1月4日晚间，方大炭素（600516）披露《关于终止参与杉杉集团及其全资子公司实质合并重整的公 告》。 方大炭素称，公司按照杉杉集团有限公司（简称"杉杉集团"）管理人发布的公告要求，提交了报名材 料，缴纳了尽职调查保证金5000万元，签署了尽职调查保密协议，开展尽职调查，并与杉杉集团管理人 就尽调内容、产业协同、战略规划、标的资产估值等关键事项进行了多次沟通。 由于尽职调查时间短，尽职调查不充分，无法对标的资产做出合理的价值判断。基于整合后风险因素的 审慎评估，同时，结合方大炭素在新材料、新能源领域的战略规划，为切实维护上市公司和广大投资者 的利益，经公司审慎研究，决定终止参与杉杉集团及其全资子公司实质合并重整事项。 方大炭素称，终止参与重整事项，不会对公司的生产经营及财务状况产生不利影响。 彼时方大炭素表示，通过发挥自身在负极产业的技术、资本、渠道等优势，作为产业协同方参与杉杉集 团及其全资子公司朋泽贸易的实质合并重整，有利于公司加快负极产业布局，实现产业链一体化和供应 链长期稳定安全，充分发挥公司固态电池等新能源产业协同效应，增强公司盈利能力，提升公司核心竞 争力。 虽然母公司杉杉集团深陷重整泥潭，但上市 ...

氨基酸是构成蛋白质大分子的基础结构，是生物体组成的根本，具备蛋白质合成、能量供应、激素合成、神经传递物质、细胞修复和再生等多种作用，可广 泛应用于食品工业、农业、畜牧业及人类健康保健等多个领域，是一种极具功能价值及经济价值的物质。 不同领域的旺盛需求正持续催动氨基酸市场空间的扩大。根据Polaris Market Research数据，全球氨基酸市场规模在2021年达到约261.9亿美元，预计以约 7.5%的年均复合增长率增长至2030年的约 494.2亿美元。作为全球氨基酸生产和消费大国，我国在全球氨基酸产业中占据着重要位置。据智研咨询数据， 2020年中国氨基酸市场规模占比为32.23%，位居世界第一 。 12月以来，远大医药(00512)重磅利好频传，在2025年收官之际，公司生物科技领域再度迎来战略扩张——据公司12月31日公告，远大医药近日收购河北远 大九孚生物科技有限公司(河北远大九孚)等公司(合称"目标公司")的全部股权，战略整合了公司生物科技领域氨基酸板块的产业链布局。 此次收购，是远大医药在氨基酸板块的又一重要产业布局，收购完成后，公司将通过生产技术平台以及市场渠道整合，提升其上游氨基酸原料 ...

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [4][7]. Core Insights - The company is a leading player in the nylon industry, with a stable profitability trend and a comprehensive product chain from basic raw materials to high-value-added products [1][3]. - The company has made significant progress in domestic production of key raw materials, particularly adiponitrile, which has historically been dominated by foreign companies [2]. - The company is enhancing its core competitiveness through vertical and horizontal integration of its industrial chain, ensuring stability in supply and increasing product value [3][26]. Summary by Sections Company Overview - The company has a stable revenue structure and has been deeply involved in the nylon industry for many years, with a strong state-owned shareholder background [11][13]. - The revenue scale has remained relatively stable, with a potential bottoming out of the declining profitability trend [16][20]. Business Expansion - The company focuses on the nylon core business while expanding horizontally and vertically, constructing a complete industrial chain for nylon 66 and nylon 6 [26][34]. - The company is actively developing high-value-added products and has established joint ventures to penetrate new markets, including the automotive sector [3][34]. Financial Forecast and Valuation - The company is expected to maintain steady revenue growth over the next two years, with projected revenues of 133 billion, 143.5 billion, and 157.5 billion yuan for 2025-2027, respectively [4][37]. - The forecasted net profits for the same period are -0.35 billion, 1.11 billion, and 2.26 billion yuan, indicating a significant recovery in profitability [4][37]. - The company’s price-to-earnings (P/E) ratio is projected to be 93.43 and 45.79 for 2026 and 2027, respectively, with a price-to-book (P/B) ratio of 1.43, which is lower than comparable companies [4][41].

