Core Insights - The article highlights the rapid development of a nylon industry hub in Central China, specifically in Henan Province, where five leading companies are collaborating to enhance the quality and efficiency of the nylon supply chain [2][5]. Group 1: Company Developments - Hydrogen Chemical Company has invested 2.3 billion yuan in a modern facility that produces 400,000 tons of liquid ammonia and 400 million cubic meters of hydrogen annually, significantly reducing costs for downstream companies by 300 million to 600 million yuan per year [2]. - Nylon Technology Company has expanded its production capacity to 2.6 million tons per year, with a projected sales revenue exceeding 7.5 billion yuan in 2024, thanks to the integration of hydrogen and ammonia from Hydrogen Chemical Company [2][4]. - The first domestic 100,000 tons/year acetonitrile facility was launched at Nylon Technology Company, marking a significant step towards self-sufficiency in key raw materials for the nylon industry [3]. Group 2: Product Innovations - The Fabric Development Company specializes in producing high-quality nylon 66 industrial yarn and has successfully launched over 600 differentiated products, maintaining a leading market share globally [3][4]. - The Engineering Plastics Company, as the largest nylon 66 resin producer in China, has an annual production capacity of 250,000 tons and has developed several high-end products that fill domestic gaps, driving the industry towards higher value-added sectors [4]. Group 3: Industry Collaboration - The five companies are creating a synergistic ecosystem that optimizes resource allocation and enhances the resilience of the nylon supply chain, attracting over 200 upstream and downstream enterprises to the region [5]. - The collaborative efforts of these companies are reshaping the industry landscape, focusing on technological breakthroughs and innovation to achieve high-quality development in the nylon sector [5].

Macro Analysis - The recovery in U.S. non-farm employment in June 2025 shows concerns as government jobs contributed nearly half of the new jobs, raising doubts about sustainability [1] - Private sector employment weakened, with service sector job additions dropping from 141,000 to 68,000, indicating potential economic pressure from tariffs [1] - The probability of the Federal Reserve restarting interest rate cuts in the second half of the year remains significant [1] Tax Policy Impact - The successful implementation of the tax reduction bill may partially offset economic pressures from tariffs, but its limited impact suggests it will not provide strong stimulus [2] - The tax bill is expected to increase the U.S. government deficit by approximately $4 trillion over the next decade, exacerbating supply-demand mismatches in U.S. Treasury bonds [2] Trade Agreements - The U.S. is focusing on negotiating 10 trade agreements with Asian countries, with preliminary agreements reached with Vietnam and potential agreements with India, Malaysia, and Indonesia [3] - The deadline for negotiations has been extended to September 1, indicating a flexible approach from the U.S. government [3] REITs Market - As of June 30, 2025, the number of public REITs in China reached 68, with a total issuance scale of 177.06 billion yuan [4] - The secondary market for public REITs experienced a price correction but still achieved a positive return of 1.95% for the month [4] Credit Bonds - The total outstanding credit bonds in China reached 29.96 trillion yuan by the end of June 2025, with a monthly issuance of 1,316.36 billion yuan, reflecting a 62.65% increase month-on-month [5] - Credit spreads for various levels of local government bonds widened slightly compared to the previous month [5] Automotive Industry - In Q2 2025, Tesla's global delivery volume showed a recovery, while domestic competitors like Li Auto and NIO stabilized [12] - The Xiaomi YU7 has seen a surge in orders, prompting new energy vehicle companies to enhance their purchasing incentives [12] Chemical Industry - MXD6, a special nylon, exhibits high gas barrier properties and rigidity, with significant application potential in food packaging and automotive sectors [13] - The increasing production capacity of domestic manufacturers is expected to enhance the cost-effectiveness of MXD6 composite materials, expanding its market applications [13] Company Analysis - The report highlights the investment value of YUEJIANG (2432.HK), a leading global collaborative robot manufacturer, emphasizing its strong market position and technological advantages [14] - The company is expected to achieve revenues of 500 million, 670 million, and 890 million yuan from 2024 to 2027, respectively, with an "accumulate" rating assigned [14]

