证券代码：603683 证券简称：晶华新材 公告编号：2025-029 上海晶华胶粘新材料股份有限公司 2025年第一季度主要经营数据公告 本公司董事会及全体董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、准确性和完整性承担法律责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第十三号——化工》的要求，现将上海晶华胶粘新材料股份有限公司（以 下简称"公司"）2025 年第一季度主要经营数据披露如下（均不含税）： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 年 2025 | 1-3 | 月产 | 年 2025 1-3 | 月销量 | 年 2025 | 月销售金 1-3 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 量（万平方米） | | | （万平方米） | | | 额（万元） | | 电子胶粘材料 | | | 1,080.35 | | 1,713.71 | | 12,766.89 | | 工业胶粘材料 | | 12,807.84 | | | 11,158.3 ...

买入 |首次覆盖 个股表现 2024-04 2024-07 2024-09 2024-12 2025-02 2025-04 -33% -25% -17% -9% -1% 7% 15% 23% 31% 39% 47% 三祥新材 基础化工 资料来源：聚源，中邮证券研究所 公司基本情况 发布时间：2025-04-28 | 最新收盘价（元） | 23.28 | | --- | --- | | 总股本/流通股本（亿股）4.24 | / 4.23 | | 总市值/流通市值（亿元）99 | / 99 | | 52 周内最高/最低价 | 27.94 / 12.52 | | 资产负债率(%) | 33.1% | | 市盈率 | 129.33 | | 第一大股东 | 日本永翔贸易株式会社 | 研究所 股票投资评级 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 证券研究报告：基础化工 | 公司深度报告 预 计 公 司 核级 锆 铪 项目 2025/2 ...

Group 1: Market Performance - The three major indices experienced adjustments, with the Shanghai Composite Index down 0.2%, Shenzhen Component Index down 0.62%, and ChiNext down 0.65% [2] - Over 1,100 stocks rose in the two markets, with a total trading volume of approximately 1.06 trillion yuan [2] Group 2: Key Sectors and Stocks - PEEK materials saw significant gains, with New Han New Materials (301076.SZ) rising over 12% and Zhongxin Fluorine Materials (002915.SZ) up over 5% [2] - The gaming sector performed strongly, with Sheng Tian Network (300494.SZ) increasing over 9% and other companies like Youzu Network (002174.SZ) and Perfect World (002624.SZ) also rising [2] - Nuclear power concept stocks performed well, with Huayin Power (600744.SH) and Tianwo Technology (002564.SZ) both rising 10% [3] Group 3: Regulatory Developments - The National Press and Publication Administration approved 118 domestic online games in April 2025, with a total of 510 game licenses issued so far this year [2][3] - The approval of 10 new nuclear power units marks the first domestic nuclear power project approval in 2025, with an estimated total investment of around 200 billion yuan [3] Group 4: Sector Weakness - Real estate, beverage manufacturing, and white goods sectors faced significant declines, with companies like Shilianhang (002285.SZ) dropping nearly 10% [4] - The automotive and battery supply chain also weakened, with major players like BYD (002594.SZ) and CATL (300750.SZ) experiencing declines [4]

每经记者 刘明涛 每经编辑 赵云 4月28日，A股窄幅整理，银行股再度上涨，大消费、地产表现不振。截至上午收盘，上证指数跌0.03% 报3294.02点，深证成指跌0.43%，创业板指跌0.55%，北证50跌0.22%，科创50涨0.23%，中证A500跌 0.09%。A股半日成交7286.82亿元。 北京亦庄人形机器人半马顺利举行，产业落地应用有望加速，或将推动轻量化材料PEEK实现高速发 展。PEEK材料性能优异，能在保障人形机器人轻量化需求的同时，兼顾足够的强度和刚性以满足机器 人的负载和灵活性需求，有望依托人形机器人产业增长实现集中催化。 这里，通过整合天风、安信、国信等10余家券商最新研报信息，为粉丝朋友带来4家公司简介，仅供参 考。 资金面，央行公告称，4月28日以固定利率、数量招标方式开展了2790亿元7天期逆回购操作，操作利率 1.50%，投标量2790亿元，中标量2790亿元。Wind数据显示，当日1760亿元逆回购到期，据此计算，单 日净投放1030亿元。 消息面，国家发改委表示，扩大投资方面，将工业软件等更新升级纳入"两新"政策支持范围，加快消费 基础设施、社会领域投资，制定实施充电设施 ...

