与同期大盘"无主线、无量能"的疲态相比，PEEK板块的炒作呈现出鲜明的政策+科技双轮驱动特征，资金押注着产业从0到1的爆发潜力，板块热度还在 升温。 具身机器人点燃轻量化材料热度 回顾每次超级产业的炒作，上游"卖铲人"都是空间大、确定性强的存在。 像这近两年的人工智能产业链炒作，涨幅最凶就是上游的CPO和算力芯片，中间就曾跑出了八倍的新易盛、十七倍的寒武纪的算力"卖铲人"； 回溯新能源产业链周期同样如此，新能源车上游的聚偏二氟乙烯，在当时的聚偏二氟乙烯龙头股联创股份，就因主要产品可以用在锂电正极和光伏背板而 遭到爆炒，三个月股价涨幅高达八倍。 从历史经验来看，每当新兴产业进入快速爆发期时，上游材料的涨幅和赔率都比较高，机器人产业自年初的宇树科技出圈后，就成为了A股为数不多的确 定较高的行业。 今年4月，A股市场掀起一波PEEK材料的炒作热潮。 4月22日开始，中欣氟材等10余只个股集体封板，单日板块最高成交超30亿元，并在此后数个交易日连续创下多个涨停。 因此，当可用于机器人上游的特种工程塑料传来突破性进展的消息时，资金自然反应迅速。 从消息面来看，这波行情最初是由特斯拉Optimus Gen2采用PEEK材 ...

Core Viewpoint - The European Commission is proposing countermeasures targeting various U.S. products including aircraft, alcoholic beverages, fish, automobiles, and auto parts, as well as chemicals, plastics, electrical equipment, health products, and machinery [1] Group 1 - Proposed countermeasures will specifically target U.S. aircraft [1] - Alcoholic beverages from the U.S. are also included in the proposed measures [1] - Fish products from the U.S. will be affected by the proposed countermeasures [1] Group 2 - The automotive sector, including cars and auto parts, is a focus of the proposed measures [1] - Chemicals and plastics from the U.S. are part of the countermeasures [1] - Electrical equipment and health products from the U.S. will also be targeted [1] Group 3 - Machinery from the U.S. is included in the list of products facing proposed countermeasures [1]

供应压力预计上升。印度市场仍受BIS认证、反倾销税不确定性扰动；越南PVC地板出口受美国关税限制， 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 或影响中国PVC原料出口。五一假期美国关税政策尚无缓解迹象。PVC基本面偏弱，盘面价格处于偏低水平 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 ，预计V2509低位震荡。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | | | PVC产业日报 2025-05-06 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 收盘 ...

