Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry in China is expected to undergo a revaluation due to anti-involution measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift could enhance the cash flow and dividend yield of Chinese chemical companies, transforming them from cash-consuming entities to profit-generating ones [6][29] - The demand for chromium salts is anticipated to rise significantly due to increased orders for gas turbines and commercial aircraft engines in Europe and the US, leading to a projected shortfall of 250,000 tons by 2028, which is about 23% of the total annual production [6] - The report highlights four key investment opportunities: low-cost expansion, improving industry conditions, new materials, and high dividend yields from state-owned enterprises [7][8] Summary by Sections Recent Performance - The basic chemical sector has shown a performance increase of 51.0% over the past 12 months, compared to 42.5% for the CSI 300 index [4] Investment Recommendations - The report emphasizes the potential for low-cost expansion in major companies such as Wanhua Chemical, Hualu Hengsheng, and others, alongside sectors like tires and fertilizers [7] - It also points out the improving conditions in various segments, including chromium salts, phosphate rock, and agricultural chemicals [8] Key Products Analysis - Recent price increases were noted for acrylic acid and esters, with butyl acrylate priced at 7,600 RMB/ton, reflecting a 3.40% increase [10] - The report also mentions the price of polymer MDI in East China at 15,550 RMB/ton, up by 1.97% [10] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for many, with several companies rated as "Buy" [30]

Core Viewpoint - The company, Shandong Dawn Polymer Materials Co., Ltd., reported steady growth in its business performance for the first half of 2025, highlighting significant advancements in various product segments and strategic initiatives for future expansion [2][5]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 288,130.14 million yuan, a year-on-year increase of 24.08% - The net profit attributable to shareholders was 8,404.47 million yuan, up 25.80% year-on-year - The net profit excluding non-recurring gains and losses reached 7,936.58 million yuan, reflecting a 41.69% increase - Basic earnings per share were 0.19 yuan, a growth of 26.67% - The weighted average return on equity was 2.57%, an increase of 0.38 percentage points compared to the same period last year - Total assets amounted to 679,521.55 million yuan, a 7.22% increase from the end of the previous year, while net assets attributable to shareholders rose to 354,988.02 million yuan, up 13.79% [2]. Business Segment Highlights - The company's business segments, including elastomers, modified plastics, and color masterbatches, all reported year-on-year revenue growth - Specifically, elastomers saw a revenue increase of 16.94%, modified plastics grew by 22.35%, and color masterbatches experienced a significant rise of 32.76% [2]. DVA Product Development - The DVA product, considered a disruptive innovation in the tire industry, has begun batch road testing since Q1 of this year, with steady progress in collaboration with partners - The company has a pilot production line with a capacity of 5,000 tons and is constructing a dedicated production line with a capacity of 20,000 tons - If successful, DVA products could replace traditional tire gas barrier layers, offering a 50% reduction in thickness, an 80% weight decrease, and a 7-10 times improvement in gas impermeability [3]. Technological Breakthroughs - The company has made significant technological advancements in core products, including the development of new thermoplastic elastomers for tire gas barrier layers in collaboration with well-known tire manufacturers - It has also developed various biodegradable polyester materials and completed pilot tests for high-performance TPV products, which have been successfully applied in several leading electric vehicle manufacturers [4]. Strategic Expansion - In the first half of 2025, the company initiated a new materials expansion project in Longkou, Shandong, which includes a 100,000-ton TPU project and a 60,000-ton polyol project - The company fully acquired Anhui Bost New Materials Co., Ltd., which has been included in the consolidated financial statements since June, optimizing its product layout and enhancing its product system [5]. R&D and Market Management - The company emphasizes research and development, with R&D expenditures of 11,411.79 million yuan, a year-on-year increase of 17.98%, and holds 273 effective patents - In terms of market management, the company has disclosed a "Quality Return Dual Improvement" action plan, which includes share buybacks for employee stock ownership or equity incentives, and aims to strengthen communication with investors [6].

