证券日报网讯1月5日，万凯新材（301216）在互动平台回答投资者提问时表示，截至2025年12月31日， 公司股东总人数为29013户。已通过互动易中"公司声音"栏目统一公布。 ...

Core Viewpoint - The company WanKai New Materials (万凯新材) is actively engaged in the humanoid robot core transmission components sector through its subsidiary, Qingmei Zhisi (轻镁智塑), focusing on high-performance materials and precision injection molding processes [2]. Group 1: Company Operations - Qingmei Zhisi specializes in the production of core components for humanoid robots, particularly in the area of lightweight materials and high-end modified processes [2]. - The company has successfully launched a high-performance PEEK cycloidal reducer, indicating advancements in their product offerings [2]. - Currently, Qingmei Zhisi is enhancing the performance of lightweight materials and optimizing precision injection molding techniques to support the assembly of core components for humanoid robot arms [2]. Group 2: Client Relationships - The company is currently collaborating with Lingxin Qiaoshou (灵心巧手) for the supply of core components and assembly services [2]. - In addition to existing partnerships, Qingmei Zhisi is in the process of expanding its client base, indicating a strategic focus on growth and market penetration [2].

| 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2026-001 | | --- | --- | --- | | 债券代码：123247 | 债券简称：万凯转债 | | 万凯新材料股份有限公司 关于2025年第四季度可转债转股情况的公告 直接相关费用11,264,622.63元（不含税），实际募集资金净额为人民币 2,688,735,377.37元。上述募集资金到位情况已经中汇会计师事务所（特殊普通 合伙）验资，并出具了中汇会验[2024]9678号《万凯新材料股份有限公司债券募 集资金到位情况验证报告》。 （二）可转换公司债券上市情况 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。 特别提示： 1、"万凯转债"（债券代码：123247）转股期为2025年2月24日至2030年8 月15日；初始转股价格为人民币11.45元/股，最新转股价格为人民币11.30元/ 股。 2、2025年第四季度，共有784,225张"万凯转债"完成转股（票面金额共计 78,422,500元人民币），合计转成6,939,790股"万凯新材"股票（股票代码： 301 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The rise in PX prices has triggered a bullish trend in the petrochemical sector, indicating long-term recovery opportunities for the industry [2][7] - The report highlights that the increase in PX prices, with futures rising over 800 CNY/ton and spot prices up about 340 CNY/ton, has improved profit expectations for refining companies [7] - The report emphasizes that the refining industry has faced prolonged downturns, with major companies encountering challenges such as declining domestic demand for refined oil and stagnant export quotas [7] - The appointment of new leadership at China Petroleum & Chemical Corporation is seen as a potential catalyst for industry recovery [7] Summary by Relevant Sections Investment Recommendations and Targets - Recommended leading companies in the refining sector include Sinopec (600028, Buy), Rongsheng Petrochemical (002493, Buy), and Hengli Petrochemical (600346, Buy) [3] - The report expresses optimism for recovery opportunities across various chemical sub-industries, including MDI leader Wanhua Chemical (600309, Buy) and companies in the PVC sector such as Zhongtai Chemical (002092, Not Rated), Xinjiang Tianye (600075, Not Rated), and Chlor-alkali Chemical (600618, Not Rated) [3] - In the phosphoric chemical sector, companies like Chuanheng Co. (002895, Not Rated) and Yuntianhua (600096, Not Rated) are highlighted due to growth driven by energy storage [3] - The oxalic acid industry recommendations include Hualu Hengsheng (600426, Buy), Huayi Group (600623, Buy), and Wankai New Materials (301216, Buy) [3]

1. Report's Investment Rating for the Industry - No information provided regarding the industry's investment rating. 2. Core Views of the Report - Bullish on the equity market during the "Spring Rally". With the expected strengthening of underlying stocks and seasonal effects, there is a slight room for convertible bond valuations to increase. When selecting bonds, focus on the performance elasticity of the underlying stocks. For near - maturity convertible bonds, consider participating in the underlying stocks [27]. - In the stock market, in December 2025, the risk appetite was high. Looking ahead, the RMB appreciation expectation is strengthening, and with the end of the year - end ranking assessment of financial institutions, the "Spring Rally" is expected to gradually kick off. In January, if the market adjusts during the intensive performance forecast period, investors can buy on dips and focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - In the convertible bond market, in December 2025, the CSI Convertible Bond Index reached a new high since July 2015. Although the share of convertible bond ETFs continued to decline, the market premium rate increased. In the future, due to seasonal effects, some institutional investors may gradually increase their positions in January, and convertible bond valuations have a slight room for improvement [27]. 