事件：2025 年8 月27 日，聚合顺发布2025 年半年报。2025H1，公司实现营收30.30 亿元，同比下降 13.87%；实现归母净利润1.11 亿元，同比降低27.60%；实现扣非后归母净利润1.09 亿元，同比降低 26.01%。其中，2025Q2，公司实现营收14.67 亿元，同比降低21.93%，环比降低6.11%；实现归母净利 润0.30 亿元，同比降低63.87%，环比降低63.07%；实现扣非后归母净利润0.32 亿元，同比降低 61.33%，环比降低58.41%。 我们预计2025-2027 年归母净利润分别为3.50、4.56、5.53 亿元，对应8 月28 日收盘价的PE 分别为11、9 和7 倍，维持"推荐"评级。 原料价格波动+下游需求疲软系公司业绩变动主因。2025 年年初，受到上游纯苯价格上涨的影响，己内 酰胺价格有所上涨，春节前后，受下游需求端传导的影响，己内酰胺采购意愿有所减弱；进入 2025Q2，由于贸易壁垒增加了下游需求的不确定性，叠加高库存影响，己内酰胺价格出现大幅下跌， 据百川盈孚数据，2025Q2 己内酰胺均价为9193 元/吨，环比Q1 下降12.65%。 ...

虽然经营业绩短期承压，但不可否认的是，中化国际在高性能材料领域，从先进的自主技术到领先的产 能规模，从上下游一体化到多基地区位互补，从极致的成本控制到严格的质量管理，从低碳环保到智能 制造，都已形成较强的核心竞争优势。 今年上半年，中化国际高性能材料毛利率同比提升5个百分点。公司持续补强核心产品的竞争力，并重 点发力技术营销和海外营销，在市场拓展方面成效显著。 环氧树脂业务立足上下游一体化产业链、齐全的产品品类，以及跨地域生产调节和市场互补的格局，通 过科技创新形成绿色工艺和高端型号的技术壁垒。 公司持续推进多品种环氧树脂发展，高溴、低溴、半固体、无卤阻燃环氧树脂国内排名前三。同时，围 绕市场和客户需求，加快特种环氧树脂关键技术的研发攻关。目前，公司特种环氧树脂已主要应用于覆 铜板、无铅板材、绝缘板等领域，并相继开发了高纯环氧树脂、环氧树脂封孔剂等产品，以满足高端电 子元器件封装需求。 工程塑料方面，中化国际继续保持尼龙66产线满负荷生产，并与国内主要尼龙66下游改性领域的客户形 成稳定合作。公司尼龙66产品不仅在工艺路线和产品性能方面极具竞争力，还可通过与其他工程塑料产 品组合销售，从产品品质、客户群覆盖、 ...

2025年6月6日，中国平煤神马集团尼龙科技有限公司10万吨/年艾斯安装置投产暨20万吨/年艾斯安项目 启动仪式在平顶山市尼龙新材料开发区举行，集团总经理李延河、集团董事张电子，以及来自行业协 会、科研机构、合作企业的代表等出席仪式，集团党委常委、副总经理、神马股份(600810)董事长李本 斌主持仪式。 上市公司神马股份通过控股子公司河南神马尼龙化工有限责任公司对尼龙科技公司持股4.36%，同时也 是尼龙科技公司己二酸、环己烷、稀硝酸等产品的主要客户。随着本次艾斯安项目成功下线，未来产品 将进一步扩大供给，以满足神马股份持续增长的尼龙66生产需求。 对于尼龙科技公司而言，10万吨/年艾斯安项目的投产延长了产业链，实现尼龙6同尼龙66产业的并联发 展，有效规避市场风险。平煤神马集团将利用现有自身尼龙6和尼龙66产业链条及能源产业优势，实现 现有产品链转型升级。 对于神马股份而言，控股股东成功开发处于国内领先水平的尼龙66原料国内首套自主研发装置，扩大尼 龙产业链上游原料产能规模，对于打通神马股份生产全环节链条具有重大意义。神马股份当前正积极推 进5万吨己二腈项目建设，加强原料自给能力，推进产业链一体化经营。集 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The industry is under pressure, and the company is waiting for downstream demand recovery [5] - The company's revenue for the first half of 2025 was 12.137 billion yuan, a year-on-year decrease of 11.7%, with a net profit attributable to shareholders of 983 million yuan, down 35.23% year-on-year [4][5] - The chemical fiber segment showed a gross margin increase of 3.68 percentage points despite a revenue decline [5] - Future growth is expected as the economy recovers and downstream demand is released, particularly with advancements in domestic technology [7][8] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 5.823 billion yuan, down 17.84% year-on-year and 7.78% quarter-on-quarter, with a net profit of 479 million yuan, down 42.61% year-on-year [4][5] - The revenue breakdown shows a decline in various segments: chemical fibers down 9.43%, new chemical materials down 8.82%, and basic chemical products down 15.01% [5] Profitability and Cost Structure - The gross margin for the chemical fiber segment was 18.65%, an increase of 3.68 percentage points year-on-year, while the gross margin for basic chemical products was 4.37%, a decrease of 11.08 percentage points [5][6] - The financial expense ratio increased mainly due to a decrease in interest income [6] Future Outlook - The company forecasts net profits for 2025-2027 to be 2.101 billion, 3.057 billion, and 3.588 billion yuan respectively, with corresponding P/E ratios of 18.3, 12.6, and 10.7 [9] - The report anticipates that the integration of the polyurethane industry will lead to profit growth in the long term [9]

