通 用 研 究 2026 年 1 月 29 日 电子——沪电股份 （002463）：公司一季度面临多重积极催化：1、海外云厂商进入财报季以及国内供应链业 绩预告披露，将验证 A 算力需求的持续性及行业景气度；2、英伟达 GTC 大会召开在即，高端 PCB 板需求凸显，公 司已批量交付 112G 交换机 PCB，并配合客户开发 224G 产品，技术卡位优势显著，泰国基地量产爬坡及国内高端产 能项目，有望打破供给瓶颈。公司目前股价调整较为充分，当前动态 PE 在 26 年业绩高增速的背景下具备配置性价 比。 国防军工——国科军工（688543）：公司是国内重要的弹药装备研制生产企业之一，目前正在由常规弹药向智 能化、信息化弹药转型，未来有望充分受益行业的高景气；公司是国内少数从事导弹（火箭）固体发动机动力模块 及总装科研生产的企业之一，军贸订单落地将为公司开启更大成长空间，未来业绩有望续创历史新高。 医药生物——和黄医药（0013.HK）: 1、新一代 ATTC 平台下候选药物首次进入人体临床试验 ：1）HMPL-A251 是一款全球首创的 PI3K/PIKK- HER2 抗体靶向偶联药物（"ATTC"），由高选 ...

Core Insights - The polymer materials sector is gaining significant attention from investors due to national policy support, technological innovations, and expanding application demands [1][4]. Industry Trends - The petrochemical industry in China is transitioning from large-scale production to strength, with new materials being a key focus for development. The industry is experiencing a shift towards high-end products, with an emphasis on technological innovation and green transformation [2][9]. - The demand for high-performance materials such as high-end polyolefins, engineering plastics, and high-performance resins is increasing, particularly in emerging fields like humanoid robots and low-altitude aircraft [2][4]. Technological Advancements - Breakthroughs in technology are expanding the application potential of polymer materials across various sectors, including electronics, biomedicine, and high-end manufacturing. New materials are being developed to address challenges such as lightweighting and thermal management [4][8]. - The integration of artificial intelligence in material science is revolutionizing product development, significantly reducing research and development cycles while enhancing efficiency [3][8]. Investment Landscape - The rapid development of polymer materials has attracted significant interest from the financial investment community, with a notable increase in IPOs for new materials companies [9]. - The new materials sector is viewed as a long-term investment opportunity, driven by policy support and the transition of manufacturing towards high-end production [9][10]. Market Applications - High-performance materials like liquid crystal polymers (LCP) are seeing increased demand in the electronics sector, particularly in high-speed communication [5][8]. - Medical-grade polyurethane materials are being developed for various biomedical applications, highlighting the importance of biocompatibility and safety in healthcare [6]. Competitive Dynamics - Despite high investor enthusiasm, the industry faces challenges such as intense competition and the risk of oversupply, necessitating companies to develop unique products and explore new application scenarios [10].

Core Viewpoint - The article highlights the challenges faced by traditional materials in critical sectors such as automotive pipelines, energy infrastructure, and gas transmission, and presents Wanhua Chemical's nylon 12 solution as a breakthrough to address these issues [1][2]. Group 1: Challenges in Traditional Materials - Ordinary nylon materials suffer from water absorption and performance degradation in high humidity and salt spray environments, leading to pipeline cracking [1]. - Metal pipelines are prone to corrosion, posing risks of rupture, while conventional cable sheaths are vulnerable to termite damage and mechanical wear [2]. Group 2: Wanhua Chemical's Nylon 12 Solution - Wanhua Chemical has developed a fully controllable nylon 12 solution, achieving large-scale production of 20,000 tons annually since 2022, overcoming technical barriers from raw materials to finished products [4]. - The nylon 12 material features a unique 12-carbon chain structure, offering a combination of rigidity and flexibility, with a super low water absorption rate of 0.7%, making it ideal for various applications [4]. Group 3: Applications and Innovations - **Automotive Pipeline Upgrades**: Wanhua's nylon 12 cooling pipes exhibit less than 15% performance degradation under rigorous testing, with materials for air brake pipes passing national and international certifications [4][5]. - **Energy Infrastructure Safety**: The nylon 12 cable sheath is resistant to termite damage and mechanical wear, achieving permanent protection without chemical additives, and has led to the establishment of the first domestic nylon 12 cable sheath standard [5]. - **Gas Transmission Innovations**: The first nylon 12 gas pipe material in China demonstrates significant corrosion resistance and reduced maintenance costs, having passed stringent testing standards [6]. - **Sports Technology Advancements**: The nylon 12 material is utilized in sports shoes for its low density and durability, supporting eco-friendly designs and high-performance applications [7].