2025 年 4 月 28 日 行业研究 低空经济叠加机器人的产业趋势下，轻量化材料的需求有望充分带动 ——基础化工行业周报（20250421-20250427） 要点 轻量化材料企业发展如火如荼，成果持续突破。"十四五"期间，随着半导 体、新能源汽车、商用大飞机等为代表的高新技术产业崛起，产业升级过程 对高性能材料的需求预计将持续增长，各家轻量化材料企业正顺应产业升级 的浪潮，不断发展壮大。24 年，中研股份在汽车领域通过了 ISO16949 认 证；在医疗领域，与西安康拓医疗技术股份有限公司、大博医疗科技股份有 限公司、广州迈普再生医学科技股份有限公司合作的产品成功获得Ⅲ类医疗 器械注册证；公司产品在胸外科、骨科和神经外科都有成功的合作经验，为 公司 PEEK 材料在医疗市场的拓展创建基础。24 年金发科技的改性塑料销量 再创新高，产成品销量 255.15 万吨，同比增长 20.78%。在特种工程塑料领 域，24 年金发科技主要产品实现销量 2.39 万吨，同比增长 16.59%。公司研 发了多个新规格 LCP，广泛应用于高速连接器、高转速散热风扇等核心部 件，保障 AI 服务器及数据中心高效传输与散热效 ...

Market Overview - The market experienced a mixed performance with the Shanghai Composite Index showing strength while the ChiNext Index led the decline [1] - The total trading volume in the Shanghai and Shenzhen markets reached 715.8 billion, a decrease of 3.17 billion compared to the previous trading day [1] - Over 3,900 stocks in the market declined, indicating a broad-based sell-off [1] Sector Performance - The banking sector remained strong, with Industrial and Commercial Bank of China hitting a new historical high [1] - PEEK material concept stocks surged, with Xinhan New Materials rising over 10% [1] - Computing power concept stocks rebounded, with Dawi Technology hitting the daily limit [1] - Real estate stocks collectively adjusted, with companies like Yucheng Development hitting the daily limit down [1] Index Performance - The Shanghai Composite Index fell by 0.03% to 3,294.02 [2] - The Shenzhen Component Index decreased by 0.43% to 9,874.41 [2] - The ChiNext Index dropped by 0.55% to 1,936.40 [2] Trading Metrics - The limit-up rate was recorded at 64.00%, with 32 stocks hitting the limit and 18 stocks touching the limit down [6] - The opening rate was 49%, with a profit rate of 42% [6]

2025 年 04 月 28 日 广州并购新政出台，聚焦"12218"产业并购新机遇 中小盘研究团队 ——中小盘策略专题 | 周佳（分析师） | 张越（分析师） | 赵晨旭（联系人） | | --- | --- | --- | | zhoujia@kysec.cn | zhangyue1@kysec.cn | zhaochenxu@kysec.cn | | 证书编号：S0790523070004 | 证书编号：S0790524090003 | 证书编号：S0790124120019 | 本期并购市场观察：广州"并购重组十条"发布，以并促引赋能产业发展 本期披露动态：本期（指 3 月 31 日-4 月 11 日，下同）天汽模、英力股份、呈和 科技、琏升科技、致尚科技、安源煤业、成都先导、欧菲光等 8 家公司首披重大 重组事件，与上期持平；8 家公司涉及实控人变更，亦与上期持平。 本期审核动态：烽火电子定增收购长岭科技事项、赛力斯购买深圳引望、龙盛新 能源股权事项宣布已完成，华阳智能收购全安密灵部分股权事项宣布终止。 本期市场表现：本期重组指数下跌 5.68%，不及上证指数(-3.37%)、沪深 300(-4.2 ...

①化工新材料：核心增长引擎 公司化工新材料产品包括 聚碳酸酯（PC）、尼龙 6、己内酰胺、多元醇（正丁醇、辛醇、新戊二醇等）、有机硅材料和氟材料（六氟丙烯、聚全氟乙 丙烯、聚四氟乙烯、二氟甲烷等） 。报告期内， 己内酰胺·尼龙 6 一期工程 开车成功满负荷运行， 40万吨有机硅项目 顺利打通全流程， 24万吨乙烯 下游一体化项目 、 15 万吨丙酸等项目 有序推进， 30万吨双氧水装置 恢复生产。 报告期内， 化工新材料板块营收203.66亿元，同比增长26.83%，占总营收68.43% ，毛利率16%（同比+1个百分点） ②基础化工：价格承压，营收下滑 【DT新材料】 获悉，4月26日， 鲁西化工 发布公告，2025年第一季度，公司实现营业收入为72.90亿元，同比上升7.96%；归母净利润为4.13亿元， 同比下降27.30%；扣非归母净利润为3.84亿元，同比下降33.81%。 | | 本报告期 | 上年同期 | 本报告期比上年同 | | --- | --- | --- | --- | | | | | 期增减(%) | | 营业收入(元) | 7,289,926,095.44 | 6,752,410,7 ...

