[Table_Main] 行业研究|工业|资本货物 证券研究报告 资本货物行业研究报告 2025 年 10 月 31 日 [Table_Title] 国产化率稳步提升，多域共振万亿蓝海 ——碳纤维行业深度报告 [Table_Summary] 报告要点： 碳纤维万亿蓝海开启，2026 年国产化率冲击 90% 根据赛奥碳纤维数据，2024 年中国碳纤维需求达 8.4 万吨（增速 21.7%），国产化率突破 80%，预计 2026 年将达 90%，复合增长率超 25%。航空航天、风电、低空经济三大场景占比超过 60%，机器人、 新能源车潜力待爆。国产龙头吉林化纤、中复神鹰、新创碳谷产能全 球前十，出口万吨级风电拉挤板，重构全球供应版图。 低空经济、风电、机器人等领域共振，碳纤维需求爆发在即 2026 年中国低空经济规模将破万亿，eVTOL、无人机等核心载体对碳 纤维需求激增；全球风电叶片碳纤维需求预计 2030 年将达 20 万吨， 碳纤维需求量呈现显著增长态势；机器人轻量化趋势下，碳纤维机械 臂成为标配，未来五年中国市场规模望达 7800 亿元，碳纤维年需求 或超万吨。 政策定调+技术攻坚，碳纤维全链生态全面成型 ...

从资金流向上来看，当日化学纤维板块主力资金净流出6440.05万元，游资资金净流出5560.85万元，散户 资金净流入1.2亿元。化学纤维板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600810 | 神马股份 | 4256.04万 | 11.96% | -1948.42万 | -5.48% | -2307.61万 | -6.49% | | 002064 | 华峰化学 | 1652.76万 | 7.23% | -984.11万 | -4.30% | -668.65万 | -2.92% | | 000782 恒申新材 | | 822.06万 | 4.71% | -1298.35万 | -7.44% | 476.29万 | 2.73% | | 000677 | 恒天海龙 | 619.84万 | 5.19% | -2167.83万 | -18.14% | 1547.99万 | 12.95% | ...

中欧景气精选混合A（020876）成立日期2024年4月23日，最新规模10.52亿。今年以来收益52.9%，同 类排名1012/8154；近一年收益58.85%，同类排名657/8046；成立以来收益70.66%。 中欧景气精选混合A（020876）基金经理为张学明。 截至发稿，张学明累计任职时间1年192天，现任基金资产总规模67.41亿元，任职期间最佳基金回报 73.97%， 任职期间最差基金回报9.9%。 10月31日，中复神鹰跌5.09%，截至发稿，报25.75元/股，成交1.37亿元，换手率0.58%，总市值231.75 亿元。 资料显示，中复神鹰碳纤维股份有限公司位于江苏省连云港经济技术开发区大浦工业区南环路北，成立 日期2006年3月2日，上市日期2022年4月6日，公司主营业务涉及从事碳纤维研发、生产和销售。主营业 务收入构成为：碳纤维98.45%，其他1.55%。 从中复神鹰十大流通股东角度 数据显示，中欧基金旗下1只基金位居中复神鹰十大流通股东。中欧景气精选混合A（020876）三季度 新进十大流通股东，持有股数244.93万股，占流通股的比例为0.41%。根据测算，今日浮亏损失约338 ...

