净利率降幅低于毛利率主要由于期间费用率减少。2025Q3 公司毛利率/归母净利率为25.65%/8.54%、同 比下降7.15/2.4PCT，我们分析毛利率下降主要由于锦纶业务占比提升，25Q3 销售/管理/研发/财务费用 率分别为5.95%/3.51%/3.98%/0.2%、同比下降1.8/0.78/-0.16/2.19PCT，财务费用率下降主要由于可转债 转股利息支出减少。其他收益/收入同比减少-0.85PCT，主要由于收益性政府补助减少；资产减值损失/ 收入同比计提减少0.55PCT；信用减值损失/收入同比计提增加0.68PCT；营业外支出/收入同比减少 0.65PCT；所得税/收入同比下降0.4PCT。 根据2025/9/12 投资者关系纪要，公司正式发布新一代触觉智能手套，这款织物触觉智能手套，是公司 与武汉大学、手智创新共同技术沉淀的结晶，融合了柔性传感、感驱一体纤维等多项创新技术，不仅在 构造上实现"感知-驱动-处理"的高度集成，更在灵巧手遥操作、数据采集及虚拟现实（VR）等场景中打 破传统交互边界，让"触觉数字化"从概念真正走向现实 预计总费用6131.5 万元，25-27 分别分摊766/4 ...

从供需结构来看，在供给端，2025年是己内酰胺产能投放增速较高的一年，但未来2-3年产能扩张将放 缓。目前各企业普遍都配置了完整的产业链和原辅料配套，对企业技术、资金和产业配套以及环保指标 等要求非常高，这提升了产业进入门槛。在需求端，下游锦纶凭借在纤维和非纤维领域出色的性能优 势，未来下游需求将会呈现持续增长的潜力。 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。随着 我国工业的不断发展、零部件国产化进程的加快及锦纶薄膜的进一步普及，锦纶需求有望增长。 据了解，广西项目位于广西钦州港石化园区内，广西具有独特区位优势，对内是东西双向互济、丝绸之 路经济带和21世纪海上丝绸之路有机衔接的重要门户，又是面向东盟地区 ...

证券日报网讯 台华新材10月20日在互动平台回答投资者提问时表示，公司自成立以来，始终聚焦主营 业务发展，深耕锦纶产业链。公司结合主营业务经营情况以及行业发展趋势，致力于锦纶技术创新，积 极拓展锦纶在新材料领域的应用场景，同时公司密切跟踪前沿新材料与新技术的发展动态，培育新的利 润增长点，为股东创造长期价值。 （编辑 任世碧） ...

Core Viewpoint - The A-share market is entering a new wave of "performance verification" as over 40 listed companies have released their Q3 performance forecasts, with more than 70% indicating strong growth momentum [1] Group 1: Performance Forecasts - Over 40 listed companies have issued Q3 performance forecasts, with over 70% showing positive growth (increase, slight increase, or turnaround) [1] - Companies like Guangdong Mingzhu and Yinglian Co. have reported performance increases exceeding 10 times, attracting market attention [1][2] - Yinglian Co. expects a net profit of 34.5 million to 37.5 million, representing a year-on-year increase of 1531.13% to 1672.97% [2] - Guangdong Mingzhu anticipates a net profit of 215 million to 263 million, reflecting a year-on-year growth of 858.45% to 1071.44% [2][3] Group 2: Sector Performance - Semiconductor companies are showing impressive performance, with Changchuan Technology forecasting a net profit of 827 million to 877 million, a year-on-year increase of 131.39% to 145.38% [4] - Yangjie Technology expects a net profit of 937 million to 1 billion, with a growth of 40% to 50% due to strong demand in automotive electronics and AI sectors [4] - The semiconductor industry is experiencing a global sales increase, with August 2025 sales reaching $64.9 billion, a 21.7% year-on-year increase [5] Group 3: Chemical Industry Performance - Companies in the chemical sector, such as Limin Co. and Brothers Technology, have reported significant profit increases due to product price hikes [6] - Limin Co. expects a net profit of 384 million to 394 million, a year-on-year increase of 649.71% to 669.25% [6] - Brothers Technology anticipates a net profit of 100 million to 115 million, reflecting a growth of 207.32% to 253.42% due to rising prices of certain products [6] Group 4: Industry Trends - The chemical industry is expected to see a recovery in profitability as regulatory measures control the approval of new low-efficiency production capacities [7] - There is a call for collaboration and synergy among companies in various sub-sectors, indicating a shift towards optimizing supply and demand structures [7]

