【DT新材料】 获悉， 继SK集团、索尔维、巴斯夫、英威达、朗盛之后， 陶氏、阿朗新科、 盛禧奥、英力士 等四大化工巨头再宣布关停，涉及 环氧 树脂、聚醚多元醇、顺丁 橡胶、 丁苯橡胶、MMA、 丙酮氰醇 等多种产品。 点击阅读 ： 巴斯夫、英威达、朗盛、英力士，再关停、出售 索尔维、 SK 集团，再关停、出售 （1）陶氏：关闭 9.4万吨聚醚多元醇工厂 近日，据 陶氏公司 发言人证实，陶氏已经计划在2026年第一季度末关闭位于比利时Tertre的聚醚多元醇工厂，该工厂年产能为 9.4万吨 。 此举是陶氏在欧洲的战略重组计划的一部分，主要原因是 高成本、欧洲严苛的监管、亚洲进口产品的竞争压力 。同时陶氏声称，该举措不会对客户有 任何影响，因为陶氏在荷兰Terneuzen还有 53万吨/年 的产能，在西班牙Tarragona还有 6万吨/年 的产能。 此举只是陶氏计划欧洲业务战略重组的开端 ，陶氏还计 划 在 2027年底前关闭位于德国伯伦的一个乙烯裂解装置以及位于德国施科保的氯碱和乙烯基资 产，在2026年中期前关闭位于英国巴里的一个基础硅氧烷工厂 。 目前聚醚多元醇的欧洲市场十分疲软 ，汽车、家电、建筑和软 ...

杜邦 是该领域的世界龙头，通过广泛的膜、树脂和完整的系统组合，解决水处理市政当局、海水淡化厂和工业用水用户（包括微电子工业）面临的各种 挑战。其他包括 日东电工、东丽、陶氏化学、GE、LG化学 等都是该领域的重要玩家，国内包括 沃顿科技、杭州水处理、唯赛勃、碧水源、久吾高科、 三达膜 等。 资料显示， 中化(宁波)润沃膜 成立于2019年1月8日，注册资本67500万元人民币，位于 浙江省宁波市象山县， 是 中化国际（控股）股份有限公司 控股 的国有企业（持股 77.7778%， 象山经济开发区投资有限公司持有 剩余 22.2222% ）。 【DT新材料】 获悉，9月29日， 杜邦公司 宣布已签署协议，收购 中化(宁波)润沃膜科技有限公司 ，以扩大其反渗透（RO）制造业务版图至中国和亚太 地区，更好地服务这些地区 日益增长的工业水净化和再利用 对FilmTec™产品日益增长的需求，支持公司 生产本地化、更贴近终端客户的战略， 增强物 流可靠性及供应链风险管理，减少碳足迹。 交易预计将在2025年第四季度完成。 据悉，该生产设施位将是 杜邦 在美国明尼苏达州伊迪纳和沙特阿拉伯王国朱拜勒最先进的生产设施基础上的 ...

2024年1至12月份，宏昌电子的营业收入构成为：环氧树脂占比58.58%，覆铜板占比40.16%，其他业务 占比1.27%。 截至发稿，宏昌电子市值为88亿元。 每经AI快讯，宏昌电子（SH 603002，收盘价：7.76元）9月26日晚间发布公告称，2025年9月26日，公 司收到财务负责人萧志仁先生出具的《关于减持宏昌电子股份结果情况告知函》。截至本公告披露日， 萧志仁先生减持公司股份10万股，占公司总股本0.0088%，减持计划实施完毕。 每经头条（nbdtoutiao）——5年增长33倍，这类新险种卖爆了，身边很多人都需要，30多家险企蜂拥而 入⋯⋯ （记者 王晓波） ...

Core Viewpoint - The petrochemical industry in China is entering a concentrated production period from 2019 to 2025, with average capacity growth exceeding 10% per year, leading to increased competition and declining operating rates/profits, yet apparent consumption of key petrochemical products is expected to grow rapidly during this phase [1] Group 1: Industry Trends - The petrochemical sector is experiencing a significant expansion in capacity, particularly in refining, ethylene, PX, methanol, and refining by-products, driven by policy [1] - The export of chemical products is shifting towards quantity over price, with a notable decline in price indices across various sectors, while export volumes for plastics, rubber, and automotive products are expected to maintain growth rates above 10% from 2023 to 2025 [3] - Domestic self-sufficiency rates for key petrochemical products have significantly improved, with ethylene and PX self-sufficiency rates increasing by 19% and 18%, respectively, which corresponds to the absorption of 949,000 and 855,000 tons of capacity [4] Group 2: Demand Dynamics - The development of new industries and emerging consumer markets in China is driving demand for chemical products, particularly in the new energy vehicle and wind power sectors, leading to increased demand for EVA, POE, epoxy resins, and PVDF [5] - The overall domestic demand remains moderate, but structural highlights are evident, with traditional plastics benefiting from the rise of e-commerce and delivery services [5] - The integration, scaling, and intensification of domestic industrial chains are establishing comparative advantages, while the economic growth in ASEAN and Africa is expected to create rapid growth opportunities for chemical demand [5] Group 3: Export Opportunities - The expansion of production capacity is leading to a significant increase in exports, particularly to emerging markets in ASEAN and Africa, as well as a decline in competitiveness from Europe and Japan, which is resulting in a trend reversal for Chinese chemical exports [4] - The CAGR for exports of styrene, PP, PTA, EVA, PA6, and PVC is projected to exceed 40% from 2020 to 2024, with other monitored products also showing growth rates between 9% and 40% [4]

