（编辑 丛可心 王雪儿） 证券日报网讯 12月22日，沃顿科技在互动平台回答投资者提问时表示，公司反渗透制造经验丰富，处 于行业领先水平，与质子交换膜具有一定相通性，属于公司核心主业同心多元化战略范畴。目前该产品 处于实验性生产阶段，进一步产业化还需要公司对市场、资源投入等条件进一步论证。 ...

Investment Rating - The report does not explicitly state an investment rating for the hollow fiber membrane industry Core Insights - The hollow fiber membrane industry is characterized by its unique structure and functionality, allowing for efficient separation of substances based on size and molecular weight [4][5] - The industry is experiencing significant growth driven by increasing demand in water treatment, gas separation, and biomedical applications, particularly in blood dialysis [10][47] - The market is supported by robust government policies aimed at promoting technological advancements and sustainable practices [31][35] Summary by Sections Section 1: Industry Overview - Hollow fiber membranes are defined as tubular fibers with a porous structure, allowing selective permeability for various substances [4] - The membranes are classified based on structure, separation precision, and materials used, with applications spanning water treatment, gas separation, and biomedical fields [6][7][10] Section 2: Development Environment - The industry is influenced by a comprehensive policy framework that encourages technological breakthroughs and market expansion [31][35] - The market demand is bolstered by urbanization and industrialization, leading to increased investments in municipal water supply and wastewater treatment [41] Section 3: Current Industry Status - The global hollow fiber membrane market is projected to reach USD 6.82 billion by 2024, with water treatment applications accounting for over 68% of the market share [75] - The industry has seen a significant increase in patent applications, indicating a shift from following international trends to leading in certain technological areas [65][68] Section 4: Key Enterprises - Major players in the industry are focusing on innovation and expanding their product offerings to capture higher market segments, particularly in high-end medical applications [47][68] Section 5: Risks and Trends - The industry faces challenges related to high entry barriers, including technological, capital, and regulatory hurdles, which can limit new entrants [15][21][23] - The demand for hollow fiber membranes is expected to grow significantly due to increasing water scarcity and the need for efficient water treatment solutions [52][60]

导读： 中空纤维是一根纤维状的细丝，外径一般0.5-2mm，内部是空心的。中空纤维的管壁是多孔结构，其孔 径范围一般从纳米级到微米级不等，这些微孔允许某些物质通过，而阻挡其他物质，从而管壁构成了具 有过滤功能的膜。因此这种外形如吸管、内部中空、管壁具有多微孔的特殊纤维，称为中空纤维膜。我 国人均水资源占有量仅为世界人均水平的四分之一，水资源短缺问题突出。同时，经济的高速发展带了 的水质污染问题，使得"水质性缺水" 是供需矛盾的另一个关键方面，即"有水不能用"。使得海水淡化 和污水再生回用从"可选"变为"必选"。同时，水价改革的推进提升了再生水的经济可行性，直接利好中 空纤维膜市场。2024年，中国中空纤维膜市场规模161.2亿元，同比增长5.02%。中国中空纤维膜的国产 化进程取得了举世瞩目的成就，但呈现出 "水处理领域高度国产化" 与 "医疗领域基本完成国产替代并 迈向高端" 的鲜明格局。在政策推动、下游多领域需求爆发、国产化替代加速及出口市场拓展等多因素 共同作用下，未来中空纤维膜行业市场规模将稳步扩容。 幻灯片1 幻灯片2 幻灯片3 幻灯片4 幻灯片5 幻灯片6 幻灯片7 幻灯片8 幻灯片9 幻灯片10 ...

Core Insights - The main driver for the profit growth in Q3 is the steady increase in membrane business revenue, supported by simultaneous expansion in both domestic and overseas markets, along with the optimization of product structure, particularly in high-value products like seawater desalination membranes [1] Group 1: Q3 Performance - The profit growth in Q3 is attributed to the membrane business, which has seen revenue growth from both domestic and international markets [1] - High-value products, such as seawater desalination membranes, have significantly contributed to the overall profitability [1] Group 2: Project Updates - The Nanjing new project is currently in the early planning stage, with specific details yet to be determined, indicating future uncertainties [1] - The company will fulfill its information disclosure obligations based on the progress of the project [1] Group 3: Capacity Planning - Existing production capacity can be enhanced through equipment upgrades, and there is ample reserved space for expansion to meet market demand [1] - The company emphasizes that capacity will not become a bottleneck for its development [1]

Group 1: Financial Performance - The company's profit growth in Q3 is primarily attributed to the increase in membrane business revenue, with simultaneous growth in both domestic and overseas markets, and continuous optimization of product structure, particularly in high-value products like seawater desalination membranes [2] Group 2: Project Development - The Nanjing new project is currently in the preliminary planning stage and has uncertainties associated with it [2] Group 3: Production Capacity - The existing production capacity is sufficient to meet market demand, with potential for further enhancement through equipment upgrades. The production base has reserved space for capacity expansion, ensuring it can dynamically adapt to market growth without becoming a bottleneck for the company's development [2] Group 4: Revenue Composition - The ultra-pure water membrane products currently represent a relatively low proportion of the company's overall revenue and do not constitute a core revenue source [3]