证券之星消息，8月21日塑料板块较上一交易日下跌0.58%，中研股份领跌。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。塑料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300478 | 杭州 高新 | 19.76 | 19.98% | 20.53万 | | 3.78亿 | | 688718 | 唯害勃 | 16.98 | 10.91% | | 6.88万 | · 1.15亿 | | 002838 | 道恩股份 | 26.02 | 10.02% | | 5.16万 | 1.33亿 | | 605008 | 长鸿高科 | 15.95 | 10.00% | 6 | 8.00万 | 1.23亿 | | 301237 | 和顺科技 | 41.25 | 4.22% | | 1.81万 | 7407.40万 | | 603928 | 兴际股份 | 18.30 | 3.57% | | 50.96万 | 9.45亿 | ...

Company Overview - Junhua Special High Polymer Materials Co., Ltd. (referred to as Junhua) has completed its IPO counseling filing with Jiangsu Securities Regulatory Bureau, with Guotai Junan Securities as the counseling institution [2] - Established in 2007, Junhua has a registered capital of 51 million yuan and focuses on the research, development, and production of high-performance specialty engineering plastics such as polyether ether ketone (PEEK) and polyimide (PI) [2] Ownership Structure - The chairman and general manager of Junhua is Li Jun, who holds a 90% stake in the controlling shareholder, Shanghai Junhua Qicheng Consulting Management Co., Ltd., which owns 49.5% of Junhua [2] - Other shareholders include Su Lihua, who holds 10% of Shanghai Junhua Qicheng Consulting Management Co., Ltd., and investments from Yin'an Capital and Guoqian Fund [2] Investments - Junhua has made external investments in three companies: Shandong Junhao High-Performance Polymer Co., Ltd., Changzhou Junhua Medical Technology Co., Ltd., and Changzhou Junhang High-Performance Composite Materials Co., Ltd. [2]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The domestic economic growth is stable with progress, the liquidity environment is loose, and corporate profit expectations are repaired. In the market, small and medium - cap stocks lead the rise, and the growth style is dominant. Attention should be paid to the short - term key pressure level fluctuations and use options to build hedging transactions [2]. - The crude oil market has a complex situation. The market speculates on the Fed's September interest rate cut, but there are concerns about US summer demand and OPEC+ may accelerate production increase. The medium - and long - term price center of gravity is still weak [3]. - The gold market is affected by macro - economic and geopolitical factors. The market expects the Fed to cut interest rates in September, but the strong economic data boosts the US dollar and weakens the gold's safe - haven premium. Attention should be paid to the support near $3311 per ounce [4]. - The silver price has fallen recently, affected by the cooling of geopolitical risk - aversion sentiment and investors' profit - taking. It is necessary to pay attention to the performance at the $37 per ounce integer mark [6]. - For chemical products, the cost of PTA is weakly supported by oil prices, and the supply - demand expectation is weak in the medium term, but there is an expectation of demand improvement. Ethylene glycol has a good fundamental situation and fluctuates with the cost end. The fundamentals of PVC, PP, plastic, etc. have no obvious improvement and fluctuate with market sentiment [7][8][9][11][13]. - In the agricultural products market, the corn price is under pressure due to factors such as abundant supply and weak downstream demand, but it rebounds in the short term. The peanut price is affected by the expected increase in planting area and is in a weak position in the short term. The cotton price is affected by domestic and foreign supply - demand situations and shows a weak shock [20][22][23]. - In the metal market, the copper market is affected by global and domestic factors, and attention should be paid to the direction choice after the convergence. The aluminum market is in a shock trend, and the alumina price is under pressure. The casting aluminum alloy follows the aluminum price to fluctuate, and the lithium carbonate price is affected by cost, supply, and demand and is dominated by sentiment in the short term [29][30][32][33][34]. - In the black market, the stainless - steel, rebar, and hot - rolled coil prices are in a weak shock in the short term due to factors such as cost support weakening and weak demand. The iron ore price may decline in the short term, and the coking coal and coke prices may also fluctuate downward [36][37][38][39][41]. Summary by Relevant Catalogs Macro - Domestic economic growth is stable with progress, the liquidity environment is loose, and corporate profit expectations are repaired. Small and medium - cap stocks lead the rise, and the growth style is dominant. Pay attention to short - term key pressure level fluctuations and use options to build hedging transactions [2]. Crude Oil - The market speculates on the Fed's September interest rate cut, and the weakening US dollar provides some support. However, there are concerns about US summer demand, and OPEC+ may accelerate production increase. The medium - and long - term price center of gravity is still weak. WTI main contract should pay attention to the support near $62 - 63 per barrel [3]. Gold - The market expects the Fed to cut interest rates in September with an 86.1% probability, but strong economic data boosts the US dollar and weakens the gold's safe - haven premium. Pay attention to the support near $3311 per ounce [4]. Silver - The silver price has fallen recently, affected by the cooling of geopolitical risk - aversion sentiment and investors' profit - taking. Pay attention to the performance at the $37 per ounce integer mark [6]. Chemicals PTA - The cost is weakly supported by oil prices, and the supply - demand expectation is weak in the medium term. The inventory days are decreasing, and the production capacity change is not significant. There is an expectation of demand improvement in the downstream. Pay attention to the breakthrough of the resistance level at 4800 yuan per ton [7]. Ethylene Glycol - The domestic supply turns loose after the restart of coal - to - ethylene glycol plants. The inventory has a slight increase, but imports may decrease. The downstream demand is gradually