Group 1 - The plastic sector saw a slight increase of 0.23% on September 18, with Jinfa Technology leading the gains [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] - Jinfa Technology and Guoen Co., Ltd. both experienced a 10% increase in their stock prices, closing at 24.08 and 52.47 respectively [1] Group 2 - The plastic sector experienced a net outflow of 1.115 billion yuan from major funds, while retail investors saw a net inflow of 1.035 billion yuan [2] - The trading volume for Jinfa Technology reached 575.86 thousand shares, contributing to a significant market presence [1] - The stock performance of various companies in the plastic sector showed mixed results, with some companies like Jiangsu Boyun and Pan-Asia Micro透 experiencing declines of over 4% [2][3]

Company Overview - Zhejiang Dazhongnan Co., Ltd. is located in Zhuji City, Zhejiang Province, established on June 8, 2000, and listed on July 28, 2008. The company specializes in the research, production, and sales of plastic films and new materials [1][2]. Financial Performance - For the first half of 2025, Dazhongnan achieved operating revenue of 637 million yuan, a year-on-year decrease of 1.46%. The net profit attributable to the parent company was 7.94 million yuan, reflecting a year-on-year increase of 151.81% [2]. - Since its A-share listing, Dazhongnan has distributed a total of 172 million yuan in dividends, with no dividends paid in the last three years [3]. Stock Performance - As of September 18, Dazhongnan's stock price was 4.23 yuan per share, with a market capitalization of 7.945 billion yuan. The stock has increased by 70.56% year-to-date, with a 1.68% increase over the last five trading days, 13.10% over the last twenty days, and 24.05% over the last sixty days [1]. - The stock experienced a net outflow of 49.16 million yuan in principal funds, with significant buying and selling activity recorded [1]. Shareholder Information - As of September 10, Dazhongnan had 151,600 shareholders, an increase of 24.10% from the previous period. The average circulating shares per person decreased by 19.42% to 12,390 shares [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited exited the list of the top ten circulating shareholders [3]. Industry Classification - Dazhongnan belongs to the basic chemical industry, specifically in the plastic film materials sector. The company is associated with various concept sectors, including aluminum-plastic films, lithium batteries, graphene, new energy vehicles, and photovoltaic glass [2].

Core Viewpoint - The PEEK material industry is experiencing significant growth driven by its superior properties and increasing applications in high-end manufacturing sectors, particularly in robotics and other advanced fields [1][2][3]. Industry Overview - PEEK is recognized as one of the best thermoplastic engineering plastics globally, with applications in transportation, aerospace, electronics, energy, and healthcare [1]. - The PEEK industry is transitioning from "import dependence" to "domestic substitution + technological breakthroughs," with an expected increase in the proportion of high-end products [2]. - The global PEEK market is projected to exceed 13.1 billion yuan by 2031, with a compound annual growth rate (CAGR) of 14.4% from 2025 to 2031 [4]. Market Performance - The PEEK industry index rose by 1.74% on September 17, reaching a historical high, with a year-to-date increase of approximately 76.5% [1]. - The largest global PEEK producer, Victrex, has a production capacity of 7,150 tons per year, accounting for about 60% of the global total [2]. Domestic Developments - Chinese companies like Zhongyan Co., Watte Co., and Shandong Junhao have made significant technological advancements and capacity expansions in the PEEK sector since 2016 [3]. - Zhongyan Co. is the fourth global company to achieve an annual PEEK production capacity of over 1,000 tons, becoming the largest PEEK producer in China [3]. Application in Robotics - PEEK materials are being tested for use in robotic components, with companies like Watte Co. and Hechuan Technology actively pursuing this market [5]. - Hechuan Technology has developed a full digital servo driver paired with PEEK insulation bearing seats, enhancing the performance of humanoid robot transmission systems [6]. Cost and Market Challenges - The high cost of PEEK materials, which can be ten times higher than other specialty materials, limits its application in cost-sensitive areas [6][7]. - The industry faces a common challenge of high PEEK prices, which restricts the expansion of downstream applications [7]. Future Outlook - The domestic PEEK market is expected to reach 2.18 billion yuan by 2025 and 5 billion yuan by 2031, with significant contributions from low-altitude economy, new energy vehicles, and robotics [4]. - There is potential for cost reduction in PEEK production, which could enhance its adoption across various applications [7][8].

