融券方面，惠柏新材9月30日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年80%分位水平，处于高位。 9月30日，惠柏新材涨0.56%，成交额5877.88万元。两融数据显示，当日惠柏新材获融资买入额456.23 万元，融资偿还892.39万元，融资净买入-436.16万元。截至9月30日，惠柏新材融资融券余额合计 7325.97万元。 融资方面，惠柏新材当日融资买入456.23万元。当前融资余额7325.97万元，占流通市值的4.96%，融资 余额超过近一年70%分位水平，处于较高位。 分红方面，惠柏新材A股上市后累计派现2029.87万元。 资料显示，惠柏新材料科技(上海)股份有限公司位于上海市嘉定区江桥镇博园路558号第2幢，成立日期 2010年12月15日，上市日期2023年10月31日，公司主营业务涉及特种配方改性环氧树脂系列产品的研 发、生产和销售,主要包括风电叶片用环氧树脂、新型复合材料用环氧树脂、电子电气绝缘封装用环氧 树脂等多个应用系列产品。主营业务收入构成为：风电叶片用环氧树脂系列81.88%，新型复合材料 ...

| | 企业。 | | | --- | --- | --- | | | 3、公司的新能源汽车及工业胶粘剂业务发展较快 团、吉利集团、泰科电子、蜂巢能源、国轩高科、 | | | | 等终端客户。 | | | | 32.38 亿元(2024年,+1.13%) | 近三年归母 | | 近三年营收 | 32.02 亿元 (2023年, -6.81%) | 净利润及业 | | | 34.36 亿元 (2022年, +9.89%) | 绩预告 | | 募资投向 | 年产5.6万吨新能源及动力电池用等高端胶粘剂、 | | | | 还银行贷款 | | *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 9月29日新股申购 (共1只) 道生天合(沪市主板,6010 | | と二人目（アルエツ、6010 | | --- | --- | | 申购代码 | 780026 | | 发行价格 | 5.98元 顶格 | | 总市值 | 31.55亿 | | 发行市盈率 | 29.05 行」 | | | 康达新材 同业公司 | | 同业可比公司 | 动态市盈率 | | | 惠柏新材 | | | 风电叶片用环氧树 ...

公司是全球风电叶片用材料领域龙头供应商 9月29日，有一只新股可申购，为沪市主板的道生天合（601026）(601026.SH)。该公司是一家致力于新 材料的研发、生产和销售的国家级高新技术企业。产品主要围绕环氧树脂、聚氨酯、丙烯酸酯和有机硅 等高性能热固性树脂材料，形成了风电叶片用材料、新型复合材料用树脂和新能源汽车及工业胶粘剂三 大系列产品。 打新早知道 ca 07 12 3 in | 今日申购 | | | | | --- | --- | --- | --- | | 601026.SH 道生天合 | | | | | 发行价(元/股) | 机构报价(元/股) | 市值(亿元) | 所属行业 | | 5.98 | 6.32 | 31.55 | 其他合成材料制造 | | 发行市盈率 | 行业市盈率 | 可比公司 | 可比公司动态市盈率 | | 29.05 | 27.90 | 惠柏新材 | 61.37 | | | | 康达新材 | 亏损 | | | | 德邦的技 | 69.95 | | 业绩情况 | | | | | 40.0 | | | 50% | | 35.0 | | | 40% | | 30.0 | | | ...

9月29日，有一只新股可申购，为沪市主板的道生天合（601026.SH）。该公司是一家致力于新材料的 研发、生产和销售的国家级高新技术企业。产品主要围绕环氧树脂、聚氨酯、丙烯酸酯和有机硅等高性 能热固性树脂材料，形成了风电叶片用材料、新型复合材料用树脂和新能源汽车及工业胶粘剂三大系列 产品。 打新早知道 ca 07 12 3 in | 今日申购 | | | | | --- | --- | --- | --- | | 601026.SH 道生天合 | | | | | 发行价(元/股) | 机构报价(元/股) | 市值(亿元) | 所属行业 | | 5.98 | 6.32 | 31.55 | 其他合成材料制造 | | 发行市盈率 | 行业市盈率 | 可比公司 | 可比公司动态市盈率 | | 29.05 | 27.90 | 惠柏新材 | 61.37 | | | | 康达新材 | 亏损 | | | | 德邦的技 | 69.95 | | 业绩情况 | | | | | 40.0 | | | 50% | | 35.0 | | | 40% | | 30.0 | | | 30% | | | | | 20% | | 25.0 | ...

| 道生天合 (沪市主板，601026) | | | | | --- | --- | --- | --- | | 申购日期 9月29日 周一 | | 申购代码 | 780026 | | 化学原料和化学 所属行业 | | 总市值 | 31.55亿 | | 制品制造业 | | | | | 公司发行市盈率 29.05 | | 行业平均市盈率 | 27.9 | | 同业可比公司 | 康达新材、惠柏新材 | | | | 句话亮点 | 公司是全球风电叶片用材料领域龙头供应商，其 电叶片用环氧树脂、风电叶片用结构胶的产销量 | | | | 业领先。 | | | | *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 ...

