2026.02. 03 上海市政府副秘书长朱民在活动现场的致辞中提出，上海正致力于成为全球游客体验 "中国年"的首选之地，春节期间将举办马年迎春为主题的 "跨年迎 新季"，诚挚邀请国际友人共赴"海派新春盛宴"。 本文字数：2009，阅读时长大约4分钟 作者 | 第一财经 缪琦 "中国对我们一直都很重要。"作为跨国企业高管中的中国女性代表，科思创全球高级副总裁、中国区总裁雷焕丽在2月3日举行的2026年在沪外籍人士 代表新春送福活动上这样对第一财经表示。就在10天前，科思创在中国的全新热塑性聚氨酯（TPU）生产基地正式投产，成为在华投资加码的最新例 证。 同样出现在当天活动现场的波兰投资贸易局中国区首席代表尤德良（Andrzej Juchniewicz）说一口地道的普通话。他告诉第一财经，自己昨天刚从山 东回到上海，带了波兰的企业考察当地的投资项目。面对全球严峻复杂的形势，企业普遍投资谨慎，但对于新能源等新质生产力，波兰企业投资中国不 乏动力。近年来中国对波兰等国施行免签政策，吸引了越来越多从波兰进入中国的人，也带动了更多的经贸合作。"大家都知道春节对中国是很特殊的 节日，很多工厂和公司都会放假，所以大部分波兰 ...

Core Insights - Shanghai has established an average of over 5,700 new foreign-funded enterprises annually, with nearly 80,000 foreign enterprises currently operating across various industries [6][8] - The investment environment in Shanghai is being enhanced with new policies and initiatives aimed at attracting foreign investment, particularly in sectors like telecommunications and biotechnology [6][7] Group 1: Foreign Investment Trends - The presence of foreign enterprises in Shanghai is significant, with a notable contribution to local tax revenue, particularly from foreign-funded companies in the Jing'an District [7] - Companies like Logitech view China as a critical part of their manufacturing and innovation strategy, emphasizing local R&D and market-specific innovations [8] - Polish companies are showing interest in investing in China, particularly in new energy sectors, supported by visa-free policies that facilitate business travel [4][9] Group 2: Government Initiatives - Shanghai's government is actively promoting the city as a premier destination for experiencing the Chinese New Year, with a series of themed events planned for the upcoming celebrations [5][6] - The Shanghai Municipal Commission of Commerce is preparing a "menu" of activities and services to enhance the investment experience for foreign businesses, including culinary offerings and policy support [6] - The city aims to deepen investment cooperation in key sectors and enhance intellectual property protection to attract more foreign investment [6][7]

Core Viewpoint - Covestro has successfully completed a major capacity expansion project for its toluene diisocyanate (TDI) production facility at its integrated site in Shanghai, increasing annual capacity from 310,000 tons to 370,000 tons, representing an increase of nearly 20% [1] Group 1: Capacity Expansion - The capacity enhancement aims to meet the growing demand for TDI from customers [1] - The expansion project was completed on schedule, ensuring reliable supply for customers in the Asia-Pacific region [1] Group 2: Strategic Commitment - Covestro's investment reflects its strong commitment to supporting growth for customers in the Asia-Pacific region, particularly in China and surrounding areas [1] - The increased TDI capacity will help solidify Covestro's position as a preferred partner in industries such as furniture and automotive [1] Group 3: Global Production Network - The achievement demonstrates Covestro's strategy of achieving growth through smart and efficient investments, maximizing value for customers [1] - The expansion further enhances Covestro's global TDI production network [1]

MDITDI 专家交流：未来供需及价格变化如何展望？ 20260129 摘要 2025 年国内 MDI 总产能达 550 万吨，聚合 MDI 需求约 200 万吨，纯 MDI 约 100 万吨。出口量同比下降 30%至 80 万吨，进口量同比增长 30%至 10 万吨以上。美国关税政策对出口造成冲击，尤其是 4 月和 7 月，对终端产品和 MDI 出口影响显著。 2025 年国内 MDI 价格从年初 18,000 元/吨降至年底 14,000 元/吨左右， 但成本支撑较强。原材料苯价格稳定下跌，万华化学生产成本在 8,600- 9,100 元/吨，市场平均售价在 15,000-18,000 元/吨，毛利空间尚存。 2025 年全球 TDI 总产能 370 万吨，总需求 280 万吨。国内产能 200 万吨，开工率近 70%，需求约 90 万吨，受房地产市场影响同比下降 5%。出口表现亮眼，达 55 万吨，同比增长 50%。 2025 年 TDI 价格波动大，从年初高点 15,000 元/吨，受需求和关税影 响降至 11,000-11,500 元/吨，旺季因工厂检修涨至 18,000 元/吨，最 终回落至 14 ...

