Summary of Conference Call on Senqilin and the Tire Industry Company and Industry Overview - The conference call focuses on the Chinese tire industry, specifically highlighting Senqilin, along with other companies like Zhongce and Sailun, and their expansion into overseas markets [2][4][12]. Key Points and Arguments Market Potential and Growth - Chinese tire companies currently hold less than 20% of the overseas market share, indicating significant room for growth as new factories from companies like Zhongce, Sailun, and Senqilin come online in 2026, leading to increased production capacity and performance growth [2][4]. - The tire sector is expected to experience a "Davis Double Play" opportunity in 2026, with potential for the entire sector to double in growth, driven by both performance and valuation improvements [3]. Performance Drivers - Performance growth is attributed to volume increases and profit margin improvements. The overseas market share is still low, and new factory outputs will significantly enhance profits [4]. - Senqilin's Moroccan factory is designed to produce 12 million semi-steel tires, with a projected production ramp-up that could yield over 40% performance elasticity once it reaches full capacity [4][13]. Tariff Impacts - The U.S. will impose tariffs starting April 2025, which will affect Chinese companies' U.S. business. Companies plan to gradually pass these costs onto consumers, expecting to restore profit margins over the coming quarters [5][9]. - The European anti-dumping policy, expected to be implemented in March 2026, will impose tariffs on Chinese semi-steel tires, benefiting large Chinese tire companies with quality production capabilities, allowing them to increase prices and improve profit margins [5][10][11]. High-End Market Opportunities - 2026 marks the beginning of high-end tire supply opportunities for Chinese companies, with a focus on increasing market share in the high-end segment, which is currently dominated by brands like Michelin and Goodyear [6][12]. Overseas Production Expansion - Chinese tire companies are diversifying their overseas production locations beyond Southeast Asia to include Morocco, Serbia, Mexico, Indonesia, Malaysia, and Brazil, which helps mitigate risks from potential regional production restrictions [7][11]. Competitive Landscape - The European anti-dumping policy will significantly impact smaller tire manufacturers in regions like Shandong, as they have relied heavily on exports to Europe. This shift will create opportunities for larger Chinese companies to fill the supply gap, enhancing their sales and pricing power [8][10]. Senqilin's Financial Performance - Senqilin's business is primarily focused on semi-steel tires, with an overseas revenue share of approximately 90%. The company has a net profit margin close to 30%, attributed to its export-oriented strategy [12]. - The market values Senqilin at a PE ratio of around 13-15 times, reflecting strong performance and a consistent ROE near 20% [12]. Additional Important Insights - The Moroccan factory's production ramp-up is crucial for Senqilin's performance, with expectations of reaching full capacity by April 2026, which will significantly impact the company's stock price [13][14]. - Investors are advised to monitor developments related to the Moroccan factory, European tariffs, and currency fluctuations, as these factors currently suppress Senqilin's stock price but may present a buying opportunity as issues are resolved [14].

受全球大宗商品价格波动影响，越来越多的公司意识到价格风险管理的重要性，并通过多种方式和渠道 参与期货和衍生品交易，以期货和衍生品交易为企业高质量发展保驾护航。 北方铜业近期发布公告称，为规避主要产品价格波动带来的经营风险，锁定预期利润或减少价格波动造 成的损失，北方铜业股份有限公司（以下简称"公司"）及其子公司拟通过上海期货交易所开展与公司经 营业务相关的铜、黄金、白银期货合约，拟投入保证金不超过人民币70,000万元，在此额度范围内，保 证金可循环使用。 公告显示，公司已依据有关法律法规制定了《深圳市铭利达精密技术股份有限公司期货套期保值业务管 理制度》，对公司开展期货套期保值业务的审批权限、操作流程及风险控制等方面做出明确的规定，建 立有效的监督检查、风险控制和交易止损机制，降低内部控制风险。 公告显示，公司将商品期货套期保值业务与生产经营相匹配，最大程度对冲价格波动风险；制定了《套 期保值管理制度》，加强内部控制，落实风险防范措施及期货套期保值业务操作流程，规范期货套期保 值业务操作管理。 02. 森麒麟 青岛森麒麟轮胎近期发布公告称，为充分利用期货市场的套期保值功能，有效控制市场风险，规避原材 料价格 ...

