"十四五"时期，我国聚氨酯行业坚持以创新驱动和绿色低碳为导向，不仅在产业规模上巩固了全球领先 地位，更在质量效益、技术创新、结构优化和可持续发展能力上实现了同步跃升。 规模优势持续巩固 产业安全自主可控 "十四五"期间，我国聚氨酯行业规模持续扩大，稳居全球最大生产国、消费国地位。行业主要核心原料 产能全球占比超过40%，标志着我国聚氨酯产业链的规模优势和配套能力达到了新的高度，完整的产业 生态也极大增强了产业链供应链的自主可控能力。 绿色高端助剂研发与产业化成绩显著。湘园新材、美思德化学、恒光新材等生产的生物基助剂、高端聚 氨酯扩链剂、高性能有机硅表面活性剂等产品达到国际先进水平，完善了产业链关键环节。 核心原料领域保持全球引领。异氰酸酯产品在技术先进性、装置规模、能耗控制及本质安全水平上持续 保持全球领先。截至2025年，我国二苯基甲烷二异氰酸酯(MDI)产能预计达499万吨，甲苯二异氰酸酯 (TDI)产能达199万吨，全球最大异氰酸酯生产与供应国地位更加稳固。环氧丙烷产能从2020年的337万 吨迅速增长至2025年的815万吨。聚醚多元醇产业量与质同步飞跃，产能从2020年约598万吨扩张至2025 年 ...

目前，盘锦已围绕华锦阿美项目谋划了下游60个延链补链项目，储备了118家目标企业，并规划3.57平 方公里的下游产业集聚区。盘锦将把华锦阿美项目建设成为中沙合作的样板项目，加强与沙特等中东国 家在特种化学品、高性能橡胶、工程塑料等领域的合作，带动更多沙特阿美合作伙伴落地盘锦。 据介绍，项目建成后，将实现年收入超千亿元，利润总额超百亿元，税收200亿元以上，有望成为世界 级石化和精细化工产业基地，对推动东北振兴意义重大。 近日，华锦阿美精细化工及原料工程项目165万吨/年乙烯装置、200万吨/年芳烃联合装置、100万吨/年 碳四联合装置、20万吨/年聚醚多元醇装置顺利完成机械竣工。至此，项目的32套主要生产装置全部机 械竣工。 总投资837亿元的华锦阿美精细化工及原料工程项目，是中国和沙特阿拉伯全面战略合作的重大项目， 也是沙特在华的最大投资项目。主要建设1500万吨/年炼油和165万吨/年乙烯等共32套工艺装置以及配 套公用工程和辅助设施。项目2023年3月开工以来，建设者们冒严寒、战酷暑，抢工期、赶进度，在 2025年即将收官之际，迎来了全部主要生产装置机械竣工这一重要里程碑。 该项目建设创造了多项行业纪录 ...

中新网盘锦12月29日电 (王翕瞳 阚雪迪)记者29日从华锦阿美石油化工有限公司获悉，华锦阿美精细化 工及原料工程项目32套主要生产装置近日已全部实现机械竣工。其中，包括165万吨/年乙烯装置、200 万吨/年芳烃联合装置、100万吨/年碳四联合装置、20万吨/年聚醚多元醇装置。 在芳烃联合装置施工中，项目团队将全球化工项目同类型塔器中直径最大、高度最高、重量第二的设 备，重4366吨的抽余液塔一次吊装成功；创新采用"管廊土建基础与模块预制同步实施"的模块化方案， 将72米长、34米高的管廊分解为3个集成模块，将高空作业量减少60%，节省安装工期50余天。 总投资837亿元的华锦阿美精细化工及原料工程项目，主要建设1500万吨/年炼油和165万吨/年乙烯等共 32套工艺装置以及配套公用工程和辅助设施。2023年3月开工，如今迎来了全部主要生产装置机械竣工 这一重要里程碑。 在聚醚多元醇装置施工中，项目团队严格把控施工质量，全方位监管工序交接，建立"自检+互检+专 检"验收体系，完善工序交接台账，详细记录交接时间、验收结果、整改意见及复核情况，实现施工过 程的可追溯、可核查。(完)【编辑:王琴】 近日，华锦阿美 ...