作为道生天合本次发行上市的保荐人及主承销商，中信建投证券在与公司长期的合作进程中，既见证其 稳健快速发展，亦深切体会到公司管理层具备的超前行业洞察力与深厚的从业经验。我们相信，以本次 发行上市为重要契机，道生天合将在为国内企业提供更多绿色新材料国产化发展方案的同时，努力开拓 全球市场，开启高质量发展新篇章。 道生天合上市后，中信建投证券将继续秉持诚实守信、勤勉尽责之原则，切实履行各项保荐义务，持续 督导道生天合不断完善公司治理结构、加强投资者关系管理，协助道生天合成为规范运作的上市公司典 范。欢迎大家踊跃提问，积极参与申购。 尊敬的各位嘉宾和各位投资者朋友： 最后，预祝道生天合首次公开发行A股圆满成功！谢谢大家！ 道生天合深耕高性能热固性树脂材料行业，深度服务风电、新能源汽车、储能等新能源领域客户，与众 多行业龙头企业形成了稳定的合作关系，是绿色新能源行业新材料细分领域的龙头企业。 作为当前全球规模最大的风电叶片用环氧树脂生产企业之一，道生天合的风电叶片用环氧树脂产品基本 覆盖国内陆上、海上风电叶片机型，产品能够应用于长度超过147米的大型风机叶片。近三年，公司风 电叶片用环氧树脂系列产品销量均位居全球第一。 ...

Economic Indicators - The National Bureau of Statistics will release the PMI data for September on September 30, with August's manufacturing PMI at 49.4%, a 0.1 percentage point increase from July; the non-manufacturing business activity index at 50.3%, up 0.2 percentage points; and the composite PMI output index at 50.5%, an increase of 0.3 percentage points, indicating continued economic expansion in China [1] Monetary Policy - The People's Bank of China (PBOC) held a monetary policy committee meeting, signaling a shift towards enhancing the foresight, targeting, and effectiveness of monetary policy, while maintaining policy continuity and stability [2] - The PBOC, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly announced that foreign institutional investors can participate in bond repurchase transactions in China's bond market, aligning trading methods with international standards [2][3] Industry Growth Plans - The Ministry of Industry and Information Technology and seven other departments issued a growth plan for the petrochemical industry, targeting an average annual growth of over 5% in value-added from 2025 to 2026, with a focus on technological innovation and environmental sustainability [5] - The Ministry of Industry and Information Technology and eight departments released a plan for the non-ferrous metals industry, aiming for an average annual growth of around 5% in value-added and a 1.5% increase in the production of ten non-ferrous metals from 2025 to 2026 [4] Market Developments - The China Securities Regulatory Commission announced the classification results for securities firms in 2025, with 53 classified as A, 43 as B, and 11 as C, indicating a stable distribution among categories [6] - Wanda Group's chairman Wang Jianlin faced high consumption restrictions due to economic disputes involving subsidiary projects, with the company clarifying that negotiations were ongoing [7] IPO and Stock Market Activity - Moore Threads' IPO application has been approved, with plans to raise 8 billion yuan, positioning it as a potential leader in the domestic GPU market [7] - Zhongji Xuchuang announced plans to reduce its stake by up to 0.49% through block trading, with no impact on company control or governance structure [8] Regulatory Actions - Fuhuang Steel Structure is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations, while the company continues normal operations and will cooperate with the investigation [9][10]

道生天合本次公开发行13,188.00万股新股，占本次发行后公司股本总额的比例为20%。募集资金主要投 向"年产5.6万吨新能源及动力电池用等高端胶粘剂、高性能复合材料树脂系统项目"和"偿还银行贷 款"。 凭借其在风电叶片用环氧树脂领域的全球领先地位，以及在新兴新能源与工业胶粘剂领域的快速布局， 道生天合正成长为中国新材料产业中的领军企业。 深耕主业，全球领先 来源：中国民商 作者：张凝月 在全球能源结构转型与"双碳"目标持续推进的大背景下，新能源产业链迎来黄金发展期。道生天合材料 科技（上海）股份有限公司（股票简称"道生天合"，股票代码：601026），作为一家专注于高性能热固 性树脂材料的国家级高新技术企业，道生天合已正式启动发行，初步询价时间为2025年9月24日，申购 时间为9月29日。此次发行将为公司未来发展注入新的动力，并进一步夯实其在新材料领域的领先优 势。 值得注意的是，道生天合是目前唯一一家向国际风电整机巨头维斯塔斯同时供应风电叶片用环氧树脂和 结构胶的中资企业 ，这充分彰显了其产品性能和质量已获得国际顶尖客户的认可，在全球风电产业链 从风电领域的全球领导者，到多领域布局的新材料解决方案提供 ...

