tightening due to environmental regulations and increasing demand from the new energy sector, with recommended stocks including Yuntianhua, Chuanheng, Xingfa Group, and Batian [5]. - The fluorochemical sector is poised for recovery, with high-end fluoropolymers and fine chemicals experiencing rapid growth, suggesting investment opportunities in leading companies [5]. Summary by Sections Chemical Sector Market Review - The overall performance of the chemical sector saw the CSI 300 index decline by 1.41%, while the CITIC Basic Chemical Index rose by 3.31% [14]. - The top-performing sub-industries included potassium fertilizer (up 11.58%) and other chemical raw materials (up 6.4%) [17]. Key Industry Dynamics - BASF's Zhanjiang base is designed to meet the growing market demand in China and the Asia-Pacific region, utilizing a fully renewable energy supply and advanced digital control systems [3]. - The price adjustments in titanium dioxide reflect a collective price increase trend among major producers, indicating strong market demand [3]. Investment Themes - The tire sector is highlighted for its growth potential, with domestic companies showing strong competitive positions [4]. - The consumer electronics recovery is expected to benefit upstream material suppliers, with specific companies recommended for investment [4]. - The phosphate and fluorochemical sectors are identified as having strong fundamentals, with specific companies recommended for investment based on their market positions and growth potential [5].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Guangzhou Tinci Materials Technology Co., Ltd. 廣州天賜高新材料股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、其聯席保薦人、整體協調人、顧問或包銷團成員表示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，不 會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依 據於香港公司註冊處處長註冊的本公司招股章程作出投資決定。該文件的文本將於發售期內向公眾人士刊 發。 (a ...

Group 1: Financial Performance - Accounts receivable increased by 77% compared to the end of the previous year, attributed to seasonal business characteristics [2] - Cumulative dividends since the company's listing in 2017 amount to CNY 350 million, with a total fundraising of CNY 264 million [2] - Dividend payout ratios from 2016 to 2024 show an increasing trend: 18%, 19%, 19%, 24%, 44%, 48%, 59%, 63%, and 51% [2][3] Group 2: Production Capacity and Product Information - Silicone oil production capacity is 4,600 tons per year, with a typical utilization rate of around 40% [3] - Customized product gross margin exceeds 25%, with specific data to be confirmed in the annual report on April 10 [3] - The company does not currently have direct customers in the liquid cooling sector for energy storage devices [3] Group 3: Raw Material Management - The procurement department closely monitors raw material price fluctuations and adjusts product prices accordingly [4] Group 4: Research and Development - Key R&D projects include the development of high-efficiency clean extinguishing agents, new decolorization processes, and various silicone oil formulations [5][6] - New products being promoted this year include a polyether amine product for gasoline cleaning and alkyl glycoside products for cosmetics [6] Group 5: Financial Investments - The company adheres to principles of risk prevention and cautious investment in financial products, achieving expected annualized returns [6] Group 6: Operational Efficiency - The warehouse has been operating overtime post-Spring Festival, with management considering optimization of warehouse operations [6]

Core Viewpoint - The stock price of Dongyue Silicones, a leading company in the organic silicon industry, surged by 20% following the resumption of price listings for all single entities, indicating a positive market response to pricing stability and demand recovery in the organic silicon sector [7]. Group 1: Company Overview - Dongyue Silicones has an annual production capacity of 600,000 tons of organic silicon monomers, making it one of the largest integrated production enterprises in China [7]. - The company's product range includes silicone rubber, silicone oil, silicone resin, and fumed silica, which are widely used across various industries such as new energy, electronics, power, construction, automotive, medical, daily goods, textiles, daily chemicals, mechanical processing, composite materials, and chemicals [7]. Group 2: Market Pricing - The mainstream price for DMC is reported to be in the range of 13,800 to 14,000 yuan per ton, while silicone oil is priced between 15,500 and 16,100 yuan per ton [7]. - The prices for 107 glue and raw rubber are reported to be between 14,500 to 14,900 yuan per ton and 14,800 to 15,000 yuan per ton, respectively [7].

