【DT新材料】 获悉，近日， 关于 内蒙古双欣环保材料股份有限公司 年产 15万吨 乙烯法醋酸乙烯及 6万吨 特种聚乙烯醇项目环评 第二次公示。 · 政策发展 · 市场分析 · 投融资 · 供应链 · Al赋能 2025"新塑奖"评选颁奖盛典 内蒙古双欣环保材料股份有限公司 成立于2009年6月，注册资本86,000万元。双欣环保是一家专业从事聚乙烯醇（PVA）、聚乙烯醇特种纤维、醋酸乙 烯（VAC）、碳化钙（电石）等PVA产业链上下游产品的研发、生产、销售的高新技术企业，拥有聚乙烯醇全产业链布局。其中， 电石作为化工"基 石"，主要用于生产乙炔进而合成PVC、PVA、BDO等重要化工材料 ，是有机化学工业上游的基础性原材料。 说明： 本文部分素材来自于 内蒙古双欣环保材料股份有限公司 及网络公开信息，由作者重新编写，系作者个人观点，本平台发布仅为了传达一种不同观点，不代表对该观点赞同或支持。如果有 任何问题，请联系我们：15355132586（微信号：dtmaterial） | 全体大会 高分子产业年会(全体大会) 项目 总投资 201173.59万元 ， 建设规模包括 15万吨/年乙烯法醋酸乙烯(VAC) ...

Group 1 - The "anti-involution" policy has become a hot topic in the stock and commodity markets, with various industries responding and institutions releasing related research reports [1] - Tianfeng Securities suggests that the "anti-involution" trend may develop in three phases: initial expectations catalyzed by policy, followed by rising prices of resource products, and finally, a prolonged period of high prices for these resources [1] - CITIC Securities identifies three key differences between the current "anti-involution" and the supply-side reform of 2015-2016, including broader industry coverage, better operating conditions for upstream enterprises, and a higher proportion of private enterprises in emerging industries [1] Group 2 - Zhejiang Merchants Fund focuses on two major industrial issues: structural contradictions in capacity and disruptions to fair competition, particularly in the new energy vehicle and photovoltaic sectors, where prices have dropped significantly [2] - Dongwu Securities highlights that the "anti-involution" policy will have a more pronounced effect on correcting vicious competition and benefiting emerging industries, particularly in sectors with high state-owned enterprise representation [2] - Specific sectors to watch include the photovoltaic industry chain, traditional industries facing overcapacity like steel and cement, and emerging non-manufacturing sectors such as e-commerce [2] Group 3 - Huachuang Securities identifies potential beneficiary industries of the "anti-involution" policy based on factors like state-owned enterprise representation, industry concentration, price elasticity, taxation, and employment [3] - Industries likely to benefit include coal mining, coke, ordinary steel, energy metals, glass fiber, steel raw materials, precious metals, and the hospitality sector [3]

7月10日，巍华新材今日收盘18.48元，下跌1.02%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到32.53倍，总市值63.82亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13巍华新材32.5325.171.6063.82亿行业平均 34.3936.025.99107.51亿行业中值36.3138.681.9253.78亿1卫星化学8.949.751.86591.87亿2鲁西化工 10.699.881.05200.38亿3苏盐井神10.719.801.2175.35亿4博源化工11.9710.451.27189.28亿5华鲁恒升 12.8911.701.44456.70亿6江盐集团13.5711.641.2153.67亿7川恒股份13.6214.582.26139.43亿8氯碱化工 14.2214.581.29114.83亿9江天化学14.6114.044.3341.79亿10君正集团14.9216.491.64462.40亿11宝丰能源 15.5718.062.521144.74亿12鲁北化工16.6015.681.2840.91亿 从行业市盈率排名来看，公司所处的化学 ...

