格隆汇10月10日｜A股市场石墨烯概念股逆势走强，其中，恒辉安防20CM涨停，宝泰隆、德尔未来 10CM涨停，东方碳素涨超9%，飞荣达涨超7%，宁新新材涨超4%，东方材料、锦富技术（维权）、方 大炭素涨超3%。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 300952 | 恒辉安防 | 策 | 20.00 | 67.31亿 | 88.60 | | 601011 | 宇泰隆 | 1 | 10.10 | 62.64亿 | 8.64 | | 002631 | 德尔未来 | 1 | 10.08 | 46.16亿 | 30.70 | | 920175 | 东方碳素 | 资 | 9.40 | 15.93亿 | 30.38 | | 300602 | 飞荣达 | | 7.50 | 217亿 | 94.25 | | 920719 | 宁新新材 | | 4.44 | 15.31亿 | 57.87 | | 603110 | 东方材料 | | 3.56 | 38.01亿 | 31.59 | | 300128 | 锦富技术 ...

研究院 2025 年 10 月 09 日 2025 年第 35 期（总第 607 期） Ω 中银研究产品系列 | 作 者：周景彤 中国银行研究院 | | --- | | 叶银丹 中国银行研究院 | | 刘 晨 中国银行研究院 | | 电 话：010 - 6659 4264 | 签发人：陈卫东 联系人：程栖云 刘佩忠 电 话：010 - 6659 4016 ＊ 对外公开 ＊＊ 全辖传阅 ＊＊＊ 内参材料 "十五五"专题研究系列之二 我国经济社会发展内外部环境条件 八大趋势（下）＊ "十五五"时期，我国正处于新旧动能转换关键 期，大力发展新质生产力是持续激发经济增长潜力、 推动经济高质量发展的重大战略部署。在供给端，科 技创新驱动新动能不断涌现，新质生产力有望继续发 展壮大。大批科技创新成果加速涌现，催生新的经济 形态和增长极；以新质生产力发展为主线加快因地制 宜构建现代化体系，新旧发展动能加快实现接续转 换。同时，顺应我国经济、社会、人口发展趋势持续 优化布局，不利因素的拖累作用有望减轻。房地产市 场向新的均衡水平回归，城市更新等将带来新增长空 间；老龄化、少子化趋势下，人口红利加快向人才红 利转化。 伦敦经济 ...

Core Points - The first Beijing Green Development Forum was held, showcasing significant progress in building a green economy in Beijing [1] - The forum included various activities such as a green industry expo, green development salons, and parallel forums, focusing on experience sharing and policy announcements [2] - Beijing's GDP energy consumption and carbon emissions remain the best in the country, with green electricity consumption reaching nearly 30% of total electricity usage [3] Group 1: Forum Activities - The green industry expo featured around 80 outstanding companies showcasing advancements in zero-carbon parks, advanced energy, and green finance among other fields [2] - Five green development salons will promote local green industry achievements and investment advantages [2] - Thirteen parallel forums will discuss low-carbon pathways and technological empowerment in urban renewal [3] Group 2: Achievements in Green Economy - Beijing has achieved a significant increase in effective green technology patents, reaching 67,000 with an annual growth rate of 14.6% [6] - The city has implemented a robust policy framework, including the establishment of a national green technology trading center [7] - The penetration rate of new energy vehicles in Beijing exceeds 50%, with over 1.19 million vehicles, nearly tripling since the end of the 13th Five-Year Plan [6] Group 3: Future Plans - The city aims to enhance green production and living standards, with a focus on energy efficiency and carbon reduction in building lifecycles [5][9] - Plans include expanding the use of green electricity across administrative units and developing a new energy system [9] - The city will continue to improve air quality and enhance green spaces, including the construction of a national forest park [9]

