2、公司 LCP 材料的整体进展情况如何？ 您好！随着 2025 年新增重庆 2 万吨 LCP 树脂项目一期、二期 产能的顺利投产，公司一方面持续深化在高频通讯、AI 算力服务 器、新能源汽车等领域的客户合作关系，另一方面加速推进 LCP 材料在手机主动散热、机器人电机等新兴应用场景的市场拓展。同 时，公司承接的中央预算内资金 LCP 薄膜项目已顺利通过验收， 未来将推动 LCP 薄膜在高端电子器件等领域的产业化进程，从而 显著提升产品附加值并强化技术壁垒。谢谢！ 3、公司除了 LCP 材料之外，其他新培育的几大特种材料推进 的怎么样？ 您好！2014 年，公司通过收购韩国三星 LCP 生产线，正式开 启特种高分子材料的战略转型。此后，公司坚持特种材料发展战略， 从 LCP 逐步扩展至特种尼龙、PTFE、PPS、PEEK、聚砜等多品类 特种材料领域，并已完成相应的产能布局。 证券代码：002886 证券简称：沃特股份 深圳市沃特新材料股份有限公司投资者关系活动记录表 编号：2026-01 | □ 投资者关系活动 | 特定对象调研 分析师会议 □ | | | --- | --- | --- | | □ | 媒体 ...

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and basic chemical sectors [5] Core Insights - The bulk chemical industry is at a dual cycle inflection point, with profitability expected to recover as domestic and international demand improves in 2026 [1][3] - After a prolonged period of low profitability, the industry is entering a phase of reduced capacity expansion and inventory adjustments, with limited new capacity expected in 2026-2027 [2][3] - The dividend payout ratio for Chinese bulk chemical companies is anticipated to trend upwards due to decreased capital expenditure intensity compared to the 2015-2025 period [4] Summary by Sections Industry Overview - The bulk chemical industry has experienced a significant downturn in profitability since 2023, with a notable oversupply leading to continued low earnings through the second half of 2025 [2] - The industry is expected to enter a recovery phase in 2026 as demand begins to rebound [1][3] Capacity and Inventory Cycles - The current inventory cycle is at a turning point, with passive inventory replenishment observed since the second quarter of 2025, influenced by external demand factors [3] - The report indicates that the capacity expansion in the bulk chemical sector will be orderly during the "14th Five-Year Plan" period, with limited new capacity additions expected [2] Dividend and Capital Expenditure Trends - The report highlights that the capital expenditure intensity for the bulk chemical sector is likely to decrease significantly, leading to an increase in dividend payout ratios for companies in this space [4] - Recommended companies include Xinhengcheng, Wanhua Chemical, Hengli Petrochemical, and Sinopec A/H, which are expected to benefit from these trends [4][8]

| | | | --- | --- | | | | | . | 1 | | . | | | 市场数据: | 2026 年 01 月 12 日 | | --- | --- | | 收盘价（元） | 25.36 | | 一年内最高/最低（元） | 26.28/19.52 | | 市净率 | 2.4 | | 股息率%（分红/股价） | 3.55 | | 流通 A 股市值(百万元) | 77,015 | | 上证指数/深证成指 4,165.29/14,366.91 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产 (元) | 10.48 | | 资产负债率% | 28.25 | | 总股本/流通 A 股 (百万) | 3,073/3,037 | | 流通 B 股/H 股 (百万) | -/- | 市公司 同研究人公司深 年内股价与大盘对比走势: 沪深300指数 相关研究 证券分析师 李绍程 A0230525070002 lisc@swsresearch.com 宋涛 A0230516070001 songtao@sw ...

上 市 公 司 -20% 0% 20% 40% 01-13 02-13 03-13 04-13 05-13 06-13 07-13 08-13 09-13 10-13 11-13 12-13 新和成 沪深300指数 (收益率) 相关研究 证券分析师 李绍程 A0230525070002 lisc@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 联系人 公 司 研 究 / 公 司 深 度 证 券 研 究 报 告 | | | | --- | --- | | | | | . | 1 | | . | | | 市场数据： | 2026 年 01 月 12 日 | | | --- | --- | --- | | 收盘价（元） | | 25.36 | | 一年内最高/最低（元） | 26.28/19.52 | | | 市净率 | | 2.4 | | 股息率%（分红/股价） | | 3.55 | | 流通 A 股市值（百万元） | 77,015 | | | 上证指数/深证成指 | ...

