这一工艺不仅能将可再生原料融入生产流程，还可确保物料使用全程可追溯，并接受独立机构的审核认 证。与现有产品相比，这款新版本的产品碳足迹(PCF)降低了34%。润滑油行业客户因此能获得可验证 的可持续性相关信息，进而以更气候友好的方式生产产品。 据介绍，这款新型添加剂还带有Scopeblue标识。朗盛通过该标识标注两类产品：一是含至少50%可循环 利用或生物基原料的产品，二是与传统产品相比碳足迹显著降低的产品。该添加剂具有高润滑性与中等 硫活性，在极压工况下表现优异。因其与有色金属的反应性低，故非常适用于黄铜、青铜等合金材质部 件的润滑。 中化新网讯 11月21日，朗盛推出旗下成熟润滑油添加剂Additin RC 2515的全新国际可持续性与碳认证 (ISCC PLUS)认证版本。该版本所用原料中逾80%源自可持续原料，且符合ISCC PLUS标准的核查要 求。 ...

本周观点：欧佩克降价增产，国际油价震荡运行，建议关注进口替代、纯内需、高股息等方向 华鑫证券近日发布化工行业研究：化工产品价格方面，本周部分产品有所反弹，其中本周上涨较多的 有：甲苯上涨25.22%，液氯上涨13.73%，甲基环硅氧烷上涨13.64%，硫酸上涨11.11%等，但仍有不少 产品价格下跌，其中丁二烯跌幅-7.89%，醋酸乙烯跌幅-4.35%，二氯甲烷跌幅-4.23%，燃料油跌 幅-3.80%。 以下为研究报告摘要： 投资要点 甲苯、液氯等涨幅居前，丁二烯、醋酸乙烯等跌幅较大本周涨幅较大的产品：甲苯（FOB韩国， 25.22%），液氯（华东地区，13.73%），甲基环硅氧烷（DMC华东，13.64%），硫酸（杭州颜料化工 厂105%，11.11%），硫磺（CFR中国合同价，10.00%），电池级碳酸锂（新疆99.5%min，8.78%）， 锂电池电解液（全国均价/磷酸铁锂电解液，8.70%），合成氨（河北金源，8.58%），硫酸（双狮 98%，8.00%），工业级碳酸锂（四川99.0%min，7.59%）。 本周跌幅较大的产品：双酚A（华东，-2.05%），PVC（华东乙烯法，-2.06%），丙烯（ ...

周期论剑｜三季报深度挖掘 20251109 摘要 中国股市底层逻辑切换，估值折价的三大因素瓦解，市场进入估值修复 与扩张周期，未来驱动力包括无风险收益下沉、资本市场改革和经济转 型确定性。 预计 2026 年股市有望挑战十年前新高，本轮估值重塑将是广泛的，推 荐关注新兴科技、制造业出海优势、周期板块中的反内卷和新材料，以 及经济企稳后的金融板块。 短期内，预计 2025 年 11 月碳酸锂价格有望冲击 87,000 元/吨，但 11 月下旬至 2026 年 1 月可能回落至 75,000 元/吨左右。长期来看， 2026 年碳酸锂底部价格较今年有所提升，中枢约为 60,000-70,000 元 /吨。 化工行业整体处于底部，净利润创近 20 年新低，但随着资本开支下降 和需求可能回升，预计 2026 年景气度有望改善，建议优先配置龙头白 马股，如煤化工（华鲁恒升）、氨纶（华峰化学）和纯碱（博源化工）。 交运板块中，看好航空和油运。航空业受益于票价市场化和机队增速放 缓，油运受益于原油增产周期和地缘政治因素。推荐关注中国国航、吉 祥航空、南方航空、中国东航、春秋航空，以及中远海能、招商轮船和 招商南油。 Q&A ...

