证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 永新股份(002014) 投资评级 无评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 李晨 新消费行业分析师 执业编号：S1500525060001 邮箱：lichen@cindasc.com [Table_OtherReport] 永新股份：收入稳健增长，海外市场 贡献增量 永新股份：增长延续稳健，25 年新征 程 永新股份：Q4 业绩靓丽，延续高分红， 新管理层或加速成长 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 永新股份：经营表现稳健，结构成长突出 [Table_ReportDate] 2025 年 10 月 26 日 [Table_S 事件：公司发布 ummary]2025 年三季报。2025Q1-Q3 公司收入实现 27.06 亿元（ ...

广西项目为恒逸石化近年来重点打造的大型己锦一体化生产基地，项目拥有技术优势、一体化优势、产 品结构优势等多重优势。技术上，该项目大规模产业化应用了多项公司自主研发的专利技术及知识产 权，全流程制备均采用先进的单元技术及技术组合，引进最新节能技术，生产成本有望下降。一体化优 势上，该项目全流程集成配套生产要素与能源资源，能耗物耗指标显著优化，各方面均达到行业领先水 平；产品结构上，该项目产成品包含民用纤维、工程塑料及薄膜等多种产品，产品结构丰富合理。 10月22日晚间，恒逸石化（000703）公告，子公司广西恒逸新材料有限公司投资建设的"年产120万吨己 内酰胺-聚酰胺产业一体化及配套工程项目"(简称"广西项目")一期于近日平稳实现全流程打通，并顺利 进入试生产阶段。 项目位于广西钦州港石化园区内，项目一期建设用地1717亩，一期建设内容主要包括：2*30万吨/年环 己酮、2*40万吨/年双氧水、30万吨/年合成氨，10万标方/小时制氢、2*30万吨/年己内酰胺和2*30万吨/ 年聚酰胺聚合等生产装置，同时配套智能仓库、公用工程、供热设施和服务性工程等。 据了解，广西项目位于广西钦州港石化园区内，广西具有独特区 ...

证券代码：603725 证券简称：天安新材 公告编号：2025-046 广东天安新材料股份有限公司 二、高分子复合饰面材料主要产品的价格变动情况（不含税） | 主要产品 | 2025 | 年 1-9 | | | | | 三季度均 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 月平均售 | 2024 | 年 1-9 | 月平均 | 价同比变 | 季度均价环比 | | | | | 价 | | | 售价 | | 动比率 | 变动比率（%） | | | | | | | | | | （%） | | | | 家居装饰 饰面材料 | | 23,535.79 | 元/吨 | | 25,130.17 | 元/吨 | -6.34 | | 5.08 | 一、2025 年 1-9 月高分子复合饰面材料主要产品的产量、销量及收入实现情况 主要产品 产量 销量 营业收入（万元） 家居装饰饰面材料 6,978.00 吨 6,647.54 吨 15,645.52 汽车内饰饰面材料 12,573.21 吨 11,586.56 吨 48,9 ...

上证报中国证券网讯（林铭溱 记者 杨子晏）10月15日，在2025湾区半导体产业生态博览会（下称"湾芯展"）在深圳开幕。 10月15日，在2025湾区半导体产业生态博览会（下称"湾芯展"）在深圳开幕。上证报记者在现场看到，上午9点，展馆1号馆门前的观众已陆续排队入场，场 馆内人潮涌动。场内，新凯来及其子公司万里眼的展台吸引了众多"围观者"。 新凯来展台本次展出了扩散、刻蚀、薄膜、光学检测、光学测量、物理与X射线量测六大类产品，涵盖EPI（峨眉山）、ETCH（武夷山）、PVD（普陀 山）、BFI（岳麓山）等16件产品。 同时，新凯来子公司万里眼设有独立展台。在其展出的诸多产品中，90GHz超高速实时示波器备受瞩目。深圳市万里眼技术有限公司示波器产品线总监崔天 宇接受上证报记者采访表示，这台90Ghz超高速实时示波器即是本次新凯来带来的"惊喜"之一。 上证报记者在现场看到，上午9点，展馆1号馆门前的观众已陆续排队入场，场馆内人潮涌动。场内，新凯来及其子公司万里眼的展台吸引了众多"围观者"。 landigh 90GHz超真透实时示该是 文是身体 . 28.0 536 ul 日 O ( x 90 Nints 40.0 ...