3. Summary of Each Section 3.1 2025 December Convertible Bond Market Review - **Stock and Bond Market Review**: In December, the equity market fluctuated upwards, and the bond market generally fluctuated. The Shanghai Composite Index rose for nearly 10 consecutive trading days in the middle and late - December, closing at 3963.68 on December 26, with a monthly increase of 1.27%. The 10 - year Treasury bond yield closed at 1.838% on December 26, up 0.10bp from the beginning of the month, and the 30 - year Treasury bond yield closed at 2.223%, up 3.32bp from the beginning of the month [4][8]. - **Convertible Bond Market Review**: The convertible bond market generally rose following the equity market. The premium rates of convertible bonds in all parity ranges increased, but convertible bond ETFs continued to face outflow pressure. Five convertible bonds announced downward revisions, one more than the previous month, and 10 convertible bonds announced forced redemptions, two less than the previous month. The CSI Convertible Bond Index closed at 493.2 on December 26, up 2.31% [5][8]. - **Industry Performance**: In the Shenwan industry classification, sectors such as national defense and military industry (+12.25%), communication (+10.55%), and non - bank finance (+8.27%) performed well, while sectors such as media (-4.77%), banks (-3.68%), and coal (-3.62%) declined [8]. 3.2 2026 January Convertible Bond Allocation Strategy - **Stock Market Outlook**: The RMB appreciation expectation is strengthening, and the "Spring Rally" is expected to start. In January, if the market adjusts during the performance forecast period, investors can buy on dips. Focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - **Convertible Bond Outlook**: Due to seasonal effects, some institutions may increase their positions in January. Convertible bond valuations have a slight room for improvement. When selecting bonds, relative - return funds should focus on high - probability sectors with a high - beta underlying stocks, and absolute - return funds should focus on high - odds sectors [27][28]. - **Bond Selection Suggestions**: For relative - return funds, focus on sectors such as lithium - battery materials, semiconductor equipment and materials, power semiconductors, high - quality auto parts, anti - involution industries, and securities. For absolute - return funds, focus on industry leaders with low valuations, sectors such as pig farming, power, and water supply, and convertible bond debt - to - equity conversion [28]. 3.3 2026 January "Top Ten Convertible Bonds" Portfolio | Convertible Bond Code | Convertible Bond Name | Underlying Stock Name | Industry | Balance (Billion Yuan) | Convertible Bond Price (Yuan) | Convertible Bond Parity (Yuan) | Conversion Premium Rate (%) | Rating | Recommendation Reason | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 113043.SH | Caitong Convertible Bond | Caitong Securities | Securities II | 37.99 | 133.52 | 109.71 | 21.70 | AAA | The securities sector will see a double - hit of valuation and profit in a bull market [30]. | | 123254.SZ | EVE Convertible Bond | EVE Energy | Battery | 49.98 | 167.64 | 134.65 | 24.51 | AA+ | The demand for energy storage is strong, and the shipment volume in the third quarter increased significantly year - on - year and quarter - on - quarter [30]. | | 113695.SH | Huachen Convertible Bond | Jiangsu Huachen | Power Grid Equipment | 4.60 | 160.16 | 122.10 | 31.17 | A+ | The company's new production capacity is put into operation just as the demand for energy storage is growing rapidly [30]. | | 113634.SH | Proya Convertible Bond | Proya | Cosmetics | 7.51 | 125.13 | 70.36 | 77.83 | AA | As a domestic beauty leader, its brand and product strength are outstanding, and its valuation at a historical low is expected to be restored [30]. | | 113616.SH | Will