点击注册小程序 查看完整报告 基于轻量化及高刚性等特点，MXD6作为改性工程塑料应用领域多样 MXD6具备轻量化、高刚性和高尺寸稳定性的特点，添加碳纤维或玻纤等改性料后，其机械性能可以与PEEK 复合材料相媲美，同时还具备良好的外观品质。因此，MXD6作为改性工程塑料在汽车、电子电器、无人机、 航空航天等领域具有较高的应用潜力。以汽车领域为例，玻璃纤维增强的MXD6可以应用在汽车引擎的缸体、 缸盖、活塞、同步齿轮等部件。由于前期MXD6材料被海外厂商垄断，导致MXD6材料使用性价比有限，致使 MXD6材料在我国特种工程塑料消费量中的占比极低。根据弗若斯特沙利文数据，2021年我国特种工程塑料消 费量约为13.0万吨，其中MXD6消费量仅为0.1万吨，占比仅约为0.8%，自给率为0%。我们认为随着国产厂商 的持续放量，MXD6复合材料的使用成本将持续降低，由此将明显提高MXD6复合材料的使用性价比，从而进 一步拓宽MXD6复合材料的应用场景和市场规模。 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 本周转债市场继续上涨，全周中证转债指数涨跌幅为+1.2%（上一交易周为+2.1%），连续两周录得可观涨 幅；本周中证全指变动为+1.1%。2025年开年以来，中证转债涨跌幅为+7.9%，中证全指数涨跌幅为+4.6%，转 债市场表现好于权益市场。展望后市，基本面、宏观政策仍是当前转债市场重要的影响因素，可以继续关注提 振内需等领域正股绩优的转债。 （张旭/李枢川）2025-07-05 您可点击今日推送内容的第2条查看 今 日 聚 焦 【金工】市场小市值风格显著，PB-ROE组合表现较佳——量化组合跟踪周报20250705 本周BP因子和盈利因子获得正收益，非线性市值因子和规模因子取得明显负收益，市场小市值风格明显。PB- ROE-50组合 ...

2025 年 7 月 5 日 行业研究 MXD6 具备高阻隔及高刚性特点，国产厂商放量在即空间广阔 ——MXD6 特种尼龙行业动态报告 要点 MXD6 商业化始于 20 世纪 80 年代，兼具高阻隔及高刚性特点。聚己二酰间苯 二甲胺（MXD6）是由间苯二甲胺（MXDA）与己二酸缩聚制得的一类结晶型聚 酰胺。20 世纪 80 年代，日本三菱瓦斯化学公司实现了 MXD6 的工业化。得益 于分子结构中引入的芳香环，MXD6 兼具脂肪族尼龙的易加工性与芳香族聚合物 的高强度，具备高气体阻隔性、高刚性、良好的热稳定性和低吸水率等特性。在 工程应用中，MXD6 通常通过直接熔融缩聚法制得，该工艺具备连续化、产品性 能优异等优势，技术门槛也更高。 基于高阻隔性，MXD6 在食品饮料包装领域用量空间可观。MXD6 因其优异的氧 气和二氧化碳阻隔能力，可应用于食品和饮料的包装材料中。通过与 PA6、PET 等材料共混或共挤，MXD6 可制成多种形态的包装结构，有效延长预制菜、碳酸 饮料、茶饮料等产品的货架期，并实现包装的轻量化。根据艾媒咨询统计，2024 年我国预制菜行业市场规模约为 6972 亿元。根据国家统计局等统计，20 ...

