山西证券研究早观点-20251225

Core Insights - The report highlights a price increase announced by a leading carbon fiber company, indicating a potential recovery in the industry's bottom line and overall market conditions [4][5] - The report emphasizes the growth potential in the label printing sector, particularly for Jiangtian Technology, which specializes in high-quality label printing services [6][7] Industry Summary Chemical Raw Materials - The new materials sector experienced a slight decline, with the new materials index down by 0.23%, although it outperformed the ChiNext index by 2.03% [4] - Key price movements in the amino acids and biodegradable materials were noted, with valine increasing by 4.98% to 13,700 CNY/ton, while other prices remained stable [4] Carbon Fiber Industry - The carbon fiber market is showing signs of recovery, with a significant increase in demand expected, particularly in wind power and aerospace applications. The actual consumption of carbon fiber in China is projected to reach 96,446 tons in 2025, a year-on-year increase of 71.89% [5] - Major companies like Toray and Jilin Chemical Fiber have announced price hikes for their carbon fiber products, indicating a strengthening market position for high-performance carbon fiber suppliers [5] Label Printing Sector - Jiangtian Technology is positioned as a leading service provider in the label printing industry, with a focus on non-dry adhesive labels used in various consumer sectors. The company has established stable partnerships with major brands like Unilever and Procter & Gamble [6] - The label printing market in China is expected to grow significantly, with a projected compound annual growth rate of 10.44% from 2023 to 2031, driven by rising disposable incomes and consumption upgrades [6][7] Solar Industry - The report notes stable pricing for polysilicon and an increase in silicon wafer prices, with the average price for 130um N-type silicon wafers rising by 5.9% to 1.25 CNY/piece [8] - Battery cell prices have also increased, with N-type battery cells seeing a 13.3% rise to 0.34 CNY/W, reflecting a tightening supply and increased production costs [9]