有机硅行业研究框架 20250827 摘要 有机硅行业的基本面和应用领域有哪些？ 有机硅位于硅材料产业链的中游，其下游应用领域广泛，包括建筑、电子、新 能源、医疗、纺织、日用和交通运输等多个方面。上游主要原材料为工业硅和 一氯甲烷，通过加工形成甲基粗单体，再进一步加工形成一甲、二甲、三甲等 单体，其中二甲单体应用最广。进一步加工后，可形成中间体，最终产品包括 硅油、硅橡胶、硅树脂和白炭黑等，最终用于各类终端领域。 聚硅氧烷是二甲 单体用途最广的一种产品，具有优良的电气性能、粘结性、耐候性、高低温耐 受性以及生物相容性。这些性能优势使得有机硅在价格下降后，其性价比更加 突出。其终端应用覆盖军工、建筑、新能源、电力、医疗电子及汽车日用等多 个领域，主要以胶的形式出现，具备粘结和密封特性，可以替代传统塑料和橡 胶材料。 预计 2026 年内需每年增长 10%，两年累计约 4 万吨需求增量，加上巴 里关停产能带来的 10 万吨以上外需增长，总需求增量将超过 50 万吨， 头部企业暂无扩产计划，供需趋于平衡。 东岳有机硅业务占比最高，业绩弹性最大，其次是合盛、新安、兴发， 鲁西和三友弹性相对有限。预计明年三四月份及"金 ...

截至2025年8月22日收盘，元力股份股价报17.85元，较前一交易日下跌0.15元，跌幅0.83%。当日开盘 价为18.02元，最高触及18.70元，最低下探至17.72元，成交量为25.94万手，成交金额达4.73亿元。 风险提示：股市有风险，投资需谨慎。 元力股份所属行业为化学制品，公司主营业务包括活性炭、白炭黑等产品的研发、生产和销售。公司产 品广泛应用于食品、医药、化工等领域。 8月22日早盘，元力股份曾出现快速反弹，在5分钟内涨幅超过2%，最高触及18.32元。当日主力资金净 流出3037.05万元，占流通市值的0.47%。近五个交易日主力资金累计净流入3909.57万元。 ...

Core Viewpoint - Fujian Yuanli Activated Carbon Co., Ltd. plans to acquire 100% equity of Fujian Tongsheng New Materials Technology Co., Ltd. through a combination of share issuance and cash payment, while also raising up to 100 million yuan from its actual controller to facilitate the transaction [1][3] Group 1: Acquisition Details - The acquisition involves 11 shareholders, including Lu Yuanfang and Li Wei, and is characterized as a related party transaction due to the familial relationship between the actual controllers of both companies [3][4] - The final transaction price is yet to be determined as the audit and evaluation of the target assets are still ongoing [1][3] Group 2: Company Profiles - Tongsheng Co. specializes in the research, production, and sales of silica, with applications in various industries such as rubber, batteries, toothpaste, feed additives, and coatings, and is currently listed on the New Third Board [3] - Yuanli Co. primarily produces activated carbon, sodium silicate, and silica, with sodium silicate being a key raw material for Tongsheng's silica production, indicating a supply chain relationship between the two companies [3][4] Group 3: Financial Performance - In 2024, Tongsheng Co. achieved a revenue of 268 million yuan, a year-on-year increase of 23.86%, and a net profit of 50.96 million yuan, up 175.82% from the previous year [3][4] - Yuanli Co. reported a revenue of 1.88 billion yuan in 2024, a decline of 6.6% year-on-year, while its net profit increased by 19.9% to 284 million yuan [6]

