格隆汇1月6日｜华泰证券研报指出，新和成是全球营养品和香精香料领先企业，蛋氨酸/维生素/ PPS等 多产品销售额全球前五，并具备一体化/规模化和技术优势。公司基于人类/动物营养、香精香料及特种 工程材料等新兴需求增量，前瞻布局，并筑牢技术根基。伴随蛋氨酸/香精香料全球份额提升和生物制 造/新材料破局，公司迈入新成长周期。该行认为市场过度关注维生素周期波动的影响，对蛋氨酸/香精 香料等成长潜力和公司全球竞争优势，以及新兴业务成长性投资价值有所忽视。考虑蛋氨酸/香精香料 等持续放量，略微上调25-27年归母净利润预测，上调目标价至38.24元（上调49%），上调至"买入"评 级。 ...

Group 1: Real Estate Industry - The core viewpoint is that the official launch of commercial real estate REITs marks a significant step towards a new development model in the real estate sector, with policies expected to accelerate the growth of C-REITs [2] - The introduction of 30 REITs-related policies by the CSRC and stock exchanges is seen as a catalyst for expanding asset classes and enhancing efficiency, which could lead to a revaluation of related assets and companies [2] - Companies deeply involved in commercial real estate and management services are expected to benefit significantly from this development [2] Group 2: Financial Services Industry - The recent guidelines from the central bank and financial regulatory authority aim to reduce the pricing cap for small loan companies, which may lead to a rapid industry cleanup [3] - The guidelines require small loan companies to stop issuing loans with comprehensive financing costs exceeding 24% immediately and to gradually lower pricing to within four times the one-year LPR by the end of 2027 [3] - The impact of these guidelines on the broader financial technology sector will depend on whether banks and consumer finance companies follow suit [3] Group 3: Transportation Industry - The outlook for January indicates a seasonal decline in passenger and cargo volumes, but there are positive signs for airline profitability and oil transportation demand [5] - The airline sector is expected to see improved revenue levels due to steady demand growth and favorable oil prices, while oil transportation rates may rise due to geopolitical tensions [5] - Recommendations include focusing on specific stocks in the airline and oil transportation sectors, as well as logistics and express delivery companies [5] Group 4: ETF Market - By the end of 2025, the total scale of ETFs in China surpassed 6 trillion yuan, with a significant increase driven by stock ETFs, which saw a 42% growth [5] - There is a notable divergence in the performance of broad-based ETFs and thematic industry ETFs, with the latter experiencing continued inflows [5] Group 5: Key Companies - Century Huatong is covered for the first time with a "buy" rating and a target price of 24.52 yuan, driven by its leadership in SLG games and strong performance in overseas markets [6] - New and emerging companies like Xinhecheng and Huaming Equipment are also highlighted for their growth potential and strategic initiatives, with target prices set at 38.24 yuan and 29.5 yuan respectively [10][12] - The report emphasizes the importance of product innovation and market expansion for companies like Sanqi Interactive Entertainment and China Jushi, which are expected to benefit from new game launches and incentive plans [8][9]

Core Viewpoint - Andy Su has successfully completed a large-scale private placement, raising a total of 3.98 billion shares and 3 billion yuan, with significant interest from institutional investors [1][3][4]. Fundraising Details - The private placement involved issuing 398 million shares at a price of 7.54 yuan per share, raising a total of 3 billion yuan, with a net amount of 2.984 billion yuan after expenses [3][4]. - The top recipient of the shares was Caitong Fund, which received 694 million yuan, becoming the second-largest shareholder with a 2.99% stake [1][6]. Use of Proceeds - The funds raised will be allocated to functional product projects, special product projects, sustainable development projects, and to supplement working capital [2][8]. - Specifically, 1.743 billion yuan (46.3% of total funds) will be invested in a solid methionine project, while 257 million yuan will go towards special product projects [8]. Market Performance - As of December 18, Andy Su's stock price reached 8.93 yuan, resulting in a paper profit of 553 million yuan for the 20 investors within a day [2][7]. Financial Performance - For the first three quarters of 2025, Andy Su reported revenue of 12.931 billion yuan, a year-on-year increase of 13.67%, while net profit decreased by 1.29% to 990 million yuan [10]. - The company has faced challenges such as declining vitamin prices and increased distribution costs due to tariffs, but is implementing strategies to mitigate these impacts [10]. Research and Development - Andy Su is enhancing its R&D efforts, with planned expenditures increasing from 301 million yuan in 2020 to 442 million yuan in 2024, and 282 million yuan spent in the first three quarters of 2025 [11].