Investment Rating - The report maintains an "Overweight" rating for the oil and gas sector and the basic chemicals sector [5]. Core Insights - The overall price spread in the industry improved in January, indicating a potential recovery in profitability for 2026, with the CCPI-raw material price spread reaching 2631, up from 2500 at the end of 2025 [1][9]. - The demand for chemical products is shifting from real estate to consumer goods, infrastructure, and emerging technologies, with significant growth potential driven by global economic trends [2][11]. - The capital expenditure growth in the chemical industry has been declining since June 2025, suggesting a supply-side adjustment is approaching, which may lead to improved profitability in the sector [2][16]. Summary by Sections Price Trends - In January, oil prices rose due to geopolitical tensions and strong global crude oil replenishment demand, leading to a slight improvement in the price spread of most chemical products [9][21]. - Major price increases were observed in products like lithium carbonate and butadiene, while some products like methyltrichlorosilane saw price declines due to supply adjustments [3][33]. Supply and Demand Dynamics - The January PMI was reported at 49.3, indicating a continued bottoming out in the real estate sector, while consumer goods and major infrastructure showed positive growth [2][11]. - The chemical industry is expected to see a recovery in demand, supported by the exit of high-energy-consuming facilities in Europe and North America, and economic growth in Asia, Africa, and Latin America [2][11][14]. Investment Strategy - The report suggests focusing on sectors with potential recovery, such as oil and gas, basic chemicals, and companies leveraging synthetic biology for cost reduction [32]. - Specific stock recommendations include China Petroleum & Chemical Corporation, Baofeng Energy, and Yun Tianhua, among others, highlighting their potential for growth and profitability [7][32]. Monthly Performance Review - In January, the basic chemical index rose by 12.72%, with significant gains in sub-sectors like dye chemicals and petrochemical raw materials [34][36]. - The report notes that the chemical industry is experiencing a recovery phase, with various sub-sectors showing positive price movements and improved market conditions [34][36].

2月4日，森麒麟涨5.03%，截至发稿，报21.08元/股，成交2.38亿元，换手率1.63%，总市值218.39亿 元。 南方中证500ETF（510500）基金经理为罗文杰。 截至发稿，罗文杰累计任职时间12年292天，现任基金资产总规模1713.58亿元，任职期间最佳基金回报 187.93%， 任职期间最差基金回报-47.6%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 从森麒麟十大流通股东角度 数据显示，南方基金旗下1只基金位居森麒麟十大流通股东。南方中证500ETF（510500）三季度减持 18.76万股，持有股数903.06万股，占流通股的比例为1.27%。根据测算，今日浮盈赚取约912.09万元。 南方中证500ETF（510500）成立日期2013年2月6日，最新规模1446.9亿。今年以来收益11.03%，同类 排名628/5562；近一年收益50.82%，同类排名1196/4285；成 ...

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, Juhua, Yangnong Chemical, CNOOC, Tongkun, Daotong Technology, and others [10]. Core Views - The report highlights significant price increases in products such as p-nitrochlorobenzene (up 27.91%) and LLDPE (up 24.72%), while products like natural gas and LDPE saw substantial declines [6][18]. - It suggests focusing on investment opportunities in areas such as import substitution, domestic demand, and high dividend stocks, particularly in light of fluctuating international oil prices [6][19]. - The report anticipates that international oil prices will stabilize around $65 per barrel in 2026, influenced by geopolitical uncertainties and expectations of price declines [19]. Summary by Sections Product Price Movements - Notable price increases this week include p-nitrochlorobenzene (27.91%), LLDPE (24.72%), and liquid chlorine (20.90) [18]. - Conversely, significant declines were observed in natural gas (-22.34%) and LDPE (-18.02%) [5][21]. Industry Performance - The chemical industry remains in a weak position overall, with mixed performance across sub-sectors due to past capacity expansions and weak demand [21]. - Specific sectors like the glyphosate industry are showing signs of potential recovery, with decreasing inventories and rising prices, suggesting a possible entry into a favorable cycle [21]. Investment Recommendations - The report recommends focusing on companies with strong competitive positions and growth potential, such as Ruifeng New Materials and Baofeng Energy [21]. - It emphasizes the importance of domestic chemical fertilizer and pesticide sectors, which are expected to maintain stable demand due to self-sufficiency [21]. - The report also highlights the benefits for major oil companies like Sinopec, which are expected to gain from lower raw material costs due to declining oil prices [21].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002984 证券简称：森麒麟 公告编号：2026-012 债券代码：127050 债券简称：麒麟转债 青岛森麒麟轮胎股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 青岛森麒麟轮胎股份有限公司（以下简称"公司"）于2026年1月9日召开第四届董事会第九次会议，于 2026年1月26日召开2026年第一次临时股东会，审议通过了《关于2026年度为子公司提供担保的议 案》，同意公司2026年度为下属子公司提供连带责任担保，担保额度合计250,000万元人民币，授权有 效期自公司股东会审议通过之日起12个月内有效。担保范围包括但不限于申请综合授信、流贷、承兑、 承兑贴现、贸易融资、保函、信用证、项目贷款等融资方式。担保方式包括但不限于连带责任担保、抵 押担保等方式。以上担保额度包括新增担保及原有担保展期或续保，实际担保金额及担保期限以最终实 际发生的担保事项为准。具体内容详见公司于2026年1月10日在巨潮资讯网（www.cninfo.com.cn）披露 的 ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2026-012 | | --- | --- | --- | | 债券代码：127050 | 债券简称：麒麟转债 | | 根据上述决议，公司就近日为子公司青岛森麒麟国际贸易有限公司（以下简称"森 麒麟国际贸易"）提供综合授信担保的相关事宜公告如下： 一、担保情况概述 1、担保方：青岛森麒麟轮胎股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 青岛森麒麟轮胎股份有限公司（以下简称"公司"）于 2026 年 1 月 9 日召开第 四届董事会第九次会议，于 2026 年 1 月 26 日召开 2026 年第一次临时股东会，审议 通过了《关于 2026 年度为子公司提供担保的议案》，同意公司 2026 年度为下属子公 司提供连带责任担保，担保额度合计 250,000 万元人民币，授权有效期自公司股东会 审议通过之日起 12 个月内有效。担保范围包括但不限于申请综合授信、流贷、承兑、 承兑贴现、贸易融资、保函、信用证、项目贷款等融资方式。担保方式包括但不限于 连带责任担保、抵押担保等方式。以上担 ...

