Core Viewpoint - The petrochemical industry investment strategy for May 2025 highlights a positive economic outlook driven by proactive fiscal policies and increased domestic consumption confidence, alongside a growing global interest in China's artificial intelligence sector [1][2]. Economic Overview - Since late September 2024, a series of domestic policies have been implemented, leading to a noticeable effect on the economy. In 2024, China's GDP reached 134.9 trillion RMB, marking a 5% increase from the previous year [2]. - In Q1 2025, China's GDP at current prices was 31,875.8 billion RMB, with a year-on-year growth of 5.4% at constant prices, indicating steady economic growth [2]. Policy Environment - The Central Political Bureau meeting on April 25 emphasized the need for more proactive macroeconomic policies in response to escalating US-China trade tensions and external uncertainties. The focus will be on expanding consumption and boosting domestic demand [2]. Industry Performance - In April 2025, the comprehensive PMI output index was 50.2%, a decrease of 1.2 percentage points from the previous month. The manufacturing production index fell to 49.8%, down 2.8 percentage points, indicating a decline in manufacturing activity [3]. - Despite a drop in international oil prices by over 15% in April due to increased production by OPEC and trade tensions, the expected price range for Brent crude is projected to be between $65-70 per barrel and WTI at $60-65 per barrel for 2025 [3]. Investment Recommendations - Key investment areas for May 2025 include potassium fertilizers, refrigerants, aramid paper, civil explosives, and pentaerythritol, with specific companies recommended for each sector: - **Potassium Fertilizers**: Global prices are rebounding, and there is a domestic demand gap. Recommended company: **Yaqi International** [4]. - **Refrigerants**: The market outlook is positive due to tightening long-term quotas and increased air conditioning production. Recommended companies: **Juhua Co.** and **Sanmei Co.** [4][7]. - **Aramid Paper**: Demand is increasing due to applications in electrical insulation and honeycomb core materials. Recommended company: **Tongyi Zhong** [4]. - **Civil Explosives**: The industry is experiencing improved profitability due to stable demand and declining costs. Recommended company: **Guangdong Hongda** [5]. - **Pentaerythritol**: Anticipated price increases due to low inventory levels and high demand from the PCB sector [5]. Investment Portfolio - The investment portfolio for this month includes: - **Yaqi International**: A rare potassium fertilizer producer with expanding capacity - **Bailong Chuangyuan**: A long-term growth "small giant" in functional sugars - **Tongyi Zhong**: A company with a full industrial chain layout for UHMWPE fibers - **Guangdong Hongda**: A leading integrated service provider in the civil explosives sector [6].

Investment Rating - The report indicates a positive outlook for the chemical industry, suggesting a new cycle may begin due to improved domestic supply and demand, increased global market share, and declining crude oil prices [3][4]. Core Viewpoints - The chemical industry is expected to enter a new cycle driven by domestic supply-demand improvements and global market share growth, despite potential short-term impacts from overseas demand [3][5]. - The report highlights that the supply side is gradually improving due to reduced fixed asset investment growth and government policies aimed at curbing excessive competition [5][10]. - On the demand side, domestic consumption is anticipated to recover steadily, supported by government initiatives to boost consumption and stabilize the economy [26][33]. - Cost factors are favorable, with significant declines in international crude oil and domestic coal prices, which will support the profitability of chemical products [42][49]. - The report recommends specific companies within various segments of the chemical industry, including refrigerants, amino acids, military and new materials, and fertilizers, indicating potential investment opportunities [5][57]. Summary by Sections Supply Side - The report notes that the chemical industry has faced profitability pressures since 2022, but the current production cycle is nearing its end, which may lead to gradual improvement in profitability as capacity is digested [11][12]. - China's global market share in chemical products has been steadily increasing, with 2023 figures showing a 43.1% share of global sales [25][20]. Demand Side - The report emphasizes that domestic demand is expected to recover, aided by government policies aimed at stimulating consumption and investment [26][33]. - The real estate sector shows signs of stabilization, which could further support demand for chemical products [33]. Cost Side - The report highlights a significant decline in crude oil prices, with Brent crude falling by 14.71% since the beginning of 2025, which is expected to positively impact the cost structure of the chemical industry [42][38]. - Domestic coal and natural gas prices have also shown a downward trend, enhancing the cost competitiveness of chemical products [49][47]. Valuation - The report indicates that the valuation of the basic chemical and petrochemical sectors is at historical lows, suggesting substantial room for recovery as market conditions improve [54][50].