本周（09.22-09.28）维生素价格下跌。根据秣宝网，本周维生素市场偏弱运行，下游需 求疲弱，市场成交清淡，虽然维生素价格持续走低，但市场仍有对未来厂方扩产能及需求走 低的担忧，欧洲终端维持即买即用的采购方式。维生素A方面，根据百川盈孚，截至9月28 日国内市场均价为60元/公斤，较上周下跌1.64%，较去年同期下降72.73%，根据海关统计， 2025年8月我国维生素A出口量约615.80吨，环比下降8.33%；维生素E方面，根据百川盈 孚，截至9月28日国内市场均价为46元/公斤，较上周下降7.07%，较去年同期下降64.06%， 虽然主流厂商停报，但市场反应平静；维生素C方面，本周厂家上调报价或停报，但贸易渠 道以观望为主，根据百川盈孚，截至9月28日国内市场均价为18元/公斤，较上周持平，较去 年同期下降29.41%。展望后市，预计短期内维生素价格维持偏弱运行。 本周（09.22-09.28）锦纶价格下跌。根据百川盈孚，截至9月28日，PA6切片市场均价为 9,325元/吨，较上周下降2.36%，较年初（2月8日）高点12,175元/吨下降23.41%。供应方 面，根据百川盈孚，广西某厂9月中旬第 ...

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The report highlights the impact of rising international oil prices and the decline in prices of vitamins and nylon [2] - Key areas of focus for September include the effects of "anti-involution" on supply in related sub-industries, the importance of self-sufficiency in electronic materials companies, undervalued industry leaders, and stable dividend policies in energy companies [2][12] Industry Dynamics - The basic chemical industry experienced a decline of 0.95% in the week of September 22-28, ranking 17th among 31 primary industries [9] - The oil and petrochemical industry saw a smaller decline of 0.12%, ranking 10th [9] - Among 100 tracked chemical products, 25 saw price increases, 43 saw declines, and 32 remained stable [9] - The average price of 34% of products increased month-on-month, while 52% decreased [9] - The report notes significant fluctuations in the prices of various chemicals, with liquid ammonia and anhydrous hydrofluoric acid showing notable price increases [9] Price Trends - International oil prices rose, with WTI crude futures closing at $65.72 per barrel, a weekly increase of 4.85%, and Brent crude at $70.13 per barrel, up 5.17% [9] - The report indicates a potential for oil prices to remain high due to geopolitical risks and OPEC+ interventions, despite pressures from tariff policies and increased production [9] - The report also notes a decline in vitamin prices due to weak downstream demand, with vitamin A and E prices dropping significantly compared to last year [9][12] Investment Recommendations - The report suggests focusing on companies in the oil and gas sector, particularly those with stable dividend policies and strong performance in the upstream capital expenditure [12] - It recommends monitoring developments in new materials, especially in electronic materials and renewable energy sectors, which are expected to see significant growth [12] - Specific companies recommended for investment include China Petroleum, China Oilfield Services, and several technology firms in the semiconductor and electronic materials sectors [12]

Core Insights - The "Petrochemical Industry Steady Growth Work Plan (2025-2026)" has been jointly released by seven departments including the Ministry of Industry and Information Technology and the Ministry of Ecology and Environment, aiming to stabilize and promote growth in the petrochemical sector [1][3]. Industry Overview - The herbicide industry, particularly in the case of glyphosate and glufosinate, is undergoing a "de-involution" movement, which is expected to help reverse the current downturn in the industry. A meeting is scheduled for October 12, 2025, to discuss maintaining fair competition and promoting high-quality development [2]. - The average market price for glufosinate raw powder is reported to be 44,500 yuan per ton as of September 25, indicating a stable market [2]. - The nylon industry is facing challenges such as insufficient demand, rising inventory, and declining profitability. Industry leaders are encouraged to adopt a cooperative approach to ensure healthy development [2]. Recommended and Beneficiary Stocks - Recommended stocks include leading companies in various sectors such as Wanhu Chemical, Hualu Hengsheng, Hengli Petrochemical, and others in the chemical and new materials sectors [4][5]. - Beneficiary stocks in the herbicide sector include Lier Chemical, while in the nylon sector, companies like Huading Co., Shunhua Chemical, and others are highlighted [2][4].

Investment Rating - The industry investment rating is "Positive" as the industry index is expected to outperform the benchmark [146] Core Viewpoints - The EVA supply remains tight, leading to continued price and margin increases [2] - Brent crude oil average price for the week ending September 19, 2025, was $67.55 per barrel, reflecting a week-on-week increase of 1.62% [2][3] - Domestic and international refined oil prices have seen slight increases, with domestic refined oil price margins narrowing and overseas margins widening [2] Summary by Sections Refining Sector - Domestic key refining project price margin was 2380.87 CNY/ton, a decrease of 15.72 CNY/ton (-0.66%) week-on-week, while the international margin was 1176.66 CNY/ton, down 16.22 CNY/ton (-1.36%) [2][3] - Brent and WTI crude oil prices on September 19, 2025, were $66.68 and $62.68 per barrel, respectively, showing slight declines from the previous week [16] - Domestic diesel, gasoline, and aviation kerosene average prices were 6936.14 CNY/ton, 8019.29 CNY/ton, and 5976.50 CNY/ton, respectively, with corresponding price margins against crude oil [16] Chemical Sector - EVA prices continued to rise, with an average price of 11842.86 CNY/ton, and the EVA-crude oil price margin increased to 8338.71 CNY/ton [56] - Polypropylene prices showed a downward trend due to weak demand, with average prices for various types of polypropylene reported [72] - MMA prices increased significantly due to supply-side factors and pre-holiday stocking demand, with an average price of 9882.14 CNY/ton [72] Polyester & Nylon Sector - PX prices showed a slight decline, with the current average price at 5926.85 CNY/ton, and the PX-crude oil price margin at 2423.52 CNY/ton [87] - PTA prices decreased, with the average price at 4592.86 CNY/ton and the industry average profit margin remaining negative [96] - The average price for polyester filament yarns decreased due to weak demand, with average prices reported for different types of yarns [104]

