华安证券主要观点如下： 综合整治内卷式竞争，积极把握周期反转机会 国产替代引领成长主线，布局正当时 智通财经APP获悉，华安证券发布研报称，2026年全球宏观面临极大不确定性，在全球贸易格局重塑、 化工资本开支放缓的情况下，该行建议关注两大确定性较高的投资主线：反内卷与国产替代。25年受上 游大宗能源价格下降及化工品供需承压影响，中国化工产品价格指数回落至低位。 生物基材料受国家政策大力扶持，企业加速技术突破与产业化，从生物基单体到复材制品的国产化生态 逐步成形;润滑油添加剂国内企业加速技术突破，战略转型成效显著，多款高端产品通过国际认证，进 出口结构逆转国产替代进入快车道;全球显示面板市场稳定增长，国内企业加速推进材料升级迭代及材 料研发，国产化进程显著加速;电子陶瓷海外厂商三超多强，MLCC国产突破伴随AI/汽车需求转暖，供 需向好;氟化液3M退出市场格局重塑，液冷与半导体制造需求正盛，看好国产厂商市场占有率提升;AI服 务器爆发性增长，电子级聚苯醚凭借优异介电性能成为关键材料，国内厂商实现技术突破并量产，进入 头部供应链，国产替代提速;晶圆产能全球进入扩张周期，电子化学品作为必须耗材在制程提升与产能 扩 ...

Core Viewpoint - The report from Huazhong Securities highlights the peak of domestic silicon production capacity, the exit of overseas manufacturers, and the potential recovery of the polyester chain's prosperity due to concentrated production capacity in the polyester filament sector [1][3]. Group 1: Industry Trends - Domestic silicon production capacity has reached its peak, while leading companies are driving industry recovery as overseas manufacturers continue to exit [1][3]. - The PTA production capacity expansion is nearing its end, leading to a concentration in polyester filament production capacity, which is expected to improve the prosperity of the polyester chain [1][3]. - The price of caprolactam has dropped to a low point, prompting the industry to initiate self-driven anti-involution measures [3]. - The raw material price index has rebounded after hitting a bottom, with frequent safety incidents causing significant risks to the global supply chain of key pesticides [3]. - The price of spandex has remained below the cost line, leading to widespread industry losses, but a slowdown in new capacity releases may optimize the supply structure and drive price recovery [3]. - The vitamin market is expected to see significant price increases in 2024 due to a tightening global supply [3]. Group 2: Investment Opportunities - The report emphasizes two main investment themes: anti-involution and domestic substitution, particularly in the context of global macroeconomic uncertainties and a slowdown in chemical capital expenditures [2][4]. - The biobased materials sector is receiving strong support from national policies, with companies accelerating technological breakthroughs and industrialization [4][6]. - The lubricating oil additive sector is witnessing rapid technological advancements among domestic companies, with several high-end products achieving international certification [4][6]. - The electronic ceramics market is seeing strong demand driven by AI and automotive sectors, with domestic manufacturers making breakthroughs in MLCC production [4][6]. - The exit of 3M from the fluorinated liquids market is reshaping the competitive landscape, with domestic manufacturers expected to increase their market share [4][6]. - The explosive growth of AI servers is driving demand for electronic-grade polyphenylene ether, with domestic manufacturers achieving technological breakthroughs and entering key supply chains [4][6].

