随着2025年至2028年第二代居民身份证、第三代社保卡集中换发周期到来，华信新材凭借长期积累的技 术优势和稳定的合作关系，成为这一波需求放量的受益者。 在江苏省新沂市的生产基地，生产线正以稳定的节奏运转，一卷卷色泽均匀、质感细腻的功能性薄膜陆 续下线。这些看似普通的薄膜，既藏着身份证、港澳通行证的安全密码，也承载着新能源汽车、电子设 备的高端材料需求，更漂洋过海成为全球电子护照生产的核心基材。 坚持研发创新，不断突破膜材料的应用边界、技术上限和市场疆域是华信新材二十余年的发展内核。企 业从零起步拓展新局，成长为智能卡基材领域的"隐形冠军"，再到如今在全球高端新材料赛道加速奔 跑，华信新材以一张膜为起点、以技术为刃、以全球为场，书写中国"专精特新"企业的创新突围史。 膜中乾坤：从单一基材到多领域布局 华信新材的故事，始于一张应用于智能卡的PVC薄膜。20世纪90年代，响应国家"金卡工程"号召，公司 从德国、意大利引进先进的PVC智能卡基材生产线和工艺技术，产品实现替代进口，成为行业早期探索 者。通过20多年的研发创新，公司已形成PVC、PETG、PC、ABS、生物基材料、循环材料等六大系列 产品。产品主要应用 ...

01 2026年度格隆汇"下注中国"十大核心资产已正式发布，万华化学(600309.SH)经过层层选举和PK最终入 选成为"全球视野"十大核心资产中化工行业代表标的。 以下是关于万华化学的入选原因和分析逻辑： 2025年全球化工行业走出低谷，MDI供需优化叠加国内需求回暖，推动产品价格稳步上涨。同期新能源 汽车、半导体、绿色材料等新兴产业加速扩张，为化工龙头打开全新成长空间。 作为全球MDI龙头，万华化学2025年前三季度营收1442.26亿元、归母净利润91.57亿元，单三季度营收 净利同比双增，创下2020年以来同期首次双增长。公司正迎"周期复苏+结构升级"双重红利，估值却仍 在历史中枢下沿，价值重估潜力显著。 背靠十五五绿色低碳政策、全球供应链重构、国产替代加速三大机遇，万华化学以"聚氨酯+石化+新兴 材料"全产业链筑牢基本盘，靠技术创新打破周期依赖，是2026年下注中国的核心选择。 行业背景：2026年化工行业β红利凸显 万华化学的赛道优势，源于化工行业的明确复苏趋势。2025年底机构普遍判断，全球化工行业已进入底 部复苏通道，供需紧平衡、需求结构优化、政策红利加持，将持续推动行业盈利改善，2026年 ...

Group 1 - The core viewpoint of the articles emphasizes the continuous optimization of private investment structure, showcasing a trend towards practical and innovative investments, particularly in infrastructure [1] - Private investment in infrastructure steadily increased, with a year-on-year growth of 3.5% from January to November 2025, including significant growth in water management (34.2%) and air transport (25.1%) [1] - The scale of special long-term government bonds is projected to reach 1.3 trillion yuan in 2025, a substantial increase of 800 billion yuan compared to 2024, with funds allocated to support major projects and policies [1] Group 2 - By the end of November 2025, the total social financing scale reached 440.07 trillion yuan, with a year-on-year increase of 6.3% in loans to the real economy [2] - The banking sector saw a year-on-year growth of 2.1% in loans to small and micro enterprises, indicating a supportive financial environment for private investment [2] - The implementation of a moderately loose monetary policy in 2026 aims to accelerate financial supply-side structural reforms [2] Group 3 - Private investment is identified as a crucial support for stabilizing growth, adjusting structure, and promoting employment, with expectations for more proactive macro policies to stimulate private investment vitality [3] - The dialogue with private entrepreneurs and financial professionals highlights the need for macro policies to better support private enterprises in expanding investments [3] Group 4 - A case study of a small motorcycle export enterprise illustrates the effectiveness of tailored financial services, resulting in a 30% year-on-year increase in sales due to timely financing support [4] - The establishment of a coordinated financial service mechanism has led to significant credit support for small and micro enterprises, with a total of 7.68189 trillion yuan in loans disbursed by November 2025 [5] Group 5 - Financial institutions are encouraged to develop financing products that meet the needs of private investments, enhancing the resilience of the industrial system by supporting key industry chains [6] - The focus on modern industrial system construction aims to direct financial resources towards weak links in industry chains, promoting overall industrial development [6] Group 6 - Companies are increasingly recognizing the importance of government policies in supporting private investment, with examples of successful collaborations between enterprises and financial institutions leading to significant growth [8][10] - The emphasis on long-term stable financial support is crucial for small and micro enterprises to focus on quality control and investment [18]