Economic Performance - The Pingdingshan Nylon New Materials Development Zone achieved fixed asset investment of 1.86 billion, a year-on-year increase of 8.4% from January to May [1] - The industrial added value reached 1.69 billion, growing by 15.7% year-on-year [1] - The total industrial output value was 8.55 billion, with a year-on-year increase of 15.8% [1] - Expected operating income is 13.25 billion, reflecting a year-on-year growth of 1.8% [1] Project Development - The development zone plans to implement 35 projects this year with a total investment of 22.54 billion, including 6 provincial key projects worth 5.34 billion and 17 municipal key projects worth 15.75 billion [3] - Nine projects, including the first phase of the Nylon Technology annual production of 100,000 tons of caprolactam project, are expected to be completed in the first half of the year, adding an estimated annual output value of 6 billion [3] - Four new projects have commenced, with a total investment of approximately 2.72 billion, contributing to industrial upgrades and the cultivation of emerging industries [3] Investment Attraction - The development zone has adopted a "dual recruitment and dual introduction" strategy as a key initiative, focusing on upstream sourcing, midstream strengthening, and downstream expansion [4] - The zone's招商团队 has conducted 46 online promotional activities and visited 23 leading enterprises across four provinces [4] - A total of 18 projects have been connected, with an estimated total investment of approximately 8.27 billion, including 5 projects ready for signing worth about 2.43 billion [5]

Core Viewpoint - The recent IPO application by Fujian Jiayi Chemical Fiber Co., Ltd. (referred to as "Jia Mei New Material") highlights the ongoing trend of Chinese companies seeking to list in the U.S. despite global market volatility, aiming to enhance their corporate value through capital markets [1]. Company Overview - Jia Mei New Material, established in 1999, specializes in the production of customized nylon filament products, focusing on multifunctional, eco-friendly, and non-standard customized elastic nylon materials [1]. - The company has expanded its sales network internationally, exporting products to various textile markets including the U.S., Italy, Canada, and several others since 2016 [2]. Financial Performance - As of March 31, 2025, Jia Mei New Material reported revenues of 94 million yuan and 115 million yuan for the fiscal years ending March 31, 2023, and March 31, 2025, respectively, reflecting a year-on-year growth of 22.34% [3]. - The net profit for the same periods was 5.876 million yuan and 8.379 million yuan, showing a year-on-year increase of 42.6% [3]. - The revenue from functional and customized DTY products, primary POY products, and lace and other categories all demonstrated significant growth, contributing to the overall revenue increase [3]. Industry Context - The nylon filament industry in China is experiencing a "volatile recovery," with downstream consumption primarily concentrated in the textile sector [4]. - The physical consumption of nylon filament was approximately 3.16 million tons in 2023, with a compound annual growth rate of 3.3% from 2019 to 2023 [4]. - The industry faces challenges such as overcapacity and intense competition, with projections indicating that nylon consumption will reach 3.43 million tons by 2024 and nearly 4.7 million tons by 2028 [4]. Competitive Landscape - Jia Mei New Material faces competition from larger, vertically integrated textile manufacturers and other small manufacturers, which may possess greater resources [7]. - The company is focusing on high-end, differentiated, and green nylon filament products to enhance its competitive position in a challenging market [8]. - The demand for specialized nylon products, driven by advancements in spinning and modification technologies, is expected to support the company's transition towards higher value-added products [8].

Group 1: Market Overview - The A-share market has shown an "orderly progress" this year, with an increase in IPO activity and a normalization of the delisting mechanism [2][6] - As of June 24, 50 companies have successfully listed, raising approximately 37 billion yuan, indicating growth compared to the same period last year [2][4] - 13 companies have been delisted this year, a significant decrease from 53 in the previous year, reflecting a stricter enforcement of delisting regulations [5][6] Group 2: IPO Activity - Companies such as Haiyang Technology, Yingshi Innovation, and Huazhi Jie have recently entered the A-share market, contributing to the active IPO landscape [3][4] - Haiyang Technology, which focuses on nylon 6 products, and Yingshi Innovation, specializing in smart imaging devices, are among the notable IPOs, with Yingshi raising 1.938 billion yuan for its projects [3][4] - The revenue projections for Yingshi Innovation from 2022 to 2024 are 2.041 billion yuan, 3.636 billion yuan, and 5.574 billion yuan, respectively [3] Group 3: Delisting Mechanism - The delisting process has become more routine, with 150 companies receiving ST or *ST warnings this year, indicating a focus on corporate governance and compliance [6][7] - Companies like *ST Jiyuan and Zhonghang Chanyin have faced delisting due to poor performance and non-compliance, highlighting the market's shift towards eliminating "zombie companies" [5][6] - The regulatory environment is evolving, with a push for stricter delisting standards and improved investor protection mechanisms [9] Group 4: Long-term Implications - The orderly progress in the market is expected to optimize resource allocation, directing funds to growth-oriented companies and enhancing support for the real economy [6] - The quality of listed companies is anticipated to improve as low-efficiency firms are eliminated, compelling remaining companies to strengthen compliance and core competitiveness [6] - A cleaner market ecosystem will likely enhance investor confidence and market vitality, supported by a more market-oriented and legal framework [6]

