作者：陈屹、杨翼荥、王明辉、李含钰、任建斌 摘要 ■ 核心观点 投资逻辑 行业筑底，风险释放相对充分，边际变化将带来明显反应。化工行业盈利经过三年的台阶式下探，已经位于行业底部，化工PPI当月同比筑底，没有太多 进一步下行的风险，一旦有实质性变化，都将直接对盈利产生影响。 全球化工行业呈现"东升西落"的格局，我国产品及产能出海趋势进一步加深。国内企业开始通过出海扩充盈利空间，抵御风险、深耕市场以及资源布局将 成为国内企业未来进一步针对全球市场的发展方向：从抵御风险的角度看，在化工产业链偏后端的环节也已经形成了海外基地布局的趋势，比如轮胎、改 性塑料、白炭黑、聚酯瓶片、生物发酵、新能源材料等；国内的企业也开始跳出国内大宗环节的红海竞争，以获取个体的成长空间，比如农药、新材料； 资源型企业出海锁定资源比如磷矿、钾矿、金属矿产等。 行业两级分化趋势更为明显。在行业自发协同状态下，预估部分大宗产品将呈现出"价格低弹性，利润有弹性"的状态。协同供给预计将产品的定价从"边 际亏损定价"提升至"边际成本定价"，仅有行业中值以上的企业能够兑现利润，头部企业能够兑现弹性，部企业无论是在投资成本还是分红空间都有更好 的基本面支撑 ...

碳酸钾行业曾一度被认为是高耗能、高污染的，浙江大洋生物科技集团股份有限公司通过持续的技 术革新，缔造了由污染到绿色的产业转型"传奇"。1976年至今，大洋生物见证了中国从计划经济向市场 经济转型，经历了从工业基础薄弱到"世界工厂"的飞跃发展，再到如今追求高质量发展的深刻产业变 革。 2026年，大洋生物迎来50岁生日。从兰江畔仅有两口铁锅、几名工人的公社作坊，到成为产品远销 全球的龙头企业，大洋生物历经股份制改革、新三板挂牌、深交所上市，并斩获了"国家知识产权优势 企业"等多项荣誉。如今的大洋生物，非但没有显现出丝毫"中年疲态"，反而以一份净利润预增超50% 的亮眼年报预告，向外界展示了其愈发强劲的增长动能与面向未来的勃勃雄心。半个世纪的发展历程， 不仅是一家企业的成长史，更是中国乡镇企业成功转型、中国制造业攀登价值链的缩影。 大洋生物俯瞰图 体制破壁——从"集体作坊"到"现代公司"的升级迭代 一部企业史，半部改革史。大洋生物的50年，是与国家经济体制改革同频共振、不断进行自我制度 革命的历程。从产权模糊的集体作坊到股权清晰的现代上市公司，其治理结构的每一次蜕变，都精准踩 在了时代变革的鼓点上，为企业的持续发 ...

其 他 研 究 开源晨会 0106 市场快报 沪深300及创业板指数近1年走势 数据来源：聚源 -30% 0% 30% 60% 90% 2025-01 2025-05 2025-09 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 传媒 | 4.12 | | 医药生物 | 3.85 | | 电子 | 3.69 | | 非银金融 | 3.14 | | 计算机 | 2.71 | | 数据来源：聚源 | | 开 源 证 券 证 券 研 究 报 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 石油石化 | -1.29 | | 银行 | -0.34 | | 交通运输 | -0.30 | | 商贸零售 | -0.17 | | 农林牧渔 | -0.01 | 数据来源：聚源 | 吴梦迪（分析师） | | --- | wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观】"两重""两新"提前批已下达——宏观经济专题-20260105 【金融工程】港股量化：2025 全年组合收益 ...

