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].

Core Viewpoint - The company has approved a guarantee for its wholly-owned subsidiary, Qingdao Senqilin International Trade Co., Ltd., amounting to 50 million RMB as part of a broader authorization for guarantees totaling 250 million RMB for the year 2026 [2][4]. Group 1: Guarantee Overview - The company will provide a total guarantee amount of 250 million RMB for its subsidiaries, with an authorization period of 12 months from the date of shareholder approval [2]. - The specific guarantee for Qingdao Senqilin International Trade Co., Ltd. is set at 5 million RMB, approved during the fourth board meeting and the first extraordinary shareholders' meeting of 2026 [2][4]. Group 2: Financial Data and Risk Assessment - As of the announcement date, the company's total external guarantee balance is 27.39 million RMB, which represents 2.03% of the company's audited net assets for 2024 [4]. - There are no overdue guarantees or guarantees involving litigation, and the company has not provided guarantees for shareholders, actual controllers, or related parties outside the consolidated financial statements [4]. Group 3: Board's Opinion - The board believes that providing this guarantee will support the subsidiary's operational funding needs and enhance its operational capabilities, while the company maintains effective control over the subsidiary's financial risks [4].

| 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 ...

Core Viewpoint - The company has been deeply engaged in the aviation tire sector for over a decade and has become one of the few international manufacturers of aviation tires, possessing capabilities in design, research and development, manufacturing, and sales [1] Group 1: Company Capabilities - The company can produce a variety of aviation tire products suitable for large aircraft and regional passenger aircraft models, including those compatible with Boeing and Airbus [1] - The company has entered the supplier list of relevant aircraft manufacturers and has signed cooperative research and development agreements to engage in aviation tire collaboration [1] Group 2: Revenue and Market Position - Currently, the revenue from aviation tire products constitutes a small proportion of the company's main business income [1] - The company is closely monitoring national policies, development trends, and cutting-edge dynamics in the aviation sector [1] Group 3: Innovation and Future Outlook - The company is committed to continuous independent research and innovation based on the characteristics of the tire industry and market demand, aiming to strategically position itself in frontier areas [1]

Core Viewpoint - The stock price of Senqilin has experienced a decline of 2.08% on January 26, 2025, with a current price of 20.76 CNY per share and a total market capitalization of 21.507 billion CNY [1] Financial Performance - For the period from January to September 2025, Senqilin achieved a revenue of 6.438 billion CNY, representing a year-on-year growth of 1.54% [2] - The net profit attributable to shareholders for the same period was 1.015 billion CNY, showing a significant decrease of 41.17% compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Senqilin was 64,300, a decrease of 6.29% from the previous period [2] - The average number of circulating shares per shareholder increased by 6.78% to 11,102 shares [2] Dividend Distribution - Since its A-share listing, Senqilin has distributed a total of 1.347 billion CNY in dividends, with 1.129 billion CNY distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, the sixth largest circulating shareholder is China Europe Times Pioneer Stock A, holding 13 million shares, an increase of 3 million shares from the previous period [3] - The ninth largest circulating shareholder is Southern CSI 500 ETF, holding 9.0306 million shares, a decrease of 187,600 shares from the previous period [3] Company Overview - Senqilin, established on December 4, 2007, and listed on September 11, 2020, is located in Jimo, Shandong Province, and specializes in the research, production, and sales of high-quality, high-performance radial tires and aviation tires [1] - The company's main business revenue composition is 99.83% from tires and 0.17% from other sources [1] - Senqilin is classified under the automotive industry, specifically in the tire and wheel components sector, and is associated with concepts such as tires, blue-chip stocks, Chery Automobile, Industry 4.0, and industrial internet [1]

