Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The PVC industry is expected to undergo continuous revaluation due to its high energy consumption and carbon emissions, particularly as China approaches its carbon peak during the 14th Five-Year Plan. The supply side may face strict controls, leading to potential reductions in production quotas. The demand for PVC in developing regions such as Africa and Latin America is anticipated to drive growth, despite the challenges posed by domestic production constraints [2][7] - The petrochemical industry is experiencing an upward trend in profitability, driven by significant price increases in key products such as butadiene rubber, PX, PTA, styrene, and ethylene glycol. The market's expectations for improved demand in 2026 are contributing to this positive outlook, with potential adjustments in operational strategies by leading companies likely to reshape supply and demand dynamics [7] Summary by Relevant Sections Investment Suggestions and Targets - The report recommends several companies across various sub-sectors, including: - MDI leader: Wanhua Chemical (600309, Buy) - PVC-related companies: Zhongtai Chemical (002092, Not Rated), Xinjiang Tianye (600075, Not Rated), Chlor-alkali Chemical (600618, Not Rated), Tianyuan Co., Ltd. (002386, Not Rated) - Refining sector leaders: Sinopec (600028, Buy), Rongsheng Petrochemical (002493, Buy), Hengli Petrochemical (600346, Buy) - Phosphate chemical companies benefiting from energy storage growth: Chuanheng Co., Ltd. (002895, Not Rated), Yuntianhua (600096, Not Rated) - Oxalic acid sector: Hualu Hengsheng (600426, Buy), Huayi Group (600623, Buy), Wankai New Materials (301216, Buy) [3]

Core Viewpoint - The chlor-alkali industry is facing significant challenges in 2025, with multiple companies, including Xinjiang Tianye and Huashu Co., forecasting substantial losses due to declining PVC prices and oversupply in the market [1][2][3]. Company Summaries - Xinjiang Tianye (600075.SH) expects a net loss of approximately 50 million yuan for 2025, a stark contrast to a profit of 68.435 million yuan in the same period last year [1][3]. - Huashu Co. (600935.SH) anticipates a net loss between 145 million yuan and 180 million yuan, attributing the losses to weak demand and excess capacity in the PVC sector [3]. - Yinglite (000635.SZ) projects a net loss of 550 million yuan for 2025, marking a 9.44% year-on-year decline, and has recorded losses for four consecutive years [3]. Industry Analysis - The PVC market is characterized by "high supply, high inventory, and weak demand," leading to a cumulative price drop of approximately 11% for SG-5 type PVC in 2025 [2][4]. - The domestic PVC production capacity increased by 220,000 tons in 2025, reaching a total capacity of 29.93 million tons, a year-on-year growth of 7.35% [4]. - The average operating rate in the PVC industry is expected to remain around 77%-78% in 2025, with some high-cost small enterprises potentially exiting the market due to ongoing losses [4]. Demand Factors - The demand for PVC products is under pressure, particularly in the real estate sector, which accounts for about 60% of PVC downstream products [4]. - The area of completed housing in China decreased by 18% year-on-year in the first eleven months of 2025, further impacting PVC demand [4]. Future Outlook - Analysts suggest that the PVC industry may see a structural adjustment in 2026, with potential for supply-demand imbalances to gradually ease, although the oversupply situation is unlikely to be fundamentally resolved [4][5]. - The competitive landscape in the PVC market is expected to intensify, necessitating companies to enhance their competitiveness to survive future market changes [5].

