证券日报网讯 12月17日，新和成（002001）在互动平台回答投资者提问时表示，生物基PPS的成本相比 常规PPS要高，但是客户会根据下游应用的接受度决定是否采购生物基PPS，对公司销量没有影响。 ...

Investment Strategy Overview - The report emphasizes two main investment themes for the chemical industry: anti-involution policies and domestic substitution, which are expected to drive recovery and growth in the sector [4][5][6] Anti-Involution and Cycle Recovery - The report suggests that the chemical industry is at a turning point, with anti-involution measures leading to a recovery in the cycle. Key areas include the peak of new capacity in organic silicon, the end of PTA capacity expansion, and a rebound in prices for certain chemicals due to supply chain disruptions [4][5] - The China Chemical Product Price Index (CCPI) has decreased significantly, dropping to 3865 points by November 30, 2025, down 16.37% from early 2024 and 10.71% from the beginning of 2025 [4][20] Domestic Substitution as a Growth Driver - Domestic substitution is highlighted as a key growth driver, with significant support from national policies for bio-based materials and advancements in technology leading to a more robust domestic supply chain [4][6] - The report identifies several companies positioned to benefit from these trends, including KaiSai Bio and RuiFeng New Materials, which are making strides in bio-based materials and lubricant additives, respectively [5][6] Market Dynamics and Price Recovery - The report notes that while the chemical market is experiencing a downturn, certain segments are expected to see price recovery due to improved supply-demand dynamics and reduced capacity expansion [4][22] - Specific chemical products have shown varied price movements, with some experiencing significant declines while others are stabilizing or recovering [22] Manufacturing Sector Recovery - The manufacturing sector is showing signs of recovery, which is anticipated to support the chemical industry. The report mentions that the real estate market is stabilizing, and automotive production has increased, indicating a potential uptick in demand for chemical products [25][33] Capital Expenditure Trends - Capital expenditure growth in the chemical industry is slowing, with a notable decline in new projects. The report indicates that the total construction in progress for the chemical sector was 327.57 billion yuan in Q3 2025, down 17.64% year-on-year [34][39] Inventory and Consumption Trends - High inventory levels in the chemical sector are being addressed as consumer demand begins to recover. The report suggests that the inventory-to-revenue ratio for the basic chemical industry was 0.62 in Q3 2025, indicating a slight increase from the previous year [41][42] Profitability and Financial Performance - The report highlights a recovery in profitability for the chemical industry, with gross margins and return on equity (ROE) showing improvement in Q3 2025 compared to previous periods [56][60] - Specific sub-sectors, such as agrochemicals and fluorochemicals, have demonstrated significant profit growth, with some exceeding 100% year-on-year increases [55][56]

基础化工 | 证券研究报告 — 行业深度 2025 年 12 月 16 日 供应端扩产高峰已过，"反 内卷"助力景气度回升 支撑评级的要点 投资主线 化工行业当前处于周期底部，"反内卷"有望加速行业竞争格局优化，推动景气 度上行，龙头企业有望实现盈利估值双提升，推荐万华化学、华鲁恒升，中国石 油，宝丰能源，新和成等。2）关注率先推行自律减产的涤纶长丝、农化、氟化工、 有机硅等子行业，推荐桐昆股份、新凤鸣、利尔化学、联化科技、云天化、巨化 股份、浙江龙盛，建议关注合盛硅业、兴发集团、新安股份、鲁西化工、扬农化 工。3）产能存在上限，当前处于周期底部的炼化行业，有望受益于落后产能出清， 景气度快速回升，推荐中国石化、中国石油、恒力石化、东方盛虹、卫星化学， 建议关注荣盛石化。 评级面临的主要风险 "反内卷"行动不及预期；全球经济增速放缓；国内稳增长政策力度减弱等。 相关研究报告 《化工行业周报 20251130》20251130 《化工行业周报 20251123》20251123 《化工行业周报 20251116》20251116 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工 证券分析师：余嫄嫄 ...

Core Viewpoint - Specialty nylon, as a high-performance polyamide material system beyond general nylon (PA6, PA66), is a key direction for the new materials industry towards high-end, functional, and green development. It overcomes the limitations of conventional nylon in heat resistance, water absorption, and transparency through molecular structure design and synthesis process innovation, leading to various subcategories widely used in advanced manufacturing fields such as automotive electrification, electronics, new energy equipment, and aerospace [1][2]. Group 1: Overview of Specialty Nylon - Specialty nylon refers to polyamide materials excluding general nylons (PA6 and PA66), including long-chain polyamides, high-temperature polyamides, transparent polyamides, and bio-based polyamides (PA56), with long-chain nylon and high-temperature nylon dominating the market [5][6]. - The global specialty nylon market is currently dominated by international giants such as Arkema, Evonik, and DuPont, with significant technological barriers in key monomers, polymerization processes, and high-end grades [1][10]. Group 2: Market Supply and Demand - The global production capacity of specialty nylon is approximately 600,000 tons per year, with major producers including Arkema, DuPont, DSM, and others. DSM uniquely masters the industrialization of hexamethylenediamine, producing PA4T, while other companies primarily focus on PA6T products [10][11]. - In China, domestic production of long-chain polyamides has gained a significant market share, with several companies planning to expand production capacity, expected to reach 150,000 tons in the next five years [14][13]. Group 3: Long-Chain Polyamides - Long-chain nylon typically refers to nylon materials with more than ten methylene groups in the molecular chain, offering high toughness and low water absorption, with applications in automotive, electronics, and military sectors [16][20]. - The global production capacity of long-chain polyamides is around 270,000 tons per year, with a projected market sales revenue of $2.846 billion in 2024, expected to reach $3.64 billion by 2031, reflecting a CAGR of 3.6% [21][23]. Group 4: High-Temperature Polyamides - High-temperature polyamides can operate at temperatures up to 150°C, with a global production capacity of approximately 335,000 tons per year. They are widely used in electronics, automotive, and mechanical manufacturing [26][32]. - The production of high-temperature nylon involves complex synthesis processes, with the two-step method of high-temperature high-pressure solution polymerization followed by solid-phase post-polymerization being the mainstream industrial process [28][31].