Core Viewpoint - Huide Technology plans to raise up to 580 million yuan through a private placement of A-shares to no more than 35 specific investors, with the net proceeds allocated entirely to a polyurethane new materials project, despite having substantial cash reserves [1][2]. Financial Status - As of March 31, 2025, Huide Technology reported a strong financial position with cash holdings of 473 million yuan, minimal short-term borrowings of 24 million yuan, and a low debt-to-asset ratio of 30% [1]. - The company's operating cash flow has significantly declined, with a net cash flow drop of 88.33% year-on-year to 27.91 million yuan in 2024, and a negative cash flow of 5.84 million yuan in Q1 2025, indicating weakened cash generation ability [1]. Revenue Trends - Huide Technology has experienced a decline in revenue for three consecutive years, with revenues of 3.017 billion yuan, 2.712 billion yuan, and 2.671 billion yuan for 2022, 2023, and 2024 respectively, reflecting decreases of 5.46%, 10.12%, and 1.51% [1]. Strategic Expansion Considerations - The private placement pricing mechanism is based on the average stock price over the 20 trading days prior to the issuance date, ensuring a market-driven approach to avoid pricing issues due to stock price fluctuations [2]. - The funds raised will be used for a polyurethane new materials project, which has a projected internal rate of return of 24.14% after tax and an investment payback period of 5.3 years, indicating promising economic benefits [2]. - Market reactions to the private placement are mixed, with some investors supporting the move for long-term growth and competitiveness, while others express concerns about potential dilution of earnings per share and the risk of the company being perceived as "raising money" despite its cash reserves [2].

（以下简称"《管 理办法》"）等有关法律法规、规章和规范性文件以及《公司章程》的规定，浙江 福莱新材料股份有限公司（以下简称"公司"）薪酬与考核委员会对公司《2025 年 限制性股票激励计划（草案）》 浙江福莱新材料股份有限公司薪酬与考核委员会 关于公司 2025 年限制性股票激励计划相关事项 的核查意见 根据《中华人民共和国公司法》 （以下简称"《公司法》"）、 《中华人民共和国 （以下简称"《证券法》"）、 证券法》 《上市公司股权激励管理办法》 （2）最近一个会计年度财 务报告内部控制被注册会计师出具否定意见或无法表示意见的审计报告； （3）上 市后最近 36 个月内出现过未按法律法规、公司章程、公开承诺进行利润分配的 情形； （以下简称"《激励计划（草案）"》及其摘要相关 事项进行了仔细阅读和审核。现发表核查意见如下： 《管理办法》等有关法律法规、规章和规范性文件以及《公司章程》的规定；对 各激励对象限制性股票的授予安排、解除限售安排（包括但不限于授予额度、授 予日期、授予条件、授予价格、限售期、解除限售期、解除限售条件等事项）未 违反有关法律法规、规章和规范性文件的规定，未侵犯公司及全体股东的利益。 ...

Industry Overview - The Chinese active pharmaceutical ingredients (API) industry plays a crucial role in the pharmaceutical sector, being the largest producer and exporter globally, particularly in antibiotics, vitamins, and analgesics [8][31] - APIs are essential for drug production, requiring processing into formulations for clinical use, and are widely applied in pharmaceuticals, cosmetics, and other fields [8][10] Market Development - The global API market is steadily growing, projected to reach $226.1 billion in 2024, with China's chemical API revenue expected to be ¥578.3 billion, accounting for 35.5% of the global market [3][39] - The biopharmaceutical API market in China was approximately ¥120 billion in 2023, anticipated to grow to ¥180 billion by 2025, reflecting a compound annual growth rate of about 12% [3][39] - In terms of capacity, China's API production peaked at 3.48 million tons in 2017 but declined due to environmental regulations, with a gradual recovery starting in 2020 [3][40] Enterprise Landscape - By 2024, three companies are expected to exceed ¥10 billion in revenue, with New and Better being the leader, while the majority of enterprises are concentrated in Jiangsu and Shandong provinces [4][39] - The market is characterized by a low concentration, with small and medium-sized enterprises dominating, and direct sales being the primary sales model [4][39] Challenges Faced - The industry faces several challenges, including insufficient investment in R&D, high market entry barriers, lack of industry chain collaboration, intensified competition, and increased compliance costs [4][39] - Domestic regulatory issues include a dual-track system and inadequate transport adaptability, which complicate operations [4][39] Future Trends and Opportunities - The growth in pharmaceutical demand, advancements in biotechnology, and supportive policies present significant opportunities for the industry [4][39] - Key trends include the expiration of patents leading to market expansion, environmental regulations driving industry consolidation, integration of APIs and formulations, and the development of Contract Development and Manufacturing Organizations (CDMO) [4][39] - The industry is encouraged to embrace green practices, increase innovation investments, and enhance industry collaboration to improve competitiveness [4][39]

Group 1 - The company expects to achieve a net profit attributable to shareholders of 70 million to 90 million yuan for the first half of 2025, indicating a turnaround from previous losses [1][2] - The net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between -56 million and -40 million yuan [1] - The precious metals business benefited from a recovery in market conditions, leading to a reversal of inventory impairment [1] Group 2 - The company plans to transfer part of its land use rights to Taiyuan Chemical Industry Group, recognizing a net gain from asset disposal of 119.3383 million yuan [1] - The company received the first batch of land transfer subsidy funds from the Taiyuan Municipal Finance Bureau, confirming asset disposal income [1] - The previous year's net profit attributable to shareholders was -49.4303 million yuan, with a loss per share of -0.0961 yuan [2]

