南山智尚（300918.SZ）12月27日在投资者互动平台表示，锦纶纤维具有断裂强度高、耐热性强、耐 磨、耐腐蚀等特点，被广泛应用在民用领域，如纺织服装行业中的超轻风衣、冲锋衣、羽绒服、速干 衣、防寒服、休闲夹克、运动服、户外帐篷、睡袋、登山包、束身衣、运动内衣等，同时还被应用于特 种防护、航空航天等工业领域，如用于制作特种防护安全用品、安全气囊、安全带、宇航服、降落伞 等。目前公司锦纶项目已顺利结项，核心工艺实现全流程闭环且关键性能指标达行业先进水平，产品可 覆盖民用纺织服装、特种防护等领域，与超高分子量聚乙烯纤维形成协同互补，为拓展机器人轻量化部 件、航空航天轻量化材料等新应用场景提供了坚实的材料支撑。 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司的产品是否应用到宇航服上面？ （文章来源：每日经济新闻） ...

证券研究报告 行业研究——周报 [Table_ReportType] [Table_StockAndRank] 石油加工行业 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，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] 大炼化周报：冬季下游备货需求步入尾声， 涤纶长丝小幅累库 [Table_ReportDate0] 2025 年 12 月 20 日 本期内容提要： [Table_Author] ➢ 国内外重点炼化项目价差跟踪： [Table_Summary] [Table_Summary] 截至 12 月 19 日当周，国内重点大 炼化项目价差为 2540.74 元/吨，环比变化+7.17 元/吨（+0.28%）； 国外重点大炼化项目价差为 1303.62 元/吨，环比变化-27.50 元/吨（- 2. ...

Investment Rating - The report does not explicitly state an investment rating for the petrochemical industry. Core Insights - The report highlights the impact of production cuts in caprolactam on pricing stability, while the price spread for nylon fibers has narrowed [2]. - Domestic key refining project price spread increased to 2425.48 CNY/ton, a week-on-week rise of 29.04 CNY/ton (+1.21%), while international key refining project price spread decreased to 1277.36 CNY/ton, a decline of 151.77 CNY/ton (-10.62%) [3]. - Brent crude oil weekly average price was reported at 63.18 USD/barrel, reflecting a decrease of 1.05% [2]. Refining Sector Summary - The report discusses the geopolitical situation regarding the Russia-Ukraine peace plan, which has led to fluctuations in international oil prices. Brent and WTI crude prices were reported at 63.20 and 58.55 USD/barrel respectively, with slight increases from the previous week [14]. - Domestic refined oil prices showed minor fluctuations, with diesel, gasoline, and aviation kerosene averaging 6787.00, 7603.14, and 5905.76 CNY/ton respectively [14]. Chemical Sector Summary - The chemical products market experienced a general decline in prices due to weak demand, with notable decreases in polyethylene price spreads [2]. - The report indicates that the nylon fiber price spread has narrowed significantly due to rising costs in the caprolactam market, despite being in a traditional demand off-season [2]. Polyester & Nylon Sector Summary - Polyester cost remained stable, while nylon costs increased significantly, leading to a notable narrowing of the price spread for nylon fibers [2]. - The report mentions that the polyester upstream prices for PX and MEG have slightly decreased, while PTA prices have shown a slight increase [2]. Key Refining Companies Performance - The report provides stock performance data for six major refining companies, with notable weekly changes including Rongsheng Petrochemical (-0.92%) and Xin Fengming (+7.08%) [2].