Core Viewpoint - Daosheng Tianhe has officially initiated its IPO process, planning to conduct preliminary inquiries on September 24, 2025, and commence subscriptions on September 29, 2025 [1] Company Overview - Daosheng Tianhe is a national high-tech enterprise focused on the research, production, and sales of new materials, headquartered in the Shanghai Free Trade Zone [1] - The company's core products include high-performance thermosetting resin materials such as epoxy resin, polyurethane, acrylic, and organic silicon, which are applied in various industrial fields including wind power blades, new energy vehicles, energy storage, hydrogen energy, aviation, and electricity [1] Market Position - According to the China Petroleum and Chemical Industry Federation, Daosheng Tianhe's "epoxy resin series for wind power blades" has ranked first in global sales for three consecutive years from 2022 to 2024, while its "structural adhesive for wind power blades" ranks second domestically and third globally [1] - Daosheng Tianhe is the only Chinese company supplying both epoxy resin and structural adhesive to the international wind power giant Vestas Wind Technology Group, and maintains long-term cooperation with renowned companies such as Germany's Ender Company and China National Materials Technology [1] Financial Performance - Financial data shows that Daosheng Tianhe's operating revenues from 2022 to the first half of 2025 were 3.436 billion, 3.202 billion, 3.238 billion, and 1.785 billion respectively, with net profits of 108 million, 152 million, 155 million, and 85 million respectively [2] - The company expects its net profit attributable to shareholders for the period from January to September 2025 to be between 145 million and 155 million, representing a year-on-year growth of 48.21% to 58.43% [2]

Core Viewpoint - Daoshengtianhe Material Technology (Shanghai) Co., Ltd. is positioned as a leading player in the new materials sector, focusing on the dual-carbon strategy and benefiting from the high-quality development of the Chinese economy [1] Group 1: Market Potential - The company is strategically aligned with the wind power and new energy vehicle industries, which are key national pillars, allowing it to capitalize on significant market growth [2] - China is a leader in the global wind power market, with plans to add over 50 GW of new installations annually during the 14th Five-Year Plan, ensuring a steady demand for high-performance materials [2] - The new energy vehicle market is experiencing explosive growth, with a projected market share of 40.9% in 2024, driving demand for high-performance adhesives and composite materials [2] Group 2: Competitive Advantage - Daoshengtianhe has successfully broken the foreign monopoly in high-end wind power materials, establishing itself as a pioneer in domestic substitution and global expansion [3] - The company has entered the supply chains of major domestic players such as BYD and Geely, and is the only Chinese company supplying epoxy resin and structural adhesives to international wind turbine giant Vestas [3] - Its core product, the epoxy resin series for wind turbine blades, has ranked first in global sales for three consecutive years (2022-2024), indicating strong market leadership [3] Group 3: R&D and Innovation - The company boasts a robust R&D capability with a diverse product range, including epoxy resins, polyurethanes, and organic silicon materials [4] - As of June 2025, Daoshengtianhe holds 69 valid patents, including 38 invention patents, and has applied for 14 PCT international patents, demonstrating its commitment to innovation [4] - The company has established a strong technical moat by providing differentiated and precise new material solutions across various high-end sectors, including energy storage and aerospace [4] Group 4: Financial Performance - From 2022 to 2024, the company's net profit attributable to shareholders has increased from 110 million yuan to 155 million yuan, showcasing solid growth resilience [5] - The upcoming IPO will fund the addition of 37,000 tons of high-end adhesives for power batteries and 19,000 tons of high-performance composite resin capacity, targeting core demands in the new energy vehicle sector [5] - The company's future strategy includes expansion into photovoltaic, consumer electronics, semiconductors, and rail transportation, further enhancing its growth potential [5]

Group 1 - The company, Changhai Co., Ltd. (300196.SZ), produces fiberglass and related products that can be combined with epoxy resin [1] - These materials can be utilized for battery pack housings or cover plates, achieving lightweight and high-strength insulation protection [1]