Semiconductor Convertible Bond | Will Semiconductor | Semiconductor | 24.32 | 124.07 | 78.35 | 58.36 | AA+ | The company is accelerating its introduction into intelligent driving and emerging markets and has launched new mobile phone products with strong competitiveness [30]. | | 118040.SH | Hongwei Convertible Bond | Hongwei Technology | Semiconductor | 4.30 | 149.72 | 116.17 | 28.88 | A | Power semiconductors benefit from the growth of power supply and energy storage demand [30]. | | 113674.SH | Huashe Convertible Bond | Huashe Group | Engineering Consulting Service II | 4.00 | 129.29 | 89.47 | 44.51 | AA | As a leader in infrastructure design, its main business is stabilizing, and intelligent design and low - altitude economy provide growth points [30]. | | 123222.SZ | Bojun Convertible Bond | Bojun Technology | Auto Parts | 2.44 | 224.63 | 194.72 | 15.36 | A+ | The growth of customer sales and the increase in ASP per vehicle drive up revenue and profit [30]. | | 113666.SH | Aima Convertible Bond | Aima Technology | Motorcycle and Others | 19.99 | 125.11 | 79.63 | 57.12 | AA | The new national standard may promote the market share of the two - wheeled vehicle leader [30]. | | 123247.SZ | Wankai Convertible Bond | Wankai New Materials | Plastics | 19.64 | 172.30 | 150.18 | 14.73 | AA | Under the "anti - involution" of bottle chips, the processing fee is expected to stabilize, and the company is entering the rPET blue - ocean market [30]. |

Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [8]. Core Insights - The humanoid robot concept index increased by 4.61% from December 21 to December 26, 2025, outperforming the CSI 300 index by 2.66 percentage points. Year-to-date, the humanoid robot index has risen by 73.16%, surpassing the CSI 300 index by 51.25 percentage points [3][13]. - UBTECH has secured a project worth approximately 59.62 million yuan for the Huizhou Huizhong District humanoid robot data collection center, contributing to a total order amount of nearly 1.4 billion yuan for 2025 [6][23]. - The humanoid robot industry is witnessing significant advancements, including the launch of the 1000th industrial humanoid robot Walker S2 by UBTECH, marking a major milestone in production capacity [4][22]. Weekly Market Review - The humanoid robot index outperformed the CSI 300 index during the week, with notable stock performances including Andar Intelligent, which saw a weekly increase of 43.82%, while Lianchuang Electronics experienced a decline of 5.26% [3][18]. - The report highlights the strong performance of the humanoid robot sector, with a focus on key companies and their recent developments [5][6]. Weekly Hotspots Policy Developments - The Chinese Ministry of Foreign Affairs emphasized China's leading position in humanoid robot manufacturing, citing a significant number of patents and innovations in the field [4][21]. - The establishment of the Beijing Robotics Industry Association aims to enhance industry collaboration and support for companies in the humanoid robotics sector [4][21]. Product and Technology Iteration - UBTECH's Walker S2 robot is capable of performing complex tasks and has been integrated into production lines, showcasing the practical applications of humanoid robots in industrial settings [4][22]. - The Beijing Humanoid Robot Innovation Center has released the XR-1 model, which is designed to enhance the capabilities of humanoid robots in various applications [4][22]. Investment and Financing - Yundongchu Technology has initiated Pre-IPO financing, raising several hundred million yuan, indicating strong investor interest in the humanoid robotics sector [4][23]. - Key companies are making substantial investments in humanoid robotics, with plans for new projects and product developments [5][25][26]. Key Company Announcements - WanKai New Materials has signed a contract to supply lightweight components for humanoid robot arms, indicating ongoing collaboration within the industry [5][25]. - Zhenyu Technology plans to invest 1 billion yuan in the development of humanoid robot components, reflecting the growing demand for advanced robotics solutions [5][26]. - Guoji Precision Engineering is expanding its product offerings to include high-value bearings for humanoid robots, aiming to enhance its market position [5][26].

