评论： 事件：公司发布业绩预告，2025 年上半年公司实现归母净利润 7.5-8.2 亿元，同比+16%-27%，对应 Q2 实 现归母净利润 3.63-4.33 亿元，同比+7%-28%，环比-6%至 12%。 国信电新观点：公司结构件盈利能力稳定，同时不断开拓海外市场，提升全球市场份额，同时公司加速推 进机器人业务。我们维持原盈利预测，预计 2025-2027 年公司实现归母净利润 17.87/20/22 亿元，同比 +21.4%/11.9%/10%，EPS 分别为 6.53/7.31/8.04 元，对应估值分别为 17.5/15.6/14.2 倍，维持优于大市 评级。 风险提示：海外市场拓展不及预期；贸易政策变动；市场竞争加剧。 证券研究报告 | 2025年07月22日 科达利（002850.SZ） 二季度业绩稳步增长，机器人业务加速布局 公司研究·公司快评 电力设备·电池 投资评级：优于大市（维持） 证券分析师： 王蔚祺 010-88005313 wangweiqi2@guosen.com.cn 执证编码：S0980520080003 证券分析师： 徐文辉 021-60375426 xuwenhui@ ...

没有股票账户的投资者可关注国泰中证新材料主题ETF发起联接A（014908），国泰中证新材料主题 ETF发起联接C（014909）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 太平洋证券指出，多晶硅、生物柴油、制冷剂等化工新材料价格表现强势，其中多晶硅基准品现货价达 43585元/吨，周涨幅6.21%；制冷剂R32价格54000元/吨，周涨0.93%，同比盈利能力显著提升。高性能 纤维及轻量化材料领域受益于机器人及低空经济产业链发展，如碳纤维、超高分子量聚乙烯 （UHMWPE）和PEEK材料需求增长明显。 UHMWPE作为第三代高性能纤维，在航空航天等领域应用广泛；PEEK材料则因机械强度和高耐温性成 为人形机器人减重首选。此外，电子化学品国产化趋势加速，材料市场规模持续扩大。光伏材料中EVA 价格企稳，POE国产化进程推进，而 ...

摘要 PEEK 材料因其自润滑、高比强度和耐腐蚀性，在机器人减速器等关键 部件中表现出色，尤其在金属替代方面优势明显，但目前市场主要由海 外企业主导。 预计到 2027 年，人形机器人板块将为 PEEK 材料行业贡献约 42 亿元的 增量收入，主要受益于人形机器人对轻量化、高强度材料的需求。 PEEK 产业链包括上游原材料 DFBP（氟酮），中游聚合、改性，以及下 游注塑和应用。国内企业如中兴复材、中岩股份等正在产业链各环节发 力。 国内 PEEK 原材料供应主要集中在中新福材、西汉新材和营口兴福等企 业，中国占据全球约 80%的产能份额，有望受益于全球 PEEK 需求增长。 聚合段生产工艺是 PEEK 产业的重要壁垒，需要长期积累、大量资金投 入和满足环保要求，同时高端品一致性认证周期长且成本高。 PEEK 材料的核心壁垒包括前期实验室尝试和工程化产能形成、下游客 户认证周期长、资金投入大以及注塑段工艺的技术差异。 全球 PEEK 材料市场快速增长，国内市场增速高于全球。海外企业如威 格斯占据主导地位，但国内企业市占率有望提升，尤其在医疗植入体、 大飞机和机器人领域。 Q&A PEEK 材料在人形机器人领域 ...

