Macro Analysis - The core CPI has risen to +1.0% year-on-year due to increases in gold prices and durable goods, but overall CPI remains negative due to the drag from pork prices [2] - CPI is expected to turn positive in Q4 as the high base effect from the previous year dissipates [2] - PPI's year-on-year decline continues to narrow, influenced by the high base effect and the promotion of "anti-involution" [2] Credit Market Insights - In September 2025, new RMB loans increased by 700 billion, marking the second consecutive month of growth [3] - The credit growth indicates a potential upward trend for Q4, suggesting that the market is preparing for increased lending activity [3] Bond Market Overview - The overall CPI showed slight improvement in September, with core CPI rising for five consecutive months [4] - PPI remained flat month-on-month, with a decline in manufacturing prices [4] - The bond market outlook is optimistic due to a relatively loose funding environment, with a target yield for 10Y government bonds set at 1.7% [4] Banking Sector Analysis - In September, the intensity of loan issuance showed a seasonal rebound, with new social financing at 3.53 trillion, down 0.1 percentage points year-on-year to 8.7% [6] - The M1 money supply continues to rebound, while M2 shows a slight decline due to a high base effect, indicating an increase in monetary activity [6] Company Research: Xinhan New Materials - Xinhan New Materials focuses on the R&D, production, and sales of aromatic ketone products, with projected net profits of 79 million, 85 million, and 100 million RMB for 2025-2027 [7] - The company is expected to experience high growth due to new capacity coming online, leading to an "overweight" rating [7] Company Research: Xiaocaiyuan - Xiaocaiyuan is a leading brand in the affordable dining sector, aligning with consumer trends for quality and price [8] - Projected net profits for 2025-2027 are 750 million, 922 million, and 1.132 billion RMB, with corresponding EPS of 0.64, 0.78, and 0.96 RMB [8] - The company is rated "overweight" due to its supply chain advantages and potential for margin improvement [8]

Core Viewpoint - The company is a leader in aromatic ketone products based on the Fuchs reaction, with significant technological and industrial chain advantages [4] Group 1: Product and Market Overview - The company focuses on the research, production, and sales of aromatic ketone products, including core raw materials for specialty plastics, photoinitiators, and cosmetic raw materials, with a complete range of product specifications [4] - The company has a production capacity of 9,800 tons/year for aromatic ketone products by the end of 2024 [4] Group 2: Demand for Fluoroketone - Fluoroketone is the main raw material for producing PEEK, and the company has established long-term partnerships with the top three global PEEK manufacturers and leading domestic producers [5] - The global PEEK production capacity is approximately 21,000 tons/year, with an additional planned capacity of about 2,050 tons/year. Assuming a current utilization rate of 60%, the global demand for fluoroketone is estimated to be between 8,820 and 10,080 tons/year [5] - Once the planned capacity is fully operational and the average utilization rate increases to 80%, the demand for fluoroketone is expected to rise to between 12,900 and 14,800 tons/year [5] Group 3: Photoinitiators and Cosmetic Raw Materials - The company's photoinitiators, such as MBP, PBZ, and ITF, are key components in light-curing coatings and inks, with stable partnerships established with clients like IGM [6] - The market value of photoinitiators in China increased from 3.11 billion yuan in 2018 to 4.59 billion yuan in 2023, with a CAGR of 8.1% [6] - The company's main product, HAP, is used in mid-to-high-end cosmetics, and the global market for new cosmetic preservatives is projected to exceed 640 million USD by 2028 [6] Group 4: Growth Potential and Investment Projects - The demand for fluoroketone is expected to grow significantly due to the lightweight industry trend, and the company's fundraising projects will open up new growth opportunities [7][8] - The company's existing technology is unique and serves as a core competitive advantage, with a broad customer base that includes well-known domestic and international listed companies [8] - The company's IPO fundraising project, which aims for an annual production of 8,000 tons of aromatic ketones and related projects, is expected to be fully operational by December 2025 [8] - The company is also expanding into various fine chemical intermediates applicable in pharmaceuticals and pesticides, indicating significant growth potential [8]