Core Viewpoint - The opening of a new international logistics channel for Wankai New Materials marks a strategic breakthrough in a challenging industry environment, enhancing the company's operational efficiency and market expansion capabilities [1][2][4] Group 1: Logistics and Cost Efficiency - The new logistics route directly connects Wankai New Materials' production site in Fuling to international markets, significantly reducing product shipping distance from over 100 kilometers to approximately 6 kilometers [1] - The new railway transport model is expected to save around 1,000 yuan in logistics costs per export container, which is crucial in a highly competitive market where the average processing fee is projected to drop over 30% in 2024 [2][3] Group 2: Strategic Initiatives and Market Positioning - Wankai New Materials is proactively addressing domestic market challenges by reducing PET production capacity by 20% by July 2025, optimizing resource allocation in response to industry overcapacity [3] - The company is expanding its overseas presence with significant investments in production bases in Nigeria (300,000 tons) and Indonesia (750,000 tons), aiming to mitigate trade barriers and enhance its global supply chain [3] - The company is also diversifying into upstream industries and high-value segments, including a 600,000-ton ethylene glycol project and advancements in lightweight materials for humanoid robots [3] Group 3: Financial Performance and Future Outlook - In the first three quarters of 2025, the company achieved a net profit of 77.59 million yuan, marking a turnaround with a year-on-year growth of 115.64% in the third quarter [4] - The overseas business accounted for 6.239 billion yuan in revenue, representing over 36% of total revenue in 2024, highlighting the importance of international markets for the company's growth [4] - The new logistics channel is expected to create a virtuous cycle of economic growth by attracting upstream and downstream enterprises to Fuling, thereby enhancing Wankai New Materials' growth potential [4]

1. Report's Industry Investment Rating - Short - fiber: Oscillating [6] - Bottle chips: Oscillating [6] 2. Report's Core Viewpoints - In 2026, the new production capacity pressure of short - fiber is higher than that of bottle chips. Short - fiber's traditional demand growth is gentle and difficult to break through under the current situation, while its export is expected to maintain high growth. The annual supply - demand pattern of short - fiber will change from destocking to stockpiling, and its processing fee repair space is limited, expected to oscillate between 850 - 1300 yuan/ton. The bottle - chip industry will enter a new stage of "slower production and stable demand growth", with gradually easing supply - demand contradictions and a possible slight upward shift of the processing fee center, but the repair space is restricted [2][3][100][101]. - From a strategic perspective, pay attention to the inter - monthly reverse arbitrage opportunities before the new short - fiber production capacity is put into operation, the inter - monthly positive arbitrage opportunities during the peak demand season of bottle chips, and the phased opportunity of going long on PR and shorting on PF [4][102]. 3. Summary According to the Directory 3.1 2025 Short - fiber/Bottle - chip Trend Review - In 2025, the absolute prices of short - fiber and bottle chips followed the polyester raw materials and trended weakly, with the price center lower than that in 2024. The short - fiber processing fee remained strong throughout the year, while the bottle - chip processing fee center declined under pressure [14]. - In Q1, the spot and futures prices of short - fiber and bottle chips followed the raw materials to rise and then fall. Short - fiber factories coordinated production cuts to support prices, and bottle - chip factories reduced production to relieve inventory pressure, resulting in a slight repair of the processing fee [14]. - In Q2, the US trade policy adjustment caused pulse - like fluctuations in the polyester industry chain prices. After that, the industrial logic dominated. Short - fiber processing fees weakened, and bottle - chip processing fees quickly weakened and fluctuated near historical lows [15]. - In H2, the absolute prices of short - fiber and bottle chips followed the cost to decline weakly. Short - fiber inventory continued to be destocked and the processing fee remained firm, while bottle - chip industry leaders jointly reduced production, and the processing fee repaired moderately [15]. 3.2 Short - fiber: New Production Capacity Pressure Resurfaces, and Processing Fee Repair May Be Hindered 3.2.1 Supply Side: New Production Capacity to Be Put into Operation, Supply Pressure Low in the First Half and High in the Second Half - In 2025, the new short - fiber production capacity was 390,000 tons/year, with a year - on - year growth of 4.1%. The short - fiber output increased rapidly through the continuous load - increase of existing capacity, with an annual output of about 8.97 million tons, a year - on - year increase of 10.7%. By the end of the year, the industry load reached 97.5% [21]. - In 2026 and 2027, there are plans to put into operation 800,000 tons/year and 1 million tons/year of new short - fiber production capacity respectively, with growth rates of 8% and 9.3%. In 2026, the supply pressure may be low in the first half and high in the second half [29][31]. 