Summary of the Conference Call on the Organic Silicon Industry Industry Overview - The conference focused on the organic silicon industry, highlighting its positive outlook under carbon emission constraints, which is expected to lead to price increases and a revaluation of the sector [1][2]. - The organic silicon industry is experiencing a continuous improvement in supply-demand dynamics, with stable growth in traditional sectors such as electronics, construction, and textiles, alongside rapid growth in new sectors like photovoltaic adhesives and lithium battery adhesives [1][2]. Key Insights and Arguments - **Demand Growth**: The projected growth rate for organic silicon consumption in China from 2025 to 2027 is estimated at 8% to 8.8%, indicating a robust growth trajectory [2][12]. - **Supply Constraints**: The organic silicon production capacity in China accounts for over 70% of global capacity, with significant capacity expansion expected to slow down, leading to limited new capacity releases in the coming years [2][16]. - **Price Recovery**: The price of organic silicon intermediates has risen from 11,000 CNY per ton in November 2025 to 14,000 CNY per ton by the end of January 2026, marking a nearly 27% increase [3][21]. - **Utilization Rates**: The capacity utilization rates are projected to improve from 70.58% in 2025 to 81.61% by 2027, indicating a recovery in the industry [5][19]. Sector-Specific Demand Analysis - **Construction**: The construction sector is expected to stabilize, with organic silicon consumption projected at 42.95 million tons by 2027, supported by improving housing sales and renovation demand [7][12]. - **Electronics**: The electronics sector is anticipated to see an 8% to 10% demand growth, driven by the increasing use of photovoltaic adhesives and domestic high-performance battery adhesives [9][11]. - **Manufacturing**: The manufacturing sector's demand is expected to grow due to investments in high-voltage power transmission and updates to electrical grid equipment [10][14]. - **Emerging Applications**: New applications in sectors such as medical, 3D printing, and transportation are expected to drive additional demand for organic silicon products [10][11]. Export and Import Dynamics - **Export Growth**: Organic silicon exports are projected to reach 559,000 tons in 2025, with a year-on-year growth of 2.4%. Key export destinations include South Korea (17.3%) and India (15.1%) [14][15]. - **Import Dependency**: The import dependency for organic silicon is expected to decrease to 3.7% by 2025, indicating a strengthening domestic production capacity [18]. Policy and Market Implications - The cancellation of export tax rebates starting April 1, 2026, is expected to increase export costs but may also encourage a shift towards higher value-added products [15][22]. - The industry is expected to benefit from the exit of overseas competitors, such as Dow Chemical, which will create opportunities for domestic companies to fill supply gaps [18][22]. Recommended Companies - Key companies to watch in the organic silicon sector include: - **Hesheng Silicon**: Leading in integrated production capabilities from industrial silicon to organic silicon [22][23]. - **Xingfa Group**: Notable for its comprehensive organic silicon capacity and integration with other chemical sectors [23]. - **New安股份**: Recognized for its complete organic silicon product line and strategic focus on high-end market segments [23]. - **Dongyue Silicon**: Strong in both upstream and downstream processing capabilities [24]. Conclusion - The organic silicon industry is poised for a recovery phase, driven by stable demand growth in traditional and emerging sectors, alongside a tightening supply environment. The overall sentiment is optimistic, with expectations of price stability and gradual increases in utilization rates [19][22].

Group 1 - The core viewpoint of the news is that Dongyue Silicon Materials Co., Ltd. experienced a stock price increase of 5.1%, reaching 12.36 CNY per share, with a trading volume of 133 million CNY and a turnover rate of 0.91%, resulting in a total market capitalization of 14.832 billion CNY [1] - Dongyue Silicon Materials, established on December 28, 2006, and listed on March 12, 2020, specializes in the research, production, and sales of silicone materials [1] - The company's main business revenue composition includes: 107 glue (49.40%), silicone oil (13.49%), 110 raw rubber (12.11%), mixed rubber (5.46%), others (5.37%), fumed silica (4.32%), silicone adhesive (4.29%), other (supplement) (2.18%), liquid glue (2.01%), and intermediates (1.36%) [1] Group 2 - From the perspective of the top ten circulating shareholders, GF Fund's Guangfa Jufeng Mixed A (270005) increased its holdings by 615,000 shares, totaling 4.5566 million shares, which represents 0.38% of the circulating shares [2] - The estimated floating profit for Guangfa Jufeng Mixed A today is approximately 2.734 million CNY [2] - Guangfa Jufeng Mixed A, established on December 23, 2005, has a latest scale of 3.889 billion CNY, with a year-to-date return of 14.1% and a one-year return of 68.88% [2]

