投资者关系活动记录表 证券代码：002254 证券简称：泰和新材 2 投资者关系活动记录表 投资者关系活动记录表 编号：2025-075 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 国投证券 王华炳 时间 2025 年 11 月 24 日 地点 公司会议室 上市公司接待人 员 董事会秘书董旭海、董事会办公室人员 投资者关系活动 主要内容介绍 投资者：现在的装置开得咋样？ 答：跟前段时间差不多。氨纶今年开工率整体来看比去年略 低，一是在改造，提品质；二是控制库存。间位和去年差不 多，对位比去年略高一些。 投资者：氨纶产能多少万吨？ 答：10 万吨。 投资者：本部和宁夏分别多少？ 答：本部 1.5 万吨，宁夏 8.5 万吨。 投资者：现在两边的开工率？ 答：不一定，都是动态调整的。 投资者：宁夏那边上半年还亏钱？ 答：对。 投资者：后面是不是做一些改造？ 1 投资者关系活动记录表 | 答：有几方面，包括提品质、降成本。 | | --- | | 投资者：改完在成本方面还有一些竞争力？ | | 答：改造完成本会降 ...

行业 2026 年度投资策略："反内卷"为盾，需求为矛， 化工有望迎来新一轮景气周期 20251119 摘要 化工行业目前处于周期底部已超过一年，龙头企业业绩和价格价差均表 明景气度低迷，资本开支和固定资产投资增速大幅放缓，传统化工产品 产能投放减少。 反内卷的必要性在于中国制造业集中度高，地产需求短期难以恢复，且 抢占国际市场份额的边际效应减弱。若不反内卷，将导致国企长期亏损， 拖累地方政府和银行系统。 当前 60 美元左右的油价对化工行业影响中性，煤炭价格也处于历史中 位数水平，对成本端的影响已不再是主要矛盾。关注油价上涨至 90 美 元可能带来的成本支撑和库存收入增加。 化工行业市场周期由供需共同决定，供给侧改革能触发拐点，需求决定 周期高度。未来几年，中国制造业 ROE、毛利率和净利润等指标预计将 迎来历史性拐点。 7 月份以来，中央财经委员会明确提出要深入反映内卷问题，标志着化 工板块的重要拐点。此后，化工 ETF 涨幅已达 40%-50%，《十五规 划》也明确将综合整治内卷式竞争写入规划。 Q&A 2026 年化工行业的年度投资策略是什么？ 2026 年化工行业的年度投资策略主要围绕反内卷这一核心 ...

天风证券（601162）发布研报称，化工行业2025年前三季度营收及净利润同比增长，2025年第三季度营 收同比增长，利润率水平环比小幅提升，25Q3在建工程同比增速降幅环比进一步扩大，固定资产规模 同比增加。投资建议：周期相对底部或已至，关注供需边际变化行业。 (1)需求稳定，全球供给主导：三氯蔗糖、农药、MDI、氨基酸。(2)内需驱动，对冲关税冲击：制冷 剂、化肥(磷肥)、钾肥、复合肥、民爆、染料。(3)关注产能先投放，有望优先恢复的子行业：有机硅、 氨纶。 天风证券主要观点如下： 2025年前三季度营收及净利润同比增长 2025年前三季度，基础化工行业上市公司(根据申万2021一级分类基础化工行业以及轮胎行业(长江分类) 上市公司合计446家)共实现营业收入1.71万亿元，同比增长2.8%，实现营业利润1424亿元，同比增长 6.9%，实现归属上市公司股东的净利润1140亿元，同比增长7.5%。行业整体综合毛利率为13.0%，同比 持平;期间费用率为9.6%，同比-0.1pcts。行业整体净利润率为7.0%，同比提升0.3pcts。 2025年第三季度基础化工行业全体上市公司共实现营业收入5823亿元， ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the Chinese market, focusing on various sectors including technology, manufacturing, aviation, oil shipping, chemicals, and consumer goods [1][4][5][6]. Core Insights and Arguments 1. **Market Outlook**: The index is expected to rise to 4,200-4,300 points from December to February, driven by product structure adjustments and increased capital inflow, alongside supportive policies from the upcoming "15th Five-Year Plan" [1][3]. 2. **Valuation Expansion**: The Chinese market is currently in a valuation expansion phase, with reduced fears of sanctions due to changing perceptions of US-China relations and rationalized economic policies [4][6]. 3. **Sector Recommendations**: - **Technology Sector**: Focus on AI, internet, new energy vehicles, electronic semiconductors, and media communications [5]. - **Manufacturing**: Global expansion in power equipment, machinery, and auto parts [5]. - **Aviation**: Strong fundamentals with record high passenger load factors and low ticket prices, indicating a potential super cycle [10]. - **Oil Shipping**: Record high freight rates expected to lead to the highest profits in a decade due to OPEC production increases and geopolitical factors [11]. - **Chemicals**: Optimism for leading companies benefiting from supply-side optimization and cost advantages [3][16]. - **Consumer Goods**: Opportunities in food, beverages, and retail sectors, particularly for companies with low stock and strong fundamentals [7][30]. Additional Important Insights 1. **Economic Recovery**: The upcoming year is expected to show a high probability of economic recovery, particularly in traditional sectors like cyclical and consumer goods [6]. 2. **Investment Strategies**: Investors are advised to focus on companies with low stock prices and strong fundamentals, especially in the consumer goods sector [7][9]. 3. **Brokerage Role**: Brokerages are anticipated to play a crucial role in market advancement, especially as capital market reforms progress [8]. 4. **Metal Industry Outlook**: Positive expectations for the metal sector, with industrial metals likely to benefit from global liquidity and emerging demands from AI infrastructure and new energy vehicles [18][19]. 5. **Chemical Industry Trends**: The chemical sector has seen significant supply-side optimization, with leading companies expected to benefit from a recovery in demand and pricing [13][14][16]. 6. **Oil Market Dynamics**: Current oil market conditions show a supply surplus, but OPEC's cautious production increases are expected to support prices in the medium term [24]. Conclusion The conference call highlights a generally optimistic outlook for the Chinese market across various sectors, with specific recommendations for investment opportunities in technology, aviation, oil shipping, chemicals, and consumer goods. The anticipated economic recovery and supportive policies are expected to drive market performance in the coming months.

