新材料 新材料周报（260323-0327） 领先大市-B(维持) 2026 年 4 月 1 日 行业研究/行业周报 化学原料行业近一年市场表现 资料来源：常闻 相关报告： 实质中断，关注维生素、氨基酸产业机 遇-新材料周报（260302-0306）2026.3.12 【山证新材料】北美 CSP 资本支出强劲 增长，建议关注上游 AI 新材料发展机遇 -新材料周报（260202-0206） 2026.2.11 冀泳洁 博士 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 申向阳 邮箱：shenxiangyang@sxzq.com 霍尔木兹海峡影响加剧，维生素"涨价潮"持续 摘要 二级市场表现 市场与板块表现：本周新材料板块上涨。新材料指数涨幅为 0.86%，跑赢创 业板指 2.54%。近五个交易日，合成生物指数下跌 0.92%，半导体材料下跌 2.80%， 电子化学品上涨 0.22%，可降解塑料下跌 2.05%，工业气体上涨 1.78%，电池化 学品上涨 10.69%。 产业链周度价格跟踪（括号为周环比变化） 氨基酸：缬氨酸(14550 元/吨，不变)、精氨酸(2325 ...

Core Insights - The domestic fundamental and liquidity environment is expected to support the A-share market, with short-term influences from the Middle East situation and control over the Taiwan Strait [2][4] - The A-share market may face a decisive period in April, with potential recovery in earnings as the financial reporting window opens [2][4] - Investment opportunities in the new energy sector are highlighted, particularly in solar and wind power, which are less affected by geopolitical conflicts and fossil fuel prices [2][4] Real Estate Sector: Poly Real Estate Group - Poly Real Estate Group's sales ranking improved to 12th in January 2026, with a sales amount of 3.7 billion yuan, despite a year-on-year decline of 22.9% [8] - The company achieved a sales area of 150,000 square meters in January 2026, down 6.8% year-on-year, with an average sales price of 24,800 yuan per square meter, a decrease of 16.5% [8] - The company has a strong backing from its parent company, Poly Group, which holds 48.09% of its shares, providing stability and growth potential [11] Transportation Sector: COSCO Shipping Specialized Carriers - COSCO Shipping Specialized Carriers reported a revenue of 16.611 billion yuan in the first three quarters of 2025, a year-on-year increase of 37.92% [13] - The company’s net profit reached 1.329 billion yuan, up 10.54% year-on-year, with a significant increase in cash flow from operating activities [13] - The expansion of the fleet and increased shipping business revenue are key drivers of growth, despite rising operational costs [13][14] Transportation Sector: Jitu Express - Jitu Express achieved a total revenue of 5.499 billion USD in the first half of 2025, a year-on-year increase of 13.1%, with significant growth in the Southeast Asian market [15][16] - The company’s Southeast Asian market revenue grew by 29.6%, reaching 1.970 billion USD, with an adjusted EBITDA of 313 million USD [15][16] - The company is focusing on cost optimization and pricing strategies to enhance market share in a competitive environment [17] Chemical Sector: Satellite Chemical - Satellite Chemical reported a gross margin of 22.31% in 2025, with a net margin of 11.52%, despite a slight decline in both metrics [18] - The company’s asset-liability ratio decreased to 51.74%, indicating improved financial stability [18] - The company plans to distribute a cash dividend of 1.678 billion yuan, reflecting a commitment to shareholder returns [18] Chemical Sector: Yake Technology - Yake Technology's revenue grew significantly due to increased sales in LNG and electronic materials, although net profit growth lagged behind revenue growth due to foreign exchange losses [21][22] - The company is focusing on developing advanced semiconductor materials and has established a dual R&D department in China and South Korea [22] - The company’s gross margin was 31.82%, with a net margin of 13.29%, indicating stable profitability despite rising R&D costs [21] New Energy Sector: CATL - CATL reported a revenue of 423.702 billion yuan in 2025, a year-on-year increase of 17.04%, with a net profit growth of 42.28% [25] - The company maintained its leading position in the global battery market, achieving a market share of 39.2% in 2025 [25][26] - CATL's energy storage battery sales grew by 29.13%, with ongoing expansion of production capacity to meet market demand [26] Pharmaceutical Sector: Tasly Pharmaceutical - Tasly Pharmaceutical's revenue was 8.236 billion yuan in 2025, a slight decline of 3.08%, with core products showing stable sales [27][28] - The company is focusing on innovation and has a robust pipeline of new drug projects, with significant R&D investment [29] - The integration with China Resources has strengthened the company's market position and operational efficiency [27] Food and Beverage Sector: Kweichow Moutai - Kweichow Moutai's revenue for Q3 2025 was 39.06 billion yuan, with a slight year-on-year increase of 0.6%, indicating a strategic adjustment in growth [33] - The company is focusing on maintaining quality and long-term value, with plans for internationalization and brand enhancement [32][33] - The company announced a cash dividend of 23.957 yuan per share, reflecting its commitment to shareholder returns [33] Staffing Sector: Core International - Core International expects a steady increase in revenue and net profit in 2025, driven by technological advancements and operational efficiency [35] - The company is leveraging its data and technology capabilities to enhance its service offerings and market presence [35] - The integration of various business lines is expected to drive growth and improve profitability [35] Electronics Sector: Haixing Co., Ltd. - Haixing Co., Ltd. is positioned to benefit from the growing demand for AI server capacitors, with a projected market size increase in the coming years [37][38] - The company is enhancing its production capabilities to meet the rising demand for high-end aluminum electrolytic capacitors [38] - The company holds a leading market share in the aluminum foil sector, with ongoing improvements in technology and production processes [37]

