内容概要：预分散母胶粒，也叫预分散橡胶助剂、橡胶助剂母胶粒、母胶粒。是以聚合物（一般是 EPDM、SBR、NBR、EVA）为载体，加橡胶助剂和软化剂，通过特殊工艺将传统预分散橡胶助剂到聚 合物中，得到一定浓度的均匀预分散体（挤出造粒）。预分散橡胶助剂是传统橡胶助剂的升级换代品， 具有无粉尘、易分散、适合自动称量和自动连续低温混炼、提高混炼效率、储存稳定好等优点，日益受 到业内重视，已在橡胶制品中大量应用。我国对橡胶助剂母粒的最早工业化应用是在20世纪90年代初， 直到2017年11月，关于预分散橡胶助剂的标准才由中国橡胶工业协会发布团体标准《预分散橡胶助剂通 用规范》（T/CRIA25001—2017），预分散橡胶助剂行业逐步规范。根据中橡协橡胶助剂专委会对协会 下企业的统计，国内预分散母胶粒产量从2019年的6.2万吨增长至2024年的8.68万吨，年复合增长率达 12.2%。2024年，受汽车、橡胶、轮胎等工业的快速发展影响，预分散母胶粒产量增速达14.7%。受到 主要原材料价格下降影响，2022-2024年，中国预分散母胶粒售价呈下滑态势，以艾克姆为例，2024年 期预分散母胶粒产品售价为2.53万元/ ...

12月19日，河南新三板公司元昊新材（874735）公告拟将上市辅导板块从深交所创业板变更为北交所， 这一IPO"换挡"决策已获董事会通过，引发资本市场关注。作为深耕橡胶助剂领域27年的行业佼佼者， 这家国家级专精特新"小巨人"企业的上市路径调整，背后既有业绩现实的考量，也有对赌协议的时间压 力。 元昊新材的上市征程始于2023年5月，彼时公司瞄准深交所创业板启动辅导备案，此后每季度按期披露 进展，却迟迟未能递交招股说明书。截至2025年三季度，公司已发布第九期辅导报告，仍停留在"问题 整改与申请文件准备"阶段。市场普遍认为，盈利规模不足是其创业板闯关的核心障碍——2023-2024年 公司归母净利润分别为3141.36万元、4078.81万元，虽净资产收益率稳步提升至9.14%，但与创业板制 造业"平均净利过亿"的水平相比差距明显。雪上加霜的是，2025年上半年受行业淡季、原材料价格波动 影响，公司营收同比下滑3.01%，归母净利润更是大幅下滑26.64%，业绩波动进一步增加了创业板上市 的不确定性。 与业绩压力相伴的，是一份"倒计时"式对赌协议。元昊新材在引入河南省中小企业发展基金等外部资本 时，签署了包 ...

Group 1 - The core viewpoint of the news is that Tongcheng New Materials has seen a stock price increase of 5.28%, reaching 47.04 CNY per share, with a trading volume of 793 million CNY and a turnover rate of 2.81%, resulting in a total market capitalization of 28.982 billion CNY [1] - Tongcheng New Materials Group Co., Ltd. is located in the China (Shanghai) Pilot Free Trade Zone and was established on June 4, 2008, with its listing date on June 27, 2018 [1] - The company's main business involves the research, production, sales, and related trade of fine chemical materials, with revenue composition as follows: rubber additives and other products 70.06%, electronic materials 26.69%, and fully biodegradable materials 3.25% [1] Group 2 - From the perspective of the top ten circulating shareholders, a fund under Southern Fund ranks among them, specifically the Southern CSI 500 ETF (510500), which reduced its holdings by 46,700 shares in the third quarter, now holding 3.4906 million shares, accounting for 0.58% of circulating shares [2] - The Southern CSI 500 ETF (510500) was established on February 6, 2013, with a latest scale of 140.098 billion CNY, and has achieved a year-to-date return of 27.34%, ranking 1682 out of 4197 in its category [2] - The fund manager of Southern CSI 500 ETF is Luo Wenjie, who has a cumulative tenure of 12 years and 248 days, with the fund's total asset scale at 170.251 billion CNY and the best return during his tenure being 146.43% [3]

