Group 1 - The PEEK material concept stocks have surged, with Ningbo Huaxiang hitting the daily limit up [1] - Huami New Materials and Weike Technology have increased by over 10% [1] - Other companies such as Shuangyi Technology, Xinhan New Materials, and Zhongyan Co., Ltd. have also seen gains [1]

Group 1 - The stock price of Water Co., Ltd. (002886) closed at 21.25 yuan on September 1, 2025, with an increase of 0.66% and a turnover rate of 3.76% [1] - On September 1, 2025, the net inflow of main funds was 5.99 million yuan, indicating increased short-term interest from main investors [3] - The company received a government subsidy of 6 million yuan as part of a technology plan, bringing the total received to 24 million yuan, aimed at enhancing competitiveness in the liquid crystal polymer (LCP) materials sector [1][3] Group 2 - The total project subsidy is capped at 30 million yuan, with the received amount being recorded as deferred income until project acceptance [1] - The project is designed to strengthen the core competitiveness of high-tech industries and improve independent innovation capabilities [1]

Investment Rating - The report maintains a recommendation for SAF and epoxy resin, indicating a positive outlook for these materials in the chemical industry [1]. Core Insights - The new materials sector outperformed the broader market and the basic chemical sector, with the wind new materials index showing a weekly change of 2.53%, compared to 0.43% for the basic chemical index [8][9]. - The first global 6G chip has been launched, utilizing photonic technology to achieve a transmission speed of 100Gbps, which is expected to bridge the digital divide between urban and rural areas [4][11]. - The report highlights significant price increases for SAF in Europe (+11.01%) and China (+5.00%), as well as epoxy resin (+3.93%), while prices for threonine (-3.07%), lysine (-1.01%), and valine (-0.76%) saw declines [4][19]. Industry Updates - The report notes that the chemical industry is experiencing a recovery in prices due to easing trade tensions between China and the U.S., leading to a replenishment window in trade [9]. - The report emphasizes the importance of domestic production capabilities in new materials, particularly in light of ongoing trade tensions and the need for self-sufficiency [10]. - The report suggests that the new materials sector, particularly those with high growth potential and strong technological barriers, is poised for significant investment opportunities [14]. Trading Data - The Huachuang Chemical Industry Index stands at 71.65, reflecting a week-on-week increase of 0.59% but a year-on-year decrease of 21.87% [15][20]. - The industry price percentile is at 17.84% over the past decade, indicating a slight increase, while the industry inventory percentile is at 80.18%, suggesting a relatively high level of inventory [15]. Subsector Tracking - In the new energy materials sector, the report mentions the pricing of the SAIC MG4 semi-solid-state battery version at 99,800 yuan [27]. - The report also highlights the expected growth in the global robotics market, projected to exceed $400 billion by 2029, with China capturing nearly half of that market share [11].

Group 1 - The company received a government subsidy of 6 million yuan related to a technology project, which has already been credited to its account [1][3] - This subsidy is classified as an asset-related government grant, which is intended for the acquisition or formation of long-term assets [1][2] - The total amount of the project subsidy is capped at 30 million yuan, with previous installments of 24 million yuan already received [3] Group 2 - The company will recognize the received subsidy as deferred income, which will be amortized into profit and loss over the expected useful life of the asset after project acceptance [3] - The government funding aims to enhance the company's competitiveness in liquid crystal polymer (LCP) materials and support technological self-reliance [3] - The company commits to using the government subsidy funds efficiently and in compliance with relevant laws and regulations [3]

