Core Viewpoint - The rise of emerging industries in China is leading the next decade of polymer development, with opportunities in sectors such as new energy vehicles, aerospace, drones, robotics, and AI materials [2]. Financial Performance - In the first half of 2025, Sinopec reported a revenue of RMB 1.41 trillion, a decrease of 10.6% compared to RMB 1.58 trillion in the same period of 2024 [3]. - The total profit for the period was RMB 28.77 billion, down 43.4% from RMB 50.87 billion year-on-year [3]. - Net profit attributable to shareholders was RMB 21.48 billion, a decline of 39.8% from RMB 35.70 billion [3]. - Operating cash flow increased by 44.4% to RMB 61.02 billion compared to RMB 42.27 billion in the previous year [3]. Product Sales and Pricing - Sales of major chemical products in the first half of 2025 amounted to RMB 231.1 billion, a decrease of 3.2% year-on-year, accounting for 95.5% of the chemical division's revenue [3]. - Specific product sales volumes showed varied performance, with basic organic chemicals increasing by 6.1% to 25,657 thousand tons, while average prices fell by 14.6% [4]. - Synthetic resin sales rose by 9.2% to 8,821 thousand tons, but average prices decreased by 2.4% [4]. Strategic Initiatives - Sinopec aims to strengthen its market share in refined oil sales and expand its new energy business, focusing on hydrogen, solar, wind, and geothermal energy [4]. - The company is actively developing new materials for emerging industries, including electric vehicle batteries and synthetic biology applications [5]. - Sinopec has established an AI computing center and is developing a unified data governance system to enhance its AI capabilities [5]. New Material Developments - Sinopec has made significant advancements in battery materials, including high-nickel ternary cathode materials and silicon-carbon anodes, with production volumes expected to grow by 40% year-on-year [5]. - The company has successfully produced high-end graphite electrodes and is expanding its capabilities in graphene-based coatings and EVA materials [6][8]. Collaborations and Partnerships - Sinopec has signed strategic agreements with companies like CATL to enhance its battery swap station network and support the development of hydrogen energy infrastructure [7][8]. - The company is also investing in various hydrogen energy enterprises to establish a comprehensive hydrogen energy supply chain [8].

2025国际低空经济博览会展品 ◎记者 操子怡 正在上海举行的2025国际低空经济博览会，吸引了近300家企业参加。展会现场人潮涌动，不少eVTOL 企业展台围满了举着手机的人。 业内人士表示，本届展会将产业链企业和金融、保险机构聚集在一起，促进了行业的交流与融合。"相 较侧重飞行器陈列的同类型展会，低空经济要素全成为本届展会的突出特征之一。"首次参展的上海特 金信息科技有限公司董事长姜化京认为，各方对低空经济全要素的重视，反映了低空经济发展新趋势。 技术创新水平提升后，保障技术创新可持续健康发展的政策措施、技术手段、基础设施正齐头并进。 产业链企业竞逐低空赛道 天成自控乘用车商务总监马楠表示，航空座椅追求极致轻量化，"比如，这款eVTOL航空座椅重量可能 只有八九公斤"。而汽车座椅则更注重经济性和通用性，在设计上虽然也有轻量化的考量，但不会像航 空座椅那样极致追求轻薄。 积极切入低空赛道的还有一些汽车零部件企业。展会上，吉利旗下低空出行科技公司沃飞长空宣布，与 汽车零部件供应商富维股份达成全面战略合作，同时发布其eVTOL产品AE200的全新座舱"智能灵动 舱"。 轻量化、低能耗是关键 马楠介绍，eVTOL ...

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [46]. Core Insights - The Wind New Materials Index closed at 3954.95 points, up 2.88% week-on-week, with notable gains in semiconductor materials and organic silicon materials [3][9]. - Changxin Technology, a leading domestic DRAM company, has initiated its IPO process, marking a significant step in the semiconductor industry [4][27]. - Anhui Wanwei Group has successfully delivered key equipment for the domestic production of large-size polyvinyl alcohol optical films, breaking the monopoly of foreign companies [4][27]. - The semiconductor materials sector is experiencing accelerated domestic production, with significant expansion in downstream wafer fabrication plants [4][27]. - The demand for high-performance materials is expected to rise as domestic manufacturing upgrades continue, leading to rapid growth in the new materials industry [4][27]. Market Overview - The semiconductor materials index reported a week-on-week increase of 1.77%, while the organic silicon materials index rose by 8.82% [3][9]. - The top gainers in the market included Hongbai New Materials (up 24.72%) and Chenguang New Materials (up 23.3%), while the biggest losers were Ruile New Materials (down 15.98%) and Jiuri New Materials (down 7.36%) [23][24]. Recent Industry Highlights - The U.S. EVA export volume decreased by 14% year-on-year in Q1 2025, indicating a shift in export focus towards Latin America and Africa due to reduced shipments to Asia [27][28]. - A partnership was signed between Yunlu Composite Materials and XPeng Huitian to collaborate on high-performance carbon fiber composite materials for eVTOL applications [27][28].

Core Viewpoint - The collaboration between Yunlu Composite Materials and XPeng Huaitian marks a significant advancement in the lightweight materials sector for flying cars, focusing on high-performance carbon fiber composite materials and advanced manufacturing processes [1][3]. Group 1: Company Overview - XPeng Huaitian, a subsidiary of XPeng Motors, is the largest flying car company in Asia, established in December 2020, and is headquartered in Guangzhou [2]. - The company plans to invest 3 billion RMB in the flying sector by 2025 and aims to build a modern factory in Guangzhou with an annual production capacity of 10,000 flying cars [3]. Group 2: Technological Development - Yunlu Composite Materials specializes in the research and production of three-dimensional woven intelligent equipment and high-performance fiber composite materials, leveraging nearly 20 years of research from a team of academicians at Donghua University [3]. - The company has developed the third generation of three-dimensional weaving intelligent equipment, achieving domestic substitution for high-end equipment and has extensive experience in developing and mass-producing carbon fiber composite components [3]. Group 3: Project Collaboration - The partnership will focus on addressing pain points in traditional composite material production processes, enhancing weaving efficiency, optimizing weaving precision, and expanding the applicability of new fiber materials [1]. - This collaboration signifies a new height in the industrial application of Yunlu's three-dimensional weaving technology in the low-altitude flying vehicle sector [1].