Core Viewpoint - Graphene is recognized as a new functional material with vast application prospects, particularly in energy storage, electronics, and composite materials [5][8]. Group 1: Graphene Development - Researchers at Monash University have developed a highly curved graphene structure that combines high power and energy density, suitable for advanced supercapacitors [5]. - The new graphene material exhibits an energy density of 99.5 watt-hours per liter and a power density of 69.2 kilowatts per liter, showcasing rapid charging capabilities and excellent cycle stability [5]. Group 2: Market Potential - The Chinese graphene market is projected to reach approximately 41.1 billion yuan by 2024, with an annual compound growth rate of 30% to 45% from 2023 to 2028 [8]. - Over 70 A-share companies are involved in graphene-related businesses, with a combined market capitalization nearing 980 billion yuan as of September 19 [10]. Group 3: Investment Opportunities - Three graphene concept stocks have seen their prices double this year, with Jinghua New Materials leading at a 264.85% increase [10]. - Among the 17 graphene concept stocks with rolling P/E ratios below 40, three have net buying amounts exceeding 100 million yuan since September [13][14]. - The company LiuGong has received the highest attention from institutional investors, with 26 brokerages rating it positively [14].

Core Viewpoint - The article emphasizes the critical role of ultra-pure industrial gases in the carbon materials industry, highlighting their importance in research, production, and application processes, despite being often overlooked in discussions about high-tech materials [2][7]. Group 1: Diamond - The production of diamond, particularly through CVD (Chemical Vapor Deposition), requires extremely high purity levels of methane and hydrogen, with impurity concentrations needing to be controlled at the ppb level to avoid defects that affect thermal and electrical properties [3]. - For diamond manufacturers, securing high-quality gas sources and stable supply is as crucial as mastering core growth processes [3]. Group 2: Graphene and Carbon-Carbon Composites - The industrialization of graphene relies heavily on the combination of methane, hydrogen, and argon in the CVD process, where the control of gas flow ratios and purity directly impacts the quality of graphene films [4]. - Leading domestic graphene companies are collaborating with gas suppliers to establish standards that match their processing needs, indicating the importance of gas quality control in production yield and cost [4]. - The CVD deposition process for carbon-carbon composites also requires multiple gas applications to achieve densification [4]. Group 3: Carbon Nanotubes - Carbon nanotubes, essential for conductive additives and high-performance composites, depend significantly on carbon source gases and protective atmospheres during catalytic cracking reactions [5]. - The choice of gases like methane, ethylene, and carbon monoxide, along with hydrogen, influences the yield of single-walled and multi-walled nanotubes, as well as their electrical conductivity and surface area [5]. - As companies like TianNai Technology and OCSiAl scale up production to tens of thousands of tons, ensuring gas supply security and cost optimization has become a strategic focus [5]. Group 4: Silicon-Based Anodes - The application of silicon-based anodes in batteries highlights the strategic significance of ultra-pure industrial gases in the new energy sector, particularly in carbon coating processes [6]. - The CVD deposition of carbon layers requires precise control over the decomposition rates of gases like methane or acetylene, with hydrogen and inert gases playing roles in reduction and protection [6]. - The structure of carbon layers formed under different atmospheres directly affects the cycling stability and fast-charging performance of anode materials [6]. Group 5: Industry Interaction - The article concludes that the stable supply of ultra-pure industrial gases is essential for the mass production and performance breakthroughs of carbon materials, positioning these gases as the "best companions" for carbon materials [7]. - The interaction between gas companies and carbon material enterprises is emerging as a hidden mainline in a new industrial chain amid global energy transitions and technological innovations [7].

