预订电话：18964001371（微信同） 1月7日，全球领先的特种化学品和高性能材料制造商卡博特公司（纽约证券交易所代码：CBT）宣 布，已与欧洲领军的电动汽车电池OEM PowerCo SE公司签署一项多年供应协议。 根据协议， 卡博特公司将为PowerCo SE供应先进的导电炭黑及导电浆料，应用于电动汽车电池电 极。 该高性能导电剂解决方案专为提升电池导电性和效率而设计，能够助力电池实现更高的能量密 度、更快的充电能力以及更长的循环寿命，从而有效提升锂离子电池性能，为下一代电动汽车的发展提 供关键支撑。 鑫椤报告预售： 2025-2029年全球锂电池应用市场运行趋势及竞争策略研究报告 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：企业官微 鑫椤会议： 会议主办：鑫椤资讯 会议时间：2026年3月19-20日 会议地点：江苏·常州 会议咨询： 13248122922(微信同） END ...

每经AI快讯，有投资者在投资者互动平台提问：公司产品在电子皮肤上有何作用？ 黑猫股份（002068.SZ）12月31日在投资者互动平台表示，您好！公司导电炭黑产品可用于电子皮肤， 是电子皮肤的导电剂，可在柔性基体中构建导电通路，保障压力、温度等刺激的电信号传输；同时能补 强基体，提升电子皮肤的拉伸、耐磨与耐弯折性，化学性质稳定，适配人体皮肤动态变形需求！感谢您 对公司的关注！ （文章来源：每日经济新闻） ...

Summary of Yongdong Co., Ltd. Conference Call Company Overview - Yongdong Co., Ltd. specializes in carbon black and coal chemical products, with respective shares of 65% and 35%, and a high proportion of specialty carbon black at 19% [2][3] - The company has maintained a 100% capacity utilization rate since its listing in 2015, compared to the industry average of 78% [3] Financial Performance - Since its IPO in 2015, Yongdong has never reported an annual loss, with a profit of over 50 million yuan in 2015, accounting for half of the entire carbon black industry's profits at that time [4] - The lowest profit was recorded in 2022, attributed to ongoing construction projects, including a 500,000-ton coal tar deep processing project and a 40,000-ton high-end tire carbon black production line [4] - The 200,000-ton NU oil deep processing project is expected to generate a profit of 190 million yuan, indicating a positive economic outlook [4][17] Future Development Plans - By 2025, Yongdong plans to complete several projects: 500,000 tons of coal tar deep processing, a 20 MW power generation project, and a 40,000-ton high-end tire carbon black production line [2][5] - The NU oil deep processing project is expected to be operational in the first half of 2026, with plans to extend into higher value-added coal chemical products and continue R&D on specialty carbon black and lithium battery materials [2][5] Market Dynamics - Recent price increases in traditional tire rubber carbon black are driven by rising raw material costs, with the industry price having reached a cyclical bottom and showing signs of rebound [6] - The carbon black industry is currently at a cyclical low, with prices at their lowest point, but there are indications of potential recovery [9] Competitive Strategies - Yongdong employs a dual business model by integrating coal tar processing with carbon black production, enhancing its risk resistance [7] - The company focuses on R&D of new specialty carbon blacks, such as conductive and high-color carbon blacks, and aims to increase their proportion in total production [7][8] - The transition from sodium phenolate to higher-margin phenolic fine chemicals is part of the strategy to enhance profitability [7] Specialty Carbon Black Insights - Specialty carbon black has a significant price and margin difference compared to regular carbon black, currently priced at approximately 12,000 yuan/ton, with potential for future price increases [13] - The production of specialty carbon black is gradually increasing, with new production lines expected to reach full capacity by 2026 [12] R&D and Product Development - The conductive carbon black segment includes three categories: ordinary, mid-to-high-end, and lithium battery conductive carbon black, with the latter still in the trial phase [14] - Conductive carbon black currently accounts for about 5% of total revenue, with expectations for it to become a significant growth driver [14] Current Projects and Progress - Yongdong has four ongoing projects, including the 500,000-ton NU deep processing project, which is expected to be completed ahead of schedule [15][18] - The 20 MW tail gas power generation project is operational, and the 40,000-ton high-end carbon black project was completed in October [18] Market Outlook and Strategies - Despite recent underperformance in the ordinary tire carbon black market, Yongdong remains optimistic about future developments, particularly in specialty carbon black production [19] - The company plans to continue expanding its fine processing capabilities for coal tar products to enhance overall value [19] Financial Considerations - Yongdong aims to increase capacity and diversify its product line to reward shareholders and boost stock prices, while maintaining a low debt-to-asset ratio for financial stability [20]

黑猫股份（002068.SZ）11月21日在投资者互动平台表示，您好，公司导电炭黑产品可以应用于储能电 芯，感谢您对公司的关注！ （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司产品可应用于储能电芯吗？ ...