3.2.2 Demand Side: Traditional Demand Grows Steadily, and Short - fiber Export Volume Is Expected to Remain High - In 2025, short - fiber exports accounted for 18.7% of the total output and digested about 41% of the new production. Spinning is still the most important application area in traditional downstream demand [32]. - **Traditional downstream demand**: The growth rate of traditional downstream demand has slowed down, and the price - bearing capacity is weak. The total production of cloth and yarn has remained stable in recent years. The downstream enterprises are in a difficult cash - flow situation and are cautious about replenishing raw materials, which squeezes the short - fiber profit space [35][36]. - **Short - fiber export**: In the first 10 months of 2025, the short - fiber export volume increased by 29.6% year - on - year. The overseas short - fiber production capacity gap is large, and the anti - dumping impact of some countries is limited. Export may be the most important way to digest new short - fiber production in 2026 [39][42]. 3.2.3 Supply - Demand Pattern Changes from Destocking to Stockpiling, Pay Attention to Industrial Coordination and Regulation - Assuming a 20% growth rate of short - fiber exports and a 5% growth rate of domestic demand in 2026, the short - fiber production is expected to grow by 6.88%, and the supply - demand pattern will change from destocking to stockpiling, with a cumulative stock of 100,000 tons throughout the year [44]. - The upward space for short - fiber processing fees in 2026 is limited. The processing fees are expected to oscillate between 850 - 1300 yuan/ton, with a pattern of high in the first half and low in the second half. The coordination willingness of leading enterprises will support the bottom of processing fees [47]. 3.3 Bottle Chips: Supply - Demand Contradictions Tend to Ease, and the Processing Fee Center May Move Slightly Upward 3.3.1 Supply Side: New Production Capacity Pressure Eases, and Industry Operation Rate May Be Revised Upward - In 2025, the new domestic bottle - chip production capacity was 1.55 million tons/year, and the capacity base at the end of the year was expected to be 21.47 million tons/year, a year - on - year increase of 5.1%. The output from January to November was about 16.05 million tons, a year - on - year increase of 13% [50][51]. - In 2026, the new bottle - chip production capacity cycle is basically ending, with only 700,000 tons/year of new production capacity planned to be put into operation, and the capacity growth rate is expected to be 3.3%. The low processing fee restricts the actual supply, and the industry operation rate has great upward elasticity [56][58]. 3.3.2 Demand Side: Few Bright Spots, and the Overall Growth Rate May Slow Down - **Domestic demand**: In 2025, the domestic demand for bottle chips was expected to reach 9.3 million tons, a year - on - year increase of 7.9%. In 2026, domestic demand is expected to grow moderately, with limited demand pull from the soft - drink industry due to factors such as high base and lightweight packaging [63][66][67]. - **Export**: In the first 11 months of 2025, bottle - chip exports increased by 12.2% year - on - year. In 2026, bottle - chip exports are expected to have incremental space due to the expanding overseas supply - demand gap and the limited impact of trade frictions on the total export volume [79][82][90]. 3.3.3 Limited Supply - Demand Contradictions, Pay Attention to the Operation of Existing Devices - When the bottle - chip production growth rate is around 7.2%, the annual supply - demand difference in 2026 may be basically the same as that in 2025. The industry operation rate has an upward space of 3% - 4%. However, once the industry profit recovers, the supply elasticity will increase significantly [96]. 3.4 Investment Recommendations - **Fundamental analysis**: Short - fiber's traditional demand growth is gentle, and exports are expected to maintain high growth. In 2026, new production capacity will be put into operation, and the supply - demand pattern will change from destocking to stockpiling. The processing fee repair space is limited, and the absolute price will oscillate with the raw materials. The bottle - chip industry will enter a new stage of "slower production and stable demand growth", with gradually easing supply - demand contradictions and limited processing fee repair space [100][101]. - **Strategy analysis**: In 2026, pay attention to the inter - monthly reverse arbitrage opportunities before the new short - fiber production capacity is put into operation, the inter - monthly positive arbitrage opportunities during the peak demand season of bottle chips, and the phased opportunity of going long on PR and shorting on PF [102].