Core Viewpoint - The company reported a strong performance in the first three quarters of 2025, driven by increased sales of lubricant additives, with significant year-on-year growth in both revenue and net profit [1][2]. Group 1: Financial Performance - In the first three quarters of 2025, the company achieved total revenue of 2.551 billion yuan, representing a year-on-year increase of 10.87% [1] - The net profit attributable to shareholders reached 574 million yuan, up 14.85% year-on-year [1] - For Q3 2025, total revenue was 889 million yuan, reflecting an 11.02% increase compared to the same period last year [1] Group 2: Market Expansion and Investment - The company plans to invest in a joint venture in Yanbu, Saudi Arabia, which is expected to enhance its global competitiveness and expand its market presence in the Middle East, Africa, and India [2] - This investment will help improve the company's supply capabilities in regional markets and increase responsiveness to global top clients [2] Group 3: Product Development and Client Acquisition - The company is focusing on customer access and upgrading, aiming to enhance its market share in lubricant additives through partnerships with leading international clients [3] - Continuous improvements in product quality and certifications are expected to meet the customized needs of core clients, further strengthening the company's competitive edge [3] - The company anticipates a simultaneous increase in both volume and price of lubricant additive products due to rapid capacity expansion and product diversification [3]

Core Viewpoint - The company reported its Q3 2025 results, showing a year-on-year increase in revenue and net profit, with strong overseas demand supporting its performance [1][2]. Financial Performance - For Q3 2025, the company achieved revenue of 8.89 billion yuan, a year-on-year increase of 11.02% and a quarter-on-quarter increase of 9.27% [1]. - The net profit for Q3 2025 was 2.04 billion yuan, reflecting a year-on-year increase of 12.68% and a quarter-on-quarter increase of 16.48% [1]. - The gross margin for Q3 was 34.94%, showing a decline of 2.38 percentage points quarter-on-quarter and 1.78 percentage points year-on-year [2]. - The net profit margin for Q3 was 23.03%, which improved by 1.53 percentage points quarter-on-quarter and 0.27 percentage points year-on-year [2]. Export and Market Dynamics - The company experienced a recovery in exports, with Q3 2025 export volume reaching approximately 28,900 tons, accounting for 40.9% of the domestic total, marking a year-on-year increase of 9.5% and a quarter-on-quarter increase of 9.0% [1]. - The easing of geopolitical tensions and the recovery of maritime trade contributed to the strong performance in exports [1]. Operational Developments - The company has a designed production capacity of 315,000 tons for lubricant additives, with an additional 435,000 tons under construction [2]. - The company is expanding its overseas presence, with plans to establish a joint venture in Saudi Arabia to penetrate markets in the Middle East, Africa, and India [2]. Future Outlook - The company aims to become the fifth comprehensive lubricant additive manufacturer globally, outside of the "Big Four" [3]. - The profit forecast for 2025 has been adjusted to 810 million yuan, down from a previous estimate of 890 million yuan, while forecasts for 2026 and 2027 remain unchanged at 1.09 billion yuan and 1.32 billion yuan, respectively [3]. - The current price-to-earnings ratio (PE) is 20.014X, with a historical average of 26.496X since its listing, indicating a significant safety margin [3].

Core Viewpoint - 瑞丰新材's subsidiary 瑞丰润滑油添加剂(香港)有限公司 plans to establish a joint venture with Farabi Downstream Company in Saudi Arabia to create a production base for lubricant additives targeting the Middle East, Africa, and India markets [1] Group 1: Joint Venture Details - The joint venture, named 瑞丰法拉比润滑油添加剂公司, will be located in Yanbu, Saudi Arabia [1] - 瑞丰香港 will hold a 60% stake in the joint venture, while Farabi Downstream Company will hold 40% [1] Group 2: Investment and Construction Plans - The total investment for the project is estimated to be approximately $246 million, with the first phase of construction expected to cost around $127 million [1] - The project will be developed in 2 to 3 phases, focusing on producing core single agents and mainstream compound varieties of lubricant additives [1]

Core Viewpoint - The company, Ruifeng New Materials (300910.SZ), announced plans to establish a joint venture, Ruifeng Farabi, with a Saudi Arabian company in Yanbu, Saudi Arabia, to create a production base targeting markets in the Middle East, Africa, and India [1] Investment Details - The total investment for the joint venture is approximately $246 million, with the first phase of construction estimated at $127 million [1] Market Strategy - The production base aims to provide competitive lubricant additive products to regional customers and other top global clients from Western geographies [1]

