Core Viewpoint - Shenyang Shima Industry Co., Ltd. is expanding its overseas market presence by establishing a new company in Ningdong Energy Chemical Base, focusing on the production of high-performance nylon 66 industrial yarn and dipped fabric, which is expected to enhance its product structure and profitability [1][2]. Group 1: Project Overview - The new company, Ningdong Company, will have a registered capital of RMB 169 million, fully funded by Shima [1]. - The first phase of the Ningdong project aims to produce 20,000 tons of industrial yarn and 13,000 tons of dipped fabric, with construction expected to start in March 2026 and completion by September 2027, projecting a return on investment of 9.6% [1]. Group 2: Market Demand and Strategic Importance - The products from the Ningdong project are primarily targeted at the automotive sector, which is experiencing rapid growth in demand for dipped fabric due to the expanding scale of passenger vehicles in China [1]. - The project is seen as a strategic move for Shima, combining capacity expansion, technology upgrades, cost optimization, and international market expansion, thereby reinforcing its leading position in the global nylon 66 dipped fabric market [2].

Group 1 - The company announced three capacity expansion plans with a total investment exceeding 1.5 billion RMB to enhance competitiveness and ensure supply of yeast products [1] - The Russian subsidiary plans to increase registered capital and implement a production line expansion project with an annual capacity of 22,000 tons of yeast, with a total investment of 1.062 billion RMB [1] - The company aims to achieve over 600,000 tons of total production capacity in the future, positioning itself as the world's largest yeast company [2][3] Group 2 - As of the first three quarters of this year, the company's revenue reached 11.786 billion RMB, representing a year-on-year growth of 8.01% [2] - The company has a domestic capacity utilization rate of over 90% and an overseas utilization rate of 100%, indicating a capacity shortfall [2] - The yeast industry is characterized by significant economies of scale, with high capacity utilization being crucial for maintaining gross margins [3]

本报讯 （记者邬霁霞）11月24日晚间，浙江泰鸿万立科技股份有限公司（以下简称"泰鸿万立"）发布公告称，公司计划出 资4.8亿元在天津市设立全资子公司天津泰鸿万立汽车零部件有限公司（以下简称"天津泰鸿"，注册资本为1亿元），并由天津 泰鸿作为项目实施主体投资建设"汽车车身结构件生产线建设项目"。 公告显示，本次投资项目建设用地面积约96亩（具体面积以实际测绘为准），地块拟位于天津市京滨工业园（以实际取得 位置为准）。项目建成后将形成年产115万套汽车车身结构件的产能。目前，公司已与天津京滨工业园开发有限公司签署了 《京滨工业园投资协议》。 泰鸿万立相关负责人表示，本次对外投资事项是基于公司在技术和市场方面的积累，与本公司现有主业紧密相关，本项目 的实施将进一步优化公司的产品结构，升级产品制造交付能力，扩大公司生产规模，有利于进一步增强公司的核心竞争力，有 助于公司进一步开发新客户和新业务，提高公司盈利水平，推动公司快速发展。 （编辑 李波） ...

Core Viewpoint - Angel Yeast is investing over 1.5 billion RMB in three capacity expansion projects to enhance its product competitiveness and ensure the supply of yeast and food raw materials [2][3]. Group 1: Investment Plans - The company plans to increase the registered capital of its wholly-owned subsidiary in Russia to implement a yeast production line expansion project with an annual capacity of 22,000 tons, with a total investment of 1.062 billion RMB [2]. - A flexible intelligent manufacturing project for food raw materials with an annual capacity of 60,000 tons is planned, with an investment of 215 million RMB, expected to start in February 2026 [2]. - The company aims to enhance the competitiveness of its yeast extract products through a smart manufacturing project in Liuzhou, with an investment of 232 million RMB, expected to commence in March 2026 [2]. Group 2: Current Operations and Market Position - As of mid-2025, Angel Yeast operates 16 yeast factories globally, with a total yeast product capacity exceeding 450,000 tons, making it the second-largest yeast company in the world [3]. - The company aims for a revenue growth of over 10% in 2025, with a reported revenue of 11.786 billion RMB in the first three quarters of the year, reflecting an 8.01% year-on-year increase [3]. - The current domestic capacity utilization rate is over 90%, while overseas capacity utilization is at 100%, indicating a capacity shortfall based on future sales plans [3]. Group 3: Industry Context - The global yeast production capacity exceeds 2.1 million tons, with major players including Lesaffre, Angel, and AB Mauri, holding over 70% of the market share [5]. - The yeast industry is characterized by significant economies of scale, where fixed costs decrease substantially with increased production, making high capacity utilization crucial for maintaining profit margins [4]. - To achieve its goal of becoming the world's largest yeast company, Angel Yeast must proactively expand its production capacity to capture market share and avoid missing industry consolidation opportunities [5].