Group 1 - The core viewpoint of the article is that the company, Heimao Co., has indicated that its conductive carbon black products can be applied in energy storage cells [1] Group 2 - The application of conductive carbon black in energy storage cells suggests potential growth opportunities for the company in the renewable energy sector [1]

（文章来源：第一财经） 黑猫股份在互动平台表示，公司导电炭黑产品可以应用于储能电芯。 ...

Group 1: Industrial Transformation - Jiaozuo is undergoing an unprecedented industrial transformation, evolving from a traditional coal-based industrial city to a modern, diversified economy [1] - The new materials industry is leading this transformation, with companies like Duofu Duo breaking the technological monopoly in lithium battery materials and transitioning from traditional fluorochemical to new energy materials [2] - Key enterprises such as Longbai Group and Tianbao Huanxiang are promoting lithium-ion battery materials and superhard materials, contributing to the establishment of strategic emerging industry clusters in Henan Province [2] Group 2: Green Food Industry - The green food industry is another highlight for Jiaozuo, with Daka International supporting brands like "Mixue Ice City" and "Lucky Coffee," which have over 53,000 franchise stores globally [3] - The city leverages its agricultural resources to create a comprehensive food industry chain, featuring companies like Mengniu Dairy and Lida Old Soup [3] Group 3: High-end Equipment and Automotive Parts - Jiaozuo has a strong presence in high-end equipment and automotive parts, with Fengshen Tire being the largest engineering tire manufacturer in China, exporting to over 140 countries [5] - The city has been recognized as a national base for automotive parts and new industrialization, showcasing "Jiaozuo Intelligent Manufacturing" on both national and global stages [5] Group 4: Economic Growth and Innovation - Jiaozuo's economic growth is closely tied to its industrial strength, with a focus on the "two highs and four efforts" requirements and a structured goal system [6] - The city has created 26 provincial-level quality benchmark enterprises and 27 national-level specialized "little giant" enterprises, enhancing the vitality of traditional industries [6] - High-tech and strategic emerging industries have seen significant growth, with high-tech industry value increasing by 43.8% and strategic emerging industries by 15.2% in the first half of the year [6] Group 5: Service and Agricultural Development - The service sector is improving, with Jiaozuo ranking second in freight turnover and third in transportation freight volume in the province [7] - The agricultural sector is also thriving, with stable grain production exceeding 2 million tons and an average yield of over 500 kg, ranking first in the province [8] - The city's industrial structure has optimized from 7.4:42:50.6 in 2020 to 6.2:42.5:51.3 in 2024, reflecting successful transformation efforts [8]