Investment Rating - The report assigns an "Overweight" rating for the real estate chain chemical products sector [1]. Core Insights - The report emphasizes that the improvement in the supply-demand structure of real estate chain chemical products is expected to drive a long-term upward trend. It recommends specific products such as MDI, titanium dioxide, PVC, soda ash, organic silicon, and refrigerants [2][3]. Summary by Sections Industry Overview - The report discusses the concept of "high-quality development" in real estate, indicating that the supply-demand dynamics for chemical products related to real estate are set to improve, which will support a long-term upward trend in the market [2]. Investment Recommendations - The report highlights key companies to invest in, including: - MDI leader Wanhua Chemical - Titanium dioxide leader Longbai Group - Soda ash leader Boyuan Chemical - Organic silicon leader Hesheng Silicon - Refrigerant leader Juhua Co. - PVC leader Zhongtai Chemical and Xinjiang Tianye [3][4]. Market Dynamics - The report notes that while China's housing demand has shifted from aggressive growth, there is still medium-term support for total demand, projected to stabilize at 700-800 million square meters during the 14th and 15th Five-Year Plans. Factors such as demand improvement, urban renewal, and urbanization are expected to stabilize the overall transaction scale in the industry [3]. Product Applications - The report details the applications of various chemical products in the real estate sector: - MDI is used in environmentally friendly board production and insulation materials for refrigerators - Titanium dioxide is a key white pigment in coatings - PVC is primarily used in the real estate sector, directly influenced by new housing starts and construction progress - Soda ash is essential for producing flat glass and glass products, benefiting from urban renewal projects - Organic silicon adhesives are used in construction for sealing and bonding [3]. Supply and Demand Outlook - The report indicates that the demand side is expected to stabilize due to policy support and the stabilization of real estate companies, while the supply side is seeing an end to expansion in many sectors. This combination is anticipated to improve the supply structure and alleviate competitive pressures [3].

新疆天业（600075.SH）1月21日在投资者互动平台表示，公司暂未建立财务共享中心，目前公司所属 分/子公司统一使用用友NC6.5系统进行财务核算。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：尊敬的董秘，您好！ 1、请问贵公司是否已经建立财务 共享中心？哪年建立的？ 2、财务共享中心在技术上采用了哪些自动化或智能化工具？ ...

Summary of Key Points from Conference Call Records Industry Overview - The records primarily focus on the chemical industry, specifically tracking price changes and stock performance of chemical companies as of January 20. Key Financial Metrics - The Shanghai Composite Index reported at 4113.65, with a day-on-day change of -0.01% - Basic chemicals and petrochemicals reported at 7785.68 and 4841.91, with day-on-day changes of +0.35% and +2.58% respectively [1][1][1] Price Changes in Chemicals - Top five price increases in chemicals: - R125: +3.09% - R22: +2.94% - Niacinamide: +2.94% - Acrylic Acid: +2.7% - Propyl Acetate: +2.22% [1][1][1] - Price increases in anti-involution products: - Polyester Bottle Chips: +0.75% - Caprolactam: +0.54% [1][1][1] Price Spread Changes - Top five increases in price spreads: - Lithium Iron Phosphate: +52.62% - Anhydride: +38.41% - Rigid Polyether: +37.5% - Glyphosate: +29.24% - Phenol: +17.62% [1][1][1] Stock Performance of Chemical Companies - Top five stock price increases: - Jiangtian Chemical: +19.99% - Yida Co.: +11.96% - Runfeng Co.: +10.72% - Qicai Chemical: +10.71% - Hongmian Co.: +10.13% [1][1][1] Earnings Forecasts - **Oriental Tower**: Expected net profit for 2025 is between 1.08-1.27 billion, a year-on-year increase of 91.4%-125.07% [2][2][2] - **Batian Co.**: Expected net profit for 2025 is between 890-980 million, a year-on-year increase of 117.53%-139.53% [2][2][2] - **Kaisheng New Materials**: Expected net profit for 2025 is between 110-140 million, a year-on-year increase of 96.47%-150.06% [2][2][2] - **Qiaoyuan Co.**: Expected net profit for 2025 is between 226-256 million, a year-on-year increase of 51.51%-71.62% [2][2][2] - **Zhongshi Technology**: Expected net profit for 2025 is between 330-370 million, a year-on-year increase of 63.86%-83.73% [2][2][2] - **Changhua Chemical**: Expected net profit for 2025 is between 89-109 million, a year-on-year increase of 53.75%-87.91% [2][2][2] - **Xinjiang Tianye**: Expected net profit for 2025 is around -50 million, indicating a loss [2][2][2] - **Juheshun**: Expected net profit for 2025 is between 130-160 million, a year-on-year decrease of 47%-57% [2][2][2] Other Notable Announcements - **Huarun Materials**: Expected net loss for 2025 is between 85-115 million, a year-on-year reduction of 85.08%-79.81% [3][3][3] - **Huajin Co.**: Expected net loss for 2025 is between 1.6-1.9 billion, a year-on-year increase of 42.75%-32.02% [3][3][3] - **Xinghua Co.**: Expected net loss for 2025 is between 420-560 million [3][3][3] - **Baomo Co.**: Change in actual controller due to share transfer agreement [3][3][3] - **Nanjing Julong**: Plans to invest 30 million to establish a wholly-owned subsidiary for a 60,000-ton modified plastic production line [3][3][3] - **Jiangtian Chemical**: Plans to invest 49.8 million to establish a 60,000-ton acrylic acid project with a one-year construction period [3][3][3] Conclusion - The chemical industry shows a mix of positive earnings forecasts and significant stock price movements, alongside some companies projecting losses. The data indicates potential investment opportunities in companies with strong growth forecasts while highlighting risks in those expecting losses.