近期在资本市场上频频出手的广州工控又有大动作了。 "呜——"随着一阵汽笛声响起，2025年12月31日上午，一艘装载重工装备产品的货轮从广州工控大湾区 高端装备产业园自有码头出航，标志着该园区正式开园，开启"广州智造"走向全球市场的崭新航程。 该园区位于广州南沙穗港智造基地，由工控产业园集团运营，占地面积约647亩，总建筑面积约26.5万 平方米，总投资达47亿元，是广州工控集团在粤港澳大湾区布局战略性新兴产业的重要载体。近期广州 工控入主旭升集团完善新能源汽车全链条布局，两者协同发力下，广州工控集团正稳步推进产业链垂直 整合，构建千亿级先进制造业产业集群。 多家企业入驻园区 作为广州工控集团落实《广州南沙深化面向世界的粤港澳全面合作总体方案》及广州市委、市政府"产 业第一、制造业立市"战略的产业平台，园区以工业化、数智化、绿色化"三化融合"为主线，构建起 以"临港重型装备"为核心的"1+3"产业体系，重点布局盾构机、汽轮机发电机组、高技术船舶核心动力 部件等高端装备赛道，为广州"12218"和南沙"8+2+3"现代化体系建设提供有力支撑。 开园仪式当天，一系列合作签约同步举行。中建科技、中铁装备天津公司、广 ...

| X | | --- | | 12 | | --- | | 免责声明 | 能化板块研发报告 供需双弱持续，原料风险关注 第一部分 前言概要 【行情回顾】 2025 年沥青市场走势由成本、政策及供需格局共同主导。年初低开工 低库存叠加冬储需求释放，现货价格上行；2 月油价走弱，节后需求复苏 不及预期引发累库，叠加美对委制裁扰动原料贴水，期价冲高回落，3 月 委政策反复加剧贴水预期反转。二季度油价宽幅震荡，4 月受衰退担忧与 OPEC + 增产拖累下跌，6 月伊以冲突助推油价大涨，期价同步上行，炼 厂利润持续承压。下半年价格震荡下行，三季度旺季北强南弱，供应充裕叠 加原油走弱压制价格；四季度供应过剩，南北需求陆续收尾致库存攀升，价 格续跌，12 月北方冬储托底稳价，南方供应增量拖累价格下行。 【市场展望】 2026 年沥青行业产能过剩格局未改但出清提速，无新增产能，资源向 有配额及产业链一体化优势炼厂集中，供应环比收紧。作为 "十五五" 开 局年，沥青终端需求启动慢，重心转向存量养护，改性沥青预期存在增量。 上半年在低供应支撑下，库存水平预期整体偏低，但下半年需求偏弱的状态 下，去库速度预期放缓，年底库存水平偏 ...

公司已与福慧达(香港)有限公司("福慧达香港")订立基石投资协议，据此，福慧达香港同意在若干条件 规限下，按发售价每股发售股份12.26港元认购或促使其指定实体认购有关数目发售股份，总金额为人 民币2000万元(或约2206万港元)。按发售价每股发售股份12.26港元计算，福慧达香港将予认购的发售股 份总数将为178.1万股发售股份。 格隆汇12月31日丨红星冷链(01641.HK)发布公告，公司拟全球发售2326.3万股H股，中国香港发售股份 232.65万股，国际发售股份2093.65万股(以上可予重新分配)；2025年12月31日至2026年1月8日招股；发 售价将为每股发售股份12.26港元，H股的每手买卖单位将为500股，建银国际及农银国际为联席保荐 人；预计H股将于2026年1月13日在联交所开始买卖。 公司是一家冷冻食品仓储服务及冷冻食品门店租赁服务提供商，总部位于湖南省长沙市，主要提供冷冻 食品仓储服务。自2006年成立以来，公司已开发出一种业务模式，即将食品冻库与冷冻食品门店租赁相 结合，让公司能够连结冷冻食品供应链中的批发商及零售商。就公司的冷冻食品仓储服务而言，公司向 冷冻食品批发商及零 ...