01 本周上市企业： 调味品龙头海天味业正式登陆港交所主板 完成"A+H"股上市 北京时间6月19日，来自广东佛山的调味品企业——海天味业，正式在港交所主板挂牌上市。该公司致力于向用户提供品质、美味、健康的消费体验，服 务全球用户厨房及餐桌的调味需求。此次IPO，海天味业共发行2.79亿股股份，总募集资金约101.29亿港元。截至定稿，该公司市值为2123亿港元。中金 公司、高盛、摩根士丹利为其联席保荐人。 02 本周递表企业： 香港手游开发商黑瞳科技赴美IPO 拟纳斯达克挂牌上市 美国东部时间6月13日，来自香港的手游开发商——黑瞳科技递表美国证券交易委员会（SEC），拟纳斯达克挂牌上市。该公司成立于2018年，通过各种 第三方数字商店开发、发行和运营移动数字游戏。其业务范围涵盖游戏设计、编程和图形制作，以及在各种平台上发行和运营移动游戏。此次IPO，黑瞳 科技计划发行150万股股份，拟募集资金约600万美元。 尼龙制品制造商佳美新材递表SEC 拟纳斯达克挂牌上市 美国东部时间6月17日，来自福建福州的尼龙制品制造商——佳美新材，向美国证券交易委员会（SEC）递交IPO招股书，拟纳斯达克挂牌上市。该公司通 ...

Core Insights - Haiyang Technology Co., Ltd. officially listed on the Shanghai Stock Exchange, marking a new chapter in capitalized development for the leading enterprise in the nylon 6 industry chain [1] - The company achieved annual revenue exceeding 5.5 billion yuan, with products exported to 36 countries and regions worldwide [1] Group 1: Transformation and Growth - The company has undergone multiple strategic transformations and technological upgrades since its establishment in the 1970s [1] - Under the leadership of Lu Xincai, the company implemented a "three-year revitalization plan" and a "low-cost expansion" strategy, transitioning from a traditional synthetic fiber manufacturer to a new materials technology enterprise [1] - After completing its shareholding system reform in 2006, the company focused on three main business segments: high-performance nylon 6 chips, specialty industrial yarns, and high-end tire fabrics, becoming a benchmark enterprise in the industry [1] Group 2: Innovation and Competitive Advantage - The company established a development path of "technology-driven, scale-winning" [3] - Key technological breakthroughs include the development of in-situ polymerization coloring technology, which significantly reduces downstream customer production costs by eliminating the need for dyeing and finishing [3] - The company has built a collaborative innovation mechanism involving industry, academia, and research, accumulating 35 core patents and filling multiple domestic technology gaps [3] Group 3: Industry Challenges and Solutions - The company has made significant progress in addressing key challenges in nylon material applications [4] - In the engineering plastics sector, products have achieved international authoritative certification, matching the performance of leading international brands [4] - The company has created the industry's first fully digitalized factory, achieving over a 20% reduction in energy consumption [4] Group 4: Capital Utilization for Upgrades - The funds raised from the IPO will be primarily directed towards high-end modified materials projects to expand into emerging markets such as new energy vehicles [4] - Investment will also be made in intelligent technological transformation projects to enhance the production capacity of high-modulus tire fabrics and other specialty products [4] - The establishment of a research and development center will strengthen basic research and technological reserves [4]