每经AI快讯，有投资者在投资者互动平台提问：请问当前在核心客户认证、进口替代份额提升上有哪 些新进展？ 同宇新材（301630.SZ）1月9日在投资者互动平台表示，公司持续积极布局电子树脂产能，通过募投项 目的实施，扩大生产规模、优化产品结构。募投项目设计产能为15.2万吨，已于2024年7月正式投产， 目前正处于产能爬坡期，将为公司进一步提升市场份额提供坚实支撑。 同时，公司紧跟电子行业产品 发展步伐，以市场引导研发方向为核心驱动力，在高频高速覆铜板适用的电子树脂领域，突破了苯并噁 嗪树脂、马来酰亚胺树脂、官能化聚苯醚树脂、高阶碳氢树脂等关键核心技术，目前相关产品正处于小 批量或中试阶段，上述产品成熟商业化后将填补国内电子树脂在高端应用领域的短板，进一步提升客户 认可度及市场占有率。 （文章来源：每日经济新闻） ...

融资方面，同宇新材当日融资买入1051.22万元。当前融资余额1.74亿元，占流通市值的10.43%。 融券方面，同宇新材12月18日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元。 12月18日，同宇新材涨0.97%，成交额9212.48万元。两融数据显示，当日同宇新材获融资买入额 1051.22万元，融资偿还562.49万元，融资净买入488.73万元。截至12月18日，同宇新材融资融券余额合 计1.74亿元。 截至9月30日，同宇新材股东户数8851.00，较上期减少55.73%；人均流通股1129股，较上期增加 125.86%。2025年1月-9月，同宇新材实现营业收入8.99亿元，同比增长25.96%；归母净利润1.03亿元， 同比减少6.62%。 机构持仓方面，截止2025年9月30日，同宇新材十大流通股东中，华夏行业景气混合A（003567）位居 第二大流通股东，持股41.43万股，为新进股东。华夏远见成长一年持有混合A（016250）位居第三大流 通股东，持股23.64万股，为新进股东。香港中央结算有限公司位居第七大流通股 ...

Group 1: Chemical Industry - The chemical industry is expected to experience a cyclical recovery and industrial upgrade by 2026, following three years of bottom-range operation for chemical products [1] - The growth rate of ongoing projects in the industry continues to decline, and the new capacity release is nearing its end [1] - Domestic policies aimed at stable growth and the Federal Reserve entering a rate-cutting cycle are anticipated to support a mild recovery in traditional chemical product demand [1] - The "anti-involution" trend is expected to accelerate the cyclical turning point, benefiting core chemical assets with global competitive advantages, leading to profit and valuation recovery [1] - Sub-industries such as organic silicon, PTA, polyester filament, caprolactam, spandex, soda ash, PVC, glyphosate, and urea are expected to see profit recovery due to industry self-discipline and price control measures [1] Group 2: Pesticide Industry - The pesticide industry is entering a phase where inventory reduction is nearing completion, with signs of recovery in market conditions [2] - The global pesticide channel inventory is expected to approach reasonable levels by 2025, with some products already seeing price increases [2] - The industry is anticipated to shift towards capacity reduction in the next two years, favoring companies with cost advantages and strong market channels [2] - The concentration of the industry and the pricing power of leading enterprises are expected to increase [2] - Domestic companies are making significant progress in the research, production, and marketing of innovative pesticides, with leading firms likely to achieve high value-added upgrades [2] Group 3: Tire Industry - The tire industry is facing an upgrade in international trade barriers, which may present opportunities for companies with global layouts [3] - The EU's anti-dumping investigation against Chinese tires is expected to conclude by early 2026, potentially leading to higher tariffs [3] - If high anti-dumping duties are imposed, domestic semi-steel tire exports may be hindered, creating a demand gap in the EU market that could be filled by other regions [3] - This supply-demand mismatch may lead to price increases, benefiting leading tire companies with overseas production bases and expansion plans [3] Group 4: Emerging Industries - The path to carbon reduction is challenging, but the AI industry continues to thrive alongside the development of sustainable aviation fuel (SAF), bio-based materials, carbon capture, utilization, and storage (CCUS), electronic resins, liquid cooling materials, and lithium battery materials [4] - Europe is set to initiate its SAF era in 2025, with mandatory standards for bio-based plastics expected by 2027 [4] - CCUS is a core component of the European Green Deal, and similar policies are anticipated in China under its dual carbon strategy [4] - The demand for AI computing power remains strong, with electronic resins and liquid cooling materials identified as key upgrade directions [4] - AIDC storage is expected to become a significant growth area for lithium battery materials [4]

格隆汇12月15日丨同宇新材(301630.SZ)在互动平台表示，公司专注于电子树脂的研发、生产和销售， 产品主要应用于覆铜板的生产。公司以市场引导研发方向为核心驱动力，在高频高速覆铜板适用的电子 树脂领域，突破了苯并噁嗪树脂、马来酰亚胺树脂、官能化聚苯醚树脂、高阶碳氢树脂等关键核心技 术。 ...