万华化学 20260128 摘要 万华化学经历产品价格周期性波动，股价随 MDI、TDI 价格先涨后跌。 2022 年后，受产能过剩和需求疲软影响，股价下跌，中美冲突加剧进 一步施压，2024 年触底。目前公司处于景气度底部，等待反弹，量增 显著，估值和基本面提供较好布局时机。 欧盟竞争对手如巴斯夫、科思创等受俄乌冲突影响，能源成本上升导致 盈利压力增大，化工产能退出约 5%，且短期内难以好转。这对万华化 学构成利好，有助于其提升市场份额和盈利能力。 国内行业投资缩减，资本开支增速转负。"反内卷"政策和"双碳"政 策有望控制产能，提升行业景气度。MDI 需求受益于发展中国家经济增 长和发达国家结构性需求，以及国内家电补贴政策和新兴应用领域。 美国和欧盟降息有望促进房地产市场复苏，从而带动 MDI 需求增长。全 球 MDI 市场寡头垄断，新增产能主要集中在万华化学，公司策略转向利 润获取，供应端管控有望推动 2026 年价格反转。 万华化学 MDI 产能接近 400 万吨，年产量约 300 万吨，MDI 价格向上 弹性大，盈利和市值空间可观。行业准入门槛高，万华 MDA 工艺领先， 若巨 MDA 和纯 MDA ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [12]. Core Insights - The company specializes in the design and manufacturing of large industrial modules, primarily applied in the chemical industry, and has extended its services to oil and gas, mining, water treatment, and nuclear power engineering [4][7]. - The company has secured a significant order for the construction and installation of modular components for the Ningde Phase II project, marking its first collaboration with China General Nuclear Power Group [9]. - The nuclear power sector is expected to experience accelerated growth, with the company poised to benefit from its technological capabilities and shareholder background [8][9]. Summary by Relevant Sections Company Overview - The company, established in 2006, has evolved from manufacturing cold boxes and small modules to providing a full range of engineering services, including design, procurement, modularization, and construction [22][30]. - The company has a stable shareholder structure, with significant ownership by China Nuclear Industry Second Construction Company, which may contribute to more nuclear orders [31]. Business Performance - In 2023, the company achieved a revenue of 3.242 billion yuan, a year-on-year increase of 88.39%, with a net profit of 190 million yuan, up 38.73% [33][34]. - The company has signed multiple large contracts since 2022, with a total expected value exceeding 4 billion yuan [37][38]. Market Position and Competitive Advantage - The company has established long-term partnerships with major international clients, including BASF and Honeywell, which enhances its market reputation and client retention [27]. - The modular construction approach offers significant advantages over traditional methods, including reduced construction time and costs, improved quality, and lower safety risks [53][56]. Future Outlook - The company is expanding its production capacity through a new facility in Nantong, which is expected to enhance its ability to meet growing demand in the oil and gas and nuclear sectors [10]. - The nuclear power sector is projected to grow significantly, with an average utilization of 7,683 hours for nuclear units in 2024, indicating strong policy support for nuclear energy development [8][64].

慧正资讯，2026年1月22日，科思创宣布其位于广东珠海的全新热塑性聚氨酯（TPU）生产基地一期工程顺利投产。 2023年科思创宣布该投资计划，珠海生产基地共分三期建设，占地面积4.5万平方米，一期投产后年产能可达3万吨，将精准对接IT电子、汽车 制造、鞋材等核心行业对高性能TPU材料日益增长的需求。预计在2030年代全面建成后，最大年产能将达12万吨，届时将成为科思创全球规模 最大的TPU生产设施。 近年，全球TPU产能布局逐步呈现"外资深耕中国、内资向上突破"格局。外资企业加速将产能向亚太转移，科思创珠海基地分三期建设，一期 3万吨产能精准对接IT电子、新能源汽车等高端需求，2030年代全面建成后将成为其全球TPU业务枢纽。2024年巴斯夫湛江基地TPU装置投产， 打造全球最大单一TPU生产线，该生产线年产能达12万吨，主要服务于工业、消费品和交通等领域。 国内企业则通过产能扩张与技术攻坚实现突围。万华化学烟台产业园TPU产能将达21万吨，美瑞新材河南基地特种异氰酸酯项目落地，打破高 端原料进口依赖。头部企业加速产业链一体化布局，华峰化学虽并购计划受阻，但仍持续深耕TPU业务，道恩股份等中小企业则聚焦细分 ...

