2025 年 5 月 12 日 行业研究 国产替代主线不动摇，看好 MXD6、离子交换树脂、半导体材料 ——基础化工行业周报（20250505-20250509） 要点 中美贸易摩擦背景下，我们持续看好 MXD6、离子交换树脂、半导体材料等 国产替代新材料。美国白宫 4 月 10 日确认对中国产品征收的额外关税现已 达到 145%。随后，特朗普 5 月 8 日在白宫表示考虑降低对华关税。由于 "对等关税"的执行，部分原产于美国的新材料产品价格将进一步提高，叠 加前期美国政府有关政策，一系列进口新材料供应将持续趋紧。同时，国产 新材料产品凭借更高的性价比、更及时的技术响应服务等将更受下游客户的 青睐。此外，为了保证自身供应链安全，集成电路、面板等高技术领域的下 游客户也在加速针对国产新材料产品进行验证，加快了国产新材料的导入进 度。在此背景下，我们持续看好 MXD6、离子交换树脂、半导体材料等国产 替代新材料。 MXD6 可应用于汽车和无人机轻量化，国产企业突破技术壁垒即将放量。 MXD6 作为高性能工程塑料，其产品具有高强度、高刚性、耐高温、耐磨损 和耐老化、耐化学性、阻燃性、高阻隔性能等特点，主要应用于汽车 ...

Core Viewpoint - In 2024, China's chemical industry carbon emissions are projected to be approximately 1.58 billion tons, reflecting a year-on-year increase of 1.28%, with a deceleration in growth rate compared to 2023 [1][12] Industry Overview - Carbon neutrality technology in the chemical industry aims to reduce CO2 emissions during production or achieve net-zero emissions through carbon capture, utilization, and storage (CCUS) [2] - The carbon neutrality technologies can be categorized into carbon reduction, zero-carbon, negative carbon, and circular economy technologies [2] Industry Development History - The development of carbon neutrality technology in China's chemical industry has progressed through three stages: introduction and exploration (before 2015), planning (2015-2020), and implementation and promotion (2021-present) [4] - Since 2021, significant advancements have been made in energy consumption and carbon emission control, with major companies like Sinopec actively participating in carbon neutrality initiatives [4] Industry Chain - The upstream of the carbon neutrality technology industry chain includes raw materials, equipment, and technical services, while the midstream involves the implementation of carbon neutrality technologies [6] - Key equipment includes carbon capture devices, low-carbon energy utilization devices, and high-efficiency energy-saving devices [6] Current Industry Status - In 2024, China's total CO2 emissions are expected to be 12.6 billion tons, remaining stable compared to 2023, with GDP growth of 5.0% and a decrease in carbon emission intensity by 3.4% [10] - The increase in non-fossil energy consumption and the growth of clean energy generation are contributing to the transition away from fossil fuels [10] Key Enterprises - Major companies in the sector include China National Chemical Corporation, Wanhua Chemical, and Zhongcai Energy, focusing on carbon capture and low-carbon technologies [18][20] - Wanhua Chemical has made significant strides in carbon neutrality technology, expanding into new materials and renewable energy sectors [18] Industry Development Trends - The chemical industry is expected to accelerate technological innovation and green transformation, with a focus on replacing traditional fossil materials with bio-based and renewable resources [22] - Integration of the industry chain and collaborative development will be emphasized, with companies extending their operations from raw materials to downstream fine chemical products [23] - The market landscape will shift significantly under carbon neutrality policies, with increased attention on new energy materials and carbon capture technologies [24]

