Group 1 - The external environment presents uncertainties but is overall favorable, with global economic resilience expected in 2026, as major economic organizations forecast slight declines in growth rates compared to 2025, with the World Bank predicting a growth rate of 2.40% for 2026, up from 2.30% in 2025 [6][10] - The U.S. is likely to continue lowering interest rates in 2026 due to a weak labor market, with expectations of more than one rate cut, as indicated by the Federal Reserve's recent actions [6][13] - The U.S. dollar's strength is supported by weak economic expectations, with factors such as reduced immigration and uncertain tariff policies suppressing economic activity [6][21] Group 2 - The "15th Five-Year Plan" aims for qualitative and quantitative economic growth, emphasizing stability in employment, enterprises, and market expectations, with policies to support effective growth and enhance quality [6][44] - The investment sector is expected to stabilize, with government initiatives to increase investment in infrastructure and optimize the use of local government bonds [6][49] - Consumer spending is projected to improve, supported by policies aimed at boosting consumption and enhancing the supply of quality goods and services [6][52] Group 3 - The market is expected to continue a "slow bull" trend, with overall company performance anticipated to improve, driven by supportive policies and resilient economic dynamics [6][59] - The technology (TMT) and advanced manufacturing sectors are expected to benefit from long-term policy support and are key drivers of economic transformation [6][67] - Investment opportunities are identified in sectors such as non-involution, supply-demand changes, and emerging themes like artificial intelligence and renewable energy [6][70]

从资金流向上来看，当日化学纤维板块主力资金净流入3548.92万元，游资资金净流入7.74亿元，散户资 金净流出8.1亿元。化学纤维板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300876 | 蒙泰高新 | 36.56 | -4.37% | 4.93万 | 1.83亿 | | 688295 | 中复神鹰 | 32.90 | -3.52% | 19.74万 | 6.64亿 | | 603332 | 苏州龙杰 | 13.32 | -3.41% | 19.35万 | 2.59亿 | | 920077 | 吉林碳谷 | 17.73 | -3.11% | 40.60万 | 7.55亿 | | 000677 | 恒天海龙 | 4.41 | -2.86% | 30.07万 | 1.34亿 | | 601113 | रून से सितंबर को बाद में बाद में स्थान के बाद में स्थान के साथ होती है कि में बाद मे ...

12月30日上午9时25分，伴随着一声清脆悠长的钟鸣，国内聚乙烯醇（PVA）行业领军企业——双欣环 保（001369.SZ）宣告正式在深交所主板上市。至此，也意味着这家凭借全产业链布局、技术创新实力 与绿色发展底色的国家专精特新"小巨人"企业圆梦资本市场。 "对双欣环保而言，这不仅是成功的庆典，更是把一份沉甸甸的责任状正式交到了我们手中。上市，意 味着更透明的运作，更规范的管理、更广阔的平台，也意味着我们对员工、对客户、对投资者、对社 会，肩负起了更大的责任。" 上市仪式上，双欣环保董事长张飞雄强调，双欣环保的根基在实业，生命在创新。站在新起点，公司内 心清醒而坚定：双欣环保将继续扎根在内蒙古，心怀实业报国梦想，以更加坚定的信念，专注于新材料 领域，用更好的产品回报客户，用稳健的成长回报投资者，用更多的担当回报社会。 产品市场力表现方面，据介绍，报告期内，双欣环保聚乙烯醇及相关产品的生产经营整体处于满负荷、 低库存运行状态，产能利用率和产销率较高；产品在国内销往29个省（自治区、直辖市），部分产品出 口欧洲、南美洲、东南亚等地的40余个国家和地区。其中，国内市场，双欣环保的聚乙烯醇、特种纤 维、醋酸乙烯均获得 ...

