Core Insights - The thermoplastic polyamide (PA) industry in China is experiencing simultaneous scale expansion and structural upgrades, with a focus on high-performance applications and recycling technology [1][11] - PA6 is entering a rational growth cycle, with capacity expansion and downstream demand creating a positive interaction, while PA66 is facing challenges in supply-demand balance after overcoming key raw material issues [1][11] - The industry is expected to focus on high-temperature, bio-based, and other high-end products, while consolidating raw material independence and promoting integrated supply chains [1][11] Industry Overview - Thermoplastic polyamide, commonly known as nylon, is a versatile engineering plastic with excellent mechanical properties and adaptability for various industrial applications [2][3] - The industry is characterized by a shift from large-scale manufacturing to breakthroughs in core technologies and high-value downstream applications [5][11] Market Dynamics - The overall market for thermoplastic composites in China is projected to reach approximately 64 billion yuan by 2024, with PA materials holding about 38% market share [11] - The PA6 segment has seen capacity grow from approximately 5.4 million tons to 7.858 million tons from 2020 to 2024, with a compound annual growth rate (CAGR) of 10% [11][12] - PA66 production capacity is expected to increase from 560,000 tons to 1.27 million tons during the same period, with a CAGR of 23.2% [12] Key Players - Major companies in the thermoplastic polyamide sector include Wanhua Chemical, Shenyang Chemical, and Jinhai Technology, among others [2] - Foreign companies like BASF maintain a strong presence in high-end markets, while domestic firms are accelerating their competitive positioning through technological advancements [14] Future Trends - The industry is expected to advance in three main directions: technological upgrades, supply chain collaboration, and application expansion [15] - There is a growing emphasis on high-performance and sustainable products, with a focus on bio-based polyamides and recycling technologies [15][16] - New application areas are emerging, particularly in the automotive sector, electronics, and low-altitude economy, which will drive demand for customized and functional products [17][18]

证券日报网讯12月9日，南京聚隆（300644）在互动平台回答投资者提问时表示，PA6和PA66是公司改 性工程塑料系列的拳头产品，凭借优异的性能和稳定的质量，在国内外市场享有良好口碑。PA6和PA66 的产量结构会根据市场需求进行结构化调整，具体数据请查询公司定期披露的年度报告或半年度报告。 PA6已应用于汽车及新能源汽车动力系统、高铁、电子电气等领域，并持续扩展机器人、充电储能、航 空航天等新的应用场景。 ...

格隆汇12月9日丨南京聚隆(300644.SZ)在投资者互动平台表示，PA6和PA66是公司改性工程塑料系列的 拳头产品，凭借优异的性能和稳定的质量，在国内外市场享有良好口碑。PA6和PA66的产量结构会根据 市场需求进行结构化调整，具体数据还要请查询公司定期披露的年度报告或半年度报告。PA6已应用于 汽车及新能源汽车动力系统、高铁、电子电气等领域，并持续扩展机器人、充电储能、航空航天等新的 应用场景。 ...

Investment Rating - The report maintains a recommendation for the chemical industry, indicating a positive outlook for the sector [6]. Core Viewpoints - The report suggests focusing on companies benefiting from the organic silicon industry, such as Xin'an Co. and Xingfa Group, as well as those benefiting from the significant price increase of chlorosulfonic acid, like Kaisheng New Materials [5]. Industry Performance - In the fourth week of November, the chemical sector (Shenwan) rose by 2.98%, outperforming the Shanghai A-share index, which increased by 1.40%, leading the market by 1.58 percentage points [2][13]. - The dynamic PE ratio for the chemical sector is 24.43 times, higher than the average PE of 8.22 times since 2015 [2][13]. Sub-industry Trends - Five sub-industries within the chemical sector saw increases, with the top performers being polyurethane (+3.04%) and other plastic products (+0.64%). Conversely, 27 sub-industries experienced declines, with the largest drop in vinylon (-7.93%) [3][17]. Chemical Prices and Spreads - The report highlights significant price increases for several chemicals, with PVDF powder rising by 26.32% and chlorosulfonic acid by 9.31%. The largest price drops were seen in dichloropropane (-9.29%) and PTFE dispersion emulsion (-7.41%) [4][22]. - In terms of price spreads, the top increases were in the spreads for octanol (+21.87%) and ethylene glycol (+19%), while the largest declines were in PTA spread (-224.92%) [4][41]. Inventory Changes - Notable inventory changes include a decrease in inventory for monoammonium phosphate (-13.94%) and an increase for acetic acid (+8.49%) [5][57].

