Group 1 - The core viewpoint of the article is that Jinfah Technology has successfully launched its integrated project for 1.2 million tons of PTPE and modified new materials in Ningbo, achieving a complete industrial chain from propane to polypropylene and modified polypropylene [1] - The company has been continuously advancing its green petrochemical sector through technological upgrades and improvements [1] - The order situation for the Ningbo Jinfah project has been good over the past year, and the project is currently operating at a stable state of near full capacity [1]

（文章来源：每日经济新闻） 金发科技（600143.SH）1月5日在投资者互动平台表示，宁波金发120万吨PTPE及改性新材料一体化项 目（一阶段）已投产，实现了"丙烷—丙烯—聚丙烯—改性聚丙烯"产业链的贯通。近年来，公司持续推 进绿色石化板块技改技措工作，近一年宁波金发订单情况良好，目前该项目正处于基本满负荷的稳定运 行状态。 每经AI快讯，有投资者在投资者互动平台提问：请介绍一下宁波金发120万吨PTPE及改性新材料一体化 项目投产以来产能利用率和大客户订单落地情况。 ...

Core Viewpoint - The company is highly focused on and optimistic about the development opportunities presented by the robotics industry, having established a dedicated research and development team for robotic materials [1] Group 1: Company Initiatives - The company has formed a research and development team specifically for robotic materials [1] - The company is actively collaborating with leading enterprises in the robotics field for material co-development and cooperation [1] - Some material products have already achieved bulk supply to customers [1]

2025 年 12 月 26 日，公司披露了《金发科技股份有限公司关于 2022 年限制 性股票激励计划部分限制性股票回购注销实施的公告》（公告编号：2025-100）, 1 / 2 证券代码：600143 证券简称：金发科技 公告编号：2026-001 金发科技股份有限公司 关于 2022 年限制性股票激励计划 部分限制性股票回购注销完成的公告 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。 一、本次限制性股票回购注销的决策与信息披露 2025 年 9 月 12 日，金发科技股份有限公司（以下简称"公司"）召开的第 八届董事会第十八次（临时）会议和第八届监事会第十次（临时）会议，审议通 过了《关于回购注销 2022 年限制性股票激励计划部分限制性股票的议案》和《关 于调整 2022 年限制性股票激励计划回购价格的议案》，同意按照 5.07 元/股的价 格回购 142 名激励对象持有的 1,786,669 股限制性股票，回购完成后，注销该部 分股票。公司薪酬与考核委员会对相关事项发表了意见，广东南国德赛律师事务 所出具了相应的 ...

国家知识产权局信息显示，上海金发科技发展有限公司、成都金发科技新材料有限公司、金发科技股份 有限公司取得一项名为"一种PBT复合材料及其制备方法和应用"的专利，授权公告号CN119708622B， 申请日期为2024年12月。 天眼查资料显示，上海金发科技发展有限公司，成立于2001年，位于上海市，是一家以从事化学原料和 化学制品制造业为主的企业。企业注册资本37000万人民币。通过天眼查大数据分析，上海金发科技发 展有限公司共对外投资了8家企业，参与招投标项目20次，专利信息1746条，此外企业还拥有行政许可 180个。 成都金发科技新材料有限公司，成立于2015年，位于成都市，是一家以从事化学原料和化学制品制造业 为主的企业。企业注册资本50000万人民币。通过天眼查大数据分析，成都金发科技新材料有限公司共 对外投资了1家企业，参与招投标项目19次，专利信息216条，此外企业还拥有行政许可159个。 金发科技股份有限公司，成立于1993年，位于广州市，是一家以从事橡胶和塑料制品业为主的企业。企 业注册资本263661.2697万人民币。通过天眼查大数据分析，金发科技股份有限公司共对外投资了35家 企业，参 ...