Report Overview - Report Title: Polyolefin Morning Report - Report Date: September 18, 2025 - Analyst: Jin Zebin from Dayue Futures Investment Consulting Department Industry Investment Rating - Not provided in the report Core Viewpoints - The LLDPE market is expected to fluctuate today, with geopolitical turmoil in the crude oil market, the agricultural film demand entering the peak season but still weaker than in previous years, and the industrial inventory being moderately high [4]. - The PP market is also expected to fluctuate today, with geopolitical turmoil in the crude oil market, improving demand for downstream pipes and plastic weaving, and moderately high industrial inventory [7]. Summary by Content LLDPE Analysis - **Fundamentals**: In August, the official PMI was 49.4, up 0.1 percentage points from the previous month, and the Caixin PMI was 50.4, up 0.6 percentage points. China's exports in August were $321.81 billion, a year-on-year increase of 4.4%, but a decline from July. The agricultural film is gradually entering the peak season, but the overall demand is still weaker than in previous years, while the demand for other packaging films has rebounded. The current spot price of the LL delivery product is 7,230 (+0), and the overall fundamentals are neutral [4]. - **Basis**: The basis of the LLDPE 2601 contract is -15, with a premium/discount ratio of -0.2%, which is neutral [4]. - **Inventory**: The comprehensive PE inventory is 551,000 tons (+6,000), which is bearish [4]. - **Market**: The 20-day moving average of the LLDPE main contract is downward, and the closing price is below the 20-day line, which is bearish [4]. - **Main Position**: The main position of LLDPE is net short, with a reduction in short positions, which is bearish [4]. - **Expectation**: The LLDPE main contract is expected to fluctuate today [4]. - **Leverage Factors**: Geopolitical turmoil provides cost support, and demand is gradually entering the peak season; however, the year-on-year demand is still weak [5]. PP Analysis - **Fundamentals**: Similar to LLDPE, the macroeconomic situation shows some improvement in manufacturing sentiment. The demand for downstream pipes and plastic weaving is improving. The current spot price of the PP delivery product is 6,850 (-0), and the overall fundamentals are neutral [7]. - **Basis**: The basis of the PP 2601 contract is -132, with a premium/discount ratio of -1.9%, which is bearish [7]. - **Inventory**: The comprehensive PP inventory is 551,000 tons (-25,000), which is neutral [7]. - **Market**: The 20-day moving average of the PP main contract is downward, and the closing price is below the 20-day line, which is bearish [7]. - **Main Position**: The main position of PP is net short, with an increase in short positions, which is bearish [7]. - **Expectation**: The PP main contract is expected to fluctuate today [7]. - **Leverage Factors**: Geopolitical turmoil provides cost support, and demand is gradually entering the peak season; however, the year-on-year demand is still weak [8]. Market Data - **LLDPE**: The spot price of the delivery product is 7,230, the price of the 01 contract is 7,245, the basis is -15, the number of warehouse receipts is 12,736, and the PE comprehensive factory inventory is 551,000 tons [10]. - **PP**: The spot price of the delivery product is 6,850, the price of the 01 contract is 6,982, the basis is -132, the number of warehouse receipts is 13,706, and the PP comprehensive factory inventory is 551,000 tons [10]. Supply and Demand Balance Sheets - **Polyethylene**: From 2018 to 2024, the production capacity and output of polyethylene have generally increased, with the import dependence gradually decreasing. The expected production capacity in 2025 is 4.3195 million tons, with a growth rate of 20.5% [15]. - **Polypropylene**: From 2018 to 2024, the production capacity and output of polypropylene have also increased, with the import dependence gradually decreasing. The expected production capacity in 2025 is 4.906 million tons, with a growth rate of 11.0% [17].

2025年5月初级形态的塑料产量统计： 摘要：【图】2025年1-5月湖南省初级形态的塑料产量统计分析 初级形态的塑料产量：2.9 万吨 同比增长：-2.3% 据统计，2025年1－5月，湖南省规模以上工业企业初级形态的塑料产量与上年同期相比下降了9.4%， 达14.2万吨，增速较上一年同期低13.2个百分点，增速较同期全国低19.5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5809.8万吨的比重为0.2%。详见下图： 图2：湖南省初级形态的塑料产量分月（累计值）统计图 增速较上一年同期变化：高4.6个百分点 据统计，2025年5月湖南省规模以上工业企业初级形态的塑料产量与上年同期相比下降了2.3%，达2.9万 吨，增速较上一年同期高4.6个百分点，增速较同期全国低12.5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1190万吨的比重为0.2%。 详见下图： 图1：湖南省初级形态的塑料产量分月（当月值）统计图 2025年1-5月初级形态的塑料产量统计： 初级形态的塑料产量：14.2 万吨 同比增长：-9.4% 增速较上一年同期变化：低13.2个百分点 注：初级形态的塑料2004年及以前名 ...

