Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The dye industry is expected to see a recovery in demand due to both domestic and international factors, with China maintaining its position as the world's largest producer, consumer, and exporter of dyes, with an annual production exceeding 900,000 tons [5][18] - The supply structure of dyes is improving, with leading companies possessing significant pricing power due to the elimination of smaller, less compliant enterprises [7][29] - The price increase of dyes is driven by the intermediate production process, benefiting companies with integrated supply chains [8][48] Summary by Sections Demand and Supply Dynamics - The dye industry is characterized by diverse products and applications, with significant growth in downstream printing and dyeing fabric production, which is projected to grow at a compound annual growth rate (CAGR) of 2.59% from 2018 to 2024 [20] - China's dye export volume is expected to reach 272,000 tons in 2024, reflecting an 11% year-on-year increase, supported by a compound annual growth rate of 7.51% from 2020 to 2025 [23] Environmental and Regulatory Landscape - The dye industry faces stringent environmental regulations, leading to the gradual elimination of high-pollution, low-compliance small enterprises, thus optimizing the industry structure [26][29] - Recent regulatory changes have increased compliance costs for smaller players, further consolidating market share among larger firms [30] Intermediate Supply and Price Trends - The production of key intermediates, such as H acid and reducing agents, is critical for dye manufacturing, with recent supply disruptions leading to price increases [40][45] - The price of reducing agents has surged from 25,000 yuan/ton to approximately 50,000 yuan/ton, directly impacting the production costs of disperse dyes [43] Key Companies in the Industry - Zhejiang Longsheng is a leading enterprise with a dye production capacity of 300,000 tons and a strong integrated supply chain [51] - RunTu Co. has a well-established dye industry system with a total dye production capacity of 238,000 tons [53] - Annoqi focuses on differentiated dye products and is integrating AI technology into its production processes [54] - Jinhua Group has a dye production capacity of 95,000 tons and is expanding its product portfolio through strategic acquisitions [56]

Core Viewpoint - The dye industry is experiencing a significant price increase driven by the rising costs of upstream intermediates, which is expected to continue in the short term and may accelerate industry consolidation [1][2][4]. Group 1: Price Trends - Several dye-related companies have announced price increases, with Zhejiang Longsheng Group reporting a rise of 5000 yuan/ton for certain disperse dyes [2]. - The price of key intermediates, particularly reducing agents, has surged to around 70,000 yuan/ton, contributing to the overall increase in dye prices [2]. - The current price increase is expected to last for 1-3 months, followed by a phase of high-level consolidation, with potential stabilization in the fourth quarter if demand does not improve significantly [3]. Group 2: Industry Dynamics - The rise in dye prices is anticipated to accelerate industry consolidation due to high raw material costs and stricter environmental regulations [4]. - Leading companies with integrated intermediate capabilities are likely to strengthen their market positions, potentially using a "volume compensates for price" strategy to expand their advantages [4]. - Companies without intermediate support may face profitability challenges due to high procurement costs and weak bargaining power, leading to a "high-price procurement, low-price sales" dilemma [4][5]. Group 3: Strategic Adjustments - Companies lacking intermediate support need to seek breakthroughs by establishing long-term collaborations with intermediate suppliers or exploring high-end, functional, and environmentally friendly dye segments to avoid homogenization [5]. - Improvements in performance for companies without intermediate support will rely more on strategic adjustments and upgrades rather than an overall industry recovery [5].