Investment Rating - The report does not explicitly state an investment rating for the oil refining industry. Core Insights - The report highlights that spring orders are beginning to be released in certain regions, and the profitability of polyester filament continues to improve [1]. Summary by Sections Domestic and International Refining Project Price Differentials - As of November 21, 2025, the domestic key refining project price differential is 2389.69 CNY/ton, with a week-on-week increase of 52.43 CNY/ton (+2.24%). The international key refining project price differential is 1446.16 CNY/ton, with a week-on-week increase of 6.66 CNY/ton (+0.46%) [2][3]. Refining Sector - The report notes that the end of the U.S. government shutdown is expected to boost demand. Geopolitical tensions, particularly the attack on the Russian port of Novorossiysk, raise concerns about supply disruptions from Russia. The Brent and WTI crude oil prices as of November 21, 2025, are 62.56 USD/barrel and 58.06 USD/barrel, respectively, reflecting decreases of 1.83 USD and 2.03 USD from the previous week [2][15]. Chemical Sector - The chemical price differentials are showing a fluctuating trend. Polyethylene prices are stable, while polypropylene demand remains weak, leading to price declines. The report indicates that the price of pure benzene remains stable, with a slight increase in its price differential [2][57]. Polyester & Nylon Sector - Demand for polyester filament is gradually being released, with product prices and profits showing slight increases. The report mentions that two new production facilities have been commissioned, although they have not yet started production. The prices of nylon fiber products have slightly increased, while the price differential has significantly decreased [2][57]. Stock Performance of Major Refining Companies - As of November 21, 2025, the stock price changes for six major private refining companies over the past week are as follows: Rongsheng Petrochemical (-9.17%), Hengli Petrochemical (-5.29%), Dongfang Shenghong (-3.44%), Hengyi Petrochemical (-3.01%), Tongkun Co. (-6.04%), and Xin Fengming (-9.63%). Over the past month, stock price changes are: Rongsheng Petrochemical (+4.58%), Hengli Petrochemical (+14.38%), Dongfang Shenghong (+7.91%), Hengyi Petrochemical (+10.44%), Tongkun Co. (+11.55%), and Xin Fengming (+7.98%) [2].

Core Viewpoint - Shandong Province has announced the list of leading enterprises in the new materials sector for 2025, with Nanshan Aluminum and Nanshan Zhishang being recognized for their technological advancements and industry leadership in new materials [1][12]. Group 1: Company Achievements - Nanshan Aluminum has been included in the Shandong Province's new materials leading enterprise cultivation list and has retained its position in the "Top 50 Leading New Materials Enterprises" [1]. - The company focuses on high-quality aluminum alloy new materials, including automotive sheets, aerospace plates, and battery foil, and is a key supplier for major manufacturers like COMAC, Airbus, and Boeing [2]. - Nanshan Zhishang has made significant strides in new materials, particularly in ultra-high molecular weight polyethylene fibers and nylon fibers, achieving large-scale production and international performance standards [4]. Group 2: Industry Context - The new materials industry is recognized globally as a crucial and rapidly developing high-tech sector, essential for gaining competitive advantages and is a key focus area for Shandong Province [1]. - The cultivation list aims to support enterprises in increasing R&D investment, promoting technological innovation, and expanding industrial scale, thereby enhancing the core competitiveness of Shandong's new materials industry [12]. Group 3: Future Directions - Both Nanshan Aluminum and Nanshan Zhishang plan to leverage provincial resources to deepen collaborative innovation in production, education, and research, aiming to solidify their technological leadership and contribute to the development of a strong manufacturing province [11].

Core Insights - The report highlights the price differentials of key refining projects in both domestic and international markets, indicating a slight increase in domestic price differentials and a more significant increase in international price differentials [1][2] - Brent crude oil's average weekly price shows a slight decline, reflecting market volatility influenced by geopolitical factors and economic data [2] Refining Sector - As of November 7, 2025, the domestic key refining project price differential is 2327.79 CNY/ton, with a week-on-week increase of 18.00 CNY/ton (+0.78%); the international key refining project price differential is 1361.85 CNY/ton, with a week-on-week increase of 56.54 CNY/ton (+4.33%) [1][2] - Brent crude oil's average weekly price is 64.23 USD/barrel, with a week-on-week change of -1.45% [1][2] - The refining sector is experiencing mixed signals due to U.S.-China trade negotiations and OPEC+ production decisions, leading to fluctuations in international oil prices [2] Chemical Sector - The chemical sector shows overall weak supply and demand, with cost declines not resulting in significant price differential improvements [3] - Polyolefin prices are fluctuating, while pure benzene and styrene prices are slightly declining, leading to narrowed price differentials [3] - Polyester filament yarn market shows slight upward movement due to stable supply, but overall purchasing willingness remains low due to weak downstream demand [3] Stock Performance of Major Refining Companies - As of November 7, 2025, stock price changes for six major private refining companies include: Rongsheng Petrochemical (+5.99%), Hengli Petrochemical (+8.02%), Dongfang Shenghong (+2.71%), Hengyi Petrochemical (-0.73%), Tongkun Co. (+6.82%), and Xin Fengming (+6.17%) [4] - Over the past month, stock price changes include: Rongsheng Petrochemical (+11.92%), Hengli Petrochemical (+13.13%), Dongfang Shenghong (-0.53%), Hengyi Petrochemical (+3.20%), Tongkun Co. (+1.20%), and Xin Fengming (+3.88%) [4]