Investment Rating - The investment rating for the company is positioned in the middle to upper range of the AHP model, with scores of 2.23 and 2.38, corresponding to the 30.2% and 40.6% percentiles respectively [2][5]. Core Insights - The company is a leading player in the wind power resin materials sector, achieving significant market share in both domestic and international markets, with a focus on wind turbine blade materials and new composite materials [6][7]. - The company has successfully replaced imports with domestic products in the wind power resin market, ranking first globally in wind power epoxy resin and third in high-performance structural adhesives as of 2024 [6][8]. - The demand for wind power and lithium battery adhesives is expected to grow significantly, driven by both new installations and upgrades of existing wind farms, as well as the increasing production of electric vehicles [15][16]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for the company, after excluding liquidity premium factors, is 2.23, placing it in the 30.2% percentile of the non-Science and Technology Innovation Board AHP model [5][6]. - The expected allocation ratios for offline investors are 0.0197% for Class A and 0.0170% for Class B under a neutral scenario [5][6]. Company Highlights and Features - The company has transitioned from being a distributor of imported wind power materials to a manufacturer, achieving significant market penetration in wind turbine blade materials [7][8]. - The company is actively involved in the domestic production of new composite materials and has accelerated the certification of high-margin industrial adhesives for electric vehicles [12][14]. - The company has established partnerships to explore domestic alternatives for key new composite materials, including carbon fiber and lithium battery casing solutions [12][14]. Financial Comparison with Peers - The company has a leading revenue scale compared to its peers, with a projected revenue growth of 22.32% to 27.03% for the first nine months of 2025 [20][19]. - The average price-to-earnings ratio for comparable companies is 65.32X, while the company's industry has a static P/E ratio of 27.91X [19][20]. - The company's gross margin has improved due to a higher proportion of high-margin products and price adjustments in response to strong demand [23][19]. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of up to 13,188,000 shares, with proceeds allocated to high-end adhesives and composite materials projects [30][32]. - The investment will enhance production capacity for high-performance composite materials and adhesives, targeting applications in wind power and electric vehicles [30][32].

Investment Rating - The investment rating for the company is positioned in the middle to upper range of the AHP model, with scores of 2.23 and 2.38, corresponding to the 30.2% and 40.6% percentiles respectively [2][7]. Core Insights - The company is a leading player in the wind power resin materials sector, achieving significant market share in both domestic and international markets, with a focus on replacing imports and surpassing foreign competitors [2][11]. - The company has successfully established a product portfolio that includes wind turbine blade materials, new composite materials, and adhesives for electric vehicles, with a notable increase in sales and profitability driven by high-margin products [2][15]. - The demand for wind power and electric vehicle adhesives is expected to grow significantly, supported by increasing installation capacities and the strong growth of lithium battery shipments [2][18]. Summary by Sections AHP Score and Expected Allocation Ratio - The company achieved an AHP score of 2.23, indicating a competitive position in the market, with expected allocation ratios for different investor classes set at 0.0197% and 0.0170% under neutral conditions [7][8]. Company Highlights and Features - The company is recognized as a leader in wind power resin materials, with a global market share ranking of first and third in wind epoxy resin and high-performance structural adhesives respectively for 2024 [2][11]. - The company is actively promoting the domestic production of new composite materials and has accelerated the certification of adhesives for electric vehicles, achieving significant sales growth in this segment [2][15]. - The anticipated growth in wind power installations and the demand for electric vehicle adhesives is projected to drive the company's revenue growth, with expectations of 105-115 GW of new wind installations in 2025 [2][18]. Comparable Company Financial Metrics - The company has a leading revenue scale compared to its peers, with a projected revenue growth of 22.32%-27.03% for the first nine months of 2025, driven by increased demand and price adjustments [22][23]. - The company's gross margin has improved due to a higher proportion of high-margin products, with a notable increase in sales of electric vehicle adhesives [22][26]. - The company’s cash collection ratio is lower than that of comparable companies, and its debt ratio is higher, although it shows a declining trend [22][28]. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of new shares to support the production of high-end adhesives and composite materials, with a total investment of approximately 706 million yuan [33][36].