[Table_Main] 行业研究|工业|资本货物 证券研究报告 资本货物行业研究报告 2025 年 10 月 31 日 [Table_Title]深海科技，"蓝色增长极" ——深海科技行业深度报告 [Table_Summary] 报告要点： 国家战略强化顶层设计，科研与产业双向发力 在"海洋强国"战略部署下，深海科技逐步上升为国家发展的重点方向。 2025 年《政府工作报告》首次将深海科技列为新兴产业，凸显其政策 高度与发展潜力。国家相关部门相继出台配套措施，形成多部门协同 推进的政策合力，推动关键技术与核心装备的持续攻关。在此背景下， 中科院深海所、国家深海基地管理中心、上海交通大学等科研机构相 继取得阶段性成果，实现了若干核心设备的研发突破。同时，科研成 果不断向产业端转化，带动中下游企业加快配套项目建设，形成科研 与产业双向联动的发展格局，为深海科技产业链的完善奠定了坚实基 础。 市场活力持续释放，头部企业加快构建技术主导型生态 当前，深海科技产业已形成涵盖上游原材料与关键零部件供应、中游 装备制造以及下游多元化应用的产业链条。材料企业、工程装备企业 与能源企业不断拓展产品矩阵，提升自主研发能力，并加 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨中复神鹰（688295.SH） [Table_Title] 收入延续高增，盈利拐点夯实 报告要点 [Table_Summary] 中复神鹰 2025 年前三季度实现营业收入 15.4 亿元，同比增长 37%；归属净利润 0.63 亿元， 同比增长 855%；扣非净利润 0.49 亿元，同比增长 166%。3 季度实现营业收入 6.2 亿元，同 比增长 59%，环比增长 18%；归属净利润 0.51 亿元，同比增长 253%，环比下降 11%；扣非 净利润 0.48 亿元，同比增长 184%，环比下降 21%。 请阅读最后评级说明和重要声明 %% %% %% %% 分析师及联系人 [Table_Author] 范超 张佩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490523030002 SFC：BQK473 research.95579.com 1 [Table_scodeMsg2] 中复神鹰（688295.SH） cjzqdt11111 [Table_Title2] 收入延续高增，盈 ...

Market Performance - The chemical fiber sector increased by 0.64% compared to the previous trading day, with Xin Fengming leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Key stocks in the chemical fiber sector showed the following closing prices and percentage changes: - Xin Fengming (603225): 16.17, +3.32%, volume 140,600, turnover 225 million [1] - Baolidi (300905): 35.28, +2.80%, volume 75,400, turnover 267 million [1] - Zhongfu Shenying (688295): 26.74, +2.65%, volume 43,100, turnover 116 million [1] - Sanfangxiang (600370): 2.31, +2.21%, volume 1,181,600, turnover 27.4 million [1] - Juheshun (605166): 11.19, +1.82%, volume 55,900, turnover 6.217 million [1] Capital Flow - The chemical fiber sector experienced a net outflow of 125 million from institutional investors, while retail investors saw a net inflow of 84.98 million [2] - The following stocks had notable capital flows: - Sanfangxiang (600370): net inflow of 31.98 million from institutional investors [3] - Huafeng Chemical (002064): net inflow of 19.98 million from institutional investors [3] - Xin Fengming (603225): net inflow of 15.22 million from institutional investors [3]

Core Insights - As of October 24, 616 companies have released their Q3 2025 reports, with 389 reporting a year-on-year increase in net profit, while 227 reported a decline [1] - 410 companies experienced a year-on-year increase in operating revenue, whereas 206 reported a decrease [1] - 317 companies saw both net profit and operating revenue increase, while 134 companies experienced declines in both metrics [1] - Notably, 92 companies had a net profit growth rate exceeding 100%, with Jingrui Electric Materials leading at an astonishing 19,202.65% [1] Financial Performance Summary - Jingrui Electric Materials (300655) reported earnings per share of 0.1212, net profit of 128.37 million, and a net profit increase of 19,202.65%, with operating revenue of 118.68 million, up 11.92% [1] - Xiaoming Co. (300967) had earnings per share of 0.9846, net profit of 183.06 million, and a net profit increase of 2,243.97%, with operating revenue of 102.41 million, up 58.98% [1] - New Strong Union (300850) reported earnings per share of 1.7800, net profit of 663.84 million, and a net profit increase of 1,939.50%, with operating revenue of 361.79 million, up 84.10% [1] - Other notable companies include Yinglian Co. (002846) with a net profit increase of 1,572.67% and TianNeng Heavy Industry (300569) with a net profit increase of 1,359.03% [1] Additional Company Highlights - Zhimin Da (688636) reported earnings per share of 0.4900, net profit of 81.99 million, and a net profit increase of 995.37%, with operating revenue of 51.16 million, up 145.16% [1] - Special One Pharmaceutical (002728) had earnings per share of 0.1300, net profit of 65.22 million, and a net profit increase of 985.18%, with operating revenue of 69.19 million, up 51.86% [1] - Wanchen Group (300972) reported earnings per share of 4.6840, net profit of 854.98 million, and a net profit increase of 917.04%, with operating revenue of 3,656.23 million, up 77.37% [1]