Investment Strategy and Key Stock Portfolio - The report emphasizes the importance of enhancing macro governance effectiveness and maintaining a positive policy tone, with a combination of more proactive fiscal policy and moderately loose monetary policy expected to continue [4][9] - The focus is on expanding domestic demand and stabilizing investment, with recent policy adjustments such as the relaxation of housing purchase restrictions in Beijing and a reduction in the value-added tax rate for second-hand home sales [4][9] - The report highlights the potential for a pause in interest rate cuts by the Federal Reserve in the first half of the coming year, as recent U.S. GDP data exceeded expectations, driven by a rebound in personal consumption [10] Key Stock Recommendations - **Jinfa Technology (金发科技, 600143.SH)**: Positioned to transition from a comprehensive plastic leader to a high-end chemical materials platform, benefiting from strong demand in emerging industries [11][14] - **Hengli Petrochemical (恒力石化, 600346.SH)**: As a leading private refining enterprise, it is expected to benefit from a new cycle of refining prosperity due to its extensive production capacity and diversified product offerings [11][14] - **Satellite Chemical (卫星化学, 002648.SZ)**: Anticipated to enter a new growth phase with improved profitability in aromatics and polyester chains, supported by its cost control and market position [11][14] - **Huidi Technology (汇得科技, 603192.SH)**: Expected to maintain high-quality growth due to strong demand for polyurethane materials and a favorable cost environment [11][14] - **Aikodi (爱柯迪, 600933.SH)**: Positioned to benefit from the recovery of its robotics segment and potential contracts with Tesla, enhancing its growth prospects [11][14] - **TeBao Bio (特宝生物, 688278.SH)**: Anticipated to see significant growth driven by its core product and expanding R&D pipeline [11][14] - **New Dairy (新乳业, 002946.SZ)**: Expected to improve profitability through product innovation and a focus on low-temperature products [11][14] - **Zhongke Lanyun (中科蓝讯, 688332.SH)**: Positioned to benefit from AI-driven growth in the electronics sector, with a comprehensive product line [11][14] - **Hengxuan Technology (恒玄科技, 688608.SH)**: Focused on high-end SOC chips and AIOT applications, with strong competitive positioning [11][14] - **Jereh Group (杰瑞股份, 002353.SZ)**: Expected to see robust growth supported by its diversified business and significant orders in the natural gas sector [11][14] ETF Recommendations - **Southern CSI 1000 ETF (南方中证 1000ETF, 512100.OF)**: Notable growth of 29.27% year-to-date, tracking the CSI 1000 Index [15] - **E Fund CSI Artificial Intelligence Theme ETF (易方达中证人工智能主题, 159819.OF)**: Strong performance with a 70.29% increase year-to-date [15] - **Chemical ETF (化工 ETF, 159870.OF)**: Gained 43.01% year-to-date, reflecting the performance of the chemical industry [15] - **Huatai-PB CSI Major Consumption ETF (汇添富中证主要消费 ETF, 159928.OF)**: Slight decline of 2.40% year-to-date [15] - **Southern CSI Shenwan Nonferrous Metals ETF (南方中证申万有色金属 ETF, 512400.OF)**: Significant growth of 98.26% year-to-date [15]

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) | 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-12-31 | 金发科技 | 600143 | 18 | 6642 | 369 | 班辛量亦設 交自送利润選足路 國格正安裝搭載 | 中信证券股份有限 公司深圳深南关篷 证券营业部 | | 2025-12-31 | 金发科技 | 600143 | 18 | 4554 | 253 | 公司深圳社第 证券营业部 | 中信证券股份有限 | 12月31日，金发科技大宗交易成交622万股，成交额1.12亿元，占当日总成交额的4.29%，成交价18元，较市场收盘价19.54元折价7.88%。 ...

