新材料专场 - 中信建投证券 2025 年中期资本市场投资峰 会 20250618 摘要 锂电和光伏产业链在 2022 年底至 2023 年扩产增速大幅下滑，实业层 面的扩产刹车从 2024 年开始，需警惕后续需求增速减缓可能导致的产 能过剩风险。 国内光伏装机量持续增长带动变压器相关业务快速扩张，但 AI 需求对变 压器扩产的提升作用相对有限，需关注潜在风险。 风电产业受光伏竞争影响盈利情况一般，海上风电受政策影响较大，光 伏产业链目前惨淡，但市值隐含盈利预期认为未来有望恢复正常水平。 储能领域扩产量仍居前列，但仍有较大存量产能需要消化，左侧环节供 需形势相对较好，右侧环节存在供需过剩问题。 固态电池发展良好，供需形势向好，行业格局较理想，一旦形成替代趋 势，市场空间巨大，光伏和锂电市场可能达到太瓦级规模。 化工行业资本开支连续三年下行，需求端表现不佳，中美关税问题预计 将继续对出口需求造成压力，未来走势仍需谨慎观察。 油价波动直接影响油头、气头、煤头等产品的边际成本及供需关系，高 油价可能加剧全球经济压力，对化工行业投资机会具有关键性影响。 Q&A 新能源行业电芯板块的现状及未来预期如何？ AI 需求对变 ...

证券研究报告 关注供给冲击，看好新材料进口替代 ——基础化工行业2025年中期策略 行业评级：看好 目录 C O N T E N T S 03 投资策略：关注供给冲击，看好新材料进口替代 04 重点公司推荐 05 风险提示 2 2025年6月19日 行业回顾：景气底部，结构分化 01 Partone | 分析师 | 李辉 | 汤永俊 | 李佳骏 | 沈国琼 | | --- | --- | --- | --- | --- | | 邮箱 | lihui01@stocke.com.cn | tangyongjun@stocke.co | lijiajun@stocke.com.cn | shenguoqiong@stocke.c | | | | m.cn | | om.cn | | 证书编号 | S1230521120003 | S1230523120009 | S1230524090001 | S1230524100001 | 3 行业回顾：景气底部，结构分化 01 02 行业展望：出口承压，内需弱稳，关注供给冲击 图：化工行业利润率降至历史低位（%） 图：化工PPI持续回落（%） 图：化工品价格指数持续下跌 ⚫ ...

Group 1 - The event held on June 19 aimed to create an efficient platform for deepening industry services, enhancing communication, sharing experiences, and fostering cooperation in the plastic sheet and board industry [1] - Yiyuan has implemented an industrial strength strategy, significantly boosting the new materials sector, which has reached a production value of 131.5 billion [1] - The new materials industry in Yiyuan has developed a robust structure with three main segments: high polymer materials, inorganic non-metallic materials, and specialty metal materials [1] Group 2 - The plastic sheet and board industry is a key supporting industry in Yiyuan's development as a "Fiber New Materials City" [2] - Shandong Ruifeng High Polymer Materials Co., Ltd. is a leading producer of ACR processing aids and MBS impact modifiers, breaking foreign technology monopolies in high-end PVC board materials [2] - Shandong Botuo New Materials Co., a national-level specialized "little giant" enterprise, has advanced production lines with an annual output of 100,000 tons of PVC foam boards and other products, achieving international leading performance indicators [2] Group 3 - Shandong Ruifeng High Polymer Materials Co., Ltd. holds a leading position in the MBS impact modifier market, with over 80 national patents, including more than 50 invention patents [3] - The company has a comprehensive production capacity of over 200,000 tons for PVC additives, leading the industry in ACR/MBS production capacity [3] - The recent technology exchange and market docking event included lectures, investment promotions, and on-site observations, aiming to deepen collaboration with industry associations and enhance the new materials industry's high-quality development [3]