Investment Strategy Overview - The report emphasizes two main investment themes for the chemical industry: anti-involution policies and domestic substitution, which are expected to drive recovery and growth in the sector [4][5][6] Anti-Involution and Cycle Recovery - The report suggests that the chemical industry is at a turning point, with anti-involution measures leading to a recovery in the cycle. Key areas include the peak of new capacity in organic silicon, the end of PTA capacity expansion, and a rebound in prices for certain chemicals due to supply chain disruptions [4][5] - The China Chemical Product Price Index (CCPI) has decreased significantly, dropping to 3865 points by November 30, 2025, down 16.37% from early 2024 and 10.71% from the beginning of 2025 [4][20] Domestic Substitution as a Growth Driver - Domestic substitution is highlighted as a key growth driver, with significant support from national policies for bio-based materials and advancements in technology leading to a more robust domestic supply chain [4][6] - The report identifies several companies positioned to benefit from these trends, including KaiSai Bio and RuiFeng New Materials, which are making strides in bio-based materials and lubricant additives, respectively [5][6] Market Dynamics and Price Recovery - The report notes that while the chemical market is experiencing a downturn, certain segments are expected to see price recovery due to improved supply-demand dynamics and reduced capacity expansion [4][22] - Specific chemical products have shown varied price movements, with some experiencing significant declines while others are stabilizing or recovering [22] Manufacturing Sector Recovery - The manufacturing sector is showing signs of recovery, which is anticipated to support the chemical industry. The report mentions that the real estate market is stabilizing, and automotive production has increased, indicating a potential uptick in demand for chemical products [25][33] Capital Expenditure Trends - Capital expenditure growth in the chemical industry is slowing, with a notable decline in new projects. The report indicates that the total construction in progress for the chemical sector was 327.57 billion yuan in Q3 2025, down 17.64% year-on-year [34][39] Inventory and Consumption Trends - High inventory levels in the chemical sector are being addressed as consumer demand begins to recover. The report suggests that the inventory-to-revenue ratio for the basic chemical industry was 0.62 in Q3 2025, indicating a slight increase from the previous year [41][42] Profitability and Financial Performance - The report highlights a recovery in profitability for the chemical industry, with gross margins and return on equity (ROE) showing improvement in Q3 2025 compared to previous periods [56][60] - Specific sub-sectors, such as agrochemicals and fluorochemicals, have demonstrated significant profit growth, with some exceeding 100% year-on-year increases [55][56]

海外市场方面，据最新接待投资者调研介绍，公司积极推进消费电子产品在海外市场的拓展，包括智能 手机以及AI可穿戴等领域的市场应用。 三季报显示，昀冢科技2025年前三季度实现营收4亿元，同比下降3.46%；实现归母净利润-1.46亿元， 同比下降82.94%。第三季度营业收入达1.54亿元，同比增长33.43%，主要源于电子陶瓷业务产能释放。 昀冢科技表示，公司三季度电子陶瓷业务产能持续爬坡，报告期内呈现出良好发展态势。公司第三季度 电子陶瓷业务扩展稳步推进，整体呈现积极态势，第三季度产能进一步释放。 总体战略方面，昀冢科技在调研中介绍，公司持续聚焦消费电子业务的发展，在夯实智能手机应用市场 以外，2025年积极推动低空消费电子产品的市场及AI可穿戴等新领域的业务发展，力求通过不断地产 品创新和迭代，提高市场竞争力。同时，电子陶瓷业务作为公司新业务领域，未来伴随国内电子陶瓷市 场规模的持续增长，将成为公司中长期发展的又一增长点。2025年，MLCC业务和DPC业务已进入量产 爬坡期，产能和营收持续增长，进一步奠定了公司在行业和市场的领先地位。 扭亏为盈方面，昀冢科技表示，公司将持续聚焦消费电子光学精密零部件产品 ...

在湖南涟钢电磁材料有限公司展位，一片片轻薄、柔韧的硅钢吸引不少观众围观。"这是我们创新研发 的系列无取向硅钢产品，最薄可以达到0.1毫米。"该公司工作人员丁翌真介绍，具身机器人、无人机等 产品的电机均可采用新款"手撕硅钢"，应用前景广阔。 先进制造业迅速发展，为新材料企业提供了广阔场景，更提出了更高要求。应对行业新变化，如何找到 新优势？记者在现场采访感受到，不少企业正持续发力，"抢滩"先进制造细分领域新赛道。 一靠研发攻关，将产品性能做到极致。 薄，是硅钢产品性能竞争的关键指标之一。"更薄的硅钢，往往意味着更低铁损、更高磁感。"丁翌真 说，公司组建了电磁研究院，瞄准高端产品研发制造，目前企业无取向硅钢年产能已达到40万吨，技术 水平居行业前列。 展会现场，拥有"超薄""超硬""超耐腐蚀"等先进特性的新材料产品备受瞩目。一名企业负责人告诉记 者，产品的每一项指标提升都意味着巨大的研发投入，但面对制造业高端化的新需求，必须以"等不 起"的心态做研发，不断构筑技术"护城河"。 新华财经长沙11月30日电（记者常竣斐、谢奔）0.1毫米"手撕硅钢"提升电机性能、超薄隔膜瞄准下一 代电池、高端钛材应用于高科技装备……第 ...

