在中原腹地，一座尼龙产业新城正拔节生长。作为河南省产业布局的重要节点，位于中国尼龙城的氢化学公司、尼龙科技公司、帘子布发展公司、普利材 料公司和工程塑料公司5家龙头企业攥指成拳，勾勒出尼龙产业高质量发展的恢宏图景。 7月2日，在氢化学公司内，高大的制氢装置与合成液氨塔群在阳光下熠熠生辉。机器轰鸣，生产装置平稳高效运转。这座投资23亿元、年产40万吨液氨、 4亿立方米氢气及副产品的现代化企业正源源不断为下游企业输送原料。 "此前，尼龙新材料产业链所需氢气与液氨依赖外部采购，运输成本高、供气不稳定。"该公司常务副总经理徐广坡介绍说，氢氨项目每年能为下游企业节 约3亿元至6亿元的成本。自去年2月投产以来，该公司以稳定、高效的"气源"筑牢中国尼龙城发展的基石。 作为中国尼龙城的核心骨干企业，尼龙科技公司通过管道引入氢化学公司的液氨、氢气，生成己内酰胺、己二酸两大核心产品。经过扩建和技改，目前该 公司各类产品综合产能达260万吨/年，己二酸产品Y级+T级达到99.65%，己内酰胺消光值稳定保持在0.02以内，产品质量居国际先进水平，2024年销售收 入超过75亿元。 发展不止于此。6月6日，国内首套10万吨/年艾斯安装 ...

Macro Analysis - The recovery in U.S. non-farm employment in June 2025 shows concerns as government jobs contributed nearly half of the new jobs, raising doubts about sustainability [1] - Private sector employment weakened, with service sector job additions dropping from 141,000 to 68,000, indicating potential economic pressure from tariffs [1] - The probability of the Federal Reserve restarting interest rate cuts in the second half of the year remains significant [1] Tax Policy Impact - The successful implementation of the tax reduction bill may partially offset economic pressures from tariffs, but its limited impact suggests it will not provide strong stimulus [2] - The tax bill is expected to increase the U.S. government deficit by approximately $4 trillion over the next decade, exacerbating supply-demand mismatches in U.S. Treasury bonds [2] Trade Agreements - The U.S. is focusing on negotiating 10 trade agreements with Asian countries, with preliminary agreements reached with Vietnam and potential agreements with India, Malaysia, and Indonesia [3] - The deadline for negotiations has been extended to September 1, indicating a flexible approach from the U.S. government [3] REITs Market - As of June 30, 2025, the number of public REITs in China reached 68, with a total issuance scale of 177.06 billion yuan [4] - The secondary market for public REITs experienced a price correction but still achieved a positive return of 1.95% for the month [4] Credit Bonds - The total outstanding credit bonds in China reached 29.96 trillion yuan by the end of June 2025, with a monthly issuance of 1,316.36 billion yuan, reflecting a 62.65% increase month-on-month [5] - Credit spreads for various levels of local government bonds widened slightly compared to the previous month [5] Automotive Industry - In Q2 2025, Tesla's global delivery volume showed a recovery, while domestic competitors like Li Auto and NIO stabilized [12] - The Xiaomi YU7 has seen a surge in orders, prompting new energy vehicle companies to enhance their purchasing incentives [12] Chemical Industry - MXD6, a special nylon, exhibits high gas barrier properties and rigidity, with significant application potential in food packaging and automotive sectors [13] - The increasing production capacity of domestic manufacturers is expected to enhance the cost-effectiveness of MXD6 composite materials, expanding its market applications [13] Company Analysis - The report highlights the investment value of YUEJIANG (2432.HK), a leading global collaborative robot manufacturer, emphasizing its strong market position and technological advantages [14] - The company is expected to achieve revenues of 500 million, 670 million, and 890 million yuan from 2024 to 2027, respectively, with an "accumulate" rating assigned [14]

点击注册小程序 查看完整报告 基于轻量化及高刚性等特点，MXD6作为改性工程塑料应用领域多样 MXD6具备轻量化、高刚性和高尺寸稳定性的特点，添加碳纤维或玻纤等改性料后，其机械性能可以与PEEK 复合材料相媲美，同时还具备良好的外观品质。因此，MXD6作为改性工程塑料在汽车、电子电器、无人机、 航空航天等领域具有较高的应用潜力。以汽车领域为例，玻璃纤维增强的MXD6可以应用在汽车引擎的缸体、 缸盖、活塞、同步齿轮等部件。由于前期MXD6材料被海外厂商垄断，导致MXD6材料使用性价比有限，致使 MXD6材料在我国特种工程塑料消费量中的占比极低。根据弗若斯特沙利文数据，2021年我国特种工程塑料消 费量约为13.0万吨，其中MXD6消费量仅为0.1万吨，占比仅约为0.8%，自给率为0%。我们认为随着国产厂商 的持续放量，MXD6复合材料的使用成本将持续降低，由此将明显提高MXD6复合材料的使用性价比，从而进 一步拓宽MXD6复合材料的应用场景和市场规模。 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 本周转债市场继续上涨，全周中证转债指数涨跌幅为+1.2%（上一交易周为+2.1%），连续两周录得可观涨 幅；本周中证全指变动为+1.1%。2025年开年以来，中证转债涨跌幅为+7.9%，中证全指数涨跌幅为+4.6%，转 债市场表现好于权益市场。展望后市，基本面、宏观政策仍是当前转债市场重要的影响因素，可以继续关注提 振内需等领域正股绩优的转债。 （张旭/李枢川）2025-07-05 您可点击今日推送内容的第2条查看 今 日 聚 焦 【金工】市场小市值风格显著，PB-ROE组合表现较佳——量化组合跟踪周报20250705 本周BP因子和盈利因子获得正收益，非线性市值因子和规模因子取得明显负收益，市场小市值风格明显。PB- ROE-50组合 ...