Financial Performance - The company reported an EBITDA of 1.86 billion RMB for the first half of 2025, representing a quarter-on-quarter increase of 2.8% [1] - Net profit reached 87 million RMB, showing a significant quarter-on-quarter increase of 325% [1] - Overall gross profit was 1.69 billion RMB, with a quarter-on-quarter increase of 5.7% [1] - Total assets amounted to 63.26 billion RMB, reflecting a quarter-on-quarter increase of 3.1% [1] Business Segments - The revenue from the coke segment was 6.36 billion RMB, accounting for 63.6% of total revenue [20] - The revenue from operational management services was 5.10 billion RMB, representing 30.9% of total revenue [20] - The chemical segment generated revenue of 9.10 billion RMB, contributing 14.8% to total revenue [20] - The gross profit from the coke segment was 760 million RMB, making up 44.8% of total gross profit [21] - The operational management segment's gross profit was 170 million RMB, accounting for 44.9% of total gross profit [21] - The chemical segment's gross profit was 103 million RMB, contributing 10.3% to total gross profit [21] Industry Position - The company is recognized as the largest independent coke producer and supplier globally, as well as a leading processor of crude benzene [10] - It ranks as the second-largest producer of caprolactam and high-temperature coal tar in the world [12] - The company is also the largest producer of coke oven gas for methanol production in China [12] - It holds the position of the second-largest high-purity hydrogen supplier in China [13] Global Expansion - The company has established a global marketing network with subsidiaries in Hong Kong, Indonesia, Singapore, and Japan, and has opened seven offices in various countries [26] - The operational management services have expanded significantly, with a total capacity of 7.66 million tons [27] - The company aims to enhance its global supply chain network and is focused on transitioning to a service-oriented manufacturing model [49] Innovation and R&D - The company has developed a non-nitration process for producing 2-amino-2-methyl-1-propanol, positioning itself as the largest supplier of this product in China and the second-largest globally [30] - It has achieved EU REACH certification, allowing access to the European market [32] - The company is committed to innovation in new materials and aims to lead in green hydrogen production technologies [35]

Core Insights - The company plans to optimize and upgrade its industrial structure by mid-2025, aiming for synergistic collaboration across multiple regions and horizontal integration among various industries [2] Group 1: Strategic Developments - The chemical new materials segment, particularly through Huizhou Isco, is leveraging its advantageous location and transportation benefits to provide a stable supply of raw materials for downstream industries [2] - The ongoing construction of the Jieyang C4 and C5 project is expected to enhance the strategic layout of the company in the chemical market, particularly in South China, through resource complementarity between Huizhou Isco and Guangdong Isco [2] Group 2: Growth and Competitive Advantage - The company has made significant progress in the construction of multiple new chemical product production lines, leading to breakthroughs in the application of new materials, which will drive revenue and profit growth [2] - These advancements are anticipated to solidify the company's competitive development advantage in the chemical new materials sector [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][4]. Core Views - The company has shown good performance in the first half of 2025, achieving a revenue of 7.76 billion yuan, a year-on-year increase of 19.45%. The net profit attributable to shareholders reached 645 million yuan, up 20.85% year-on-year [3]. - All business segments have experienced solid growth, with the fluorochemical segment benefiting from favorable market conditions, resulting in a sales revenue increase of 24.99% and a gross profit increase of 40.73% [3]. - The electronic chemicals segment achieved a sales revenue growth of 17.49% despite intense market competition, maintaining stable gross profit margins [3]. - The high-end manufacturing chemical materials segment saw a revenue increase of 7.22%, driven by volume despite some price declines [3]. - The carbon reduction and engineering technology services segment reported a revenue growth of 29.58%, with average prices for copper and nickel catalysts increasing by 9.9% and 7.6%, respectively [3]. - Key projects are progressing as planned, with a diverse product system being developed. The company is a technology platform under Sinochem, with efficient project construction and several major projects set to launch [4]. Financial Forecasts - The company forecasts net profits of 1.145 billion yuan, 1.284 billion yuan, and 1.418 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.89 yuan, 1.00 yuan, and 1.10 yuan [4][5]. - The current stock price corresponds to P/E ratios of 34, 31, and 28 for the years 2025, 2026, and 2027, respectively [4][5]. Company Overview - The company has undergone significant asset restructuring from 2018 to 2019, enhancing its asset scale and profitability, and has established a multi-dimensional business model centered on high-tech products and services [6]. - Its main business segments include fluorinated materials, specialty gases, specialty rubber and plastics, fine chemicals, and technical services, serving various core industries [6].

