文｜徐雅琳 岁序更替，大河奔流。 一组以"用"为本的创新链，着力攻克产业化的关键瓶颈。聊城正着力构建以产业需求为导向的创新链，其核心是发挥"链主"企业的引领作用。 当"十四五"圆满收官、"十五五"宏图待展的历史时刻，聊城，这座被京杭大运河滋养了数千年的"江北水城"，迈出高质量发展新步伐。 回望整个"十四五"时期，预计全市地区生产总值将突破3300亿元，规上工业营收冲刺5000亿元，交出了一份"厚重提气"的五年成绩单。 在齐鲁大地"走在前、挑大梁"的奋进征程中，聊城正以"智造"为引擎、以"提质"为内核，勾勒出一幅崭新的发展图景。 图片来源：摄图网 锻造新质生产力的硬核引擎 发展新质生产力，关键在于找准具有爆发潜力且能与本土优势深度融合的突破口。对于聊城而言，这一突破口明确地锚定在化工新材料上。这并非舍弃传 统，而是对传统化工产业进行一场深刻的"价值重塑"，推动产业链条从大宗、基础向精细、高端奋力攀升。 一条向"高"而行的产品链，正在打破对传统路径的依赖。过去，聊城的化工标签更多是"基础原料"。如今，龙头企业正将视野投向产业链的更高处。 以鲁西化工为例，其产品矩阵已从化肥、基础化学品，系统性地延伸至高端聚碳酸酯、 ...

格隆汇12月31日丨聚合顺(605166.SH)在互动平台表示，我司主营生产尼龙6与尼龙66，下游客户采购我 司产品经过改性后可用于航空航天领域。 ...

机构持仓方面，截止2025年9月30日，华峰超纤十大流通股东中，香港中央结算有限公司位居第十大流 通股东，持股1275.22万股，相比上期减少102.43万股。南方中证1000ETF（512100）退出十大流通股东 之列。 融资方面，华峰超纤当日融资买入9360.00万元。当前融资余额7.56亿元，占流通市值的6.17%，融资余 额低于近一年40%分位水平，处于较低位。 融券方面，华峰超纤12月29日融券偿还3800.00股，融券卖出9.99万股，按当日收盘价计算，卖出金额 69.43万元；融券余量32.79万股，融券余额227.89万元，低于近一年50%分位水平，处于较低位。 资料显示，上海华峰超纤科技股份有限公司位于上海市金山区亭卫南路888号，成立日期2002年10月24 日，上市日期2011年2月22日，公司主营业务涉及超纤材料的生产及销售,移动支付软件服务。主营业务 收入构成为：超细纤维合成革30.30%，超细纤维底坯25.72%，尼龙622.16%，绒面材料11.98%，其他 (补充)4.21%，威富通技术服务3.98%，电力1.65%。 12月29日，华峰超纤涨5.46%，成交额8.94亿元。两 ...

Core Viewpoint - The nylon 6 industry is facing significant challenges due to structural overcapacity, with rapid production expansion outpacing demand growth, leading to a decline in industry profit margins and increased competition. The industry must shift from scale expansion to value enhancement, focusing on high-end and differentiated products to navigate these challenges [2][3][7]. Overview - Nylon 6, also known as PA6 or polyamide 6, is a crucial synthetic fiber and engineering plastic material with diverse applications, including textiles, automotive parts, and food packaging. China has become the global center for nylon 6 production, accounting for over 50% of global capacity and consumption [2][3][6]. Industry Chain Analysis - The nylon 6 industry chain includes key components such as caprolactam, nylon 6 chips, fibers, engineering plastics, films, and composite materials. Caprolactam is a vital raw material for producing nylon 6 chips, which are further processed into various products [10][11][12][15]. Market Supply and Demand - Global nylon 6 production capacity is primarily concentrated in China, which holds 57% of the total capacity, followed by Western Europe at 11%. The demand for nylon 6 is expected to grow significantly in China over the next 5-10 years [18][20][22]. Domestic Supply and Demand Forecast - China's nylon 6 chip production and consumption have shown steady growth, with production increasing from 312,000 tons in 2018 to 502,500 tons in 2023, reflecting a compound annual growth rate of 10%. The import dependency for nylon 6 chips has decreased from 11.15% in 2018 to 4.68% in 2023 [25][28]. Production Capacity Distribution - As of the end of 2023, China's caprolactam production capacity reached 6.53 million tons, with 11 companies holding 75.19% of the total capacity. The nylon 6 chip production capacity exceeded 5.34 million tons, with 25 companies contributing to this output [36][39]. Competitive Landscape - The nylon 6 industry is characterized by increasing competition, particularly in the caprolactam and nylon 6 chip segments. Companies are encouraged to enhance their technological capabilities and explore international markets to mitigate overcapacity issues [47][48]. Technological Features - The nylon 6 production process has evolved significantly, with various polymerization techniques employed, including single-stage and two-stage polymerization. The industry is also focusing on improving spinning and twisting technologies to enhance product quality [51][53]. Industry Barriers and Challenges - The nylon 6 industry faces several barriers, including high capital requirements, technological complexities, and increasing competition. New entrants must overcome significant challenges to compete effectively in this mature industry [57][58].