Core Insights - The future development trends of China's carbon black industry will focus on technological innovation, product upgrades, and sustainability [1] - The carbon black production capacity is expected to continue growing, with a total output of 6.67 million tons in 2024, representing a year-on-year increase of 6.55% [1] - Market demand for full-steel tires may remain weak due to a sluggish end market, while semi-steel tires face challenges from capacity transfer and trade barriers [1] Industry Challenges - The raw material costs present a significant challenge, with an expected addition of nearly 20 million tons of coking coal capacity by 2025, but limited growth in demand due to steel production controls [2] - The coal tar market faces both positive and negative factors, with potential supply tightness due to policy changes, but insufficient demand in downstream processing leading to price pressures [2] - Despite ample raw materials, high demand keeps coking coal and coal tar prices elevated, and only a simultaneous decline in prices of medium-temperature asphalt, fuel oil, and coal tar may resolve cost issues in carbon black manufacturing [2] Strategic Recommendations - Companies should enhance R&D efforts for new products, promote high-end carbon black product import substitution, and accelerate the industry's transition towards differentiation, specialization, and customization [3] - In the specialty carbon black sector, firms need to leverage technological innovation to improve product performance and reduce production costs to gain a competitive edge [3] - The demand for conductive carbon black is expected to grow with the development of new energy sectors, presenting an opportunity for companies to achieve technological breakthroughs and import substitution [3]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Prices of acrylonitrile and caprolactam have rebounded, while refrigerants and silicon materials remain at high levels [5][29] - The low-altitude economy and robotics industry are expected to drive demand for lightweight and high-performance materials [5][25] - The semiconductor materials market is projected to grow significantly, with China's market expected to outpace global growth [18][21] Summary by Sections 1. Key Sub-industry and Product Tracking - Silicon materials and refrigerants maintain high prices, with acrylonitrile averaging 8200 CNY/ton (up 1.86%) and caprolactam at 8950 CNY/ton (up 3.77%) [9][10] - The average price of polyvinylidene fluoride is 55,000 CNY/ton (down 8.33%) [9][10] 2. Electronic Chemicals - The electronic chemicals sector is characterized by a wide variety of specialized products, with a focus on wet electronic chemicals, photoresists, and electronic gases [12][15] - The market is highly segmented with significant technical barriers, making it challenging for companies to master multiple fields [16] 3. New Quality Productivity - Carbon fiber and ultra-high molecular weight polyethylene (UHMWPE) are gaining attention due to their applications in low-altitude economy and robotics [25][30] - The demand for PEEK materials is increasing, particularly in humanoid robots, with a compound annual growth rate of 42.84% from 2012 to 2021 [31] 4. Lithium Battery/Storage Materials - Conductive agents like carbon black and carbon nanotubes are essential for lithium battery materials, with current prices for multi-wall carbon nanotube powder at 64,000 CNY/ton [34] - Sodium-ion battery materials are gaining traction due to their cost advantages and resource availability [36] 5. Photovoltaic/Wind Power Materials - EVA and POE are critical for photovoltaic applications, with current EVA prices at 10,460 CNY/ton [42][43] - The market for these materials is expected to stabilize after previous declines [42] 6. Bio-based Materials and Energy - Biodiesel prices have rebounded, with current market prices at 8,183 CNY/ton [46] - Sustainable aviation fuel (SAF) is projected to play a significant role in reducing carbon emissions in the aviation sector [44] 7. Renewable and Modified Plastics - The demand for recycled plastics is increasing, with a notable rise in the proportion of recycled materials used in packaging [48] - Special engineering plastics are gaining traction in various industries, including automotive and aerospace [48] 8. Coatings, Inks, and Pigments - The demand for new functional coating materials is growing due to the rise of wearable devices and smart home products [55] - The automotive sector is also driving demand for innovative coating solutions [55]

Core Viewpoint - The new materials industry is experiencing rapid growth, with significant opportunities arising from technological advancements and domestic production capabilities, particularly in semiconductor materials, display materials, and renewable energy sectors [2][14][18]. Group 1: New Materials Industry Overview - The global new materials industry reached a value of $2.8 trillion in 2019, with a projected growth trajectory [2][13]. - In China, the new materials industry generated a total output value of 6.4 trillion yuan in 2021, with an annual compound growth rate of 23.1% from 2010 to 2021, and is expected to reach 7.5 trillion yuan in 2022 [14][15]. - The Ministry of Industry and Information Technology forecasts that by 2025, the total output value of China's new materials industry will reach 10 trillion yuan, indicating a broad market outlook [14][18]. Group 2: Semiconductor Sector - The global semiconductor market size reached $595 billion in 2021, with expectations to grow to $790 billion by 2026, driven by developments in 5G and automotive electronics [4][21]. - The semiconductor materials market in China was valued at $119 billion in 2021, reflecting a year-on-year growth of 22.2% [34][36]. - Key materials such as electronic specialty gases and photoresists are critical for chip manufacturing, with high import dependency highlighting significant domestic production opportunities [4][42][46]. Group 3: Display Materials - The display materials sector is poised for growth, with the global OLED materials market expected to increase from approximately $900 million in 2019 to about $2.6 billion by 2024, representing a compound annual growth rate of 23.6% [5][20]. - Domestic leaders in display materials, such as Wanrun and Ruilian, are major suppliers of liquid crystal and OLED materials, benefiting from the recovery in consumer demand [5][20]. Group 4: Renewable Energy Materials - The renewable energy sector is rapidly evolving, with significant opportunities in battery materials such as composite copper foil and conductive carbon black, as well as in photovoltaic materials like reflective films [7][20]. - The market for sodium battery materials is expected to grow significantly, with projections indicating a market size of 73.8 billion yuan by 2025 [20]. Group 5: Environmental Materials - Traditional chemical applications are also seeing upgrades, with domestic companies like Zhongchumai and Jianlong Weina capitalizing on the opportunities in molecular sieves and lubricating oil additives [8][20]. - Aerogels, known for their exceptional insulation properties, are gaining traction in construction and electric vehicle markets, with domestic firms like Chenguang New Materials actively entering this space [9][20].