Core Viewpoint - The article provides an in-depth analysis of the new materials industry, highlighting key materials, their applications, and investment opportunities, particularly in the context of China's "14th Five-Year Plan" and the global competitive landscape [5][13][47]. Summary by Sections New Materials Definition and Classification - New materials are defined as newly developed materials with superior properties or functionalities, or traditional materials that have been significantly improved [8]. - The classification of new materials includes advanced steel, advanced non-ferrous metals, advanced petrochemical materials, advanced inorganic non-metallic materials, high-performance fibers, and frontier new materials [10]. Key Materials and Applications - The article discusses critical materials such as ultra-high molecular weight polyethylene (UHMWPE), polyimide (PI), and silicon carbide (SiC) fibers, detailing their properties and applications in various industries including military, aerospace, and electronics [19][22][29]. - UHMWPE is noted for its high strength and durability, while PI materials are recognized for their thermal stability and electrical insulation properties [19][23]. Investment Landscape - The new materials industry is characterized by high investment, high difficulty, and high barriers to entry, with long research and application cycles [65]. - The article emphasizes the importance of identifying effective technologies in new materials, suggesting a three-dimensional framework for evaluation [78]. Market Trends and Growth Potential - The new materials sector is projected to grow at a compound annual growth rate (CAGR) of 18%, significantly outpacing GDP growth, with specific segments like semiconductor materials and biomedical materials showing even higher growth rates [61]. - The article highlights the increasing reliance on imported materials in critical sectors such as semiconductors and advanced composites, indicating a substantial opportunity for domestic production and innovation [16][54]. Global Competitive Landscape - The article notes that the global new materials market is dominated by developed countries such as the US, Japan, and Europe, while China is still developing its capabilities in this sector [47][51]. - It points out that many high-end materials remain under foreign monopoly, suggesting a need for increased domestic R&D and production capacity [54][56].

Group 1 - The South Korean government aims to increase the self-sufficiency rate of silicon carbide (SiC) power semiconductor technology from 10% to 20% by 2030, focusing on advanced industries such as electric vehicles and data centers [2][3] - The government plans to initiate a domestic demonstration project for liquefied natural gas (LNG) storage tanks, addressing the lack of independent technology and the need to pay licensing fees for technology [4] - The government will actively support the development of graphene technology, which is considered a "dream material," and promote its commercialization through cooperation between supply and demand enterprises [5] Group 2 - The government intends to enhance the competitiveness of K-food exports, which have set annual export records for nine consecutive years, by establishing overseas export hubs and expanding joint logistics centers [6] - The government will support the development of next-generation special carbon steel and cultivate doctoral-level professionals in this field to maintain competitiveness against the EU and Japan [5][6] - The Ministry of Economy and Finance plans to announce the remaining 10 key projects under the super-innovation economy initiative, focusing on management to ensure tangible results [6]

Core Viewpoint - The coal industry in China has made significant strides in ensuring energy security, promoting green and low-carbon transformation, and enhancing industrial competitiveness during the "14th Five-Year Plan" period [3] Group 1: Energy Security and Supply Capacity - The coal supply capacity has significantly improved, with national coal reserves increasing to 2,186 billion tons by the end of 2023 [4] - Coal production in 2024 is projected to reach 4.78 billion tons, an increase of 880 million tons compared to 2020 [4] - The coal railway transportation volume rose from 2.36 billion tons to 2.82 billion tons, enhancing the national coal resource allocation capacity [4] Group 2: Production and Distribution Optimization - The focus of coal production has shifted towards the central and western regions, with raw coal output in the western region increasing from 2.32 billion tons to 3.04 billion tons [5] - The production capacity of eight major provinces reached 4.36 billion tons in 2024, accounting for 91.3% of the national total [5] - Xinjiang's coal production is expected to reach 540 million tons in 2024, marking a significant increase [5] Group 3: Structural Optimization and Modernization - The number of coal mines has decreased to fewer than 4,300, with an average production scale of 1.7 million tons per mine [6] - The number of large modern coal mines with an annual output of over 10 million tons has increased to 83, with a total capacity of 1.36 billion tons per year [6] - The industry is actively developing new sectors such as advanced computing, new materials, and modern finance [6] Group 4: Green and Low-Carbon Development - The coal industry has implemented green mining technologies, achieving a comprehensive utilization rate of 74.1% for coal gangue and 74.2% for mine water [8] - The comprehensive energy consumption for coal production has decreased to 7.9 kg of standard coal per ton [8] - The industry is transitioning from a single fuel source to a dual focus on raw materials and fuel, with significant progress in developing new coal-based materials [8] Group 5: Technological Innovation and Industry Advancement - The coal industry has seen a significant increase in intelligent mining, with smart mines accounting for over 55% of total coal production capacity [9] - The industry has established several innovative platforms, including a national-level blockchain service platform [9] - The number of patents in the coal sector has been growing at an annual rate of over 25% [9] Group 6: Reform and Regulatory Enhancements - Key reforms in the coal sector have been implemented, including market-oriented reforms and the establishment of a unified coal market system [10] - The energy law and coal law revisions are underway, enhancing the regulatory framework for the industry [10] - In 2024, 26 coal companies made it to the Fortune 500 list, indicating improved market competitiveness [10] Group 7: Safety and Governance Improvements - The coal industry has enhanced its safety production capabilities, with new regulations and standards being implemented [11] - Significant investments in safety management and technology have been made to prevent major disasters [11] - The overall safety performance of coal mines has shown a stable improvement [11] Group 8: Future Outlook - The "15th Five-Year Plan" period is expected to see coal demand peak, with a focus on clean and efficient utilization [12] - The industry aims to further its role in energy security while accelerating green and low-carbon transitions [12] - The goal is to achieve higher quality, efficiency, and safety in coal production, supporting China's modernization efforts [12]

