从资金流向上来看，当日化学纤维板块主力资金净流出3856.3万元，游资资金净流出6283.89万元，散户 资金净流入1.01亿元。化学纤维板块个股资金流向见下表： 证券之星消息，9月16日化学纤维板块较上一交易日上涨1.41%，同益中领涨。当日上证指数报收于 3861.87，上涨0.04%。深证成指报收于13063.97，上涨0.45%。化学纤维板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688722 | 同益中 | 19.75 | 5.00% | 11.00万 | 2.15亿 | | 300905 | 宝刚迪 | 36.61 | 3.92% | 14.16万 | 5.13亿 | | 6888009 | 南京化纤 | 16.04 | 3.35% | 12.20万 | 1.92亿 | | 002064 | 华峰化学 | 8.96 | 2.63% | 39.62万 | 3.50亿 | | 000949 | 新乡化纤 | 4.39 | 2.09% | 74.95万 | 3.3 ...

格隆汇9月15日丨同益中(688722.SH)在投资者互动平台表示，超美斯是空客的合格供应商，持续向空客 A320/A350等机型供应X-612N型芳纶纸。超美斯积极拓展在国产大飞机上的应用，面向低空经济先后申 报、承担多项课题，积极开拓低空经济应用领域，前景广阔。 ...

0% 14% 28% 42% 56% 70% 24/9/18 24/11/28 25/2/7 25/4/19 25/6/29 25/9/8 基础化工 沪深300 相关研究报告 <<化工周报（9/1-9/7）： 制冷剂、草 甘膦、粘胶短纤等产品价格维持上 涨>>--2025-09-09 <<扬农化工 2025 年中报点评：公司 经营稳健，辽宁优创项目贡献重要增 量>>--2025-09-05 <<道恩股份 2025 年中报点评：业绩 平稳增长，DVA、机器人材料等新业务 取得突破>>--2025-09-05 证券分析师：王亮 2025 年 09 月 14 日 行业周报 看好/维持 基础化工 基础化工 化工新材料周报（20250908-20250914）： 生物航煤、多晶硅、EVA 价格上涨，维生素 E 等价格回落 走势比较 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 报告摘要 1.重点子行业及产品情况跟踪 生物航煤、多晶硅、制冷剂、EVA 等价格上涨。 ...

行 业 及 产 业 行 业 研 究 / 行 业 点 评 2025 年 09 月 14 日 美联储降息与金九银十共振，印度 GFL R32 泄露或助我国出口，我国 发起对美模拟芯片反倾销调查 看好 ——《化工周报 25/09/08-25/09/12》 证 券 研 究 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230123090004 zhouchao@swsresearch.com 李绍程 A0230525070002 lisc@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 联系人 马昕晔 (8621)23297818× maxy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： 请 ...

