据了解，聚乙烯醇是一种水溶性可降解高分子材料，主要用于生产工业助剂、特种纤维、胶粘剂、安全 玻璃夹层膜（PVB膜）、水溶膜、光学膜等，广泛应用于精细化工、绿色建筑、造纸、纤维、汽车、可 降解包装、光电、医药等行业，是国家重点支持的新材料发展方向。 公司客户质量优质，在国内市场，公司与建滔集团、吉林化纤（000420）、东方雨虹（002271）等多家 下游行业内具有较强影响力的厂家形成长期稳定的合作关系。在海外市场，公司产品出口全球40余个国 家，主要海外客户包括泰国暹罗水泥集团、印度RAMCO公司、荷兰CORDIAL公司等。 随着汽车、建筑、光电、绿色包装及医药等应用领域的迅速发展，PVA下游的PVB、PVA光学膜、PVA 水溶膜等新产品需求快速增长，成为PVA产业链的重要延伸方向。我国已成为全球最大的聚乙烯醇生产 基地，但在PVA下游高附加值产品方面的生产能力相对欠缺。目前，高端产品的国产替代、国际市场的 开拓已成为国内PVA企业未来发展的必然趋势。随着下游行业的持续发展和国内PVA供给质量的提升， 高附加值PVA产品领域具有广阔的国产替代空间。 12月17日晚间，双欣环保（001369）公布发行公告，公司 ...

双欣环保首次公开发行股票并在主板上市网上路演 股票代码：001369 本活动将于2025年12月18日（星期四）14:00-17:00在全景路演举行，欢迎广大投资者踊跃参与！ 双欣环保 董事、总经理兼财务总监 刘志勇 双欣环保 副总经理、董事会秘书 安志敏 中金公司投资银行部执行总经理、保荐代表人赵欢 中金公司 投资银行部副总经理、保荐代表人周斌 公司简介 内蒙古双欣环保材料股份有限公司成立于2009年6月，是一家专业从事聚乙烯醇（PVA）、特种纤维、醋酸乙烯（VAC）、碳化钙（电石）等PVA产业链 上下游产品的研发、生产、销售的高新技术企业，拥有聚乙烯醇全产业链布局。根据中国化纤工业协会统计，以集团口径计算，公司是国内第三大的聚乙 烯醇生产企业，已成为全国聚乙烯醇三大生产基地之一。 经过多年的技术创新和生产实践，公司在聚乙烯醇及上下游领域掌握了多项核心技术与生产工艺，形成了国内先进的技术成果。截至2025年6月30日，公 司作为中国化学纤维工业协会维纶专业委员会副主任单位、中国节能协会碳中和专业委员会常务委员单位、内蒙古石油和化学工业协会副会长单位及中国 石油和化学联合会理事单位、内蒙古进出口企业协会理事单 ...

2025 年 12 月 16 日 公司研究●证券研究报告 双欣环保（001369.SZ） 新股覆盖研究 投资要点 本周二（12 月 16 日）有一家主板上市公司"双欣环保"询价。 | 交易数据 | | | --- | --- | | 总市值（百万元） | | | 流通市值（百万元） | | | 总股本（百万股） | 860.00 | | 流通股本（百万股） | | | 12 个月价格区间 | / | | 分析师 | 李蕙 | | SAC | 执业证书编号：S0910519100001 | | | lihui1@huajinsc.cn | | 报告联系人 | 戴筝筝 daizhengzheng@huajinsc.cn | 相关报告 华金证券-新股- 新股专题覆盖报告（元创股 份）-2025 年 103 期-总第 629 期 2025.12.9 华金证券-新股- 新股专题覆盖报告（健信超 导）-2025 年 102 期-总第 628 期 2025.12.8 华金证券-新股- 新股专题覆盖报告（天溯计 量）-2025 年 101 期-总第 627 期 2025.12.7 华金证券-新股- 新股专题覆盖报告（锡华科 ...

新股精要—国内 PVA 一体化生产领先企 业双欣环保 本报告导读： 双欣环保（001369.SZ）是国内领先的聚乙烯醇（PVA）产业链一体化生产企业，核 心产品销量规模均位居国内前列，积极拓展下游高附加值产品有望持续为公司开辟 业绩增长来源。2024 年公司实现营收/归母净利润 34.86/5.21 亿元。截至 12 月 12 日， 可比公司对应 2024 年 PE 平均值为 23.56 倍，对应 2025/2026 年 Wind 一致预期 PE 平均值分别为 16.96/13.20 倍（均剔除极端值）。 投资要点： 新股研究 /[Table_Date] 2025.12.15 | [Table_Authors] | | | --- | --- | | | 王政之(分析师) | | | 021-38674944 | | | wangzhengzhi@gtht.com | | 登记编号 | S0880517060002 | | | 施怡昀(分析师) | | | 021-38032690 | | | shiyiyun@gtht.com | | 登记编号 | S0880522060002 | | | 王思琪(分析师) ...