关键词 | 生物基大会 |青年科学家论坛 当新质 生产力成为高质量发展的关键引擎，当青年科技人才在创新发展中的生力军作用愈发凸显，如何发现青年之智？如何点燃创新之力？ DT新材料旗下生物基和生物制造产业科技服务平台， 是行业最重要 的资源和信息枢纽之一 。至今为止，我们在生物基大会、非粮生物质论坛、合成生 物学与绿色生物制造论坛、材视等多场主创活动上举办多届青年主题论坛，已有 500+位 创新青年科学家线上线下分享前沿科技与进展，并促进产业、 投资和科研等多方交流、关注与对接。 2026年5月2 0-22 日 ， 2026（ 第十一届）生物基大会暨展览 （简称：Bio-based 2026）将于上海举办，同期将举办 " 第五届生 物基前沿科技 青年科学家论坛 （ Bio-based Youngs 2026 ） "。 这个论坛的使命非常简单： 让生物基青年科学家被看见 。 你可能刚拿到博士学位不久，手里有几篇不错的SCI论文，也申请了几个专利，但总感觉这些成果只是躺在数据库里。 或者你已经是副教授，正在为下一个国自然项目发愁，想知道除了论文之外还有什么路径能证明自己的价值。 当下,有三个重要变化,让参加这个论坛 ...

民间投资结构持续优化 呈现向实向新趋势 基础设施民间投资稳步增加 2025年 1-11月 基础设施民间投资同比增长3.5% 其中 搜长 水利管理业民间投资 34.2% 增长 航空运输业民间投资 25.1% 2025年,超长期特别国债规模达到 1.3万亿元 相比2024年 7 万亿元大幅增长 8000亿元 其中 用于更大力度支持"两重"项目 5000 亿元 用于加力扩围实施"两新"政策 2026年,继续实施更加积极的财政政策 将优化政府投资方向,围绕打基础、利长远、补短板、 调结构加大力度,鼓励吸引民间资本参与重大项目建设, 推动扩大有效投资。增强政府性融资担保能力,加大对 民间投资支持力度。 2025年11月末社会融资规模存量为 440.07 万亿元 对实体经济发放的 同比增长 人民币贷款 6.3% 三季度末 银行业金融机构 同比增长 普惠型小微企业贷款 2 1% 2026年,继续实施适度宽松的货币政策 加快推进金融供给侧结构性改革。灵活高效运用 民间投资是稳增长、调结构、促就业的重要支撑力量。2025年，各地区各部门落实更加积极有为的宏观 政策，把政策红利实实在在送到经营主体手中，持续激发民间投资活力，促进 ...

Group 1: Key Insights - The report highlights the strong growth potential of the semiconductor testing industry, particularly for companies like Huafeng Measurement and Control (688200), which is positioned to benefit from the increasing demand for simulation and digital testing machines driven by AI chip requirements [4][5][6] - Guoke Military Industry (688543) is noted for its transition from conventional ammunition to intelligent and information-based ammunition, which is expected to enhance its growth prospects in a high-demand industry [4][5] - Purtai (603659) is recognized as a leading global lithium battery materials platform, with its negative electrode and diaphragm businesses expected to show long-term improvement [4][5] Group 2: Company-Specific Analysis - Wanchen Group (300972) is projected to continue expanding its store count, currently exceeding 18,000, while improving net profit margins through scale effects and supply chain efficiencies [5][6] - Top Group (601689) is actively developing new products in collaboration with major clients, including liquid cooling solutions, which have already secured initial orders worth 1.5 billion [7][8] - Zhuoyue New Energy (688196) is expanding its production capacity in the biofuel sector, with a focus on biodiesel and bio-based materials, supported by favorable policies and a projected internal rate of return of 28.94% for new projects [8][9] Group 3: Industry Trends - The report indicates that the server liquid cooling market is expected to experience significant growth in 2026 and 2027, with companies like Yingweike (002837) poised to capture substantial market share [8][9] - The mechanical equipment sector, particularly companies like Binglun Environment (000811), is expanding its presence in various fields, including nuclear power and industrial heat control, which is expected to provide new growth opportunities [9][10] - The AI industry is driving demand for intelligent control systems, with companies like Zhiwei Intelligent (001339) developing products that cater to this emerging market [10]