Core Viewpoint - The company, Shunluo Electronics, has been engaged in the precision ceramics field for many years, focusing on high-performance ceramic materials and products, with applications in various industries including solid oxide batteries, smart wearables, consumer electronics, new energy, and medical sectors [1] Group 1: Company Overview - Shunluo Electronics has developed a range of products including structural ceramics and electronic ceramics, emphasizing platform-based research and customized products [1] - The company has made significant investments in ceramic powder technology, accumulating extensive expertise in the development of platform-based ceramic products, new material applications, and manufacturing processes [1] Group 2: Market Applications - The primary application markets for the company's products include solid oxide batteries (SOC), which encompass both SOFC and SOEC technologies, as well as smart wearables, consumer electronics, new energy, and medical fields [1] - The company has established advanced and complete processes for powder preparation and product processing, along with production lines [1] Group 3: Strategic Partnerships - Through its subsidiary, Xinbai Ceramics, the company has partnered with Zhen Tai Energy to form Bai Tai Company, which will focus on the research and development of core technologies for new high-temperature fuel cells, as well as the production and sales of related products [1]

Core Viewpoint - The article discusses the current state and future trends of the electronic ceramics industry, emphasizing the importance of electronic ceramics in the development of passive electronic components and the challenges faced by China in this sector. Group 1: International Development of Electronic Ceramics - Japan and the United States lead the global electronic ceramics industry, with Japan holding over 50% of the market share due to its advanced production technologies [4] - The global market for multilayer ceramic capacitors (MLCC) has reached tens of billions of dollars, growing at an annual rate of 10% to 15% [6] - The main trends in MLCC development include miniaturization, high capacity, and the use of low-cost metals for internal electrodes, with Japan being at the forefront of these technologies [7][8] Group 2: China's Electronic Ceramics Industry - China is a major producer of electronic components, with a significant share in various electronic ceramics, but high-end products are still largely imported [17] - The MLCC industry in China is substantial, yet over half of the production capacity is occupied by foreign and joint ventures [19] - The domestic market for high-end MLCC products is heavily reliant on imports, indicating a lack of advanced technology and self-owned intellectual property [20] Group 3: Key Issues in China's Electronic Ceramics Development - There is a lack of social recognition and support for electronic ceramics compared to semiconductors, leading to insufficient R&D investment [40] - The mechanism for converting research results into industrial applications is inadequate, with a disconnect between academia and industry [41] - The domestic supply chain for electronic ceramics lacks support for independent innovation, with many technologies and standards still reliant on foreign sources [43] Group 4: Strategic Goals and Development Paths - The strategy aims to enhance R&D investment in electronic ceramics, focusing on high-end materials and advanced processing technologies to achieve self-sufficiency [46] - By 2025, the goal is to align closely with the technological levels of the US and Japan, and by 2035, to become a major source of high-end electronic ceramics globally [47] - Key development directions include new generation electronic ceramic components, high-performance MLCC materials, and low-cost piezoelectric ceramics [49][50][53]