Core Viewpoint - The chemical industry is transitioning from a state of overcapacity to a supply-demand rebalancing, driven by global economic recovery and targeted domestic policies, with 2026 identified as a critical year for establishing a turning point in the industry [2][3]. Supply Side Analysis - Capital expenditure in the chemical industry has peaked, with fixed asset and new capacity growth rates declining to around 7%, a significant drop from double-digit growth in 2021-2022 [3]. - New capacity for traditional bulk chemicals like methanol, ethylene, and PTA has decreased by over 30% year-on-year, while smaller capacities are exiting the market due to environmental and safety constraints, leading to increased industry concentration [3]. Demand Side Analysis - The recovery in demand is driven by both domestic and international factors, including the U.S. entering a rate-cutting cycle, which is expected to boost global chemical product export demand growth to 8%-10% by 2026 [3]. - In China, key demand engines such as real estate, textile exports, and agricultural chemicals are gradually gaining momentum, with chemical product export growth showing signs of recovery [3]. Policy Impact - The "anti-involution" policy is accelerating the industry's turnaround, with the Ministry of Industry and Information Technology emphasizing three key measures: controlling new capacity, reducing existing capacity, and managing processes [4]. - The old capacity assessment has been completed, and the implementation of these policies is in the countdown phase, with industry associations and leading companies actively participating in these initiatives [4]. Sector-Specific Insights - The chlor-alkali industry is expected to see a gradual slowdown in supply growth due to restrictions on traditional production methods [5]. - The textile chain, particularly the nylon industry, is projected to improve profitability as operating rates rise above 90% [5]. - The organic silicon sector is nearing a turning point as the period of intensive capacity investment ends, with strong demand support anticipated [5]. High-Elasticity Core Enterprises - The textile chain is highlighted as a primary focus, with significant improvements in supply-demand dynamics expected to lead to concentrated profit releases in 2026 [6]. - The agricultural chemical chain is benefiting from food security strategies, with a tight supply-demand situation projected for phosphate chemicals until at least 2028 [7]. - The overseas real estate chain is expected to benefit from global economic recovery, particularly in the fluorochemical sector, where demand for refrigerants is strong [8]. New Materials and Technologies - New materials are identified as a critical area for investment, with a focus on semiconductor materials, OLED panel materials, and solid-state batteries among others [9]. - The chemical industry is witnessing a consolidation of leading companies, with the number of top firms increasing from 3-4 to around 20 over the past decade, indicating a strengthening competitive landscape [10].

Group 1: Industry Overview - The adipic acid industry is currently at a historical low in profitability, undergoing a phase of consolidation with increased competition and pressure from demand and raw material fluctuations [2] - Economic recovery and policy changes are expected to boost downstream demand for adipic acid products [2] Group 2: Future Demand and Production - The company remains confident in the future demand growth for spandex due to changing consumer preferences and increased application areas [2] - There are no new expansion plans for spandex production at this time [3] Group 3: Financial Performance and Cost Advantages - The spandex segment shows strong profitability driven by a combination of R&D, cost management, and supply chain integration [3] - The Chongqing production base has significant cost advantages over the Ruian base in terms of energy and labor costs [3] Group 4: Production Capacity and Asset Management - The spandex project is progressing steadily, with full production expected by the end of 2026 [3] - The company is committed to completing the acquisition of two assets by December 2026 [3] - There are currently no plans to integrate the nylon 66 business of the controlling shareholder into the listed company [3]

