Core Insights - The chemical industry is expected to experience a recovery in profitability in 2026, marking a new starting point for supply-demand rebalancing, driven by anti-involution policies and advancements in new productive forces such as AI and robotics [2][5]. Group 1: Industry Overview - The chemical industry faced a downturn in profitability and valuation in 2025, but signs of stabilization and recovery are anticipated in 2026 [2]. - The peak of capital expenditure in the chemical sector has passed, with fixed asset investment turning negative in the second half of 2025, indicating the end of the capacity expansion cycle [5][14]. - The Producer Price Index (PPI) for chemicals is expected to gradually turn positive in 2026 after a prolonged period of decline [14]. Group 2: Investment Themes - Capital expenditure is decreasing, and leading companies like Wanhua Chemical are expected to see a recovery in profitability as they reduce capital spending and increase their global market share in MDI [5]. - The anti-involution policy is reshaping supply dynamics, with a focus on quality development and the exit of outdated capacities, benefiting companies with innovative capabilities and export advantages [5]. - New materials are driving demand growth in traditional chemicals, with companies like Dinglong Technology and Anji Technology positioned to benefit from domestic substitution in high-end materials [5]. Group 3: Market Dynamics - Chemical prices have been under pressure, with the chemical product price index declining approximately 8.8% in 2025, but stock prices in the sector have rebounded by 33.3% [10][16]. - The operating rates of mainstream chemical products are showing signs of weakness, with inventory levels varying significantly across different products [17][18]. - The supply-demand balance for phosphate rock remains tight, with stable prices for high-grade phosphate rock, while the market for phosphate fertilizers is influenced by policy and demand fluctuations [46][43]. Group 4: Global Trends - The global chemical supply is shifting towards China, which has become the largest chemical producer, while European chemical production faces challenges due to high energy costs [31][33]. - The restructuring of supply chains due to tariff disturbances is prompting companies to adapt, with a focus on overseas expansion for leading chemical firms [26][22]. - The anti-involution policies are expected to enhance industry cash flow and promote sustainable development by curbing disorderly expansion and prioritizing profitability [40].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to experience an upward cycle due to the implementation of "anti-involution" policies in China and the accelerated exit of some European facilities [29] - The report highlights the potential for domestic substitution of semiconductor materials from Japan due to rising geopolitical tensions, which could benefit various companies in the sector [5] - The chromium salt industry is undergoing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with a projected supply-demand gap of 340,900 tons by 2028 [8] Summary by Sections Industry Performance - The chemical industry has shown strong relative performance with a 1-month increase of 10.7%, 3-month increase of 9.6%, and a 12-month increase of 45.1%, outperforming the CSI 300 index [3] Price Trends - Key products such as lithium carbonate and polysilicon have seen significant price increases, supported by policy guidance and industry self-discipline [12] - The price of chromium salts has remained stable, with metal chromium priced at 82,000 CNY/ton as of January 9, 2026 [15] Investment Opportunities - Focus on companies with low-cost expansion capabilities, such as Wanhu Chemical and Hualu Hengsheng, as well as those in sectors with improving market conditions like chromium salts and phosphates [6][9] - High dividend yield opportunities are identified in state-owned enterprises like China Petroleum and China National Chemical [10] Key Company Tracking - Companies such as Dongfang Shenghong and Huabei Yihua are highlighted for their earnings potential, with projected EPS growth for 2026 [30] - The report tracks specific price movements for various chemicals, including a notable increase in the price of ammonium phosphate and a stable price for urea [17][19]

Core Viewpoint - Linglong Tire (601966) is focusing on enhancing efficiency and effectiveness across all operational aspects, including R&D, manufacturing, marketing, procurement, and services, to improve profitability [1] Group 1: Operational Efficiency - The company is benchmarking against leading peers to elevate its operational performance [1] - Efforts are being made to balance global production locations and business operations to enhance market competitiveness and risk resilience [1] Group 2: Value Management - Linglong Tire is committed to improving its market value management through governance, information disclosure, investor relations management, ESG system development, and stable dividend policies [1] - The company aims to reward investors with long-term, sustainable performance [1]

