PBT：多空消息博弈 PBT价格稳定 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 地缘局势缓和，国际原油低开低走对PTA成本支撑减弱，PTA行情宽幅下滑，BDO缺乏最新消息指引价 格维持稳定，PBT综合成本下移，此外PBT下游陆续进入假期阶段，市场观望情绪浓厚，暂未闻公开大 单成交。但是节前部分主力供应商检修，对近期PBT价格形成支撑。截至2月2日上午，PBT华东市场主 流成交区间在7750-7950元/吨，商谈均价维持稳定。 ...

证券研究报告 | 行业周报 gszqdatemark 2026 01 25 年 月 日 建筑装饰 化工品涨价逻辑下，哪些建筑公司有望受益？ 供需格局改善，"反内卷"背景下，化工品有望迎来涨价。从供给端看，化 学原料及化学制品制造业投资增速自 2022 年以来持续回落，2025 年 6 月 投资增速由正转负，申万基础化工板块在建工程/固定资产从 2022 年的峰 值 33.8%持续回落至 2025Q1-3 的 24.4%。考虑到化工行业产能建设周期 一般为 3 年左右，随着资本开支大幅下行，当前我国化工行业新增产能投 放已明显减少。除新增产能减少之外，受能耗双控、2025 年深化环保政策 影响，以及欧洲、日韩化工装置因成本劣势在 2025 年出现的大规模关停 （特别是乙烯、丙烯等基础化工原料），部分化工行业老旧产能在加速退出， 全球供给格局已有所改善。 从需求端看，当前虽然传统需求偏弱，但受制造业补库、春节前备货、出口 增多、以及新型制造需求增长影响，部分化工品需求具备较强支撑。从数 据上看，2025 年 12 月制造业 PMI 为 50.1%，自 2025 年 4 月份以来首次 回到扩张区间，其中生产与新订单 ...

Core Viewpoint - The chemical industry is expected to experience price increases due to improved supply-demand dynamics and a shift towards "anti-involution" practices, benefiting certain construction companies that have extended their operations into the chemical sector [1][21]. Supply Side Summary - Investment growth in the chemical raw materials and products manufacturing sector has been declining since 2022, with a significant drop in investment growth turning negative by June 2025. The construction of new capacity in the chemical industry has notably decreased, with the share of ongoing projects in the basic chemical sector falling from 33.8% in 2022 to 24.4% in Q1-Q3 2025 [1]. - The reduction in new capacity is compounded by energy consumption controls and enhanced environmental policies set for 2025, alongside significant shutdowns of chemical facilities in Europe and Japan due to cost disadvantages, leading to an overall improvement in the global supply landscape [1]. Demand Side Summary - Despite weak traditional demand, certain factors such as manufacturing inventory replenishment, pre-Spring Festival stocking, increased exports, and growth in new manufacturing demands are providing strong support for some chemical products. The manufacturing PMI reached 50.1% in December 2025, indicating a return to expansion for the first time since April 2025 [3]. Inventory Cycle Summary - The chemical industry is transitioning from active destocking to passive destocking. Although there was a slight increase in inventory levels in the chemical raw materials and products sector in H2 2025, the inventory growth of finished products in downstream sectors has been declining since March 2025, indicating a significant inventory disparity within the supply chain [5]. - The current inventory structure shows moderate inventory levels upstream and low inventory levels downstream, suggesting that any improvement in demand could trigger rapid destocking of upstream chemical products, providing strong support for price elasticity [5]. Policy Environment Summary - The "anti-involution" policy introduced in July 2024 has shifted from a slogan to actionable industry measures, encouraging leading companies to avoid price wars and instead focus on maintaining price levels through reduced production rates [5]. Company-Specific Insights - **China Chemical (601117.SH)**: Positioned as a quality undervalued stock with strong cash flow, benefiting from the anti-involution trend. The company has a production capacity of 200,000 tons for both adiponitrile and caprolactam, with potential profit increases from price rebounds in these products [6]. - **Sandi Chemical (002469.SZ)**: Expected to see continued price improvements for existing chemical products under the anti-involution backdrop. The company has significant production capacities and is advancing new product lines that are anticipated to enhance profitability [11]. - **Donghua Technology (002140.SZ)**: The company is experiencing improved profitability in its industrial segment due to supply reductions stabilizing ethylene glycol prices. It has several high-end chemical projects in operation, contributing to revenue growth [15]. - **Southeast Net Framework (002135.SZ)**: The company produces polyester filament with a capacity of 500,000 tons. Price recovery in this segment is expected to contribute positively to performance [18]. Investment Recommendations - The chemical product price increase is supported by declining capital expenditures, environmental restrictions, and a shift in competitive dynamics. Companies such as China Chemical, Sandi Chemical, Donghua Technology, and Southeast Net Framework are highlighted as key beneficiaries of this trend [21].