Core Viewpoint - Xinxiang Chemical Fiber's stock price has shown significant volatility, with a year-to-date increase of 30.67% and a recent decline of 2.06% on November 12, 2023, indicating potential market fluctuations and investor sentiment [1][2]. Company Performance - Xinxiang Chemical Fiber reported a revenue of 5.74 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 3.28%. However, the net profit attributable to shareholders decreased by 33.15% to 133 million yuan [2]. - The company's main business segments include spandex fibers (58.51% of revenue) and biomass cellulose filament (38.34%), with other products contributing 3.15% [2]. Stock Market Activity - As of November 12, 2023, Xinxiang Chemical Fiber's stock was trading at 5.24 yuan per share, with a market capitalization of 8.91 billion yuan. The trading volume was 1.03 billion yuan, with a turnover rate of 1.13% [1]. - The stock has experienced a recent increase of 11.02% over the last five trading days, 23.00% over the last 20 days, and 31.00% over the last 60 days [2]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 13.99% to 64,000, while the average circulating shares per person increased by 16.26% to 26,580 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 17.89 million shares, an increase of 9.84 million shares from the previous period [3].

Core Viewpoint - The report from CITIC Construction Investment suggests focusing on sectors that are expected to benefit from the "anti-involution" trend, as the chemical industry faces a slowdown in capital expenditure and an approaching cyclical turning point [1] Group 1: Beneficial Sectors - Recommended sectors include pesticides, urea, soda ash, filament, organic silicon, and spandex, which are likely to benefit from the "anti-involution" trend [1] - In the context of a declining interest rate cycle, China's counter-cyclical policies are expected to boost domestic demand, making sectors like polyurethane, coal chemical, petroleum chemical, and fluorochemical attractive [1] Group 2: New Material Development - The development of new productive forces, self-control, and industrial upgrading are emphasized as key strategies in the context of major power competition, with new materials being a primary development direction for China's chemical industry [1] - Focus areas include semiconductor materials, OLED materials, COC materials, and other high value-added products [1] Group 3: High Shareholder Returns - High-quality companies with substantial shareholder returns are expected to continue their revaluation journey, particularly state-owned enterprises in the oil and gas petrochemical sector, coal chemical, compound fertilizer, phosphorus chemical, and leading companies in the MSG/feed amino acid industry [1]

Core Viewpoint - The report from CITIC Construction Investment suggests focusing on specific sectors within the chemical industry that are expected to benefit from the "anti-involution" trend and the upcoming economic cycle shift, while also highlighting the importance of new material development in the context of national competition [1] Group 1: Investment Recommendations - Attention is recommended for sectors such as pesticides, urea, soda ash, long fibers, organic silicon, and spandex, which are likely to benefit from the "anti-involution" trend [1] - In the context of a declining interest rate cycle, sectors like polyurethane, coal chemical, petroleum chemical, and fluorochemical are suggested for investment as they may help stimulate domestic demand [1] Group 2: Development Focus - The report emphasizes the development of new productive forces, self-sufficiency, and industrial upgrades as key strategies in the context of major power competition, with new materials being a primary focus for the Chinese chemical industry [1] - Specific attention is drawn to the continuous development of semiconductor materials, OLED materials, COC materials, and other high value-added products [1] Group 3: Quality Enterprises - High shareholder returns from quality enterprises are expected to continue their revaluation journey, with a focus on leading state-owned enterprises in oil and gas, coal chemical, compound fertilizer, phosphorus chemical, and amino acid industries for feed and flavoring [1]

11月7日，莱卡纤维 (银川）工厂在苏银产业园正式投产，该项目由莱卡公司与银川金融资本投资 集团合作打造，总投入超 8 亿元，一期年产3万吨氨纶，年产值预计超10亿元，可在当地带动约500人就 业。 走进智能化生产车间，机械臂广泛代替人工作业，氨纶成品从颗粒原料加工成线轮后，由机械臂整 齐摆放、打包装车。工厂相关负责人介绍，企业已部署新的制造执行系统，实现智能生产与质量管理控 制，有效提升产品质量管理水平。作为莱卡公司在中国的第二家工厂，同时也是其全球规模最大氨纶生 产基地，该工厂配备行业领先的生产线与技术，其投产标志着莱卡公司在中国市场的运营迈上新台阶。 莱卡公司相关负责人表示，此次深耕中国市场，不仅能优化企业产品组合，还能更有效响应高品质 氨纶市场的需求增长。银川工厂将成为企业在中国西部的重要生产基地，未来潜在产能有望扩展至12万 吨，产品应用将从服饰延伸至个人护理领域，进一步满足中国及亚太地区对高品质氨纶的多元化需求， 助力产业链供应链更快速、灵活运转。 据了解，工厂构建起高度自动化、智能化的生产体系。依托先进的自动化包装系统和智能控制管理 平台，工厂实现高效运营与低能耗生产，并依托莱卡公司可持续经营框 ...