Core Viewpoint - Linglong Tire (601966) emphasizes the importance of communication with the capital market and aims to enhance market confidence through various channels of interaction with shareholders [1] Group 1: Communication Strategy - The company maintains open communication with shareholders through multiple channels, including the Shanghai Stock Exchange E-interaction platform, investor hotlines, online earnings briefings, investor reception days, company research, brokerage strategy meetings, and institutional roadshows [1] - The company is committed to ensuring transparency in information disclosure while actively conveying the progress of its operational plans and long-term investment value [1] Group 2: Strategic Focus - Linglong Tire will continue to prioritize technological innovation as the core driving force behind its operations [1] - The company aims to advance its globalization strategy alongside the development of retail channels and supporting systems [1] - By leveraging multi-dimensional strategic synergies, the company seeks to strengthen its fundamentals and enhance its core competitiveness [1] Group 3: Long-term Goals - The company is focused on solidifying its foundation to achieve its established medium- to long-term strategic objectives [1]

Core Viewpoint - Linglong International (Europe) has achieved a significant milestone by receiving the Ford Q1 certification, marking its entry as a core partner in Ford's European supply chain [1][3]. Group 1: Certification and Standards - The Ford Q1 certification is recognized as the "gold standard" in Ford's supplier system, known for its stringent requirements across five dimensions, including quality systems and continuous performance [3]. - The certification indicates that Linglong has met Ford's highest global standards in product quality, production management, and service levels [3]. Group 2: Production and Capacity - As China's first tire production base in Europe, Linglong has established an automated and digital production system since its launch in 2024, setting an industry benchmark [5]. - The factory currently employs over 2,300 staff, with more than 70% being local Serbian employees, and has implemented a "three-culture integration plan" for effective cross-cultural management [5]. - The partnership with Ford is expected to further enhance Linglong's production capacity, with an annual output of 12 million semi-steel radial tires, allowing for agile responses to European market demands [5]. Group 3: Strategic Collaboration - The collaboration with Ford is anticipated to strengthen the competitiveness of Ford's supply chain, with potential future cooperation in advanced areas such as tires for electric vehicles [5]. - Linglong's proactive localization and high-standard quality systems will contribute to building a stable and reliable supply chain ecosystem, providing a solid practical example for enhancing global industrial chain resilience [5].

Group 1 - The core viewpoint of the news is that Linglong Tire (601966) is launching a high-end commercial vehicle tire series called "Terminator Series" in 2024, which includes five product lines designed for various freight scenarios and road conditions, aiming to set a new benchmark for high performance and reliability in commercial vehicle tires [2][6] Group 2 - The "Voyager LS86HP," a guiding wheel product targeting long-distance trunk transportation, offers a high-mileage solution with an exceptional lifespan of over 400,000 kilometers, enhanced by a high wear-resistant formula and a new profile design that improves wear performance by 28% [4] - The product features industry-leading anti-wear performance, designed to eliminate uneven tire wear, and ensures comfort and balance through 100% dynamic balance testing, optimizing the profile and construction for a smoother ride [4] - The tire incorporates a temperature control improvement through a variable temperature vulcanization process, reducing tire temperature by 3-5°C to minimize the risk of blowouts, and comes with a 5-year warranty and free replacement under the "Linglong Guard" service system [4] Group 3 - Linglong Tire emphasizes the importance of truck drivers in the logistics industry, recognizing them as the backbone connecting various sectors, and is committed to addressing their real needs through product innovation and service upgrades [6] - The company aims to provide safer, more efficient, and economical transportation solutions, focusing on product quality, performance, and continuous technological research and development to enhance logistics efficiency and reduce social logistics costs [6]

Core Viewpoint - Linglong Tire (601966) emphasizes that its dividend distribution plans are designed to ensure the necessary funding for daily operations and long-term development while sharing the company's growth with shareholders [1] Group 1: Dividend Strategy - The company states that its dividend plans are reasonable profit distributions made under the premise of ensuring operational and developmental funding [1] - Future dividend strategies will continue to focus on sharing the company's growth with shareholders [1] Group 2: Business Focus and Operational Efficiency - Linglong Tire will maintain its focus on core business operations, aiming to optimize operational efficiency and reduce costs while improving quality [1] - The company is committed to enhancing its profitability over time [1] Group 3: Financial Strategy - Linglong Tire plans to adjust its financing plans and capital usage strategies based on market conditions and the company's actual situation [1] - The company aims to ensure the safety and liquidity of its funds to achieve long-term stable development [1] - The ultimate goal is to create more value for shareholders [1]