recovering. It fluctuates with the cost end [8]. PVC - The production capacity utilization rate has increased, and the demand is mainly for rigid needs. The social inventory has increased. The fundamentals have no obvious improvement and fluctuate with market sentiment [9][10]. PP - The production capacity utilization rate has a slight increase, and the output has increased. The downstream average start - up rate has increased, and the inventory has decreased. The fundamentals have no obvious driving force and fluctuate with market sentiment [11][12]. Plastic - The production capacity utilization rate has increased, and the downstream start - up rate has increased slightly. The inventory has changed from a downward trend to an upward trend. The fundamentals have no obvious improvement and fluctuate with market sentiment [13]. Soda Ash - The supply has increased slightly, the demand is weak, and the inventory has increased. The market is affected by many news, and it is recommended to use a wide - range shock thinking in the short term [14]. Glass - The supply has a narrow - range fluctuation, the demand is weak, and the inventory has continued to accumulate. Affected by environmental protection restrictions, it is recommended to use a wide - range shock thinking in the short term [16]. Rubber - The rubber price is affected by supply and demand. The supply is expected to be loose, and the downstream demand is affected by trade barriers. Pay attention to the resonance market with other domestic varieties and the pressure above the main contract [18]. Methanol - The futures price has increased, the inventory has increased, the supply has increased slightly, and the demand has decreased. There is a prominent supply - demand contradiction. The cost provides some support, and the price fluctuates in a range [19]. Agricultural Products Corn - The US corn production exceeds expectations, and the domestic supply is abundant. The downstream demand is weak, but it rebounds in the short term due to the influence of other agricultural product sectors [20][21]. Peanut - The domestic peanut planting area is expected to increase. The new peanuts are about to be listed, and the old - crop inventory is being consumed. The current supply - demand is weak, and the price is supported by the strength of the oil category [22]. Cotton - The US Department of Agriculture's report is positive, but the domestic new - year cotton supply is expected to be abundant. The short - term supply is tight before the new cotton is launched, but there is a negative impact from the expected increase in import quotas. The price is in a weak shock [23]. Soybean Meal - Internationally, it is affected by trade policies and weather. Domestically, the supply pressure is prominent, but there is an expectation of supply shortage in the fourth quarter. The price may test the upper pressure level in the short term [24]. Soybean Oil - The import cost provides support, and the domestic supply pressure is large. The demand is driven by festivals. The price is in a weak adjustment, and attention should be paid to the lower support level [25][26]. Live Pigs - The supply will remain high in the short term, and the demand is weak in the off - season. The price fluctuates weakly and may fluctuate in a range in the short term [27]. Eggs - The supply pressure is significant, and the egg - laying hen inventory is high. The short - term price is boosted by festival preparations, but the upward driving force is insufficient. The current futures price valuation is low [28]. Metals Shanghai Copper - The copper market is affected by global and domestic factors. The global inventory transfer is coming to an end, and domestic policies boost market sentiment. Pay attention to the direction choice after the convergence of the price triangle [29]. Shanghai Aluminum - The supply is stable, and the demand is affected by the off - season and high prices. The inventory has increased, and it may continue to fluctuate in the range of 20300 - 21000 yuan per ton [30][31]. Alumina - The supply is expected to be in surplus, and the demand is mainly for rigid needs. The inventory has increased. The main contract may be in a weak shock in the short term [32]. Casting Aluminum Alloy - The cost provides support, the supply is in surplus, and the demand is affected by the off - season. The inventory is at a relatively high level, and it follows the aluminum price to fluctuate [33]. Lithium Carbonate - The cost is strongly supported, the supply pressure has weakened, and the demand is resilient. The futures price has a flash - crash limit - down, and it may fill the previous gap in the short term [34]. Industrial Silicon - The supply has a slight increase, and the demand structure is differentiated. The fundamentals are under pressure and fluctuate with market sentiment in the short term [35]. Polysilicon - The supply is increasing, and the demand is under pressure. The price is in a wide - range shock in the short term [36]. Black Stainless Steel - The cost support has weakened, the supply has increased slightly, and the demand in the off - season is not good. The price is in a weak shock in the short term [36]. Rebar - The "anti - involution" policy effect is reflected, the cost support has weakened, the demand is weak in the off - season, and the inventory has increased. The price is in a high - level weak shock in the short term [37]. Hot - Rolled Coil - Similar to rebar, the cost support has weakened, the demand is weak in the off - season, and the inventory has accumulated. The price changes from a single - side rise to a high - level shock [38]. Iron Ore - The supply pressure has increased, the demand has weakened marginally, and the inventory is at a high level. The main contract may decline in the short term [39][40]. Coal - For coking coal, the supply recovery is slow, and the demand has weakened marginally. For coke, the demand is supported by high - level iron - water production, but the inventory removal rate has slowed down. The prices of coking coal and coke may decline in the short term [41].