Industry Overview - PEEK materials are recognized as one of the best thermoplastic engineering plastics globally, widely used in transportation, aerospace, electronics, energy, and healthcare sectors [1][2] - The PEEK industry is transitioning from "import reliance" to "domestic substitution + technological breakthroughs," with an expected increase in the proportion of high-end products [2][3] Market Performance - On September 17, the PEEK industry index rose by 1.74%, reaching a historical high, with a year-to-date increase of approximately 76.5% [1] - The global PEEK market is projected to exceed 13.1 billion yuan by 2031, with the Chinese market expected to reach 5 billion yuan by the same year [4] Production Capacity and Key Players - The global PEEK production landscape is dominated by a few key players, with Victrex being the largest producer, holding 60% of the global capacity [3] - Chinese companies like Zhongyan Co., Watte Co., and Shandong Junhao have made significant technological advancements and capacity expansions in the PEEK sector [3][4] Applications in Robotics - PEEK materials are increasingly being utilized in robotics, particularly in precision components, with companies like Watte Co. and Hechuan Technology actively developing applications [5][6] - PEEK's properties, such as lightweight and high strength, make it ideal for critical components in humanoid robots [6][7] Cost and Market Challenges - The high cost of PEEK materials, which can be ten times higher than other specialty materials, limits its application in cost-sensitive areas [7][8] - The industry faces challenges in expanding the application scale of PEEK due to its high price, which is a common issue for companies [8][9] Future Outlook - The PEEK market is expected to grow at a compound annual growth rate (CAGR) of 14.4% from 2025 to 2031, with significant contributions from low-altitude economy, new energy vehicles, and robotics [4] - Companies are focusing on cost reduction strategies and brand building to enhance competitiveness and market share [8][9]

Group 1 - PEEK materials are recognized as one of the best thermoplastic engineering plastics globally, widely used in various high-end manufacturing sectors such as transportation, aerospace, electronics, energy, and healthcare [1][3] - The PEEK industry is transitioning from "import reliance" to "domestic substitution + technological breakthroughs," with expectations for an increase in the proportion of high-end products [1][2] - The global PEEK market is projected to exceed 13.1 billion yuan by 2031, with a compound annual growth rate (CAGR) of 14.4% from 2025 to 2031 in China [3][4] Group 2 - The global PEEK production landscape is dominated by a few key players, with Victrex being the largest producer, holding 60% of the market share [2] - Chinese companies like Zhongyan Co. and Water Co. have made significant advancements in PEEK technology and capacity expansion, breaking the monopoly of international giants [2][3] - Water Co. has established a full-chain layout in the PEEK field, with a production capacity of 1,000 tons of PAEK resin materials [2][4] Group 3 - PEEK materials are increasingly being applied in robotics, with companies like Water Co. conducting tests for PEEK materials in various robotic components [4][5] - The unique properties of PEEK, such as lightweight and high strength, make it an ideal material for critical components in humanoid robots [5][6] - Despite the high cost of PEEK materials limiting their use in some applications, there is potential for cost reduction through domestic production and capacity expansion [6][7] Group 4 - The high price of PEEK materials has been a common challenge for the industry, restricting the expansion of downstream applications [7][8] - Domestic manufacturers are focusing on brand building and enhancing technical service capabilities to compete with established foreign brands [8][9] - The industry anticipates that if PEEK raw material costs drop below 400 yuan per kilogram, it could lead to broader adoption across various applications [7][8]

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600143 | 金发科技 | 7.95 Z | 10.97% | -4.31 Z | -5.95% | -3.63 Z | -5.02% | | 300539 横河精密 | | 1.93 乙 | 13.37% | 1966.42万 | 1.36% | -2.13 Z- | -14.73% | | 688716 中研股份 | | 5968.35万 | 9.06% | -735.69万 | -1.12% | -5232.66万 | -7.94% | | 300806 | 斯迪克 | 5382.87万 | 8.79% | -1951.57万 | -3.19% | -3431.31万 | -5.61% | | 605589 圣泉集团 | | 2924.31万 | 4.60% | -3861.45万 | -6.07% | 937.14万 | 1.47% | | 002585 双 ...