中国合成树脂协会理事长何盛宝介绍说，我国合成树脂行业正在从"通用料主导"向"高端化、差异化"升 级，聚乙烯、聚丙烯等通用塑料产量快速增长，高端牌号比例逐年提升；聚碳酸酯、尼龙66等工程塑料 产能快速上升，EVA、聚醚醚酮等特种塑料拓展至光伏、人形机器人等应用领域，合成树脂材料自给能 力大幅提升。然而，合成树脂全产业链仍存在技术创新能力不足、同质化问题严重、结构性矛盾突出、 部分产品市场"内卷式"竞争、海外市场拓展受限等问题。 与会专家围绕合成树脂行业实现高质量发展提出如下建议：在锻造高端动能方面，应紧密围绕国家战略 与市场需求，聚焦现代化建设、满足人民美好生活多样化需求，瞄准新能源汽车、人形机器人、低空飞 行器等新兴领域和未来产业，突破催化剂、工艺和装备等核心技术瓶颈，实现合成树脂材料的高性能化 和功能化。在构建绿色模式方面，应积极推动生物基材料、循环经济技术、化学回收的规模化应用，开 展重点产业碳排放、重点产品碳足迹核算方法等标准的制定；打造"原油—烯烃—高端树脂"全链条低碳 模式，凭借绿色竞争力赢得全球市场的话语权。在培育融合生态方面，上游原料企业与下游应用端要实 现深度联动，提升全产业链资源配置效率；改 ...

Core Insights - The report highlights the potential growth of 隆华新材 in the polyether industry, with rapid increases in production and sales, and a promising outlook for its new materials business [6][7] - The report emphasizes the impact of CoWoP technology on the PCB industry, which is expected to drive demand for PCB equipment, benefiting 芯碁微装 as it expands into the drilling equipment sector [9][10] Group 1: 隆华新材 (Longhua New Material) - 隆华新材 is recognized as a high-quality player in the polyether industry, with a current production capacity of 970,000 tons per year and an additional 330,000 tons under construction, positioning it among the industry leaders [6][7] - The company has demonstrated strong financial performance, with a compound annual growth rate (CAGR) of 22.65% in revenue and 12.93% in net profit from 2019 to 2024. In Q1 2025, it achieved revenue of 1.509 billion yuan, a year-on-year increase of 11.52%, and a net profit of 57.1247 million yuan, up 19.52% [6][7] - The polyether industry is nearing a turning point, with increasing concentration and improved competitive dynamics, which are expected to enhance the profitability of leading companies like 隆华新材 as new capacities are released [7] Group 2: 芯碁微装 (Chipbond Technology) - The CoWoP technology is driving the upgrade of PCB manufacturing to mSAP processes, which raises the requirements for PCB equipment. 芯碁微装 is positioned to benefit from this trend as demand for high-layer PCBs increases due to AI applications [9][10] - The global market for multilayer boards and HDI boards is projected to reach 2.421 billion and 12.518 billion USD in 2024, with year-on-year growth rates of 40.2% and 18.8%, respectively, indicating a robust demand for PCB equipment [10] - 芯碁微装 is actively entering the drilling equipment market, with the launch of its MCD75T series, which is expected to enhance its growth potential in this new segment [11]

Core Viewpoint - The nylon industry is experiencing significant growth, particularly in the production of nylon 66, with domestic capacity expected to exceed 8 million tons by 2025 due to breakthroughs in raw material production [2][3]. Group 1: Nylon Production and Investment - Sinopec Yangzi Petrochemical announced a project for long-chain nylon with a total investment of 304.328 million yuan, aiming to build a 50,000 tons/year YDA industrialization facility and a 18,500 tons/year special nylon polymerization facility [2]. - Kingfa Technology is working on a project for bio-based high-temperature nylon with an annual production capacity of 40,000 tons, focusing on products like bio-based high-temperature nylon PA10T/1012 [2][3]. - Shenyang Chemical is modifying its high-temperature nylon 6T resin production, with a total investment of 33 million yuan to produce 1,000 tons of high-temperature nylon resin [3]. Group 2: Special Nylon Types - Long-chain nylon varieties such as PA11, PA12, PA610, and PA1010 are gaining traction due to their low water absorption and dimensional stability, used in applications like automotive fuel lines and underwater cables [3][4]. - The market for high-temperature nylon, including PA46 and PA4T, is primarily dominated by international companies like Evonik and EMS, while domestic production is still developing [4][5]. - Transparent nylon products, with light transmittance reaching 90%, are being utilized in various industries, including home goods and electronics [4][5]. Group 3: Bio-based Nylon - Bio-based nylon is defined by the use of sustainable raw materials, with common types including nylon 11, nylon 1010, and nylon 610, produced through sugar or oil routes [6][7]. - Major global players in bio-based nylon include Arkema and BASF, with LG Chem recently launching a new bio-based nylon material derived from sugar [6][7]. - Domestic companies like Kasei Bio and Yipin Bio are actively promoting bio-based nylon applications, with a focus on upstream raw material certification [7]. Group 4: Market Trends and Future Outlook - The special nylon sector in China is still in its infancy, with many varieties yet to be developed, indicating potential growth opportunities in emerging industries like new energy vehicles [8].

