万凯新材 20250924 摘要 全球聚酯瓶片需求过去十年复合增速约 7.4%，2015-2022 年增长显著， 下游应用集中于软饮料和食用油，大客户包括可口可乐、农夫山泉和金 龙鱼。2024 年因农夫山泉等企业新基地投产，需求突发性集中释放， 增速约 14%。 中国聚酯瓶片出口量大，2015-2024 年复合增长率达 13.4%。2022 年受俄乌冲突影响，对俄罗斯出口增加，出口增速高达 30%。2025 年 上半年出口增速约 15%，出口是行业重要组成部分。 2021-2024 年为国内聚酯瓶片产能释放期，2025 年后无新增产能投放。 在全球需求稳健增长约 7%的背景下，2026 年起供给端不再扩张，行业 供需格局有望改善。 万凯新材海外布局旨在抢占东南亚和非洲市场，并应对反倾销压力。尼 日利亚项目预计 2026 年投产，印尼项目预计 2027 年投产，海外基地 盈利能力预计高于国内工厂。 2025 年上半年瓶片行业出现向上拐点，万凯新材一、二季度利润转正。 行业集中度提升，CR4 接近 80%，亿盛为全球最大瓶片生产商，万凯 国内排名第四。 Q&A 万凯新材的主营业务及其产能布局情况如何？ 万凯新材的 ...

Core Viewpoint - The investment promotion conference between Sichuan and Zhejiang provinces highlights the importance of regional cooperation and the acceleration of industrial collaboration, aiming to enhance economic development and leverage each province's strengths in the context of China's economic landscape [1][2]. Group 1: Investment and Economic Cooperation - A total of 28 major industrial cooperation projects were signed, with a total investment of 32.19 billion yuan, focusing on emerging industries such as new energy vehicles, artificial intelligence, and new materials [2]. - Zhejiang has become one of the most important sources of investment for Sichuan, reflecting a long-standing economic partnership between the two provinces [2]. - The collaboration is part of a broader strategy to enhance the economic capabilities of both provinces, with Sichuan positioned as a strategic hub in the western region of China [4][6]. Group 2: Strategic Importance of Sichuan - Sichuan is recognized as a key area for national development, particularly under the Western Development Strategy, providing strategic opportunities for companies like Geely [4]. - The province's focus on digital economy and innovation aligns with the core business directions of companies such as Dahua Technology, which has invested approximately 2 billion yuan in a smart base in Chengdu [4]. Group 3: Historical Context and Future Outlook - The cooperation between Sichuan and Zhejiang has evolved over 29 years from simple aid to a model of mutual benefit and resource sharing [5]. - The current phase of cooperation emphasizes high-quality industrial transfer and the establishment of a modern industrial system, with a target of attracting over 850 billion yuan in external investment by 2024 [6][7]. - The ongoing collaboration is expected to create a new model of cooperation that can serve as a reference for other regions, enhancing the overall economic landscape of the Yangtze River Economic Belt [14][15].