Financial Performance - In the first half of 2025, the company achieved operating revenue of 288,130.14 million CNY, a year-on-year increase of 24.08% [3] - Net profit attributable to shareholders was 8,404.47 million CNY, up 25.80% year-on-year [3] - The basic earnings per share reached 0.19 CNY, reflecting a growth of 26.67% [3] - Total assets amounted to 679,521.55 million CNY, a 7.22% increase from the previous year [3] Product Development and Capacity Expansion - The company has a current pilot production line for DVA with a capacity of 5,000 tons and is constructing a dedicated production line of 20,000 tons to meet future demand [3][22] - DVA is positioned as a disruptive technology in the tire industry, with significant testing and validation underway [4][22] - The company is expanding its production capacity for TPU and high-temperature copolyester materials, with a new project in Longkou, Shandong, aiming for 100,000 tons of TPU and 60,000 tons of copolyester [6] Market Position and Strategic Initiatives - The company is the only domestic entity with the technology and R&D platform for DVA, which is expected to have a market demand of 500,000 tons in China [8][22] - The modified plastics segment generated revenue of 212,875.54 million CNY, growing 22.35% year-on-year, and is the highest revenue-generating business segment [7] - The company is actively pursuing digital and green transformation initiatives, including the establishment of smart factories and the development of recyclable and biodegradable materials [17] Research and Innovation - R&D investment reached 11,411.79 million CNY, a 17.98% increase, with 273 valid patents held [12] - Significant breakthroughs in core product technologies include the development of high-performance TPV products and biodegradable polyester materials [4][12] - The company is focusing on collaborative innovation in high-end materials and has established partnerships with universities for advanced research projects [12] Investor Relations and Market Confidence - The company emphasizes its commitment to shareholder value and has implemented a dynamic profit distribution strategy, with cash dividends amounting to 4,613.61 million CNY, representing 32.73% of the net profit for 2024 [11] - The management acknowledges the impact of various factors on stock price performance and is committed to improving operational efficiency and market communication [11][9]

9月9日，道恩股份盘中下跌2.02%，截至11:18，报25.72元/股，成交6435.60万元，换手率0.59%，总市 值123.04亿元。 资金流向方面，主力资金净流出229.43万元，特大单买入515.67万元，占比8.01%，卖出605.46万元，占 比9.41%；大单买入1197.41万元，占比18.61%，卖出1337.05万元，占比20.78%。 道恩股份今年以来股价涨119.62%，近5个交易日跌0.31%，近20日涨8.07%，近60日涨42.73%。 机构持仓方面，截止2025年6月30日，道恩股份十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股658.31万股，相比上期减少35.65万股。 责任编辑：小浪快报 道恩股份所属申万行业为：基础化工-塑料-改性塑料。所属概念板块包括：钛白粉、融资融券、中盘、 小米概念、新材料等。 截至6月30日，道恩股份股东户数2.72万，较上期减少24.44%；人均流通股15442股，较上期增加 40.14%。2025年1月-6月，道恩股份实现营业收入28.81亿元，同比增长24.08%；归母净利润8404.47万 元，同比增长25.80%。 ...

Group 1 - The core viewpoint of the article highlights that Pacific Securities has given a "buy" rating for Dawn Holdings (002838.SZ) with a latest price of 26.25 yuan [1] - The reasons for the rating include the company's stable performance growth and breakthroughs in new businesses such as DVA and robotic materials [1] Group 2 - The article mentions that this is the first time in 29 years that global central bank gold reserves have surpassed U.S. Treasury bonds, indicating a potential shift in the dominance of the U.S. dollar [1] - It suggests that major players believe the U.S. Treasury may face its "worst decade" ahead [1]

（文章来源：证券日报） 证券日报网讯 9月5日晚间，道恩股份发布公告称，公司将于2025年9月12日（星期五）15：00—17：00 举行2025年半年度业绩说明会。 ...

证券代码：002838 证券简称：道恩股份 公告编号：2025-107 山东道恩高分子材料股份有限公司 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。 山东道恩高分子材料股份有限公司（以下简称"公司"）《2025 年半年度报告全 文及 <摘要> 》已于 2025 年 8 月 26 日刊登于巨潮资讯网。为加强与投资者的深入交流， 使投资者更加全面、深入地了解公司情况，公司将举办 2025 年半年度业绩说明会。本 次业绩说明会将采用网络远程的方式举行，说明会具体情况如下： 一、网上业绩说明会安排 副总经理、财务总监邹远勇先生。 景•路演天下"（http://ir.p5w.net）参与本次 2025 年半年度业绩说明会。 特此公告。 山东道恩高分子材料股份有限公司董事会 二、征集问题事项 为充分尊重投资者、提升交流的有效性，现就公司 2025 年半年度业绩说明会提前 向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2025 年 9 月 12 日（星期五）下午 14:00 前访问（http://ir.p5w.net/zj/）或扫描下方二维码，进入 问题征 ...