Group 1 - The meeting aimed to establish a platform for enterprise communication and explore the establishment of upstream and downstream supply-demand relationships in the nylon industry chain [1] - The Nylon New Materials Development Zone is focusing on key industries such as Nylon 6, Nylon 66, polyurethane, and fine chemicals to promote cooperation and innovation among enterprises [1] - Ten companies, including Pingmei Shenma Group and Henan Shenma Hydrogen Chemical Co., shared their operational experiences and market development analysis during the meeting [1] Group 2 - The development zone emphasized the concept of "serving enterprises is serving development" and aimed to address the actual concerns of enterprises through effective measures [2] - It was highlighted that policies benefiting enterprises should be delivered quickly and effectively to enhance their confidence in development [2] - Companies are encouraged to adhere to legal regulations and take on social responsibilities while focusing on innovation and quality to drive the nylon new materials industry forward [2]

Core Viewpoint - The article highlights the achievements and contributions of Guan Jinjun, a key figure at Anhui Haoyuan Chemical Group Co., Ltd., particularly in the development and optimization of various chemical production processes, leading to significant economic and environmental benefits for the company. Group 1: Project Management and Implementation - In 2011, the company launched its first 20,000 cubic meters/hour air separation unit, with Guan leading a team to meticulously analyze design blueprints and operational procedures, ensuring thorough documentation for future training [2] - From 2016 to 2018, Guan was actively involved in the construction of a 70,000 cubic meters/hour air separation unit, successfully reducing the commissioning time by over one month compared to similar projects, establishing a benchmark in the industry [2] - Between 2018 and 2020, Guan introduced a "dual-line parallel work method" during the construction of a new project, which facilitated timely production and efficiency of a 90,000 cubic meters/hour air separation unit [2] Group 2: Innovation and Cost Optimization - Guan has led significant innovations in production processes, resulting in substantial economic and environmental benefits for the company [4] - In the crude argon recovery process, his team optimized the air separation tower, increasing liquid argon output by 1.5 tons per hour, generating an annual revenue of 6.48 million yuan [4] - The optimization of the methanol synthesis system led to a 47.1% reduction in system circulation and a 10.5 tons/hour decrease in steam consumption, saving the company 13 million yuan annually [4] - In the cooling water system, Guan proposed a tiered utilization plan that saved over 20 million yuan in electricity costs and reduced wastewater fees by 15 million yuan annually [4] Group 3: Recent Developments - By the end of 2023, Guan was responsible for the construction and commissioning of a new nylon 66 project, completing it two months ahead of schedule, thereby contributing to the company's high-quality development [3]

Core Viewpoint - The article emphasizes the importance of enhancing new productive forces and restructuring state-owned enterprises to optimize capital allocation and improve competitiveness in the petrochemical industry [2][4][6]. Group 1: R&D and New Productive Forces - Central state-owned enterprises in the petrochemical sector have increased R&D investments, with R&D expense ratios rising from 0.55% in 2019 to 0.77% in 2024, while local state-owned enterprises' R&D expense ratios increased from 1.44% to 2.49% during the same period [3]. - China National Petroleum Corporation has established new material research institutes to tackle key technologies and support the transformation of the refining and chemical materials industry, achieving significant R&D results in 2024 [3]. Group 2: Capital Expenditure Trends - After peaks in capital expenditure in 2021 and 2023, capital expenditure for petrochemical central state-owned enterprises is expected to slow down in 2024, projected at 248.5 billion yuan, which is close to the 242 billion yuan in 2019, indicating a potential reversal in the capital expenditure cycle [4]. - The central government has been vocal about "anti-involution," and a new industrial growth plan from the Ministry of Industry and Information Technology is anticipated to adjust industry structure and promote supply-side reforms [4]. Group 3: Supply-Side Reforms and Industry Benefits - Supply-side reforms are expected to deepen in sub-industries such as refining, PTA/PX, fertilizers, pigments and dyes, organic silicon/industrial silicon, soda ash, and chlor-alkali/PVC, benefiting relevant central state-owned enterprises [5]. Group 4: Asset Restructuring Opportunities - The recent seminar emphasized the need for asset restructuring and optimization of state-owned capital allocation, focusing on critical industries and strategic emerging sectors, which could enhance the core competitiveness of state-owned enterprises [6].