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - For PTA, the near - term TA partial device has a short - stop, the polyester load drops, the inventory continues to decline, and the basis is stable with the spot processing fee significantly repaired. The PX price has strengthened significantly, but the short - term upward space may be limited, and it is necessary to wait for downstream price pass - through [1]. - For MEG, the domestic supply is stable with a slight increase, overseas maintenance increases, the overall inventory accumulation continues, and the pattern is expected to be weak. Attention should be paid to short - selling opportunities on rebounds [1]. - For polyester staple fiber, although the domestic demand is gradually entering the off - season, the spot profit has been significantly compressed, and the further weakening space is limited. Attention should be paid to the warrant situation [1]. - For natural rubber, the national explicit inventory is stable, and the Thai stage price is stable. The strategy is to wait and see [1]. Group 3: Summary by Product Categories PTA - Price and Spread: The average daily trading basis of PTA is 2605(-58). The PX - naphtha spread has strengthened significantly, and the disproportionation and isomerization benefits have both increased to a relatively high level, while the US - Asian aromatics spread has shrunk [1]. - Device Changes: Yisheng New Materials' 3.6 million - ton device increased its load, and Dushan's 2.5 million - ton device restarted. Near - end TA partial devices had short - stops, and the start - up rate decreased slightly [1]. - Market Outlook: The downstream filament profit has dropped significantly, and the possibility of accelerated production cuts has increased. Although the long - term pattern has not completely reversed, the probability of falling short of expectations has increased [1]. MEG - Price and Spread: The basis for MEG is around - 140 for the 05 contract. The domestic device load has increased, and overseas maintenance plans have increased [1]. - Device Changes: Zheng Dakai's 600,000 - ton device restarted, and Zhongkun's 600,000 - ton device increased its load [1]. - Market Outlook: The domestic supply is increasing steadily, overseas maintenance is increasing month - on - month, and the overall inventory accumulation continues. The pattern is expected to be weak under new production [1]. Polyester Staple Fiber - Price and Spread: The spot price is around 6580, and the market basis is around - 100 for the 02 contract [1]. - Device Changes: Sanfangxiang increased its load, and the start - up rate slightly increased to 96.2%. The production and sales improved month - on - month, and the inventory slightly accumulated [1]. - Market Outlook: Although the domestic demand is entering the off - season, the spot profit has been significantly compressed, and the further weakening space is limited due to the relatively low absolute inventory [1]. Natural Rubber - Price and Spread: The prices of various types of natural rubber have changed to different degrees. The national explicit inventory is stable, and the Thai stage price is stable due to rainfall [1]. - Strategy: The recommended strategy is to wait and see [1]. Styrene and Related Products - Price and Spread: The prices of ethylene, pure benzene, styrene, and related products have changed. The production profits of PS, EPS, and ABS have also changed [1]. - Device Changes: No significant device change information is provided [1]. - Market Outlook: No specific market outlook information for styrene and related products is provided [1].

双欣环保（001369.SZ）12月22日披露首次公开发行股票并在主板上市网上申购情况及中签率公告。 本次网上发行有效申购户数为16,553,354户，有效申购股数为335,228,869,500股。配号总数为 670,457,739个，起始号码为000000000001，截止号码为000670457739。由于网上初步有效申购倍数为 5,562.11829倍，高于100倍，双欣环保和中介公司（主承销商）决定启动回拨机制，将扣除最终战略配 售数量后本次公开发行股票数量的40%（向上取整至500股的整数倍，即8,298.1500万股）由网下回拨至 网上。回拨后，网下最终发行数量为6,420.1933万股，约占扣除最终战略配售数量后本次发行总量的 30.95%；网上最终发行数量为14,325.1500万股，约占扣除最终战略配售数量后本次发行总量的 69.05%。 全景网了解到，双欣环保聚乙烯醇年产能13万吨，根据中国化学纤维工业协会统计，公司2024年聚乙烯 醇产量位居行业前三；电石年产能87万吨，2024年电石产量79.44万吨，商品电石销量50.13万吨，销量 排名全国第五，具有较为明显的品牌和规模效应。 产 ...

Core Viewpoint - The company, Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd., is set to go public, highlighting its strong performance in the PVA industry despite anticipated revenue declines in the coming years due to market conditions [1][6]. Group 1: Company Overview - Shuangxin Environmental specializes in the research, production, and sales of PVA and its upstream and downstream products, establishing a comprehensive industrial chain [2]. - The company has a production capacity of 130,000 tons of PVA annually and ranks among the top three in the industry for PVA production in 2024 [2]. - The company has maintained a commitment to sustainable development and has established a circular economy industrial chain centered around PVA [2]. Group 2: Financial Performance - The company reported revenues of 5.061 billion yuan in 2022, 3.783 billion yuan in 2023, and projected 3.486 billion yuan in 2024, indicating a decline of 7.85% from 2023 and 31.12% from 2022 [6]. - For the first half of 2025, the company achieved revenues of 1.797 billion yuan, showing a year-on-year increase of 1.81% [1]. - The net profit for 2022, 2023, and projected for 2024 is 808 million yuan, 558 million yuan, and 521 million yuan respectively, indicating strong profitability [6]. Group 3: Market Position and Strategy - The company has established long-term partnerships with influential manufacturers in various sectors, enhancing its market presence [4]. - Shuangxin Environmental's products are exported to over 40 countries, and it has received recognition for its brand in both domestic and international markets [4]. - The company aims to leverage its strategic partnership with Mitsubishi Chemical to penetrate the global high-end supply chain [5]. Group 4: Future Growth and Investment - The company plans to raise 1.865 billion yuan through its IPO, with funds allocated to projects aimed at enhancing production capacity and energy efficiency [7]. - Investment will focus on expanding PVB resin and functional film production, as well as improving energy efficiency in PVA and calcium carbide production [7]. - The company is committed to innovation and aims to become a leading player in the PVA industry, capitalizing on the transition towards low-carbon and green economic practices [8].