作为企业掌舵者，该公司董事长王锋是可持续发展理念的坚定倡导者与实践者。在他的引领下，玲珑轮胎制定了清晰的碳中和路线图，将ESG管理提升至 公司战略核心地位，并系统性地推动其贯穿于研发、生产、供应链及品牌建设等各个环节，展现了杰出的战略前瞻性与领导力。 从玲珑轮胎（601966）获悉，日前，2025年度上市公司卓越ESG价值榜颁奖盛典举行，会上公布了2025年度上市公司卓越ESG价值榜获奖企业及企业家名 单。玲珑轮胎荣获"ESG卓越影响力企业"奖项；该公司董事长王锋获评"ESG卓越领军人物"，实现企业与个人的双项荣誉突破。 在全球"双碳"目标与可持续发展浪潮下，环境、社会和公司治理（ESG）已成为衡量企业核心竞争力的关键标尺。玲珑始终将可持续发展理念深植于战略 内核，以"绿色低碳、创新驱动、责任担当"为导向，在环境保护、社会责任与公司治理三大维度持续深耕，勾勒出一条"技术赋能、产业协同、价值共 生"的高质量发展路径。 在环境（E）维度，公司致力于绿色制造与全生命周期碳管理，持续加大环保技术投入，其绿色产品与智能工厂已成为行业标杆。在社会（S）维度，玲 珑积极构建和谐的产业生态，坚持对员工、客户、合作伙伴及社区履 ...

Core Insights - Linglong Tire's Chairman Wang Feng was awarded "2025 China's Top Ten Brand Figures" for his leadership in promoting long-termism, innovation, and internationalization of the brand [1][3] Group 1: Long-term Strategy - The tire industry is characterized as a capital and technology-intensive "marathon," and under Wang Feng's leadership, Linglong has focused on its core business for decades, investing in R&D, smart manufacturing, and global production bases [3] - Linglong has established seven advanced intelligent production bases globally, transitioning from "producing in China for the world" to "producing globally for the world," enhancing supply chain efficiency and customer trust [3] Group 2: Innovation-Driven Approach - Linglong integrates innovation into its core, investing 3% to 5% of its sales revenue annually into technological innovation, focusing on high-performance products that meet market demands for safety, comfort, and sustainability [4] - The company collaborates with global automotive manufacturers, moving from mere supply to joint R&D, gaining international recognition for its technological capabilities [4] Group 3: Value Co-creation Philosophy - Linglong emphasizes building a "value circle" with global partners, focusing on mutual growth with employees and collaborative development with partners to create a sustainable industrial ecosystem [6] - The company adheres to local laws and cultural differences while fulfilling its responsibilities towards the environment, community, and employees, aiming to be a respected "corporate citizen" [7] Group 4: Brand Building - Linglong invests in global top-tier events to establish emotional connections with users, sponsoring over 100 international sports events and collaborating with renowned brands like Real Madrid and Chelsea [8] - This long-term investment in brand exposure has helped Linglong build a trustworthy and high-quality brand image globally, marking a significant step for Chinese tire brands in the international market [9] Group 5: Commitment to Excellence - Linglong's journey from Shandong to the world reflects its commitment to building a world-class brand and fulfilling its mission of serving the nation through industry [10] - The company plans to continue its long-term strategy, innovation-driven approach, value co-creation, and brand mission to enhance the global presence of Chinese manufacturing [10]

Core Insights - Linglong Tire (601966) achieved a significant breakthrough in the 2025 CDP rating, receiving a "B" management level rating in both "climate change" and "water security" categories [1][5] - The CDP rating is recognized globally as a core benchmark for corporate environmental management maturity, indicating that the company has established a comprehensive management system covering strategic governance, risk identification, target setting, and specific actions [1][5] - Linglong Tire's achievement reflects its advanced environmental management practices, demonstrating systematic approaches to climate risk and opportunities for green transformation [1][5] Environmental Management Practices - The company has conducted environmental risk and opportunity assessments across its operations and entire value chain, setting quantifiable mid-term goals for emissions reduction and water conservation [3] - Specific management projects include energy efficiency improvements and water recycling initiatives, extending environmental management requirements to the supply chain by promoting carbon management among suppliers and establishing green procurement standards [3] Future Directions - In the context of global green transformation and increased supply chain transparency, this rating not only affirms Linglong Tire's past efforts but also enhances its credibility in international markets, serving as a valuable reference for high-quality and green development in China's manufacturing sector [5] - The company aims to continue aligning with international best practices, enhancing technological innovation, and refining management processes to achieve higher leadership levels in CDP ratings [5]