Financial Performance - In the first half of 2025, Zhongci Electronics reported revenue of 1,398,044,740.97 yuan, representing a year-on-year increase of 14.37% [3][4] - The net profit attributable to shareholders was 277,926,203.71 yuan, up 30.92% compared to the same period last year [3][4] - The net profit after deducting non-recurring gains and losses reached 264,113,095.07 yuan, marking a 55.06% increase year-on-year [3][4] - The net cash flow from operating activities was 338,130,206.72 yuan, reflecting a 6.42% increase from the previous year [4] - Basic and diluted earnings per share were both 0.62 yuan, a rise of 31.91% compared to the previous year [4] - The weighted average return on equity was 4.50%, an increase of 0.78% from the previous year [4] Asset Overview - As of the end of the first half of 2025, Zhongci Electronics had total assets of 7,714,545,249.42 yuan, which is a 1.63% increase year-on-year [3][4] - The net assets attributable to shareholders were 6,127,666,975.41 yuan, up 1.55% from the end of the previous year [3][4] Industry Position - Zhongci Electronics is a high-tech enterprise with core competencies in GaN communication base station RF chips and devices, SiC power modules, and electronic ceramics [3][4] - Guolian Wanzhong is one of the early domestic research and production units for SiC power semiconductors, holding multiple patents in third-generation semiconductor products [6] - Guolian Wanzhong's SiC power modules include series products of 650V, 1200V, and 1700V, primarily applied in new energy vehicles, industrial power supplies, and renewable energy inverters [6] - The company aims to advance in the high-voltage SiC power module sector to capture market share in high and ultra-high voltage fields, partially replacing IGBT power modules [6] - Beijing Guolian Wanzhong upgraded its SiC chip wafer process line from 6 inches to 8 inches, which is currently in the product upgrade and customer introduction phase [6]

Core Viewpoint - Yunzhu Technology (688260.SH) reported a significant decline in revenue and an increase in losses for the first half of 2025, indicating challenges in the consumer electronics sector and operational adjustments [1] Financial Performance - The company achieved revenue of 246 million yuan, a year-on-year decrease of 17.66% [1] - The net profit attributable to shareholders was a loss of 99.94 million yuan, with a non-recurring net profit loss of 104 million yuan [1] - Basic earnings per share were -0.8328 yuan [1] Reasons for Performance Decline - The decline in revenue and increased losses were primarily due to: 1. A delay in the release schedule of new consumer electronics models, leading to a decrease in orders [1] 2. Adjustments in marketing strategies and customer order optimization following thorough credit evaluations of downstream clients [1] 3. The exclusion of revenue from the previously controlled subsidiary, which was not included in the current consolidated financial statements, resulting in an adjusted revenue decline of 8.96% [1] 4. High fixed costs associated with the MLCC investment project, which is still in a loss-making state due to significant expenditures on factory construction and equipment acquisition [1] Future Outlook - The company anticipates improvement in overall operational performance as the production capacity of its electronic ceramics business increases [1]

Core Viewpoint - Zhejiang Xinna Materials Technology Co., Ltd. (hereinafter referred to as "Xinna Technology") has completed its IPO counseling filing with the Zhejiang Securities Regulatory Bureau and plans to list on the Beijing Stock Exchange after withdrawing its application for the Shenzhen Stock Exchange due to policy changes [2][4]. Group 1: Company Overview - Xinna Technology was established in 1994 and is primarily engaged in the research, production, and sales of inorganic non-metallic materials, with main products including silica and electronic ceramics [2][4]. - The controlling shareholder of Xinna Technology is Hengdian Group Holding Co., Ltd., which holds an 89% stake in the company [4][5]. Group 2: Financial Performance - In 2024, Xinna Technology achieved an operating income of 1.198 billion yuan, representing a year-on-year increase of 9.27% [3]. - The net profit attributable to shareholders of the company was 78.42 million yuan, a decrease of 7.81% compared to the previous year [3]. - The basic earnings per share for the company was 0.21 yuan, down 4.55% from the previous year [3]. Group 3: Management Changes - He Junyi has been appointed as the new Chairman and General Manager of Xinna Technology as of August 2024, following the resignation of the previous chairman due to age reasons [6]. - Several other management changes occurred, including the appointment of new deputy general managers and independent directors to support the company's development needs [6].