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report highlights a recovery in the price of photovoltaic silicon wafers, indicating a positive trend in the solar energy sector. Additionally, major companies such as Mitsui Chemicals are consolidating their ethylene businesses, which may enhance operational efficiencies [1][34]. Summary by Sections Industry Performance - The chemical sector ranked 7th in overall performance for the week of December 22-26, 2025, with a gain of 4.23%. This performance outpaced the Shanghai Composite Index by 2.35 percentage points [3][20]. Key Industry Trends - The report notes a continued divergence in the chemical industry’s prosperity, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4][5]. Synthetic Biology - The report emphasizes the arrival of a pivotal moment for synthetic biology, driven by energy structure adjustments. Traditional chemical companies are expected to face competition based on energy consumption and carbon tax costs. Companies that leverage green energy and scale advantages are likely to thrive [5]. Refrigerants - The upcoming quota policy for third-generation refrigerants is expected to lead to a high-growth cycle. The supply of second-generation refrigerants is being reduced, while demand remains stable due to market expansions in heat pumps and cold chains [6]. Electronic Specialty Gases - The electronic specialty gas market is characterized by high technical barriers and value addition. The domestic market is facing a mismatch between rapid upgrades in wafer manufacturing and insufficient high-end electronic specialty gas capacity, presenting opportunities for domestic replacements [7][8]. Light Hydrocarbon Chemicals - The trend towards light raw materials in the global olefin industry is highlighted, with a shift from heavy naphtha to lighter alkanes like ethane and propane. This transition is expected to enhance production efficiency and align with global carbon neutrality goals [8]. COC Polymers - The report discusses the accelerated industrialization of COC/COP materials in China, driven by domestic companies achieving breakthroughs and the increasing demand from downstream industries [9]. Potash Fertilizers - Potash fertilizer prices are anticipated to rebound as major producers reduce output, alleviating inventory pressures. The report suggests that the market is entering a destocking phase, which could lead to price stabilization [10]. MDI Market - The MDI market is characterized by oligopolistic supply dynamics, with major players controlling over 90% of global capacity. Despite current price pressures, the long-term outlook remains positive as demand recovers [11].

Core Viewpoint - The chemical industry in China is expected to end its downward cycle in 2026, presenting structural investment opportunities due to the recovery of downstream demand, the acceleration of domestic substitution, and the ongoing implementation of anti-involution policies [1][2]. Group 1: Traditional Chemical Sector Recovery - The core opportunity in the traditional chemical sector for 2026 arises from improved supply-demand dynamics driven by anti-involution policies, leading to a rational price recovery [2][18]. - The domestic production capacity of organic silicon has peaked, with major companies leading production cuts to stabilize prices, resulting in inventory levels dropping to a three-year low [2][4]. - PTA production capacity expansion is nearing completion, with a significant reduction in inventory levels, indicating a potential recovery in the polyester chain's profitability [4]. Group 2: Agricultural Chemicals and Price Recovery - The agricultural chemical sector is poised for growth as safety incidents have disrupted global pesticide supply chains, leading to a supply contraction that catalyzes price recovery [4][8]. - The price index for raw agricultural chemicals has shown signs of bottoming out, indicating a potential rebound in prices [4]. Group 3: Acceleration of Domestic Substitution in New Materials - The domestic substitution of chemical new materials is gaining momentum, driven by government support and technological advancements, becoming a key growth engine for the industry [9][10]. - The market for lubricating oil additives has seen a decrease in imports and an increase in exports, indicating a shift towards becoming a net exporter and enhancing domestic brands' market presence [10]. - The electronic chemicals sector is benefiting from the growth of AI and semiconductor industries, with domestic manufacturers achieving technological breakthroughs and entering major supply chains [14][17]. Group 4: Demand Recovery and Policy Support - Gradual recovery in downstream demand, particularly in the real estate and automotive sectors, is expected to support the chemical industry's growth [18][19]. - Government policies aimed at stabilizing growth and stimulating consumption are expected to bolster demand for chemical products, enhancing the industry's resilience [19]. - The implementation of anti-involution policies and regulations is expected to improve market competition and guide industry profitability back to reasonable levels [19]. Group 5: Investment Recommendations - Investment in the chemical industry should focus on three core areas: capitalizing on cyclical recovery opportunities in sectors like organic silicon and PTA, investing in high-growth areas such as bio-based materials and electronic chemicals, and targeting leading chemical companies with cost and scale advantages [20]. - The industry is at a critical juncture of cyclical reversal and structural upgrade, with both cyclical and growth opportunities present [20].

