Nanshan Zhishang (300918.SZ): Ultra-High Materials Can Be Applied in Battery Separator Field, Company Has Relevant Production Capacity in Technology and Materials

Amidst the dual trends of global energy structure transformation and the explosive growth of the cold chain logistics industry, the high-performance energy-saving materials sector is emerging as a new focal point for capital and industry. Recently, Shandong Hualan New Material Co., Ltd. (hereinafter referred to as "Shandong Hualan"), an innovative practitioner in China's polyurethane insulation materials field, announced the successful completion of its 20 million RMB angel round financing.This round of financing signifies that the company's overall strength and development prospects have gained recognition from professional investment institutions, injecting strong momentum into accelerating the company's industrial layout and deepening its technological moat.

Recently, the FDPE unit constructed by the Nantong Blue Island New Materials Full-Density Polyethylene Project Department of the Fifth Branch reached a critical milestone: the successful hoisting and positioning of the light-end stripper (3200-C-3201). As the first of the unit's six columns to be installed, the success of this "first lift" establishes a solid foundation for the subsequent centralized hoisting of similar equipment. It also marks the full-scale commencement of the installation phase for large-scale columns within the unit, representing a significant milestone in the overall progress of the project schedule.

Mitsubishi Chemical Group, Asahi Kasei Corporation, and Mitsui Chemicals, Inc. announced plans to establish a new joint operating entity to manage two ethylene production facilities in western Japan. As part of a comprehensive operational reform, the companies will shut down the Asahi Kasei Mitsubishi Chemical ethylene cracker in Mizushima and integrate the cracker operated by Osaka Petrochemical Industries Ltd. in Takaishi, targeting completion by the end of fiscal year 2031, or March 2032.

People's Finance News, January 28 — According to data from Qichacha, Huizhou Julong New Material Technology Co., Ltd. was recently established with a registered capital of 30 million RMB. Its business scope includes the manufacture of additive manufacturing equipment, sales of civil aviation materials, and processing of mechanical parts and components. Equity structure data from Qichacha shows that the company is a wholly-owned subsidiary of Nanjing Julong (300644).

The overall supply pressure remains relatively high. However, domestically, only Zhejiang Jiahe has a planned new capacity of 300,000 tons in 2026, and overseas, the planned UAE project has been postponed, indicating that the supply expansion is nearing its end. On the demand side, the operating rate of finished product manufacturers is weakly stable, and the terminal demand is in the off-season, with construction sites in the north suspending work and order intake being poor. In terms of inventory, social warehouses are accumulating inventory, while factory warehouses are destocking, and the registered warehouse receipt volume remains at a high level. Regarding costs, the price of calcium carbide has rebounded slightly, with the calcium carbide method experiencing increased losses and the ethylene method experiencing reduced losses, while the chlor-alkali profit remains at a low level. From a policy perspective, the VAT export rebate for PVC will be canceled from April 1, 2026. Overall, the weak supply-demand pattern of PVC has not changed for the time being. The cancellation of the export rebate will directly increase the export cost of PVC, but before April 1, there may be a rush to export. In the medium and long term, attention should be paid to the disruption to supply caused by increased competition among upstream enterprises. In the short term, the chemical sector is collectively strengthening. For single-leg trading, a short-term bullish approach is recommended, with the 2605 contract's range referring to 4750-5000. In terms of arbitrage, attention can be paid to the 3-5 contract calendar spread.