Core Insights - On October 23, 2023, brokerage firms provided target prices for listed companies, with significant increases noted for companies in the pet feed and communication equipment sectors, specifically Guibao Pet, StarNet RuiJie, and Weisheng Information, with target price increases of 61.09%, 50.73%, and 43.78% respectively [1][2]. Target Price Increases - Guibao Pet (301498) received a target price of 118.00 yuan, reflecting a target price increase of 61.09% from the latest closing price [2]. - StarNet RuiJie (002396) has a target price of 39.16 yuan, with a target price increase of 50.73% [2]. - Weisheng Information (688100) has a target price of 51.00 yuan, showing a target price increase of 43.78% [2]. - Other notable companies include China Unicom (600050) with a target price increase of 36.22% and Wens Foodstuff Group (300498) with an increase of 33.28% [2]. Brokerage Recommendations - A total of 59 listed companies received brokerage recommendations on October 23, with Tonghuashun (300033) receiving the highest number of recommendations at 5, followed by Guibao Pet with 4, and Meihua Biological (600873) with 3 [3][4]. - The sectors represented include software development, feed, and chemical products [4]. Rating Adjustments - On October 23, only one company, Huayou Cobalt (603799), had its rating upgraded from "Hold" to "Buy" by Huayuan Securities [5]. - This indicates a positive outlook for the energy metals sector [5]. First-Time Coverage - Nine companies received first-time coverage from brokerages on October 23, with notable mentions including Innovation New Materials (600361) rated "Buy" by Huayuan Securities, and YunTu Holdings (002539) and Meihua Biological (600873) both rated "Buy" by Global Fortune Financial [6]. - Other companies receiving first-time ratings include Babi Food (605338) and Shengquan Group (108850) [6].

Core Viewpoint - The article highlights the significant growth in revenue and profitability of Zhongfu Shenying in Q3 2025, driven by strong market demand for carbon fiber products and effective cost management strategies [2][4]. Revenue Performance - In Q3 2025, Zhongfu Shenying achieved a revenue of 615.31 million yuan, representing a year-on-year increase of 59.23%. For the period from January to September, revenue growth was 37.39%, indicating robust sales performance [2][3]. - The total revenue for the year-to-date reached 1.54 billion yuan, showcasing the company's expanding market share in the carbon fiber sector [3]. Profitability - The net profit attributable to shareholders was 51.00 million yuan, reflecting a positive turnaround from previous losses. The net profit after deducting non-recurring gains was 47.65 million yuan [3][4]. - The company has effectively widened its profit margins through various measures, including cost reduction, improved product quality, and enhanced operational efficiency [4]. Research and Development - Zhongfu Shenying increased its R&D investment by 20.07% in the current reporting period and 9.99% year-to-date, emphasizing its commitment to innovation [5]. - The company successfully completed its fundraising project for "Carbon Fiber Aerospace Application R&D and Manufacturing," with actual investment amounting to 320.82 million yuan against an initial plan of 361.72 million yuan [5]. Future Projects - The company has several ongoing projects, including a high-performance carbon fiber production project in Xining, which has a planned investment of 800 million yuan, and an aerospace carbon fiber testing line project with an investment of 232.92 million yuan [6].

Group 1 - Zhongfu Shenying (688295.SH) closed at 25.68 yuan, with a decline of 3.28%, currently in a state of breaking issue [1] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 6, 2022, with an issuance of 100 million shares at a price of 29.33 yuan per share [1] - The total amount raised by Zhongfu Shenying was 2.933 billion yuan, with a net amount of 2.777 billion yuan, exceeding the originally planned fundraising by 932 million yuan [1] Group 2 - The funds raised are intended for projects including a 10,000-ton high-performance carbon fiber production line in Xining, aerospace high-performance carbon fiber testing line, and carbon fiber aerospace application R&D and manufacturing [1] - The issuance costs amounted to 156 million yuan, with Guotai Junan Securities receiving 660,400 yuan as sponsorship fees and 138 million yuan in underwriting fees shared with China International Capital Corporation [1]