Investment Rating - The report maintains a positive outlook on the industry, suggesting an "Increase" rating for the sector [8]. Core Insights - The market for robotic tendons is expected to grow significantly, with projections indicating a market size of 10 trillion yuan by 2045 as humanoid robots advance to Level 5 capabilities [1][27]. - The adoption of tendon transmission systems in robotic hands is increasing due to their advantages in flexibility, lightweight design, and efficiency compared to traditional mechanisms [10][18]. - The report emphasizes the importance of ultra-high molecular weight polyethylene (UHMWPE) as a key material for robotic tendons, highlighting its superior strength-to-weight ratio and cost-effectiveness [3][39]. Summary by Sections 1. Robotic Tendons: Accelerating Penetration and Focus on UHMWPE - Robotic tendons enhance dexterity and lightweight design, with a significant market potential as humanoid robots evolve [1]. - The tendon transmission mechanism mimics human muscle structure, improving speed and precision in robotic applications [10][18]. 2. Market Potential for Robotic Tendons - The introduction of Tesla's Optimus GEN-3 robot, featuring a tendon-based hand with 22 degrees of freedom, indicates a market size of 35.2 billion yuan for tendon systems based on projected sales of 10 million units [2][31]. - The report anticipates further applications of tendons beyond robotic hands, including joints and other structural components [32]. 3. Material Opportunities: Focus on UHMWPE - UHMWPE fibers are recognized for their high strength and low density, making them ideal for robotic tendons [3][39]. - The report notes that domestic manufacturers are rapidly advancing in UHMWPE production, potentially disrupting the current market dominated by foreign companies [40][41]. 4. Key Companies - **Tongyi Zhong**: Leading in UHMWPE fiber production with a capacity of 7,960 tons, focusing on high-strength materials [4][42]. - **Nanshan Zhishang**: Producing 3,600 tons of UHMWPE fibers, with applications in robotic tendons [45]. - **Henghui Security**: Expected to increase its UHMWPE capacity by 4,800 tons, targeting the robotic tendon market [46].

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Composite Index (000680) rose by 1.67% as of May 6, 2025, with notable increases in constituent stocks such as Jingjin Electric (688280) up 20.06%, Jiulian Technology (688609) up 20.02%, and *ST Tianwei (688511) up 19.97% [3] - The Huaxia Sci-Tech Innovation Index ETF (589000) increased by 1.49%, marking its third consecutive rise, with a latest price of 0.95 yuan and a turnover rate of 3.51%, resulting in a transaction volume of 138 million yuan [3] - Over the past week, as of April 30, the Huaxia Sci-Tech Innovation Index ETF achieved an average daily transaction volume of 207 million yuan, ranking first among comparable funds, and has seen continuous net inflows totaling 3.027 billion yuan, reaching a new high in total assets of 3.870 billion yuan [3] Group 2 - On April 28, 2025, Alibaba launched the next generation of its Qwen-3 series large language models (LLMs), featuring models ranging from hundreds of billions to tens of billions of parameters [4] - Xiaomi released its first open-source large language model, XiaomiMiMo, designed specifically for inference tasks on April 30, 2025, while DeepSeek introduced new models on HuggingFace [4] - Haitong International noted that the increasing number of domestic open-source models may lead to homogenization in performance, suggesting that future developments will focus on customization based on user data and feedback to establish long-term barriers and user loyalty in vertical industries [4] - The Huaxia Sci-Tech Innovation Index ETF closely tracks the Shanghai Sci-Tech Innovation Board Composite Index, focusing on hard technology sectors, particularly in strategic emerging industries such as new generation information technology, high-end equipment, biomedicine, new energy, new materials, and energy conservation and environmental protection [4]

