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]

截至12月16日收盘，超级电容概念下跌3.10%，位居概念板块跌幅榜前列，板块内，中信重工、黑牡 丹、梅安森等跌幅居前。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600522 | 中天科技 | -4.21 | 2.88 | -14438.42 | | 000021 | 深科技 | -2.91 | 2.23 | -8455.31 | | 300037 | 新宙邦 | -1.85 | 2.31 | -8349.08 | | 601608 | 中信重工 | -7.95 | 2.21 | -7006.41 | | 600884 | 杉杉股份 | -3.50 | 2.82 | -6922.50 | | 002028 | 思源电气 | -3.76 | 1.85 | -6670.36 | | 002851 | 麦格米特 | -3.49 | 3.06 | -6294.94 | | 000733 | 振华科技 | -1.72 | 2.57 | -5895.75 | | 601179 | 中国西电 | -3. ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：企业公告 12月11日，新宙邦公告， 公司于 2025 年 12 月 11 日召开第六届董事会第二十六次会议，审议通过了 《关于公司发行 H 股股票并在香港联合交易所有限公司上市的议案》《关于公司发行 H 股股票并在香港 联合交易所有限公司上市方案的议案》。 为深入推进公司全球化发展战略，实现全球资源本地化供应，提升国际品牌形象以及在全球市场的综合 竞争实力，打造国际化资本运作平台，优化资本结构和股东组成，提升公司治理水平和核心竞争力，根 据相关法律、法规、规范性文件的要求， 公司拟发行境外上市外资股 (H 股 ) 股票并申请在香港联合 交易所有限公司主板挂牌上市。 | 证券代码:300037 | 证券简称:新宙邦 公告编号:2025-088 | | --- | --- | | 债券代码:123158 | 债券简称:宙邦转债 | 鑫椤会议： 会议主办：鑫椤资讯 会议时间：2026年3月19-20日 会议地点：江苏·常州 会议咨询： 13248122922(微信同） 鑫椤报告预售： 2025-2029年中国三元 ...

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Views - The 2026 refrigerant quota has been issued, maintaining an upward trend in the market; the shutdown of leading PVDF companies is expected to catalyze a market reversal [4][20] - The refrigerant market is characterized by stable long-term demand and a lack of substitutes, which supports a positive outlook for the sector [30] Summary by Sections 1. Fluorochemical Industry Weekly Perspective - The 2026 refrigerant quota has been issued with limited adjustments compared to 2025, indicating a stable market environment [28] - The shutdown of a leading PVDF producer is expected to create upward price pressure, with current market prices reaching up to 56,000 yuan/ton [21][24] 2. Market Performance - The fluorochemical index rose by 0.12% during the week of December 8-12, outperforming the Shanghai Composite Index by 0.47% [6][17] - The overall market sentiment remains strong, with companies like Dongyangguang and Juhua showing significant stock price increases [12][20] 3. Raw Material and Product Pricing - The price of R32 refrigerant is stable at 63,000 yuan/ton, while R134a has seen a price increase to 57,500 yuan/ton [10][11] - PVDF prices have rebounded from 36,000 yuan/ton to 49,000 yuan/ton, indicating a recovery in demand [21][22] 4. Industry Dynamics - The demand for PVDF is expected to continue growing, with the coating-grade PVDF market share projected to reach 25% by 2024 [22] - The overall fluorochemical market is experiencing a stable trend, with the price of raw materials like hydrogen fluoride showing mixed movements [38][39]

Event Overview - The 2025 (10th) Lithium Battery Industry Annual Conference and Lithium Battery Golden Ding Award Ceremony will be held on December 18-19, 2025, in Shenzhen, focusing on new cycles, technologies, and ecosystems [2] Company Developments - CATL signed a framework supply agreement with Vena Energy to provide 4GWh of EnerX battery energy storage systems, utilizing 530Ah cells with a capacity of 5.6MWh per 20-foot container [5] - XINWANDA established a new subsidiary in Zaozhuang with a registered capital of 300 million RMB, focusing on energy technology R&D, battery manufacturing, and electric vehicle charging infrastructure [6] - DEYI Energy launched a 20GWh power battery project in Dagang Economic Development Zone, with a fixed asset investment of approximately 4 billion RMB [7] - FULIN Technology announced price increases for some products due to rising raw material costs and expanding market demand [8] - DEGA Energy will raise battery prices by 15% starting December 16, 2025, in response to increased production costs [9] - Beijing Weilan New Energy submitted an IPO application to the Beijing Securities Regulatory Bureau [10] - Samsung SDI secured a contract to supply lithium iron phosphate batteries worth over 2 trillion KRW (approximately 9.6 billion RMB) for an energy facility in the U.S. [12] - LG Energy signed a battery supply agreement with Mercedes-Benz valued at 2.06 trillion KRW (approximately 988.6 million RMB) [14] - Tianqi Materials announced a second delay for its lithium-ion battery materials project, extending the completion date to July 31, 2026 [16] - ENJIE signed a memorandum of understanding with Arkema to jointly develop next-generation battery separators [17] - FOSU Technology's acquisition of JINLI Co., Ltd. was approved, with a total transaction value of 5.08 billion RMB [18] - XINZHOUBANG plans to list on the Hong Kong Stock Exchange to enhance its global competitiveness [19] - GUOCHENG Technology intends to acquire FUYUE Technology for 241 million RMB [21] Industry Trends - In November, China's automotive production exceeded 3.5 million units for the first time, with a year-on-year growth of over 10% [31] - NEV exports reached 2.315 million units, doubling year-on-year [31] - The second-generation solid-state electrolyte from XINYUREN has entered battery-level testing [24] - New battery recycling projects are being initiated in Shandong and Anhui, indicating a growing focus on battery recycling and resource recovery [28][29]