摘要：【图】2025年3月安徽省初级形态的塑料产量数据分析 2025年1-3月初级形态的塑料产量分析： 据国家统计局数据，在2025年的前3个月，安徽省规模以上工业企业初级形态的塑料产量累计达到了 69.2万吨，与2024年同期的数据相比，下降了4.1%，增速较2024年同期高4.0个百分点，增速较同期全 国低13.7个百分点，约占同期全国规模以上企业初级形态的塑料产量3441.04885万吨的比重为2.0%。 注：初级形态的塑料2004年及以前名称为塑料树脂及共聚物，简称塑料。 从2011年起，我国规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入 2000万元。 产业调研网为您提供更多 图表：安徽省初级形态的塑料产量分月（累计值）统计 2025年3月初级形态的塑料产量分析： 单独看2025年3月份，安徽省规模以上工业企业初级形态的塑料产量达到了27.6万吨，与2024年同期的 数据相比，3月份的产量增长了2.1%，增速较2024年同期高13.4个百分点，增速较同期全国低8.1个百分 点，约占同期全国规模以上企业初级形态的塑料产量1225.91792万吨的比重为2.3%。 图表：安 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The modified plastics and specialty engineering plastics sectors have shown remarkable performance, leading to significant improvements in the company's financial results for 2024, with a revenue of 60.5 billion yuan, a year-on-year increase of 26%, and a net profit attributable to shareholders of 0.825 billion yuan, a year-on-year increase of 160% [2][3] - The company has effectively enhanced its operational quality through upstream and downstream integration in the green petrochemical sector, optimizing product structure and steadily improving capacity utilization [2] Financial Performance Summary - In 2024, the modified plastics segment achieved revenue of 32.1 billion yuan, a year-on-year increase of 19%, with a gross margin of 22.1% [3] - The new materials segment generated revenue of 3.7 billion yuan, a year-on-year increase of 16%, with a gross margin of 15.8% [3] - The green petrochemical segment reported revenue of 11.4 billion yuan, a year-on-year increase of 22%, although it had a negative gross margin of -6.4% [3] - The medical health segment achieved revenue of 0.056 billion yuan, a year-on-year increase of 46%, but with a gross margin of -34.2% [3] - In Q1 2025, the company reported revenue of 15.7 billion yuan, a year-on-year increase of 49%, and a net profit of 0.25 billion yuan, a year-on-year increase of 138% [4][7] Segment Performance Summary - The modified plastics segment's sales volume increased by 21% to 2.55 million tons in 2024 [3] - The new materials segment's sales volume increased by 33% to 240,000 tons in 2024 [3] - The green petrochemical segment's sales volume increased by 12% to 1.54 million tons in 2024 [3] - The medical health segment's sales volume increased by 46% in 2024 [3] Future Projections - The company is projected to achieve revenues of 64.6 billion yuan, 73.7 billion yuan, and 82.8 billion yuan for the years 2025, 2026, and 2027, respectively [9] - The net profit attributable to shareholders is expected to be 1.366 billion yuan, 1.820 billion yuan, and 2.337 billion yuan for the years 2025, 2026, and 2027, respectively [9] - The company is recognized as a leader in the modified plastics industry, with continuous growth in sales volume for modified and specialty engineering plastics [8]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Views - The company is a rare domestic player mastering high-end e-PTFE membrane and aerogel core technologies, establishing significant competitive barriers through "technical depth and application innovation" [1][2] - The company is currently in a performance release phase, with a net profit of 24.08 million in Q1 2025, representing a year-on-year increase of 43% [1] - The company is actively expanding into high-growth sectors such as new energy and military applications while maintaining stable growth in traditional automotive business [1] Summary by Sections Company Overview - The company focuses on product R&D and technological innovation, with core technologies in e-PTFE membranes and SiO2 aerogels, widely applied in automotive, new energy, and consumer electronics [20][12] Technical Barriers - The company has developed a complete e-PTFE membrane technology system, breaking the monopoly of international giants like Gore and Nitto [2] - The company’s core production equipment is self-designed or modified, creating a natural moat [2] - R&D investment is projected to be about 5.6% in 2024, with an increase in the proportion of R&D personnel to approximately 20% [2] Growth Drivers - The CMD product line has seen revenue growth of 6.5 times from 2021 to 2023, expected to account for 27.6% of revenue in 2024 [3] - Aerogel revenue is projected to reach 65.12 million in 2024, with a year-on-year increase of 46.5% [3] - The company has established a new automotive wiring harness division in 2024, which has already generated revenue [3] Financial Forecast - The company’s net profit is expected to reach 146.15 million, 193 million, and 250 million for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 26, 20, and 15 [4] - Revenue is projected to grow from 410.55 million in 2023 to 1,096.16 million in 2027, with a compound annual growth rate of 15.25% [4] Valuation - The target price is set at 63 yuan per share, based on a 30x PE valuation for 2025 [4][51] - The company is compared with peers like Walton Technology and Starry Material, with an average PE of 30.2 for comparable companies [51]

Core Insights - Polyetherimide (PEI) is a high-performance thermoplastic developed by GE in 1982, known for its excellent thermal stability and mechanical properties [1][2] - PEI is widely used in various industries including aerospace, automotive, electronics, and healthcare due to its unique characteristics [2] Group 1: Characteristics of PEI - PEI is a thermoplastic engineering plastic with high-temperature resistance, mechanical performance, chemical stability, and flame retardancy [2] - The glass transition temperature of PEI is 215°C, allowing for long-term use at temperatures between 160°C and 180°C, with intermittent use up to 200°C [2] - PEI exhibits low thermal expansion, maintaining dimensional stability across a wide temperature range [2] - The limiting oxygen index of PEI is as high as 47%, indicating excellent flame retardancy [2] - PEI shows strong resistance to hydrocarbons, halogenated solvents, water, and automotive fluids, demonstrating good stability in various chemical solvents [2] Group 2: Applications of PEI - In the aerospace industry, PEI is used for manufacturing various aircraft components such as sensors and ignition system parts, benefiting from its heat resistance and low smoke emissions [2] - In the automotive sector, PEI is utilized for parts like air doors and sensors, which require high performance and stability in high-temperature environments [2] - In the electronics industry, PEI is applied in solder hole sleeves, connectors, and printed circuit boards, showcasing its excellent electrical properties and dimensional stability [2] - In healthcare, PEI is used for surgical equipment and sterilization trays due to its steam resistance and compliance with FDA regulations [2] - PEI also finds applications in packaging, sports equipment, textiles, mining, marine engineering, and home appliances, highlighting its broad potential [2] Group 3: Market and Development - Global demand for PEI is increasing, with major suppliers including SABIC and GE [2] - Future development directions for PEI include enhancing performance and reducing costs, along with research into bio-based PEI for sustainable development [2] - Innovations in PEI technology involve new copolymers with higher thermal performance and optimized foaming techniques to improve material properties [2]