上 市 公 司 基础化工 ——业绩不及预期，纤维规模持续扩张，超美斯贡献第二 成长曲线 报告原因：有业绩公布需要点评 增持（维持） | 投资要点： | | --- | 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 649 | 483 | 1,135 | 1,366 | 1,577 | | 同比增长率（%） | 1.4 | 89.7 | 74.9 | 20.3 | 15.5 | | 归母净利润（百万元） | 130 | 66 | 200 | 248 | 300 | | 同比增长率（%） | -15.3 | 41.1 | 53.3 | 24.2 | 21.1 | | 每股收益（元/股） | 0.58 | 0.30 | 0.89 | 1.10 | 1.34 | | 毛利率（%） | 37.7 | 31.2 | 35.8 | 36.7 | 38.0 | | ROE（%） | 9.7 | 4.8 | 13.3 | 14.7 | 15.9 | | 市盈率 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **robotic materials industry**, particularly the development of **robotic tendons** and **high-performance polyethylene fibers** [1][2][3]. Core Insights and Arguments - **Demand Growth**: The demand for ultra-high molecular weight polyethylene (UHMWPE) fibers is steadily increasing, with global demand expected to reach approximately **54,700 tons** by 2028, reflecting a compound annual growth rate (CAGR) of over **10%** [1][8]. - **China's Market Share**: In 2023, China's demand for UHMWPE fibers was about **33,800 tons**, accounting for over **60%** of global demand [8][9]. - **Market Dynamics**: The high-end product technology for UHMWPE fibers is primarily monopolized by **three companies**: **Invista** (USA), **Honeywell** (USA), and **Toyobo** (Japan). However, domestic companies have captured about **70%** of global production capacity [10][11]. - **Key Players**: - **Tongyi Zhong** is identified as the leading domestic company in the UHMWPE fiber industry, with a production capacity of **7,960 tons** and **2,175 tons** for auxiliary materials by the end of 2024 [11][13]. - **Henghui Security** has a current capacity of **3,000 tons** and plans to expand to **12,000 tons**, with **4,800 tons** expected to be operational by 2025 [4][14]. - **Daye Co.** is a significant supplier of steel wire products, with projected sales of **436,000 tons** for tire beads and **361,800 tons** for steel cord in 2024, playing a crucial role in robotic tendon transmission [4][12][17]. Additional Important Content - **Robotic Hand Development**: The dexterous hand is a critical development direction for robots, featuring multiple degrees of freedom and human-like functions, which are essential for various operational capabilities [3]. - **Tendon Transmission Applications**: The tendon transmission method is a vital component in dexterous hands, allowing for aesthetically pleasing and efficient long-distance movement. The primary transmission schemes include **N-type**, **N+1-type**, and **2N-type** [6]. - **Material Advantages**: UHMWPE fibers are lightweight, high modulus, wear-resistant, and flexible, making them ideal for tendon applications. Initially used in military applications, they are now expanding into civilian uses [7][10]. - **Investment Opportunities**: The conference highlights potential investment targets in the domestic market, including **Tongyi Zhong**, **Henghui Security**, **Kanglongda**, and **Daye Co.**, each with unique strengths and growth prospects in the UHMWPE fiber sector [11][15][17].

9月8日，同益中盘中上涨2.02%，截至09:54，报19.19元/股，成交4304.72万元，换手率1.02%，总市值 43.11亿元。 资金流向方面，主力资金净流入168.02万元，大单买入819.70万元，占比19.04%，卖出651.69万元，占 比15.14%。 同益中今年以来股价涨51.30%，近5个交易日跌7.21%，近20日跌15.50%，近60日跌5.76%。 今年以来同益中已经3次登上龙虎榜，最近一次登上龙虎榜为5月6日，当日龙虎榜净买入4752.22万元； 买入总计9891.91万元 ，占总成交额比18.43%；卖出总计5139.69万元 ，占总成交额比9.58%。 资料显示，北京同益中新材料科技股份有限公司位于北京市通州区马驹桥镇景盛南二街17号，成立日期 1999年2月10日，上市日期2021年10月19日，公司主营业务涉及从事超高分子量聚乙烯纤维及其复合材 料研发、生产和销售。主营业务收入构成为：UHMWPE纤维42.98%，复材制品26.15%，芳纶纤维 16.63%，芳纶纸12.99%，其他0.64%，材料、废品销售0.51%，房屋租赁0.10%。 同益中所属申万行业为：基础化 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by product optimization and market expansion in the ultra-high molecular weight polyethylene (UHMWPE) fiber sector [1][2] Financial Performance - In H1 2025, the company achieved revenue of 483 million yuan, an increase of 89.70%, and a net profit of 66 million yuan, up 41.13% [1] - The gross margin was 31.23%, down 4.97 percentage points, while the net margin improved to 14.09%, up 4.96 percentage points [1] - The revenue from UHMWPE fiber business was 207 million yuan, growing by 22.27%, but the gross margin decreased to 27.96%, down 5.46 percentage points [1] - Revenue from composite materials reached 126 million yuan, a growth of 57.44%, with a gross margin of 52.29% [1] Market and Product Development - The company focuses on the import substitution and independent innovation of UHMWPE fiber products, serving both military and civilian applications [1] - The demand for UHMWPE fibers is strong, with applications expanding in military and civilian sectors, particularly in personal ballistic protection [2] - The company is enhancing its market presence in traditional sectors like safety protection and marine rope fibers while exploring new applications in humanoid robot dexterous hands [1][2] Operational Efficiency - The company has implemented smart manufacturing upgrades, improving production process visibility and efficiency, leading to a significant reduction in production costs [1] - The operating expense ratio decreased to 8.24%, with management and sales expense ratios also declining [1] - R&D expenses increased by 65.25% to 24 million yuan, reflecting the company's commitment to enhancing innovation capabilities [1] Future Outlook - The company expects to benefit from the growth in military demand and the expansion of civilian applications, which will broaden its growth potential [2] - Projected revenues for 2025-2027 are estimated at 973 million yuan, 1.137 billion yuan, and 1.312 billion yuan, with net profits of 152 million yuan, 182 million yuan, and 212 million yuan respectively [2]

