每经AI快讯，有投资者在投资者互动平台提问：公司2025年三季度光伏POE胶膜母粒收入同比大增 446%且毛利率达42%，该业务目前在总营收中占比多少？滁州5万吨项目预计2026年Q1投产，预计投产 后光伏业务占比将提升至何种水平？ 宁波色母（301019.SZ）12月16日在投资者互动平台表示，我公司的主要产品为色母粒，有彩色母粒、 白色母粒、黑色母粒和功能母粒等四大产品类别，广泛应用于 PE、PP、AS、PET、EVA、ABS 等塑料 制品领域，并最终应用于电子电器、日用品、食品饮料、日化、建材、农业、汽车、医疗等行业。作为 应用领域塑料制品的着色剂，我公司产品应用领域广，所以每个应用领域的占比不大。新建的滁州子公 司投资项目现处于建设期，根据公司战略目标规划，项目投产后采取定制化订单模式生产；在未来可能 存在行业竞争加剧、原材料价格波动、市场需求低于预期等风险。 （文章来源：每日经济新闻） ...

国泰君安期货·能源化工 聚烯烃周报 国泰君安期货研究所 周富强 投资咨询从业资格号：Z0023304 日期：2025年12月14日 Guotai Junan Futures all rights reserved, please do not reprint CONTENT 观点综述 01 塑料部分 02 聚丙烯部分 03 价格&价差 供应 需求&库存 价格&价差 供应 需求&库存 Special report on Guotai Junan Futures 2 观点综述 1 本周塑料观点：跌价供应弹性暂未兑现，年底供增需减价格承压 | | 总有效产能增速16%，上半年利润尚可，国产量增速18%，进口有同比下滑，但宽松的供应压制价格。PE总开工84.11%/+0.06%。新增独山子石化两套 | | --- | --- | | | 全密度装置检修，但部分存量装置重启。下周因新增扬子石化、中韩石化、上海石化等检修，以及前期检修装置尚未重启，供应小幅缩减。Q4检修 | | 供应 | 计划同比略低，预计供应维持宽松状态，此外上游乙烯裂解利润低位，前期新加坡、韩国有部分裂解延期回归，且乙烯小幅反弹，外采利润压缩， | ...