Group 1 - The Shanghai and Shenzhen Stock Exchanges have released evaluation results for information disclosure for the years 2024 to 2025, with Nanshan Group's subsidiaries, Nanshan Aluminum and Nanshan Zhishang, receiving the highest A-level (excellent) rating, while Hengtong Logistics received a B-level (good) rating, reflecting high recognition from regulatory authorities for the quality of information disclosure and governance levels [1] - Nanshan Zhishang has been awarded the highest A-level rating for two consecutive years due to its high-quality information disclosure, proactive investor relations maintenance, and excellent social responsibility performance [1] - Nanshan Aluminum has established a complete industrial chain centered on aluminum processing, forming a diversified and advanced product matrix, and has recently improved its ESG rating to "A" by MSCI, indicating international market recognition for its green development and social responsibility efforts [1] Group 2 - In 2025, Nanshan Aluminum has implemented a cash dividend distribution of 462 million yuan (including tax) and has proposed a special dividend plan for shareholder returns, with total dividends since its listing reaching 13.076 billion yuan, surpassing its cumulative financing scale in the capital market [2] - Nanshan Zhishang is consolidating its leading position in the high-end new materials sector through a dual-driven approach of "material innovation + application scenarios," with ultra-high molecular weight polyethylene fibers and nylon fibers becoming core engines for its high-quality development [2] - Hengtong Logistics' main businesses include ports, physical logistics, and clean energy (LNG), with its port business experiencing explosive growth due to the production opportunities from the Yulong Petrochemical Park, becoming the company's primary performance growth point [2] Group 3 - Nanshan Aluminum, Nanshan Zhishang, and Hengtong Logistics will continue to strictly implement securities regulatory requirements, enhance information disclosure quality, improve investor communication, and maintain investor rights, contributing to the healthy, sustainable, and high-quality development of the capital market [3]

Investment Rating - The industry investment rating is "Positive" as the industry index is expected to outperform the benchmark [150] Core Insights - The report highlights an improvement in demand for polyester filament yarn, leading to a continued reduction in inventory levels [2] - The Brent crude oil average price for the week ending October 31, 2025, was $65.18 per barrel, reflecting a week-on-week increase of 3.96% [2][3] - Domestic and international refining project price differentials were tracked, with domestic projects at 2337.32 CNY/ton, down 1.97%, and international projects at 1303.72 CNY/ton, up 6.53% [2][3] Refining Sector Summary - The market is questioning the effectiveness of sanctions against Russia, while OPEC+ is inclined to slightly increase production in December [2] - The EIA inventory data provided positive support, alleviating concerns over trade tensions [2] - As of October 31, 2025, the prices for Brent and WTI crude oil were $65.07 and $60.98 per barrel, respectively [2][14] Chemical Sector Summary - Chemical prices generally declined, with significant narrowing of price differentials [2] - Polyolefins showed stable price movements, while EVA continued to weaken with noticeable price drops [2] - Benzene prices faced downward pressure due to high invisible inventory levels, leading to slight price fluctuations [2] Polyester & Nylon Sector Summary - Demand for polyester filament yarn has rebounded, with inventory levels decreasing significantly [2] - The government has introduced policies to optimize the supply structure, improving medium to long-term supply-demand expectations [2] - The average prices for polyester filament yarn were reported as follows: POY at 6439.29 CNY/ton, FDY at 6675.00 CNY/ton, and DTY at 7725.00 CNY/ton [2][87] Major Refining Companies Performance - The stock price changes for six major refining companies as of October 31, 2025, were as follows: Rongsheng Petrochemical (+2.62%), Hengli Petrochemical (+6.40%), Dongfang Shenghong (-1.18%), Hengyi Petrochemical (-4.15%), Tongkun Co. (-0.49%), and Xin Fengming (+1.53%) [2][137]