商 品 研 究 【基本面跟踪】 原木基本面数据 | 2025/7/15 | 价格指标 项目 | 2025/7/17 2025/7/16 | | 2025/7/14 | 2025/7/11 | 日涨跌幅 | 周涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | --- | | 790 | 2509合约(收盘价) | 833 797 | | 788 | 786 | 4. 5% | 6. 0% | | 16985 | 2509合约(成交量) | 68470 20361 | | 10698 | 19988 | 236. 3% | 243% | | 21885 | 2509合约(持仓量) | 34390 24434 | | 22708 | 22238 | 40. 7% | રૂસ્ત | | 789 | 2511合约(收盘价) | 829.5 795. 5 | | 788 | 784. 5 | 4. 3% | ୧% | | 1107 | 盘面 2511合约(成交量) | 2411 717 | | ર્સ ૩ | 837 | 236. 3% | 188% | | 3912 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Arkema is expanding its PA11 production capacity in Singapore, investing approximately $20 million to triple its global capacity by Q1 2026 to meet the demand for sustainable high-performance transparent materials in various sectors [1] - BASF reported a decline in Q2 2025 sales to €15.77 billion, down 2.1% year-on-year, with EBITDA dropping 9.7% to €1.77 billion, primarily due to negative currency effects and price declines across all business segments [1] - Qingxiehua has completed a multi-million Pre-A round financing, led by Chuangdong and Tongchuang Weiye, to fund the R&D and production of high-performance modified PEEK materials, leveraging its strong technical background and industry resources [1] Industry Development Dynamics - Arkema's new Rilsan® Clear PA11 production unit in Singapore is set to enhance its capacity significantly, addressing the growing market for sustainable materials in eyewear, consumer electronics, medical devices, and home appliances [1] - BASF's adjusted EBITDA forecast for 2025 is now between €7.3 billion and €7.7 billion, a reduction of up to €1.1 billion from previous estimates due to ongoing macroeconomic uncertainties and market conditions [1] Investment and Financing Dynamics - Qingxiehua's recent financing will accelerate its R&D and production capabilities, aiming to capture a larger market share in high-performance materials, supported by its innovative interface engineering technology [1]

国内市场综述 冲高回落 走势分化 周一（7 月 14 日）大盘冲高回落，走势分化。截至收 盘，上证综指收于 3519.65 点，上涨 0.27%；深成指 收于 10684.52 点，下跌 0.11%；科创 50 下跌 0.21%； 创业板指下跌 0.45%，万得全 A 成交额共 14809 亿元， 较前一日明显下降。 行业方面，30 个中信一级行业有 20 个行业上涨，其 中机械、石油石化、电力及公用事业涨幅居前，而综 合金融、房地产及传媒则跌幅较大。概念方面，PEEK 材料、宇树机器人及减速器等指数表现活跃。 海外市场综述 美国三大股指小幅收涨，纳指创历史新高 周一（7 月 14 日），美国三大股指小幅收涨，道指涨 0.2%，标普 500 指数涨 0.14%，纳指涨 0.27%。万得美 国科技七巨头指数跌 0.1%，苹果跌超 1%，英伟达跌 0.52%。中概股多数上涨，蔚来涨超 7%。 新闻精要 1. 《中共中央关于加强新时代审判工作的意见》发布 2. 央行公布上半年金融数据 3. 海关公布今年上半年我国货物贸易进出口数据 4. 李成钢国际贸易谈判代表兼副部长会见中国美国 商会会员企业代表团 5. 美国总统 ...

Group 1 - The recent policy changes, including new regulations for insurance capital entering the market, are expected to bring in trillions of yuan in incremental funds, positively impacting long-term market liquidity [3] - The introduction of the "Growth Layer" on the Sci-Tech Innovation Board lowers the listing threshold for unprofitable companies, potentially reshaping the valuation logic for technology stocks [3] - Notable stocks with consecutive gains include Guosheng Technology and Shangwei New Materials, driven by advancements in HJT batteries and perovskite technology, as well as strong performance in special materials due to AI computing demand [3][4] Group 2 - Huahong Technology's net profit is expected to increase over 30 times in the first half of the year, attributed to rising rare earth raw material prices and the expansion of its rare earth recycling business [4] - The stock of Guodian Nanzi saw a surge due to a projected net profit increase of 171%-225%, driven by increased orders in grid automation and the national push for high-power charging infrastructure [4] - New Times Da's stock performance improved following Haier's acquisition, which is anticipated to enhance its industrial robotics business through supply chain synergies and access to overseas channels [4] Group 3 - Companies like Huahong Technology and Guodian Nanzi are considered more reliable due to their profit growth stemming from core business operations rather than asset sales [5] - The focus on industries such as rare earths, robotics, and computing power is supported by both policy backing and industry trends, making them more sustainable compared to pure speculative plays [5] - Recommendations for investors include prioritizing stocks with substantial performance growth and long-term logic, avoiding high-volume stocks at peak levels, and leveraging policy benefits to identify opportunities in undervalued blue-chip stocks [5]