双欣环保是一家专业从事聚乙烯醇（PVA)、聚乙烯醇特种纤维、醋酸乙烯（VAC)、碳化钙（电石）等PVA产业链上下游产品的研 发、生产、销售的高新技术企业，拥有聚乙烯醇全产业链布局。其中，电石作为化工"基石"，主要用于生产乙炔进而合成PVC、 PVA、BDO等重要化工材料，是有机化学工业上游的基础性原材料。 宁波健信超导科技股份有限公司主要从事医用磁共振成像（MRI)设备核心部件的研发、生产和销售，主要产品包括超导磁体、永 磁体和梯度线圈。据华金证券研报，健信超导是全球最大的医用MRI超导磁体第三方独立供应商；目前已切入GE医疗等头部整机 企业供应链，预计市占率将得到进一步提升。公司长期深耕超导磁体、永磁体等医用磁共振设备核心部件领域。 新华财经上海12月15日电（林郑宏） 根据交易所安排，A股市场本周（12月15日至12月19日）有5只新股安排申购，分别为宁波健 信超导科技股份有限公司（下称"健信超导"，688805）、苏州江天包装科技股份有限公司（下称"江天科技"，920121）、上海誉 帆环境科技股份有限公司（下称"誉帆科技"，001396）、强一半导体（苏州）股份有限公司（下称"强一股份"，688809 ...

双欣环保启动招股，公司布局聚乙烯醇全产业链，经营规模排名行业前三，已成为聚乙烯醇及上下游领域内的重要企业。 公司本次拟发行不超过28700万股，募集资金拟投向年产1.6万吨PVB树脂及年产1.6万吨PVB功能性膜项目、年产6万吨水基 型胶粘剂项目、PVA 产业链节能增效技术改造项目、电石生产线节能增效技术改造项目、研发中心建设项目、PVA产品中试 装置建设项目以及补充流动资金。 | | | | 单位: 万元 | | --- | --- | --- | --- | | 序号 | 募集资金投资项目名称 | 项目投资规模 | 拟使用募集资金投资 | | | | | 题 | | | 年产 1.6 万吨 PVB 树脂及年产 1.6 万吨 PVB 功 能性膜项目 | 55.753.00 | 55.731.26 | | 2 | 年产6万吨水基型胶粘剂项目 | 35.158.00 | 35.112.35 | | 3 | PVA产业链节能增效技术改造项目 | 17.050.00 | 16.584.84 | | র্ব | 电石生产线节能增效技术改造项目 | 12.000.00 | 11.362.41 | | ਵ | 研发中心建 ...

