Investment Rating - The report maintains a "Positive" outlook on the chemical industry, particularly focusing on the recovery of the textile and home appliance chains, as well as the potential boost in corporate profits from the relaxation of urea and phosphate fertilizer export policies [3][4]. Core Insights - The report highlights a positive trend in the chemical sector driven by easing tariffs between China and the US, which is expected to benefit companies in the textile and home appliance supply chains [3][4]. - The ongoing Bayer litigation regarding glyphosate may lead to a significant restructuring in the glyphosate industry, potentially improving market conditions for alternative products [3][4]. - The report anticipates that the relaxation of export policies for urea and phosphate fertilizers will significantly enhance the profitability of related companies due to the current price differentials between domestic and international markets [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions in the chemical sector indicate a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium to long term [4][6]. - The report notes that the chemical industry PPI has shown a gradual recovery from negative values, with April's PPI at -3.2% year-on-year, primarily affected by weaker energy prices [6][8]. Investment Analysis - The report suggests focusing on traditional cyclical stocks and specific companies within the chemical sector, including Wanhua Chemical, Hualu Hengsheng, and others, which are expected to benefit from the current market conditions [3][4]. - It emphasizes the importance of identifying growth stocks with recovery potential in sectors such as semiconductor materials and OLED display materials, highlighting companies like Yake Technology and Lait Light [3][4]. Price Movements and Market Trends - The report provides detailed price movements for various chemical products, indicating a general upward trend in prices for PTA, MEG, and other key materials, driven by supply-demand dynamics and cost pressures [10][12]. - Fertilizer prices, including urea and phosphate, are expected to rise due to favorable export policies and market conditions, with current prices reported at 1830 CNY/ton for urea and 3400 CNY/ton for monoammonium phosphate [10][12].