Core Viewpoint - Yanggu Huatai (300121) is focusing on strengthening its core business in rubber additives while actively expanding into the electronic chemicals sector [1] Company Summary - The company is committed to enhancing its main business in rubber additives [1] - Yanggu Huatai is exploring opportunities in the electronic chemicals market [1]

Core Viewpoint - Tongcheng New Materials has experienced a significant stock price increase, with a 9.53% rise over three consecutive days, indicating strong market interest and potential investor confidence [1][2]. Company Overview - Tongcheng New Materials Group Co., Ltd. is located in the Shanghai Free Trade Zone and was established on June 4, 2008, with its listing date on June 27, 2018. The company specializes in the research, production, sales, and related trading of fine chemical materials [1]. - The revenue composition of the company includes rubber additives and other products at 70.06%, electronic materials at 26.69%, and fully biodegradable materials at 3.25% [1]. Fund Holdings - Taikang Fund has a significant holding in Tongcheng New Materials, with Taikang Yixiang Mixed A (005823) holding 30,900 shares, representing 1.06% of the fund's net value, ranking as the tenth largest holding [2]. - The fund has realized a floating profit of approximately 63,300 yuan today and a total of 110,000 yuan during the three-day price increase [2]. Fund Performance - Taikang Yixiang Mixed A (005823) was established on June 13, 2018, with a current scale of 74.1899 million yuan. Year-to-date returns are 11.04%, ranking 5,522 out of 8,136 in its category, while the one-year return is 12.53%, ranking 5,099 out of 8,055 [2]. - The fund has achieved a cumulative return of 51.11% since its inception [2]. Fund Management - The fund is managed by Huang Zhong and Jin Hongwei, with Huang having a tenure of 6 years and 61 days and a best return of 55.69% during his management period [3]. - Jin has a tenure of 8 years and 87 days, with a best return of 40.3% during his management period [3].

Core Viewpoint - Yanggu Huatai announced the extension of its first employee stock ownership plan during the board meeting held on November 18, 2025, indicating a focus on employee engagement and retention strategies [1] Company Summary - Yanggu Huatai's revenue composition for the year 2024 is entirely derived from rubber additives, accounting for 100.0% of its revenue [1] - As of the latest update, Yanggu Huatai has a market capitalization of 7 billion yuan [1]

Core Viewpoint - During the "14th Five-Year Plan" period, the rubber industry in China has focused on supply-side structural reforms, optimizing industrial structure, and achieving stable growth in total revenue and profit, while enhancing scale, quality, and efficiency [1] Group 1: Industry Performance - The rubber products industry has shown steady growth over the past five years, with significant improvements in quality and efficiency, and a more complete industrial chain [1] - By 2024, compared to 2020, the number of large-scale enterprises in the rubber products industry increased by 26.7%, main business income grew by 26.7%, total profit rose by 14.4%, export delivery value increased by 41.2%, and the production of radial tires grew by 36.7% [1] Group 2: Development Highlights - Product structure optimization and acceleration of high-end processes, with a 19.8% increase in demand for tires for new energy vehicles and radial tire production exceeding 761 million units [2] - The orderly elimination of backward production capacity has led to increased industry concentration, with the top ten rubber product companies' sales revenue growing by 22% compared to 2020 [2] - Innovation capabilities are gradually enhancing, with R&D investment intensity reaching 2.8% and industrial internet platform coverage at 31% [2] Group 3: Environmental and International Efforts - Significant achievements in energy conservation and emission reduction, with clean energy accounting for 30% and comprehensive energy consumption reduced by 20% to 30% [3] - Accelerated international layout and increased international influence, with many tire companies establishing overseas factories in Southeast Asia, Europe, America, and Africa [3] Group 4: Brand and Standards - Strengthened brand building, with all-steel radial tires becoming a global competitive product and over ten domestic companies achieving domestic and international supply [4] - Improvement of the standard system, with a high international standard conversion rate of 89.72% and the rubber association publishing 68 group standards covering 14 specialized sectors [4]