Group 1 - The company, Jusalong, has been focused on the modified plastics sector since its establishment [1] - The main products include PP, PC/ABS, PA, PBT, and ABS, which are widely used in various fields such as home appliances, automotive industry, electronic communication, and medical supplies [1]

Core Viewpoint - Guangdong Zhongsu New Materials Co., Ltd. (Zhongsu Co.) has suspended its IPO application due to the expiration of the financial data in the application documents, requiring supplementary submissions [1] Company Overview - Zhongsu Co. specializes in the research, production, and sales of modified engineering plastics, with applications in consumer electronics, energy storage, automotive, and home appliances [1] - The company focuses on high-value-added modified engineering plastics to meet the personalized material needs of downstream products, guided by a product differentiation strategy [1] Product Details - Key products include high-performance engineering materials such as modified PC, PC/ABS, PA, PPA, PBT, and PET, developed to meet specific customer requirements like electrical connectivity, low dielectric properties, high-temperature resistance, and waterproof heat dissipation [1] - The company has developed specialized functional materials, including: - Laser Direct Structuring (LDS) materials for environmentally friendly metal plating processes [1] - Nano Injection Molding (NMT) materials for precision components in consumer electronics [1] - High-temperature nylon materials for applications in electronics and small appliances [1] Financial Performance - In the fiscal years 2022, 2023, 2024, and the first quarter of 2025, Zhongsu Co. reported revenues of approximately CNY 493 million, CNY 537 million, CNY 700 million, and CNY 152 million respectively [1] - Net profits for the same periods were CNY 51.71 million, CNY 78.99 million, approximately CNY 100 million, and CNY 25.70 million respectively [1][2] - The company achieved a gross profit margin of 30.63% in 2024, up from 26.00% in 2023 [2]

Core Viewpoint - Guangdong Zhongsu New Materials Co., Ltd. has submitted an IPO application to list on the ChiNext board, focusing on the research, production, and sales of modified engineering plastics [2] Group 1: Company Overview - Zhongsu's main business includes the development of modified engineering plastics, with core products such as modified PC, PC/ABS, PA, PPA, PBT, and PET [2] - The company has developed specialized functional materials like laser direct structuring (LDS) materials and nano-injection molding (NMT) materials to meet specific downstream industry needs [2] - Products are widely used in consumer electronics, energy storage, automotive, and home appliances, covering end products like smartphones, wearable devices, new energy vehicles, and energy storage power supplies [2] Group 2: Financial Performance - From 2022 to 2024, the company achieved operating revenues of CNY 493 million, CNY 537 million, and CNY 700 million, with net profits attributable to shareholders of CNY 48.76 million, CNY 80.84 million, and CNY 92.57 million, respectively [3] - The compound annual growth rates for revenue and net profit (excluding non-recurring gains and losses) over the last three years were 19.11% and 37.79% [3] - The gross profit margins for the main business from 2022 to 2024 were 26%, 31.97%, and 31.03%, consistently higher than the industry average [3] Group 3: Shareholding Structure - The shareholding concentration is high, with Zhu Huaicai and Deng Lianfang controlling 73.26% of the shares [3] - Zhu Huaicai serves as the chairman and general manager, while Zhu Huaiyu, his brother, holds 6.09% of the shares and is also a director [3] Group 4: IPO Details - The company plans to publicly issue no more than 12.33 million shares, aiming to raise CNY 645.49 million, with all proceeds allocated to projects including the construction of a smart production base for high-performance engineering materials [4] - The funding will also support the expansion of the Jiangxi Zhongsu production base and the establishment of a new materials engineering technology research center, with CNY 103 million allocated for working capital [4] - The company intends to enhance production scale, improve intelligent production levels, and strengthen R&D capabilities through the raised funds [4]