Meeting Overview - The first temporary shareholders' meeting of Qingdao Senqilin Tire Co., Ltd. was held on January 26, 2026, at 14:30 [2][3] - The meeting combined on-site voting and online voting [4] Attendance - A total of 341 shareholders attended the meeting, representing 504,530,592 shares, which is 48.6977% of the total voting shares [6] - Among them, 9 shareholders attended in person, representing 495,147,087 shares (47.7920%), while 332 shareholders participated via online voting, representing 9,383,505 shares (0.9057%) [6] Proposals and Voting Results - The meeting approved the proposal to provide guarantees for subsidiaries for the year 2026, with 503,659,352 shares in favor (99.8273%) and 821,080 shares against (0.1627%) [8][9] - The proposal for expected daily related party transactions for 2026 was also approved, with 9,345,485 shares in favor (92.4555%) and 670,980 shares against (6.6381%) [10][11] Legal Opinion - The legal opinion from Beijing Deheng Law Firm confirmed that the meeting's procedures, attendance, proposals, and voting results complied with relevant laws and regulations, making the resolutions valid [12]

证券代码：002984 证券简称：森麒麟 公告编号：2026-011 债券代码：127050 债券简称：麒麟转债 青岛森麒麟轮胎股份有限公司 2026年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现否决议案的情形； 2、本次股东会不涉及变更前次股东会决议。 一、会议召开和出席情况 1、召开时间 （1）现场会议时间：2026年1月26日（星期一）14:30 （2）网络投票时间：2026年1月26日（星期一） 通过深圳证券交易所交易系统进行网络投票的具体时间为2026年1月26日9:15 －9:25，9:30－11:30和13:00－15:00。 通过深圳证券交易所互联网投票系统(http://wltp.cninfo.com.cn)进行网络 投票的具体时间为2026年1月26日9:15至15:00期间的任意时间。 2、现场会议召开地点：山东省青岛市即墨区大信街道天山三路5号公司会议 室。 3、会议召开方式：本次会议采取现场表决与网络投票相结合的方式。 （2）中小股东出席的总体情况：通过现场和网络投票的中小 ...

北京德恒律师事务所 关于青岛森麒麟轮胎股份有限公司 2026 年第一次临时股东会的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于青岛森麒麟轮胎股份有限公司 2026 年第一次临时股东会的法律意见 北京德恒律师事务所 关于青岛森麒麟轮胎股份有限公司 2026 年第一次临时股东会的 法律意见 德恒 02G20230185-00016 号 致：青岛森麒麟轮胎股份有限公司 青岛森麒麟轮胎股份有限公司（以下简称"公司"）2026 年第一次临时股 东会（以下简称"本次会议"）于 2026 年 1 月 26 日（星期一）召开。北京德恒 律师事务所（以下简称"本所"）受公司委托，指派谢显清律师、凌素丽律师（以 下简称"本所经办律师"）出席了本次会议。根据《中华人民共和国证券法》（以 下简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）、《青岛森麒麟轮胎 股份有限公司章程》（以下简称"《公司章程》"）的规定，本所经办律师就 ...