Summary of Conference Call Records Industry Overview Fertilizer Industry - The compound fertilizer industry has seen a strong performance in Q1, with leading companies experiencing growth. Q2 sales and gross margins are expected to exceed expectations. The rise in export prices for monoammonium phosphate and diammonium phosphate is anticipated to stabilize or slightly increase the performance of compound fertilizer companies in Q2, with a year-on-year growth in H1. The concentration of leading companies is a key factor driving market share growth [4][5] - Long-term trends indicate that the compound fertilizer sector, unlike single nutrient fertilizer producers, emphasizes brand and sales channels, exhibiting consumer product characteristics. The increasing market share of leading companies and the overall rise in compound fertilizer usage are expected to continue, supported by policies promoting grain production and the expansion of arable land [4] Urea Industry - The international urea market has been significantly impacted by the Russia-Ukraine conflict, leading to supply constraints. Production halts in Egypt and Iran have exacerbated the situation, driving prices up. Despite weakened demand in North America, the market is supported by Indian tenders and demand from Europe and Brazil [6][7] - Recent price trends show a notable increase in urea prices, with external prices rising between $50 to $100. Domestic export prices have reached $420 per ton, and the value of domestic urea quotas has significantly increased from 300 to over 900 yuan [9][10] Refrigerant Industry - The refrigerant market has seen a continuous price increase in Q2, with R32 retail prices rising to 51,000 to 53,000 yuan per ton. The long-term contract prices for R32 and 410A have also increased, although they remain slightly below current retail prices. The demand structure for Q3 is expected to differ from Q2, with a significant portion of sales coming from the repair market and overseas exports [2][3] Key Companies and Their Performance Hualu Hengsheng - Hualu Hengsheng is expected to see a recovery in price differentials and has plans to focus on high-value-added products. The company has laid out a strategy for long-term projects that are expected to contribute significantly to profits starting in Q3 of next year [10][11] Hai Li De - Hai Li De's polyester industrial yarn market has shown recovery, with production rates increasing from 60% to 75%-80%. The company has also seen a rise in sales to the U.S. market, with significant year-on-year growth expected in Q2 [22][23] Que Cheng Co. - Que Cheng Co. operates in a stable white carbon black market with strong customer loyalty. The company has seen steady sales growth and is actively developing new products, with expectations for continued growth in Q2 [25] Jiuhua Co. - Jiuhua Co. has reported a positive trend in export orders and anticipates continued price increases in refrigerants, suggesting strong performance in the upcoming quarters [3] Additional Insights - The compound fertilizer sector is expected to benefit from increased domestic demand due to the import substitution of fruits and the overall rise in agricultural production [4] - The urea market is facing a complex supply-demand situation, with significant contributions from geopolitical factors affecting production in key exporting countries [6][7][8] - The refrigerant market is characterized by a shift in demand patterns, with a notable increase in repair and export markets expected to influence pricing and profitability [2][3]

Industry Overview - The production of cryolite in China is steadily increasing from 2018 to 2024, with production and demand expected to reach 188,000 tons and 168,000 tons respectively in 2024, despite periodic supply constraints due to bauxite supply fluctuations and environmental policies [1][12]. - Cryolite is essential in the aluminum electrolysis industry, serving as a flux and enhancing the efficiency of alumina dissolution and ion migration [2]. Policy Background - China's cryolite industry policies are focused on technological innovation driven by environmental constraints, resource security, and optimizing supply structure through capacity regulation [4][5]. - The government promotes clean production technologies and circular economy models, aiming to reduce environmental burdens and enhance domestic supply capabilities [5]. Industry Chain - The cryolite industry chain includes upstream mining of bauxite and other minerals, midstream cryolite manufacturing through various production methods, and downstream applications in aluminum electrolysis, new energy, and other sectors [7][8]. Current Market Dynamics - The increasing dependence on imported bauxite and high domestic bauxite prices exacerbate supply-demand imbalances in the cryolite market, leading to rising production costs for alumina and increased demand for cost-effective cryolite solutions [10][12]. - The market is characterized by cautious supply expansion and rigid demand growth, with production costs rising due to upstream pressures [12]. Market Size and Trends - The cryolite market is projected to contract slightly in 2024, with a market size of 1.276 billion yuan, a decrease of 0.36% from 2023, driven by falling raw material prices and slower demand growth in the aluminum sector [13]. - Despite production and export growth, companies face pressure on profit margins due to cost transmission delays and market bargaining power disparities [13]. Export and Import Dynamics - China's cryolite trade has shifted from reliance on imports to becoming a net exporter, with imports declining and exports increasing due to domestic capacity upgrades and rising international demand for eco-friendly cryolite [16]. - In 2024, China's cryolite import and export volumes are expected to be 1,700 tons and 21,400 tons respectively, with a focus on high-purity and customized products [16]. Competitive Landscape - The cryolite industry is regionally concentrated, with major clusters in Jiaozuo, Henan, and Zibo, Shandong, where leading companies leverage their full supply chain advantages and scale [18][19]. - Companies are focusing on high molecular ratio cryolite and other innovative products to build technological barriers and enhance competitive positioning [20]. Future Development Trends - The cryolite industry is expected to transition towards high value-added and functional products, with a focus on developing high molecular ratio cryolite and new composite materials [20]. - The industry is integrating into global carbon neutrality efforts, with companies adopting cleaner production methods and circular economy practices to reduce carbon footprints [20].