行 业 及 产 业 基础化工 2026 年 03 月 30 日 高油价下关注煤化工等能源套利以 及农药板块，SEMICON 展现国产 替代加速趋势 看好 ——《化工周报 26/3/23-26/3/27》 相关研究 《生物基 PDO 格局优化，台积电资本开支 大幅增加，半导体材料景气持续上行—— 《化工周报 26/1/12-26/1/16》》 2026/01/18 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 赵文琪 A0230523060003 zhaowq@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230525090001 zhouchao@swsresearch.com 李绍程 A0230525070002 lisc@swsresearch.com 李彦宏 A0230125030002 liyh@swsr ...

证券代码:002409 证券简称:雅克科技 编号:2026-002 江苏雅克科技股份有限公司 第六届董事会第十八次会议决议公告 特别提示：本公司及董事会全体成员保证公告内容真实、准确和完整，不存 在虚假记载、误导性陈述或者重大遗漏。 一、会议召开及审议情况 公司放弃其作为华飞电子股东，对本次增资的优先认缴出资权。 《关于全资子公司引入投资人暨放弃优先认购权实施增资扩股的公告》具体 内容详见公司刊登在指定信息披露媒体的公告。 2、以 6 票同意，0 票反对，0 票弃权，审议通过了《关于全资子公司向参股 公司提供财务资助暨关联交易的议案》，并同意提交公司股东会审议。 关联董事沈琦先生、沈馥先生及沈锡强先生回避表决。 为支持全资子公司江苏雅克锡创半导体科技有限公司（以下简称"雅克锡 创"）的参股公司沈阳亦创精密科技有限公司（以下简称"沈阳亦创"）正常业务 发展及运营资金需求，雅克锡创拟与沈阳亦创的其他股东按出资比例向沈阳亦创 提供总额为人民币 3,877.50 万元的财务资助。雅克锡创目前持有沈阳亦创 33.33%的股权，提供的财务资助的金额为人民币 1,292.50 万元。 雅克锡创对沈阳亦创提供财务资助是为满足 ...

特别提示：本公司及全体董事保证公告内容真实、准确和完整，不存在虚假 记载、误导性陈述或者重大遗漏。 江苏雅克科技股份有限公司（以下简称"公司"或"雅克科技"）于2026 年3月30日召开第六届董事会第十八次会议，审议通过了《关于全资子公司引入 投资人暨放弃优先认购权实施增资扩股的议案》，具体情况如下： 证券代码：002409 证券简称：雅克科技 公告编号：2026-003 江苏雅克科技股份有限公司 关于全资子公司引入投资人暨放弃优先认购权实施增资扩股的 公告 一、本次增资事项概述 为进一步提升公司全资子公司浙江华飞电子基材有限公司（以下简称"华飞 电子"）的综合实力，助力公司电子封装粉体材料业务的战略布局，根据公司战 略规划和经营发展需要，华飞电子拟引入投资人工融金投二号（北京）新兴产业 股权投资基金合伙企业（有限合伙）（以下简称"工融金投二号"）、昆仑工融 绿色（北京）新兴产业投资基金合伙企业（有限合伙）（以下简称"昆仑工融基 金"）、兴银金融资产投资有限公司（以下简称"兴银金投"）、信银金融资产 投资有限公司（以下简称"信银金投"，与"工融金投二号"、"昆仑工融基金"、 "兴银金投"合称"投资人"），共同 ...