Investment Rating - The report maintains a positive outlook on the basic chemical industry [1] Core Views - Refrigerant prices remain high, enhancing profitability; companies such as Juhua Co., Ltd. and Sanmei Co., Ltd. are recommended for attention [5] - The low-altitude economy and robotics industry are moving towards commercialization, increasing demand for new materials and lightweight materials such as carbon fiber and ultra-high molecular weight polyethylene [5] Summary by Sections 1. Key Sub-industry and Product Tracking - Refrigerants: Prices remain high, with R22 at 36,000 CNY/ton, R32 at 49,000 CNY/ton, R125 at 45,000 CNY/ton, R134a at 47,500 CNY/ton, and R142b at 27,000 CNY/ton, all stable compared to last week [3][12] - Vitamins: Prices continue to decline, with Vitamin A at 65 CNY/kg (down 4.41% week-on-week) and Vitamin E at 105 CNY/kg (down 1.41% week-on-week) [4][12] 2. Electronic Chemicals - The electronic chemicals sector is characterized by high technical barriers and a high degree of market segmentation, with a focus on wet electronic chemicals, photoresists, and CMP polishing materials [14][16] 3. New Quality Productivity - Carbon Fiber: A high-strength material with applications in wind power, photovoltaics, and aerospace, experiencing a price stabilization after a decline [35] - Ultra-high molecular weight polyethylene (UHMWPE): Known for its superior strength and durability, it is a high-tech product with significant technical barriers [39] - PEEK materials: Demand for PEEK has grown significantly, with a compound annual growth rate of 42.84% from 2012 to 2021 [40] 4. Lithium Battery/Storage Materials - Conductive agents: Prices for multi-walled carbon nanotube powder are at 64,000 CNY/ton, while conductive paste is at 27,500 CNY/ton, both showing a downward trend [43] - Sodium battery materials: Prices for Prussian blue compounds are at 45,000 CNY/ton, and hard carbon negative materials are at 70,000 CNY/ton, with recent price stability [45] 5. Photovoltaic/Wind Power Materials - EVA prices have shown slight rebounds, with the market average at 11,143 CNY/ton, indicating a stable market environment [50] 6. Bio-based Materials and Energy - Biodiesel prices are stable at 8,100 CNY/ton, while sustainable aviation fuel (SAF) is priced at 1,757 USD/ton [62] 7. Renewable and Modified Plastics - The demand for recycled plastics is increasing, with a notable rise in the proportion of recycled materials in plastic packaging from 4.8% in 2018 to 10.0% in 2021 [64] 8. Coatings, Inks, and Pigments - The demand for new functional coating materials is growing, driven by the rapid development of wearable devices and smart home appliances [71]

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、5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。 大会主席团 组织机构与展会信息 Bio-based 2025 01 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 (顾问专家无先后排列顺序) 姚献平 Yao Xianping 杭州市化工研究院院长 俄罗斯自然科学院院士 Presid ...

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly highlighting undervalued and high-growth opportunities [1]. Core Insights - The anti-dumping duties on chlorpyrifos are expected to benefit domestic companies, with a recommendation to focus on Yangnong Chemical [3][4]. - The report emphasizes the importance of orderly exports of nitrogen fertilizers, suggesting that leading domestic companies should adopt a proactive pricing strategy to avoid excessive competition [3]. - The chemical sector is experiencing a gradual recovery in PPI, with a focus on investment opportunities in cyclical products due to low inventory levels [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a mixed outlook for oil, coal, and natural gas prices, with oil prices supported by shale oil production costs [3][4]. - The report notes a significant price increase in PTA and MEG, driven by supply constraints and optimistic market sentiment [9][10]. Fertilizer and Pesticide Market - Domestic urea prices have risen by 2.8% to 1830 CNY/ton, influenced by export policy expectations [11]. - The report highlights the stable pricing of various pesticides, with specific price points for glyphosate and other herbicides remaining unchanged [11]. Chemical Products Pricing - The report provides detailed pricing trends for various chemical products, including a 1.6% decrease in PVC prices and stable pricing for other chemicals like DMC and silicone [12][13]. - The report indicates a cautious market sentiment in the dye industry, with prices remaining stable despite cost support from raw materials [15]. Key Company Valuations - The report includes a valuation table for key companies, with recommendations for stocks such as Yangnong Chemical (buy) and Hualu Chemical (increase) based on their projected earnings and market performance [17][18].

（记者 曾健辉） 每经AI快讯，万华化学5月11日晚间发布公告称，万华化学集团股份有限公司于2025年4月12日召开第 九届董事会2025年第一次会议，审议通过了《关于以集中竞价交易方式回购公司部分股份的议案》。现 将公司2025年5月9日前十大无限售条件股东披露如下：烟台国丰投资控股集团有限公司持约6.78亿股， 占比21.59%；烟台中诚投资股份有限公司持约3.3亿股，占比10.52%；宁波市中凯信创业投资股份有限 公司持约3.02亿股，占比9.61%；Prime Partner International Limited持约1.73亿股，占比5.51%；香港中央 结算有限公司持约1.43亿股，占比4.55%；中国证券金融股份有限公司持约7335万股，占比2.34%；中国 工商银行－上证50交易型开放式指数证券投资基金持约3859万股，占比1.23%；中国工商银行股份有限 公司－华泰柏瑞沪深300交易型开放式指数证券投资基金持约3476万股，占比1.11%；中国建设银行股 份有限公司－易方达沪深300交易型开放式指数发起式证券投资基金持约2444万股，占比0.78%；中央 汇金资产管理有限责任公司持约20 ...

