投资种类：申万宏源证券收益凭证 投资金额：11,000 万元 | 证券代码：600075 | 证券简称：新疆天业 | 公告编号：2026-007 | | --- | --- | --- | | 债券代码：110087 | 债券简称：天业转债 | | 新疆天业股份有限公司 关于使用闲置募集资金进行现金管理的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 已履行及拟履行的审议程序：本事项已经公司九届十二次董事会、九届九次 监事会审议通过。 特别风险提示：公司本次现金管理购买的理财产品为有保本约定的浮动收益 型理财产品，但金融市场受宏观经济的影响较大，不排除该项投资受到市场波动、宏 观经济形势及货币政策、财政政策等宏观政策发生变化带来的系统性风险影响，投资 的实际收益不可预期。敬请广大投资者谨慎决策，注意防范投资风险。 一、投资情况概述 （一）投资目的 为了更好地发挥募集资金的效能，提高资金使用效率，在符合国家法律法规、不影 响募集资金投资项目建设实施及募集资金安全的前提下，公司拟使用不超过 20,000 ...

Core Viewpoint - The article highlights the innovative contributions of Cao Zhiye, a labor model from Xinjiang Tianye Group, in advancing the coal chemical industry through technology and skill development [1][2][4]. Group 1: Technological Innovations - The modern coal chemical digital factory in Xinjiang operates efficiently with smart robots and a cloud-based control system that optimizes production parameters in real-time [1]. - Cao Zhiye led the successful implementation of the largest single-set coal-to-ethylene glycol project in China, achieving the fastest startup record for similar coal chemical installations [1]. - The advanced process control (APC) system developed under Cao's leadership reduces operator intervention by over 95%, enhancing safety in production [2]. Group 2: Skill Development and Recognition - The "Cao Zhiye Labor Model Innovation Studio" was established in 2023, focusing on technical breakthroughs and talent cultivation, resulting in 10 innovation patents and 3 invention patents [2]. - Cao Zhiye obtained the TUV Rheinland Functional Safety Engineer certification, gaining international recognition in industrial safety [3]. - He was included in the expert database for digital transformation of small and medium enterprises, contributing to professional literature and sharing his expertise [3]. Group 3: Personal Journey and Impact - Cao Zhiye transitioned from a basic electrician to a leading engineer over 20 years, demonstrating dedication and innovation in the industry [1][4]. - His efforts have significantly empowered industrial upgrades, showcasing the role of modern labor in the evolving industrial landscape [4].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [2] Core Insights - The dye industry is expected to experience an upward trend that may exceed market expectations, with price increases for various types of dyes ranging from 1,000 to 3,000 RMB. Key companies to watch include Zhejiang Longsheng, Runtu Co., Jinchicken Co., and Jihua Group [2] - The PVC industry is accelerating its transition to mercury-free production, leading to the exit of small and medium-sized capacities. The price of PVC is anticipated to have upward recovery potential due to supply contraction and stable demand expectations. Companies to focus on include Xinjiang Tianye, Junzheng Group, Ordos, and Beiyuan Group [2] - The commercial aerospace sector is witnessing significant catalysts, with SpaceX planning to deploy up to 1 million satellites for large-scale AI inference and data centers, indicating a competitive acceleration in global space resources [2] Industry Dynamics - Current macroeconomic judgment indicates that oil prices are expected to remain in a relatively loose range, with Brent crude projected between 55-70 USD per barrel. Coal prices are stabilizing, and natural gas costs are expected to decline as the U.S. accelerates its export facility construction [3][5] - The chemical sector is experiencing a recovery in PPI, with a year-on-year decrease of -1.9% and a month-on-month increase of +0.2%. The manufacturing PMI for January recorded 49.3%, indicating some volatility in manufacturing operations [5] Investment Analysis - The report suggests a diversified investment strategy across four main areas: 1. Textile and apparel chain, with a focus on companies like Luxi Chemical and Tongkun Co. 2. Agricultural chemicals, with companies such as Hailir and Yunnan Yuntianhua highlighted. 3. Export-related chemical products, particularly in fluorine chemicals and MDI, with companies like Juhua and Wanhua Chemical recommended. 4. Companies benefiting from "anti-involution" policies, such as Biyuan Chemical and Xuefeng Technology [2] - Key materials for growth include semiconductor materials, panel materials, and lithium battery materials, with companies like Yake Technology and Xinhuan Technology noted for their potential [2] Company Valuation - Selected companies in the agricultural chemicals sector include: - Hailir: "Increase" rating, market cap of 49.96 billion RMB, projected net profit of 4.45 billion RMB for 2026 [18] - Yangnong Chemical: "Buy" rating, market cap of 325.88 billion RMB, projected net profit of 19.26 billion RMB for 2027 [18] - In the fertilizer and chlor-alkali sector, companies like Yuntianhua and Xingfa Group are also rated "Increase" with significant market caps and projected profits [18]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The agricultural chemical industry is entering a period of layout opportunities, driven by the increasing importance of food security amid geopolitical fluctuations. The focus is on enhancing planting efficiency through technological empowerment [8] - The report emphasizes the growth potential of leading companies in the agricultural chemical sector, particularly those focused on technology services, including plant growth regulators, compound fertilizers, and pesticide formulations [3][8] - The report highlights the recovery opportunities in various sub-sectors of the chemical industry, including MDI, PVC, and refining, with specific companies recommended for investment [3][8] Summary by Relevant Sections Agricultural Chemical Sector - The report identifies growth opportunities in the agricultural chemical sector, particularly for companies that provide technology-driven services. Key areas include: 1. Plant growth regulators, which are characterized by low usage, high effectiveness, and cost efficiency, are seen as essential for modern agriculture [8] 2. Compound fertilizers are crucial for providing precise nutrient ratios to crops, with room for growth in China's compound fertilizer application rates compared to developed countries [8] 3. The potential for Chinese pesticide formulation companies to expand internationally, breaking the monopoly of traditional multinational corporations [8] Chemical Industry Recovery - The report notes a positive outlook for the recovery of various chemical sub-sectors, including: - MDI leader Wanhua Chemical (600309, Buy) [3] - PVC industry players such as Zhongtai Chemical (002092, Not Rated) and Xinjiang Tianye (600075, Not Rated) [3] - Refining sector leaders like Sinopec (600028, Buy) and Rongsheng Petrochemical (002493, Buy) [3] - The report anticipates continued price increases for high-energy products, particularly in the PVC sector, due to supply constraints and structural demand shifts [8]