格隆汇1月9日丨新和成(002001.SZ)在投资者互动平台表示，公司PPS、PPA系列产品均有商业航天领域 订单。 ...

格隆汇1月6日｜华泰证券研报指出，新和成是全球营养品和香精香料领先企业，蛋氨酸/维生素/ PPS等 多产品销售额全球前五，并具备一体化/规模化和技术优势。公司基于人类/动物营养、香精香料及特种 工程材料等新兴需求增量，前瞻布局，并筑牢技术根基。伴随蛋氨酸/香精香料全球份额提升和生物制 造/新材料破局，公司迈入新成长周期。该行认为市场过度关注维生素周期波动的影响，对蛋氨酸/香精 香料等成长潜力和公司全球竞争优势，以及新兴业务成长性投资价值有所忽视。考虑蛋氨酸/香精香料 等持续放量，略微上调25-27年归母净利润预测，上调目标价至38.24元（上调49%），上调至"买入"评 级。 ...

Group 1: Real Estate Industry - The core viewpoint is that the official launch of commercial real estate REITs marks a significant step towards a new development model in the real estate sector, with policies expected to accelerate the growth of C-REITs [2] - The introduction of 30 REITs-related policies by the CSRC and stock exchanges is seen as a catalyst for expanding asset classes and enhancing efficiency, which could lead to a revaluation of related assets and companies [2] - Companies deeply involved in commercial real estate and management services are expected to benefit significantly from this development [2] Group 2: Financial Services Industry - The recent guidelines from the central bank and financial regulatory authority aim to reduce the pricing cap for small loan companies, which may lead to a rapid industry cleanup [3] - The guidelines require small loan companies to stop issuing loans with comprehensive financing costs exceeding 24% immediately and to gradually lower pricing to within four times the one-year LPR by the end of 2027 [3] - The impact of these guidelines on the broader financial technology sector will depend on whether banks and consumer finance companies follow suit [3] Group 3: Transportation Industry - The outlook for January indicates a seasonal decline in passenger and cargo volumes, but there are positive signs for airline profitability and oil transportation demand [5] - The airline sector is expected to see improved revenue levels due to steady demand growth and favorable oil prices, while oil transportation rates may rise due to geopolitical tensions [5] - Recommendations include focusing on specific stocks in the airline and oil transportation sectors, as well as logistics and express delivery companies [5] Group 4: ETF Market - By the end of 2025, the total scale of ETFs in China surpassed 6 trillion yuan, with a significant increase driven by stock ETFs, which saw a 42% growth [5] - There is a notable divergence in the performance of broad-based ETFs and thematic industry ETFs, with the latter experiencing continued inflows [5] Group 5: Key Companies - Century Huatong is covered for the first time with a "buy" rating and a target price of 24.52 yuan, driven by its leadership in SLG games and strong performance in overseas markets [6] - New and emerging companies like Xinhecheng and Huaming Equipment are also highlighted for their growth potential and strategic initiatives, with target prices set at 38.24 yuan and 29.5 yuan respectively [10][12] - The report emphasizes the importance of product innovation and market expansion for companies like Sanqi Interactive Entertainment and China Jushi, which are expected to benefit from new game launches and incentive plans [8][9]

新和成（002001.SZ）12月28日在投资者互动平台表示，公司PPS四期项目已在稳步推进中，计划年产 能8000吨、2027年建成，生物基和常规产品均可以生产。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：董秘，您好！贵公司PPS四期项目是否已启动建设？预 计什么时候可以建成投产？产能是多少？是生物基还是化学合成？ ...

每经AI快讯，有投资者在投资者互动平台提问：公司的那些产品可以在商业航天上获得应用？ 新和成（002001.SZ）12月20日在投资者互动平台表示，公司PPS、PPA产品可以在商业航天上应用。 （文章来源：每日经济新闻） ...

Core Viewpoint - The company announced that its PPS expansion project will utilize chemical synthesis and will not require additional approval within the total production capacity [1]. Group 1 - The company confirmed that the 8000-ton PPS expansion project will adopt chemical synthesis [3]. - There will be no need for extra approval for the large-scale production of bio-based PPS as it falls within the existing production capacity [1][3].