Core Insights - The chemical industry report indicates a mixed performance in chemical product prices, with 42 products increasing in price, 37 decreasing, and 21 remaining stable during the week of December 8-14 [1][2] - The report suggests focusing on undervalued leading companies, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials and certain new energy materials amid price increases [1][6] Industry Dynamics - In the week of December 8-14, 47% of tracked chemical products saw a month-on-month price increase, while 44% experienced a decrease, and 9% remained unchanged [2] - The top price increases were noted in nitric acid, sulfuric acid, raw salt, bisphenol A, and TDI, while the largest declines were in PVA, LLDPE, trichloroethylene, and NYMEX natural gas [2] Oil Market Overview - International oil prices fell, with WTI crude oil futures closing at $57.44 per barrel (down 2.45%) and Brent crude at $61.12 per barrel (down 2.19%) [3] - The U.S. oil production averaged 13.853 million barrels per day, an increase of 38,000 barrels from the previous week and 222,000 barrels from the same period last year [3] - U.S. oil demand rose to an average of 21.082 million barrels per day, with gasoline demand increasing to 8.456 million barrels per day [3] TDI Market Analysis - TDI prices increased to an average of 14,713 yuan/ton, up 2.49% week-on-week and 5.51% month-on-month [4] - TDI production decreased, with an overall operating rate of approximately 58.55%, and various factories experiencing operational issues [4] - Average costs for TDI were 11,819 yuan/ton, down 0.92% week-on-week, while average gross profit rose by 31.79% week-on-week [4] Methionine Market Analysis - Methionine prices decreased to an average of 17,900 yuan/ton, down 2.45% week-on-week and 9.14% month-on-month [5] - The production remained stable at 18,350 tons, with an operating rate of 89.42% [5] - The cost of methionine was 13,853.73 yuan/ton, with a gross profit margin of 23.67% [5] Valuation Metrics - As of December 12, the TTM price-to-earnings ratio for the SW basic chemical sector was 24.14, and the price-to-book ratio was 2.19 [6] - The SW oil and petrochemical sector had a TTM price-to-earnings ratio of 12.85 and a price-to-book ratio of 1.24 [6] Investment Recommendations - The report recommends focusing on undervalued leading companies, sectors benefiting from policy support, and emerging fields such as semiconductor materials and new energy materials [6] - Specific companies highlighted for investment include Wanhua Chemical, Hualu Hengsheng, and others [6][7]

Investment Rating - The industry investment rating is "Outperform the Market" [2][45] Core Views - The report highlights the decline in international oil prices and methionine prices, while TDI prices have increased. It suggests focusing on undervalued industry leaders, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials and certain new energy materials companies amid price increases [2][10]. Industry Dynamics - In the week of December 8-14, 2025, among 100 tracked chemical products, 42 saw price increases, 37 saw declines, and 21 remained stable. The average price of TDI rose by 2.49% week-on-week, while methionine prices fell by 2.45% [29][31][32]. - The average cost of TDI was 11,819 CNY/ton, down 0.92% from the previous week, with an average gross profit of 2,766.71 CNY/ton, up 31.79% week-on-week [31]. - The report notes that the SW basic chemical industry P/E ratio (TTM excluding negative values) is 24.14, at the 71.18% historical percentile, while the oil and petrochemical industry P/E ratio is 12.85, at the 35.15% historical percentile [10][29]. Investment Recommendations - The report recommends focusing on undervalued industry leaders and suggests a long-term investment strategy that includes sectors like semiconductor materials, OLED materials, and new energy materials, which are expected to have significant growth potential [10][29]. - Specific stock recommendations include Wanhua Chemical, Hualu Hengsheng, Satellite Chemical, Juhua Co., New Chemical, China Petroleum, China National Offshore Oil Corporation, China Petrochemical, and others [10][29].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is implementing a "dual pillar" strategy to enhance its global business development, focusing on solidifying its leadership in the methionine market while expanding its high-value specialty products [7] - The Quanzhou solid methionine project is progressing well, expected to be operational by 2027, which will support the company's global capacity optimization [7] - Revenue for the first three quarters of 2025 increased by 13.67% year-on-year, while net profit slightly decreased by 1.29% due to rising raw material costs and product price declines [7] Financial Projections - Total revenue is projected to reach 15,534 million yuan in 2024, with a year-on-year growth of 17.83%, and is expected to grow to 21,718 million yuan by 2027 [1][8] - The net profit attributable to the parent company is forecasted to be 1,204 million yuan in 2024, with a significant increase to 1,701 million yuan by 2027, reflecting a growth rate of 20.84% [1][8] - The earnings per share (EPS) is expected to rise from 0.45 yuan in 2024 to 0.63 yuan in 2027 [1][8] Market Position and Competitive Advantage - The company is positioned as a global leader in the methionine industry, with a strong focus on research and development to drive future growth [7] - The integration of resources from Sinochem in the Quanzhou project enhances cost competitiveness, leveraging location advantages [7]

Group 1 - The core viewpoint of the article indicates that the chemical sector is expected to maintain a high level of prosperity, as evidenced by the recent performance of the chemical leader ETF (516220), which rose over 1.2% [1] - The current valuation of the basic chemical industry is at a historical mid-high level, with a price-to-earnings ratio of 24.44 times (72.41% historical percentile) and a price-to-book ratio of 2.24 times (55.53% historical percentile) [1] - The price of lithium hexafluorophosphate has continued to rise due to tight supply and demand, with an average price increase of 65.85% month-on-month in November, driven by full-capacity operations of leading companies and delayed new capacity coming online [1] Group 2 - The price of methionine has decreased by 9.27% due to expectations of increased competition from new entrants in 2026 [1] - In the medium to long term, policy-driven demand recovery and supply optimization are expected to benefit the performance of leading companies, with significant growth potential in emerging fields such as semiconductor materials and new energy materials [1] - The chemical leader ETF (516220) tracks a sub-index of the chemical industry (000813), which selects listed companies involved in various chemical sub-industries such as pesticides, fertilizers, and coatings, reflecting the overall performance of related securities [1]