2025 年 7 月 5 日 行业研究 MXD6 具备高阻隔及高刚性特点，国产厂商放量在即空间广阔 ——MXD6 特种尼龙行业动态报告 要点 MXD6 商业化始于 20 世纪 80 年代，兼具高阻隔及高刚性特点。聚己二酰间苯 二甲胺（MXD6）是由间苯二甲胺（MXDA）与己二酸缩聚制得的一类结晶型聚 酰胺。20 世纪 80 年代，日本三菱瓦斯化学公司实现了 MXD6 的工业化。得益 于分子结构中引入的芳香环，MXD6 兼具脂肪族尼龙的易加工性与芳香族聚合物 的高强度，具备高气体阻隔性、高刚性、良好的热稳定性和低吸水率等特性。在 工程应用中，MXD6 通常通过直接熔融缩聚法制得，该工艺具备连续化、产品性 能优异等优势，技术门槛也更高。 基于高阻隔性，MXD6 在食品饮料包装领域用量空间可观。MXD6 因其优异的氧 气和二氧化碳阻隔能力，可应用于食品和饮料的包装材料中。通过与 PA6、PET 等材料共混或共挤，MXD6 可制成多种形态的包装结构，有效延长预制菜、碳酸 饮料、茶饮料等产品的货架期，并实现包装的轻量化。根据艾媒咨询统计，2024 年我国预制菜行业市场规模约为 6972 亿元。根据国家统计局等统计，20 ...

Economic Performance - The Pingdingshan Nylon New Materials Development Zone achieved fixed asset investment of 1.86 billion, a year-on-year increase of 8.4% from January to May [1] - The industrial added value reached 1.69 billion, growing by 15.7% year-on-year [1] - The total industrial output value was 8.55 billion, with a year-on-year increase of 15.8% [1] - Expected operating income is 13.25 billion, reflecting a year-on-year growth of 1.8% [1] Project Development - The development zone plans to implement 35 projects this year with a total investment of 22.54 billion, including 6 provincial key projects worth 5.34 billion and 17 municipal key projects worth 15.75 billion [3] - Nine projects, including the first phase of the Nylon Technology annual production of 100,000 tons of caprolactam project, are expected to be completed in the first half of the year, adding an estimated annual output value of 6 billion [3] - Four new projects have commenced, with a total investment of approximately 2.72 billion, contributing to industrial upgrades and the cultivation of emerging industries [3] Investment Attraction - The development zone has adopted a "dual recruitment and dual introduction" strategy as a key initiative, focusing on upstream sourcing, midstream strengthening, and downstream expansion [4] - The zone's招商团队 has conducted 46 online promotional activities and visited 23 leading enterprises across four provinces [4] - A total of 18 projects have been connected, with an estimated total investment of approximately 8.27 billion, including 5 projects ready for signing worth about 2.43 billion [5]

2025年以来，全球资本市场波动加剧，但中概股赴美上市热潮仍逆势上扬。这不，近期又有一家"微型工业独角兽"叩 响了纳斯达克大门。 6月17日，尼龙长丝制造商福建佳亿化纤有限公司的控股公司(以下简称"佳美新材")正式向美国证券交易委员会(SEC)递 交首次公开募股(IPO)申请，计划募资最高600万美元，股票代码为 "CNMT"。 据悉，该公司成立于1999年，是一家专业生产定制尼龙长丝产品的厂家，致力于提供多功能、环保、非标定制的弹性 尼龙新材料产品，主要通过运营子公司福建嘉义化纤，专注于弹性尼龙功能纱线的研发和制造。 一直以来，由于服装行业以及家纺行业波动的需求影响，国内尼龙长丝行业整体也波动成长，不少尼龙长丝小型企业 还出现退出市场的风险。此次佳美新材选择赴纳斯达克上市，借资本市场放大企业价值，显然不亚于"破局之举"。但 令人好奇的是，佳美新材能否凭借自身实力在二级市场站稳脚步呢? 业绩稳健增长，销售网络广泛 自2012年以来，佳美新材便开始积极探索和寻求产品技术创新，逐步实现产品的转型升级。公司的专业研发和生产团 队相继开发并批量生产了一系列具有特定功能的尼龙长丝产品，如浸铜抗菌抗病毒尼龙丝、无卤无滴阻 ...

