2026年2月4日，长江证券首次研报覆盖联化科技（002250）(002250.SZ)。研报明确，联化科技以农药 CDMO为基础，医药小分子领域延伸至小核酸CDMO方向成果显著，且功能化学品领域的新能源材料布 局潜力巨大。 其中，公司凭借小核酸CDMO打开增量空间。相较于传统的小分子化学药物和抗体药物，小核酸药物优 势显著：靶点选择范围极大扩展，药效强且持久，药物开发可以实现"平台化"，研发周期短，成功率 高。根据INSIGHT数据库，2022年以来，小核酸药物BD交易日益火热，2025年小核酸药物交易数量为 32个，交易总金额为290.22亿美元，其中首付款为23.54亿美元，再创新高，商业价值得到验证。公司在 修饰性核苷、核苷酸方面具有丰富经验，其中亚膦酰化试剂、核糖2'-位氟化及烷氧化修饰单体可实现 规模化生产，并开发了稳定、高效的核酸药物运送载体例如GalNAc的生产工艺，收率高且纯化简单。 公司核心客户诺华在研管线丰富，前瞻性布局小核酸领域，拥有39条小核酸管线，其中3款已获批上 市。研报称，小核酸药物或将进入收获期，为诺华提供潜在增长动力，联化科技也有望受益从而获得更 多订单。此外，政策利好持续释 ...

| 项目类别 | 数据指标 最新 | | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） 164,820.00 | | -1460.00↓ 前20名净持仓（日，手） | -155,753.00 | -5388.00↓ | | 期货市场 | 主力合约持仓量（日，手） 402,347.00 | | -8638.00↓ 近远月合约价差（日，元/吨） | -2,680.00 | -2400.00↓ | | | 广期所仓单（日，手/吨） 30,211.00 | | +245.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） 168,000.00 | | -4000.00↓ 工业级碳酸锂平均价（日，万元/吨） | 164,500.00 | -4000.00↓ | | | Li₂CO₃主力合约基差（日，元/吨） 3,180.00 | | -2540.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） 2,045.00 | | +15.00↑ 磷锂铝石平均价（日 ...

日度报告——综合晨报 特朗普警告伊朗，美联储按兵不动 [T报ab告le_日R期an：k] 2026-01-29 宏观策略（外汇期货(美元指数)） 特朗普警告伊朗达成协议 美联储 1 月利率会议维持利率水平不变，对于经济边际乐观程度 上升，市场风险偏好上升，美元指数反弹。 宏观策略（黄金） 特朗普警告伊朗 综 金价强势上涨呈现明显加速迹象，市场波动加大，美联储利率 会议如期按兵不动，会议声明较此前表态更为乐观，主要是判 断就业市场趋于稳定，但通胀存在上行风险。 合 黑色金属（螺纹钢/热轧卷板） 晨 多家房企目前已不被监管部门要求每月上报"三条红线"指标 报 钢价延续震荡运行，近期表现偏弱，但趋势性驱动依然不明显。 建材需求季节性走弱对钢价形成压制。但由于基本面矛盾不算 突出，估值也并不算高，同样难以打开下方空间。 有色金属（锌） Fresnilloplc2025 锌精矿产量有增有减 谨慎追多，前期多单可继续持有，短期操作难度较高，建议做 好仓位管理。 能源化工（沥青） 国内重交沥青产能利用率下降 由于低价重质原油资源的稀缺，沥青反弹幅度偏强，但年前备 货节奏放缓，实际需求支撑疲弱。 | 黄玉萍 | 资深分析师 ...

（编辑 袁冠琳） 证券日报网讯 1月28日，天赐材料在互动平台回答投资者提问时表示，目前公司六氟磷酸锂年产能折固 约11万吨，LiFSI年产能约3万吨；根据公司已制定及披露的项目建设规划，在六氟磷酸锂未来产能规划 方面，公司预计在2026年新增约4万吨年化产能，于2027年及2028年各完成折固约6万吨的六氟磷酸锂产 能项目的建设工作，预计于2028年底时，公司六氟磷酸锂年化产能将达到折固27万吨以上；在LiFSI未 来产能规划方面，公司将于2026年新增约6万吨年化产能，预计于2027年时，公司LiFSI年化产能将达到 约9万吨。公司的产能规划会根据公司市占率目标、市场需求和供应格局变化等因素及时进行调整，敬 请广大投资者注意投资风险。 ...

（文章来源：每日经济新闻） 每经AI快讯，天赐材料（002709.SZ）1月28日在投资者互动平台表示，目前公司六氟磷酸锂年产能折固 约11万吨，LiFSI年产能约3万吨；根据公司已制定及披露的项目建设规划，在六氟磷酸锂未来产能规划 方面，公司预计在2026年新增约4万吨年化产能，于2027年及2028年各完成折固约6万吨的六氟磷酸锂产 能项目的建设工作，预计于2028年底时，公司六氟磷酸锂年化产能将达到折固27万吨以上；在LiFSI未 来产能规划方面，公司将于2026年新增约6万吨年化产能，预计于2027年时，公司LiFSI年化产能将达到 约9万吨。公司的产能规划会根据公司市占率目标、市场需求和供应格局变化等因素及时进行调整。 ...