Core Viewpoint - The company has achieved mass production and shipment of OCA optical adhesive films and silicon-carbon negative electrode functional materials, which are expected to expand applications in humanoid robot visual display modules and battery modules [1] Group 1: Product Development - The company has 27 years of experience in high-performance functional materials, which supports its technological advantages in precision coating and polymer material modification [1] - The company is integrating resources to quickly enter the fields of humanoid robot electronic skin, electronic muscles, and simulated skin (using materials such as TPE and silicone) [1] Group 2: Future Prospects - The company aims to accelerate the industrialization process of related products in the humanoid robot sector [1]

当前，大国博弈日趋激烈，地缘政治冲突多发频发，单边主义、保护主义逆流涌动，对国际经贸秩序造成严重冲击。特别是新一轮科技革命和产业变 革迅猛发展，世界主要国家都在抢占科技创新制高点，全球创新版图加快重构，国际分工体系和全球价值链面临重塑。 新材料产品产能不断上升，然而增产增收不增利，成为常态，行业进入快速发展期的当下： 未来最大的风口是什么？ 谁才是未来新材料的 " 超级印钞机 " 我们到底需要什么样的先进材料？ 我们和世界先进水平究竟存在多大的差距？ ······ 9月10-12日 于 合肥 召开的 2025高分子产业年会 特别邀请到 中国石化联合会顾问、中国石油化工国际产能合作研究院副院长 杨向宏 出席会议，并 以 "全球化工新材料热点发展趋势" 为题，进行主题报告。 他拥有43年的化工和新材料行业生产、营销、研发和企业运营经验；同时还拥有丰富的行业分析和咨询经验，在化工和新材料领域积累了丰富的生 产、建设、信息和咨询经验,曾参与多个大型工厂建设（在外企工作期间曾参与九间工厂建设），并曾领导多个研究和咨询项目，服务客户包括多家中 外世界500强企业如埃克森美孚，壳牌，Dow、沙索、SK能源、中石化，中海油、 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating financial challenges despite its focus on new material development [1][5]. Financial Performance - In the first half of 2025, the company achieved revenue of 214 million yuan, a year-on-year decrease of 11.63% [1] - The net profit attributable to shareholders was -5.31 million yuan, a year-on-year decline of 367.84% [1] - The non-recurring net profit attributable to shareholders was -7.03 million yuan, a year-on-year decrease of 2234.31% [1] - In Q2 2025, revenue was 108 million yuan, down 22.27% year-on-year but up 2.03% quarter-on-quarter [1] - The net profit attributable to shareholders in Q2 was -485,200 yuan, a year-on-year decline of 161.27% but a reduction in losses compared to the previous quarter [1] Business Focus and Market Position - The company specializes in the research and production of new materials, including polyether amines and optical-grade polymer materials, with applications in wind turbine blades, shale gas extraction, automotive coatings, and optical lenses [2] - It is a leading domestic producer of polyether amines and is actively developing cyclic olefin copolymers (COC/COP), aiming to fill a market gap in high-transparency materials in China [2][3] COC Market Potential - COC is a high-transparency material with superior optical properties and high technical barriers in production, with current domestic production being non-existent and reliant on imports [3] - The company has the highest designed production capacity and has completed laboratory-level synthesis and verification, positioning itself to become the first listed company in China to mass-produce COC/COP [3] - The existing demand and potential market capacity for COC are maturing, with significant price advantages expected to broaden application fields and increase consumption demand [4] Product Development and Testing - The company is conducting downstream testing for its COC products, with three varieties developed and tested by two partners in different fields [4] - A thousand-ton production line is in trial production, with products meeting customer requirements ready for further validation [4] - The AkzoNobel project in Qianjiang is progressing steadily, with polyether amines and high-heat-resistant resin projects nearing trial production [4] Future Profit Projections - The company is projected to achieve net profits of 2 million yuan, 230 million yuan, and 430 million yuan for the years 2025 to 2027, with corresponding PE ratios of 2489.4X, 23.3X, and 12.6X based on the closing price on August 29, 2025 [5]