基础化工/化学原料 大洋生物（003017.SZ） 2025 年业绩预计同比高增，看好公司长期成长 2026 年 01 月 05 日 投资评级：买入（维持） | 日期 | 2026/1/5 | | --- | --- | | 当前股价(元) | 32.85 | | 一年最高最低(元) | 37.99/16.80 | | 总市值(亿元) | 27.59 | | 流通市值(亿元) | 22.76 | | 总股本(亿股) | 0.84 | | 流通股本(亿股) | 0.69 | | 近 3 个月换手率(%) | 206.47 | 股价走势图 《投建 PEEK 及配套氟酮项目，打开 远期成长空间—公司信息更新报告》 -2025.12.14 《钾盐、兽药全球龙头，业绩迎来高 速 增 长 期 — 公 司 首 次 覆 盖 报 告 》 -2025.11.5 金益腾（分析师） 蒋跨跃（分析师） jinyiteng@kysec.cn jiangkuayue@kysec.cn 证书编号：S0790520020002 证书编号：S0790523120001 2025 年业绩预计同比高增，看好公司长期成长，维持"买入"评级 公司发布 ...

Core Viewpoint - Taihe Technology (300801) has indicated that its developed products in new materials, such as PEEK, PEN, PPS, and high-purity quartz, can be applied in the aerospace sector, but these products have not yet generated business revenue [1] Group 1 - The company has developed several advanced materials including PEEK, PEN, and PPS [1] - These materials are suitable for applications in the aerospace and aviation industries [1] - Currently, the related products have not contributed to any business income [1]

会通股份作为国际化高分子改性材料企业，始终坚持"创新材料，成就客户，为人类创造绿色生活"的使命，深度理解客户应用场景，全方位满足客户的 价值需求，用专业为客户创造价值，成为客户身边的材料专家。近年来，公司为更好地保障技术自主可控，持续提升核心技术能力，不断推动相关技术 从改性向上游聚合延伸，例如近期落地"高温尼龙和聚醚醚酮（PEEK）聚合项目"，旨在通过打造"聚合—改性"一体化平台，筑牢核心技术壁垒，同 时，丰富公司高端特种材料产品线，拓宽在高端制造领域的应用场景。 在全球化布局方面，公司通过投资、收并购等方式多措并举，不断打造 "多基地、小规模、Local For Local" 的海外布局。在东南亚，通过直接投资设立 泰国公司与越南公司，形成辐射东南亚的市场布局；在北美，公司拟于墨西哥设立子公司，相关流程稳步推进；在欧洲，公司通过收购意大利本土企业 股权，未来将直接获得欧洲本地化运营平台，落地"本地生产、本地服务"的模式，快速提升在欧洲市场的占有率与客户服务能力。 12月26日，以"新开局、新动能、新征程"为主题的"启航·2025金融峰会"在北京圆满举办，大会由金融界主办，汇聚监管部门、行业协会、金融机构、 ...

Core Viewpoint - The article discusses the increasing involvement of various companies in the production of PEEK (Polyether Ether Ketone) materials, highlighting significant investments and collaborations in the robotics and advanced materials sectors. Group 1: Company Developments - Huitong Co., Ltd. has acquired a PEEK composite material company, indicating a growing interest in high-performance materials within the industry [1] - Fuchun Dyeing and Weaving recently announced a partnership with a robotics company to develop the world's first exoskeleton robot-specific PEEK material system, showcasing its stable mass production capabilities [2] - Ningbo Huaxiang established a joint venture focused on PEEK materials, aiming for a production capacity of 4,000 tons by Q4 2026, with a cost target of 200,000 yuan per ton [3] Group 2: Investment and Production Plans - Zhejiang Dayang Biotechnology Group plans to invest 193.25 million yuan to establish a production line for 2,000 tons of PEEK and key intermediates, leveraging technology from Dalian University of Technology [5] - The company has a history of producing fluorinated fine chemicals and aims to create a complete industrial chain from fluorobenzene to PEEK [6] Group 3: Financial Performance - Dayang Biotechnology reported a revenue of 910 million yuan in 2024, a slight decrease of 1.03% year-on-year, while its net profit increased by 27.48% to 63.74 million yuan [6][7] - The company maintains profitability despite lower margins, indicating a stable operational performance [6]