Core Viewpoint - The chemical industry is experiencing a collective shift in business strategies driven by multiple factors, leading to a recovery in industry prosperity [1] Group 1: Industry Trends - The long-standing focus on market share in China's chemical industry is being transformed, with companies now facing increased barriers to entry due to supply-side reforms, environmental checks, and dual carbon goals [1] - Internal policy adjustments and external anti-dumping investigations are signaling a necessary change in the expectations surrounding market share [2] Group 2: Business Strategy Shifts - Companies are moving towards sacrificing existing market share to enhance short-term return rates, as merely halting expansion is no longer sufficient to address inventory and excess capacity [2] - The change in business strategies is primarily driven by shifts in the mindset of entrepreneurs and management, marking a significant departure from previous industry recovery patterns [2] Group 3: Selection Criteria for Investment - The preferred selection criteria for the industry include the strength of expansion constraints and the depth of leading companies' advantages, with stronger constraints leading to lower expectations for market share-driven growth [3] - The depth of leading companies' advantages not only constrains industry expansion but also determines the potential recovery in industry return rates [3] Group 4: Investment Recommendations - Recommended investment opportunities include: - MDI: Wanhua Chemical (600309) - Petrochemicals: Sinopec (600028), Rongsheng Petrochemical (002493), Hengli Petrochemical (600346) - Phosphate Chemicals: Chuanheng Shares (002895), Yuntianhua (600096), Xingfa Group (600141) - PVC: Zhongtai Chemical (002092), Xinjiang Tianye (600075), Chlor-alkali Chemical (600618), Tianyuan Shares (002386) - Polyester Bottle Chips: Wankai New Materials (301216) [4]