Core Viewpoint - The emergence of "super copper," a graphene-modified copper metal composite, challenges the traditional understanding of electrical conductivity, surpassing silver and conventional copper in performance [1][3]. Group 1: Material Properties - "Super copper" boasts a conductivity of 118% IACS, exceeding silver's 106% IACS and conventional copper by over 15% [3]. - The material not only has high electrical conductivity but also superior thermal conductivity, allowing for better heat dissipation in electric motors [3]. Group 2: Applications and Impact - The introduction of "super copper" can significantly reduce energy loss in electrical devices, enhancing efficiency in applications ranging from household appliances to electric vehicles and high-speed trains [3]. - A laboratory experiment demonstrated a power density increase of 20-30% when using "super copper" in electric motors, indicating substantial performance improvements [3]. - The technology is poised for large-scale production, suggesting a potential shift in the international market dynamics as it moves from experimental phases to practical applications [3]. Group 3: Research and Development - The development of "super copper" involved extensive research, with thousands of experiments conducted to optimize the ratio of graphene to copper, showcasing significant dedication from the research team [3].

Core Viewpoint - Guangdong Daoshi Technology Co., Ltd. announced its subsidiary Hong Kong Jian Na Limited plans to invest $30 million (approximately 213 million RMB) to acquire minority equity in Qiangnao Technology's Pre-B round preferred shares [1][4]. Company Overview - Qiangnao Technology, founded in February 2015 by Han Bicheng, focuses on the development of non-invasive brain-computer interface technology, which is safer and has a broader application range compared to invasive methods [3]. - The company relocated its headquarters to Hangzhou in 2018 and is part of a group of innovative tech firms known as the "Hangzhou Six Little Dragons" [3]. - Qiangnao Technology has launched several products, including smart bionic limbs and brain-machine intelligent sleep devices, indicating a shift from laboratory research to commercial application [3]. Investment Details - Daoshi Technology's investment in Qiangnao Technology aims to leverage the latter's experience in applying brain-computer interface technology in medical rehabilitation, education, and human-computer interaction, enhancing Daoshi's "AI + new materials" strategy [7]. - Qiangnao Technology is currently in the Pre-B round stage and has been rumored to be negotiating a pre-IPO financing of approximately $100 million at a valuation exceeding $1.3 billion, potentially paving the way for an IPO in Hong Kong or mainland China [5][4]. Financial Performance - Daoshi Technology reported a significant reduction in R&D expenses, down 41.39% year-on-year to 88.68 million RMB, attributed to decreased direct material inputs and personnel costs [9]. - The company’s revenue for the reporting period was approximately 3.65 billion RMB, reflecting an 11.64% decrease compared to the previous year [9]. Industry Context - The brain-computer interface industry, where Qiangnao Technology operates, is considered an emerging sector, with profitability expected to be achieved only after 2024 [10]. - Qiangnao Technology has raised over $1 billion in total funding since its inception, with a current valuation potentially reaching $5 billion [10].