证券代码:002409 证券简称:雅克科技 编号:2026-004 江苏雅克科技股份有限公司 关于全资子公司向参股公司提供财务资助暨关联交易的公告 特别提示：本公司及董事会全体成员保证公告内容真实、准确和完整，不存 在虚假记载、误导性陈述或者重大遗漏。 一、提供财务资助暨关联交易事项概述 江苏雅克科技股份有限公司（以下简称"公司"或"雅克科技"）于 2026 年 3 月 30 日召开第六届董事会第十八次会议，审议通过了《关于全资子公司向 参股公司提供财务资助暨关联交易的议案》。同意为支持全资子公司江苏雅克锡 创半导体科技有限公司（以下简称"雅克锡创"）的参股公司沈阳亦创精密科技 有限公司（以下简称"沈阳亦创"）正常业务发展及运营资金需求，雅克锡创与 沈阳亦创的其他股东按出资比例向沈阳亦创提供总额为人民币 3,877.50 万元的 财务资助。雅克锡创目前持有沈阳亦创 33.33%的股权，提供的财务资助的金额 为人民币 1,292.50 万元。 由于公司董事长、总经理沈琦先生担任沈阳亦创的董事，因此上述财务资助 事项构成关联交易。 公司召开的第六届董事会第十八次会议，以 6 票同意、0 票反对、0 票弃权 的表决 ...

证券代码：002409 证券简称：雅克科技 公告编号：2026-005 江苏雅克科技股份有限公司 关于召开 2026 年第一次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：2026 年第一次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市 规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法 律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2026 年 4 月 15 日 13:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2026 年 4 月 15 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投 票的具体时间为 2026 年 4 月 15 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日：2026 年 4 月 ...

行 业 及 产 业 基础化工 2026 年 03 月 30 日 高油价下关注煤化工等能源套利以 及农药板块，SEMICON 展现国产 替代加速趋势 看好 ——《化工周报 26/3/23-26/3/27》 相关研究 《生物基 PDO 格局优化，台积电资本开支 大幅增加，半导体材料景气持续上行—— 《化工周报 26/1/12-26/1/16》》 2026/01/18 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 赵文琪 A0230523060003 zhaowq@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230525090001 zhouchao@swsresearch.com 李绍程 A0230525070002 lisc@swsresearch.com 李彦宏 A0230125030002 liyh@swsr ...

基础化工 | 证券研究报告 — 行业周报 2026 年 3 月 29 日 强于大市 化工行业周报 20260329 国际油价高位续涨，三聚氰胺、环氧丙烷价格上 涨 地缘冲突持续影响原油及部分石化产品供应与运输，加剧波动幅度。关注：1.大型能源央企；2. 原料供应稳定且相对低成本的煤化工等龙头公司；3.供需格局较好成本顺利传导的精细化工龙 头。 行业动态 投资建议 风险提示 ◼ 地缘政治因素变化引起油价大幅波动；全球经济形势出现变化。 相关研究报告 《化工行业周报 20260322》20260323 《化工行业周报 20260315》20260315 《化工行业周报 20260308》20260308 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 (8621)20328550 yuanyuan.yu@bocichina.com 证券投资咨询业务证书编号：S1300517050002 证券分析师：赵泰 tai.zhao@bocichina.com 证券投资咨询业务证书编号：S1300525100001 ◼ 本周（03.23-03.29）均价跟踪的 100 个化工品种中，共有 5 ...

Core Insights - The report highlights a structural slow bull market in A-shares, with rising oil prices creating opportunities in the new energy sector [4][5] - The food and beverage sector shows resilience despite industry pressures, with Jinhuijiu's marketing reforms and stable cash flow management [7][8] - The real estate market is experiencing a contraction in new home sales, with a shift in focus towards core markets and potential recovery in 2026 [14][19] Group 1: A-Share Market and Strategy - The A-share market is undergoing adjustments due to geopolitical tensions, but the structural slow bull trend remains intact, with external events providing potential investment opportunities [4][5] - Oil prices have stabilized above $100, emphasizing the importance of energy transition and the potential for growth in renewable energy sectors such as solar and wind [6] Group 2: Food and Beverage Sector - Jinhuijiu reported a revenue of 2.92 billion yuan in 2025, a year-on-year decrease of 3.4%, with a net profit of 350 million yuan, down 8.7% [7][8] - The company is focusing on marketing reforms and maintaining healthy cash flow, with contract liabilities increasing to 820 million yuan by the end of Q4 2025 [8] Group 3: Real Estate Market - New home sales in 47 cities showed a month-on-month increase of 0.6% but a year-on-year decrease of 15.2%, indicating a challenging market environment [14] - The inventory of new homes has increased, and the de-stocking cycle has lengthened, suggesting ongoing pressure in the real estate sector [15][17] - The report suggests that the real estate sector may see a recovery in 2026, driven by improved sentiment and policy support [19]