Investment Rating - The report rates the chemical industry as "Outperform" [1] Core Views - The report highlights the increase in overseas natural gas prices and lithium hexafluorophosphate prices, while methionine prices have decreased. It suggests focusing on undervalued industry leaders, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials and certain new energy materials companies amid price increases [1][12][31]. Summary by Sections Industry Dynamics - During the week of November 24-30, 2025, among 100 tracked chemical products, 29 saw price increases, 33 saw decreases, and 38 remained stable. Overall, 51% of products had a month-on-month average price increase, while 37% saw a decrease [8][31]. - The average price of lithium hexafluorophosphate rose to 170,000 CNY/ton, marking a 1.80% increase from the previous week and a 65.85% increase from the previous month [33]. - Methionine prices fell to 18.60 CNY/kg, down 3.13% from the previous week and 9.27% from the previous month [34]. Investment Recommendations - The report recommends focusing on undervalued industry leaders, the effects of "anti-involution" on supply, and companies in electronic materials and new energy materials that are experiencing price increases. It also suggests a long-term investment strategy based on policy support for demand recovery and supply-side optimization [12][31]. - Specific companies recommended include Wanhua Chemical, Hualu Hengsheng, and others, with a focus on sectors like fluorochemicals, agricultural chemicals, and new energy materials [12][31]. Market Performance - The basic chemical industry index rose by 2.98%, while the oil and petrochemical sector fell by 0.73% during the same week [8][12]. - The report notes that the WTI crude oil price closed at $58.55/barrel, with a weekly increase of 0.84%, and the Brent crude oil price closed at $63.20/barrel, with a weekly increase of 1.02% [9][32]. Price Trends - The report details that sulfur, ammonium nitrate, and other products saw significant price increases, while methionine and epoxy propane experienced notable declines [31][35]. Key Stocks - December's "golden stocks" include Wanhua Chemical and Anji Technology, reflecting strong performance and growth potential in their respective sectors [5][12].

Core Insights - The company, Andisu, focuses on the research, production, and sales of animal nutrition additives, aiming to promote a more efficient, safer, and sustainable livestock industry [1] - Andisu has maintained a global leading position in the methionine market, with functional products as its core competitive advantage [1] Company Strategy - The company has adopted a strategy of "going out" and "bringing in," which has facilitated sustainable development over the past decade [1] - Andisu has integrated global resources by introducing advanced European technology and high-quality production capacity into China [1] Production Capacity - The production capacity of the Nanjing plant has increased from 170,000 tons to 350,000 tons, making it the largest and lowest-cost single liquid methionine production base globally [1] ESG Commitment - The company places a strong emphasis on ESG (Environmental, Social, and Governance) principles, recognizing their importance in creating long-term value for the enterprise [1]

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, Jiangshan Co., and others [9][19]. Core Viewpoints - The report highlights the significant price increases in products such as toluene (up 25.22%) and liquid chlorine (up 13.73%), while products like butadiene and vinyl acetate saw notable declines [4][5][16]. - It suggests focusing on investment opportunities in areas such as import substitution, domestic demand, and high dividend stocks, particularly in light of the current international oil price fluctuations [6][19]. - The report anticipates that the international oil price will stabilize around $65 per barrel, which could benefit companies with high dividend yields and those that are sensitive to raw material price declines [6][19]. Summary by Sections Chemical Industry Investment Suggestions - The report emphasizes the importance of monitoring sectors like glyphosate, fertilizers, and high-dividend assets for potential investment opportunities [19]. - It recommends companies like Jiangshan Co., Xingfa Group, and Yangnong Chemical, which are expected to enter a favorable economic cycle [19]. - The report also highlights the resilience of domestic chemical fertilizer and certain pesticide sectors, suggesting a focus on companies like China Heartland Fertilizer and Hualu Hengsheng [19]. Price Trends and Market Analysis - The report notes that while some chemical products have rebounded in price, the overall industry remains weak, with mixed performance across sub-sectors [17][19]. - It provides detailed price movements for various chemicals, indicating a general trend of price increases for certain products and declines for others [4][5][16]. - The report discusses the impact of OPEC's decisions on oil prices and how this affects the chemical industry, particularly in terms of raw material costs [6][20]. Company Focus and Earnings Forecast - The report includes a detailed earnings forecast for key companies, with a focus on their expected EPS and PE ratios for the coming years [9]. - Companies such as Sinopec, Jiangshan Co., and others are highlighted for their strong market positions and potential for growth [9][19]. - The report suggests that companies with strong asset quality and high dividend yields, like the "three barrels of oil," will benefit from the current market conditions [19].