Core Viewpoint - The increasing adoption of futures tools by petrochemical companies in China is enhancing price risk management across the industry chain, leading to cost reduction and improved competitiveness for both upstream and downstream partners [1][2]. Group 1: Industry Adoption of Futures Tools - The petrochemical industry is increasingly utilizing futures tools to manage price risks amid volatile raw material prices, creating a collaborative risk defense system across the supply chain [2][3]. - Long-established companies like Longchang Group have developed a mature futures and spot trading model, which effectively manages operational risks and supports downstream partners in optimizing procurement costs [2][4]. Group 2: Risk Management Strategies - Longchang Group employs hedging strategies to reduce inventory exposure risks and mitigate operational risks from raw material price fluctuations [2][5]. - The company dynamically manages exposure through a "rolling inventory" concept, continuously switching different inventory resources to lower costs and enhance profitability without increasing exposure [2][5]. Group 3: Downstream Support and Cost Optimization - Futures and options tools are helping downstream companies optimize costs and improve efficiency, allowing them to better serve their end customers [3][6]. - Longchang Group's unique combination of futures and spot trading provides differentiated risk management services throughout the entire business chain, enhancing customer relationships and loyalty [5][8]. Group 4: Regional Economic Development - The use of futures tools is significantly contributing to the collaborative development of the petrochemical industry and supporting the economic transformation of the northwest region of China [9][11]. - The futures market provides essential price information and risk management capabilities, enabling companies in the northwest to stabilize their operations and improve their competitive edge [11][12]. Group 5: Training and Knowledge Enhancement - Longchang Group is actively involved in training initiatives to enhance the understanding and application of futures tools among regional enterprises, addressing the knowledge gap compared to coastal regions [10][11]. - The company aims to promote practical experiences in financial derivatives usage, helping businesses develop tailored risk management models that align with their operational realities [12].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The PP supply - demand pattern remains unchanged with no further macro - level positive factors. The spot trading atmosphere is light, and it is expected that PP will fluctuate weakly in the near term. Due to the possibility of new PP capacity coming online this year and the gradual end of the peak season for agricultural films, the L - PP spread is expected to narrow [1]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - As of the week of December 12, the PP downstream operating rate increased by 0.06 percentage points to 53.99% week - on - week, at a relatively low level compared to the same period in previous years. However, the operating rate of the plastic weaving industry, the main downstream of the drawstring, decreased by 0.04 percentage points to 44.06% week - on - week, and the plastic weaving orders continued to decline slightly, slightly lower than the same period last year [1]. - On December 12, the restart of maintenance devices such as the single - line of Zhong'an United drove the PP enterprise operating rate up to around 85%, at a neutral level, and the production ratio of standard drawstring rose to around 28% [1][4]. - Recently, the de - stocking of petrochemicals has been slow, and the current petrochemical inventory is at a relatively high level compared to the same period in recent years. The cost of crude oil has decreased as some previously malfunctioning oil fields in Iraq resumed production, the US is still actively promoting peace talks between Russia and Ukraine, and the crack spread of refined oil in Europe and the US has continued to decline [1]. - There is new production capacity of 400,000 tons/year from PetroChina Guangxi Petrochemical put into operation in mid - October, and the number of maintenance devices has slightly decreased recently. The downstream has entered the end of the peak season, orders for plastic weaving and other products have started to decline, the price of BOPP film has dropped again, and there is a lack of large - scale centralized procurement in the market, which has limited support for the market [1]. 3.2 Futures and Spot Market Conditions - In the futures market, the PP2601 contract decreased in an oscillatory manner with a position reduction. The lowest price was 6,110 yuan/ton, the highest price was 6,186 yuan/ton, and it finally closed at 6,129 yuan/ton, below the 20 - day moving average, with a decline of 1.18%. The open interest decreased by 58,109 lots to 293,184 lots [2]. - In the spot market, most of the PP spot prices in various regions declined. The drawstring was quoted at 5,970 - 6,330 yuan/ton [3]. 3.3 Fundamental Tracking - On the supply side, on December 12, the restart of maintenance devices such as the single - line of Zhong'an United drove the PP enterprise operating rate up to around 85%, at a neutral level [4]. - On the demand side, as of the week of December 12, the PP downstream operating rate increased by 0.06 percentage points to 53.99% week - on - week, at a relatively low level compared to the same period in previous years. However, the operating rate of the plastic weaving industry, the main downstream of the drawstring, decreased by 0.04 percentage points to 44.06% week - on - week, and the plastic weaving orders continued to decline slightly, slightly lower than the same period last year [4]. - On Friday, the early petrochemical inventory decreased by 10,000 tons week - on - week to 680,000 tons, 60,000 tons higher than the same period last year. Recently, the de - stocking of petrochemicals has been slow, and the current petrochemical inventory is at a relatively high level compared to the same period in recent years [4]. 3.4 Raw Material End Information The Brent crude oil 02 contract dropped below $62 per barrel, and the CFR propylene price in China remained flat at $745 per ton week - on - week [6].