行业动态 本周（12.08-12.14）均价跟踪的100个化工品种中，共有42个品种价格上涨，37个品种价格下跌，21个 品种价格稳定。跟踪的产品中47%的产品月均价环比上涨，44%的产品月均价环比下跌，9%的产品月均 价环比持平。周均价涨幅居前的品种分别是硝酸（华东地区）硫酸（浙江巨化98%）、原盐（山东海 盐）、双酚A（华东）、TDI（华东）；周均价跌幅居前的品种分别是PVA、LLDPE（余姚7042/吉 化）、三氯乙烯（华东）、NYMEX天然气乙二醇。 中银证券近日发布化工行业周报：本周（12.08-12.14）均价跟踪的100个化工品种中，共有42个品种价 格上涨，37个品种价格下跌，21个品种价格稳定。跟踪的产品中47%的产品月均价环比上涨，44%的产 品月均价环比下跌，9%的产品月均价环比持平。 本周（12.08-12.14）国际油价下跌，WTI原油期货价格收于57.44美元/桶，收盘价周跌幅2.45%；布伦特 原油期货价格收于61.12美元/桶，收盘价周跌幅2.19%。宏观方面，美联储宣布将联邦基金利率目标区 间下调25个基点到3.5%至3.75%之间，这是今年以来美联储连续第三次降息。供应方面 ...

Core Insights - The chemical industry is entering a favorable phase driven by demand, value, and supply dynamics [5][6][7] - Global supply constraints and the exit of European capacities are expected to enhance the market environment for the chemical sector [7] Demand Drivers - Key opportunities identified in various sectors include: - Gas turbine upstream: companies like Zhenhua Co., Yingliu Co., Longda Co., and Wanze Co. [5] - Refrigerants and fluorinated liquids: companies such as Juhua Co., New Zhoubang, and Runhe Materials [5] - Energy storage supply chain: including Chuanheng Co., Xingfa Group, Yuntianhua, Batian Co., and others [5] - Semiconductor materials: companies like Yanggu Huatai, Wanrun Co., Dinglong Co., and others [5] Value Drivers - Potential for increased dividend yields in sectors such as: - Coal chemical: Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [6] - Oil refining: Hengli Petrochemical, Satellite Chemical, and Sinopec [6] - Phosphate fertilizers: Yuntianhua, Yuntu Holdings, and others [6] Supply Drivers - Domestic anti-involution policies and the exit of European production capacities are expected to support the chemical industry: - PTA and polyester filament: companies like Xin Fengming and Tongkun Co. [7] - Tire manufacturing: including Sailun Tire, Zhongce Rubber, and others [7] Key Companies and Profit Forecasts - Selected companies with profit forecasts include: - Zhenhua Co. (Net profit forecast for 2025: 6.04 billion, PE: 21.8) [8] - Yingliu Co. (Net profit forecast for 2025: 4.08 billion, PE: 42.7) [8] - Longda Co. (Net profit forecast for 2025: 1.06 billion, PE: 34.9) [8] - Wanze Co. (Net profit forecast for 2025: 2.37 billion, PE: 32.9) [8] - Juhua Co. (Net profit forecast for 2025: 48.14 billion, PE: 24.4) [8] Industry Cycle Insights - The chemical industry is expected to enter a new cycle, with demand recovery and supply-side reforms driving growth [14][21] - The chemical price index has shown signs of recovery, indicating a potential upturn in the market [20][21]

每经AI快讯，有投资者在投资者互动平台提问：董秘，您好！在液体蛋氨酸渗透率提升的大背景下， 贵公司液体蛋氨酸有没有扩产计划？宁波公司在建设之初，在土地、厂房、设备等方面有无预留扩产空 间？贵公司液体蛋氨酸板块在高端产品方面有无突破？比如增加高生物利用率的产品。 新和成（002001.SZ）12月12日在投资者互动平台表示，公司与中石化合作投建的18万吨/年（折纯）液 体蛋氨酸项目于今年6月份开始试生产，结合前期试生产情况于9月份安排了检修，检修后已恢复生产， 暂无扩产及其他计划。 （文章来源：每日经济新闻） ...

（文章来源：每日经济新闻） 新和成（002001.SZ）12月12日在投资者互动平台表示，结合一体化建设效率，公司目前在天津南港建 设"己二腈-己二胺-尼龙66"全产业链一体化生产项目，预计2027年建成。 每经AI快讯，有投资者在投资者互动平台提问：尊敬的董秘，您好！请问贵司上虞基地年产25万吨乙 二胺及48万吨尼龙新材料项目，目前施工建设进展如何？预计何时可以投产？ ...

格隆汇12月12日丨新和成(002001.SZ)在投资者互动平台表示，公司目前在天津南港建设"己二腈-己二 胺-尼龙66"全产业链一体化生产项目，预计2027年建成。 ...

格隆汇12月12日丨新和成(002001.SZ)在投资者互动平台表示，公司与中石化合作投建的18万吨/年（折 纯）液体蛋氨酸项目于今年6月份开始试生产，结合前期试生产情况于9月份安排了检修，检修后已恢复 生产，暂无扩产及其他计划。 ...