证券代码：002838 证券简称：道恩股份 公告编号：2025-107 山东道恩高分子材料股份有限公司 关于举行2025年半年度业绩说明会的公告 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。 山东道恩高分子材料股份有限公司（以下简称"公司"）《2025 年半年度报告全 文及<摘要>》已于 2025 年 8 月 26 日刊登于巨潮资讯网。为加强与投资者的深入交流， 使投资者更加全面、深入地了解公司情况，公司将举办 2025 年半年度业绩说明会。本 次业绩说明会将采用网络远程的方式举行，说明会具体情况如下： 欢迎广大投资者积极参与本次网上业绩说明会。 特此公告。 山东道恩高分子材料股份有限公司董事会 2、参会人员：公司董事、总经理田洪池先生，副总经理、董事会秘书王有庆先生， 副总经理、财务总监邹远勇先生。 3、参会方式：本次业绩说明会在全景网以网络远程的方式举行，投资者可登陆"全 景•路演天下"（http://ir.p5w.net）参与本次 2025 年半年度业绩说明会。 二、征集问题事项 为充分尊重投资者、提升交流的有效性，现就公司 2025 年半年度业绩说明 ...

Core Viewpoint - The article highlights the rapid growth and industrialization of PCTG (Polycyclohexylene Dimethylene Terephthalate) and its copolymers, emphasizing their environmental benefits and wide applications in packaging and consumer goods. It also points out the current technological monopoly held by companies like SK Chemicals and Eastman in this sector, while noting the advancements made by Shandong Dawn New Materials Co., Ltd. in breaking this monopoly and achieving commercialization in China [2][3]. Group 1: PCTG Material Characteristics and Applications - PCTG is an eco-friendly material with excellent transparency, toughness, and processing capabilities, comparable to glass, and offers superior weather resistance, chemical resistance, and thermal forming properties [2]. - In the packaging sector, PCTG containers enhance product visibility and shelf life due to their good barrier properties, making them suitable for food, cosmetics, and beverage packaging [2]. - The material is also utilized in consumer products, such as home goods and electronic device casings, providing a stylish appearance and durability [2]. Group 2: Market Trends and Industrial Developments - The demand for PCTG is rapidly increasing due to growing global environmental awareness and its recyclability, aligning with sustainable market trends [2]. - Shandong Dawn New Materials Co., Ltd. has established a joint venture with Zhejiang HeFu, investing 200 million yuan to focus on copolyester materials, including PCTG, and has become the first company in China to commercialize PCTG [3]. - The company has completed the installation of equipment for its new material expansion project and is expected to produce 100,000 tons of TPU and 60,000 tons of polyols annually upon reaching full capacity [3]. Group 3: Technological Advancements and Industry Events - The article mentions that the chief engineer of Shandong Dawn New Materials will present at the 2025 Polymer Industry Annual Conference, discussing the development and application of temperature-resistant and aging-resistant PCTG resins, which have broken foreign technological monopolies [6][12]. - The conference aims to explore new opportunities in emerging industries, including AI, low-altitude economy, and new energy vehicles, indicating a broader context for the development of polymer materials [13].

此外，公司与知名轮胎企业全面合作开发轮胎用高气体阻隔层新型热塑性弹性体（DVA）应用技术，正在加快推进成品胎的路跑测试，数据达到预期 计划。 据悉，目前全球仅有美国埃克森美孚公司拥有该制备技术，号称 全球第三代轮胎气体阻隔层新型材料。 特别值得一提的是 ，道恩弹性体研发团队在超软人工肌肉 TPE、人工皮肤SiTPV、导电TPE、温感变色和光感变色 TPE 几个方向同时研究储备，取 得了重大进展 。 人工肌肉TPE邵氏硬度可达0A，超软、优异弹性、表面干爽无滑腻感，人工皮肤用 SiTPV 肤感强、强度高。导电TPE 电阻率低至 Ω·m 有望在机器人上直接印刷电路，大幅减少甚至取消机器人上电缆使用，温感变色和光感变色TPE可以实现机器人实现人类面部表情变化的仿真， 大幅减少机器人上传感器的应用，有望促使现有只能从昂贵、笨重、不灵巧的机器人走向灵巧、低价、仿真，从展示机走向真正的民用。 （2）改性塑料业务： 实现营业收入 212,875.54 万元，同比增长22.35% 。 报告期内，创新开发了阻燃、低气味以及高光泽、免喷涂 PCR 材料，实现了 PCABS、聚丙烯、苯乙烯 PCR 材料的高端产品的研发应用，通过材 ...