2025 年 07 月 06 日 行业周报 看好/维持 基础化工 基础化工 化工新材料周报（20250630-20250706）： 生物航煤、制冷剂、多晶硅价格上涨，炭黑、维 E 等价格下滑 走势比较 (10%) (2%) 6% 14% 22% 30% 24/7/8 24/9/18 24/11/29 25/2/9 25/4/22 25/7/3 基础化工 沪深300 相关研究报告 <<化工周报（6/23-6/29）：草甘膦价 格大幅上涨，三代制冷剂价格维持高 位>>--2025-06-30 << 化 工 新 材 料 周 报 （ 20250623- 20250629）：生物航煤价格上涨，制冷 剂价格维持强势>>--2025-06-29 << 化 工 新 材 料 周 报 （ 20250616- 20250622）： 生物航煤、溴素价格上 涨，维生素、腈纶、多晶硅价格下 滑>>--2025-06-22 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S11905230100 ...

Core Viewpoint - The strong regulatory environment for IPOs in China's A-share market remains unchanged, despite an increase in the number of IPO applications and approvals [1][5]. Group 1: IPO Regulatory Environment - In June, the A-share IPO market saw a surge with 150 IPO applications accepted, with June 30 being the peak day for approvals this year [1][2]. - On July 3, 12 companies were selected for on-site inspections, a significant increase compared to only 4 companies inspected throughout the previous year [1][3]. - The China Securities Regulatory Commission (CSRC) has increased the coverage of on-site inspections to at least 1/3 of newly applied IPOs, with a minimum inspection ratio of 25% [3][5]. Group 2: Company Details - The 12 companies selected for inspection include various sectors, with 11 having their IPO applications accepted in June and 1 in May [2]. - Among these, 9 companies are in the accepted status, while 3 are in the inquiry stage [2]. - The companies are primarily aiming to list on the Shanghai and Shenzhen stock exchanges, with 8 on the Shanghai Stock Exchange and 4 on the Shenzhen Stock Exchange [2]. Group 3: Market Dynamics - The increase in IPO applications is seen as a sign of market recovery, but the regulatory environment remains stringent, emphasizing the need for companies to meet high standards [5][6]. - The regulatory approach is characterized by a dual focus: maintaining strict financial compliance for traditional industries while offering differentiated standards for high-quality tech companies [5][6]. - Recent reforms in the Sci-Tech Innovation Board aim to enhance inclusivity and adaptability for tech companies, while still ensuring rigorous entry standards [6].

Group 1 - The 31st China Lanzhou Investment and Trade Fair opened in Lanzhou, Gansu Province, attracting over 2,000 domestic and international enterprises to participate [1] - The theme of this year's fair is "Sharing Opportunities, Seeking Development, Creating Prosperity," with Indonesia as the guest country, and participation from over 20 countries including Germany, Spain, Russia, Malaysia, and Iran [1] - The fair features four exhibition areas focusing on international cooperation along the Silk Road, regional cooperation, Gansu's unique industries, and fashion consumer goods, showcasing nearly 40 categories and over 10,000 products [1] Group 2 - The Lanzhou Fair is the largest and most influential international economic and trade event in Gansu Province, having been held 31 times since its inception in 1993, serving as a "golden signboard" for the province's opening up and investment attraction [2] - This year's fair has signed 1,181 investment projects with a total signed amount exceeding 650 billion yuan, covering sectors such as renewable energy, equipment manufacturing, specialty agricultural products, food processing, new materials, digital information, and non-ferrous metallurgy [2]

人类文明的每一次跃进，几乎都有着新材料的身影。 材料不仅是科技的载体，更是创新的催化剂。每一次新 材料的诞生，都可能颠覆旧有的技术范式。 在这篇合集中，我们将聚焦五个前沿案例，看看新材料的发现 与创新应用如何解决各领域的难题。 用更少的光，拍出更好的图像 图源：Empa/ETH Zürich 这项创新的基础是 卤化铅钙钛矿 。这种晶体材料与硅相比，它们不仅更易于加工，而且其物理性质也可以 通过调控确切的化学成分而变化。具体而言，如果钙钛矿中 含有更多的碘 离子，它就会吸收红光 ；如果在 钙钛矿中添加 更多的溴，它就可以吸收绿光 ；如果添加 更多的氯，就可以吸收蓝光 。 而且与传统的滤光器不同，钙钛矿像素层对其他波长的光保持透明，允许通过，因此红、绿、蓝三种像素 层可以垂直堆叠在一起，而不像硅图像传感器那样像素是并排排列的。 这种排列意味着，理论上，同样大小的以钙钛矿为基础的图像传感器，能够同时捕获三种颜色的光， 提升 三倍的光利用率和空间分辨率 。 硅图像传感器（左）与钙钛矿图像传感器（右） 图源：Sergii Yakunin/ETH Zurich/Empa 在早期实验中，研究团队使用毫米级单晶体构造出了"超 ...

