投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-09 2025-01 2025-05 基础化工 沪深300 相关研究报告 《UCO-SAF 供需持续偏紧，欧盟对美 SAF 征收反侵销税或凸显中国 SAF 竞 争力—行业点评报告》-2025.9.25 《本周电石价格上涨，国内生物酶解 法 rPET 产业化进程提速—化工行业 周报》-2025.9.21 《2025 年 8 月 PPI 环比持平，环氧氯 丙烷供给偏紧，价格上行—化工行业 周报》-2025.9.14 《石化化工行业稳增长工作方案（2025-2026 年）》印 发，草铵膦、锦纶行业反内卷有序推进 ——行业周报 基础化工 基础化工 2025 年 09 月 28 日 | 金益腾（分析师） | 徐正凤（分析师） | | --- | --- | | jinyiteng@kysec.cn | xuzhengfeng@kysec.cn | | 证书编号：S0790520020002 | 证书编号：S0790524070005 | 本周行业观点：草铵膦、锦纶行业反内卷有序推进，有望助力行业景气上行 （1 ...

Group 1 - The core viewpoint of the news is that Nanshan Zhishang's stock has experienced fluctuations, with a notable increase of 141.59% year-to-date, but a recent decline of 3.12% over the past five trading days [1] - As of September 10, 2023, Nanshan Zhishang's shareholder count decreased by 3.73% to 29,100, while the average circulating shares per person increased by 3.88% to 14,931 shares [2] - The company reported a revenue of 731 million yuan for the first half of 2025, reflecting a year-on-year decrease of 5.80%, and a net profit attributable to shareholders of 75.15 million yuan, down 8.66% year-on-year [2] Group 2 - Nanshan Zhishang has a total market capitalization of 12.426 billion yuan, with a trading volume of 618 million yuan and a turnover rate of 5.66% as of September 18, 2023 [1] - The company's main business revenue composition includes 46.70% from fine woolen fabrics, 29.83% from clothing, 12.04% from ultra-high fiber, 9.94% from nylon fiber, and 1.50% from other sources [1] - Since its A-share listing, Nanshan Zhishang has distributed a total of 250 million yuan in dividends, with 183 million yuan distributed in the last three years [3]

Core Viewpoint - The report highlights the fluctuations in oil prices and refining margins, indicating a mixed outlook for the refining and chemical sectors due to various geopolitical and market factors [1][2]. Refining Sector - As of the week ending September 12, 2025, the domestic refining margin for key projects was 2407.08 CNY/ton, an increase of 45.76 CNY/ton (+1.94%) from the previous week, while the international refining margin was 1198.96 CNY/ton, up by 65.38 CNY/ton (+5.77%) [2]. - The Brent crude oil average price for the week was 66.47 USD/barrel, reflecting a decrease of 1.77% [2]. - OPEC+ has slowed its production increase, with several countries implementing compensatory production cuts, which, along with potential U.S. sanctions on Russia and ongoing geopolitical tensions, have supported a slight upward trend in international oil prices [2]. Chemical Sector - The petrochemical sector showed mixed price trends, with some olefin products experiencing strong demand and price increases, while polyethylene prices remained stable with slight declines [3]. - EVA prices continued to rise due to strong photovoltaic demand, while pure benzene prices saw a minor decrease [3]. - The polyester industry faced downward pressure on prices due to increased supply from a PX facility restart, with overall orders remaining low [3]. Stock Performance of Refining Companies - As of September 12, 2025, stock performance for six major private refining companies showed varied results, with New Fengming leading with a 7.09% increase over the week and 27.04% over the month [4]. - Other companies like Hengli Petrochemical and Dongfang Shenghong also showed positive monthly performance, indicating a generally favorable market sentiment despite some weekly declines [4].