Investment Rating - The report maintains a strong rating for the chemical industry, indicating a positive outlook for the sector [5]. Core Insights - The chemical sector has shown resilience with the CITIC Basic Chemical Index rising by 5.73% and the Shenwan Chemical Index increasing by 7.29% this week [13][16]. - Key sub-industries such as soda ash, chlor-alkali, and dyeing chemicals have experienced significant price increases, with soda ash rising by 13.3% [16]. - The report highlights the competitive strength of domestic tire manufacturers and suggests focusing on companies like Sailun Tire and Linglong Tire as potential growth opportunities [4]. - The polyurethane project by Huide Technology, with an annual production capacity of 600,000 tons, has commenced, indicating strategic growth in the new materials sector [3]. - The report emphasizes the tightening supply-demand dynamics in the phosphate chemical sector due to environmental regulations and increasing demand from the new energy sector [4]. Summary by Sections Market Overview - The Shanghai Composite Index increased by 0.84%, while the ChiNext Index decreased by 0.34% [13]. - The overall performance of the chemical sector is positive, with notable gains in various sub-industries [16]. Key Sub-Industry Developments - **Polyurethane**: The price of pure MDI in East China is reported at 17,600 RMB/ton, showing a week-on-week decline of 1.12% [28]. - **Tires**: The operating load for all-steel tires in Shandong is at 62.70%, reflecting a year-on-year increase of 20.70% [49]. - **Fertilizers**: Urea prices are at 1,757.45 RMB/ton, with a week-on-week decrease of 0.4% [63]. - **Vitamins**: The price of Vitamin A is reported at 61.5 RMB/kg, down 1.6% week-on-week [79]. Investment Themes - **Tire Sector**: Domestic tire companies are positioned strongly, with a focus on growth stocks [4]. - **Consumer Electronics**: Recovery in demand is anticipated, benefiting upstream material companies [4]. - **Phosphate Chemicals**: Supply constraints due to environmental policies are expected to tighten the market [4]. - **Vitamin Supply**: Supply disruptions in Vitamin A and E are noted, creating potential investment opportunities [4].

Summary of Tire Industry Conference Call Industry Overview - The Chinese tire industry has seen a continuous increase in market share, surpassing 15% by 2024, indicating significant growth potential compared to international giants [1][2] - Haian Rubber has emerged as one of the top three tire manufacturers globally, following Michelin and Bridgestone, showcasing the rising status of Chinese companies in the global market [1][2] Competitive Landscape - The internal competition within the Chinese tire industry has stabilized, with leading companies like Zhongce and Sailun leveraging brand building, economies of scale, and technological barriers to maintain their advantages [1][4] - Major brands such as Chaoyang and Sailun have reached price parity with second-tier foreign brands in the replacement market, while high-end products are now comparable to top international brands [1][4] Brand Development - Chinese tire companies have made significant progress in brand development, particularly in the domestic original equipment and replacement markets [1][5] - High-end products like Chaoyang No. 1 and Sailun Golden One have shown strong market performance, enhancing brand image and driving growth in the replacement market [1][5] Overseas Business Importance - The overseas supply business is crucial for Chinese tire companies, with strong short-term profitability (gross margin around 35% or higher) and long-term benefits for brand image and pricing power in the overseas replacement market [1][8][9] - Companies like Zhongce, Linglong, and Sailun are already supplying overseas orders, which could lead to significant long-term growth opportunities [1][9] Market Performance - The overall performance of the Chinese tire industry is strong, with a good showing in the domestic semi-steel replacement market and high operating rates in overseas factories due to strong demand [3][10] - The all-steel product segment has performed well due to innovation and product diversification, with overall orders and operating rates remaining positive [3][10] Risks - The primary risk facing the Chinese tire industry is the volatility of rubber prices, which could impact short-term profitability [3][11] - Companies can mitigate this risk by passing on costs, making it essential to monitor rubber price trends closely [3][11] Investment Outlook - The current valuation of approximately 10 times earnings, combined with favorable conditions in domestic and overseas replacement markets, suggests that now is a good time to invest in Chinese tire companies [3][12] - Recommended companies for investment include Sailun, Linglong, Zhongce, and Senkiren, with a note to also monitor Haian Group [3][12]