Core Viewpoint - Bohui Co., Ltd. has seen a stock price increase of 5.01% to 13.62 CNY per share, with a total market capitalization of 4.017 billion CNY as of November 14 [1] Company Overview - Bohui Co., Ltd. is located in Ningbo, Zhejiang Province, established on October 12, 2005, and listed on June 30, 2020 [1] - The company specializes in the research, production, and sales of chemical raw materials, including asphalt additives, rubber additives, and lubricating oil additives, as well as lighter fuel oils [1] - The revenue composition of the company includes: - Base oil: 36.09% - No. 6-7 fuel oil: 25.24% - Furnace fuel oil No. 2: 24.58% - White oil: 14.05% - Others: 0.04% [1] Shareholder Information - Among the top ten circulating shareholders of Bohui Co., Ltd., Huaxia Fund has a fund, Huaxia Double Bond A (000047), which entered the top ten in the third quarter, holding 3.8623 million shares, accounting for 1.33% of circulating shares [2] - The estimated floating profit for Huaxia Double Bond A today is approximately 2.5105 million CNY [2] Fund Performance - Huaxia Double Bond A (000047) is managed by Liu Wanjun, who has a tenure of 11 years and 322 days [3] - The fund's total asset size is 17.39 billion CNY, with a best return of 99.69% and a worst return of -2.56% during Liu's management [3]

Core Viewpoint - The rubber additives industry is urged to focus on technological innovation, green low-carbon practices, digital empowerment, and open collaboration to drive sustainable development in the context of global industrial chain restructuring and China's dual carbon strategy [1][2]. Group 1: Industry Recommendations - The industry should adhere to four key principles: innovation-driven approaches, a 20% reduction in carbon emissions per unit product within five years, over 70% of output from green additives, and the establishment of an industrial internet platform for self-controllable key equipment and data [1]. - Emphasis on high-end functional and bio-based additives, increasing R&D investment, and transitioning from mass production to specialized and innovative products is essential [1][2]. Group 2: Technological Advancements - Continuous improvement in green promoting agents and rapid development of high-performance anti-aging agents and vulcanizing agents are noted, with a trend towards green processing and domestic substitution of related products [2]. - The integration of artificial intelligence in the design and synthesis of rubber chemicals is highlighted, with a focus on using AI tools to complement professional knowledge in the industry [3]. Group 3: Market Trends and Innovations - The industry is encouraged to adopt differentiated, high-end, and customized thinking, optimizing industrial layout and supporting overseas factory establishment [2]. - Innovations should focus on the high-performance requirements of new energy vehicle tires, natural rubber alternatives, and sustainable development [2].

Core Insights - The rubber additives industry is urged to focus on technological innovation, green low-carbon practices, digital empowerment, and open collaboration to drive sustainable development [1][2]. Group 1: Industry Trends - The rubber additives sector is experiencing a shift towards high-performance, environmentally friendly products, with a focus on domestic substitution of key materials [2]. - The industry is encouraged to adopt differentiated, high-end, and customized approaches, optimizing industrial layout and supporting overseas factory establishment [2]. Group 2: Technological Advancements - New technologies, including artificial intelligence, are increasingly being integrated into the development of rubber chemicals, enhancing the design and synthesis processes [3]. - The use of molecular generation and performance prediction models is recommended to create rubber additives that meet specific requirements [3]. Group 3: Sustainability Goals - The industry aims to reduce carbon emissions per unit product by 20% within five years and increase the proportion of green additives to over 70% [1]. - There is a strong emphasis on promoting green processes and clean production technologies, as well as developing bio-based materials to improve resource utilization efficiency [1][2].