| 证券代码：600075 | 股票简称：新疆天业 | 公告编号：临 2026-006 | | --- | --- | --- | | 债券代码：110087 | 债券简称：天业转债 | | 新疆天业股份有限公司 具体情况如下： | 产品名称 | 受托人 | 产品金额 | 年化收益 | 起息日 | 到期日 | 赎回金额 | 实际收益 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 名称 | （万元） | 率(%) | | | （万元） | （元） | | 龙鼎定制 2229 | 申万宏 | | | 2025 年 7 月 | 2026 年 1 月 | 5,000 | 412,226.30 | | 收益凭证产品 （SRYR39） | 源证券 | 5,000 | 1.64% | 28 日 | 26 日 | | | | 龙鼎定制 2230 收益凭证产品 | 申万宏 | 5,000 | 1.64% | 2025 年 7 月 | 2026 年 1 月 | 5,000 | 412,226.30 | | （SRYR40） | 源证券 | | | 28 日 | 2 ...

Summary of Conference Call Notes Industry Overview - The focus is on the PVC (Polyvinyl Chloride) industry, particularly regarding the transition to mercury-free production methods as mandated by the Ministry of Ecology and Environment in China [1] Key Points and Arguments - **Policy Push for Mercury-Free PVC**: The government is accelerating the transition to mercury-free catalysts in the PVC industry, which is expected to lead to the elimination of outdated production capacities [1] - **Impact of Capital Expenditure**: The transition to mercury-free production requires significant one-time capital expenditures. Smaller and higher-cost producers may lack the financial resources to complete this transformation, potentially leading to their exit from the market [1] - **Supply-Side Contraction**: The forced exit of less competitive producers will likely shrink the supply side of the industry, optimizing the overall supply-demand balance and alleviating excess pressure, which could promote industry profitability recovery [1] - **Current PVC Pricing**: As of January 28, PVC prices are at 4,615 RMB per ton, with a price difference of -111.5 RMB per ton. These figures are positioned at the 4.3% and 13.6% percentiles, respectively, since 2016 [1] Additional Insights - **Core Bottleneck of Mercury-Free Catalysts**: The industry is expected to enter a phase where technological advancements are realized, and companies with mature industrial capabilities are likely to benefit first [2] - **Key Players in the Market**: Notable companies mentioned include: - Zhongtai Chemical (2.6 million tons) - Xinjiang Tianye (1.34 million tons) - Junzheng Group (800,000 tons) - Chlor-Alkali Chemical (480,000 tons) - Jiahua Energy (300,000 tons) - Sanyou Chemical (525,000 tons) - Kaili New Materials (leader in mercury-free catalysts) [2] - **Risk Factors**: Potential risks include the possibility that the transition to mercury-free production may not proceed as expected and increased competition within the industry [2]