截至9月30日，同宇新材股东户数8851.00，较上期减少55.73%；人均流通股1129股，较上期增加 125.86%。2025年1月-9月，同宇新材实现营业收入8.99亿元，同比增长25.96%；归母净利润1.03亿元， 同比减少6.62%。 机构持仓方面，截止2025年9月30日，同宇新材十大流通股东中，华夏行业景气混合A（003567）位居 第二大流通股东，持股41.43万股，为新进股东。华夏远见成长一年持有混合A（016250）位居第三大流 通股东，持股23.64万股，为新进股东。香港中央结算有限公司位居第七大流通股东，持股6.37万股，为 新进股东。 资料显示，同宇新材料(广东)股份有限公司位于广东省肇庆市四会市大沙镇马房开发区(西南一区编号 ES1020)，成立日期2015年12月23日，上市日期2025年7月10日，公司主营业务涉及电子树脂的研发、生 产和销售,主要应用于覆铜板生产。主营业务收入构成为：电子树脂99.26%，其他0.74%。 12月1日，同宇新材涨1.02%，成交额4631.58万元。两融数据显示，当日同宇新材获融资买入额560.54 万元，融资偿还410.84万元，融资净买入 ...

Core Viewpoint - The article emphasizes the investment value of key events, industry chain companies, and significant policy interpretations, providing timely market impact references through a professional lens [1] Group 1: Product Applications - The company has developed photoresist and electronic resin products that are already applied in servers for major end-users like Nvidia and Huawei [1] - The high-end electronic resin project, necessary for AI and low-orbit satellite applications, is projected to achieve an annual revenue of 2 billion yuan [1] Group 2: Strategic Partnerships - The company is collaborating with South Korean enterprises to enter the photoresist materials sector [1] - The optical film products produced by the company are utilized in consumer electronics and communication networks [1]

Summary of the Conference Call on the Petrochemical and Chemical Industry Strategy for 2026 Industry Overview - The petrochemical and chemical industry is currently experiencing a bottoming phase due to excessive capital expenditure driven by surging demand for new energy, leading to a supply-demand mismatch. Capital expenditure has significantly contracted in 2024, limiting new capacity additions. With the global interest rate cut cycle and improved trade relations, demand is expected to recover, benefiting stock trading strategies [1][2]. Key Insights and Arguments - **Oil Price Forecast**: It is anticipated that the oil price will stabilize around $60 per barrel in 2026, supported by OPEC+ halting production increases and a reduction in U.S. shale oil output. The price may fluctuate between $60 and $65, with potential temporary dips below $50 [4]. - **Natural Gas Demand**: The demand for natural gas is expected to grow significantly due to its role as a transitional clean energy source, with a projected 50% increase in apparent consumption by 2040 compared to 2024 or 2025. This trend is favorable for upstream companies like PetroChina [4][7]. - **Potash and Phosphate Industry**: International potash prices are expected to remain high due to natural demand growth and oligopolistic market conditions. Domestic companies like Yara International may see increased volumes due to China's strong reliance on potash resources. In the phosphate sector, the value of phosphate rock is being reassessed due to its application in energy storage, with demand expected to rise [5][6][8]. - **Fluorochemical Industry**: The fluorochemical sector is projected to have a positive outlook in 2026, with rising prices for refrigerants and PVDF driven by battery demand. The domestic PVDF industry operates at only 50% capacity, but a tight balance is expected for lithium battery-grade PVDF in 2026 [9]. - **Sustainable Aviation Fuel (SAF)**: 2025 marked the beginning of SAF in Europe, with mandatory blending requirements. The demand and prices for SAF are expected to rise, with significant growth potential in regions like Singapore, South Korea, and Japan [10]. Additional Important Insights - **Investment Opportunities**: The report highlights investment opportunities in various segments, including potash, phosphate, fluorochemical, and sustainable aviation fuel. The overall growth rate in these sectors is expected to remain robust over the next couple of years, promising good investment returns [12]. - **Impact of Battery Technology**: The demand for phosphate rock in the battery sector is projected to grow rapidly, with phosphate rock usage in battery production nearing 20%. The declining quality of domestic phosphate rock will further increase consumption rates, driving price and value reassessment [8]. - **Performance of Major Companies**: PetroChina is expected to benefit from stable growth in its natural gas business, while Sinopec may see recovery in its refining segment, aided by low-cost advantages and expanded overseas price differentials [7]. This summary encapsulates the key points from the conference call, providing a comprehensive overview of the petrochemical and chemical industry's outlook for 2026, along with specific investment opportunities and company performances.