Core Viewpoint - Silver Nonferrous (601212) has been placed under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, while the company continues to operate normally and will cooperate with the investigation [2] Group 1: Company Overview - Silver Nonferrous specializes in the mining, smelting, processing, and trading of various non-ferrous and precious metals, with an annual production capacity of 400,000 tons of copper, 400,000 tons of lead and zinc, 50 tons of gold, and 800 tons of silver [2] - In the first half of the year, Silver Nonferrous reported revenue of 44.559 billion yuan, a year-on-year decrease of 15.28%, and a net loss attributable to shareholders of 217 million yuan, reversing from profit [2] Group 2: Market Trends - The price of epichlorohydrin has surged nearly 11% since September, reaching 13,000 yuan per ton, with an annual increase exceeding 40%, marking the highest level since August 2022 [4][7] - The increase in epichlorohydrin prices is attributed to tightening supply and strong cost support, with the overall operating rate in the industry at 50-60% [7] Group 3: Industry Demand and Growth - Epichlorohydrin is primarily used in the production of epoxy resins, which are increasingly applied in new energy and electronic materials, driving demand growth [7][8] - The market for epichlorohydrin is expected to see production, demand, and market size growth by 10.4%, 7.8%, and 16.8% respectively by 2025 [7] Group 4: Related Stocks Performance - Seven A-share companies are identified as epichlorohydrin concept stocks, with notable performances from companies like Sinochem International, Juhua Co., and Sanmei Co. [8] - In the first half of the year, these concept stocks collectively achieved a net profit attributable to shareholders of 4.958 billion yuan, an increase of over 1.3 billion yuan year-on-year, with four companies reporting net profit growth [8][9] - Juhua Co. reported a net profit of 2.051 billion yuan, a year-on-year increase of 146.97%, while Sanmei Co. achieved a net profit of 995 million yuan, growing by 159.22% [8][10]

Group 1 - The price of epoxy chloropropane has been continuously rising, reaching 13,000 yuan/ton as of September 10, a 40.76% increase compared to the end of last year, marking the highest level since August 2022 [1] - The price increase is primarily due to supply constraints and strong cost support, with several production facilities currently offline [1] - The latest reference price for 99.5% glycerol in East China is 9,250 yuan/ton, up 200 yuan/ton from the previous week, contributing to the high price of epoxy chloropropane [1] Group 2 - The demand for epoxy chloropropane has been growing, driven by the expansion of downstream applications in epoxy resins within the new energy and electronic materials sectors [2] - It is projected that by 2025, the production, demand, and market size of epoxy chloropropane in China will increase by 10.4%, 7.8%, and 16.8% respectively [2] - The total planned and under-construction capacity for epoxy resin in China is estimated to reach 3.2 million tons per year [2] Group 3 - There are seven concept stocks related to epoxy chloropropane in the A-share market [3] Group 4 - Since September, the average decline of the seven concept stocks is 3.69%, with Ruifeng High Materials showing the highest increase of 7.67% [4] - In the first half of the year, these seven concept stocks collectively achieved a net profit of 4.958 billion yuan, an increase of over 1.3 billion yuan compared to the same period last year [4] - Three companies, Sanmei Co. and Juhua Co., reported over 100% growth in net profit year-on-year [4] Group 5 - Nanshan Aluminum reported the highest net profit among the seven concept stocks at 2.625 billion yuan, a year-on-year increase of 19.95% [5] - The company is actively advancing a project to establish a joint venture in Indonesia for the production of 200,000 tons of caustic soda and 165,000 tons of epoxy chloropropane annually [5]

Summary of Zhonghua International's Conference Call Company Overview - **Company**: Zhonghua International - **Period**: First half of 2025 Key Financial Performance - **Revenue**: 243 billion CNY, down 6% year-on-year [2][9] - **Chemical Industry Revenue**: Increased by 5% year-on-year, benefiting from the ramp-up of carbon three capacity, with related business revenue around 70 billion CNY, up 11% [2][9] - **Net Loss**: 8.8 billion CNY, with a significant reduction in losses in the second quarter [2][10] - **Second Quarter Revenue**: 136 billion CNY, up 25% quarter-on-quarter [5] - **Gross Margin**: Improved by 1 percentage point quarter-on-quarter [5] Business Segment Performance - **Polymer Additives**: Maintained leading position in anti-aging agents, driving industry price increases and reducing raw material costs [6] - **Epoxy Resin**: High operational rates at two bases, improved profitability through price increases and cost reductions, capturing wind power customer orders [6] - **Aromatic Fiber**: Capacity expanded to 8,000 tons, with overall sales up 20% year-on-year and high-strength aromatic fiber sales up 60% [6] Strategic Initiatives - **Carbon Three Capacity**: Continued ramp-up to enhance integrated supply chain efficiency and cost advantages [7] - **Acquisition of Nantong Xincheng**: Expected to increase epoxy resin capacity to 53-54 million tons, enhancing market position [3][17] - **Focus on New Materials**: Establishment of a special materials division to tackle new material technology challenges and expand overseas market presence [3][22] Market Outlook - **Challenges**: Ongoing geopolitical tensions, commodity price fluctuations, and trade tariffs expected to impact the chemical industry [12] - **Future Demand**: Anticipated growth in demand for epoxy resin driven by infrastructure projects and renewable energy applications [21] Product Development and Innovation - **New Products**: Development of high-margin products like PDCPD, high-temperature nylon, and new anti-aging agents [25] - **PPE and PBT Expansion**: Plans to increase PPE capacity from 50,000 tons to 90,000-100,000 tons to meet rising demand [18] Investment Considerations - **Potential Opportunities**: Investors should monitor the rebound potential of specific products like anti-aging agents and the performance of PPE and PPT materials [30] - **Market Dynamics**: Attention to the impact of U.S.-China relations and technological breakthroughs on the overall economic environment [30]