According to the Huatai Securities Research Report, factors such as geopolitical conflicts have led to rising costs and cutting off the supply pressure of raw materials or continue to impact production capacity related to overseas fine chemicals and new chemical materials in Japan, South Korea, Southeast Asia, etc., and demand for chemical materials in the fields of new energy, electronics, military industry, etc. is relatively good. It is expected that domestic companies will continue to increase their market share. Tire companies are gradually facing pressure such as rising raw material costs and rising shipping costs, but in the medium term, domestic tires are still expected to continue to increase their global share based on cost performance advantages. Due to reasons such as a high base in the same period last year, the profits of feed additive companies in the first quarter of 2026 may be under year-on-year pressure, but benefiting from declining overseas supply, relatively rigid demand for downstream farming, and increased demand for soybean meal alternatives, related companies may gradually enter a period of upward profit in the future.

According to the Huatai Securities Research Report, factors such as geopolitical conflicts have led to rising costs and cutting off the supply pressure of raw materials or continue to impact production capacity related to overseas fine chemicals and new chemical materials in Japan, South Korea, Southeast Asia, etc., and demand for chemical materials in the fields of new energy, electronics, military industry, etc. is relatively good. It is expected that domestic companies will continue to increase their market share. Tire companies are gradually facing pressure such as rising raw material costs and rising shipping costs, but in the medium term, domestic tires are still expected to continue to increase their global share based on cost performance advantages. Due to reasons such as a high base in the same period last year, the profits of feed additive companies in the first quarter of 2026 may be under year-on-year pressure, but benefiting from declining overseas supply, relatively rigid demand for downstream farming, and increased demand for soybean meal alternatives, related companies may gradually enter a period of upward profit in the future.