摘要：【图】2025年1-3月贵州省初级形态的塑料产量统计分析 注：初级形态的塑料2004年及以前名称为塑料树脂及共聚物，简称塑料。 从2011年起，我国规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入 2000万元。 单独看2025年3月份，贵州省规模以上工业企业初级形态的塑料产量达到了0.3万吨，与2024年同期的数 据相比，3月份的产量下降了2.8%，增速较2024年同期低11.6个百分点，增速较同期全国低13.0个百分 点，约占同期全国规模以上企业初级形态的塑料产量1225.91792万吨的比重为0.0%。 图表：贵州省初级形态的塑料产量分月（当月值）统计 2025年1-3月初级形态的塑料产量分析： 据国家统计局数据，在2025年的前3个月，贵州省规模以上工业企业初级形态的塑料产量累计达到了0.7 万吨，与2024年同期的数据相比，增长了15.1%，增速较2024年同期高16.1个百分点，增速较同期全国 高5.5个百分点，约占同期全国规模以上企业初级形态的塑料产量3441.04885万吨的比重为0.0%。 图表：贵州省初级形态的塑料产量分月（累计值）统计 2025年3月初级 ...

Core Viewpoint - The plastic production in Jiangxi Province shows a significant increase in early 2025, with a notable growth rate compared to the previous year, although the growth rate has slowed down compared to the same period last year [1]. Group 1: March 2025 Plastic Production - The primary plastic production in March 2025 reached 57,000 tons, representing a year-on-year growth of 11.6% [1]. - The growth rate in March 2025 is 5.5 percentage points lower than the same month last year [1]. - Jiangxi's growth rate in March is 1.4 percentage points higher than the national average, which is 5,700,000 tons out of a total national production of 12,259,179.2 tons [1]. Group 2: January to March 2025 Plastic Production - The total primary plastic production from January to March 2025 was 160,000 tons, with a year-on-year growth of 24.6% [1]. - This growth rate is 14.4 percentage points higher than the same period last year, indicating continued growth [1]. - Jiangxi's production accounts for 0.5% of the national total of 34,410,488.5 tons during this period, which is 15.0 percentage points higher than the national growth rate [1].

N990炭黑是一种高度结构化炭黑，广泛应用于橡胶、塑料、涂料等行业中。它的性能指标优良，适应多种工艺要求，并且对产品的卓越性能发挥着不可替 代的作用。 N990炭黑具有优异的增强效果。炭黑是一种特殊的填料，能够在材料中形成网状结构，提高力学性能，如强度、硬度和耐磨性等。N990炭黑经过特殊处 理，其细粒度和高比表面积使其能够有效增强材料，提高其拉伸强度，延展率和断裂能力。这使得N990炭黑在橡胶制品和塑料产品中被广泛应用。 在应用领域方面，N990炭黑被广泛应用于橡胶制品、塑料制品和涂料中。在橡胶制品中，N990炭黑常用于汽车轮胎、输送带、密封件等橡胶制品的生产 中，能够增强其力学性能、抗拉伸能力和耐磨性。在塑料制品中，N990炭黑能够提高塑料制品的导电性能，提高其力学性能和抗静电性能。在涂料领域， N990炭黑能够提供卓越的黑度和遮盖性能，提高涂层的质量和耐久性。 未来，随着人们对产品高性能要求的不断提高，N990炭黑的应用前景将更加广阔。特别是在新兴领域，如电池材料、导电胶粘剂和高性能涂料等领域， N990炭黑将发挥出更大的作用。同时，随着技术的不断创新和发展，N990炭黑的制备工艺和性能也将不断提升，进 ...