Group 1 - The core viewpoint is that the prices of dye intermediates, particularly reducing agents, have been rising since mid-January, leading to an increase in dye prices. This trend is supported by a concentrated supply and stringent safety and environmental regulations, which are optimizing the industry landscape. Current prices are at historically low levels, and cost pressures are expected to further transmit downstream, benefiting companies with stable market shares and related intermediate support [1][2][4]. Group 2 - The cost of intermediates is driving a rapid increase in dye prices. The price of reducing agents, a key intermediate for disperse dyes, has surged from 25,000 yuan/ton to around 70,000 yuan/ton since mid-January. Companies like Zhejiang Longsheng and Runtao Co. have announced price increases for disperse dyes, with Zhejiang Longsheng raising prices by 2,000 yuan/ton and Runtao Co. by 5,000 yuan/ton for certain products [2][3]. - The dye prices have been historically low due to intensified industry competition. By 2025, the average export price of disperse dyes is expected to decline by 6.66% year-on-year to $4.36/kg, marking the lowest level in nearly a decade [2][3]. - The supply of dyes is concentrated, with China being the largest producer, trader, and consumer of dyes globally, accounting for approximately 70%-75% of the world's total production. The top five dye-producing companies in China are projected to account for 61.07% of the total national output in 2024, an increase of 1.54 percentage points from 2023 [3][4]. Group 3 - The investment recommendation suggests that dye prices are at a bottom range, and changes in cost and strict regulations may improve industry conditions. Companies with stable market shares, high safety and environmental investments, and complete industrial chain support are likely to benefit. Recommended companies include Zhejiang Longsheng, with Runtao Co. suggested for further attention [4].

Core Viewpoint - The article discusses recent developments in various sectors, highlighting significant technological advancements in space exploration, financial incentives in the tech industry, and market trends in materials and inflation data. Group 1: Space Exploration - The successful sea landing test of the Long March 10A rocket marks a significant breakthrough in technology, crucial for the recovery of low-orbit satellites and future landing operations [1] - The successful maximum dynamic pressure escape flight test of the Dream Chaser manned spacecraft indicates a major milestone in China's lunar exploration program [2] Group 2: Financial Incentives and Market Trends - Ant Group's promotional campaign offering new users a 16.8 yuan red envelope reflects a competitive landscape in the tech sector, with various platforms engaging users through incentives [4] - The glass fiber sector saw a notable increase in stock prices, driven by supply reductions from major producers due to rising demand [4] Group 3: Economic Indicators - January's CPI growth was 0.2% year-on-year, below expectations, while the core CPI reached its highest level in six months at 0.3% [9][15] - PPI data showed a slight improvement at -1.4%, with certain sectors like non-ferrous metals and AI-related industries experiencing price increases [15] Group 4: Stock Market Performance - On February 11, the A-share market showed mixed results, with the Shanghai Composite Index up by 0.09% and the Shenzhen Component down by 0.35% [17] - The glass fiber concept stocks surged, with several companies hitting the daily limit up, indicating strong market interest [17] Group 5: Industry Dynamics - The electric power sector is undergoing significant reforms, aiming to establish a unified national electricity market by 2030, which will enhance market participation and efficiency [20] - The AI sector is being prioritized for commercial applications, with government initiatives to foster growth and innovation in various industries [23]

Group 1 - The company Zhejiang Longsheng announced that as of February 10, 2026, all external guarantees are for its subsidiary companies, with a total guarantee balance of approximately RMB 10.895 billion, which accounts for 31.78% of the audited net assets attributable to the parent company as of the end of 2024 [1]

2023 年 2 月 8 日，公司以通讯表决方式召开公司第九届董事会第五次会议， 审议通过了《关于延长 2021 年员工持股计划存续期的议案》，同意延长 2021 年 员工持股计划存续期三年,至 2026 年 2 月 19 日。具体内容详见公司于 2023 年 2 月 10 日披露在上海证券交易所网站（http://www.sse.com.cn）相关公告。 证券代码：600352 证券简称：浙江龙盛 公告编号：2026-004 号 浙江龙盛集团股份有限公司 关于延长 2021 年员工持股计划存续期的公告 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。 公司于 2026 年 2 月 10 日以通讯方式召开的第十届董事会第五次会议审议通 过了《关于延长 2021 年员工持股计划存续期的议案》（表决结果：同意 9 票，反 对 0 票，弃权 0 票），现将公司延长 2021 年员工持股计划存续期的相关情况公告 如下： 一、本员工持股计划持有公司股份情况 公司于 2021 年 2 月 3 日、2021 年 2 月 19 日召开了公司第八 ...