泰鸿万立（603210）(603210.SH)发布公告，公司计划出资4.8亿元在天津市设立全资子公司天津泰鸿(注 册资本为1亿元，以市场监管局实际登记为准)，并由天津泰鸿作为项目实施主体投资建设"汽车车身结 构件生产线建设项目"。公司已与天津京滨工业园开发有限公司签署了《京滨工业园投资协议》，该项 目建成后将形成年产115万套汽车车身结构件的产能。 此次投资事项是基于公司在技术和市场方面的积累，与本公司现有主业紧密相关，项目的实施将进一步 优化公司的产品结构，升级产品制造交付能力，扩大公司生产规模，有利于进一步增强公司的核心竞争 力，有助于公司进一步开发新客户和新业务，提高公司盈利水平，推动公司快速发展。 ...

杜邦MOLYKOTE与Vespel全球业务总经理涂凯诺表示："今天的奠基仪式标志着我们开启了新的篇章， 致力于更好地服务中国客户，加快创新步伐，并成为各行业解决磨损与摩擦挑战的首选合作伙伴。这一 新设施将增强本地应用及新配方开发能力，赋能客户协作，实现实时响应。" 中化新网讯 11月18日，杜邦公司在江苏省张家港市举行MOLYKOTE特种润滑剂新生产基地的奠基仪 式，标志着MOLYKOTE业务在全球产能扩张、客户响应速度提升以及本地创新发展方面迈出了坚实步 伐。 据介绍，该生产基地落户于张家港保税区的长江国际化工工业园，预计于2027年初正式投产。通过这一 战略性投资，杜邦将满足中国市场交通运输、工业、能源以及电子等行业对特种润滑解决方案日益增长 的需求。新工厂将通过更短的交付周期、更高的灵活性以及与本地客户更紧密的协作，打造创新、合作 与发展的平台，高效、精准地提供下一代润滑解决方案。 ...

南财智讯11月24日电，通达创智在投资者关系活动中表示，公司已批准使用募集资金6,000.00万元投入 马来西亚制造基地扩建项目，拟通过全资子公司实施，项目建设完成后预计达产年将新增680.00万件室 内家居用品产能，进一步提升产品供应能力与市场竞争力，满足下游市场需求，并降低美线客户的关税 风险，提升出口美国市场的销售收入。 ...

Core Viewpoint - The epoxy resin diluent industry is facing strict environmental and safety approvals for new capacity or expansions, and the processes and equipment involved are relatively complex. Currently, there are no expansion plans in place for the company [1]. Industry Summary - The epoxy resin diluent industry is experiencing stringent regulations regarding environmental and safety approvals for any new production capacity or expansions [1]. - The complexity of the processes and equipment in the industry contributes to the challenges in expanding production capabilities [1]. - As of now, the company has no plans for capacity expansion [1].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨长海股份（300196.SZ） [Table_Title] 销量延续高增，盈利相对稳健 报告要点 [Table_Summary] 长海股份发布 2025 年三季报：前三季度实现收入 23.59 亿元，同比增长 24%，归属净利润 2.57 亿元，同比增长 27%，扣非净利润 2.65 亿元，同比增长 46%。单 3 季度实现收入 9.04 亿元， 同比增长 33%，环比增长 31%，归属净利润 0.84 亿元，同比增长 4%，环比下降 8%，扣非净 利润 0.88 亿元，同比增长 33%，环比下降 3%。 请阅读最后评级说明和重要声明 分析师及联系人 [Table_Author] 范超 张佩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490523030002 SFC：BQK473 %% %% %% %% research.95579.com 公司发布 2025 年三季报：前三季度实现收入 23.59 亿元，同比增长 24%，归属净利润 2.57 亿 元，同比增长 27%，扣非净利润 2 ...

与此同时，创新实业本次IPO亦获得17名重量级基石投资者的鼎力加持，高瓴、中国宏桥、泰康人寿等 基石投资者豪掷3.51亿美元入局，豪华阵容与雄厚资金实力，进一步印证了公司在行业内的核心地位与 投资价值。 财务方面，创新实业的表现同样可圈可点。招股书显示，2022年至2024年期间，创新实业收入由人民币 134.90亿元提升至151.63亿元，年内利润由人民币9.13亿元提升至26.30亿元。根据大宗商品研究机构 CRU的报告，公司管理每吨铝现金成本的能力在中国所有电解铝冶炼公司中处于前5%之列，充沛的现 金流与高效的运营管理为其持续推进产能扩张与产业升级提供了有力支持。 智通财经APP获悉，11月21日，创新实业(02788)下午暗盘交易两大交易场辉力和富途均大幅上涨，其中 辉立暗盘收涨30.57%，收报14.35港元，富途收涨26.02%，收报13.85港元，合计成交金额6.5亿港元，对 应约8300万美金，交投非常活跃。作为中国电解铝行业的出海领军者，公司此次 IPO 不仅凭借豪华基 石投资阵容与火爆超额认购表现点燃市场热情，更以清晰的全球化战略、充沛的现金流及显著的估值优 势，成为今年港股市场极具潜力的 ...