Market Trends - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,765.88, down 1.25%, and the Shenzhen Component Index down 2.83% [4] - The overall market saw a significant increase in trading volume, with A-share transaction amounts reaching 14.92 trillion yuan, a 15.29% increase week-on-week [7] Industry Commentary - The non-bank financial sector reported a substantial increase in brokerage performance, with 42 listed brokerages achieving a total revenue of 251.87 billion yuan, a year-on-year increase of 11.37%, and a net profit of 104.02 billion yuan, up 65.08% [6][7] - The communication sector is experiencing a surge in demand, particularly driven by Alibaba Cloud's Q2 performance, which exceeded expectations with a revenue increase of 26% to 33.4 billion yuan [8] Company Insights - Huafeng Technology (688629.SH) reported a significant revenue increase of 128.26% year-on-year, reaching 1.105 billion yuan in H1 2025, with a net profit of 151 million yuan, up 940.64% [10] - China General Nuclear Power Corporation (01164.HK) faced a revenue decline of 58% to 1.709 billion HKD in H1 2025, primarily due to accounting standards affecting trade business [12] - Kangchen Pharmaceutical (603590.SH) achieved a revenue of 460 million yuan in H1 2025, reflecting a growth of 13.8% [14] - Longjiang Securities (000783.SZ) reported a significant recovery in investment business, with a notable increase in operating performance [28] Investment Recommendations - The report suggests a "Buy-B" rating for Huafeng Technology, anticipating continued growth in the domestic AI server market and communication modules [10][11] - For China General Nuclear Power, a "Buy-B" rating is maintained, with expectations of recovery in profitability driven by strategic contracts and market demand [13] - Kangchen Pharmaceutical is also rated "Buy-B," with projected revenue growth driven by innovative drug development [14] Future Projections - Huafeng Technology is expected to continue benefiting from the domestic AI server market, with projections indicating a strong performance in the coming years [10][11] - China General Nuclear Power anticipates a rebound in net profit, with estimates of 3.76 billion HKD in 2025, growing significantly in subsequent years [13] - Kangchen Pharmaceutical forecasts revenues of 9.41 billion yuan by 2027, indicating robust growth potential [14]

Investment Rating - The investment rating for the company is "Buy-A" and is maintained [1][7] Core Views - The company has shown significant revenue growth, with total revenue of 480 million yuan in the first half of 2025, representing a year-on-year increase of 89.7% [1] - The company is expected to benefit from the performance recovery of its partner, Chaomeisi, and the expansion of applications in humanoid robots and marine engineering [7] - The company has made progress in developing tendon materials for robotic hands, which have passed tests by key downstream users [5] Financial Performance - In the first half of 2025, the company achieved a net profit of 70 million yuan, up 41.1% year-on-year, with a non-recurring net profit of 60 million yuan, up 46.9% year-on-year [1] - For Q2 2025, the company reported total revenue of 230 million yuan, with a year-on-year increase of 60.7% [1] - The revenue from UHMWPE fibers and non-woven fabrics in the first half of 2025 was 210 million yuan and 130 million yuan, respectively, with year-on-year growth of 22.3% and 57.5% [3] Future Projections - The projected net profits for 2025, 2026, and 2027 are 200 million yuan, 240 million yuan, and 290 million yuan, respectively, with corresponding P/E ratios of 22, 18, and 15 [6] - The company is expected to see a recovery in high-margin composite material orders and growth in medical fibers and robotic tendon materials [6][7] Market Data - As of September 3, 2025, the closing price of the stock was 19.12 yuan, with a market capitalization of 4.296 billion yuan [3][4] - The company has a total share capital of 225 million shares, with 224 million shares in circulation [3]