华鲁恒升有机胺、肥料、醋酸、新能源新材料，2025Q1-3产量相比2020Q1-3增长45%/109%/161%/57% （新能源新材料因口径调整同比时间基数选择2022Q1-3）。公司本部通过技改有望实现盈利明显提 升，同步进行新能源新材料领域扩产。50%价差分位盈利在50亿元。 鲁西化工己内酰胺、尼龙6、甲酸、多元醇，2024年产量相比2020年增长55%/81%/44%/10%，并新增了 有机硅22.5万吨/年产能。50%价差分位盈利在39亿元。 龙佰集团钛白粉、钛精矿，2025H1产量相比2020H1增长68%/58%，海绵钛产能从1万吨/年扩增至8万吨/ 年，两矿合并正在快速推进，钛精矿产能将从140万吨/年提升至248万吨/年，铁精矿从400万吨/年提升 至760万吨/年，同时正在并购Venator英国15万吨/年氯化法钛白粉工厂。50%价差分位盈利在45亿元（考 虑两矿合并在64亿元）。 博源化工纯碱、小苏打、尿素，2025H1产量相比2020H1增长388%/59%/-1%，阿拉善二期280万吨/年纯 碱项目逐步投产，26年贡献增量。50%价差分位盈利在53亿元。 华峰化学氨纶、己二酸、聚氨酯 ...

河南神马锦纶科技有限公司尼龙6民用丝一期项目正抓紧生产，职工查看尼龙6丝饼外观质量。 齐磊 摄 中国尼龙城企业加快智能化改造，采用智能自动包装系统打包。 齐磊 摄 中国尼龙城夜景。 资料图片 11月下旬，一场产业盛会在平顶山举行，这座素以煤炭知名的城市，迎来的却是大批服装纺织头部企业。 这场盛会是第二届中国尼龙产业发展大会。尼龙是重要的服装面料，因此众多纺织服装企业参会，包括波司 登、森马、鸿星尔克等知名服装品牌，涵盖绿色纤维、高端纺织、成衣制造等领域的多个优质项目在会上集 中签约。 今年以来，平顶山加快尼龙产业发展，强化创新驱动，积极强链壮群，完善服务保障，中国尼龙城已入驻企 业和项目200多个，尼龙新材料相关产能突破400万吨。 目前，中国尼龙城已入驻企业和项目200多个，尼龙新材料相关产能突破400万吨，尼龙新材料开发区成功创 建为国家级"绿色化工园区"，位列全国"十四五"具有竞争优势化工园区第49位、全国化工园区综合竞争力百 强榜第40位。 大力开展重点产业对接暨招商推介活动，今年实施尼龙新材料产业及相关项目74个，总投资537.22亿元，其 中计划建成30个项目，续建12个项目，新开工32个项目。 ...

格隆汇12月16日丨聚合顺(605166.SH)在互动平台表示，我司主营生产尼龙6与尼龙66，尼龙6韧性好、 抗冲击、易加工、成本较低，主要用于汽车部件（发动机罩、冷却风扇）、电子电器（外壳、接插 件）、包装薄膜（食品、药品）。纺织品（运动服、渔网丝）、机械零件（齿轮、轴承）；尼龙66强 度、刚性、耐热性、耐磨性更优，主要用于汽车轻量化、高性能服装（瑜伽服、冲锋衣）、工业丝（安 全气囊等）、还能用于航空航天与精密部件。下游客户采购我司产品经过改性后可用于机器人的皮肤外 衣以及电池保护壳。 ...