Core Viewpoint - The 31st China Lanzhou Investment and Trade Fair is being held in Lanzhou, Gansu Province, focusing on the theme of "Sharing Opportunities, Seeking Development, and Creating Prosperity" [1] Group 1: Event Overview - The fair features participation from 24 diplomatic missions and business associations, along with exhibitors from 18 provinces (regions, municipalities) and the Hong Kong Special Administrative Region [1] - Nearly 2,000 enterprises are participating, showcasing products across nearly 40 categories, including equipment manufacturing, petrochemicals, biomedicine, new materials, new energy, aerospace, modern agriculture, data information, low-altitude economy, artificial intelligence, green minerals, cultural tourism and health, specialty agricultural products, and daily consumer goods [1]

Core Insights - The article highlights differentiated growth in specific segments, with semiconductor materials growing at 50%, new energy materials at 52%, and biomedical materials at 87%, while traditional structural materials maintain a stable growth rate of 8-10% [2][10]. - Emerging fields are rapidly rising, such as AI servers with high-frequency materials growing at 60%, new energy vehicles with MLCC demand increasing by 100%, and hydrogen energy with a 60% localization rate for proton exchange membranes [2][10]. - The industry chain is evolving, with semiconductor materials seeing a "wafer factory + material factory" bundling development model, and new energy materials adopting a three-in-one model involving automakers, battery manufacturers, and material suppliers [2][12]. Market Dynamics - Channel transformation is evident, with traditional distribution dropping to 40%, while customized services account for 35%, technology licensing for 15%, and joint research for 10% [3][13]. - Reverse innovation is on the rise, with downstream applications leading material customization, breaking the traditional linear research-production-sales model, and it is expected that by 2030, 30% of new material innovations will be driven by application scenarios [3][20]. - Companies are making strategic choices, with leading firms focusing on "materials + equipment + algorithms" full-stack capabilities, SMEs concentrating on niche technologies, and startups exploring disruptive innovations [3][23]. Technological Advancements - Material genome engineering is revolutionizing the R&D model, while breakthroughs in production processes are reshaping cost curves [4][16]. - Future technological directions include extreme performance breakthroughs, intelligent upgrades, green manufacturing, and cross-industry integration [4][20]. Market Outlook - The market is projected to reach 1 trillion yuan by 2025 and exceed 3 trillion yuan by 2030, maintaining a CAGR of 18%, driven by domestic substitution, technological iteration dividends, and the expansion of emerging applications [4][19]. - Key materials to watch include high-end photoresists, aerospace engine materials, solid-state batteries, high-temperature superconductors, perovskite photovoltaic materials, high-frequency materials, MLCCs, UTG glass, and biodegradable materials [4][10]. Industry Background - The innovative materials sector is a cornerstone for China's manufacturing transformation, with the industry size surpassing 6 trillion yuan in 2024, maintaining a 20% annual growth rate [7][8]. - The industry is characterized by intensive policy support, accelerated technological breakthroughs, and expanded application scenarios, particularly in fields like solid-state battery materials and high-temperature superconductors [8][10]. Competitive Landscape - The industry is witnessing an increase in concentration, characterized by a dual-track model of "national teams leading + specialized private firms" [12]. - The collaborative model in the supply chain is innovating significantly, with semiconductor materials adopting a bundling development model and new energy materials forming a three-in-one R&D approach [12][13]. Policy and Institutional Innovation - National strategic layouts provide strong support, with the Ministry of Industry and Information Technology outlining key development directions for advanced materials [15]. - The establishment of a standard system that aligns with international standards is accelerating, although challenges remain due to new EU regulations [15][16]. Investment Strategy Recommendations - Focus on three major tracks: high certainty in domestic substitution (semiconductor precursors, medical-grade polylactic acid), beneficiaries of technological iteration (solid-state electrolytes, superconducting materials), and platform technology companies (materials AI design software) [24]. - Companies should build long-term agreements for certification and procurement, while material firms need to integrate into automotive battery technology roadmaps [23][24].