Group 1 - The core viewpoint highlights the stable growth of the main business while actively exploring new opportunities in semiconductors and embodied intelligence [3][6] - The company achieved a revenue of 1.099 billion yuan in H1 2025, a decrease of 2.4% year-on-year, with a net profit attributable to shareholders of 93 million yuan, an increase of 0.9% [3][4] - The sales gross margin improved to 26.07%, up 0.14 percentage points year-on-year, indicating effective product structure optimization [3][4] Group 2 - The report indicates that Sinopec's revenue for H1 2025 was 1.4091 trillion yuan, a decrease of 10.6% year-on-year, with a net profit of 21.5 billion yuan, down 39.83% [8][9] - The company achieved a historical high in domestic oil and gas equivalent production, reaching 262.81 million barrels, a year-on-year increase of 2.0% [11][12] - The refining segment faced challenges due to fluctuating international oil prices and declining demand for gasoline and diesel [13][39] Group 3 - The report on Ruihua Tai indicates a revenue of 182 million yuan in H1 2025, a year-on-year increase of 37.86%, with a net profit loss of 34 million yuan, showing a reduction in losses [17][18] - The company is gradually ramping up production capacity at its Jiaxing base, with new product development in the semiconductor and renewable energy sectors [21][19] Group 4 - Yanggu Huatai reported a revenue of 1.722 billion yuan in H1 2025, an increase of 2.09% year-on-year, but a net profit decrease of 8.43% [25][26] - The company is actively pursuing the acquisition of Bomi Technology, which specializes in semiconductor materials, indicating a strategic expansion into the electronic chemicals sector [28][29] Group 5 - Xinxiang Chemical Fiber reported a revenue of 3.738 billion yuan in H1 2025, a decrease of 1.52% year-on-year, with a significant drop in net profit by 58.58% [32][33] - The company maintains a leading position in the production of biomass cellulose filament, leveraging unique technology to enhance supply chain security [35][36] Group 6 - Hengyi Petrochemical's revenue for H1 2025 was 55.96 billion yuan, a decrease of 13.59% year-on-year, with a net profit of 227 million yuan, down 47.32% [38][39] - The company is set to launch a new nylon project in the second half of 2025, which is expected to strengthen its market position [40][41] Group 7 - Dongfang Shenghong reported a revenue of 60.916 billion yuan in H1 2025, a decrease of 16.36% year-on-year, but a net profit increase of 21.24% [43] - The company’s refining segment turned profitable, indicating resilience amid challenging market conditions [43]

Core Viewpoint - Nanshan Zhishang is facing pressure in its traditional business but has potential in the new materials sector, particularly in robotics and high-performance fibers, leading to an "accumulate" rating from analysts [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 731 million yuan, a decrease of 5.80%, and a net profit of 75 million yuan, down 8.66%, with an EPS of 0.18 yuan [2]. - Q2 revenue was 369 million yuan, a year-on-year decline of 11.4% but a quarter-on-quarter increase of 2.0%, with a net profit of 38 million yuan, down 16.4% year-on-year but up 1.5% quarter-on-quarter [2]. Industry Challenges - The textile and apparel industry is under significant pressure, with a reported 8.1% decline in textile profits and a 12.9% drop in the textile and apparel sector due to trade frictions and weakened macroeconomic conditions [2]. - The company is adapting to these challenges through differentiated operations and expansion into emerging fields, maintaining stable performance despite industry headwinds [2]. New Materials Development - The new materials sector is evolving towards high-end development, with stable demand for ultra-high molecular weight polyethylene fibers in civilian markets and a gradual recovery in military demand [2]. - The company is focusing on the robotics materials industry, leveraging its superior product performance to explore new applications [2]. Financial Data Insights - The company has significantly reduced financial expenses, attributed to lower interest expenses from convertible bonds and foreign exchange gains [2]. - Cash flow from operations has fluctuated due to increased cash payments for new projects, while financing cash flow has also varied due to funds received from the nylon project [2]. Project Delays - The high-performance differentiated nylon filament project has been delayed, expected to reach full operational status by December 2025 due to various factors affecting project funding and equipment commissioning [2]. Investment Outlook - The company is expected to achieve revenues of 1.637 billion yuan, 2.090 billion yuan, and 2.832 billion yuan from 2025 to 2027, with corresponding net profits of 203 million yuan, 238 million yuan, and 323 million yuan, reflecting growth rates of 1.30%, 27.66%, and 35.53% respectively [2].