Core Viewpoints - The nylon 6 industry is facing structural overcapacity, with supply growth outpacing demand, leading to price competition and shrinking profit margins [2][7][59] - The industry must shift from scale expansion to value enhancement, focusing on high-end applications and differentiated products to drive growth [7][17] - Technological and environmental barriers are becoming critical, requiring continuous innovation and compliance with green manufacturing standards [7][17] - Integrated supply chain management and international market expansion are essential strategies for companies to navigate current challenges [7][17] Overview - Nylon 6, also known as PA6 or nylon 6, is a widely used synthetic fiber and engineering plastic with excellent mechanical properties and versatility [6] - The industry has seen significant growth in China, which now accounts for over 50% of global production and consumption [2][3] Industry Chain Analysis - The nylon 6 industry chain includes key components such as caprolactam, nylon 6 chips, fibers, engineering plastics, films, and composite materials [10][11][12][15] - Caprolactam is a crucial raw material, with China holding a significant share of global production capacity [20][21] - Nylon 6 chips are primarily used for fiber production, with a smaller portion allocated to engineering plastics and films [11][12] Market Supply and Demand - China dominates global nylon 6 production, holding 57% of total capacity, while demand growth is expected to be driven mainly by the Chinese market in the next 5-10 years [18][22] - Domestic nylon 6 chip production has shown steady growth, with production increasing from 312,000 tons in 2018 to 502,500 tons in 2023, reflecting a compound annual growth rate of 10% [25][28] Capacity Distribution - As of the end of 2023, China's caprolactam production capacity reached 6.53 million tons, with several major producers dominating the market [36][37] - The nylon 6 chip production capacity in China is concentrated among 25 companies, totaling 5.34 million tons [39] Future Predictions - The nylon 6 industry is projected to experience a mismatch between production capacity and demand, with overcapacity expected to persist in the short term [46][47] - By 2030, caprolactam capacity is expected to reach 10 million tons, while nylon 6 chip capacity will also increase, leading to intensified competition [47][48] Technical Features - The nylon 6 production process has evolved significantly, with various polymerization techniques being employed to enhance product quality [51][52] - The industry relies on advanced spinning and twisting technologies to produce high-quality nylon fibers [53][54] Industry Barriers and Challenges - The nylon 6 industry faces significant barriers to entry, including high capital requirements and the need for advanced production technology [57][58] - Overcapacity remains a critical issue, with the industry experiencing a saturation of the downstream market, leading to intensified competition [59]

在11月初创下8050元(吨价，下同)的近5年价格新低后，己内酰胺市场开始触底反弹。11月24日，华东 现货价格回升至8700元，华北地区价格同步报至8700元后持续走高；11月26日华东地区价格升至9000 元，华北地区价格涨至8950元。 国家发展改革委、市场监管总局10月9日发布《关于治理价格无序竞争 维护良好市场价格秩序的公 告》，意在维护良好市场价格秩序，助力高质量发展。同时，在持续亏损压力下，己内酰胺企业减产保 价意愿较为强烈，并开始采取行动，多家企业宣布通过阶段性减产20%的方式收缩供应，并将每吨产品 价格上调100元。 "企业限产保价是本次提振价格反弹的核心驱动力。"华鲁恒升新能源新材料销售公司经理王喆表示，近 期己内酰胺企业自发同步推进"减产+稳价"的自律行动。随着减产措施的逐步落实，供需预期改善，己 内酰胺的现货价格重心有望持续上行。 价格创5年来新低 单吨亏损600元 "十四五"期间，我国己内酰胺产业保持较快增长速度，推动了尼龙6和下游产业的快速发展。生意社、 隆众资讯等行业机构的跟踪数据显示，2024年己内酰胺产能增至694万吨，产量增至654万吨；2025年上 半年下游尼龙6继续释放 ...

Core Viewpoint - The caprolactam market has begun to rebound after hitting a five-year low price of 8050 yuan per ton in early November, driven primarily by self-imposed production cuts by companies to stabilize prices [1][2][4]. Group 1: Price Trends - On November 24, spot prices in East China rose to 8700 yuan, and by November 26, prices reached 9000 yuan, marking an increase of 950 yuan or 11.8% from the low point earlier in the month [1][5]. - The average production profit for caprolactam from January to October was -1557 yuan, with some companies facing losses exceeding 600 yuan in October [3]. Group 2: Production and Capacity - During the 14th Five-Year Plan period, China's caprolactam industry has maintained a rapid growth rate, with production capacity expected to reach 6.94 million tons and output to 6.54 million tons by 2024 [2]. - Companies have voluntarily reduced production by 20% to manage supply and stabilize prices, with overall industry operating rates dropping to around 80% by November 20 [4][5]. Group 3: Demand and Market Dynamics - The compound annual growth rate of caprolactam consumption over the past five years is 13.5%, with a projected demand growth of 28% in 2024, driven by the textile sector [2]. - Analysts predict a significant slowdown in demand growth in 2025, facing pressures from weak costs, subdued demand, and high inventory levels [2][3]. Group 4: Future Outlook - The supply-side dynamics remain favorable, with expectations that production cuts will continue into December, potentially tightening supply further [6]. - The recent global supply chain adjustments, including production cuts by Japanese companies, may present both challenges and opportunities for domestic firms [6].