定 5-6 亿湿吨镍矿资源的供应，并已在印尼建立四大镍原料产业 基地，打通资源、冶炼、材料的垂直一体化产业链生态。 2、对此次镍价上涨周期怎么看？ 答：公司持续完善一体化产业链生态的搭建，LME 镍价上涨 对公司经营利润有积极影响。 3、公司与下游客户的谈价周期和定价机制是什么，是否受 上游金属价格波动影响？ 答：公司与大客户主要签订长期合作协议方式，协议时间至 少三年以上。公司采取"以销定产"的经营策略以及"主要原材 料成本+加工费"的价格传导定价机制，辅以套期保值业务，最 大程度降低原材料价格波动的直接影响。 4、公司 2025 年镍系三元未来增长驱动因素有哪些？ 答：展望未来，基于中国市场对长续航需求提升、单车带电 量提升、固态电池产业化、欧洲新能源车需求向好，未来镍系材 料仍然具备较大市场增长空间。 5、公司磷酸铁锂相关的资源布局、开采情况及成本等信息？ 答：产能布局方面：目前公司在贵州开阳布局了 20 万吨磷 酸铁和 5 万吨磷酸铁锂产能。资源布局方面：磷资源，公司在贵 州开阳掌控优质磷矿资源，磷矿资源量达 9844 万吨，平均品位 25%；规划年开采量 280 万吨，近期即将启动动工；锂资源，公 ...

复合肥企业包括生产型和营销型两大类，2020年以来，复合肥产业链宽幅震荡后回归理性，行业竞争加 剧，两大类企业围绕成本、产品、品牌和渠道等全方位的角逐已成常态，头部企业竞争优势愈发突出。 （1）新洋丰：复合肥年产能798万吨、磷酸一铵年产能185万吨，公司复合肥产销量连续多年位居国内 第一，磷矿石、硫酸、合成氨等配套日臻完善。（2）云图控股：复合肥年产能745万吨、磷酸一铵年产 能43万吨，着力打造"盐—碱—肥"氮肥产业链和磷酸分级利用产业链。（3）史丹利：复合肥年产能590 万吨，磷酸一铵年产能110万吨，"品牌+渠道+产品+服务"综合经营模式，随着河北承德和湖北松滋磷 化工项目进入使用状态，公司实现了磷肥原料的部分自供。2022年以来，龙头企业存货及应收账款周转 速度稳健，经营现金呈持续净流入，现金分红比例稳中有升。 复合肥：行业供需向好，看好龙头企业量利修复、分红提升 复合肥上游为氮肥、磷肥、钾肥等单质肥，下游对接农业生产。（1）需求端：据国家统计局数据， 2000-2023年国内农用复合肥施用折纯量自918万吨增长至2,401万吨，CAGR达到4.3%，增速显著高于氮 肥、磷肥以及农用化肥总施用量；2 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the compound fertilizer industry is experiencing a favorable supply-demand dynamic, with expectations for leading companies to see volume and profit recovery, as well as increased dividends [5][7][28] - The compound fertilizer market is transitioning towards new types of fertilizers that are more efficient, specialized, functional, and precise, driven by changes in agricultural practices and consumer demand [28] Summary by Sections 1. Demand Side - The consumption of compound fertilizers has a strong necessity attribute, with the compound fertilizer application rate in China expected to continue rising. From 2000 to 2023, the application of compound fertilizers increased from 9.18 million tons to 24.01 million tons, with a CAGR of 4.3%, while the overall fertilizer application rate reached 47.8% in 2023 [20][24][22] 2. Supply Side - The compound fertilizer industry operates on a sales-based production model, with a low operating rate. As of November 2025, the domestic compound fertilizer capacity was 134.14 million tons, with an annualized operating rate of 38.8% [27][39][36] - The industry is characterized by a seasonal demand pattern, with production concentrated in resource-rich areas or sales locations, leading to a fragmented capacity distribution [28][39] 3. Price Review and Competitive Landscape - The pricing of compound fertilizers is primarily based on a cost-plus model, with raw material costs accounting for over 80% of total costs. The report notes that fluctuations in raw material prices significantly impact the profitability of compound fertilizers [43][42] - Leading companies are enhancing their competitive advantages through comprehensive strategies involving cost management, product development, branding, and distribution channels [6][7][28] 4. Company Analysis - Key players in the compound fertilizer industry include New Yangfeng, Yuntu Holdings, and Stanley, all of which have demonstrated significant advantages in terms of production capacity and integrated supply chains [6][7][28] - New Yangfeng has a production capacity of 7.98 million tons of compound fertilizers and has maintained a leading position in sales volume for several years [6][7] - Yuntu Holdings focuses on developing a nitrogen-phosphorus fertilizer industry chain and has a production capacity of 7.45 million tons [6][7] - Stanley employs a comprehensive business model that integrates branding, channels, products, and services, with a production capacity of 5.90 million tons [6][7]