Core Insights - Company reported a decline in revenue and net profit for the first three quarters of 2025, with total revenue of 23.552 billion yuan, down 6.5% year-on-year, and net profit attributable to shareholders of 2.374 billion yuan, down 22.1% year-on-year [1] - In Q3 2025, the company achieved revenue of 7.789 billion yuan, a decrease of 5.1% year-on-year and 2.5% quarter-on-quarter, with a net profit of 0.805 billion yuan, down 2.4% year-on-year and 6.6% quarter-on-quarter [1] - The gross margin for Q3 was 19.1%, with a net profit margin of 11.4%, showing slight year-on-year increases but declines compared to the previous quarter [1] Revenue and Profit Analysis - For the first three quarters, the company’s revenue was 23.552 billion yuan, with a gross margin of 18.38% and a net profit margin of 11.12%, reflecting year-on-year decreases of 1.6 and 1.9 percentage points respectively [1] - In Q3, the company’s revenue was 7.789 billion yuan, with a gross margin of 19.1% and a net profit margin of 11.4%, showing year-on-year increases of 1.6 and 0.5 percentage points, but declines of 0.5 and 0.6 percentage points quarter-on-quarter [1] Segment Performance - The company’s four main segments (new materials, fertilizers, organic amines, and acetic acid and derivatives) saw volume growth in Q3, with fertilizers experiencing over 40% year-on-year growth [2] - In Q3, the sales volumes for the four segments were 0.7596 million tons (new materials), 1.4489 million tons (fertilizers), 0.1581 million tons (organic amines), and 0.4034 million tons (acetic acid and derivatives), with year-on-year growth rates of 14.23%, 40.13%, 3.60%, and 8.79% respectively [2] - Revenue for the segments in Q3 was 3.936 billion yuan (new materials), 1.947 billion yuan (fertilizers), 0.614 billion yuan (organic amines), and 0.809 billion yuan (acetic acid and derivatives), with year-on-year changes of -1.55%, +21.38%, +0.66%, and -19.82% respectively [2] Price Trends - Product prices in Q3 showed a significant year-on-year decline, with urea, DMF, and other products experiencing decreases ranging from 2.4% to 30.4% [3] - Only carbon dioxide dimethyl and oxalic acid saw slight price increases quarter-on-quarter, while most other products continued to decline [3] - Raw material prices for coal showed an upward trend quarter-on-quarter, with prices for smoke coal and thermal coal increasing [3] Profit Forecast - Based on changes in product and raw material prices, the company has adjusted its profit forecasts for 2025-2027 to 2.928 billion yuan, 4.243 billion yuan, and 4.336 billion yuan respectively, while maintaining a "buy" rating [3]

Core Viewpoint - The oil and gas chemical industry is expected to prioritize high-quality development during the "14th Five-Year Plan" period, focusing on improving efficiency and safety while addressing competitive pressures and environmental goals [2][7][14]. Group 1: Achievements During the "14th Five-Year Plan" - The Chinese chemical industry has achieved significant growth, with projected revenues reaching 14.5 trillion yuan in 2024, a 45% increase from 2020 [2]. - China has established the world's largest and most comprehensive production system for chemical products, with over 50% of global production capacity in key chemicals like PTA, PA6, and methanol [2][6]. - By 2024, 11 Chinese companies are expected to be among the top 50 global chemical firms, accounting for 28% of the total revenue of these companies [2][6]. Group 2: Development Focus for the "15th Five-Year Plan" - The focus will shift towards quality-first strategies, emphasizing technological advancement, efficiency, and profitability to close the gap with developed countries [7][9]. - Key development directions include enhancing traditional chemical industries, advancing new materials technology, and promoting green and low-carbon development [15][19]. Group 3: Traditional Chemical Industry Enhancement - The "15th Five-Year Plan" suggests optimizing traditional industries to improve competitiveness and quality, particularly in sectors like mining, metallurgy, and chemicals [9][14]. - The industry has seen rapid capital expenditure growth since 2022, but faces challenges from increased competition and declining profit margins [14][19]. - The government is expected to implement measures to combat "involution" in the chemical sector, promoting high-quality development [14][15]. Group 4: New Materials Technology Advancement - The plan emphasizes the development of strategic emerging industries, including new materials and advanced manufacturing technologies [15][16]. - There is significant potential for domestic substitution in semiconductor materials and advanced packaging materials, with many categories still relying heavily on imports [15][17]. - The government aims to enhance self-sufficiency in key materials through targeted R&D initiatives [16]. Group 5: Green and Low-Carbon Development - The "15th Five-Year Plan" outlines goals for carbon peak and reduction, including implementing dual control over total carbon emissions and intensity [19]. - The plan includes measures for energy efficiency, promoting distributed energy systems, and expanding the carbon trading market [19][18]. - The chemical industry is expected to face stricter entry barriers based on carbon emissions, driving a transition towards high-quality, low-carbon production [19].