阚雪迪 本报记者 刘永安 本报讯 12月25日，华锦阿美精细化工及原料工程项目建设迎来重要里程碑，165万吨/年乙烯装置、200 万吨/年芳烃联合装置、100万吨/年碳四联合装置、20万吨/年聚醚多元醇装置顺利机械竣工。至此，华 锦阿美项目32套主要生产装置全部机械竣工，圆满完成年内全部主要生产装置机械竣工目标。 华锦阿美精细化工及原料工程项目于2023年3月29日开工，总投资837亿元，主要建设1500万吨/年炼油 和165万吨/年乙烯等共32套工艺装置。在进入全面建设期后，混凝土、装置区地管、钢结构、设备安装 等工作多线并进，现场大型设备密集，交叉作业多、施工强度大，超大件设备运输路径需跨越多重障 碍，施工精度要求极高。 其中，华锦阿美165万吨/年乙烯装置为目前国内最大的单体乙烯装置，也是项目化工区域的龙头装置， 施工进度十分关键，为此成立多支"安装攻坚"党员突击队，推动重2100余吨的丙烯精馏塔、近1000吨的 乙烯精馏塔同日吊装完成，创造行业纪录；在芳烃联合装置，项目团队将全球化工项目同类型塔器中直 径最大、高度最高、重量第二的设备，重4366吨的抽余液塔一次吊装成功；在聚醚多元醇装置，团队建 立" ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on its market position and growth potential [5][8]. Core Insights - The company specializes in polyurethane materials and has over 20 years of technical expertise, focusing on three main product categories: polyurethane elastomers, polyester/polyether polyols, and other downstream derivatives [6][15]. - The company achieved revenue of 3.55 billion yuan in the first half of 2025, with a year-on-year growth of 6.98%, and a significant increase in net profit by 54.98% to 112 million yuan [6][25]. - The company is positioned as a national manufacturing champion in the CPU segment, with a market share of 35% in 2021, and is expanding its production capacity to enhance its competitive edge [6][10]. Summary by Sections 1. Business Overview - The company is a leading manufacturer of polyurethane raw materials and derivatives, with a diverse product range that includes elastomers, polyols, and other fine chemical materials [15][22]. - The company has established a robust R&D framework, holding over 520 patents and participating in the formulation of more than 20 national standards [17][19]. 2. Industry Context - China is a major producer and consumer of polyurethane, accounting for approximately 50% of global production, with the market expected to grow to 237.9 billion yuan by 2027 [6][40]. - The industry is characterized by increasing concentration, with major players dominating the upstream raw materials market, particularly in MDI and TDI [43][48]. 3. Competitive Advantages - The company has a leading position in the polyurethane sector, with ongoing capacity expansion projects that will significantly increase its production capabilities [6][10]. - The company is focusing on high-end product development and expanding its applications in various industries, including automotive and renewable energy [10][64]. 4. Financial Projections - The company is projected to achieve net profits of 202 million yuan, 233 million yuan, and 268 million yuan from 2025 to 2027, with corresponding P/E ratios of 21.7, 18.8, and 16.3 [8][29]. - Revenue is expected to grow steadily, with a forecasted increase in operating income from 7.48 billion yuan in 2025 to 9.39 billion yuan in 2027 [7][8].

从行业背景来看，隆华新材的产能加码恰逢聚醚多元醇行业结构性调整期。国内聚醚多元醇行业集中度 近年来持续提升，前五大企业市场份额已处于较高水平，头部企业凭借上游环氧丙烷一体化配套优势占 据主导地位。同时，原材料端的成本压力正逐步缓解——作为聚醚生产核心原料的环氧丙烷，近期市场 价格呈现同比下行态势，环氧乙烷价格亦因乙烯供应宽松呈现回落趋势，为新增产能释放提供了成本支 撑。 据公告披露，此次投产的项目聚焦高活性软泡聚醚多元醇与CASE用聚醚多元醇两大品类，产品用于汽 车内饰、鞋服保暖材料、胶黏剂及发泡胶等领域。在汽车领域，隆华新材已与多家知名汽车主机厂或零 部件、饰件厂商建立稳定合作关系。此次产能扩张顺应了新能源汽车产业增量需求的布局。 中化新网讯 11月20日，隆华新材发布公告称，总投资1.5亿元的33万吨/年聚醚多元醇扩建项目已建成投 产，并产出合格产品。随着该项目落地，该公司聚醚系列产品总产能达到129万吨/年。 ...

证券时报记者 黄翔 此前，隆华新材表示，公司具有较强的研发创新能力，自主研发并掌握了高固含量且低粘度、遇水不凝 胶、超低VOC、高白度等POP核心技术，形成了自主创新技术体系，极大地提升了公司产品的技术指 标。公司自主建设聚醚生产装置，在聚醚产品及生产工艺关键技术方面拥有自主知识产权。 11月20日，隆华新材(301149)发布公告称，公司总投资1.5亿元的年产33万吨聚醚多元醇扩建项目已完成 全部建设，顺利产出合格产品。随着该项目落地，公司聚醚系列产品总产能正式攀升至129万吨/年，在 国内聚醚多元醇市场的规模优势进一步凸显。 此外，隆华新材指出，通过建立稳定的原材料供应渠道，各主要原材料均有多家供应商可供选择，不存 在对单个供应商过度依赖的情况。在此背景下，原料或承担成本兜底作用，对聚醚市场价格涨跌的直接 影响或将减弱。 据了解，当前，附加值高的聚醚产品由于产品质量差异较大且技术门槛相对较高，越来越多的聚醚头部 企业调整产品结构，聚醚高端产能快速增长。在次高端聚醚应用领域中，新能源汽车、光伏等新兴领域 对特种聚醚需求旺盛，这类领域年均拉动特种聚醚需求增长12%以上。此外，行业正加大低不饱和度聚 醚、电子级 ...