深圳瑞华泰薄膜科技股份有限公司 关于为全资子公司提供担保的公告 证券代码：688323 证券简称：瑞华泰 公告编号：2025-044 转债代码：118018 转债简称：瑞科转债 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 担保对象及基本情况 （一）担保的基本情况 为满足公司及子公司经营和发展需要，深圳瑞华泰薄膜科技股份有限公司（以下简称"公司"）于近日与 江苏银行股份有限公司杭州分行（以下简称"江苏银行"）签订了《最高额保证合同》，为公司全资子公 司嘉兴瑞华泰薄膜技术有限公司（以下简称"嘉兴瑞华泰"）向江苏银行申请授信业务提供不超过人民币 5,000万元的最高额连带责任保证担保，保证期限为自保证合同生效之日起至主合同项下债务履行期 （包括展期、延期）届满之日后满三年之日止。 （二）内部决策程序 二、被担保人基本情况 （一）基本情况 ■ 三、担保协议的主要内容 1、债权人：江苏银行股份有限公司杭州分行 2、债务人：嘉兴瑞华泰薄膜技术有限公司 3、保证人：深圳瑞华泰薄膜科技股份有限公司 4、担保的债权最高额 ...

深圳市发改委相关负责人表示，新凯来旗下多个子公司将参加此次湾芯展，每个子公司都将带来意想不 到的惊喜。今年3月，该公司在上海半导体设备展上大放异彩，展示了刻蚀、扩散、薄膜、物理量测、 X射线检测及光学检测等6大类共31款半导体工艺设备。 东吴证券表示，伴随关键设备的国产突破，先进制程扩产有望加速；看好自主可控赛道，半导体设备为 重要一环，看好先进制程的关键设备进展突破。 （文章来源：每日经济新闻） 今日半导体产业链题材持续回调，截至14:10，中证芯片产业指数下跌5.5%，中证半导体材料设备主题 指数下跌6.2%，半导体设备ETF易方达（159558）盘中净申购达2600万份。 消息面上，2025湾区半导体产业生态博览会将于明日在深圳举行，本届湾芯展设置IC设计、晶圆制造、 先进封装、化合物半导体四大展区，吸引包括ASML、北方华创等600余家国内外头部企业参展，覆盖 半导体全产业链。 中证芯片产业指数由50只业务涉及芯片设计、制造、封装与测试以及半导体材料、半导体生产设备等领 域的股票组成，数字芯片设计行业占比过半，半导体设备行业占比近20%；中证半导体材料设备主题指 数则由40只业务涉及半导体材料和半导体 ...

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View In August, the import and export data of the polyester chain showed differentiation. PX imports continued to grow, and ethylene glycol imports remained stable. PTA exports declined, while polyester exports continued to rise year - on - year. Textile and clothing exports also showed different trends, with textile exports rebounding and clothing exports decreasing. The short - term impact of tariffs on clothing and textile exports has decreased, but the tariff negotiation dynamics need continuous attention [2]. 3. Summary by Content PX Import - In August, PX imports reached 87.6 tons, a month - on - month increase of 12% and a year - on - year increase of 15.9%. From January to August, the cumulative import was 615.8 tons, a year - on - year increase of 6.5%, and the cumulative year - on - year growth rate continued to expand. The top three import sources were South Korea, Japan, and Brunei [6][8]. PTA Export - In August, PTA exports were 29.9 tons, a month - on - month decrease of 20.1% and a year - on - year decrease of 26.8%. From January to August, the cumulative export was 253 tons, a year - on - year decrease of 16.9%. The top five export destinations from January to August were Vietnam, Egypt, Oman, Turkey, and Pakistan. In August, exports to Turkey and India decreased significantly [3]. Ethylene Glycol Import - In August, ethylene glycol imports were 59.2 tons, a year - on - year increase of 1.4%. The import volume from Saudi Arabia decreased, but the increase from Kuwait, Oman, and the United States offset the reduction. From January to August, the cumulative import was 502.8 tons, a year - on - year increase of 16%, and the year - on - year growth rate narrowed. Saudi Arabia is the main source of ethylene glycol imports, and future imports are expected to increase [6]. Polyester Export - From January to August, the cumulative polyester export was 962 tons, a year - on - year increase of 15.8%. In August, the export was 122.5 tons, a month - on - month increase of 1.8% and a year - on - year increase of 9.1%. Short - fiber and filament exports performed well, while bottle - chip and film exports decreased month - on - month. The top five export destinations from January to August were Vietnam, Indonesia, South Korea, Pakistan, and India [4][5]. Textile and Clothing Export - From January to August, the cumulative textile and clothing export was $197.3 billion, a year - on - year decrease of 0.4%. Among them, textile exports were $94.53 billion, a year - on - year increase of 1.4%, and clothing exports were $102.77 billion, a year - on - year decrease of 2.1%. In August, textile exports increased both year - on - year and month - on - month, while clothing exports decreased [7].