从资金流向上来看，当日化学纤维板块主力资金净流入4.44亿元，游资资金净流出1.29亿元，散户资金净 流出3.16亿元。化学纤维板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603225 | 新凤鸣 | 18.45 | -5.38% | 21.39万 | 4.00亿 | | 300876 | 蒙泰高新 | 38.23 | -2.67% | 6.08万 | 2.37亿 | | 600370 | 三房巷 | 2.32 | -2.11% | 59.57万 | 1.39亿 | | 002064 | 华隆化学 | 11.00 | -1.61% | 51.88万 | 5.77亿 | | 000949 | 新乡化纤 | 5.56 | -0.71% | 60.78万 | 3.39 Z | | 002998 | 优彩资源 | 7.64 | -0.65% | 4.73万 | 3617.64万 | | 600063 | 皖维高新 | 6.05 | -0.49% | 26.34万 | 1.6 ...

| 序号 | 板块 | 涨跌幅(%)▼ | 总成交量 (万手) ▼ 总成交额 (亿元) ▼ | | 浄流入（亿元）▼ | 上涨家数 | 下跌家 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 化学纤维 | 2.87 | 1123.39 | 93.76 | -3.91 | 18 | ਰੇ | | 2 | 多元金融 | 2.72 | 1707.00 | 179.71 | 8.39 | 20 | ব | | 3 | 塑料制品 | 1.94 | 1730.10 | 284.56 | 4.39 | 47 | 29 | | ব | 军工装备 | 1.62 | 3123.50 | 925.58 | 8.30 | ਦੇਤੇ | 24 | | 5 | 自动化设备 | 1.33 | 805.35 | 297.25 | 1.79 | 52 | 36 | | ଚ | 元件 | 1.07 | 1442.20 | 600.93 | 26.80 | 42 | 17 | | 7 | 石油加工贸易 | 1.00 | 1022.13 | 91.54 | 9.31 | 15 | ...

今日早盘，A股三大指数涨跌不一，沪指涨0.3%、冲击九连阳，全市场半日成交额超1.4万亿元，板块题材上，化学纤维、PEEK材料、服务器、CPO板块活 跃，锂电电解液、电池、乳业板块调整；港股震荡分化，科技股涨幅居前，公用事业、家电板块回调。截至午间收盘，中证A500指数上涨0.1%，沪深300指 数上涨0.1%，创业板指数下跌0.3%，上证科创板50成份指数上涨0.9%，恒生中国企业指数上涨0.8%。 跟踪创业板指数 该指数由创业板中市值大、 流动性好的100只股票组成, 战略新兴产业占比较高,申 力设备、通信、电子行业合 计占比近60% 科创板大盘宽基:科创板50ETF 假 跟踪上证科创板50成份指数 创业板大盘宽基: 创业板ETF ITE 该指数由科创板中市值大、流 "硬 动性好的50只股票组成， 科技"龙头特征显著,半导体 占比超65%,与医疗器械、软 件开发、光伏设备行业合计占 比 近80% 港股大盘宽基:恒生中国企业ET 截至午1 该指数 截至午1 该指数 每日经济新闻 ...

| 序号 | 板块 | 涨跌幅(%)▼ | 总成交量（万手）▼ | 总成交额（亿元） ▼ | 净流入(亿元) ▼ | 上涨家数 | 下跌家 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 化学纤维 | 2.58 | 784.92 | 62.96 | -3.41 | 22 | 6 | | 2 | 元件 | 1.77 | 959.26 | 412.36 | 34.68 | 48 | 12 | | 3 | 多元金融 | 1.63 | 1016.16 | 96.15 | -0.57 | 19 | 7 | | ব | 塑料制品 | 1.60 | 1117.74 | 186.76 | 0.91 | 43 | 30 | | 5 | 串等属 | 1.59 | 603.00 | 92.17 | 6.21 | 8 | ന | | ଚ | 石油加工贸易 | 1.39 | 686.00 | 61.86 | 10.80 | 19 | ထ | | 7 | 风电设备 | 1.09 | 577.12 | 110.56 | -0.36 | 21 | ਰੇ | | 8 | 电机 ...