Group 1: Industrial Waste Utilization - The city of Sanmenxia has signed a contract with Guolin Green Energy (Beijing) Technology Co., Ltd. for a project that processes 1 million tons of solid waste annually, utilizing "take sand and leave gold" catalytic technology to extract valuable elements from industrial waste like red mud and coal gangue, producing high-value products such as white carbon black and silica [1] - The project aims to enhance both economic and environmental benefits, serving as a benchmark for addressing large-scale industrial waste disposal challenges [1] - Additional collaborations with Dalian Yikai Technology Co., Ltd., Shaanxi Hengchuangyuanxiang Technology Co., Ltd., and Shaanxi University of Science and Technology focus on the green recycling and high-value utilization of multi-base solid waste [1] Group 2: Agricultural Waste Resource Utilization - The introduction of the Keli En biomass heat source project utilizes agricultural waste such as spent mushroom substrates and crop straw to produce steam for local enterprises, effectively reducing energy costs [2] - This project processes 96,000 tons of agricultural waste annually and reduces carbon dioxide emissions by approximately 26,000 tons, achieving both energy savings and cost reduction [2] - The worm farming base in Tianchi Town, Mianchi County, utilizes livestock manure to cultivate earthworms, producing high-quality organic fertilizer and promoting a circular agricultural model [2] Group 3: Municipal Waste Management - Sanmenxia has established the country's first 150-ton capacity grate incineration project in Lushi County, and a kitchen waste treatment project with a capacity of 50 tons has passed environmental assessments, marking a significant advancement in the reduction, resource utilization, and harmless treatment of kitchen waste [2] - The city aims to continue enhancing resource recycling efforts, focusing on key projects and critical areas to build an efficient recycling system that supports a comprehensive green and low-carbon urban transformation [2]

Group 1 - The company, Longxing Technology Group Co., Ltd., has issued convertible bonds totaling RMB 754.75 million, with a net amount of RMB 745.32 million after deducting issuance costs [2][4][21] - The bonds will be traded on the Shenzhen Stock Exchange starting from March 6, 2024, under the name "Longxing Convertible Bonds" and code "127105" [2][4] - The funds raised will be primarily allocated to the Shanxi Longxing Carbon-Based New Materials Circular Economy Industry Project (Phase I), which has a total planned investment of RMB 1.60 billion [2][4][21] Group 2 - The convertible bonds have a face value of RMB 100 each and will be issued at par [2][4] - The interest rates for the bonds are structured to increase over the six-year term, starting at 0.20% in the first year and reaching 2.50% in the sixth year [6][21] - The company has a total A-share capital of 490.82 million shares, with original shareholders entitled to a priority subscription for the bonds [4][5] Group 3 - Longxing Technology is a leading enterprise in the carbon black industry, with a production capacity of 620,000 tons per year as of the end of 2024 [21] - The company has established strong partnerships with major tire manufacturers, including Windforce, Zhongce Rubber, Michelin, and Continental [21] - The company has received 110 national patent authorizations, focusing on core technologies in carbon black production [21] Group 4 - The company reported a net profit attributable to shareholders of RMB 142.09 million for 2024, representing a year-on-year increase of 28.70% [21] - Total assets increased by 15.97% to RMB 441.13 million, while net assets attributable to shareholders rose by 6.93% to RMB 184.10 million [21] - The company aims to enhance production automation and efficiency through significant investments in smart factory construction and advanced equipment manufacturing [21]