Core Viewpoint - The chemical industry is expected to end its downward cycle in 2026, presenting structural investment opportunities driven by anti-involution policies, accelerated domestic substitution, and gradually recovering downstream demand [4][19]. Group 1: Traditional Chemical Industry Opportunities - The core opportunity in the traditional chemical sector arises from improved supply-demand dynamics due to anti-involution policies, leading to a rational price recovery after years of capacity expansion [5][19]. - The domestic production capacity of organic silicon has peaked, with leading companies reducing output to stabilize prices, resulting in inventory levels dropping to a three-year low and prices showing signs of recovery [5][10]. - PTA production capacity expansion is nearing completion, with a significant reduction in inventory levels, indicating a potential recovery in the polyester chain's profitability [7][19]. Group 2: New Materials and Domestic Substitution - The domestic substitution of new chemical materials is accelerating, driven by government support and technological breakthroughs, becoming a core growth engine for the industry [11][12]. - The market for bio-based materials is expanding, supported by policies promoting green and low-carbon transitions, with domestic companies advancing in technology and production [12]. - The lubricating oil additive sector has seen a decrease in imports to 203,000 tons in 2023, while exports rose to 208,000 tons, indicating a shift towards becoming a net exporter [12]. Group 3: Downstream Demand Recovery - Gradual recovery in downstream demand is providing solid support for the chemical industry, with the real estate market expected to rebound, boosting demand for construction materials and coatings [19]. - The automotive sector is experiencing stable growth, with a 10.99% year-on-year increase in production in October 2025, further driving the demand for chemical materials [19]. - Policies aimed at stabilizing growth, including those targeting real estate and consumer spending, are expected to enhance downstream demand, while stricter energy and carbon emission regulations are leading to increased industry concentration [19][20]. Group 4: Investment Recommendations - Investment in the chemical industry in 2026 should focus on three core areas: capturing cyclical recovery opportunities from anti-involution, investing in high-growth sectors like bio-based materials and electronic chemicals, and identifying leading companies with cost and scale advantages [21][22]. - The industry is at a critical juncture of cyclical reversal and structural upgrade, with both cyclical and growth opportunities present [22].

在全球新材料产业加速变革的浪潮中，一家从2万元起步的中国企业，凭借一颗颗改性塑料颗粒，逐步 成长为年营收超600亿元的全球行业龙头。7月23日下午，由全景网组织，平安证券参与的"研途有你·财 富同行"上市公司价值发现之旅走进金发科技，深入探访这家民族新材料巨头的成长密码，解码其如何 通过科技创新与产业协同，以"小颗粒"撬动"大产业"，持续引领高分子材料的绿色革命。 平安证券广东分公司总经理徐强，平安证券广东分公司副总经理崔薇薇，平安证券广东分公司资深投 顾、投顾产品主理人李治，平安证券营业部负责人丘嘉欣，金发科技董事会秘书戴耀珊，金发科技营销 副总经理关勋宁，金发科技投资者关系总监韦治池，金发科技投资者关系经理宁锦迪出席本次活动，平 安证券高净值客户及全景网等媒体代表约50人共同参与。 全链条创新生态 从实验室到产业化的价值跃迁 投资者首先走进金发科技展厅，由改性材料颗粒样品装饰的科技墙面直观展现了企业的材料创新能力。 作为国内少数实现"技术攻关-专利布局-产业化"全链条闭环的企业，金发科技已形成覆盖改性塑料、特 种工程塑料（LCP、PEEK）、生物基材料、碳纤维及复合材料、新能源材料等方向的研发体系，产品 ...