Investment Rating - The industry investment rating is maintained as "Outperform the Market" [4] Core Insights - The commercial aerospace industry is entering a period of explosive growth, with significant improvements in low-orbit satellite constellation construction and launch capabilities. China plans to launch 12,992 commercial satellites to create a global internet satellite constellation [1] - The demand for liquid rocket engines is increasing due to the trend towards large-capacity and reusable rockets in commercial aerospace, leading to a substantial rise in the demand for liquid propellants [2] - The market for electronic specialty gases is projected to reach $6.023 billion globally by 2025, with a CAGR of 6.39% from 2022 to 2025 [2] - The carbon fiber industry is experiencing structural differentiation, with high-performance carbon fiber demand rising in aerospace, while the mid-to-low-end market faces oversupply and price wars [9] - Advanced structural ceramics and composite materials are critical for high-end equipment in aerospace and other key sectors, with ongoing technological advancements in China [9] Summary by Sections Commercial Aerospace Development - The commercial aerospace sector is witnessing rapid advancements, with the establishment of launch sites and the development of new rocket technologies [1] - The government is promoting the safe and healthy development of emerging industries, including commercial aerospace, through various action plans [1] Market Demand and Growth - The demand for liquid propellants and specialty gases is expected to grow significantly, driven by advancements in rocket technology and increased satellite production [2] - The electronic specialty gas market in China is projected to reach 23 billion yuan by 2024, with a CAGR of 10.31% from 2022 to 2024 [2] Material Applications - High-performance materials such as carbon fiber, advanced ceramics, and quartz glass fibers are increasingly used in commercial aerospace applications [9][11] - Companies like Jiufeng Energy and Guangwei Composites are leading in the domestic market for specialty gases and carbon fibers, respectively, with ongoing projects to meet the growing demand [2][9] Investment Recommendations - The report suggests focusing on companies involved in rocket fuel and satellite production, as well as those producing specialty fibers and advanced materials for aerospace applications [11]

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、准确性和完整性依法承担法律责任。 深圳瑞华泰薄膜科技股份有限公司 关于债券持有人减持公司 可转换公司债券的公告 公司股东航科新世纪科技发展（深圳）有限公司（以下简称"航科新世纪"）合计认购"瑞科转 债"1,004,940张，占发行总量的23.37%。 证券代码：688323 证券简称：瑞华泰 公告编号：2026-003 公司于2026年1月13日收到股东航科新世纪的通知，航科新世纪于2025年4月17日至2026年1月13日期间 通过上海证券交易所固定收益证券综合电子平台以集中竞价方式共计减持"瑞科转债"43.20万张，占发 行总量的10.05%。具体变动情况如下： 转债代码：118018 转债简称：瑞科转债 ■ 经中国证券监督管理委员会《关于同意深圳瑞华泰薄膜科技股份有限公司向不特定对象发行可转换公司 债券注册的批复》（证监许可〔2022〕1546号）同意注册，深圳瑞华泰薄膜科技股份有限公司(以下简 称"公司")于2022年8月18日向不特定对象共计发行430万张可转换公司债券，每张面值为人民币100元， ...

格隆汇1月13日丨瑞华泰(688323.SH)公布，公司于2026年1月13日收到股东航科新世纪的通知，航科新 世纪于2025年4月17日至2026年1月13日期间通过上海证券交易所固定收益证券综合电子平台以集中竞价 方式共计减持"瑞科转债"43.20万张，占发行总量的10.05%。 ...

公司股东航科新世纪科技发展（深圳）有限公司（以下简称"航科新世纪"） 合计认购"瑞科转债"1,004,940 张，占发行总量的 23.37%。 | 证券代码：688323 | 证券简称：瑞华泰 | 公告编号：2026-003 | | --- | --- | --- | | 转债代码：118018 | 转债简称：瑞科转债 | | 公司于 2026 年 1 月 13 日收到股东航科新世纪的通知，航科新世纪于 2025 年 4 月 17 日至 2026 年 1 月 13 日期间通过上海证券交易所固定收益证券综合电 子平台以集中竞价方式共计减持"瑞科转债"43.20 万张，占发行总量的 10.05%。 具体变动情况如下： 深圳瑞华泰薄膜科技股份有限公司 关于债券持有人减持公司可转换公司债券的公告 | | 本次减持前 | 本次减持前 | 本次减持数 | 本次减持后 | 本次减持后 | | --- | --- | --- | --- | --- | --- | | 持有人名称 | 持有数量 | 占发行总量 | 量（张） | 持有数量 | 占发行总量 | | | （张） | 的比例 | | （张） | 的比例 | | 航科 ...

格隆汇1月13日丨瑞华泰(688323.SH)公布，公司于2026年1月13日收到股东航科新世纪的通知，航科新 世纪于2025年4月17日至2026年1月13日期间通过上海证券交易所固定收益证券综合电子平台以集中竞价 方式共计减持"瑞科转债"43.20万张，占发行总量的10.05%。 ...

