证券日报网讯鼎龙科技（603004）11月24日在互动平台回答投资者提问时表示，关于应用领域，根据相 关公开资料，聚对苯撑苯并二噁唑Poly(p-phenylene benzobisoxazole)(PBO)纤维是一种具有优异力学性 能、耐热性能以及阻燃性能的有机高性能纤维。因此，PBO纤维在航空航天、军工国防、交通运输、体 育器材、建筑材料、高温防护等领域有着重要的应用价值。公司产品为PBO纤维制备的核心单体，供给 给下游企业用于PBO纤维制备，但单体处于新材料的上游，到终端产品还有多个产业链环节，终端是否 应用到人形机器人领域公司并未掌握具体的信息，具体应用细节以下游及终端厂商披露信息为准。 ...

Core Viewpoint - Dinglong Technology (603004.SH) highlights the significant application value of PBO fibers in various fields, including aerospace, military defense, transportation, sports equipment, construction materials, and high-temperature protection [1] Summary by Relevant Categories Product Characteristics - PBO fibers exhibit outstanding mechanical strength, excellent high-temperature resistance, and notable lightweight advantages [1] - The fibers theoretically meet basic protective needs and can be used as outer materials for spacecraft [1] Limitations - The standalone use of PBO fibers may have limitations in high-speed impact resistance and impact toughness, necessitating the combination with other high-performance materials to form composite protective structures [1] Application Validation - While PBO fibers can theoretically be used for spacecraft outer materials, practical application to withstand impacts from space debris requires further experimental validation and downstream application testing [1]

Core Viewpoint - Dinglong Technology (603004.SH) highlights the significant application value of PBO fiber in various fields such as aerospace, military defense, transportation, sports equipment, construction materials, and high-temperature protection due to its outstanding mechanical strength, high-temperature resistance, and lightweight advantages [1] Summary by Relevant Categories Product Characteristics - PBO fiber exhibits exceptional mechanical strength, excellent high-temperature and environmental resistance, and notable lightweight advantages [1] - Theoretical applications of PBO fiber include serving as outer material for spacecraft, fulfilling basic protective needs [1] Limitations and Requirements - PBO fiber alone may have limitations in high-speed impact resistance and impact toughness, necessitating the combination with other high-performance materials to form a composite protective structure [1] - The practical application of PBO fiber as outer material for spacecraft to withstand impacts from space debris requires further experimental validation and downstream application testing [1]

Core Insights - PBO fiber (Poly(p-phenylene-2,6-benzobisoxazole) fiber) is recognized for its exceptional mechanical properties and high-temperature resistance, making it widely applicable in high-end sectors such as aerospace, defense, and firefighting [1][6] - The market size for PBO fiber in China is projected to reach approximately 149 million yuan in 2024, reflecting a year-on-year growth of 4.93% [8][9] Industry Overview - PBO fiber is a fully aromatic rigid rod-like polymer formed by alternating benzene and oxazole rings, known for its high tensile strength and modulus, excellent heat resistance, flame retardancy, and impact resistance [2] - Despite being termed the "super fiber of the 21st century," PBO fiber faces significant challenges, including insufficient compressive strength, poor interface adhesion, low light resistance, high production costs, and limitations in extreme high-temperature stability [4][5] Industry Chain - The upstream of the PBO fiber industry chain includes raw materials such as 4,6-diaminophenol hydrochloride, terephthalic acid, and polyphosphoric acid, along with production equipment [5] - The downstream applications of PBO fiber span various sectors, including aerospace, defense, rail transportation, electronic communication, sports goods, and medical devices [6] Market Dynamics - The price of domestic purified terephthalic acid (PTA) has been on a gradual decline, with a reported price of 4,540 yuan per ton as of September 2025, down 9.74% year-on-year. This reduction in PTA prices presents an opportunity for PBO fiber producers to lower costs and enhance profit margins [8] Key Players - The competitive landscape of the PBO fiber industry is characterized by an "oligopoly" with high technical barriers. Key players include: - **Dinglong Technology**: The leading domestic supplier of PBO monomer (DAR hydrochloride), achieving high purity production and breaking the monopoly of Japanese suppliers [10] - **Chengdu Xincheng**: Holds a production capacity of 380 tons/year and has established a significant presence in the defense and aerospace sectors [9] - **Zhonglan Chenguang**: Recognized for its technological advancements and applications in high-end markets such as foldable smartphones and robotics [11] Industry Development Trends 1. **Continuous Technological Innovation**: The PBO fiber industry is experiencing breakthroughs in performance through innovations, such as the development of STARAMID® CG-PBO fiber with a tensile strength of 5.8 GPa and heat resistance of 600°C [12] 2. **Expansion of Application Scenarios**: The lightweight and high-temperature resistance of PBO fiber is driving demand in aerospace, military, and new energy sectors, with potential applications in electric vehicle battery casings and high-strength ropes for extreme environments [12] 3. **Accelerated Industry Chain Integration**: Domestic companies are reducing production costs through vertical integration, with advancements in production processes leading to improved yield rates and lower unit costs [13]

Group 1 - The company, Dinglong Technology (603004.SH), primarily produces PI monomers and PBO monomers for the synthesis of polyimide materials and PBO fibers, with minimal involvement in the management of plastic chemicals during the monomer production process [1] - An investor inquired about the company's involvement with plastic chemicals in its products and services, questioning the absence of disclosures regarding plastic chemical management in annual and ESG reports [3] - The company has not disclosed any information related to the management of plastic chemicals in its annual and ESG reports, raising questions about future plans for such disclosures [3]