Macro Analysis - The core CPI has risen to +1.0% year-on-year, driven by increases in gold prices and durable goods, but overall CPI remains negative due to the drag from pork prices [4] - CPI is expected to turn positive in Q4 as the high base effect from the previous year dissipates [4] - PPI's year-on-year decline has narrowed, influenced by the high base effect from last year and the promotion of "anti-involution" [4] - The upward slope of PPI may slow in Q4 due to weakened support from last year's base, increased oil price declines, and obstacles in price transmission from upstream to downstream [4] Credit Market Insights - In September 2025, new RMB loan data indicates a significant increase, with a month-on-month rise from 640 billion to 700 billion yuan, reflecting a robust credit growth trend [5] - The current credit growth shows potential for further acceleration in Q4, indicating a positive outlook for the credit market [5] Company Insights - Zhongyan Co., Ltd. (688716.SH) is a leading player in the domestic PEEK industry, with an annual production capacity of 1,000 tons of PEEK and an additional 5,000 tons of deep-processing products expected to be operational by September 2026 [6] - The company has developed a comprehensive product system with 52 specifications across two major categories and three major brands [6] - Newhan New Materials (301076.SZ) specializes in aromatic ketone products, with a production capacity of 9,800 tons per year by the end of 2024, showcasing significant technological and supply chain advantages [6] - Xiaocaiyuan (0999.HK) is a leading brand in the mass catering sector, focusing on high cost-performance, with plans to accelerate store openings in H2 2025 and potential for improved profit margins through supply chain efficiencies [6]

9月17日，新瀚新材涨5.64%，截至发稿，报64.97元/股，成交7.31亿元，换手率10.50%，总市值113.62 亿元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，鹏华基金旗下1只基金位居新瀚新材十大流通股东。鹏华碳中和主题混合A（016530）二季 度新进十大流通股东，持有股数163.21万股，占流通股的比例为1.93%。根据测算，今日浮盈赚取约 566.34万元。 鹏华碳中和主题混合A（016530）成立日期2023年5月5日，最新规模20.8亿。今年以来收益112.41%， 同类排名22/8172；近一年收益243.58%，同类排名9/7980；成立以来收益110.75%。 鹏华碳中和主题混合A（016530）基金经理为闫思倩。 截至发稿，闫思倩累计任职时间7年338天，现任基金资产总规模161.36亿元，任职期间最佳基金回报 306.25%， 任职期间最差基金回报8.85%。 资料显示，江苏新瀚新材料股份有限公司位于江苏 ...

鹏华碳中和主题混合A（016530）基金经理为闫思倩。 截至发稿，闫思倩累计任职时间7年336天，现任基金资产总规模161.36亿元，任职期间最佳基金回报 306.25%， 任职期间最差基金回报6.81%。 9月15日，新瀚新材涨5.49%，截至发稿，报62.40元/股，成交4.63亿元，换手率6.92%，总市值109.13亿 元。 资料显示，江苏新瀚新材料股份有限公司位于江苏省南京市化学工业园区罐区南路86号(公司东厂区)， 成立日期2008年7月25日，上市日期2021年10月11日，公司主营业务涉及芳香族酮类产品的研发、生产 和销售。主营业务收入构成为：特种工程塑料核心原料42.36%，化妆品原料20.64%，医农中间体及其 他20.25%，光引发剂16.75%。 从新瀚新材十大流通股东角度 数据显示，鹏华基金旗下1只基金位居新瀚新材十大流通股东。鹏华碳中和主题混合A（016530）二季 度新进十大流通股东，持有股数163.21万股，占流通股的比例为1.93%。根据测算，今日浮盈赚取约 530.43万元。 鹏华碳中和主题混合A（016530）成立日期2023年5月5日，最新规模20.8亿。今年以来收益9 ...

Group 1 - The core viewpoint of the news is the performance and market position of Jiangsu Xinhang New Materials Co., Ltd., which saw a stock price increase of 5.02% to 51.44 CNY per share, with a total market capitalization of 8.996 billion CNY [1] - The company was established on July 25, 2008, and went public on October 11, 2021, focusing on the research, production, and sales of aromatic ketone products [1] - The revenue composition of the company's main business includes 42.36% from specialty engineering plastics, 20.64% from cosmetic raw materials, 20.25% from agricultural and pharmaceutical intermediates, and 16.75% from photoinitiators [1] Group 2 - From the perspective of the top ten circulating shareholders, Penghua Fund has a fund that entered the top ten shareholders of Xinhang New Materials, holding 1.6321 million shares, which is 1.93% of the circulating shares [2] - The Penghua Carbon Neutrality Theme Mixed A Fund, established on May 5, 2023, has a latest scale of 2.08 billion CNY and has achieved a return of 72.7% this year, ranking 107 out of 8178 in its category [2] - The fund has a one-year return of 164.71%, ranking 20 out of 7978 in its category, and a cumulative return since inception of 71.35% [2]