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - The plastic futures 2601 contract is expected to maintain a volatile and stable trend, driven by the cost support from stable crude oil prices, reduced polyethylene supply due to plant maintenance, and improved downstream demand during the peak season [2][5] 3. Summary by Related Catalogs 3.1 Crude Oil Price and Cost Support - The trading logic in the crude oil futures market comes from three aspects: macro - factor drive with a "tight - to - loose" macro - environment, increased supply as OPEC+ continues to expand production, and rising geopolitical premiums in the oil market. After the game between supply increase and enhanced geopolitical risks, the domestic and international crude oil prices are expected to be volatile and stable, providing cost support for plastic futures [3] 3.2 Domestic Polyethylene Supply - Since September, the weekly output of domestic polyethylene has declined slightly due to the maintenance of devices such as Yulong Petrochemical, Liaoyang Petrochemical, and Yangzi Petrochemical. As of the week of September 12, 2025, the domestic polyethylene enterprise maintenance loss was 14.62 tons, a week - on - week increase of 2.28 tons. However, considering the planned restarts and new maintenance in the second half of the month, the supply decline momentum is expected to weaken, and the weekly output may stabilize and rebound [4] 3.3 Downstream Demand - With the arrival of the "Golden September" peak season, the profits of films and packaging films have improved. As of the week of September 12, 2025, the domestic film profit rose to - 220 yuan/ton, a year - on - year increase of 24.14%, and the packaging film profit was 148 yuan/ton, a year - on - year increase of 39.62%. The overall operating rate of downstream polyethylene industries reached 42.17%, a week - on - week increase of 1.11%. The demand side is expected to continue growing [5]

Group 1: Oil Market Dynamics - The escalation of the Russia-Ukraine conflict has increased geopolitical tensions, leading to a stabilization and slight rebound in domestic and international crude oil futures prices [1][2] - Current trading logic in the crude oil market is driven by macroeconomic factors, increased supply surplus expectations, and geopolitical risk premiums [2] - OPEC+ has decided to continue increasing production in October, contributing to expectations of a supply surplus in the fourth quarter [2] Group 2: Polyethylene Production and Demand - Domestic polyethylene weekly production has slightly decreased due to maintenance at several petrochemical facilities, resulting in a significant increase in maintenance loss [3] - As of September 12, maintenance losses for domestic polyethylene reached 146,200 tons, with a weekly increase of 22,800 tons [3] - The upcoming restart of several polyethylene facilities is expected to stabilize production levels, despite some facilities entering maintenance [3] Group 3: Seasonal Demand Trends - The traditional consumption peak season of "Golden September and Silver October" is approaching, leading to a gradual recovery in the plastic end-user demand market [4] - Profit margins in the film and packaging film sectors have improved, with the domestic film industry showing a significant year-on-year improvement in profitability [4] - The overall operating rate of downstream polyethylene industries has increased, indicating a positive trend in production activity [4]

Core Insights - Hengli Group ranks 3rd in the 2025 China Private Enterprises 500 Strong list with a revenue of 871.5 billion yuan, marking its fifth consecutive year in this position [1] - The company has a workforce of 210,000, significantly larger than Tencent's 112,100 employees, highlighting its substantial scale in the industry [1] Group 1: Business Strategy - Hengli Group has established a complete industrial chain from crude oil to consumer products, including petrochemicals and textiles, which is rare in the industry [2] - The company began its journey in 1994 by acquiring a local textile factory for 3.69 million yuan, quickly turning it profitable within a year [2] - In 2002, Hengli expanded into upstream chemical fiber production, investing 2.2 billion yuan to establish Jiangsu Hengli Chemical Fiber Co., becoming a leader in the chemical fiber industry [4] Group 2: Market Adaptation - Hengli's strategic moves during economic downturns, such as acquiring production lines during the 1997 Asian financial crisis and investing in equipment during the 2008 financial crisis, allowed it to capitalize on recovery periods [8] - The company entered the petrochemical sector in 2010 with the establishment of the Dalian Changxing Island Industrial Park, which became a significant project for private enterprises in China's refining industry [4] Group 3: Recent Developments - Hengli is currently expanding into shipbuilding through Hengli Heavy Industry, acquiring the idle STX (Dalian) shipyard and building large oil tankers and bulk carriers [8][9] - The shipbuilding division has already launched over 70 vessels and has orders scheduled until 2029, positioning itself as a major player in the global shipbuilding market [9] - Hengli Heavy Industry is also preparing for a backdoor listing, with leadership transitions indicating a focus on nurturing the next generation of management [12]