证券之星消息，1月13日塑料板块较上一交易日下跌3.01%，瑞华泰领跌。当日上证指数报收于4138.76， 下跌0.64%。深证成指报收于14169.4，下跌1.37%。塑料板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 001255 博菲电气 | | 8455.74万 | 45.40% | -5229.15万 | -28.08% | -3226.59万 | -17.33% | | 000973 佛塑科技 | | 3338.29万 | 4.21% | -1275.44万 | -1.61% | -2062.85万 | -2.60% | | 001359 | 平安电工 | 2974.51万 | 12.98% | -31.69万 | -0.14% | -2942.82万 | -12.84% | | 601026 道生天合 | | 2928.08万 | 9.47% | -66.15万 | -0.21% | ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688323 | 瑞华泰 | 26.80 | 13.95% | 20.39万 | | 5.29亿 | | 300221 | 银禧科技 | 12.20 | 13.28% | 99.47万 | | 11.66亿 | | 688585 | 上纬新材 | 160.10 | 11.19% | 9.30万 | | 14.68 乙 | | 001255 | 博菲电气 | 37.71 | 10.01% | 5.35万 | | 1.90亿 | | 301237 | 和顺科技 | 63.43 | 9.68% | 4.91万 | | 3.06亿 | | 002361 | 神剑股份 | 16.80 | 7.69% | 288.60万 | | 46.88亿 | | 603150 | 万朗磁塑 | 42.39 | 7.13% | 6.30万 | | 2.64亿 | | 605488 | 福来新材 | 37.02 | 5.98% | 16.58万 | | 6.0 ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to experience an upward cycle due to the implementation of "anti-involution" policies in China and the accelerated exit of some European facilities [29] - The report highlights the potential for domestic substitution of semiconductor materials from Japan due to rising geopolitical tensions, which could benefit various companies in the sector [5] - The chromium salt industry is undergoing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with a projected supply-demand gap of 340,900 tons by 2028 [8] Summary by Sections Industry Performance - The chemical industry has shown strong relative performance with a 1-month increase of 10.7%, 3-month increase of 9.6%, and a 12-month increase of 45.1%, outperforming the CSI 300 index [3] Price Trends - Key products such as lithium carbonate and polysilicon have seen significant price increases, supported by policy guidance and industry self-discipline [12] - The price of chromium salts has remained stable, with metal chromium priced at 82,000 CNY/ton as of January 9, 2026 [15] Investment Opportunities - Focus on companies with low-cost expansion capabilities, such as Wanhu Chemical and Hualu Hengsheng, as well as those in sectors with improving market conditions like chromium salts and phosphates [6][9] - High dividend yield opportunities are identified in state-owned enterprises like China Petroleum and China National Chemical [10] Key Company Tracking - Companies such as Dongfang Shenghong and Huabei Yihua are highlighted for their earnings potential, with projected EPS growth for 2026 [30] - The report tracks specific price movements for various chemicals, including a notable increase in the price of ammonium phosphate and a stable price for urea [17][19]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The macroeconomic outlook for the chemical industry indicates a stable increase in oil demand due to global economic recovery, with Brent crude oil expected to remain in the range of $55-70 per barrel [3][4]. - The report highlights the implementation of differentiated electricity pricing for high-energy-consuming industries in Shaanxi Province, which may accelerate capacity elimination in these sectors [3][4]. - The organic silicon industry is expected to see price increases, with DMC prices projected to rise to 14,000 yuan per ton due to tightening supply and pre-holiday inventory buildup [3][4]. - The commercial aerospace sector is experiencing significant growth, with a notable increase in satellite launches and approvals for new satellite constellations [3][4]. Summary by Sections Macro Economic Analysis - Oil supply is constrained due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with tariff adjustments and economic improvements [3][4]. - Coal prices are expected to stabilize at a low level, alleviating pressure on downstream industries [3][4]. - Natural gas exports from the U.S. are anticipated to increase, potentially lowering import costs [3][4]. Industry Dynamics - The report discusses the differentiated electricity pricing policy in Shaanxi, which could lead to accelerated capacity elimination in high-energy-consuming industries [3][4]. - The organic silicon sector is highlighted for its potential price increases due to supply constraints and rising demand [3][4]. - The commercial aerospace industry is set for rapid growth, with significant satellite launches expected in the coming years [3][4]. Investment Recommendations - The report suggests focusing on sectors benefiting from the "anti-involution" policies, including textiles, agriculture, and export-related chemicals [3][4]. - Specific companies to watch include: - Textile Chain: LUXI Chemical, Tongkun Co., and others [3][4]. - Agriculture Chain: Hualu Hengsheng, Baofeng Energy, and others [3][4]. - Export-related Chemicals: Juhua Co., Wanhu Chemical, and others [3][4]. - Emphasis is placed on key materials for growth, particularly in semiconductor and battery materials [3][4].

Core Viewpoint - The company has developed aerospace-grade MAM products using proprietary PI composite film technology, which has good dimensional stability and high-temperature sealing performance, filling a domestic gap in the market [1] Group 1: Product Development - The aerospace MAM products are currently applied in China's launch vehicles [1] - The wide PI film for satellites has been certified, and the CPI film for low Earth orbit satellite flexible solar wing packaging has been adopted by leading commercial aerospace companies and is currently under in-orbit evaluation [1] - The company is actively developing atomic oxygen-resistant PI films to enhance the durability of low Earth orbit satellites and spacecraft against atomic oxygen impact, thereby extending their operational lifespan [1] Group 2: Market Position - Despite the advancements, the overall demand in the aerospace sector is limited, resulting in these products currently contributing a small share to the company's revenue, primarily through project collaboration and research and development models [1]