Group 1: Market Overview - The A-share market has shown an "orderly progress" this year, with an increase in IPO activity and a normalization of the delisting mechanism [2][6] - As of June 24, 50 companies have successfully listed, raising approximately 37 billion yuan, indicating growth compared to the same period last year [2][4] - 13 companies have been delisted this year, a significant decrease from 53 in the previous year, reflecting a stricter enforcement of delisting regulations [5][6] Group 2: IPO Activity - Companies such as Haiyang Technology, Yingshi Innovation, and Huazhi Jie have recently entered the A-share market, contributing to the active IPO landscape [3][4] - Haiyang Technology, which focuses on nylon 6 products, and Yingshi Innovation, specializing in smart imaging devices, are among the notable IPOs, with Yingshi raising 1.938 billion yuan for its projects [3][4] - The revenue projections for Yingshi Innovation from 2022 to 2024 are 2.041 billion yuan, 3.636 billion yuan, and 5.574 billion yuan, respectively [3] Group 3: Delisting Mechanism - The delisting process has become more routine, with 150 companies receiving ST or *ST warnings this year, indicating a focus on corporate governance and compliance [6][7] - Companies like *ST Jiyuan and Zhonghang Chanyin have faced delisting due to poor performance and non-compliance, highlighting the market's shift towards eliminating "zombie companies" [5][6] - The regulatory environment is evolving, with a push for stricter delisting standards and improved investor protection mechanisms [9] Group 4: Long-term Implications - The orderly progress in the market is expected to optimize resource allocation, directing funds to growth-oriented companies and enhancing support for the real economy [6] - The quality of listed companies is anticipated to improve as low-efficiency firms are eliminated, compelling remaining companies to strengthen compliance and core competitiveness [6] - A cleaner market ecosystem will likely enhance investor confidence and market vitality, supported by a more market-oriented and legal framework [6]

01 本周上市企业： 调味品龙头海天味业正式登陆港交所主板 完成"A+H"股上市 北京时间6月19日，来自广东佛山的调味品企业——海天味业，正式在港交所主板挂牌上市。该公司致力于向用户提供品质、美味、健康的消费体验，服 务全球用户厨房及餐桌的调味需求。此次IPO，海天味业共发行2.79亿股股份，总募集资金约101.29亿港元。截至定稿，该公司市值为2123亿港元。中金 公司、高盛、摩根士丹利为其联席保荐人。 02 本周递表企业： 香港手游开发商黑瞳科技赴美IPO 拟纳斯达克挂牌上市 美国东部时间6月13日，来自香港的手游开发商——黑瞳科技递表美国证券交易委员会（SEC），拟纳斯达克挂牌上市。该公司成立于2018年，通过各种 第三方数字商店开发、发行和运营移动数字游戏。其业务范围涵盖游戏设计、编程和图形制作，以及在各种平台上发行和运营移动游戏。此次IPO，黑瞳 科技计划发行150万股股份，拟募集资金约600万美元。 尼龙制品制造商佳美新材递表SEC 拟纳斯达克挂牌上市 美国东部时间6月17日，来自福建福州的尼龙制品制造商——佳美新材，向美国证券交易委员会（SEC）递交IPO招股书，拟纳斯达克挂牌上市。该公司通 ...

国内尼龙材料领域迎来重要里程碑。江苏泰州企业海阳科技股份有限公司(股票代码：待补充)今日正式 登陆上海证券交易所主板市场，标志着这家深耕尼龙6全产业链的龙头企业开启资本化发展新篇章。最 新财报显示，该企业年营收规模突破55亿元大关，产品远销全球36个国家和地区。 从传统制造到创新引领的转型之路 这家起源于上世纪70年代的地方国企，历经多次战略转型与技术升级。据色母粒产业网了解，在现任掌 舵人陆信才的带领下，企业通过实施"三年振兴计划"和"低成本扩张"双轮驱动策略，成功实现从传统合 成纤维生产商向新材料科技企业的蜕变。2006年完成股份制改造后，企业重点布局高性能尼龙6切片、 特种工业丝及高端帘子布三大业务板块，目前已成为行业产能规模领先的标杆企业。 （陆信才） 工程塑料领域：通过国际权威认证，产品性能比肩国际一线品牌; 智能制造：打造行业首个全流程数字化工厂，实现能耗降低20%以上; 成果转化：建立从实验室到产业化的完整链条，加速创新成果落地。 资本助力产业升级 本次IPO募集资金将重点投向： 高端改性材料项目：拓展新能源汽车等新兴应用市场; 智能化技改工程：提升高模量帘子布等特种产品产能; 企业确立"技术引 ...