4月27日晚间，国恩股份（002768）发布的2024年年报显示，报告期内，公司实现营收192.20亿元，同 比增长10.21%；归属于上市公司股东的净利润6.76亿元，同比增长45.18%，盈利能力位居化工新材料行 业前列。同时，截至2024年12月31日，公司总资产为183.51亿元，比期初增长21.91%，归属于上市公司 股东的净资产为49.71亿元，比期初增长11.06%。 同日晚间，公司公告将正式启动赴香港联合交易所上市的筹备工作。 高质量发展态势稳固前瞻性布局新兴赛道 加速全球化布局打造国际化化工新材料产业平台 国恩股份表示，此次启动赴港上市计划，旨在借助香港作为国际金融中心和大消费前沿阵地的双重优 势，实现"A+H"深港两地资本融通，有效拓宽海外市场开发与国际资源整合路径，加速构建国内国际双 循新发展格局，推动产业全球化布局向更高维度升级，全面提升品牌国际影响力。 业内人士表示，国恩股份此次进行跨境资本布局，彰显了其以产业生态布局及自主创新技术深化参与全 球产业链合作的决心。未来，公司更将依托香港国际化枢纽作用，全力推进高端化工新材料领域的技术 创新及产业链延伸，分阶段打造"研发多维化-产业生态 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The prices of bio-jet fuel and refrigerants are stable with slight increases, while bromine and vitamin prices are declining [5][12] - The low-altitude economy and robotics industry are moving towards commercialization, which may increase the demand for new materials and lightweight materials [5][12] - The semiconductor materials market is experiencing growth, with China's market growing faster than the global market [17][20] Summary by Sections 1. Sub-industry Tracking - Bio-jet fuel price is $1789 per ton, up 1.25% from last week; biodiesel price is 8267 RMB per ton, stable with a 10.23% increase since the beginning of the year [3][10] - Refrigerant prices are stable, with R32 at 48500 RMB per ton (up 1.04%) and R134a at 47000 RMB per ton (up 1.08%); bromine price has dropped to 22000 RMB per ton (down 38.32%) [4][10] - Vitamin A price is 68 RMB per kg (down 9.33%), and Vitamin E price is 108 RMB per kg (down 6.09%) [4][10] 2. Key Company Announcements and Industry News - Companies to watch in the refrigerant sector include Juhua Co. and Sanmei Co. due to enhanced profitability [5] - The report highlights the importance of companies with existing bio-jet fuel production capacity and airworthiness certification [5] - The report suggests monitoring companies in the carbon fiber industry and those involved in the low-altitude economy and robotics [5][12] 3. Electronic Chemicals - The electronic chemicals industry is characterized by a wide variety of products and high technical barriers, with a focus on wet electronic chemicals, photoresists, and electronic gases [12][13] - The semiconductor materials market is projected to grow, with China's market expected to expand at a CAGR of 10% from 2017 to 2023 [17][20] 4. New Quality Productivity - Carbon fiber and ultra-high molecular weight polyethylene (UHMWPE) are highlighted as key materials for emerging industries, including low-altitude economy and robotics [32][36] - The demand for PEEK materials is expected to rise due to their suitability for humanoid robots, with consumption growing significantly from 80 tons in 2012 to 1980 tons in 2021 [37][38] 5. Lithium Battery/Storage Materials - Conductive agents like carbon black and carbon nanotubes are essential for lithium battery materials, with current prices for multi-walled carbon nanotube powder at 64000 RMB per ton [40][42] - Sodium-ion battery materials are gaining attention due to their cost advantages and potential applications in large-scale energy storage [42][43] 6. Renewable and Modified Plastics - The report notes the increasing application of renewable plastics and the growing demand for special engineering plastics in various industries [57][58] 7. Coatings, Inks, and Pigments - The demand for new functional coating materials is increasing due to the growth in the automotive and consumer electronics sectors [65][66]