Group 1 - The core viewpoint of the article is that Runhe Materials (300727.SZ) is focusing on the research and production of coolant as an important branch of silicone oil and modified silicone oil [1] - Coolant products share production capacity with other modified silicone oils produced by the company [1]

Group 1 - The stock price of Dongyue Silicon Materials increased by 6.32%, reaching 13.62 CNY per share, with a trading volume of 392 million CNY and a turnover rate of 2.53%, resulting in a total market capitalization of 16.344 billion CNY [1] - Dongyue Silicon Materials, established on December 28, 2006, and listed on March 12, 2020, specializes in the research, production, and sales of silicone materials [1] - The main revenue composition of the company includes: 107 glue (49.40%), silicone oil (13.49%), 110 raw rubber (12.11%), mixed rubber (5.46%), and other products [1] Group 2 - Among the top circulating shareholders of Dongyue Silicon Materials, a fund under GF Fund Management, specifically GF Jufeng Mixed A (270005), increased its holdings by 615,000 shares, totaling 4.5566 million shares, which represents 0.38% of the circulating shares [2] - GF Jufeng Mixed A has a current scale of 3.889 billion CNY and has achieved a year-to-date return of 16.52%, ranking 558 out of 8864 in its category, with a one-year return of 81.41%, ranking 503 out of 8126 [2] - The fund manager of GF Jufeng Mixed A is Su Wenjie, who has been in the position for 7 years and 100 days, managing a total asset size of 10.575 billion CNY, with the best fund return during his tenure being 167.69% [3]

Core Viewpoint - Dongyue Silicon Material's stock has shown significant price increases recently, with a year-to-date rise of 11.23% and a 44.27% increase over the past 60 days, despite a net outflow of funds [1] Group 1: Stock Performance - As of January 12, Dongyue Silicon Material's stock price reached 12.97 CNY per share, with a market capitalization of 15.564 billion CNY [1] - The stock has experienced a 7.63% increase over the last five trading days and a 9.18% increase over the last 20 days [1] Group 2: Financial Performance - For the period from January to September 2025, Dongyue Silicon Material reported a revenue of 3.027 billion CNY, a year-on-year decrease of 24.76%, and a net profit attributable to shareholders of 2.857 million CNY, down 96.78% year-on-year [2] Group 3: Shareholder Information - As of December 31, the number of shareholders for Dongyue Silicon Material was 75,100, a decrease of 0.21% from the previous period [2] - The company has distributed a total of 1.044 billion CNY in dividends since its A-share listing, with 138 million CNY distributed over the last three years [3] Group 4: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, holding 7.1551 million shares, an increase of 492,100 shares from the previous period [3] - Southern CSI 1000 ETF was the eighth-largest circulating shareholder, holding 5.4807 million shares, a decrease of 28,800 shares from the previous period [3]

Group 1 - The core viewpoint of the news is that Dongyue Silicon Material's stock has experienced fluctuations, with a recent decline of 2.02% and a total market value of 15.732 billion yuan [1] - As of January 8, the stock price is reported at 13.11 yuan per share, with a trading volume of 505 million yuan and a turnover rate of 3.14% [1] - The company has seen a year-to-date stock price increase of 12.44%, with a 9.34% rise over the last five trading days, but a 1.43% decline over the last 20 days [1] Group 2 - For the fiscal year ending December 31, Dongyue Silicon Material reported a revenue of 3.027 billion yuan, a year-on-year decrease of 24.76%, and a net profit attributable to shareholders of 2.857 million yuan, down 96.78% year-on-year [2] - The company has distributed a total of 1.044 billion yuan in dividends since its A-share listing, with 138 million yuan distributed over the last three years [3] - As of September 30, 2025, the number of shareholders is reported at 75,100, a decrease of 0.21% from the previous period, with an average of 15,981 circulating shares per shareholder, an increase of 0.21% [2]