格隆汇12月15日｜开源证券日前研报指出，大洋生物投建PEEK及配套氟酮项目，打开远期成长空间， 维持"买入"评级。公司拟投资1.93亿元，建设年产2000吨特种高分子材料聚醚醚酮（PEEK）及关键中 间体4,4′–二氟二苯甲酮等项目。此前，公司拥有氟苯产能650吨/年并具备氟酮中试技术，PEEK环节此 次通过依托大连理工大学等国内知名院校，为项目提供技术支撑。通过投资PEEK项目，公司未来有望 构建氟苯-氟酮-PEEK全产业链，打开远期成长空间。 ...

Core Viewpoint - The company, Ocean Biological, plans to enter the high-performance engineering plastics market by producing PEEK, a material currently dominated by international giants, thereby breaking their long-standing monopoly [1][2][3] Group 1: Project Overview - Ocean Biological announced a project to produce 2,000 tons of PEEK and its key intermediate, 4,4′-difluorobenzophenone (DFBP), with a total investment of 193 million yuan, including 84.25 million yuan for equipment and installation, 79 million yuan for construction, and 30 million yuan for working capital [1] - The project will be funded through a combination of self-owned funds and bank financing, with a construction period of 30 months from project initiation to trial production [1] Group 2: Market Potential - PEEK is recognized for its excellent properties such as high temperature resistance, high strength, and lightweight, making it suitable for various high-end applications, including aerospace, medical devices, automotive manufacturing, and electronics [1] - The demand for PEEK materials is expected to grow significantly, with a projected increase in domestic market demand from 2,334 tons in 2022 to 5,079 tons by 2027, corresponding to a compound annual growth rate of approximately 16.8% [2] Group 3: Strategic Importance - The project aligns with national policies promoting the self-sufficiency of high-end new materials and aims to enhance the domestic production capacity of PEEK, which has been largely reliant on imports [3] - Ocean Biological's strategy includes producing DFBP in-house, which constitutes 50%-60% of PEEK's production cost, thereby creating a closed-loop supply chain that enhances competitiveness against imported products [3][4] Group 4: Additional Investments - In addition to the PEEK project, Ocean Biological plans to sign a strategic cooperation agreement with Shandong Yalong Chemical Co., Ltd. to produce 60,000 tons of potassium hydroxide and 30,000 tons of potassium carbonate, with an investment of 500 million yuan [4] - This new potassium carbonate project aims to enhance the company's production capacity and diversify its product offerings to meet the differentiated demands of high-end sectors such as pharmaceuticals, food, and electronics [4]

| | | 12月12日重要公告摘要 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 今日聚焦 | 摩尔线程 | 拟使用75亿元闲置募集资金进行现金管理 | | | 芯原股份 | 终止购买芯来智融97%股权 | | | 人福医药 | 因披露的年度报告财务指标存在虚假记载 股票将被实施其他风险警 示证券简称变更为ST人福 | | | 恩捷股份 | 拟购买中科华联100%股份 股票复牌 | | 投资&签约 | 芯原股份 | 拟联合投资人增资天遂芯愿并收购逐点半导体控制权 | | 股权变动 | 长安汽车 | 全资子公司长安科技拟开展增资扩股 公司拟增资6亿元且最终持有 75%股权 | | 增减持&回购 | 西测测试 | 控股股东、实际控制人李泽新拟以48.59元/股价格协议转让422万股 | | | 西成科学 | 股东靖戈私募拟减持不超1%股份 | | 经营&业绩 | 江苏国信 | 子公司国信马洲100万千瓦机组正式投产运营 | | 融资8定增 | 天顺风能 | 拟定增募资不超过19.5亿元 用于长风新能源装备制造基地扩建等项 E | | 合同&项目中标 | 中远海能 | 签订 ...