Summary of Chlor-Alkali Industry Conference Call Industry Overview - The conference call focuses on the chlor-alkali industry, particularly the impact of the Minamata Convention on mercury and the transition towards mercury-free production methods in the polyvinyl chloride (PVC) sector [1][2]. Key Points 1. **Minamata Convention on Mercury**: The convention aims to protect human health and the environment from the adverse effects of mercury emissions and releases. It has become a focal point in recent negotiations regarding the chlor-alkali industry [1][2]. 2. **Transition to Mercury-Free PVC Production**: The Ministry of Ecology and Environment emphasizes accelerating the transition to mercury-free PVC production. This includes the development of mercury-free catalysts and the phasing out of outdated production capacities [1]. 3. **Impact on PVC Production**: The use of mercuric chloride as a catalyst in the acetylene method for PVC production poses environmental and health risks. The convention will prohibit the mining of primary mercury by 2032, making it impossible to use mercuric chloride in PVC production [2]. 4. **Methods for Achieving Mercury-Free PVC**: - **Gold-Based Catalysts**: This method requires significant production line modifications and incurs higher costs, estimated to increase the cost of PVC production by approximately 100 CNY per ton. Smaller PVC producers may struggle to afford these changes [2]. - **Ethylene Method**: The investment cost for ethylene-based PVC production is higher, averaging 5,973 CNY per ton compared to 3,328 CNY per ton for the acetylene method. Both methods will increase costs for acetylene-based PVC producers, with the gold-based catalyst route being the more favorable option [3]. 5. **Market Implications**: The transition to mercury-free production is expected to lead to the exit of smaller, less profitable PVC companies from the market, as they may not be able to bear the increased costs associated with the new production methods [3]. Beneficiary Companies - **Xinjiang Tianye**: A leading player benefiting from the transition - **Zhongtai Chemical**: Another key beneficiary - **Chlor-Alkali Chemical**: Engaged in ethylene-based PVC production - **Jiahua Energy**: Also involved in ethylene-based PVC - **Junzheng Group**: Positioned on the cost-effective side of acetylene-based PVC - **Beiyuan Group**: Lower-cost acetylene-based PVC producer - **Kaili New Materials**: Focused on gold-based catalysts [3].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that leading companies are expected to benefit significantly from the trend of carbon reduction, with a stable yet slightly strong market structure for potassium chloride [3] - The PVC industry is undergoing a transformation towards mercury-free production, driven by regulatory pressures and environmental concerns, which will increase production costs for traditional methods [5][6] - The report notes that the chlor-alkali industry is experiencing significant losses, with net profits dropping from 182 RMB/ton in Q3 2025 to -49 RMB/ton in Q4 2025, indicating a critical need for capacity exit [7] Summary by Sections Industry Overview - The PVC industry is facing a transition to mercury-free production methods, which will require significant investment and may lead to the exit of smaller, less profitable companies [6][7] - The Water Mercury Convention aims to phase out mercury use in PVC production by 2032, impacting production costs and methods [6] Market Dynamics - The chlor-alkali sector is currently in a state of widespread loss, with the profitability of caustic soda declining, making it difficult to maintain the current production balance [7] - The cancellation of export tax rebates for PVC and anticipated restrictions on high-energy-consuming industries are expected to accelerate the exit of outdated production capacity [7] Beneficiary Companies - Potential beneficiaries from these industry changes include Xinjiang Tianye, Zhongtai Chemical, Chlor-alkali Chemical, Jiahua Energy, Junzheng Group, Beiyuan Group, and Kaili New Materials [8]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that leading companies are expected to benefit significantly from the trend of carbon reduction, with a stable yet slightly strong market structure for potassium chloride [3] - The PVC industry is undergoing a transformation towards mercury-free production, driven by regulatory pressures and environmental concerns, which will increase production costs for traditional methods [5][6] - The report notes that the chlor-alkali industry is experiencing significant losses, with a net profit of -49 RMB/ton in Q4 2025, indicating a challenging market environment [7] Summary by Sections Industry Overview - The chlor-alkali industry is facing a historical shift due to multiple factors, including the Minamata Convention, which aims to phase out mercury use in PVC production by 2032 [6] - The transition to mercury-free catalysts will likely increase production costs by approximately 100 RMB per ton for PVC manufacturers [6] Market Dynamics - The report indicates that the chlor-alkali industry is currently in a state of widespread losses, with Q4 2025 showing a significant decline in profitability compared to Q3 2025 [7] - The cancellation of export tax rebates for PVC and anticipated restrictions on high-energy-consuming industries are expected to accelerate the exit of outdated production capacities [7] Beneficiary Companies - Potential beneficiaries identified include Xinjiang Tianye, Zhongtai Chemical, Chlor-alkali Chemical, Jiahua Energy, Junzheng Group, Beiyuan Group, and Kaili New Materials [8]

Group 1 - The core viewpoint of the news is that Xinjiang Tianye's stock has experienced fluctuations, with a recent decline of 2.16% and a year-to-date increase of 18.79% [1] - As of January 27, the stock price is reported at 5.88 yuan per share, with a total market capitalization of 10.039 billion yuan [1] - The company has seen a net inflow of main funds amounting to 13.1247 million yuan, with significant buying and selling activities recorded [1] Group 2 - Xinjiang Tianye's main business involves chlor-alkali chemicals and plastic water-saving devices, with chemical products accounting for 89.72% of revenue [1] - For the period from January to September 2025, the company achieved an operating income of 7.970 billion yuan, reflecting a year-on-year growth of 2.20%, while the net profit attributable to shareholders decreased by 28.79% to 7.1847 million yuan [2] - The company has distributed a total of 8.65 billion yuan in dividends since its A-share listing, with 205 million yuan distributed in the last three years [3]