Core Viewpoint - Jinfa Technology (600143.SH) is expected to achieve a net profit of 5.50 billion to 6.50 billion yuan in the first half of 2025, reflecting a year-on-year increase of 44.82% to 71.15% [1] Group 1: Financial Performance - The company anticipates a non-recurring net profit of 5.01 billion to 6.01 billion yuan, representing a year-on-year growth of 43.48% to 72.12% [1] - The growth is attributed to the steady increase in sales and gross profit from modified plastics, improved operational quality in green petrochemicals, and growth in sales and gross profit from special engineering plastics [1] Group 2: Business Segments - The modified plastics business is a core driver of Jinfa Technology's stable growth, with continuous product development and market share expansion in sectors such as automotive, electronics, and new energy [2] - The special engineering plastics segment has become a significant performance driver, with a 91% year-on-year increase in sales volume in Q1 2025 [3] Group 3: Technological Advancements - Jinfa Technology has launched a new generation of low-carbon LCP materials and is the second company globally to receive ISCC PLUS certification for LCP materials [4] - The company is focusing on the industrialization of new materials such as long-chain polyamide and PEEK, with applications in high-end sectors like robotics and aerospace [4] Group 4: Global Expansion - The company is actively pursuing global expansion, with successful establishment of overseas bases in Vietnam and Spain, and ongoing construction in Poland, Mexico, and Indonesia [2] Group 5: Future Outlook - With the recovery of the manufacturing sector and the acceleration of new production capabilities, Jinfa Technology is positioned to strengthen its leading position in the chemical new materials sector [5] - The company maintains a stable cash dividend policy, having distributed a total of 67.53 billion yuan in dividends since its listing, indicating a commitment to returning value to investors [4][6]

Core Viewpoint - The A-share market has seen a significant surge in stocks related to robots and PEEK materials, driven by major procurement contracts in the humanoid robot sector, indicating strong market enthusiasm and potential growth opportunities in these industries [1][3]. Group 1: Humanoid Robot Industry - Zhiyuan Robotics and Yushu Technology won a major contract from China Mobile's Hangzhou subsidiary for humanoid biped robot manufacturing services, totaling approximately 124 million yuan, marking the largest order in the domestic humanoid robot sector [3][4]. - Zhiyuan Robotics, established in February 2023, is led by a former Huawei executive and has developed a range of robots for various applications, including industrial and educational uses [3][4]. - Yushu Technology, known for its quadruped robotic dogs, recently launched its first humanoid robot and has achieved significant sales in the quadruped market, indicating strong growth potential [4]. Group 2: PEEK Materials - PEEK (Polyether Ether Ketone) is a high-performance engineering plastic with excellent properties, making it suitable for critical components in robots, such as joints and gears, which can enhance performance and longevity [5]. - The recent large orders in the humanoid robot sector are expected to drive a surge in demand for PEEK materials, presenting a significant growth opportunity for companies involved in this market [5]. - The increasing application of robots across various sectors, including manufacturing and healthcare, is expected to further boost the market demand for PEEK materials, attracting investor interest and driving stock prices up [5].

Group 1 - Carbon Technology completed several million yuan in Pre-B round financing, led by CICC Capital, with existing shareholder Wuyuefeng Capital participating [3] - The funds will be used for the industrialization of energy storage battery products, strengthening R&D capabilities, and diversifying product offerings [3] - Carbon Technology aims to transition from an energy battery materials company to an advanced composite materials enterprise [3] Group 2 - Qingxie Huahuo, a new type of modified PEEK materials developer, completed several million yuan in Pre-A round financing, led by Chuangdong and Tongchuang Weiye, with Kunshan Institute of Technology participating [4] - The modified PEEK material shows nearly 10 times improvement in wear resistance, 5-8 times increase in toughness, and 20% cost savings [4] - The raised funds will primarily be used for R&D and production line construction of high-performance special modified PEEK materials [4] Group 3 - Tiel New Materials, focused on adhesives, sealants, and new materials, has received a new round of financing exclusively from Junding Private Equity Fund [5] - The company’s core products include six major series of adhesives, widely used in various industries such as electronics, automotive, aerospace, and construction [5] - Tiel New Materials also develops conductive, thermal, wave-absorbing, sealing, and electromagnetic shielding materials tailored to different needs [5]