北京同益中新材料科技股份有限公司 对外投资公告 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。 一、对外投资概述 证券代码：688722 股票简称：同益中 公告编号：2025-020 重要内容提示： 投资标的名称：超美斯新材料股份有限公司（以下简称"超美斯"）。 投资金额：北京同益中新材料科技股份有限公司（以下简称"公司"） 拟使用自有资金对子公司超美斯增资 1.5 亿元人民币，认购完成后公司将持有超 美斯 83.52%的股份。 相关风险提示：超美斯未来经营管理过程中可能面临宏观经济及行业政 策变化、行业供需及市场竞争、经营不达预期等不确定因素的影响，存在一定的 市场风险、经营风险、管理风险等。 本次增资的主要目的是满足超美斯设备更新迭代以及市场拓展，增强竞争实 力和盈利能力，推动高质量发展，落实公司战略布局。 本次增资完成后，超美斯注册资本由 22,881.8888 万元变更为 33,607.7742 万元，公司持股比例为 83.52%。 本次增资事项已经公司第三届董事会第三次会议审议通过，无需提交公司股 东大会审议。 ...

证券代码：688722 股票简称：同益中 公告编号：2025-021 北京同益中新材料科技股份有限公司 二、监事会会议审议情况 （一）审议通过《关于公司2025年第一季度报告的议案》。 经审核，监事会认为：董事会编制和审核公司2025年第一季度报告的程序 符合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映 了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果：3票同意；0票反对；0票弃权。 （二）审议通过《关于使用自有资金向子公司超美斯新材料股份有限公司 增资的议案》。 经审核，监事会认为：使用自有资金向子公司超美斯新材料股份有限公司 （简称"超美斯"）增资的事项（简称"本次增资事项"）是基于公司战略布 局以及子公司经营发展的需要，有助于公司提升间位芳纶业务核心竞争力和盈 利能力，符合公司长期发展战略规划。本次增资事项完成后，超美斯仍为公司 控股子公司，不会导致合并报表范围发生变更。本次增资事项以公司自有资金 出资，不会对公司财务及经营状况产生重大不利影响，不存在损害公司及全体 股东利益的情形。 表决结果：3票同意；0票反对；0票弃权。 第三届监事会第三次会议决议公告 本 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥252,990,448.80, representing a 126.90% increase compared to ¥111,499,399.27 in the same period last year[4] - Net profit attributable to shareholders was ¥43,400,879.01, up 147.35% from ¥17,546,549.49 year-on-year[4] - The net profit after deducting non-recurring gains and losses increased by 163.91%, amounting to ¥40,238,336.17 compared to ¥15,247,070.02 in the previous year[4] - Operating profit for Q1 2025 was ¥50,598,107.74, up 145.0% from ¥20,613,268.99 in Q1 2024[20] - Net profit for Q1 2025 was ¥43,948,209.77, representing a 149.0% increase from ¥17,588,997.57 in Q1 2024[21] - Basic and diluted earnings per share for Q1 2025 were both ¥0.19, compared to ¥0.08 in Q1 2024[21] Assets and Liabilities - The company's total assets grew by 37.85% to ¥2,158,052,712.76 from ¥1,565,502,448.06 at the end of the previous year[5] - As of March 31, 2025, total assets reached CNY 2,158,052,712.76, an increase from CNY 1,565,502,448.06 on December 31, 2024, representing a growth of approximately 37.8%[16][18] - Current assets totaled CNY 877,088,883.41, up from CNY 774,565,765.24, indicating an increase of about 13.3%[16] - The company's cash and cash equivalents decreased to CNY 325,596,757.87 from CNY 503,612,438.85, a decline of approximately 35.4%[16] - Accounts receivable rose significantly to CNY 148,431,627.89 from CNY 41,143,550.96, marking an increase of about 260.5%[16] - Inventory increased to CNY 296,715,054.09 from CNY 198,337,590.43, reflecting a growth of approximately 49.6%[16] - Total liabilities amounted to CNY 636,412,264.00, compared to CNY 147,318,544.04, showing a substantial increase of about 332.5%[18] - The company's equity attributable to shareholders reached CNY 1,384,531,474.80, up from CNY 1,341,130,595.79, a growth of approximately 3.2%[18] - Non-current assets increased to CNY 1,280,963,829.35 from CNY 790,936,682.82, representing a growth of about 62.0%[17] - The company reported a significant increase in fixed assets, which rose to CNY 1,000,080,029.07 from CNY 690,371,356.03, an increase of approximately 44.8%[17] - The total liabilities to equity ratio increased significantly, indicating a higher leverage position for the company[18] Cash Flow - The net cash flow from operating activities decreased by 61.00%, amounting to ¥15,677,326.99 compared to ¥40,195,112.30 in the previous year[4] - Cash flow from operating activities for Q1 2025 was ¥15,677,326.99, down 61.0% from ¥40,195,112.30 in Q1 2024[23] - Cash flow from investing activities for Q1 2025 showed a net outflow of ¥218,626,348.85, compared to a net outflow of ¥43,808,662.19 in Q1 2024[24] - Cash flow from financing activities for Q1 2025 resulted in a net outflow of ¥1,799,622.33, contrasting with a net inflow of ¥812,835.28 in Q1 2024[24] - The ending cash and cash equivalents balance for Q1 2025 was ¥293,749,982.57, down from ¥445,242,957.84 in Q1 2024[24] Research and Development - Research and development expenses totaled ¥11,262,656.76, a 65.09% increase from ¥6,822,009.05, accounting for 4.45% of operating revenue[5] - The company incurred research and development expenses of ¥11,262,656.76 in Q1 2025, an increase from ¥6,822,009.05 in Q1 2024[20] Revenue Drivers - The company attributed the increase in revenue and net profit to higher sales volume and the acquisition of subsidiaries[10] - Total operating costs for Q1 2025 were ¥204,362,998.62, up 117.0% from ¥94,040,763.98 in Q1 2024[20]