Core Viewpoint - The new materials industry is a strategic and foundational sector that supports modern industrial development and is crucial for optimizing and upgrading industrial structures, enhancing manufacturing capabilities, and fostering emerging industries. Summary by Sections New Materials Overview - New materials refer to materials with superior performance and special functions that are either newly developed or significantly improved from traditional materials, serving as the foundation for high-tech development and modern industrial advancement [4]. - New materials can be classified based on composition, function, and application, with definitions focusing on technological, process, and application innovations [4]. Importance of New Materials - New materials are essential for national economic construction, social progress, and national defense security, acting as a guarantee for the success of major engineering projects [5]. - The new materials industry is characterized by its foundational, pioneering, and forward-looking nature, driving technological revolutions in various fields such as microelectronics, biotechnology, energy technology, and aerospace [5]. Characteristics of the New Materials Industry - The new materials industry exhibits "three highs and three longs": high difficulty, high investment, high barriers, long life cycles, long application periods, and long R&D cycles [6][7]. - Most new materials companies struggle to achieve profitability within three years due to high upfront costs and uncertain market prospects [6][9]. Global Competition Landscape - Countries are placing high importance on new materials, with developed nations striving to seize technological leadership, while the focus of the industry is gradually shifting towards the Asia-Pacific region [10]. - China lags in the development and production of advanced high-end materials, with only 13 materials being internationally leading and 39 being advanced, highlighting a significant gap compared to countries like the USA [10]. Current Status of China's New Materials Industry - The new materials industry in China has seen substantial growth, with a compound annual growth rate exceeding 20%, and the total output value surpassing 6 trillion yuan by 2021 [13]. - The market size of the new materials industry is projected to reach 7.6 trillion yuan in 2023 and exceed 8 trillion yuan in 2024, with an average annual growth rate of 13.5% from 2020 to 2025 [14]. Key Areas of Development - The industry encompasses a wide range of materials, with a focus on strategic advanced electronic materials, advanced structures and composites, and nanomaterials, among others [15]. - Key new materials include advanced steel, new display materials, high-quality high-temperature alloys, and green energy materials, reflecting the diverse applications and technological advancements in the sector [16]. Regional Distribution - China's new materials industry is developing in clusters, with the Bohai Rim, Yangtze River Delta, and Pearl River Delta being the primary regions for industry concentration [17]. - These regions benefit from dense enterprise distribution, numerous research institutions, and advantages in funding and market access [17]. Investment Trends - The new materials industry is experiencing rapid growth in investment, with significant capital inflow and an increasing number of investment projects [36][37]. - In 2024, the new materials sector recorded 397 investment events, reflecting a 33.2% year-on-year increase, with total investment amounting to 44 billion yuan [37]. Future Development Trends - The industry is expected to accelerate its transformation and upgrade, focusing on high-end materials for emerging sectors such as high-end equipment, automotive manufacturing, and renewable energy [28]. - The trend towards domestic substitution is becoming more urgent, driven by international trade dynamics and the need for national strategic security [29].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1]. Core Insights - The report highlights the potential revaluation of phosphate rock value due to ongoing supply-demand tensions, with increasing demand for phosphate fertilizers and lithium iron phosphate batteries [6][4]. - The chemical industry is expected to enter a restocking cycle in 2025, driven by low inventory levels and improving profitability among leading chemical companies [5][27]. - The report emphasizes the expansion of phosphate production capacity by Batian Co., which is set to increase its phosphate rock extraction capacity to 2 million tons per year [4][6]. Summary by Sections Core Target Tracking - The report tracks key companies in the chemical sector, including Batian Co., which is expanding its phosphate production capacity significantly [4][6]. - It also notes the performance of various chemical products, with a focus on price increases for butadiene and polyester filament due to favorable market conditions [10][14]. Market Observation - The chemical sector has shown a relative performance of 6.7% over the past month, outperforming the CSI 300 index [2]. - The report indicates that the chemical industry is experiencing a recovery phase, with several companies poised for growth due to favorable market dynamics [5][27]. Data Tracking - The report provides detailed tracking of price movements for key chemical products, including butadiene, polyester filament, and various fertilizers, indicating a general upward trend in prices [10][12][17]. - It also highlights the current chemical industry sentiment index at 93.10, reflecting a positive outlook for the sector [6][33]. Investment Recommendations - The report suggests focusing on companies with low-cost expansion capabilities, such as Wanhua Chemical and various tire manufacturers, as well as those benefiting from rising product prices [5][7]. - It emphasizes the importance of high dividend yield companies in the chemical sector, particularly state-owned enterprises with stable financials [8][29].

证券研究报告 基础化工周报：尿素价格回升 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 能源化工研究助理：周少玟 执业证书编号：S0600123070007 联系方式：zhoushm@dwzq.com.cn 2025年05月18日 请务必阅读正文之后的免责声明部分 投资要点 2 ◼ 【聚氨酯板块】本周纯MDI/聚合MDI/TDI行业均价为17620/16300/11718元/吨，环比分别+345/+1150/+693元/ 吨，纯MDI/聚合MDI/TDI行业毛利分别为4280/3880/458元/吨，环比分别+98/+855/+607元/吨。 ◼ 【油煤气烯烃板块】①本周乙烷/丙烷/动力煤/石脑油均价分别为1374/4514/531/4145元/吨，环比分别+17/-91/- 9/+130元/吨。②本周聚乙烯均价为7897元/吨，环比+28元/吨，乙烷裂解/CTO/石脑油裂解制聚乙烯理论利润分别 为1157/1897/114元/吨，环比分别+15/+42/-90元/吨。③本周聚丙烯均价为7200元/吨，环比+0元/吨， PD ...

