Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1] Core Insights - The new materials sector is positioned as a crucial direction for the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate into a long-term growth phase. The report emphasizes that "one generation of materials leads to one generation of industry," highlighting the foundational nature of the new materials industry as the material basis for other sectors [3][4]. Summary by Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials. Samsung Display has officially launched mass production of the 8.6 generation OLED panels, which will be used in new laptops this year [5][20]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fibers. The successful suborbital flight test of the Lihong No. 1 vehicle demonstrates advancements in low-cost and flexible launch capabilities [7]. 3. New Energy Sector - Focus on photovoltaic materials, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials. India is projected to become the second-largest solar market globally by 2026, driven by steady installation growth [9]. 4. Biotechnology Sector - Key areas include synthetic biology and scientific services. A team from Tsinghua University in Shenzhen has developed a 3D-printed "mini heart" that mimics the rhythmic beating of a real heart, with future applications in organ printing anticipated [11]. 5. Energy Conservation and Environmental Protection Sector - Focus on adsorbent resins, membrane materials, and biodegradable plastics. The Ministry of Industry and Information Technology has launched an action plan to promote high-quality development of industrial internet platforms, aiming for over 450 influential platforms by 2028 [13]. 6. Key Companies and Earnings Forecast - The report highlights several companies with their respective stock prices and earnings per share (EPS) forecasts for 2024A, 2025E, and 2026E, along with their price-to-earnings (PE) ratios and investment ratings. Notable companies include: - Ruihua Tai (688323.SH): EPS forecast of 0.26 for 2026E, rated as "Increase" [14] - Guangwei Composite (300699.SZ): EPS forecast of 0.97 for 2026E, rated as "Buy" [14] - Zhongfu Shenying (688295.SH): EPS forecast of 0.23 for 2026E, rated as "Buy" [14] - Wanrun Co., Ltd. (002643.SZ): EPS forecast of 0.53 for 2026E, rated as "Buy" [14] - Dinglong Co., Ltd. (300054.SZ): EPS forecast of 0.96 for 2026E, rated as "Buy" [14]

Core Insights - The article emphasizes the rapid growth and importance of the new energy insulation materials industry, driven by the dual forces of the "dual carbon" strategy and explosive growth in downstream new energy sectors such as electric vehicles, photovoltaics, wind power, and energy storage [1][3]. Industry Overview - New energy insulation materials are high-performance special materials designed for solar, wind, energy storage, and electric vehicle applications, requiring not only traditional insulation functions but also high voltage resistance, weather resistance, and flame retardancy [2][3]. - The industry has established a complete supply chain from upstream raw material supply to midstream material R&D and manufacturing, and downstream terminal applications, with a shift from single product supply to comprehensive solution services [1][3]. Market Dynamics - The market for new energy insulation materials is expanding rapidly, with electric vehicles being the core growth market. The demand for insulation materials in photovoltaics, wind power, and energy storage is also increasing significantly [1][4]. - The insulation materials market is projected to reach 66 billion yuan by 2025, driven by the rapid growth of the new energy vehicle sector, which is expected to see production and sales exceed 14.9 million units, with a year-on-year growth rate of over 30% [4][7]. Policy Support - A series of policies have been introduced to support the new energy insulation materials industry, including guidelines for enhancing safety systems in electric vehicle enterprises and plans for green and low-carbon innovation in power equipment [3][4]. Competitive Landscape - The competitive landscape is characterized by a shift towards high-end, green, and localized production, with domestic companies accelerating technological breakthroughs to reduce reliance on imports [1][8]. - Key players in the market include Dongcai Technology, Ping An Electric, and others, with a focus on high-performance materials such as silicone rubber and polyimide films [1][4]. Future Trends - The industry is expected to evolve towards high-end, green, localized, and integrated development, with a focus on technological innovations such as nanocomposites and bio-based materials [8][9]. - The trend of domestic substitution will deepen, with leading companies breaking foreign monopolies in high-end products and enhancing market concentration through mergers and acquisitions [9][10]. - There will be a shift from merely providing products to offering customized solutions, enhancing collaboration between upstream raw material suppliers and midstream manufacturers [10].

