Q&A 当前氨纶行业的基本面情况如何？ 对话新乡化纤董事 - 氨纶行业基本面更新与菌草项目进展 20260127 摘要 华海集团破产主因是巨额债务而非经营问题，即使氨纶涨价 1 万元/吨， 其满负荷生产利润也难以覆盖债务本息，债权人积极追偿加速了破产进 程。 华海集团设备因良品率低、技术问题及债权分割，整体收购价值较低， 潜在接手方将面临技术和资金双重压力。 新疆化纤菌草项目取得进展，与广州能源所合作，一吨菌草浆可副产 0.3 吨生物煤油，解决生物航油原料来源问题，且成本控制良好，未来 发展前景广阔。 华海集团破产将导致氨纶市场供应短缺，推高价格，其他企业受益，但 下游客户成本压力增大，预计春节后可能再次调价。 菌草项目成本优势明显，不考虑菌草原料成本，每吨油费用约 9,000 元， 低于 SaaS 市场价，且菌草可在沙漠种植，不与粮食争地。 行业整体开工率高，达 87%，春节前补库需求旺盛，下游客户库存下降， 一季度行情或超预期，美国耐用品数据也显示补库需求增加。 阿伦新增产能建设按预期进行，目标 20+5+5 万吨，但建设期和爬坡 期较长，进度可能稍慢，目前是唯一还在扩产的企业。 氨纶行业目前正经历显著变 ...

26 January 2026 | 11:00AM CST Equity Research China Solar: Quick thoughts on potential Space-based Solar Power demand uplift What's new? Share prices for our Solar coverage have rallied by 8%-20% on Jan 23 (vs. largely flat performance of CSI300 and HSI at -0.4%/+0.4%) due to upbeat market expectation of Space-based Solar Power (SBSP) demand that was sparked by the Davos Debut where Elon Musk stated that SpaceX and Tesla each will build 100GW of solar panel capacity in the US in the next three years. Implic ...

Lead Intelligent (300450.SZ) Pre-announced FY25 net income beat; raise TP/EPS; Neutral NEUTRAL Jacqueline Du +852-2978-1783 | jacqueline.du@gs.com Goldman Sachs (Asia) L.L.C. | Key Data _____________________________________ | | | | | | --- | --- | --- | --- | --- | | | | Enterprise value: Rmb99.9bn / $14.3bn | Market cap: Rmb98.9bn / $14.2bn | | | | | | 3m ADTV: Rmb4.5bn / $644.3mn | | | | | | | China | | | | | China Industrial Tech & Machinery | | | | | | | M&A Rank: 3 | | | | | Leases incl. in net debt & ...

| Price (26 Jan 26 15:00) | Rmb31.140 | | --- | --- | | Target price | Rmb45.000 | | Expected share price return | 44.5% | | Expected dividend yield | 0.1% | | Expected total return | 44.6% | | Market Cap | Rmb37,070M | | | US$5,324M | Cynthia WuAC Do-Fluoride (002407.SZ) FY25 profit alert indicates a Rmb162mn NP during 4Q25 CITI'S TAKE Do-Fluoride announced a profit alert after market close today, suggesting FY25 net profit to be around Rmb200-280mn. Implied 4Q25 headline midpoint came in as Rmb162mn, than ...

Flash | 26 Jan 2026 03:14:32 ET │ 10 pages Ningbo Deye Technology (605117.SS) Potential Beneficiary of the "Warm Homes Plan" in the UK CITI'S TAKE Deye's share price rallied today, 26 Jan, boosted by news about the "Warm Homes Plan" released by the UK gov't. According to the plan, the UK gov't has budgeted £15bn to help up to 5m families to cut energy bills through the installation of solar panels, batteries and heat pumps. It aims to add solar systems for up to 3m new households by 2030E. We estimate the p ...

Research Tactical Idea We believe the share price will rise in absolute terms over the next 45 days. This is because of an announced acquisition. Zijin Gold (of which Zijin Mining owns 85%) has announced plans to acquire Allied Gold for C$5.5bn (a 5.39% premium over Allied Gold's last closing price) (see note). AG's plans to produce 11.7-12.4 tons in 2025 and 25 tons by 2029. If the deal is approved, this would bring Zijin Gold's total gold production by 2030 to 95-100 tons pa, with a 2025-30 gold productio ...

25 January 2026 | 5:54PM HKT Equity Research AMEC (688012.SS): Etching tools shipments ramp up for advanced nodes; 4Q Rev +21% YoY, NI midpoint +31% YoY; Buy AMEC pre-announced 4Q Rev of Rmb4.3bn (+21% YoY), which is 10%/ 3% lower than our estimates and Bloomberg consensus. 4Q GM improved to 39.7% (vs. 2Q25/ 3Q25 at 38.5%/ 37.9%). With the continuous spending on R&D for new product development, 4Q25 net income came in at Rmb869m~Rmb969m (+24%~+38% YoY). In 2025, the company's etching equipment sales were Rm ...

Key takeaways from investor call following recent M&A Key Takeaways Some market participants have been concerned about how product mix could impact margins as gold jewelry and electronics sales increase. As the recent strong sales growth was contributed by various categories, we believe the dilution impact should be manageable. See also recent reports: China Tourism Group Duty Free: Acquiring DFS's HK/Macau business; LVMH invests in CTG-H (20 Jan 2026) January 25, 2026 11:48 PM GMT China Tourism Group Duty ...

CPCA reports 1-18 January numbers: EV retail down 16% YoY, wholesale down 23% YoY ab Global Research owered by UBS Evidence Lab YES P The China Passenger Car Association (CPCA) reported January 1-18 January 2026 retail EV sales volume of 312k units, down -16% YoY and -52% MoM, while wholesale EV volume declined to 348k, down -23% YoY and -46% MoM. The early numbers show signs of continued weakening, which adds more pressure to the 2026 demand outlook. UBS Evidence Lab's China Auto Model Search Monitor (> Ac ...

23 January 2026 China Solar Equities The new frontier: Space-based solar power China From science fiction to reality: There's a hot new theme in the global solar industry: solar panels in space. What's behind this is a combination of recent advances in commercial satellites and the race to put AI data centers (AIDCs) in space. Elon Musk said he plans to build 100GW solar production capacity (Reuters, 23 Jan 2026), following his comment in an earlier interview that he expects 100GW of new AIDCs to be deliver ...