天津大学本科生招生办公室主任 刘坤：提醒广大考生6月20日之前一定要完成考试确认，并且尽量往前赶，以免网络拥堵造成确认不成功，耽误考试。 哈尔滨工业大学本科生招生办公室主任 邢朝霞：大家一定要完成确认，才能在高考成绩出来之后，按照成绩从高到低，入围面试。以往有很多考生以为报 完名，就结束了，错过了确认这个环节，那么就丧失了进入强基计划面试的机会。 今年，中国人民大学首次把强基计划的校考环节，从高考成绩公布后，调整到了高考成绩公布前。 中国人民大学本科生招生办公室主任 熊俐嘉：以往我们按照高考成绩出分后再入围校考的话只有400多人，今年我们改为高考出分前校考，一共有5000多人 参加了笔试。所有报名的考生，我们都给予了初试的机会。给一些学科特长的考生有了更多新的机会。 强基计划校考按时间，可分为高考出分前和出分后两种模式。目前，在高考出分前进行校考的学校有12所。其余27所高考成绩公布后校考的高校中，除了清 华大学、北京大学无需确认之外，考生大多还需要在6月20日前登录报名平台，完成校考确认环节。 央视网消息：这几天，强基计划试点高校陆续进入校考阶段。强基计划，是教育部从2020年起实行的一项基础学科招生改革试 ...

Group 1 - The core viewpoint of the articles highlights the strategic investment and development plans of Satellite Chemical in the catalyst sector, aiming to enhance its position as a leading player in the chemical new materials industry [1][2] - Satellite Chemical has committed to invest over 10 billion yuan in research and development across four key areas: catalysts, new energy materials, polymer new materials, and functional chemicals over the next five years [1] - The newly signed high-performance catalyst project represents an investment of approximately 3 billion yuan, establishing an integrated research and production platform for high-performance catalysts and advanced new materials [1] Group 2 - The company aims to become a world-class chemical new materials technology company, focusing on fundamental research and cutting-edge technological innovation [2] - Significant breakthroughs have been achieved in key catalyst areas, including the industrialization of catalysts for ethylene to 1-butene, 1-hexene, and 1-octene, reaching internationally advanced levels [2] - The company reported over 500 global patents, with more than 100 patents related to catalysts and new materials, indicating a significant enhancement in its independent research and development capabilities in high-end catalysts [2]

2025 年 06 月 18 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn [Table_Title] 五大业务多元发展，拟收购三爱富股权打开成长 空间 ——华谊集团（600623）公司动态研究 最近一年走势 | 相对沪深 | 表现 300 | | | 2025/06/18 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 华谊集团 | | 5.9% | 3.7% | 26.2% | | 沪深 300 | | -0.4% | -3.3% | 9.3% | | 市场数据 | 2025/06/18 | | --- | --- | | 当前价格（元） | 7.55 | | 52 周价格区间（元） | 5.48-7.94 | | 总市值（百万） | 16,092.44 | | 流通市值（百万） | 14,132.41 | | 总股本（万股） | 213,144.96 ...

【DT新材料】 获悉， 6月16日， 鼎际得 公告，公司控股子公司 辽宁鼎际得石化科技有限公司 （以下简称"石化科技"）于近日完成POE高端新材料 项目中试装置投产，已成功产出合格POE产品。 根据此前公告，公司"POE高端新材料项目"分为近期项目及远期项目，其中近期项目分两期建设。 近期项目预计总投资100亿元 。其中： 2025年7月4-5日 浙江·宁波 近期项目的一期项目 总投资预计60亿元，固定资产投资预计45亿元，将用于建设 20万吨/年POE 、30万吨/年乙烷制α-烯烃（后工段）及公用工程等 相关配套设施； 近期项目的二期项目 总投资预计40亿元，固定资产投资预计35亿元，将用于建设 20万吨/年POE 、30 万吨/年乙烷制α-烯烃（前工段）及公用工程等 相关配套设施。 远期规划项目 初步计划建设 40万吨/年液相聚乙烯、30万吨/年乙烷制醋酸乙烯、 20万吨/年POE 、二氧化碳重整制烯烃及公用工程等相关配套设 施，远期项目的投资总额等具体事宜另行协商约定。 本次中试装置的投产，为一期项目中"年产 20 万吨 POE 装置"顺利投产奠定了夯实的基础。同时，也验证了石化科技自研、自产的 POE ...