周期论剑｜业绩与确定性 20251026 摘要 中国传统行业周期性减弱，固定资产投资减少，实业资本转向资产管理 需求，无风险收益下沉，推动资本市场发展。稳定垄断企业和转型企业 成为投资重点，前者提供稳定回报，后者代表未来技术趋势。 二十届四中全会重申经济建设为中心，治理思路转向积极发展，利好科 技与消费领域，重估股票和资本市场定价基础。中国应对中美贸易挑战 体系化成熟化，提升国家治理能力认可度，股市风险偏好提高。 预计 2025 年中国市场站稳 4,000 点，无二次探底，每次调整是加仓机 会，2026 年有望挑战 2015 年高点。新兴科技是主线，周期金融是黑 马。外部局势调整和中美关系冲突导致市场价格下跌，这构成了买点而 非卖点。 有色金属板块中，工业金属受益于中美贸易磋商推进及国内会议带来的 风险偏好变化，美联储可能降息及停止缩表将使流动性宽松，无论贵金 属还是工业金属价格都有望迎来上涨。 化工行业供给端压力预计逐步缓解，龙头企业凭借竞争实力实现新增量， 关注煤化工（华鲁恒升）、氨纶（华峰化学）、制冷剂等领域，以及润 滑油添加剂（瑞丰新材、利安隆）和高频高速树脂（盛泉、东财）等新 材料。 Q&A 如何看 ...

Summary of Conference Call Transcripts Industry and Company Overview - **Industry**: Human Resources, Mechanical, Detection, Lubricants, Gaming - **Companies**: 科锐国际 (Core International), 华测检测 (China Measurement), 广电计量 (Broadcast Measurement), 利安隆 (Lianlong), 恺英网络 (Kaiying Network) Key Points and Arguments Market Dynamics - The current market is experiencing a battle between profit-taking in high-performing sectors and new capital entering the market, particularly in the mechanical industry, which may have a 10% downside potential [2][2][2] - The stabilization of the Hong Kong stock market suggests that the A-share market's sector rotation may take longer than expected, emphasizing the importance of performance metrics in the coming months [2][2][2] Core International (科锐国际) - The flexible employment business is benefiting from the growing demand for talent optimization and digital transformation, with initial positive results from AI investments [1][4][4] - Despite fluctuations in Q3 operational metrics leading to a stock price decline, the end of a share reduction plan has alleviated pressure on the stock [1][5][5] - The company is expected to achieve a performance target of 300 million yuan in 2025, with a current valuation of approximately 18 times earnings, which is at a multi-year low [1][5][5] Detection Sector - 华测检测 and 广电计量 have exceeded market expectations, indicating a positive trend in the detection sector, which remains undervalued [1][6][6] - The detection sector is showing signs of improvement, with a strong outlook for Q3 2025 and increased confidence for 2026 [1][7][7] 华测检测 (China Measurement) - The company showed significant improvement in non-Beijing regions and accelerated international acquisitions, which are expected to contribute positively to future revenues [1][8][8] - Management changes and strategic adjustments have provided confidence for the company to return to profitability [1][8][8] 利安隆 (Lianlong) - The company reported better-than-expected Q3 2025 results, driven by a rapid recovery in lubricant additive profit margins and effective cost control [1][10][10] - A framework cooperation agreement with overseas lubricant clients lays a foundation for future growth [1][10][10] 恺英网络 (Kaiying Network) - The company anticipates significant acceleration in growth due to the expansion of its "996 Box" channel business and exclusive licensing of legendary IP in China [1][11][11] - The partnership with major publishers and the establishment of brand zones within the "996 Box" are expected to strengthen core business growth [1][11][11] Future Outlook - The overall sentiment for the detection sector is optimistic, with expectations of improved performance in Q3 2025 and beyond, particularly in innovative sectors like pharmaceuticals and aerospace [1][7][7] - The gaming market, particularly for 恺英网络, is projected to grow significantly due to increased control over IP and market share expansion [1][13][13][14][14] Investment Timing - Current market conditions present a favorable opportunity for investing in 恺英网络, as the gaming sector has recently adjusted, making valuations more attractive [1][15][15][15] Additional Important Insights - The flexible employment sector is increasingly penetrating various enterprises, helping to mitigate risks and optimize talent structures [1][4][4] - The detection sector's historical low valuations present potential investment opportunities as the industry shows signs of recovery [1][7][7]

Group 1 - The core point of the announcement is that Lianlong Group has not reduced its shareholding in the company despite the expiration of the reduction plan [1] - As of the announcement date, Lianlong's market capitalization is 8.8 billion yuan [2] - For the year 2024, Lianlong's revenue composition is as follows: 80.78% from polymer material anti-aging additives, 18.7% from lubricant additives, 0.45% from other sources, and 0.06% from life sciences [1]