Group 1 - The capital market has recently experienced a revival, with major companies like CATL, Xinwangda, and Yiwei Lithium Energy listing on the Hong Kong Stock Exchange, indicating increased investor confidence in the new materials sector [1] - In the past two months, several companies in the high-end chemical new materials sector, including Caike Technology, Xinhengtai, and Kerun New Materials, have initiated IPO processes, showcasing a trend of industry leaders and "small giants" entering the market [1] Group 2 - Tiankai New Materials has successfully transitioned from the New Third Board to the Beijing Stock Exchange, with an IPO application recently accepted, aiming to raise 397 million yuan by issuing up to 14.2786 million shares [2] - The funds raised will be allocated to projects including the manufacturing center (Phase II), R&D center, and technical upgrades for the Dongguan Aoneng modified plastics production line, as well as to supplement working capital [2][3] Group 3 - Tiankai New Materials specializes in the R&D, production, and sales of high-performance modified engineering plastics, with a significant focus on modified PC products, which accounted for 53.09% to 58.89% of sales revenue over the past three years [4] - The company has shown a consistent increase in production capacity and utilization rates, with capacity utilization rates projected to rise from 83.43% in 2022 to 114.13% in 2024 [4][6] Group 4 - Tiankai New Materials' products are widely used in various sectors, including new energy vehicles, 3C electronics, and smart home applications, with major clients such as BYD, Xiaomi, and Huawei [5] - The company's revenue is projected to grow from approximately 830 million yuan in 2022 to 1.12 billion yuan in 2024, with net profits expected to fluctuate around 61.59 million yuan to 63.52 million yuan during the same period [5] Group 5 - The global PC resin market is dominated by major producers like Covestro and SABIC, with domestic production capacity reaching 3.81 million tons by the end of 2024, while the high-end PC product market still requires significant development [7]

Group 1 - The company held the 37th meeting of the 5th Supervisory Board on July 4, 2025, with all three supervisors present, complying with legal and regulatory requirements [1] - The Supervisory Board reviewed and approved the proposal to purchase Directors, Supervisors, and Senior Management Liability Insurance, which is seen as beneficial for enhancing the company's risk management system [1] - The proposal for purchasing the liability insurance will be submitted to the 2025 6th Extraordinary General Meeting for further approval, with all supervisors abstaining from the vote on this matter [2] Group 2 - The announcement regarding the purchase of liability insurance was published simultaneously in several financial newspapers and on the official website [2]

Group 1 - The company, Yunnan Enjie New Materials Co., Ltd., has announced an adjustment to its debt financing tools, changing the issuance types to only medium-term notes from the previously planned medium-term notes, short-term financing bonds, and ultra-short-term financing bonds [1][2] - The company plans to register and issue a total of up to RMB 1 billion in non-financial corporate debt financing instruments to optimize its financing structure and reduce costs [1][2] - The board of directors has been authorized by the shareholders' meeting to decide on the specific matters related to the registration and issuance based on the company's funding needs and market conditions [1][2] Group 2 - The adjustment to the financing tools has been approved in the board meeting held on July 4, 2025, and is within the authority granted by the shareholders' meeting [2] - The issuance is subject to registration acceptance by the China Interbank Market Dealers Association before implementation [2] - The company will disclose relevant progress regarding the debt financing tools in accordance with applicable laws and regulations [2]

证券代码：688683 证券简称：莱尔科技 公告编号：2025-035 广东莱尔新材料科技股份有限公司 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 表决情况：2 票同意、0 票反对、0 票弃权。监事张丽芳回避表决，议案审 议通过。 本议案尚需提交股东会审议。 具 体 内 容 详 见 公 司 于 2025 年 7 月 5 日 在 上 海 证 券 交 易 所 网 站 （ www.sse.com.cn）披露的《2025 年员工持股计划（草案）》《2025 年员工持股 计划（草案）摘要》。 广东莱尔新材料科技股份有限公司（以下简称"公司"）第三届监事会第十 二次会议通知于 2025 年 6 月 27 日以邮件等方式向全体监事发出。会议于 2025 年 7 月 3 日以通讯表决的方式召开，会议应出席监事 3 人，实际出席 3 人。 本次会议的召开符合法律、法规、部门规章、规范性文件以及《公司章程》 《监事会议事规则》的有关规定，会议决议合法、有效。 二、监事会会议审议情况 本次会议以记名投票表决方式审议通 ...