浙江龙盛集团股份有限公司 2021 年员工持股计划 2026 年第一次持有人 会议决议的公告 证券代码：600352 股票简称：浙江龙盛 公告编号：2026-003 号 参加表决的持有人以20,855万份同意，0份反对，0份弃权，审议通过了《关 于延长2021年员工持股计划存续期的议案》，同意延长2021年员工持股计划存续 期五年，即延长至2031年2月19日。本议案已经公司第十届董事会第五次会议决 议通过。 特此公告。 浙江龙盛集团股份有限公司 二 O 二六年二月十二日 浙江龙盛集团股份有限公司（以下简称"公司"）于2026年2月10日上午在公 司办公大楼401会议室以现场结合远程视频的方式召开了2021年员工持股计划 2026年第一次持有人会议。本次会议有4名员工持股计划份额持有人出席，代表 员工持股计划份额20,855万份，占公司员工持股计划总份额的100%。会议由管理 委员会负责召集，管理委员会主任卢邦义主持，本次会议的召集、召开及表决程 序符合《浙江龙盛集团股份有限公司2021年员工持股计划》和《浙江龙盛集团股 份有限公司2021年员工持股计划管理办法》的规定,本次会议审议通过了以下议 案： 《关于 ...

证券代码：600352 证券简称：浙江龙盛 公告编号：2026-005 浙江龙盛集团股份有限公司 关于为全资子公司提供担保的公告 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： 担保对象及基本情况 | | | | 实际为其提供的 | | 是否在前 | 本次担保 | | --- | --- | --- | --- | --- | --- | --- | | 被担保人名称 | 本次担保金额 | | 担保余额（不含 | | 期预计额 | 是否有反 | | | | | 本次担保金额） | | 度内 | 担保 | | 浙江龙盛染料化工 | | | | | | | | 有限公司（以下简称 | 24,000 | 万元 | 313,132.23 | 万元 | 是 | 否 | | "浙江染化"） | | | | | | | | 浙江鸿盛化工有限 | | | | | | | | 公司（以下简称"浙 | 30,000 | 万元 | 269,989.91 | 万元 | 是 | 否 | | 江鸿盛"） | | | | | | | | 浙 ...

Core Viewpoint - Zhejiang Longsheng announced the extension of its 2021 employee stock ownership plan by five years, now set to last until February 19, 2031, following a meeting of stakeholders [1] Group 1 - The first meeting of the 2021 employee stock ownership plan holders took place on February 10, with four stakeholders present [1] - The total shares represented at the meeting amounted to 208.55 million, which constitutes 100% of the total shares [1] - The proposal to extend the plan's duration was approved by the tenth board of directors in its fifth meeting [1]

基础化工 | 证券研究报告 — 行业点评 2026 年 2 月 11 日 强于大市 染料价格上行，一体化企业 有望受益 1 月中旬以来，还原物等染料中间体价格连续上涨，推动染料价格上行。染料 行业供给集中，高安全、环保监管推动行业格局持续优化，当前价格处于历 史较低水平，成本压力有望进一步向下游传导，份额稳定、拥有相关中间体 配套的企业有望充分受益。维持行业强于大市评级。 支撑评级的要点 投资建议 ◼ 染料价格处于底部区间，成本端变化、严监管等外部因素或促进行业景气 度改善。行业集中度较高，且安全监管、环保政策等因素或对已有产能形 成制约，份额稳定、安全环保投入较高、产业链配套齐全的龙头企业有望 受益。推荐：浙江龙盛，建议关注：闰土股份。 评级面临的主要风险 ◼ 下游需求不及预期；环保与安全生产风险；行业竞争加剧。 相关研究报告 《化工行业 2026 年度策略》20260128 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bocichina.com 证券投资咨询业务证书编号：S1300517050002 证券分析师：赵 ...