值得一提的是，亚洲国家在白炭黑行业中的地位不仅在于其生产能力的强大，同时也反映了亚洲国家在炭黑技术和市场应用方面的研发实力。亚洲地区在白 炭黑的新品种研发、产品应用领域和环境保护等方面，都处于世界的前沿水平。这些成果在一定程度上提升了亚洲国家在国际白炭黑市场中的竞争力。 需要指出的是，白炭黑行业的分布仍然存在一定的差距。尽管欧美等地的白炭黑生产也具备一定的实力，但相比之下仍然明显落后于亚洲国家。由于亚洲国 家在白炭黑行业的先发优势和技术积累，使得其在全球范围内的竞争地位较为突出。 总结而言，白炭黑行业主要分布在亚洲国家，并以中国为核心。亚洲各国在该领域的技术研发和市场应用方面，具备较大的优势和实力。它们通过不断创新 和改进，不仅提升了产品的质量和性能，也推动了该行业的整体发展。随着全球对于白炭黑的需求不断增加，亚洲国家将继续担当重要的角色，引领着白炭 黑行业的未来发展。 白炭黑（White Carbon Black），也被称为硅溶胶，是一种由硅酸盐制成的无色微粒状物质。在化学组成上，白炭黑与传统的黑炭黑相似，但它的颜色却相 对较浅，也因此得名。白炭黑由于其特殊的性质，在众多工业领域中发挥着重要的作用。本篇文章 ...

Core Viewpoint - China holds a leading position in the global white carbon black industry, which is a high-value chemical raw material widely used in various sectors such as rubber, plastics, coatings, and inks [2][3]. Group 1: Industry Overview - White carbon black is essential for improving product texture, enhancing strength, and increasing durability [2]. - Chinese manufacturers can be categorized into large state-owned enterprises with advanced production equipment and small to medium-sized private companies that focus on high-quality customized products and innovation [2]. - Major production regions in China include Shandong, Jiangsu, Guangdong, and Henan, benefiting from rich resources and strong market demand [2]. Group 2: Technological Advancements - The industry is experiencing continuous technological improvements, with manufacturers investing in research and development to meet consumer demands for quality and environmental friendliness [3]. - Significant advancements have been made in controlling carbon black particle size, surface modification technologies, and waste gas treatment [3]. Group 3: Environmental Focus - Environmental sustainability has become a focal point for manufacturers, leading to reduced environmental impact and enhanced product competitiveness through efficient resource utilization and green manufacturing [3]. - The Chinese government has implemented strict environmental policies and standards for carbon black enterprises, emphasizing regulatory compliance [3]. Group 4: Market Dynamics - The domestic demand for white carbon black is growing, contributing to a positive development trend in the industry [3]. - Chinese manufacturers are actively expanding into overseas markets, increasing export sales to regions such as Asia, Europe, and North America, thereby establishing a strong international reputation [3][4].

Core Viewpoint - White carbon black distributors play a crucial role in the supply chain, providing stable supply and technical support across various industries [3][4] Group 1: Role in Supply Chain - White carbon black distributors ensure reliable and stable supply by collaborating closely with manufacturers [3] - They maintain inventory and regularly replenish stock to meet market demand fluctuations [3] Group 2: Technical Support and Consultation - Distributors act as a bridge for information transfer and technical consultation, helping clients understand the properties and applications of white carbon black [4] - They provide timely industry information and product technical data to guide clients in their projects [4] Group 3: Quality Management and Customer Service - Distributors engage in quality management and after-sales service, establishing a product quality monitoring and traceability system [4] - They address customer complaints and feedback to improve product offerings [4] Group 4: Industry Promotion and Development - Distributors participate in industry exhibitions and technical exchanges to enhance customer awareness and application levels of white carbon black [3][4] - They play a pivotal role in promoting the widespread application of white carbon black across various sectors as technology advances [4]