（1）甘肃巨化新材料有限公司高性能硅氟新材料一体化项目 该项目是甘肃历史上规模最大的工业项目 ， 总投资4104655万元 ，于2024年1月28日正式开工，主要新建有 关硅氟新材料，拟新建主要装置有：年产36万吨工业硅、10万吨多晶硅、5万吨三氯氢硅、 12.5万吨含氟聚合物（氟橡胶（1万吨）、FEP （1万吨）、PTFE（5万吨）、PFA（0.5万吨）、PVDF（5万吨）） 、2.9万吨HFP、2万吨五氟丙烷（R245eb）、3万吨HCC-240 （R240）、8万吨 R152a（HFC-152a）、12万吨R142b（HCFC-142b）、7万吨VDF、12万吨四氯乙烷、3万吨四氯乙烯、19.5万吨R22、10.5 万吨TFE等装置；配套建设年产76万吨甲烷氯化物（一氯甲烷（36万吨）、二氯甲烷（13万吨）、三氯甲烷（27万吨））、15万吨AHF、30万吨氯化 钙、30万吨硫酸、24万吨电石、90万吨离子膜烧碱（综合利用项目自产废盐）等装置及相应设施。 （2）中海壳牌石油化工有限公司惠州聚碳酸酯项目26 万吨/年聚碳酸酯装置及部分配套项目 【DT新材料】 获悉，近日， 中国化学 发布公告，公司1-5月份 ...

Suspension - *ST Huamei: The controlling shareholder Shanghai Pengsheng Technology Industry Co., Ltd. is planning a significant matter regarding the transfer of company shares, which may lead to a change in control of the company, resulting in stock suspension [1] Restructuring, Mergers, Acquisitions, and Private Placements - Konggang Co., Ltd.: Plans to sell 80% equity of Tianyuan Construction to its controlling shareholder, constituting a major asset restructuring [2] - Wolong Nuclear Material: Plans to purchase 25% equity of Changyuan Electronics for 340 million yuan; after the completion of this equity purchase, the company's shareholding in Changyuan Electronics will change from 75% to 100% [2] - Kangda New Materials: Plans to raise no more than 585 million yuan through a private placement for the expansion project of 80,000 tons/year electronic-grade epoxy resin, R&D center, and military electronic composite materials project, as well as to supplement working capital [2] Shareholding Changes, Increases, Transfers, and Buybacks - Huate Dain: Received a stake increase from Guo Weisong, with the shareholding ratio reaching 5% [3] - Lantian Gas: The controlling shareholder Lantian Group plans to increase its holdings by 100 million to 150 million yuan [4] - Aikedi: Plans to repurchase company shares for 100 million to 200 million yuan [5] - Liyang Chip: Shareholder inquiry transfer pricing at 15.59 yuan/share [6] - Donghu Gaoxin: Tianfeng Tiancai Asset Management Plan intends to transfer 1.26% of shares to the indirectly controlling shareholder LianTou Group [7] - Qizhong Technology: Plans to repurchase shares for 75 million to 150 million yuan [8] External Investments and Daily Operations - Small Commodity City: Plans to establish a wholly-owned subsidiary in Hong Kong and apply for a Hong Kong TCSP license to provide financial solutions for cross-border trade through the "Yi Payment" platform [9] Performance Changes - Qingda Environmental Protection: Expected operating income in the first half of 2025 is between 900 million to 1.25 billion yuan, a year-on-year increase of 75.12% to 143.22%, driven by increased delivery of energy-saving environmental treatment system products [12] - Obi Zhongguang: Expected cumulative operating income from January to May 2025 is approximately 363 million yuan, a year-on-year increase of about 117.18%; net profit attributable to the parent company is around 55 million yuan, an increase of approximately 86.44 million yuan [12]

Group 1 - The stock of Kaili New Materials (688269) has a comprehensive score of 60.52, indicating a strong performance [1][2] - The main cost analysis shows the following prices: current main cost at 33.12 CNY, 5-day main cost at 34.19 CNY, 20-day main cost at 32.46 CNY, and 60-day main cost at 30.05 CNY [1][2] - The stock has not experienced any limit-up or limit-down events in the past year [1] Group 2 - The short-term support level is at 35.18 CNY, while the mid-term resistance level is at 30.89 CNY [2] - The stock price has broken below the short-term support level, suggesting a cautious approach for short-term investors; the mid-term trend remains unclear [2] - The K-line pattern indicates a "Three Black Crows" formation, which may suggest a potential peak and subsequent decline [2] Group 3 - On June 18, 2025, the net outflow of main funds was 646.15 million CNY, accounting for -17% of the total transaction volume [2] - There was no net inflow from large orders, while small investors experienced a net outflow of 25.69 million CNY [2] - Related industry sectors showed declines: Chemical Products at -0.80%, New Materials at -0.40%, Energy Conservation and Environmental Protection at -0.58%, and Central State-Owned Enterprise Reform at -0.60% [2][4] Group 4 - Recent financial data indicates earnings per share of 0.17 CNY, operating profit of 0.23 billion CNY, and a sales gross margin of 8.12% [2][4] - The net profit reported is 21,873,154.57 CNY [4]