本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 4 月 23 日 （二） 股东大会召开的地点：北京市通州区马驹桥镇景盛南二街 17 号 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 证券代码：688722 证券简称：同益中 公告编号：2025-019 北京同益中新材料科技股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证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。 重要内容提示： | 1、出席会议的股东和代理人人数 | 96 | | --- | --- | | 普通股股东人数 | 96 | | 2、出席会议的股东所持有的表决权数量 | 114,996,478 | | 普通股股东所持有表决权数量 | 114,996,478 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 51.1853 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 51.1853 | （四） 表决方 ...

北京市中伦律师事务所 关于北京同益中新材料科技股份有限公司 2024 年年度股东大会的 法律意见书 致：北京同益中新材料科技股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受北京同益中新材料科技股 份有限公司（以下简称"公司"）委托，指派律师见证公司 2024 年年度股东大 会（以下简称"本次股东大会"）。本所律师根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）、《律师事务所从事 证券法律业务管理办法》等相关法律、法规、规章、规范性文件及《北京同益中 新材料科技股份有限公司章程》（以下简称"《公司章程》"）的规定，对本次 股东大会的相关事项进行见证并出具法律意见。 为出具本法律意见书，本所律师审查了公司本次股东大会的有关文件和材料。 本所律师出具本法律意见书基于公司向本所律师提供的一切原始材料、副本、复 印件等材料、口头证言均是真实、准确、完整和有效的，不存在隐瞒记载、虚假 陈述或重大遗漏，有关文件的印章和签字均真实、有效，有关副本、复印件等材 料均与原始材料一致。 一、本次股东大会的召 ...

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 写在前面 （文末有惊喜） 国产化率显著提升，成本及效率持续优化。 超高分子量聚乙烯树脂最早由德国Hoechst 公司在1958 年将其商业化，荷兰DSM 公司在20 世纪70 年代将纤维产业化。 虽然性能优异，但高昂的成本限制其市场空间。中国北京助剂二厂在1994 年首次实现万吨级产线投产，1999 年东华大学实现超高分子量聚乙烯纤维的产业化合 成。至此，中国企业开始持续投入超高分子量聚乙烯行业。近年来，随着锂电池隔膜需求显著增长，国内超高分子量聚乙烯树脂产能快速释放，截至目前，国内超 高分子量聚乙烯在产产能合计约为27 万吨/年，在建产能32 万吨，另有约48 万吨/年拟新建产能。 国内企业内卷的结果是生产成本的快速下降以及生产效率的快速 提升 。超高分子量聚乙烯树脂的单价从2017 年的1.59 万元/吨下降至2023 年的1.39 万元/吨，超高分子量聚乙烯纤维的单价从2017 年的10.44 万元/吨下降至2023年的 8.11 万元/吨。 纤维环节具有更高的技术壁垒与资金壁垒，因而产品附加值更高。 超高分 ...