新宙邦发布提示性公告，公司于2025年12月11日审议通过了发行H股股票并在香港联合交易所有限公司（以下简称"香港联交所"）上市相关议案，正式启动 赴港上市筹划工作。 公告指出，本次发行H股并在港上市的核心目的在于深入推进公司全球化发展战略，实现全球资源本地化供应，进一步提升公司国际品牌形象及全球市场综 合竞争实力。同时，通过打造国际化资本运作平台，公司将优化资本结构与股东组成，持续提升治理水平和核心竞争力，为长期可持续发展奠定坚实基础。 新宙邦是全球高端电子化学品与氟材料领域的龙头企业，在电池电解液、电容器化学品、氟化液等多个核心细分领域稳居市场前列，同时在半导体化学品领 域加速实现进口替代，整体市场影响力和竞争力突出。 如电池电解液，该业务是新宙邦的核心业务之一，其锂离子电池电解液曾于2014年跃居全球销量第一，如今市占率仍持续位居行业前列。2023年该产品入选 国家级制造业单项冠军产品名录，2025年上半年其电池化学品产能达28.31万吨，利用率83.54%，保持较高水平。 在储能高端电解液领域，新宙邦处于绝对领先地位。2025年其储能电解液品类占全球相关品类的45%，为宁德时代储能电解液第一供应商。波 ...

港股上市的风吹到了电解液环节。 起点锂电获悉，12月11日新宙邦公告召开第六届董事会第二十六次会议，会上审议通过了港股上市相关议案。 新宙邦表示，为推进全球化战略，拟发行境外上市外资股（H股）股票并申请在香港联合交易所有限公司主板挂牌上市，目前尚需提交公司股东会审 议，并需取得中国证券监督管理委员会、香港证券及期货事务监察委员会和香港联交所等相关政府机构、监管机构备案、批准和/或核准。 今年新宙邦正面消息居多，12月2日公司在投资者互动平台表示氢氟醚与全氟聚醚产品已实现批量应用，与众多客户建立合作关系并持续交付中，氟 化液业务有望持续增长。 11月25日公司在互动平台表示，公司电解液业务遵循市场化定价原则，长订单会根据市场情况在遵守协议基础上推动价格传导，对于新合同将充分参 考最新的原材料市场价格进行定价。 目前公司六氟磷酸锂整体自供比例为50%—70%，能满足现阶段电解液生产需求，待2025年底石磊氟材料完成技改后，六氟磷酸锂自供率有望提升。 值得注意的是，近日2024年度广东省科学技术奖获奖名单公布，新宙邦联合两所华南地区高校开发的"高比能高功率锂离子电池电解质关键技术及应 用"项目荣膺广东省科技进步奖二 ...

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]

12月11日，锂电材料企业新宙邦发布公告，宣布其第六届董事会第二十六次会议已审议通过H股 上市相关议案，公司 拟发行境外上市外资股并申请在香港联交所主板挂牌交易 。 新宙邦表示，此次赴港上市的目标在于推进全球化战略落地，实现资源本地化供应，进而提升国际 品牌影响力与全球市场竞争力。 企业通过港股募集的资金，可直接用于海外建厂、资源收购等全球化布局，有效规避欧美绿色贸易 壁垒与各类贸易限制。 如中伟股份借港股融资强化对印尼镍资源的掌控，宁德时代、亿纬锂能则将募资投向欧洲、东南亚 生产基地，精准适配海外市场旺盛的锂电产品需求，加速全球化产能落地。 据高工锂电不完全统计， 2025年以来，以行业龙头 宁德时代 为开端， 截至目前已有超16家锂 电相关企业扎堆赴港上市，覆盖电池、材料、设备等全产业链核心环节，形成规模化上市热潮。 其中，电池板块集结了宁德时代、亿纬锂能、欣旺达、南都电源、海辰储能、正力新能、双登集团 等企业；材料领域有星源材质、天赐材料、中伟股份、盛新锂能、格林美、金晟新能源及新宙邦等 企业；设备端则包括先导智能、中鼎智能等企业， 全产业链赴港上市态势显著 。 从上市模式来看，此次热潮呈现出 多元化 ...

智通财经APP获悉，12月11日，新宙邦(300037.SZ)发布公告称，为深入推进公司全球化发展战略，实现 全球资源本地化供应，提升国际品牌形象以及在全球市场的综合竞争实力，公司拟发行境外上市外资股 (H股)股票并申请在香港联合交易所有限公司主板挂牌上市，本次发行上市尚需提交公司股东会审议， 并需取得中国证券监督管理委员会、香港证券及期货事务监察委员会和香港联交所等相关政府机构、监 管机构备案、批准和/或核准。 电池化学品业务主要产品有锂离子电池化学品(包括锂离子电池电解液、添加剂、新型锂盐、碳酸酯溶 剂)、超级电容器化学品、一次锂电池化学品、钠离子电池化学品、固态电池化学材料等。下游市场包 括动力电池、储能电池和消费类电池，应用领域非常广泛，主要在电动汽车、电力系统、数据中心、轨 道交通、风电和光伏、笔记本电脑、平板、智能手机、智能穿戴设备、消费类无人机、机器人、智能电 器、电动工具以及各种便携式移动电子产品等终端领域。 资料显示，作为电池化学品领域的行业龙头企业，新宙邦主营业务涉及新型电子化学品及功能材料的研 发、生产、销售和服务。主营业务收入构成为：电池化学品66.43%，有机氟化学品17.03%，电 ...