Group 1 - German companies are making significant investments in China, with over 90% of surveyed firms showing no intention to withdraw from the market and more than half planning to increase investments [1][2] - The trade volume between Germany and China reached 185.9 billion euros in the first three quarters of 2025, marking an increase and reaffirming China as Germany's largest trading partner [1][2] - The investment structure of German firms is heavily focused on the manufacturing sector, benefiting from China's comprehensive industrial support system [2][4] Group 2 - German companies are adapting to the fast-paced innovation environment in China, shifting from traditional technology exports to collaborative innovation [4][5] - The strategic alignment between China's manufacturing upgrades and global development needs is creating a stable investment environment for foreign companies [6][7] - Other multinational companies, such as Medtronic and Danfoss, are also establishing significant operations in China, indicating a broader trend of foreign investment in the region [7]

Group 1 - German companies are increasingly investing in China, with over 90% of surveyed firms showing no intention to withdraw from the market and more than half planning to increase investments [1][2] - The trade volume between Germany and China reached 185.9 billion euros in the first three quarters of 2025, marking a significant year-on-year increase, solidifying China's position as Germany's largest trading partner [1][2] - The investment structure of German companies in China is heavily focused on the manufacturing sector, reflecting the complementary industrial structures of both countries [1][4] Group 2 - In Taicang, Jiangsu, over 560 German companies have established a presence, including many industry leaders, creating a high-end equipment manufacturing base [2] - China's complete industrial categories and supply chain networks provide efficient support for manufacturing, allowing for rapid problem-solving compared to Germany [2] - German manufacturing faces growth pressures domestically, while China's manufacturing sector demonstrates strong resilience, maintaining its position as the world's largest for 16 consecutive years [2] Group 3 - The shift in German companies' strategies in China is moving from "technology export" to "collaborative innovation," indicating a deeper integration into China's industrial upgrade [4][5] - Major German firms are investing significantly in R&D in China, with Bosch planning to invest around 10 billion yuan in smart driving control technology [4] - The Chinese market is viewed as a "gym" for companies to refine their innovations and adapt to market demands, enhancing their competitiveness globally [5] Group 4 - China's ongoing push for manufacturing transformation and modernization aligns with the strategic needs of many countries, fostering a conducive environment for foreign investment [6] - A range of multinational companies, including those from the US and Denmark, are also deepening their investments in China, reflecting a broader trend of confidence in the Chinese market [7] - China's commitment to open cooperation and strategic stability positions it as a fertile ground for foreign enterprises, contributing significantly to global economic growth [7]

Group 1 - Covestro announced the official production launch of its new thermoplastic polyurethane (TPU) production facility in Zhuhai, Guangdong, with an initial investment of several tens of millions of euros and an annual capacity of approximately 30,000 tons to meet the growing demand in IT, automotive, and footwear industries [1] - The Zhuhai facility is part of a three-phase construction plan covering an area of 45,000 square meters, expected to reach a maximum annual capacity of 120,000 tons by 2030, making it Covestro's largest TPU production site globally [1] - Covestro has established a TPU Asia-Pacific R&D center in Changhua and a TPU application development center in Guangzhou to support the Zhuhai facility's development, creating synergies through technical expertise and innovative solutions [1] Group 2 - Covestro operates in multiple core sectors, including transportation, construction, electronics, sports and leisure, and healthcare, positioning itself as a benchmark enterprise in the high-quality polymer and components field [1] - By the end of 2024, Covestro will have 46 production sites globally and approximately 17,500 full-time employees, with projected sales of €14.2 billion for the fiscal year 2024 [1]