【冠通期货研究报告】 塑料日报：震荡下行 发布日期：2025年12月12日 【行情分析】 12月12日，检修装置变动不大，塑料开工率维持在90%左右，目前开工率处于中性水平。截至12 月12日当周，PE下游开工率环比下降0.76个百分点至43.00%，农膜逐步退出旺季，农膜订单继续下降， 处于近年同期中性水平，农膜原料库存再次下降，包装膜订单同样小幅下降，整体PE下游开工率仍 处于近年同期偏低位水平。近期石化去库缓慢，目前石化库存处于近年同期偏高水平。成本端，伊 拉克部分前期故障油田恢复生产，美国仍在极力促成俄乌和谈，欧美成品油裂解价差持续下跌，原 油价格下跌。供应上，新增产能50万吨/年的埃克森美孚（惠州）LDPE在10月投产，70万吨/年的中石 油广西石化11月投产。塑料开工率略有上涨。农膜进入旺季尾声，订单持续下降，旺季成色不及预 期，温度下降，终端施工放缓，北方需求减少，北方棚膜生产基本停滞，农膜价格跌后暂稳，预计 后续下游开工率下降。下游企业采购意愿不足，刚需为主，部分行业进入淡季，贸易商对后市谨慎， 普遍降价积极出货。塑料供需格局整体未改，交易氛围偏淡，宏观暂未有进一步利好，预计近期塑 料偏弱震荡 ...

Production Capacity and Progress - The first BOPP production line was officially launched in November 2025, with a second line expected to be operational in the second half of 2026. The first line has achieved stable mass production of various thicknesses of BOPP capacitor film products, with thin films entering mass delivery after customer validation [1] - The BOPP production line focuses on thin and ultra-thin film products, with an estimated annual capacity of approximately 2,400 tons per line, depending on product thickness. A total of nine production lines are planned, with two in the first phase and subsequent lines to be added based on market demand [1] Product Applications and Differentiation - The BOPP film is positioned as ultra-thin electrical-grade film, including capacitor film and electrode film, used in the production of thin-film capacitors and battery electrode collectors. It features strong self-healing, high insulation resistance, low dielectric loss, high dielectric strength, and long service life [2] - In contrast, ordinary BOPP packaging materials are typically around 20 microns thick, focusing on basic packaging protection and appearance, with core characteristics including moderate mechanical strength and good transparency [2] Solid-State Battery Developments - The subsidiary, Xiamen Changsu, has pioneered solid-state battery-specific BOPA film, currently in the market promotion phase. The company is also involved in drafting and implementing standards for aluminum-plastic films used in solid-state batteries [3] - As the solid-state battery industry accelerates, the company plans to closely monitor market penetration rates and promote the production and sales of solid-state battery-specific films [3] Existing and Future Capacity for BOPA and PA6 - The current annual production capacity for PA6 (Nylon 6) chips is 145,000 tons, with 210,000 tons of additional capacity under construction, expected to be operational by 2027 [4][5] - The company currently operates 14 BOPA production lines with a total capacity of 145,000 tons, with plans for additional lines in both domestic and international locations, aiming for a total capacity of 275,000 tons upon completion of all projects [5] Utilization of PA6 Chips - The PA6 chips are primarily used internally for the production of BOPA films, with some sales based on market demand. Besides BOPA films, PA6 chips have various applications in textiles, industrial fibers, and engineering plastics [5] - The integrated supply chain for PA6 and BOPA films enhances cost competitiveness, quality control, and innovation capabilities, aligning with green production trends [5]

Production Capacity and Planning - The current annual production capacity of PA6 chips is 145,000 tons, with a planned additional capacity of 210,000 tons by 2027, including 140,000 tons from IPO funding and 70,000 tons from self-financing [1] - The company has 14 BOPA film production lines with a total capacity of 145,000 tons, with plans to add 40,000 tons in the Quanzhou base and 90,000 tons in Indonesia by 2027 [2] Market and Customer Insights - In the first half of 2025, overseas revenue accounted for over 50% of total sales, indicating significant growth in international markets [3] - The company has established a strong overseas marketing team, covering key regions such as Europe and Southeast Asia, which supports market expansion after the establishment of production capacity in Indonesia [7] Product Development and Technology - The first BOPP film production line was launched in November 2025, with a second line expected in late 2026, focusing on thin and ultra-thin film products [4] - BOPP film production lines are expected to have an annual capacity of approximately 24,000 tons, depending on product thickness, with a total of nine lines planned [4] Raw Material Supply and Industry Barriers - The supply of electrical-grade polypropylene remains low in domestic production, with the company sourcing materials from overseas suppliers [5] - The BOPP capacitor film industry has high entry barriers due to the quality of raw materials and the maturity of production technology, which are critical for product performance [5] Customer Base and Sales Growth - Recent sales growth has been driven by both existing and new customers, with a focus on increasing coverage of small and medium-sized clients [6] - The company benefits from stable demand from large enterprises, which helps optimize production scheduling and capacity utilization [6] Environmental Initiatives - BOPLA, a biodegradable film material made from polylactic acid, offers strong biodegradability and physical strength, making it suitable for various applications while supporting sustainability goals [8][9] - BOPA film materials provide excellent barrier properties, extending the shelf life of products and reducing the need for additives, making them ideal for food and consumer goods [9]