Group 1 - In the first five months of 2025, Anhui Province's industrial enterprises produced a total of 1.207 million tons of primary plastic, representing a decrease of 5.1% compared to the same period in 2024, with a growth rate 1.0 percentage points lower than 2024 and 15.2 percentage points lower than the national average [1] - The total primary plastic production in Anhui accounted for 2.1% of the national output of 58.098 million tons during the same period [1] Group 2 - In May 2025, Anhui's primary plastic production reached 264,000 tons, down 5.7% from May 2024, with a growth rate 1.8 percentage points lower than the previous year and 15.9 percentage points lower than the national average [2] - The May production in Anhui represented 2.2% of the national total of 11.9 million tons for that month [2]

Core Insights - In the first four months of 2025, the plastic production in Zhejiang Province reached 5.977 million tons, marking a 10.8% increase compared to the same period in 2024, although the growth rate has slowed by 1.9 percentage points from the previous year [1] - The production accounted for 13.0% of the national output of 46.012 million tons during the same period [1] Monthly Analysis - In April 2025, the plastic production in Zhejiang Province was 1.538 million tons, reflecting a 15.3% increase year-on-year, which is 4.2 percentage points higher than the growth rate in April 2024 [2] - This monthly production represented 13.2% of the national total of 11.686 million tons for that month [2] Industry Context - The term "primary plastic" was previously referred to as "plastic resin and copolymer" before 2004 [6] - Since 2011, the threshold for large-scale industrial enterprises in China has been raised from an annual main business income of 5 million yuan to 20 million yuan [6]

Group 1 - The core viewpoint of the article highlights a decline in the production of primary plastic forms in Tianjin for May 2025, with a year-on-year decrease of 4.6% [1] - In May 2025, the production of primary plastic forms reached 332,000 tons, which is 11.1 percentage points lower than the same period last year [1] - The production in Tianjin accounted for 2.8% of the national output of 11.9 million tons for the same period [1] Group 2 - From January to May 2025, the cumulative production of primary plastic forms in Tianjin was 1.933 million tons, reflecting a year-on-year growth of 24.4% [1] - The growth rate for the first five months of 2025 was 28.0 percentage points higher than the same period last year [1] - Tianjin's cumulative production represented 3.3% of the national total of 58.098 million tons during the same timeframe [1]