Group 1 - The core viewpoint of the article is the commencement of a new high-performance polyvinyl alcohol (PVA) fiber project by Inner Mongolia Shangwei New Materials Co., Ltd., a subsidiary of Anhui Wanwei Group, with an investment of 126 million yuan to produce 6,000 tons per year [1] - Anhui Wanwei Group is recognized as one of the largest and technologically advanced manufacturers of PVA products in China, with its main products consistently ranking first in domestic production and among the top globally [1] - The project includes the construction of a production line and supporting facilities, with civil engineering expected to be completed by August 2026 [1] Group 2 - High-strength and high-modulus PVA fibers possess characteristics such as high strength, high modulus, low elongation, and resistance to acids and solvents, making them suitable for use in construction materials [2] - Water-soluble PVA fibers are differentiated functional fibers that are ideal for textile applications and are widely used in non-woven fabrics and paper production [2] - Major global producers of high-strength and high-modulus PVA fibers include companies from Japan, Malaysia, and China, with a total production capacity of approximately 120,000 tons [2]

第十届生物基大会暨展览 Bio-based 2025 将于 5月25-27日·上海佘山茂御臻品之选酒店 举办， 由 4 位院士领衔100+企业高层和 顶尖专家 ，为生物基行业的下一个拾年"把脉问诊"。活动以" 行 业大会、创新展览、新叶奖评选与颁奖 " 三大板块同期进行，共设置 1场评选、6大论坛、17大专 场、4大特色对接&交流会 ，预 计将 超过 15 00+ 行业同仁出席。 向绿而行，向新而质 。第十届生物基大会立足 全球视野 和 下游用户需求 ，加速科技创新与产业创 新融合发展，助力行业上下游企业迈向新征程。 组织机构与展会信息 Bio-based 2025 01 大会主席团 主办单位 浙江省 生物基高分子材料重点实验室 宁波德泰中研信息科技有限公司（DT新材料） 协办单位 吉林省国科创新孵化投资有限公司 长春市新材料 产业知识产权运营服务中心 舟山市投资促进中心 支持单位 中国合成树脂协会生物基与可降解分会 中国合成橡胶工业协会热塑性弹性体分会 生物基材料产业技术创新战略联盟 生物质产业碳中和技术创新联盟 nova institute 韩国生物塑料协会（KBPA） 大会专家顾问团 （顾问专家无先后排 ...

清华大学刘德华教授 担任 第十届生物基大会暨展览 大会 顾问专家 ，并担任生物基评选 —— 2025（第三届）新叶奖NEW LEAF AWARD 2025 评审专家 。同时，刘德华教授多 次受邀出席由DT新材料主办的生物基、非粮生物质高值化利用、生物制造等产业交流大会。 【SynBioCon】 获 悉， 渥太华当地时间2025年5月15日，加拿大工程院（The Canadian Academy of Engineering）公布2025年 院士增选结果，此次共增选50名新院士和7名外籍院士。 清华大学化学工程系刘德华教授 成功当选7名外籍院士之一。 DT新材料专家库资料显示 ：刘德华教授主要研究领域为 生物质综合利用的生物炼制技术 。主持完成国家"863"重点项目—— 1,3-丙 二醇的生物炼制，新建或改建成万吨级生产装置三套，填补国内空白 ；主持研发酶法生物柴油技术及其产业化， 建成全球首套酶法生 物柴油工业化装置 ， 并已分别在巴西、马来西亚实现工业化示范 。已申请130余项发明专利，并有多项核心专利已获美国、欧盟、加 拿大、澳大利亚、日本、俄罗斯、新加坡、巴西、印度等二十多国授权，发表SCI收录论文20 ...