Summary of the Chemical Industry Research Report Industry Overview - The report focuses on the chemical industry in China, particularly the oil and gas chemical sector during the "14th Five-Year Plan" and the anticipated developments in the "15th Five-Year Plan" [1][4][11]. Key Points Achievements During the "14th Five-Year Plan" - The chemical industry in China achieved significant growth, with revenue reaching 14.5 trillion yuan in 2024, a 45% increase from 2020 [4][11]. - China has established the world's largest and most comprehensive production system for chemical products, with over 50% of global production capacity for key chemicals like PTA, PA6, and methanol [4][11]. - By 2024, 11 Chinese companies ranked among the top 50 global chemical firms, an increase of 5 from 2020 [4][11]. Transition to Quality-First Development in the "15th Five-Year Plan" - The focus is shifting from scale to quality, aiming for high-quality development in the chemical industry [5][16]. - Three main strategic directions are identified: 1. **Improving Traditional Chemical Industries**: Enhancing profitability and efficiency amid increasing competition and declining profit margins [5][17]. 2. **Advancing New Materials Technology**: Addressing the low domestic production rates of critical materials and promoting innovation in sectors like semiconductors and advanced packaging [5][22]. 3. **Green and Low-Carbon Development**: Implementing carbon emission controls and promoting sustainable practices, including the recycling of waste plastics and the development of green methanol [5][22]. Industry Performance and Market Dynamics - The basic chemical sector outperformed the market, with a 3.37% increase compared to a 0.43% decline in the CSI 300 index [3]. - Key performers included companies like Zhenhua Co., Multi-Fluor, and Yashi Chuangneng, while companies like Shilong Industrial and Anji Technology faced declines [3]. Risks and Challenges - Potential risks include unexpected increases in chemical production capacity and significant declines in downstream demand [7]. - The report highlights the need for the government to address "involution" in competition, which has led to price wars and reduced profitability in the sector [5][18]. Valuation and Recommendations - The report maintains profit forecasts and investment ratings for relevant companies, indicating a stable outlook despite the challenges [6]. Additional Insights - The report emphasizes the importance of technological advancements and the need for the chemical industry to align with national policies aimed at achieving carbon neutrality and enhancing product quality [5][22]. - The focus on green development is expected to create new opportunities in sectors related to carbon reduction technologies and sustainable materials [5][22]. This summary encapsulates the critical insights and projections for the chemical industry as outlined in the research report, providing a comprehensive overview of the current state and future directions of the sector.