Group 1: Collaboration and Product Development - The collaboration with Junsheng Electronics focuses on the development of key components for humanoid robots and the supply of high-performance new materials [1][2] - The company is currently producing fabric materials for robot heads, meeting various performance requirements such as tensile strength, temperature resistance, and aesthetics [2] Group 2: Future Applications of Data Gloves - Data gloves are expected to be used in three main scenarios: remote operation of industrial robots, skill learning for robots, and virtual assembly testing in VR environments [3] Group 3: Market Outlook for Tendon Solutions - The company has received small batch orders from leading domestic and international robot manufacturers for tendon products, which are applicable in various humanoid robot parts [4] - Future focus will be on key products like tendons, smart gloves, and PA66 coating materials, aiming for lightweight, functional, and scalable developments [4] Group 4: Nylon Project and Industry Trends - The nylon fiber market is expected to grow due to the increasing popularity of outdoor and sports apparel, with a focus on sustainable and high-end products [5] - The company aims to integrate technology innovation with sustainable development to enhance the value chain in the nylon industry [5] Group 5: AI Integration in Fashion Design - The company is incorporating AI design systems into its high-end fashion business to meet customized client needs and enhance product differentiation [6] Group 6: Growth Points in Nylon Business - Future growth in the nylon sector will focus on differentiated functional fibers and applications in new consumer markets and humanoid robot coverings [7] Group 7: Financial Performance - In the first three quarters of 2025, the revenue from ultra-high fibers increased by 11.56% year-on-year, with a gross profit increase of 175.24% and a net profit growth of 212% [8] - The company’s foreign trade revenue for ultra-high fibers surged by 256.16% compared to the same period in 2024 [9] Group 8: Employee Stock Ownership Plan - The employee stock ownership plan will not significantly alter the company's equity structure, with a maximum of 10% of the total share capital held by all employees [10] Group 9: Cash Flow and Investment - The decrease in operating cash flow is attributed to increased cash outflows for the 80,000-ton nylon filament project [11] Group 10: Dual-Drive Strategy - The company is implementing a dual-drive strategy of "traditional wool spinning + new materials" to enhance its product matrix and accelerate the development of new materials [12] Group 11: Core Advantages of Nylon Project - The 80,000-ton high-performance differentiated nylon filament project has a total investment of approximately 1.5 billion yuan, focusing on advanced production systems and market positioning [11] Group 12: New Application Areas for Ultra-High Business - The ultra-high business is expanding into new markets such as fishing lines, civilian textiles, and robot tendons, with a focus on high-performance product development [12] Group 13: Performance Standards for Tendon Materials - The lifespan of tendon materials is targeted to reach 100,000 cycles for household use and 1,000,000 cycles for industrial applications, with plans for further development [13]

Core Insights - Nanshan Zhishang reported a revenue of 1.226 billion yuan and a net profit of 117 million yuan for the first three quarters of 2025, showcasing strong financial performance driven by innovations in high-end new materials [1] Group 1: Financial Performance - The company achieved a revenue of 1.226 billion yuan and a net profit of 117 million yuan in the first three quarters of 2025 [1] - The gross profit of ultra-high molecular weight polyethylene fiber products increased by 175.24% year-on-year, with a gross margin growth of 15.54% [1] - Net profit from ultra-high molecular weight polyethylene fiber products grew by 212%, indicating its role as a core growth engine for the company [1] Group 2: Product Innovations - The company has developed a fabric tactile smart glove that integrates electronic skin technology with flexible fabric sensors, enabling humanoid robots to achieve near-human tactile perception [2] - The smart glove can accurately identify pressure, texture, and temperature changes, facilitating refined and intelligent actions for robots [2] - Nanshan Zhishang plans to collaborate with Changsheng Bearing and Yihaiyuan to develop high-strength, high-lifetime tendon ropes, aiming for a lifespan of up to ten million cycles [2] Group 3: Production Capacity - The company has established a 3,600-ton ultra-high molecular weight polyethylene fiber intelligent production line and an 80,000-ton high-performance differentiated nylon filament production line to meet future demands [2] - The nylon fiber products, particularly the 66 nylon with a density of 1.14-1.15 g/cm, are positioned to capitalize on the lightweight trend in robotics [2] Group 4: Talent Retention and Corporate Strategy - Nanshan Zhishang has introduced an employee stock ownership plan aimed at attracting and retaining professional talent, focusing on the core technology team in the robotics business [3] - The plan, approved at the second extraordinary shareholders' meeting in October 2025, aims to enhance the company's competitive edge in the new materials sector for humanoid robots [3] - This initiative reflects the company's commitment to advancing industrial upgrades and seizing future technological opportunities [3]