Core Insights - The conference highlighted that fine chemicals are not only the core driving force for high-quality development in the petrochemical industry but also a strategic support for industrial upgrading and the cultivation of new productive forces [1] Industry Structure - Fine chemicals refer to fine chemical products and new chemical materials, contrasting with basic chemicals, as defined in the "Implementation Plan for the Innovation and Development of the Fine Chemical Industry (2024-2027)" [2] - China's annual production capacity for fine chemicals is nearing 200 million tons, with a supply guarantee rate of 90% [2] - The industry has a strong global competitive position, with market shares of 75% in pesticides, 70% in rubber additives, and 60% in food organic acids and feed vitamins [2] - Structural contradictions exist, with self-sufficiency rates exceeding 130% for food additives and traditional pesticides, while rates for products like photoresists and specialty gases are below 20% [2] Technological Innovation - There is a significant gap between the performance of fine chemicals and downstream expectations, with 99% of fine chemicals producible but lacking stability and quality compared to international standards [3] - Continuous R&D innovation is essential for industry transformation, as exemplified by Shin-Etsu Chemical's evolution from a fertilizer plant to a leading global player in PVC and semiconductor silicon materials [3] - Market-driven technological advancements are crucial, with adhesives evolving from auxiliary materials to functional solutions in various industries [3] Innovation Trends - High-performance fibers, such as PBO fibers, are emerging as key materials, with a single 1mm diameter PBO fiber capable of lifting 450 kg [4] - Silicon carbide fibers are gaining attention for their high-temperature resistance and applications in various industrial sectors [4] - New high-performance materials, including ethylene-acrylic copolymers and carbon nanotubes, are showing promise in multiple applications due to their superior properties [5] - Silicon-based new materials are expected to disrupt the coatings and adhesives industries, with modified silicone resins capable of withstanding extreme temperatures [5]

Core Insights - The conference highlighted that fine chemicals are not only the core driving force for high-quality development in the petrochemical industry but also a strategic support for industrial upgrading and the cultivation of new productive forces [1] Industry Structure - Fine chemicals refer to fine chemical products and new chemical materials, contrasting with basic chemicals, as defined in the "Implementation Plan for the Innovation and Development of the Fine Chemical Industry (2024-2027)" [2] - China's annual production capacity for fine chemicals is nearing 200 million tons, with a supply guarantee rate of 90% for bulk products [2] - The country holds a significant competitive position in the global market, with a 75% market share in pesticides and synthetic sweeteners, 70% in rubber additives, and 60% in organic acids and feed vitamins [2] - Structural contradictions exist, with self-sufficiency rates exceeding 130% for food additives and traditional pesticides, while rates for products like photoresists and specialty gases are below 20% [2] Technological Innovation - There is a significant gap between the performance of fine chemicals and downstream expectations, with 99% of fine chemicals producible but lacking stability and quality compared to international standards [3] - Continuous R&D innovation is essential for industry breakthroughs, exemplified by companies like Shin-Etsu Chemical and 3M, which have transformed through sustained innovation [3] - Market-driven technological advancements are crucial, as seen in the evolution of adhesives from auxiliary materials to functional solutions in various industries [3] Innovation Trends - High-performance fibers, such as PBO fibers, are emerging as key materials, with PBO capable of lifting 450 kilograms with a 1mm diameter strand [4] - Silicon carbide fibers are also highlighted for their high-temperature resistance and applications in various industrial sectors [4] - New high-performance materials, including ethylene-acrylic copolymers and carbon nanotubes, are gaining traction due to their superior properties and cost-effectiveness [5] - Silicon-based new materials are expected to disrupt the coatings and adhesives industries, with modified silicone resins capable of withstanding extreme temperatures [5]

Core Viewpoint - The article discusses the advancements and applications of tendon-driven dexterous hands in humanoid robots, highlighting the importance of tendon materials and transmission mechanisms in enhancing performance and flexibility [4][11][20]. Group 1: Transmission Mechanisms - Tendon transmission is crucial for dexterous hands, utilizing mechanisms like tendon, gear, and linkage transmissions, each with distinct advantages and disadvantages [4][6][10]. - Tendon transmission mimics human muscle function, allowing for lightweight and flexible designs, which improve speed and reduce energy consumption [6][14]. - The main tendon transmission schemes include N-type, N+1 type, and 2N type, each varying in the number of actuators and load capacities [8][10][13]. Group 2: Material Selection - Tendon materials are primarily categorized into stainless steel and high molecular fibers, with high molecular fibers being more widely used due to their superior properties [11][14]. - UHMWPE fibers are favored for their high strength and low weight, significantly enhancing the dexterous hand's performance [14][46]. - The tensile strength of UHMWPE fibers is reported to be 15 times that of high-quality steel, making them ideal for robotic applications [14][15]. Group 3: Industry Policies and Market Potential - Recent policies in China emphasize the development of humanoid robots, which is expected to drive demand for tendon materials [17][18]. - The market for humanoid robots is projected to reach significant levels, with estimates suggesting a market size of 352 billion yuan for tendon materials alone, based on the expected production of 10 million units [34][36]. - The humanoid robot industry is entering a competitive phase, with various companies developing advanced models, indicating a robust growth trajectory [31][33]. Group 4: Application Cases - Tesla's Optimus series showcases the evolution of tendon-driven dexterous hands, with each generation improving in flexibility and functionality [20][24][25]. - The 1X NEO Gamma home service robot utilizes tendon-driven designs, demonstrating the practical applications of these technologies in consumer products [26][27]. - Various international research and development efforts are ongoing, leading to the creation of multiple tendon-driven robotic hands, indicating a growing interest in this technology [20][23].