Report Industry Investment Rating There is no information about the report industry investment rating provided in the content. Core Viewpoints - For pure benzene, domestic existing plant operations remain at a high level, while the rhythm of imports has slowed down. Pre - holiday downstream procurement and stocking were satisfactory, leading to a faster inventory reduction rate at ports and a continuous strengthening of the pure benzene basis. The downstream operations of pure benzene have rapidly recovered from the bottom, but the long - term procurement sustainability of MDI, PA6, and nylon filament after the holiday is questionable due to inventory pressure and poor BPA operations [4]. - For styrene, the operations of PS and EPS have declined, along with a decrease in提货. With concentrated EB arrivals, port inventories have accumulated again, and the EB basis has further weakened. EB operations will remain at a low level in the short term, and factory inventories have decreased. Overseas, the EB operations in Europe and the United States remain low, and the price difference between European and American EB and the Chinese market continues to be weak, limiting the upside potential of EB [4]. Summary by Directory I. Pure Benzene and Styrene Futures and Spot Prices, Basis, and Inter - period There is no specific content provided in the text for this section. II. Styrene Supply - The arrival volume of styrene in East China is 56,000 tons (+35,000). The overall styrene plant operating rate is 73.24% (-0.20%), with the operating rate in East China at 69.96% (-3.01%), in Shandong at 77.87% (-2.66%), and in South China at 69.50% (+12.87%) [1]. III. Styrene Downstream Demand - EPS operating rate is 55.25% (-6.49%), PS operating rate is 59.10% (-2.10%), ABS operating rate is 70.00% (+0.20%), UPR operating rate is 33.00% (-1.00%), and butadiene - styrene rubber operating rate is 70.43% (+0.00%). EPS sample enterprise inventory is 31,300 tons (-100), PS sample enterprise inventory is 89,360 tons (-360), ABS sample enterprise inventory is 243,600 tons (+4,900), and butadiene - styrene rubber sample enterprise inventory is 20,500 tons (+600) [1]. IV. Styrene Inventory - Styrene inventory in East China ports is 186,500 tons (+27,500), and styrene factory inventory is 203,274 tons (-13,009) [1]. V. Pure Benzene Supply and Inventory - Pure benzene inventory in East China ports is 107,000 tons (-27,000). The pure benzene operating rate is 79.27% (+0.92%), and the hydro - benzene operating rate is 63.99% (+4.05%) [2]. VI. Pure Benzene Downstream Demand - Caprolactam operating rate is 93.66% (+4.97%), phenol - acetone operating rate is 78.00% (+7.00%), aniline operating rate is 74.92% (+2.97%), and adipic acid operating rate is 61.40% (-1.20%). In the CPL industry chain, CPL operating rate is 93.66% (+4.97%), CPL factory inventory is 50,000 tons (+2,000), PA6 operating rate is 76.04% (+0.25%), PA6 conventional spinning factory inventory days are 7 days (-1 day), nylon filament operating rate is 78.00% (+0.00%), and nylon filament factory inventory days are 34.5 days (+0.5 days). In the phenol - acetone industry chain, phenol - acetone operating rate is 78.00% (+7.00%), Jiangyin phenol port inventory is 6,000 tons (-1,000), Jiangyin acetone port inventory is 24,500 tons (-4,500), bisphenol A operating rate is 65.93% (-2.91), PC operating rate is 81.27% (-2.63), and epoxy resin operating rate is 50.76% (-0.76). In the aniline industry chain, aniline operating rate is 74.92% (+2.97%), polymer MDI operating rate is 96.00% (+0.00%), polymer MDI factory inventory is 71,000 tons (+2,000), pure MDI operating rate is 96.00% (+0.00%), and pure MDI factory inventory is 7,000 tons (+700). In the adipic acid industry chain, adipic acid operating rate is 61.40% (-1.20%), spandex operating rate is 77.50% (+0.00%), spandex factory inventory days are 50 days (+0.00%), PA66 operating rate is 61.27% (+2.32%), and polyurethane elastomer operating rate is 52.29% (+1.02%) [2][3]. Strategy - Unilateral: Hold a wait - and - see attitude for BZ, and conduct short - selling hedging for EB at high prices. - Basis and inter - period: No strategy. - Cross - variety: No strategy [5].

Core Viewpoint - The petrochemical industry in China is entering a concentrated production period from 2019 to 2025, with an average capacity growth rate exceeding 10% per year, leading to increased competition and a decline in operating rates and profitability, despite a significant growth in apparent consumption of major petrochemical products during this phase [1][2]. Group 1: Capacity Expansion and Competition - The average capacity growth rate for various petrochemical products is projected to exceed 10% annually from 2019 to 2025, resulting in intensified competition within the industry [1][2]. - The rapid expansion of capacity has led to challenges such as reduced operating rates and profitability [1][2]. Group 2: Export Dynamics - Export amounts are expected to increase significantly, with a notable rise in physical volumes despite stable growth in export value; various sectors are experiencing a price decline of 2% to 7% annually from 2023 to 2025 [3]. - The self-sufficiency rate for key petrochemical products has improved significantly, with ethylene and PX self-sufficiency rates increasing by 19% and 18%, respectively, which corresponds to the absorption of 949,000 and 855,000 tons of capacity [4]. Group 3: Domestic Demand and Structural Highlights - The development of emerging industries and consumption markets, such as new energy vehicles and wind power, is driving demand for chemical products like EVA, POE, epoxy resin, and PVDF [5]. - The overall domestic demand is moderate, but structural highlights are emerging, with traditional plastics benefiting from the rise of national subsidies, express delivery, and takeaway consumption [5]. Group 4: Investment Recommendations - The industry is advised to focus on sectors driven by policy, including refining, ethylene, PX, methanol, and refining by-products, as well as sectors improving under market mechanisms, such as polyester filament, PTA, and caprolactam [6]. - Recommended stocks include Hengli Petrochemical, Rongsheng Petrochemical, Dongfang Shenghong, Baofeng Energy, Hengyi Petrochemical, Tongkun Co., and Xin Fengming [6].

Core Viewpoint - The company does not currently apply its products directly in the semiconductor chip field, focusing instead on new packaging materials for various industries [1] Product Overview - The company's main products include new energy BOPA films, functional BOPA films, and bio-based biodegradable BOPLA films, which are used for packaging in lithium batteries, consumer goods (food, daily chemicals), and medical supplies [1] - The company is set to launch new energy BOPP films in the fourth quarter, primarily for use in film capacitor base films and composite current collector base films [1] Research and Development Focus - The company is actively expanding into the high-temperature nylon sector, specifically developing PA6T and PA10T high-temperature nylon to meet the stringent requirements of future applications in humanoid robots, automotive engine components, and electronic appliances [1]