Market Overview - On August 20, the plastic sector rose by 0.27% compared to the previous trading day, with Stik leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Stock Performance - Stik (300806) closed at 26.40, with a significant increase of 13.30% and a trading volume of 489,900 shares, amounting to a transaction value of 1.22 billion [1] - Other notable performers included: - Xingye Co. (603928) at 17.67, up 10.02% [1] - Tianyang New Materials (603330) at 7.87, up 5.07% [1] - Wotton Technology (000920) at 11.93, up 5.02% [1] - Zhongyan Co. (688716) at 56.29, up 4.59% [1] Capital Flow - The plastic sector experienced a net outflow of 1.103 billion from institutional investors, while retail investors saw a net inflow of 965 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Notable capital flows for specific stocks included: - Xingye Co. (603928) had a net inflow of 98.05 million from institutional investors, but a net outflow of 65.75 million from retail investors [3] - Stik (300806) saw a net inflow of 84.32 million from institutional investors, with retail investors withdrawing 77.39 million [3] - Wotton Technology (000920) had a net inflow of 60.83 million from institutional investors, while retail investors withdrew 47.85 million [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's high-margin business is driving performance growth, and the planned new capacity is expected to support future growth [5] - In H1 2025, the company achieved revenue of 1.247 billion yuan, a year-on-year decrease of 3.64%, while net profit attributable to the parent company was 445 million yuan, an increase of 10% year-on-year [5] - The company is expected to benefit from the production of its high-end materials industrial park in the life sciences sector, which is projected to enhance growth [7] Financial Performance Summary - In H1 2025, the company sold 33,400 tons of adsorption materials, a year-on-year increase of 8.35%, with a comprehensive gross margin of 51.26%, up 3.8 percentage points year-on-year [6] - The life sciences segment saw a revenue increase of 12.43% year-on-year, while the metal resources segment grew by 22.84% [6] - The company expects net profits for 2025-2027 to be 952 million yuan, 1.195 billion yuan, and 1.534 billion yuan respectively, with corresponding EPS of 1.88, 2.35, and 3.02 yuan [5][8] Future Growth Potential - The company plans to invest 1.15 billion yuan to build a high-end materials industrial park for life sciences, which is expected to drive future growth [7] - The company is expanding its global marketing and technical service network to support the development of its life sciences segment [7]

Group 1 - The company, 聚赛龙, specializes in modified general plastics, modified engineering plastics, and modified specialty engineering plastics, and is recognized as a national high-tech enterprise and a national specialized and innovative small giant enterprise [2] - 聚赛龙 was established in 1998 and listed on the Shenzhen Stock Exchange's ChiNext board in March 2022, with the stock code 301131 [2] - The company has two major production bases located in East China and South China, and its core products have received UL and CQC certifications [2] Group 2 - For the period from January to March 2025, 聚赛龙 reported a revenue of 360.3 million yuan, representing a year-on-year increase of 5.76%, and a net profit attributable to shareholders of 15.8 million yuan, up 9.32% year-on-year [2] - The company's net profit excluding non-recurring items was 15.6 million yuan, reflecting a year-on-year increase of 13.75% [2] - As of May 2025, 聚赛龙 has a highly concentrated shareholder structure, with 10,130 shareholders and an average of 3,041 circulating shares per person, amounting to an average holding value of 138,000 yuan [2] Group 3 - The convertible bond, 赛龙转债, increased by 2.0% to 154.102 yuan per bond, with a trading volume of 147 million yuan and a conversion premium of 2.42% [1] - The bond has a credit rating of "A+" and a maturity of six years, with interest rates increasing from 0.30% in the first year to 2.80% in the sixth year [1] - The conversion price for the bond is set at 36.4 yuan, with the conversion period starting on January 13, 2025 [1]

Core Insights - Polycarbonate is emerging as a key material driving the development of new industries due to its excellent performance in various applications, including low-altitude flying vehicles, smart upgrades in new energy vehicles, and innovations in the medical health sector [1] Group 1: Low-altitude Economy - The rise of the low-altitude economy is creating a trillion-yuan market that is driving material upgrades, with polycarbonate being an ideal choice for manufacturing low-altitude flying vehicles due to its lightweight, impact resistance, and high strength [2] - Major industrial clusters for flying cars have formed in regions like the Pearl River Delta and Yangtze River Delta, providing a solid industrial foundation for the application of polycarbonate materials [2] - Polycarbonate's application potential in flying cars is significant, as it meets the stringent requirements for lightweight and durability, which are crucial for aerodynamics and overall energy efficiency [2] Group 2: New Energy Vehicles - The shift towards smart and lightweight new energy vehicles is expanding the market for polycarbonate, with projections indicating that China's new energy vehicle production and sales will exceed 10 million units in 2024, accounting for over 40% of new car sales [4] - Polycarbonate is becoming the preferred material for key components in new energy vehicles, such as headlight systems, due to its excellent optical properties and impact resistance [4] - The material is also increasingly used in battery components due to its properties like fire resistance and recyclability, which are essential for the rapid evolution of battery technologies [4] Group 3: Medical Health - The global consumption of polycarbonate in the medical field exceeds 400,000 tons annually, with an expected growth rate of 8% to 12% in the coming years, driven by increasing healthcare demands due to an aging population [6] - In China, the medical-grade polycarbonate market is expected to grow significantly, with a notable increase in domestic production to replace imported brands, particularly in blood dialysis equipment [7] - Polycarbonate's biocompatibility and ability to withstand various sterilization methods make it suitable for a wide range of medical devices, with a significant portion of its use in blood purification applications [7]