Group 1: Market Performance - The chemical raw materials sector increased by 2.68% compared to the previous trading day, with Jiangtian Chemical leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Group 2: Individual Stock Performance - Jiangtian Chemical (300927) closed at 30.31, up 19.99% with a trading volume of 195,300 shares and a transaction value of 564 million [1] - Dier Chemical (920304) closed at 15.32, up 10.45% with a trading volume of 200,600 shares [1] - Weiyuan Co. (600955) closed at 20.59, up 9.99% with a trading volume of 227,900 shares [1] - Zhongyida (600610) closed at 11.37, up 9.96% with a trading volume of 182,160 shares [1] - Lushi Chemical (000830) closed at 19.96, up 8.89% with a trading volume of 666,900 shares [1] - Xinjiang Tianye (600075) closed at 6.26, up 8.12% with a trading volume of 1,176,800 shares [1] - Satellite Chemical (002648) closed at 20.79, up 6.67% with a trading volume of 1,382,800 shares [1] - Hydrogen Alkali Chemical (600618) closed at 14.04, up 5.17% with a trading volume of 494,000 shares [1] - Boyuan Chemical (000683) closed at 8.59, up 5.14% with a trading volume of 1,221,600 shares [1] - Zhongtai Chemical (002092) closed at 6.13, up 4.97% with a trading volume of 1,834,300 shares [1] Group 3: Capital Flow - The chemical raw materials sector saw a net inflow of 139 million from main funds, while retail funds experienced a net outflow of 60.52 million [2] - The main funds' net inflow for Zhongyida (600610) was 267 million, accounting for 29.40% of its trading volume [3] - Jiangtian Chemical (300927) had a main fund net inflow of 150 million, representing 26.57% of its trading volume [3] - Hydrogen Alkali Chemical (600618) had a main fund net inflow of 82.68 million, accounting for 12.24% of its trading volume [3] - Weiyuan Co. (600955) had a main fund net inflow of 73.73 million, representing 16.07% of its trading volume [3]

Core Viewpoint - Xinjiang Tianye (600075.SH) has announced a projected net loss of approximately 50 million yuan for the fiscal year 2025, indicating a challenging financial outlook due to market price fluctuations affecting its main product, polyvinyl chloride (PVC) resin [1] Financial Performance - The company expects a net profit attributable to shareholders of the parent company to be around -50 million yuan for 2025 [1] - The projected net profit after deducting non-recurring gains and losses is estimated to be approximately -78 million yuan [1] Operational Insights - Despite the anticipated losses, the company has been focusing on strengthening internal management and leveraging its circular economy industrial chain advantages [1] - The overall production and operational situation remains stable, with efforts directed towards cost reduction and efficiency improvement [1] Market Conditions - The decline in the price of PVC resin has been significant, with the decrease in production costs not matching the drop in sales prices, leading to negative profitability for the company in 2025 [1]

Core Viewpoint - Xinjiang Tianye (600075.SH) has announced a projected net loss of approximately 50 million yuan for the fiscal year 2025, indicating a challenging financial outlook due to market price fluctuations affecting its main product, polyvinyl chloride (PVC) resin [1] Financial Performance - The company expects a net profit attributable to shareholders of the parent company to be around -50 million yuan for 2025 [1] - The projected net profit after deducting non-recurring gains and losses is estimated to be approximately -78 million yuan [1] Operational Insights - Despite the anticipated losses, the company has been focusing on strengthening internal management and leveraging its circular economy industrial chain advantages [1] - The overall production and operational situation remains stable, with efforts directed towards cost reduction and efficiency enhancement [1] Market Conditions - The decline in the price of PVC resin has been a significant factor in the expected losses, as the decrease in production costs has not kept pace with the drop in sales prices [1]

2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 新疆天业股份有限公司 | 证券代码：600075 | 股票简称：新疆天业 | 公告编号：临 2026-005 | | --- | --- | --- | | 债券代码：110087 | 债券简称：天业转债 | | 新疆天业股份有限公司 2025 年度业绩预亏公告 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： ● 业绩预告的具体适用情形：净利润为负值。 ● 业绩预告相关的主要财务数据情况：经财务部门初步测算，预计公司 2025 年度 实现归属于母公司所有者的净利润-5,000 万元左右，将出现亏损；预计 2025 年度实现 归属于母公司所有者的扣除非经常性损益后的净利润-7,800 万元左右。 一、本期业绩预告情况 （一）业绩预告期间 经财务部门初步测算，预计公司 2025 年度实现归属于母公司所有者的净利润-5,000 万元左右，将出现亏损；预计 2025 年度实现归属于母公司所有者的扣除非经常性损益 后的净利润-7,80 ...