Core Viewpoint - PBT prices remain stable due to a lack of significant news guidance, with cost support from strong oil prices and high downstream polyester operating rates [1] Group 1: Market Conditions - The oil market is showing a strong trend, providing cost support for PTA, which positively influences market sentiment [1] - Downstream polyester production is operating at high levels, indicating robust demand [1] Group 2: Supply and Demand Dynamics - The supply-demand structure for PBT has not undergone significant changes, leading to stable pricing from mainstream PBT manufacturers [1] - PBT prices are stable as major manufacturers maintain their pricing strategies [1] Group 3: Trading Activity - Traders are experiencing cost pressures, leading to a cautious trading atmosphere with general trading activity being moderate [1] - There is a prevailing wait-and-see attitude among traders, reflecting a lack of urgency in procurement [1]

Core Insights - Ningbo Changhong High Polymer Technology Co., Ltd. reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 1.122 billion yuan, a year-on-year growth of 18.45%, and net profit attributable to shareholders at 14.3833 million yuan, up 139.35% [1] Financial Performance - The company's Q3 performance improvement is attributed to its wholly-owned subsidiary, Guangxi Changhong Biomaterials Co., Ltd., entering a profitable cycle and the completion of technical upgrades at its subsidiary, Zhejiang Changhong Biomaterials Co., Ltd., which restored production capacity [1] - In the first half of the year, the company faced significant pressure on performance due to weak downstream demand, with Guangxi Changhong's profitability impacted by prolonged downtime for technical upgrades of its PBT facility [1] Operational Developments - The technical upgrade project at Zhejiang Changhong was successfully completed in Q2, leading to a gradual recovery in production rhythm, operational efficiency, and capacity utilization [1] - Additionally, the company has successfully completed and put into production two projects: the second phase of solution styrene-butadiene rubber and TPE black masterbatch [1] - The first phase of the acrylic acid industrial park at its subsidiary, Guangdong Changhong Aikain Technology Co., Ltd., is also progressing smoothly [1]

Core Insights - Longhong High-Tech (605008) reported a significant improvement in its Q3 2025 financial performance, with revenue reaching 1.122 billion yuan, a year-on-year increase of 18.45%, and a net profit attributable to shareholders of 14.38 million yuan, up 139.35% year-on-year [1][2] Group 1: Financial Performance - The company's net profit growth of 135.35% is closely linked to the profitability of its subsidiary, Guangxi Longhong, and the completion of the PBT facility upgrade, which restored production capacity [2] - The total profit for Q3 increased by 36.57% year-on-year, primarily due to Guangxi Longhong's entry into a profitable phase [2] Group 2: Operational Developments - The completion of the PBT facility upgrade in Q2 has led to a gradual recovery in production rhythm, operational efficiency, and capacity utilization [2] - Key projects such as the second phase of solution styrene-butadiene rubber and TPE black masterbatch have been successfully launched, with the first phase of the acrylic acid industrial park in Guangdong progressing smoothly [4] Group 3: Market Outlook - The recovery trends in downstream industries, particularly in new energy and consumer electronics, are expected to continue, enhancing industry prospects [5] - The company’s products, including TPE and PBT, are widely used in automotive and home appliance applications, positioning it well to meet changing market demands [5] - Longhong High-Tech is poised to steadily advance capacity construction and operational quality improvements, marking a clear path toward high-quality growth [5]

宁波长鸿高分子科技股份有限公司 | | 2025 年第三季度 | 2024 年第三季度 | 变动比例 | | --- | --- | --- | --- | | 主要产品名称 | 平均销售单价 | 平均销售单价 | | | | | | (%) | | | (元/吨) | (元/吨) | | 证券代码：605008 证券简称：长鸿高科 公告编号：2025-063 2025 年第三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宁波长鸿高分子科技股份有限公司(以下简称"公司")根据上海证券交易所 《上市公司行业信息披露指引第十三号——化工》的规定，现将 2025 年第三季度 主要经营数据披露如下： | 主要产品名称 | 2025 年第三季度 | 2025 年第三季 | 年第三季度 2025 | | --- | --- | --- | --- | | | 产量（吨） | 度销量（吨） | 营业收入（万元） | | SBS | 25,441.31 | 24,671.18 | 26,378.28 | | SEBS ...