Core Points - Pingtan Development and Haixia Innovation have completed their suspension review and will resume trading on November 21, 2025 [1][2] - Eddy Precision and Hangcai Co. plan to repurchase shares [3] - Wenfeng Co.'s deputy general manager has been placed under investigation [4] - Kesi Co. has undergone a change in its actual controller [6][7] - Major events include the completion of restructuring investments by *ST Lian Shi and acquisitions by Jun Ting Hotel and Lek Electric [8][9] Group 1: Resumption of Trading - Pingtan Development's stock will resume trading on November 21, 2025, after confirming no significant changes in its operations or undisclosed major matters [1] - Haixia Innovation's stock will also resume trading on November 21, 2025, with similar confirmations regarding its operational status [2] Group 2: Share Repurchase Plans - Eddy Precision plans to repurchase shares with a total amount between 100 million and 200 million yuan, at a price not exceeding 27 yuan per share [3] - Hangcai Co. intends to repurchase shares using excess funds, with a total amount between 50 million and 100 million yuan, at a price not exceeding 80 yuan per share [3] Group 3: Investigations and Changes in Management - Wenfeng Co.'s deputy general manager, Qin Guofen, is under investigation, but the company states this will not significantly impact its operations [4] - Kesi Co. has changed its actual controller from Zhou Jiuqing and Zhou Xuming to Zhou Xuming alone following the death of Zhou Jiuqing [6][7] Group 4: Major Events - *ST Lian Shi has received a total of 1.238 billion yuan in restructuring investments from all investors [8] - Jun Ting Hotel has agreed to acquire the remaining 21% stake in Junlan Management for 79.8 million yuan, making it a wholly-owned subsidiary [9] - Lek Electric plans to transfer 90% of its subsidiary's equity to Chuangyuan Resources, with a target valuation of 235 million yuan [9]

证券日报网讯 11月20日晚间，隆华新材发布公告称，公司投资建设的年产33万吨聚醚多元醇扩建项目 已经全部建设完成，试生产经专家评审通过，并报高青县应急管理局备案，具备试生产条件。目前年产 33万吨聚醚多元醇扩建项目已正式进入试生产阶段，并于2025年11月20日顺利产出合格产品，产品指标 全部达到优等品级，实现一次开车成功。 （文章来源：证券日报） ...

Resumption of Trading - Strait Innovation's stock trading suspension has been completed, and it will resume trading on November 21, 2025 [1] Mergers and Acquisitions - Qianying High-Tech: Zhongzhong Group plans to make a tender offer to acquire 20% of shares at a price of 11.85 yuan per share [2] - Dongfang Yuhong: A wholly-owned subsidiary intends to acquire 60% equity of Brazil's Novakem for 144 million yuan, expanding into the Latin American market [3] Share Buybacks and Increases - Aidi Precision plans to repurchase shares worth 100 million to 200 million yuan, with a repurchase price not exceeding 27 yuan per share [4] - Hangcai Co. plans to repurchase shares worth 50 million to 100 million yuan, with a repurchase price not exceeding 80 yuan per share [5] - Feiwo Technology's controlling shareholder plans to increase holdings of the company's shares by 40 million to 70 million yuan [6] External Investments and Daily Operations - Yiwei Lithium Energy has signed a procurement framework agreement for battery cells with Smoore International for the years 2026-2028 [7] - Nanfeng Co. received a bid notification from China General Nuclear Power Engineering, with bid amounts of 45.7 million yuan and 47.17 million yuan [8] - Fosun Pharma's subsidiary has had a drug included in the breakthrough therapy designation program, marking the first monoclonal antibody targeting PD-1 approved for gastric cancer neoadjuvant/adjuvant therapy globally [8] - Longhua New Materials has completed the construction and production of a project with an annual capacity of 330,000 tons of polyether polyol [8] - Lek Electric plans to transfer 90% equity of its wholly-owned subsidiary Precision Machinery for 235 million yuan [9] - Yingboer has officially become a supplier for VOLOCOPTER, providing development services for the electric propulsion system of the XPro aircraft [10] - Shandong Steel's controlling subsidiary plans to apply for bankruptcy liquidation, expecting an increase in profit of 15.88 million yuan [11] - Zhouming Technology has established a controlling subsidiary, Zhixian Robotics [12] - Huakang Clean has pre-qualified for the purification system project at Keqiao Future Medical Center, with a bid price of 176 million yuan [13] - China Nuclear Construction has achieved new contracts totaling 123.84 billion yuan as of October [13]