Core Viewpoint - Tongyu New Materials (Guangdong) Co., Ltd. has successfully listed on the Shenzhen Stock Exchange's ChiNext board, with a significant opening price increase and high trading volume, indicating strong market interest and investor confidence in the company’s future prospects [1]. Company Overview - Tongyu New Materials specializes in the research, production, and sales of electronic resins, primarily used in the production of copper-clad laminates [1]. - The company’s total market capitalization reached 7.662 billion yuan after its debut [1]. Shareholding Structure - Zhang Chi, the chairman and general manager, holds 11.9973 million shares, accounting for 39.99% of the total shares, and indirectly controls an additional 5.26% through a partnership, making him the controlling shareholder with a total voting power of 45.25% [1]. - Su Shiguo, the vice general manager, holds 7.8397 million shares, representing 26.13% of the total shares, and together with Zhang Chi, they control 71.38% of the voting rights, establishing them as the joint actual controllers of the company [2]. Financial Performance - The company’s projected revenues for 2023 are expected to decline by 17.51%, and the net profit attributable to the parent company is expected to decrease by 14.12% compared to the previous year [4]. - For the years 2022 to 2024, the company reported revenues of 1.1928477 billion yuan, 886.2495 million yuan, and 952.4685 million yuan, with net profits of 188.0032 million yuan, 164.4793 million yuan, and 143.3056 million yuan respectively [8]. Fundraising and Investment Plans - Tongyu New Materials issued 10 million shares at a price of 84.00 yuan per share, raising a total of 840 million yuan, with a net amount of 760.3783 million yuan after deducting issuance costs [6]. - The funds will be allocated to a project for producing 200,000 tons of electronic resin and to supplement working capital [7]. R&D and Innovation - The company’s R&D expenses have shown a consistent increase, with amounts of 7.7846 million yuan, 12.6769 million yuan, and 14.9312 million yuan over the reporting periods, indicating a commitment to innovation [3]. - The proportion of R&D investment relative to revenue has increased from 1.25% in 2022 to 2.27% in 2024, reflecting a growing focus on technological advancement [9]. Recent Performance Metrics - In the first quarter of 2025, the company achieved revenues of 27.64064 million yuan, a year-on-year increase of 25.60%, while the net profit attributable to the parent company decreased by 4.43% [11].

三美股份（603379）公告，预计2025年半年度实现归属于上市公司股东的净利润为9.48亿元到10.42亿 元，与上年同期相比，将增加5.64亿元到6.59亿元，同比增长146.97%到171.67%。预计2025年半年度实 现归属于上市公司股东的扣除非经常性损益的净利润为9.39亿元到10.34亿元，与上年同期相比，将增加 5.65亿元到6.6亿元，同比增长151.01%到176.34%。 ...

债券研究 证 券 研 究 报 告 【债券日报】 金价&油价，如何影响通胀？ ——6 月通胀数据解读 拆解核心 CPI 的构成，得出服务占比稳定在 55%，核心消费品占比为 45%， 黄金占比为 0.55%，结合各分项价格变动可推算出 2025 年上半年核心 CPI 环 比累计上涨 0.5%，其中黄金拉动 0.13%，服务拉动 0.17%，剔除黄金的其他核 心消费品拉动 0.2%，体现出今年促消费政策对服务和核心消费品的需求拉动 作用，黄金助涨了核心 CPI 但并非主要因素。需要注意的是剔除黄金后的核 心消费品环比二季度弱于一季度，关注新一轮消费刺激政策可能再次出台。 问题二：6 月油价大幅上涨，为何 PPI 同比反而下行？ 6 月 PPI 环比继续保持-0.4%的降幅，原油价格上涨 9%约拉动 PPI 0.3 个百分 点，但国内生产淡季和"抢出口"效应的弱化抵消了这一作用。 （1）国内生产淡季：根据统计局通稿，黑色金属冶炼和压延加工业、非金属 矿物制品业、煤炭相关行业和电力热力生产和供应业共影响 PPI 环比下降约 0.33 个百分点，与油价的拉动作用基本抵消。 （2）"抢出口"效应弱化后，部分出口行业价格继 ...