【期现行情】 期货方面： PP2601合约减仓震荡下行，最低价6161元/吨，最高价6220元/吨，最终收盘于6162元/吨， 在20日均线下方，跌幅1.14%。持仓量减少30955手至380203手。 【冠通期货研究报告】 PP日报：震荡下行 发布日期：2025年12月10日 【行情分析】 截至12月5日当周，PP下游开工率环比上涨0.10个百分点至53.93%，处于历年同期偏低水平。但 其中拉丝主力下游塑编开工率环比持平于44.1%，塑编订单环比小幅下降，略低于去年同期。12月10 日，检修装置变动不大，PP企业开工率维持在84%左右，处于中性偏低水平，标品拉丝生产比例下跌 至25.5%左右。月初石化累库较多，目前石化库存处于近年同期偏高水平。成本端，伊拉克部分前期 故障油田恢复生产，叠加欧美成品油裂解价差持续下跌，原油价格下跌。供应上，新增产能40万吨/ 年的中石油广西石化10月中旬投产，近期检修装置略有减少。下游进入旺季尾声，塑编等订单开始 下降，BOPP膜价格下跌后暂稳，市场缺乏大规模集中采购，对行情提振有限，贸易商普遍让利以刺 激成交。国家发展改革委会同有关部门及相关行业协会召开会议，研究制定价格 ...

1. Report Industry Investment Rating - No information provided about the report industry investment rating 2. Core Viewpoints - The PP market is expected to experience weak and volatile trends in the near future due to unchanged supply - demand patterns and no significant macro - level positive news [1] - The L - PP spread is expected to decline as there may be new plastic production capacity coming online this year and the peak season for agricultural films is ending [1] 3. Grouped Summaries 3.1 Market Analysis - As of the week ending December 5, the downstream PP operating rate rose 0.10 percentage points to 53.93% week - on - week, remaining at a relatively low level compared to the same period in previous years [1][4] - On December 9, the operating rate of PP enterprises increased to around 84% due to the resumption of some maintenance devices, and the production ratio of standard - grade drawstring products rose to around 27.5% [1][4] - The petrochemical inventory is at a relatively high level compared to the same period in recent years, with the early petrochemical inventory on Tuesday increasing 0.5 tons to 69.5 tons week - on - week, 3.5 tons higher than the same period last year [1][4] - Crude oil prices dropped as some previously malfunctioning oil fields in Iraq resumed production and the crack spread of refined oil in Europe and the US continued to decline [1] - The downstream market is at the end of the peak season, with orders for drawstring products and BOPP films decreasing, and the market lacks large - scale centralized procurement [1] 3.2 Futures and Spot Market - The PP2601 futures contract decreased in an oscillatory manner with a decline of 1.18%, closing at 6192 yuan/ton. The trading volume decreased by 11,906 lots to 411,158 lots [2] - Most spot prices of PP in various regions declined, with drawstring products priced at 6050 - 6380 yuan/ton [3] 3.3 Raw Material End - The Brent crude oil 02 contract fell below $63 per barrel, and the CFR propylene price in China remained unchanged at $745 per ton week - on - week [6]

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