Core Viewpoint - The PVA industry in China is at a transformative crossroads, with the potential for high-end product domestic substitution and new green business opportunities arising from environmental regulations [2][9]. Group 1: PVA Industry Overview - PVA is a water-soluble polymer material with excellent properties such as adhesion, fiber formation, and biodegradability, widely used in various industries including fine chemicals, green construction, and pharmaceuticals [6][8]. - The production of PVA is technology-intensive, with major production methods including calcium carbide acetylene method, petroleum ethylene method, and natural gas acetylene method, with China primarily using the calcium carbide method [7][30]. Group 2: Development History of PVA Industry - The PVA industry in China began in the 1960s, with initial production capacity of 20,000 tons, but faced challenges such as low product quality and limited application fields [8][9]. - Since the 12th Five-Year Plan, increasing environmental standards have accelerated the exit of outdated production capacity, leading to a consolidation of the industry [9]. Group 3: Domestic Substitution Opportunities - The domestic PVA market is primarily composed of conventional products, with high-value specialty PVA products still reliant on imports, indicating a strong potential for domestic substitution [10]. - The demand for high-value PVA products in emerging sectors such as automotive, construction, and pharmaceuticals is rapidly increasing, presenting significant market potential [10][11]. Group 4: Supply and Demand Analysis - Global PVA consumption was approximately 134.3 million tons in 2015, with China accounting for about 50% of global consumption [23][25]. - The domestic PVA apparent consumption fluctuated, with a notable increase to 68.4 million tons in 2020, driven by recovery in downstream market demand [23][25]. Group 5: Market Supply Situation - Global PVA production capacity is around 1.85 million tons, with China holding approximately 60% of this capacity, making it the largest producer [26][27]. - The domestic PVA industry has seen a gradual increase in production and operating rates, with a projected capacity of 1.076 million tons and an operating rate of 81% by 2024 [27]. Group 6: Competitive Landscape - The global PVA market is concentrated in a few countries, with major players including Japan and the USA, while the domestic market is dominated by companies like Sinopec and Wanhua Chemical [34][35]. - The domestic PVA industry has undergone significant consolidation, with leading companies gaining competitive advantages [39]. Group 7: Investment Logic - The PVA industry has shifted from "incremental competition" to "value reconfiguration," focusing on technological innovation and high-value product substitution [63]. - Key investment themes include high-value product substitution, green demand driven by environmental policies, and integrated supply chain advantages [64][65]. Group 8: Future Outlook - The PVA industry is expected to experience a value reassessment, with a focus on high-end product development and green applications, creating new market opportunities [68][69].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the initial public offering (IPO) registration application of Inner Mongolia Shuangxin Environmental Materials Co., Ltd., allowing it to list on the Shenzhen Stock Exchange main board, with the approval date being November 7, 2025 [1][2][3]. Company Overview - Inner Mongolia Shuangxin Environmental Materials Co., Ltd. specializes in the research, production, and sales of products along the polyvinyl alcohol (PVA) industry chain, including PVA, special fibers, vinyl acetate (VAC), and calcium carbide [6]. - The company is recognized as the third-largest PVA producer in China and is one of the three major production bases for PVA in the country [7]. Shareholding Structure - Shuangxin Chemical holds 49,116,700 shares, accounting for 57.11% of the total share capital, making it the controlling shareholder. The actual controller, Qiao Yuhua, indirectly controls 62.10% of the voting rights through Shuangxin Resources and Antel [8]. Financial Performance - The company's revenue for the reporting periods was as follows: 506,138.28 million yuan, 378,325.31 million yuan, 348,621.48 million yuan, and 179,698.38 million yuan. The net profit attributable to the parent company after deducting non-recurring gains and losses was 80,301.00 million yuan, 52,648.91 million yuan, 48,531.57 million yuan, and 26,888.46 million yuan [9]. - As of June 30, 2025, the total assets amounted to 623,579.57 million yuan, with a debt-to-asset ratio of 20.69% [10]. Fundraising and Investment Plans - The company plans to raise approximately 1.86538 billion yuan through the IPO. The funds will be allocated to projects including the production of PVB resin and functional films, water-based adhesives, and energy-saving technology upgrades [11]. - The investment aims to enhance the production capacity of high-value-added products, improve technological capabilities, and optimize the product structure to meet the growing market demand in emerging sectors [11].

Group 1 - The core viewpoint of the article is that Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. has successfully registered its IPO on the Shenzhen Stock Exchange, marking a significant milestone for the company [1] - The company specializes in the research, production, and sales of products along the polyvinyl alcohol (PVA) industry chain, including PVA, special fibers, vinyl acetate (VAC), and calcium carbide [1] - The IPO process began on February 28, 2023, with the company entering the inquiry stage on March 25, 2023, and receiving approval on October 24, 2025, before submitting the registration on October 27, 2025 [1] Group 2 - The company aims to raise approximately 1.865 billion yuan through this IPO [2]

Group 1 - The China Securities Regulatory Commission has approved Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. for its initial public offering on the Shenzhen Stock Exchange, with a fundraising target of 1.86538 billion yuan [1] - Shuangxin Environmental Protection is a high-tech enterprise specializing in the research, production, and sales of products along the polyvinyl alcohol (PVA) industry chain, including PVA, special fibers, vinyl acetate (VAC), and calcium carbide [4] - The company has a complete industrial chain layout for polyvinyl alcohol, which is a water-soluble biodegradable polymer material with various properties, widely used in industries such as fine chemicals, green construction, and pharmaceuticals [4] Group 2 - Calcium carbide, a key raw material in the chemical industry, is primarily used to produce acetylene, which is then synthesized into important chemical materials like PVC, PVA, and BDO [4] - The applications of polyvinyl alcohol include industrial additives, special fibers, adhesives, safety glass interlayer films, water-soluble films, optical films, and more, making it a focus area for national support in new material development [4]