从新瀚新材十大流通股东角度 截至发稿，闫思倩累计任职时间7年323天，现任基金资产总规模161.36亿元，任职期间最佳基金回报 306.25%， 任职期间最差基金回报-1.82%。 数据显示，鹏华基金旗下1只基金位居新瀚新材十大流通股东。鹏华碳中和主题混合A（016530）二季 度新进十大流通股东，持有股数163.21万股，占流通股的比例为1.93%。根据测算，今日浮盈赚取约488 万元。 鹏华碳中和主题混合A（016530）成立日期2023年5月5日，最新规模20.8亿。今年以来收益76.11%，同 类排名209/8184；近一年收益164.2%，同类排名30/7971；成立以来收益74.74%。 9月2日，新瀚新材涨5.68%，截至发稿，报55.62元/股，成交10.35亿元，换手率18.65%，总市值97.27亿 元。 资料显示，江苏新瀚新材料股份有限公司位于江苏省南京市化学工业园区罐区南路86号(公司东厂区)， 成立日期2008年7月25日，上市日期2021年10月11日，公司主营业务涉及芳香族酮类产品的研发、生产 和销售。主营业务收入构成为：特种工程塑料核心原料42.36%，化妆品原料20.64%， ...

Group 1 - The stock price of Xinhan New Materials is reported at 51.66 yuan, down by 2.77 yuan from the previous trading day, with an opening price of 54.98 yuan, a high of 54.99 yuan, and a low of 51.50 yuan, with a trading volume of 174,000 hands and a transaction amount of 911 million yuan [1] - Xinhan New Materials specializes in the research, production, and sales of aromatic ketone products, operating within the chemical raw materials sector [1] - The company disclosed its semi-annual report for 2025, showing a revenue of 229 million yuan for the first half of the year, representing a year-on-year growth of 9.66%, and a net profit attributable to shareholders of 35.29 million yuan, reflecting a year-on-year increase of 20.40% [1] Group 2 - The company plans to distribute a cash dividend of 1 yuan for every 10 shares to all shareholders [1] - On August 26, the company received visits from several institutions, including Jiashi Fund and Donghai Fund, for research purposes [1] - On August 26, the net outflow of main funds was 154.23 million yuan, with a cumulative net outflow of 406.47 million yuan over the past five days [1]

Company Overview - The company specializes in the research, production, and sales of aromatic ketone products, including core raw materials for specialty engineering plastics, photoinitiators, and cosmetic raw materials [2] - The company has established stable partnerships with major global manufacturers in the PEEK (Polyether Ether Ketone) industry, such as VICTREX, SYENSQO, and EVONIK [11] Industry Situation Specialty Engineering Plastics - PEEK - PEEK is a high-performance thermoplastic with excellent properties such as high heat resistance, radiation resistance, and chemical stability, making it a popular choice in various industries [4] - The demand for PEEK in China is expected to grow significantly, with production projected to reach approximately 3,809 tons and demand around 3,894 tons by 2024, reflecting a rapid expansion trend [5] - The global PEEK market is forecasted to reach 6.1 billion yuan by 2024 and 8.54 billion yuan by 2027, with a compound annual growth rate (CAGR) of 13.7% in the Chinese market from 2022 to 2027 [5][6] Photoinitiators - Photoinitiators are essential components in photopolymerization processes, which are increasingly replacing traditional solvent-based materials due to their efficiency and environmental benefits [11] - The market for UV coatings, inks, and adhesives in China is projected to grow, with the UV ink market being the largest application area, driven by the PCB industry [12] Cosmetic Raw Materials - The market for cosmetic preservatives is expected to reach 1.4 billion USD by 2024, with a growing demand for new, safer preservatives due to regulatory changes and consumer preferences [16] - The company's HAP and HDO products are recognized for their multifunctional properties, including antioxidant and antimicrobial effects, making them suitable alternatives to traditional preservatives [15][19] Key Performance Drivers - The company benefits from supportive national policies and technological advancements in the fine chemical industry, which are crucial for sustainable development [20][22] - The increasing demand for high-performance materials in various sectors, including aerospace, automotive, and healthcare, is driving the growth of the PEEK market [20][21] - The company's established reputation and partnerships with high-end clients in specialty engineering plastics, photoinitiators, and cosmetic raw materials enhance its competitive position [22]