Investment Rating - The industry investment rating is maintained as "Outperform the Market" [4] Core Insights - The commercial aerospace industry is entering a period of explosive growth, with significant improvements in low-orbit satellite constellation construction and launch capabilities. China plans to launch 12,992 commercial satellites to create a global internet satellite constellation [1] - The demand for liquid rocket engines is increasing due to the trend towards large-capacity and reusable rockets in commercial aerospace, leading to a substantial rise in the demand for liquid propellants [2] - The market for electronic specialty gases is projected to reach $6.023 billion globally by 2025, with a CAGR of 6.39% from 2022 to 2025 [2] - The carbon fiber industry is experiencing structural differentiation, with high-performance carbon fiber demand rising in aerospace, while the mid-to-low-end market faces oversupply and price wars [9] - Advanced structural ceramics and composite materials are critical for high-end equipment in aerospace and other key sectors, with ongoing technological advancements in China [9] Summary by Sections Commercial Aerospace Development - The commercial aerospace sector is witnessing rapid advancements, with the establishment of launch sites and the development of new rocket technologies [1] - The government is promoting the safe and healthy development of emerging industries, including commercial aerospace, through various action plans [1] Market Demand and Growth - The demand for liquid propellants and specialty gases is expected to grow significantly, driven by advancements in rocket technology and increased satellite production [2] - The electronic specialty gas market in China is projected to reach 23 billion yuan by 2024, with a CAGR of 10.31% from 2022 to 2024 [2] Material Applications - High-performance materials such as carbon fiber, advanced ceramics, and quartz glass fibers are increasingly used in commercial aerospace applications [9][11] - Companies like Jiufeng Energy and Guangwei Composites are leading in the domestic market for specialty gases and carbon fibers, respectively, with ongoing projects to meet the growing demand [2][9] Investment Recommendations - The report suggests focusing on companies involved in rocket fuel and satellite production, as well as those producing specialty fibers and advanced materials for aerospace applications [11]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 深圳瑞华泰薄膜科技股份有限公司 关于债券持有人减持公司 可转换公司债券的公告 公司股东航科新世纪科技发展（深圳）有限公司（以下简称"航科新世纪"）合计认购"瑞科转 债"1,004,940张，占发行总量的23.37%。 证券代码：688323 证券简称：瑞华泰 公告编号：2026-003 公司于2026年1月13日收到股东航科新世纪的通知，航科新世纪于2025年4月17日至2026年1月13日期间 通过上海证券交易所固定收益证券综合电子平台以集中竞价方式共计减持"瑞科转债"43.20万张，占发 行总量的10.05%。具体变动情况如下： 转债代码：118018 转债简称：瑞科转债 ■ 经中国证券监督管理委员会《关于同意深圳瑞华泰薄膜科技股份有限公司向不特定对象发行可转换公司 债券注册的批复》（证监许可〔2022〕1546号）同意注册，深圳瑞华泰薄膜科技股份有限公司(以下简 称"公司")于2022年8月18日向不特定对象共计发行430万张可转换公司债券，每张面值为人民币100元， ...

格隆汇1月13日丨瑞华泰(688323.SH)公布，公司于2026年1月13日收到股东航科新世纪的通知，航科新 世纪于2025年4月17日至2026年1月13日期间通过上海证券交易所固定收益证券综合电子平台以集中竞价 方式共计减持"瑞科转债"43.20万张，占发行总量的10.05%。 ...

公司股东航科新世纪科技发展（深圳）有限公司（以下简称"航科新世纪"） 合计认购"瑞科转债"1,004,940 张，占发行总量的 23.37%。 | 证券代码：688323 | 证券简称：瑞华泰 | 公告编号：2026-003 | | --- | --- | --- | | 转债代码：118018 | 转债简称：瑞科转债 | | 公司于 2026 年 1 月 13 日收到股东航科新世纪的通知，航科新世纪于 2025 年 4 月 17 日至 2026 年 1 月 13 日期间通过上海证券交易所固定收益证券综合电 子平台以集中竞价方式共计减持"瑞科转债"43.20 万张，占发行总量的 10.05%。 具体变动情况如下： 深圳瑞华泰薄膜科技股份有限公司 关于债券持有人减持公司可转换公司债券的公告 | | 本次减持前 | 本次减持前 | 本次减持数 | 本次减持后 | 本次减持后 | | --- | --- | --- | --- | --- | --- | | 持有人名称 | 持有数量 | 占发行总量 | 量（张） | 持有数量 | 占发行总量 | | | （张） | 的比例 | | （张） | 的比例 | | 航科 ...

格隆汇1月13日丨瑞华泰(688323.SH)公布，公司于2026年1月13日收到股东航科新世纪的通知，航科新 世纪于2025年4月17日至2026年1月13日期间通过上海证券交易所固定收益证券综合电子平台以集中竞价 方式共计减持"瑞科转债"43.20万张，占发行总量的10.05%。 ...

证券之星消息，1月13日塑料板块较上一交易日下跌3.01%，瑞华泰领跌。当日上证指数报收于4138.76， 下跌0.64%。深证成指报收于14169.4，下跌1.37%。塑料板块个股涨跌见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 001255 博菲电气 | | 8455.74万 | 45.40% | -5229.15万 | -28.08% | -3226.59万 | -17.33% | | 000973 佛塑科技 | | 3338.29万 | 4.21% | -1275.44万 | -1.61% | -2062.85万 | -2.60% | | 001359 | 平安电工 | 2974.51万 | 12.98% | -31.69万 | -0.14% | -2942.82万 | -12.84% | | 601026 道生天合 | | 2928.08万 | 9.47% | -66.15万 | -0.21% | ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688323 | 瑞华泰 | 26.80 | 13.95% | 20.39万 | | 5.29亿 | | 300221 | 银禧科技 | 12.20 | 13.28% | 99.47万 | | 11.66亿 | | 688585 | 上纬新材 | 160.10 | 11.19% | 9.30万 | | 14.68 乙 | | 001255 | 博菲电气 | 37.71 | 10.01% | 5.35万 | | 1.90亿 | | 301237 | 和顺科技 | 63.43 | 9.68% | 4.91万 | | 3.06亿 | | 002361 | 神剑股份 | 16.80 | 7.69% | 288.60万 | | 46.88亿 | | 603150 | 万朗磁塑 | 42.39 | 7.13% | 6.30万 | | 2.64亿 | | 605488 | 福来新材 | 37.02 | 5.98% | 16.58万 | | 6.0 ...

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]