Core Viewpoint - Nanshan Zhishang reported a decline in revenue and net profit for the first half of 2025, primarily due to weakened demand in the traditional wool textile and apparel business, while maintaining resilience in profitability through cost control and product optimization [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 731 million yuan, a year-on-year decrease of 5.80%, and a net profit attributable to shareholders of 75 million yuan, down 8.66% [1]. - The company's gross profit margin for the first half of 2025 was 34.04%, an increase of 0.26 percentage points year-on-year [2]. - The net profit margin for the first half of 2025 was 10.26%, a slight decrease of 0.32 percentage points year-on-year [2]. Group 2: Business Segments - The traditional woolen fabric segment generated revenue of 342 million yuan, down 16.15%, with a capacity utilization rate of 74.37%, but the gross margin improved by 0.53 percentage points to 38.34% [1]. - The apparel business reported revenue of 218 million yuan, a decline of 20.88%, yet the gross margin increased significantly by 4.47 percentage points to 37.41% [1]. - The new materials segment, particularly the ultra-high molecular weight polyethylene fiber, saw revenue of 88 million yuan, a year-on-year increase of 2.61%, with a gross margin rise of 12.98 percentage points to 27.15% [2]. Group 3: Strategic Initiatives - The company plans to invest in a project in Indonesia to build 160,000 sets of apparel production capacity to expand its international market presence [1]. - A strategic partnership was established with Wuhan University and Shouzhihua Innovation to advance research and application in key materials for humanoid robots, which is expected to benefit from the growth of the humanoid robotics industry [3]. - The company aims to build a new materials industry ecosystem with a focus on traditional woolen apparel and new material fibers, targeting a collaborative development model [3].

Group 1 - The company Nanshan Zhishang announced on August 28 that it is focusing on research in high-performance differentiated nylon fiber directions such as "flame retardant," "UV resistance," "cooling sensation," "antibacterial," and "micro-denier" [2] - The company is also planning to enhance its market competitiveness by patenting the results of the aforementioned research [2]

Core Viewpoint - Nanshan Zhishang announced on August 28 that nylon fibers possess high tensile strength, heat resistance, abrasion resistance, and corrosion resistance, making them widely applicable in civilian sectors, particularly in the textile and apparel industry [1] Group 1: Product Applications - Nylon fibers are used in ultra-light windbreakers, jackets, down jackets, quick-dry clothing, thermal clothing, casual jackets, sportswear, outdoor tents, sleeping bags, mountaineering bags, body shapers, and sports underwear [1] Group 2: Future Development - The company plans to expand its research and development into emerging fields such as robot shells, electronic skin, and the integration of fabrics with sensors, leveraging the high strength and lightweight characteristics of nylon [1]

Dividend Policy - The company plans to distribute a cash dividend of 0.40 CNY per 10 shares, totaling approximately 20,030,613.08 CNY, which represents 26.66% of the net profit attributable to shareholders for the first half of 2025 [2]. Product Performance - The revenue from ultra-high molecular weight polyethylene fiber reached 88.06 million CNY in the first half of 2025, marking a year-on-year growth of 2.61%, with a gross margin of 27.15%, up by 12.98% [12]. - The company has improved the first-class rate of ultra-high molecular weight polyethylene fiber products, enhancing customer trust and market expansion [2]. Market Expansion - The company is focusing on the domestic and international markets, with a strategy to provide customized services and maintain long-term partnerships to boost market share [10]. - The demand for ultra-high molecular weight polyethylene fiber in the civilian and military sectors is steadily increasing, with significant growth expected in humanoid robotics applications [4]. Research and Development - The company is actively developing high-performance nylon fibers with applications in robotics, including features like flame retardancy, UV resistance, and antibacterial properties [9]. - Continuous innovation in product specifications and production processes is aimed at meeting the evolving needs of the robotics industry [13]. Supply Chain Management - The company has established stable relationships with suppliers to optimize procurement costs and ensure the quality and stability of raw materials [6]. - A green procurement approach is being adopted to reduce the carbon footprint and enhance product sustainability [6]. Strategic Focus - The company's strategic framework emphasizes traditional woolen clothing as the foundation while expanding into new material fibers as a growth driver [11].

Core Viewpoint - Nanshan Zhishang reported strong financial performance in the first half of 2025, with revenue of 731 million yuan and net profit of 75.15 million yuan, driven by growth in the new materials sector, particularly in nylon fiber and ultra-high molecular weight polyethylene fiber [1][2] Group 1: Financial Performance - The company achieved a revenue of 731 million yuan in the first half of 2025 [1] - The net profit attributable to shareholders was 75.15 million yuan [1] Group 2: Business Development - Nanshan Zhishang is focusing on the nylon fiber segment, which is a strategic "star" business, and has developed high-value-added products such as high-end functional nylon 66 and bio-based nylon 5X series [1][2] - The company is conducting research on high-performance differentiated nylon fibers, including flame retardant, UV-resistant, cooling, antibacterial, and ultra-fine fibers, and is enhancing its market competitiveness through patent layout [1][2] Group 3: Technological Advancements - The company plans to utilize key technologies such as nano-modification, bio-based material synthesis, and intelligent digital production to improve product performance and optimize production costs [2] - Nanshan Zhishang is increasing R&D investment in biodegradable and recycled nylon to build a green manufacturing system and promote industry transformation towards high-end and environmentally friendly directions [2] Group 4: Growth Drivers - The ultra-high molecular weight polyethylene fiber business is rapidly growing and is expected to become a new growth driver, with applications in safety protection, marine engineering, and aerospace [2] - The company has achieved large-scale production of ultra-high molecular weight polyethylene fiber, with performance meeting international advanced levels and a significant increase in order volume [2] Group 5: Strategic Layout - The strategic layout of Nanshan Zhishang is becoming clearer, focusing on traditional fine woolen fabric as a stable base while using ultra-high molecular weight polyethylene fiber and nylon fiber as innovative growth points [2] - The company emphasizes investor returns, with a mid-term dividend plan proposing a cash dividend of 0.40 yuan per 10 shares to all shareholders [2]