Investment Rating - The report rates the chemical industry as "Outperform" [1] Core Views - The report suggests focusing on undervalued leading companies in the industry, the impact of "anti-involution" on supply in related sub-industries, and the increasing importance of self-sufficiency in electronic materials companies and certain new energy materials companies amid price increases [1][9] Industry Dynamics - As of December 22-28, 2025, among 100 tracked chemical products, 34 saw price increases, 32 saw declines, and 34 remained stable. 55% of products had month-on-month average prices rising, while 35% fell, and 10% remained unchanged [8][27] - International oil prices remained stable, with WTI crude futures closing at $56.74 per barrel (up 0.14%) and Brent crude at $60.64 per barrel (up 0.28%) [28] - MDI prices slightly decreased, with pure MDI averaging 18,100 CNY/ton (down 4.23% week-on-week) and polymer MDI at 14,300 CNY/ton (down 2.39%) [29] - Acetic acid prices increased to 2,496 CNY/ton (up 2.93% week-on-week) [30] Investment Recommendations - As of December 27, 2025, the SW basic chemical industry P/E ratio (TTM excluding negative values) is 25.60, at the 76.58% historical percentile, while the P/B ratio is 2.33, at the 61.10% historical percentile. The SW oil and petrochemical industry P/E ratio is 13.17, at the 37.56% historical percentile, and the P/B ratio is 1.28, at the 36.98% historical percentile [9] - Recommendations include focusing on undervalued leading companies, the impact of "anti-involution" on supply, and the importance of self-sufficiency in electronic materials and certain new energy materials companies [9] - Long-term investment themes include expected demand recovery supported by policies, continuous optimization of supply, and the potential for performance and valuation improvements for leading companies [9] - Recommended stocks include Wanhua Chemical, Hualu Hengsheng, Satellite Chemical, and others [9]

Investment Rating - The report maintains a "Positive" outlook on the petrochemical industry, highlighting a recovery in PX supply-demand dynamics and PTA profitability restoration [3][5]. Core Insights - The PX market is expected to see a tightening supply-demand balance, with a recovery in operating rates from 78% in 2023 to over 85% as downstream PTA production ramps up in 2024-2025. This is anticipated to lead to a significant improvement in market conditions [5][6]. - PTA production capacity in China is projected to increase from 46.08 million tons in 2018 to 86.02 million tons by 2024, accounting for 75% of global capacity. The report indicates that there will be no new capacity additions post-2026, leading to a collaborative reduction phase in the industry [13][19]. - The upstream oil sector is experiencing rising oil prices, with Brent crude futures closing at $60.64 per barrel, reflecting a 0.28% increase week-on-week. This is expected to support the profitability of refining companies [5][26]. - The polyester sector is showing mixed performance, with PTA profitability increasing while polyester filament profits are declining. The report emphasizes the need to monitor demand changes closely [19]. Summary by Sections PX Market - PX supply-demand is tightening, with a forecasted increase in operating rates to over 85% due to no new capacity additions and seasonal maintenance in early 2026 [5][6]. - The report notes that the PX price has risen to $878.87 per ton, a week-on-week increase of 5.61% [19]. PTA Market - PTA production capacity is expected to reach 71.14 million tons in 2024, a 13% year-on-year increase. The report anticipates a collaborative reduction phase starting in 2026 due to no new capacity additions [13][19]. - PTA prices have shifted from a downward trend to an upward trend, with current prices in East China averaging 4,936 RMB per ton, reflecting a 6.94% increase week-on-week [19]. Upstream Oil Sector - Brent crude oil prices have increased, with a weekly average price of $61.91 per barrel, indicating a positive trend for upstream oil companies [5][26]. - The report highlights a decrease in the number of active drilling rigs in the U.S., with 545 rigs reported, a decrease of 44 year-on-year, suggesting a potential impact on future oil supply [41]. Investment Recommendations - The report recommends focusing on high-quality companies in the polyester sector, such as Tongkun Co. and Wankai New Materials, as well as major refining companies like Hengli Petrochemical and Rongsheng Petrochemical due to expected improvements in profitability [19].