Group 1 - The core viewpoint of the news highlights the strong performance of the Tianhong Chemical ETF (159133), which saw a turnover of 4.42% and a transaction volume of 26.6075 million yuan, with the underlying index rising by 1.84% to reach a new annual high [1][3] - The Tianhong Chemical ETF has achieved a record high in size at 629 million yuan and a record high in shares at 567 million, with a net inflow of 21.9844 million yuan recently [3] - The chemical sector is characterized by its complexity and rapid rotation, with the Tianhong Chemical ETF tracking 50 leading companies, covering both traditional cyclical sectors and emerging growth areas [3] Group 2 - Recent news indicates that major companies in the lithium iron phosphate industry, including Wanrun New Energy and Hunan Youneng, have announced maintenance and production cuts, with reductions of 35% to 50% planned for January 2026 [3][4] - Research institutions suggest that the collective maintenance in the lithium iron phosphate industry is a response to rising raw material costs, leading to increased operational pressure on companies [4] - The lithium battery supply chain is experiencing a rise in both volume and price, with significant increases in production and prices for lithium carbonate and lithium iron phosphate, indicating a recovery in downstream demand [5]

Core Viewpoint - The chemical sector has shown a significant rebound, with the Chemical ETF (516020) reaching a new high since September 2022, reflecting strong performance across various sub-sectors such as petrochemicals, polyester, phosphate chemicals, and lithium batteries [1][9]. Group 1: Market Performance - The Chemical ETF (516020) opened lower but experienced a rise, achieving a maximum intraday increase of 2.56% and closing up by 1.98% [1][9]. - The Chemical ETF's index has recorded a year-to-date increase of 41.4%, outperforming major A-share indices like the Shanghai Composite Index (18.3%) and the CSI 300 Index (18.21%) [1][9]. Group 2: Key Stocks Performance - Notable stocks within the sector include Hengyi Petrochemical, which hit the daily limit, and others like Xin Fengming and Rongsheng Petrochemical, which rose over 7% [1][9]. - Hengli Petrochemical increased by over 6%, while Jinfa Technology, Yuntianhua, and Tianci Materials also showed significant gains [1][9]. Group 3: Industry Trends - The chemical sector's strong performance is attributed to policy support and cyclical recovery, leading to a notable outperformance compared to the broader market [1][9]. - The sector's fixed asset investment growth is slowing, and the "anti-involution" policy is promoting industry self-discipline, which is expected to improve profitability levels [6][13]. Group 4: Future Outlook - The demand for lithium iron phosphate materials is expected to grow significantly, with projections indicating a global output of 5.25 million tons by 2026, a 36% increase year-on-year [4][12]. - The Chemical ETF (516020) is positioned to capture investment opportunities across various sub-sectors, with nearly 50% of its holdings in large-cap leading stocks [6][13].

Market Overview - The plastic sector experienced a decline of 0.89% on December 30, with Shangwei New Materials leading the drop [1] - The Shanghai Composite Index closed at 3965.12, showing no change, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1] Stock Performance - Notable gainers in the plastic sector included: - Henghe Precision (300539) with a closing price of 43.50, up 6.44% and a trading volume of 207,300 shares, totaling 877 million yuan [1] - Heshun Technology (301237) at 61.61, up 5.61% with 92,400 shares traded, amounting to 562 million yuan [1] - Jinfat Technology (600143) at 20.00, up 5.10% with a volume of 1,962,400 shares, totaling 3.857 billion yuan [1] - Conversely, significant decliners included: - Shangwei New Materials (688585) at 118.67, down 10.19% with a trading volume of 176,700 shares, totaling 2.091 billion yuan [2] - Shenjian Co. (002361) at 13.04, down 10.01% with 3,641,300 shares traded, amounting to 4.908 billion yuan [2] - Ruihua Technology (688323) at 22.95, down 3.57% with a volume of 159,700 shares, totaling 376 million yuan [2] Capital Flow - The plastic sector saw a net outflow of 1.633 billion yuan from major funds, while retail investors contributed a net inflow of 1.424 billion yuan [2] - The distribution of capital flow among key stocks showed: - Jinfat Technology (600143) had a net inflow of 2.13 billion yuan from major funds, but a net outflow of 1.98 billion yuan from retail investors [3] - Henghe Precision (300539) recorded a net inflow of 1.11 billion yuan from major funds, with a significant outflow from retail investors totaling 972.74 million yuan [3] - Other stocks like Zhejiang Zhongcheng (002522) and Weike Technology (301196) also experienced varying degrees of net inflows and outflows from different investor categories [3]