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - The plastic futures 2601 contract is expected to maintain a volatile and stable trend, driven by the cost support from stable crude oil prices, reduced polyethylene supply due to plant maintenance, and improved downstream demand during the peak season [2][5] 3. Summary by Related Catalogs 3.1 Crude Oil Price and Cost Support - The trading logic in the crude oil futures market comes from three aspects: macro - factor drive with a "tight - to - loose" macro - environment, increased supply as OPEC+ continues to expand production, and rising geopolitical premiums in the oil market. After the game between supply increase and enhanced geopolitical risks, the domestic and international crude oil prices are expected to be volatile and stable, providing cost support for plastic futures [3] 3.2 Domestic Polyethylene Supply - Since September, the weekly output of domestic polyethylene has declined slightly due to the maintenance of devices such as Yulong Petrochemical, Liaoyang Petrochemical, and Yangzi Petrochemical. As of the week of September 12, 2025, the domestic polyethylene enterprise maintenance loss was 14.62 tons, a week - on - week increase of 2.28 tons. However, considering the planned restarts and new maintenance in the second half of the month, the supply decline momentum is expected to weaken, and the weekly output may stabilize and rebound [4] 3.3 Downstream Demand - With the arrival of the "Golden September" peak season, the profits of films and packaging films have improved. As of the week of September 12, 2025, the domestic film profit rose to - 220 yuan/ton, a year - on - year increase of 24.14%, and the packaging film profit was 148 yuan/ton, a year - on - year increase of 39.62%. The overall operating rate of downstream polyethylene industries reached 42.17%, a week - on - week increase of 1.11%. The demand side is expected to continue growing [5]

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: 01 - 05 reverse arbitrage; Cross - variety: Long L - P [3] Core Viewpoints - Macro support has strengthened, black - series commodities led the rise, driving a slight rebound in polyolefins. Some upstream petrochemical plants are under maintenance, with capacity utilization slightly decreasing. New capacity is expected to be put into production, and supply is expected to remain at a high level, with large inventory pressure in the upstream and mid - stream. Downstream demand is in the seasonal improvement stage of "Golden September", with the overall downstream factory operating rate rising slightly. The international oil price has rebounded, and the propane price has continued to rise, strengthening the cost - side support [2] Summary According to the Directory I. Polyolefin Basis Structure - It includes the trend of the plastic futures main contract, the basis between LL East China and the main contract, the trend of the polypropylene futures main contract, and the basis between PP East China and the main contract [8][11] II. Production Profit and Operating Rate - It involves the production profit of LL (crude oil - based), PE operating rate, PE weekly output, PE maintenance loss, PP production profit (crude oil - based), PP production profit (PDH - based), PP operating rate, PP weekly output, PP maintenance loss, and PDH - based PP capacity utilization [18][20][21] III. Polyolefin Non - standard Price Spread - It includes the price spreads of HD injection - LL East China, HD blow - molding - LL East China, HD film - LL East China, LD East China - LL, PP low - melt copolymer - drawn East China, and PP homopolymer injection - drawn East China [27][34][35] IV. Polyolefin Import and Export Profit - It covers the import profit of LL, the price difference between LL FOB US Gulf and China CFR, the price difference between LL Southeast Asia CFR and China CFR, the price difference between LL Europe FD and China CFR, the import profit of PP, the export profit of PP (to Southeast Asia), the price difference between PP homopolymer injection FOB US Gulf and China CFR, the price difference between PP homopolymer injection Southeast Asia CFR and China CFR, the price difference between PP homopolymer injection Northwest Europe FOB and China CFR, and the export profit of LL [41][45][52] V. Polyolefin Downstream Operating Rate and Downstream Profit - It includes the operating rates of PE downstream agricultural film, packaging film, and winding film, and the operating rates of PP downstream woven bags, BOPP film, injection molding, as well as the production profits of PP downstream woven bags and BOPP film [61][62][72] VI. Polyolefin Inventory - It involves the inventories of PE oil - based enterprises, PE coal - chemical enterprises, PE traders, PE ports, PP oil - based enterprises, PP coal - chemical enterprises, PP traders, and PP ports [74][77][88]