证券代码：600309 证券简称：万华化学 公告编号：临 2025-25 号 万华化学集团股份有限公司关于 回购股份事项前十大股东和前十大无限售条件股东持股情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 万华化学集团股份有限公司（以下简称"公司"）于2025年4月12日召开第 九届董事会2025年第一次会议，审议通过了《关于以集中竞价交易方式回购公 司部分股份的议案》，具体内容详见公司于2025年4月16日在上海证券交易所网 站披露的《万华化学集团股份有限公司关于以集中竞价交易方式回购股份方案 的公告》 （公告编号：临2025-20号）。上述事项尚需公司2024年度股东大会审议。 根据《上市公司股份回购规则》 《上海证券交易所上市公司自律监管指引第 数量、比例情况公告如下： 序号 股东名称 持股数量（股） 持股比例 中国工商银行－上证50交易型开放式指数证券投 资基金 中国工商银行股份有限公司－华泰柏瑞沪深300 交易型开放式指数证券投资基金 中国建设银行股份有限公司－易方达沪深300交 易型开放式指数发起式 ...

| 序号 | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | 1 | 烟台国丰投资控股集团有限公司 | 677,764,654 | 21.59% | | 2 | 烟台中诚投资股份有限公司 | 330,379,594 | 10.52% | | 3 | 宁波市中凯信创业投资股份有限公司 | 301,808,357 | 9.61% | | 4 | Prime Partner International Limited | 172,993,229 | 5.51% | | 5 | 香港中央结算有限公司 | 142,888,996 | 4.55% | | 6 | 中国证券金融股份有限公司 | 73,348,508 | 2.34% | | 7 | 中国工商银行－上证50交易型开放式指数证券投 资基金 | 38,585,568 | 1.23% | | 8 | 中国工商银行股份有限公司－华泰柏瑞沪深300 交易型开放式指数证券投资基金 | 34,756,232 | 1.11% | | 9 | 中国建设银行股份有限公司－易方达沪深300交 易型开放式指数发起式证券投资基金 ...

《公告》发布后，多家银行业金融机构迅速响应，并在第一时间公布了发行或承销科技创新债券的情 况。 国家开发银行：发行3只科技创新债券，合计200亿元 《金融时报》记者日前从国家开发银行获悉，在央行指导下，国家开发银行于5月9日在银行间债券市场 三家金融基础设施机构发行3只科技创新债券，合计200亿元。 中国工商银行：发行科技创新债券200亿元，承销12个项目 工商银行（601398）表示，在监管机构的指导下，该行发挥投融资服务能力，于5月9日落地科技创新债 券，发行规模为200亿元。同时，工商银行还在目前公告发行的36个科技型企业、股权投资机构类项目 中，担任其中12个项目的主承销商。 中国农业银行：有力支持乡村振兴领域和民营类科技企业 农业银行（601288）相关负责人向记者介绍，该行5月9日承销的科技创新债券，涵盖新希望集团、立讯 精密（002475）、吉利控股集团、京东方4家科技型企业，以及西科控股、锡创投2家股权投资机构，实 现发行主体类型全覆盖，并有力支持乡村振兴领域和民营类科技企业。 "为进一步加大对科技创新的金融支持力度，人民银行将会同证监会、科技部等部门，创新推出债券市 场的'科技板'。"3月6 ...

Core Viewpoint - The 10th Bio-based Industry Conference and Exhibition (Bio-based 2025) will be held from May 25-27 in Shanghai, featuring over 100 industry leaders and top experts to discuss the future of the bio-based industry [1][19]. Group 1: Event Overview - The event will consist of three main components: an industry conference, an innovation exhibition, and the New Leaf Award selection and ceremony [1]. - It is expected to attract over 1500 industry professionals, focusing on global perspectives and downstream user needs to accelerate the integration of technological and industrial innovation [1]. Group 2: Organizing Institutions - The conference is organized by the Zhejiang Provincial Key Laboratory of Bio-based Polymer Materials and Ningbo Detaizhong Research Information Technology Co., Ltd. [9]. - Co-organizers include Jilin Guoke Innovation Incubation Investment Co., Ltd. and Changchun New Materials Industry Intellectual Property Operation Service Center [10]. Group 3: Expert Advisory Team - The advisory team includes prominent figures such as Yao Xianping, Wu Tao, and Chen Guoqiang, who are leaders in their respective fields [11][12][13]. Group 4: Conference Agenda - The agenda includes various forums and specialized sessions, such as the Macro Forum on the Bio-based Industry and the Key Chemicals and Materials Innovation Technology Forum [21][23]. - Specific topics will cover advancements in bio-based materials, sustainable applications, and investment opportunities in the bio-based sector [21][71]. Group 5: Networking and Collaboration Opportunities - The event will feature strategic discussions, brand demand matching sessions, and expert consultations to facilitate collaboration between brands and bio-based material solution providers [75][77]. - Notable brands from various sectors, including textiles, automotive, and consumer goods, will participate to explore sustainable planning and bio-based material needs [85].