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~ " 一季度虽然有春节假期影响，但磷酸铁锂行业仍然保持较高的景气度。 " 根据 ICC鑫椤锂电 统计， 2025 年一季度磷酸铁锂产量 73.0 万吨，同比大增 85.9% ，环比微降 9.1% 数据来源： ICC鑫椤锂电 磷酸铁锂市场竞争激烈， 一季度量产出货的企业超过 40 家，其中达千吨级及以上的企业超过 30 家。 分企业来看，湖南裕能第一地位稳固，万润新能、友山科技各前进一步分列第二、第四，安达科技更是从 去年的十名开外飞跃至第八，协鑫锂电、万华化学为代表的跨界企业稳中有升。 数据来源： ICC鑫椤锂电 财务数据来看，从德方纳米、万润新能来看，一季度磷酸铁锂行业亏损情况明显改善，但龙头大哥湖南裕 能的盈利能力却持续走低，令人费解。 | 康居免 | 2025Q1 | 2024Q4 | 2024Q3 | 2024Q2 | 2024Q1 | | --- | --- | --- | --- | --- | --- | | (万元) | | | | | | | 湖南裕能 | 9432 | 10295 | 10140 | ...

-0.03(-0.56%) -0.09(-1.18%) -0.04(-1.00%) 保险 中国太保 7.0 中国人保 中国平安 ■ 3630.79亿市值 3216.08亿市值 9722.44亿市值 12.09亿成交额 24.99亿成交额 11.96亿成交额 53.39 8.21 33.43 -0.61(-1.79%) -0.86(-1.59%) -0.07(-0.85%) 酸酒行业 贵州茅台 山西汾酒 五粮液 20276.67亿市值 2500.93亿市值 5088.01亿市值 22.89亿成交额 37.15亿成交额 6.49亿成交额 131.08 205.00 1614.13 -17.88(-1.10%) -4.50(-2.15%) -2.59(-1.94%) 半导体 XD海光信 北方华创 寒武纪-U HYGON 3218.98亿市值 2289.48亿市值 2788.61亿市值 10.79亿成交额 24.03亿成交额 18.85亿成交额 428.60 668.00 138.49 -0.30(-0.07%) -9.00(-1.33%) -3.45(-2.43%) 汽车整车 铁路公路 比亚进 长城汽车 京沪高铁 ...

Core Viewpoint - The article discusses the impact of global trade policies and artificial intelligence on ESG practices in China, highlighting how companies are adapting to these challenges while improving their sustainability efforts. Group 1: Impact of Global Trade Policies - Chinese manufacturing is resilient amidst trade policy turbulence, with companies increasing investments in clean technologies and digital transformation to manage supply chain risks [2][3] - Good ESG performance is becoming a "technical ticket" for companies venturing abroad, as they navigate tariffs and green barriers [2] Group 2: Role of Artificial Intelligence - AI presents both opportunities and challenges for ESG, aiding in addressing sustainability issues while also raising concerns about resource consumption and ethical risks [1][2] - Companies are leveraging AI to enhance the use of renewable energy in data centers and to address algorithmic ethical risks [2] Group 3: Improvement in ESG Practices - There is a noticeable improvement in the focus on social and governance aspects among Chinese companies, with many prioritizing employee welfare and community support [3] - A total of 100 companies made it to this year's ESG impact list, showcasing significant efforts in environmental protection, employee care, and community support [3] Group 4: Company Highlights - Haier continues to innovate with energy-efficient appliances, achieving a 30% energy saving with new washing machines and a 40% saving with AI-powered air conditioners [4] - CATL launched the world's first large-scale lithium iron battery recycling project, with an annual capacity of 270,000 tons [5] - JD.com signed labor contracts for all frontline employees and initiated a large-scale campus recruitment drive, enhancing employee benefits [6] - SF Express invested in circular packaging and conducted a successful trial of sustainable aviation fuel, reducing carbon emissions significantly [9] - Lenovo applied AI technology for biodiversity and cultural heritage protection, contributing to environmental conservation efforts [10] Group 5: Financial and Investment Aspects - Industrial Bank's green loan balance reached 967.93 billion yuan, marking a 19.64% increase year-on-year, focusing on clean energy and waste management [12] - Ant Group's "Ant Forest" project has funded the planting of over 548 million trees, showcasing the financial sector's role in promoting sustainability [23] - China Bank's green credit scale surpassed 4 trillion yuan, with significant investments in green bonds and carbon neutrality initiatives [81]