Financing and Investment - The primary financing methods for listed companies in the hydraulic industry are through targeted placements, mainly aimed at expanding production lines and supplementing working capital [1][2] - Notable financing events include: - AVIC Heavy Machinery's targeted placement of 1.889 billion yuan for acquiring 80% of Hongshan Forging and establishing a technology research institute [2] - Hengli Hydraulic's targeted placement of 1.999 billion yuan for various projects including the Mexico project and international R&D center [2] - Aidi Precision's issuance of convertible bonds amounting to 1.0132 billion yuan for technological upgrades [2] External Investments - Representative companies in the hydraulic industry are diversifying their external investments to achieve vertical integration within the supply chain [3][4] - Examples of external investments include: - Hengli Hydraulic's 60 million yuan investment in Jiangsu Hengli Hydraulic Technology Co., focusing on hydraulic components and software development [3] - Aidi Precision's investments in various subsidiaries for hydraulic machinery and tools, totaling over 80 million yuan [3][4] Mergers and Acquisitions - Recent mergers and acquisitions in the hydraulic industry include significant transactions aimed at expanding market reach and product offerings [13][14] - Notable acquisitions include: - The acquisition of Zhongmei Hydraulic by Chuangli Group's subsidiary, enhancing their market position in coal machinery [13] - Bosch Rexroth's acquisition of HydraForce, which strengthens their presence in North America and expands their product offerings [14] Capital Market Activity - The investment heat in the primary capital market for the hydraulic industry remains relatively low, with companies focusing on high-end and miniaturized hydraulic products [6][7] - Key investment events include: - Hengchuang Precision's B round financing of 30 million yuan for hydraulic components [7] - Various A round financings for companies like Yuci Hydraulic and Bole Hydraulic, focusing on high-pressure pumps and hydraulic systems [7][9] Industry Development Bases - The hydraulic industry has established several key development bases recognized by the government, which continue to drive industry growth [10][12] - Notable bases include: - Fuxin National Hydraulic Equipment High-tech Industrialization Base, covering 33.8 square kilometers with multiple research centers [12] - Luzhou National High-performance Hydraulic Components Base, with a planned area of approximately 20 square kilometers [12] Summary of Industry Trends - The hydraulic industry is witnessing a trend towards diversification and integration, with companies investing in various sectors and expanding their operational capabilities [4][6] - The focus on high-end hydraulic products and technological advancements is expected to shape the future landscape of the industry [6][16]