Core Viewpoint - The article emphasizes the transformative impact of technological innovation on the chemical industry, showcasing how companies like Yongrong Holdings are redefining the sector through sustainable practices and advanced manufacturing techniques [1][19]. Group 1: Company Overview - Yongrong Holdings is a large industrial group focused on green energy chemical new materials, with over 60 subsidiaries and nearly 10,000 employees [3]. - The company has developed a complete industrial chain from benzene to nylon products, enhancing efficiency and maintaining a leading position in the industry [5]. Group 2: Technological Innovation - Yongrong has established a central research institute and five specialized R&D centers, with annual R&D investment growth exceeding 20% over the past three years [5]. - The company has applied for over 1,000 patents, with more than 800 granted, indicating a strong commitment to innovation [5]. Group 3: Sustainable Practices - Yongrong is responding to national "dual carbon" strategies by implementing renewable energy projects and acquiring companies in the new energy sector, thereby setting a model for low-carbon manufacturing [6][22]. - The company has developed low-carbon products that significantly reduce carbon emissions, such as the E-SUNLON® fiber, which reduces 3.2 tons of CO2 emissions for every ton produced [6]. Group 4: Smart Manufacturing - Yongrong has adopted AI-driven smart manufacturing systems, including the industry's first AI inspection system for nylon products, enhancing production efficiency and data management [9][10]. - The company utilizes a comprehensive energy management system to recycle waste heat, maximizing energy efficiency in production processes [12]. Group 5: Economic Impact - Yongrong's innovative waste management practices have led to significant cost savings and reduced carbon emissions, such as converting waste gases into fuel, saving 960,000 yuan annually and reducing carbon emissions by over 1,400 tons [14]. - The company’s projects, such as the integrated functional materials industry chain in Sichuan, utilize cleaner production methods, significantly lowering carbon emissions compared to traditional methods [17]. Group 6: Global Reach - Yongrong's products are exported to 58 countries and regions, accounting for over 36% of China's nylon product exports, demonstrating its growing international influence [5]. - The company aims to become a benchmark for sustainable development in the global green energy chemical new materials sector [22].

2025年8月4日，人民网总网"行进中国"系列报道聚焦永荣控股集团，记者深入生产一线，全景记录 永荣以科技创新引领传统产业转型升级的生动图景。报道展现了永荣以数字化赋能、绿色化引领，树立 了传统制造业向新质生产力跃升的标杆典范。 "太阳太阳像一把金梭，月亮月亮像一把银梭，交给你也交给我，看谁织出最美的生活……"这首在 上世纪80年代红极一时的歌曲，是当年催人奋进的"纺织协奏曲"。工人们快速作业的生产场景，成为传 统纺织行业的印记之一。 据介绍，符合条件的可再生废旧纺织品，经过分类回收、环保脱色、深层精滤、等距切粒、除尘干 燥等处理步骤后，即可熔融纺丝，进入新一轮的纺织制造流程中，"重生"为崭新的再生环保纺织品，实 现资源循环利用。 "目前，我们的可再生产品约占公司产量的3%。"付重先坦言这个比例尚小，但企业年实现减碳量 已超6万吨。 经历数字化变革后，永荣股份吃到不少"红利"：不仅厂房面积减少60%、单位能耗降低40%、人均 产量提升55%，还推动企业自主研发的智能化生产项目入选"全国制造业与互联网融合发展试点示范项 目"。 如今，永荣股份"订单—排产—生产—检验—包装—仓储—交付"的全流程智能制造已从无到 ...