Group 1 - The core viewpoint of the articles indicates that the petrochemical industry is experiencing a recovery phase after a downturn, with expectations for improved profitability and demand growth in the coming years [1][2]. - The Petrochemical ETF (159731) has shown stability, with a net inflow of funds in 8 out of the last 10 trading days, totaling 24.13 million yuan, and its latest share count reaching a record high of 227 million [1]. - According to Guosen Securities, the petrochemical industry is expected to see a recovery in profitability by the third quarter of 2025, with a projected year-on-year net profit growth of 10.56% [1]. Group 2 - The petrochemical industry is characterized by significant cyclicality, having peaked in profitability in 2021 and entering a downward cycle thereafter [1]. - Supply-side factors indicate a decline in capital expenditure over several quarters, signaling the end of the expansion cycle, while policies aimed at reducing excess capacity are expected to alleviate supply surplus issues [1]. - On the demand side, a global interest rate reduction cycle is anticipated to support a moderate recovery in traditional demand, with emerging sectors such as new energy storage, AI, and aviation decarbonization driving growth in specific chemical products [1]. Group 3 - The composition of the Petrochemical ETF closely follows the CSI Petrochemical Industry Index, with the basic chemical industry accounting for 60.85% and the oil and petrochemical industry for 32.16% [2]. - The industry is shifting focus from quantity growth to quality improvement, with expectations for sustained upward trends in supply-demand dynamics [2].

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the outlook for the A-share market in 2026, predicting a slow bull market with increased difficulty in making profits, necessitating a focus on fundamental improvements and validations [1][2][15]. Core Insights and Arguments - **Market Outlook**: The A-share market is expected to continue a "slow bull" trend, with a focus on technology sectors while being cautious of structural and phase adjustment risks [2][9][15]. - **Sector Preferences**: The preferred sectors for 2026 include new energy, non-ferrous metals, basic chemicals, oil and petrochemicals, non-bank financials, military machinery, and computing [3][10][15]. - **Investment Themes**: Key investment themes revolve around the US-China competition, particularly in AI and new energy, with significant advancements in domestic technologies such as large model algorithms and solid-state batteries [13][14][15]. - **IPO Market Dynamics**: The IPO market in 2025 saw a resurgence in new listings, with an average first-day increase of 244.78% and no new stocks experiencing a decline [16][24]. The number of new IPOs increased, particularly on the main board and the North Exchange [16][21]. - **Banking Sector Outlook**: The banking sector is expected to maintain high dividend yields, with credit growth projected at 7-8% and a narrowing of interest margin declines [4][36][39]. The overall provisioning is deemed sufficient to manage potential risks [42][43]. Important but Overlooked Content - **Valuation Levels**: Current valuation levels of major indices are at historical highs, indicating a potential risk of a market peak if short-term gains are too rapid [5][6]. - **Market Phases**: The market is currently in the "economic verification phase," characterized by index fluctuations and slowing growth, with frequent style switches due to earnings realizations in overvalued sectors [6][7]. - **Resource Sector Potential**: If the technology sector adjusts, resource products may become the new focus, benefiting from global monetary easing and supply-demand imbalances [12][15]. - **Non-Interest Income**: The banking sector's non-interest income is expected to continue benefiting from the bond market, although reliance solely on this income is cautioned against [40][41]. - **Asset Quality Concerns**: Despite the overall stability, there are concerns regarding real estate-related risks and the potential exposure of certain loan projects [42][43]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the anticipated trends and strategies for the A-share market and specific sectors in 2026.

Industry Overview - The petrochemical industry is cyclical, with net profits in the SW basic chemical sector reaching a historical high in 2021, followed by a downturn. By 2024, industry net profits are expected to be only 52% of 2021 levels, but some sub-industries are beginning to recover, with a 10.56% year-on-year increase in net profits for the first three quarters [1] Supply Side - Investment in fixed assets for the chemical raw materials and products manufacturing industry turned negative starting June 2025, with capital expenditures in the SW basic chemical sector and several sub-industries declining for multiple consecutive quarters. The current expansion cycle in the industry is nearing its end. The "anti-involution" policy introduced in July aims to address low-price disorderly competition and promote the orderly exit of backward production capacity, with responses from sub-industries like pesticides, petrochemicals, and PTA polyester [2] Demand Side - Traditional demand is expected to see a mild recovery due to global central banks entering a rate-cutting cycle and pausing balance sheet reductions, supported by monetary and fiscal policy stimuli. Emerging demand is driven by sectors such as new energy and AI, with key chemical materials being crucial for technological upgrades. The company is optimistic about the rapid increase in new energy storage capacity impacting iron phosphate and PVDF, AI industry growth affecting high-frequency and high-speed electronic resins, and the aviation industry's decarbonization efforts boosting demand for sustainable aviation fuel (SAF) [3] Overseas Capacity Reduction - The European chemical industry is experiencing a wave of plant shutdowns due to high energy costs and aging facilities. Currently, China's chemical product sales account for over 40% of the global market. The domestic petrochemical industry chain is well-established, with many chemical products being highly competitive globally. In the context of accelerated overseas capacity reduction and anticipated demand recovery, the company believes that Chinese chemical enterprises will continue to increase their global market share, effectively alleviating excess capacity [4]