Core Viewpoint - The company is focusing on sales of LiFSI, cathode materials, and electrolytes while continuing technical improvements on lithium hexafluorophosphate projects [1] Group 1: Business Development - The company is expanding its range of new energy products and exploring new markets to seize opportunities in the new energy sector [1] - The company aims to achieve a breakthrough in revenue from its new energy business by 2025 [1] - Revenue and profit performance in the new energy business are expected to further improve by 2026 [1] Group 2: Technical and Competitive Edge - The company follows a systematic process for technological development and continuously optimizes product competitiveness [1] - The company leverages its research and production capabilities to convert technological advantages into market advantages [1]

Group 1: New Energy Business - The company primarily focuses on the sales of LiFSI, cathode materials, and electrolyte products, with ongoing technical improvements on lithium hexafluorophosphate projects. Revenue from the new energy business is expected to break through in 2025, with further growth anticipated in 2026 [1] - The company aims to expand its product range and market presence in the new energy sector, leveraging its R&D and production capabilities to convert technological advantages into market benefits [1] - The new energy sector is viewed as a sufficiently broad and long-term opportunity, helping to mitigate operational risks associated with the company's previous focus on overseas CDMO clients [2] Group 2: Overseas Operations - The UK base has maintained stable production and operations in 2025, with expectations for continued stability in 2026. The Malaysian base plans to invest $200 million, with the first phase of construction ongoing and expected to complete by the end of 2026 [3] - The Malaysian facility will focus on producing agricultural CDMO products, with plans to gradually commence production based on customer orders starting in 2027 [3] Group 3: Pharmaceutical Business - The pharmaceutical segment has shown steady growth, with a focus on a large client strategy and CDMO business model. The company has established stable commercial relationships with several leading global pharmaceutical companies [4] - The company is actively expanding its client base and developing new strategic partnerships, particularly with high-viscosity clients, while also focusing on small molecule CDMO and emerging business areas such as peptide products and radiopharmaceuticals [4] Group 4: Client Dependency and Market Strategy - The company acknowledges a high concentration of clients but emphasizes the importance of providing comprehensive services to existing clients while actively seeking new customers across various sectors [4] - The strategy includes enhancing technical capabilities and market expansion to foster long-term cooperation and mutual trust with clients, ensuring a sustainable business model [4]

Group 1 - The article emphasizes the investment value of significant events, industry chain companies, and key policy interpretations, providing timely information for market impact analysis [1] - The company is engaged in commercial aerospace and AI chips, offering comprehensive satellite payload products and has conducted multiple NTN technology trials with breakthroughs, including self-developed DPU and CPU chips [1] - The company is also focused on solid-state batteries, with a production line expected to be completed in the second half of the year, projecting a year-on-year net profit increase of over 127% for 2025, and its lithium battery products include electrolyte, lithium hexafluorophosphate, and LiFSI [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company is expected to benefit from the price increase of liquid hexafluorophosphate lithium (6F), with a projected price rise due to supply constraints from maintenance activities [1][3]. - The company's 2025 earnings forecast has been revised upwards, with net profit expected to be between 1.1 billion to 1.6 billion RMB, representing a year-on-year increase of approximately 179.45% [2][12]. - The company is focusing on increasing the proportion of LIFSI in its products, aiming to enhance growth potential and market share in electrolyte solutions [4]. Summary by Sections Investment Rating - The company is rated as "Buy" with a target price of 80.50 RMB, reflecting an increase from the previous target of 67.75 RMB [5][6]. Price and Supply Dynamics - The company plans to conduct maintenance on its 6F production line, which is expected to reduce supply by approximately 2,800 to 4,200 tons, potentially leading to higher prices in the upcoming peak season [1]. - The price of 6F has risen to 180,000 RMB per ton, significantly up from previous quarters, indicating a strong market demand [3]. Earnings Forecast - The company anticipates a substantial increase in net profit for Q4 2025, with estimates ranging from 679 million to 1.179 billion RMB, marking a significant quarter-on-quarter growth [2][12]. - Adjusted profit forecasts for 2025 to 2027 show net profits of 1.352 billion, 7.127 billion, and 8.966 billion RMB respectively, reflecting a strong growth trajectory [12][13]. Strategic Initiatives - The company is increasing its focus on LIFSI, aiming to raise its proportion in products from 2% to 3%-4%, which is expected to open new growth avenues [4]. - The report highlights the potential for significant profit elasticity due to the combination of rolling pricing orders and long-term contract negotiations [3].

Group 1: Company Overview - Company held a specific investor meeting on January 5, 2026, in Shanghai, attended by nine institutions including Tianfeng Securities and Southern Fund [1][2] - Senior Vice President and Secretary of the Board, Chen Feibiao, along with Securities Affairs Representative Dai Yiyi, discussed key issues such as the progress in the new energy business, overseas base layout, and pharmaceutical business planning [1][2] Group 2: New Energy Business - The new energy business is focused on the sales of LiFSI and electrolyte products, with a breakthrough in revenue achieved in 2025 and expected continued growth in 2026 [2] - The lithium hexafluorophosphate project is currently in the technical improvement stage, with ongoing optimization of product competitiveness through systematic process development [2] - The company leverages its long-standing experience in chemical synthesis to enhance its market position in the new energy sector [2] Group 3: Overseas Operations - The UK production base is operating smoothly in 2026, while the Malaysian base is under phased construction, primarily aimed at producing agricultural CDMO products [3] - The company plans to integrate resources from China, the UK, and Malaysia to provide comprehensive supply chain solutions covering the entire product lifecycle [3] Group 4: Pharmaceutical Business - The pharmaceutical business focuses on a CDMO model and has established partnerships with several leading global pharmaceutical companies, while also expanding its client base [4] - The business primarily serves products under patent, with long-term growth expected as these products are promoted [4] - Future development will emphasize small molecule CDMO, starting materials, and registration materials, while also investing in emerging areas such as peptides and radiopharmaceuticals [4] Group 5: Risk Management - The company acknowledges potential revenue impacts from the expiration of patents for agricultural clients but plans to mitigate this through product and technology upgrades [6]