Files
vf_react/public/htmls/TMA偏苯三酸酐.html
2025-12-05 13:29:18 +08:00

529 lines
30 KiB
HTML
Raw Blame History

This file contains ambiguous Unicode characters

This file contains Unicode characters that might be confused with other characters. If you think that this is intentional, you can safely ignore this warning. Use the Escape button to reveal them.

<!DOCTYPE html>
<html lang="zh-CN" data-theme="night">
<head>
<meta charset="UTF-8">
<meta name="viewport" content="width=device-width, initial-scale=1.0">
<title>TMA偏苯三酸酐 - 深度行研报告</title>
<link href="https://cdn.jsdelivr.net/npm/daisyui@4.10.1/dist/full.css" rel="stylesheet" type="text/css" />
<script src="https://cdn.tailwindcss.com"></script>
<script defer src="https://cdn.jsdelivr.net/npm/alpinejs@3.13.10/dist/cdn.min.js"></script>
<script src="https://cdn.jsdelivr.net/npm/echarts@5.5.0/dist/echarts.min.js"></script>
<style>
@import url('https://fonts.googleapis.com/css2?family=Inter:wght@300;400;500;600;700&display=swap');
body {
font-family: 'Inter', sans-serif;
background-color: #0a091e;
color: #e0e0e0;
overflow-x: hidden;
position: relative;
}
.glass-card {
background: rgba(26, 28, 51, 0.4);
-webkit-backdrop-filter: blur(20px);
backdrop-filter: blur(20px);
border: 1px solid rgba(110, 119, 180, 0.2);
box-shadow: 0 8px 32px 0 rgba(16, 17, 43, 0.37);
}
.bento-grid {
display: grid;
grid-template-columns: repeat(auto-fit, minmax(300px, 1fr));
gap: 1.5rem;
}
.glow-effect::before {
content: '';
position: absolute;
top: 50%;
left: 50%;
width: 200%;
height: 200%;
background: radial-gradient(circle, rgba(127, 90, 240, 0.15) 0%, rgba(127, 90, 240, 0) 50%);
transform: translate(-50%, -50%);
z-index: -1;
pointer-events: none;
animation: pulse 10s infinite alternate;
}
@keyframes pulse {
0% { transform: translate(-50%, -50%) scale(0.8); opacity: 0.7; }
100% { transform: translate(-50%, -50%) scale(1.2); opacity: 1; }
}
.main-container::before, .main-container::after {
content: '';
position: fixed;
border-radius: 50%;
z-index: -10;
filter: blur(150px);
opacity: 0.2;
}
.main-container::before {
width: 600px;
height: 600px;
background: #4f46e5;
top: -200px;
left: -200px;
}
.main-container::after {
width: 500px;
height: 500px;
background: #db2777;
bottom: -150px;
right: -150px;
}
.table th, .table td {
border-color: rgba(110, 119, 180, 0.2) !important;
}
</style>
</head>
<body class="min-h-screen">
<div class="main-container relative p-4 sm:p-6 md:p-8">
<!-- Header -->
<header class="text-center mb-12 relative z-10">
<div class="glass-card rounded-3xl p-6 inline-block">
<h1 class="text-4xl md:text-5xl font-bold tracking-tighter text-transparent bg-clip-text bg-gradient-to-r from-purple-400 via-pink-500 to-red-500">
TMA偏苯三酸酐 深度行研报告
</h1>
<p class="mt-4 text-slate-400 text-sm">
北京价值前沿科技有限公司 AI投研agent“价小前投研” 进行投研呈现
</p>
<p class="mt-1 text-slate-500 text-xs">本报告为AI合成数据投资需谨慎。</p>
</div>
</header>
<!-- Insight Section -->
<section id="insight" class="mb-12">
<div class="glass-card rounded-3xl p-6 md:p-8 glow-effect">
<h2 class="text-3xl font-bold mb-6 text-cyan-300 tracking-wide">核心Insight分析</h2>
<div class="space-y-8">
<div>
<h3 class="text-xl font-semibold mb-3 text-fuchsia-400">0. 概念事件脉络</h3>
<p class="text-slate-300 leading-relaxed">
TMA偏苯三酸酐概念的引爆是一次典型的由<span class="font-semibold text-yellow-300">海外供给侧突发事件</span>驱动的周期性行情。核心引爆点为2024年3-4月市场传闻全球主要生产商之一的<span class="font-semibold text-rose-400">美国英力士Ineos Joliet7万吨/年TMA装置发生事故并永久性关闭</span>,此事件瞬间打破全球供需平衡,导致全球供给出现巨大缺口,引发行情。
</p>
</div>
<div>
<h3 class="text-xl font-semibold mb-3 text-fuchsia-400">1. 核心观点摘要</h3>
<p class="text-slate-300 leading-relaxed">
TMA概念的本质是一场由<span class="font-semibold text-yellow-300">海外关键产能永久性退出</span>所引爆的、在<span class="font-semibold text-yellow-300">全球寡头垄断格局</span>下上演的<span class="font-semibold text-yellow-300">供给侧结构性行情</span>。其核心驱动力在于突发的巨大供需缺口与国内厂商的绝对定价权,短期内高景气度与超额利润具备高度确定性,但长期需关注新增产能的建设进度与潜在的需求端变化。
</p>
</div>
<div class="bento-grid">
<div class="glass-card rounded-2xl p-6 col-span-1 md:col-span-2">
<h3 class="text-xl font-semibold mb-4 text-fuchsia-400">2. 核心逻辑与市场认知</h3>
<ul class="space-y-4 text-slate-300">
<li class="flex items-start">
<svg class="w-5 h-5 mr-3 text-cyan-400 mt-1 flex-shrink-0" fill="none" stroke="currentColor" viewBox="0 0 24 24"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M13 10V3L4 14h7v7l9-11h-7z"></path></svg>
<span><strong class="text-white">供给端剧烈收缩:</strong> 美国英力士7万吨产能占全球~30%永久退出是根源。新建产能周期长达24个月为价格上涨提供充足时间窗口。</span>
</li>
<li class="flex items-start">
<svg class="w-5 h-5 mr-3 text-cyan-400 mt-1 flex-shrink-0" fill="none" stroke="currentColor" viewBox="0 0 24 24"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 12l2 2 4-4m6 2a9 9 0 11-18 0 9 9 0 0118 0z"></path></svg>
<span><strong class="text-white">需求端价格高度不敏感:</strong> TMA在下游核心产品如PVC线缆、粉末涂料中成本占比极低仅1%-3%),价格传导顺畅,下游厂商有极强承受能力。</span>
</li>
<li class="flex items-start">
<svg class="w-5 h-5 mr-3 text-cyan-400 mt-1 flex-shrink-0" fill="none" stroke="currentColor" viewBox="0 0 24 24"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M17 20h5v-2a3 3 0 00-5.356-1.857M17 20H7m10 0v-2c0-.656-.126-1.283-.356-1.857M7 20H2v-2a3 3 0 015.356-1.857M7 20v-2c0-.656.126-1.283.356-1.857m0 0a5.002 5.002 0 019.288 0M15 7a3 3 0 11-6 0 3 3 0 016 0zm6 3a2 2 0 11-4 0 2 2 0 014 0zM7 10a2 2 0 11-4 0 2 2 0 014 0z"></path></svg>
<span><strong class="text-white">高度集中的寡头格局:</strong> 事件后全球仅剩四家有效产能中国三家企业正丹、百川、泰达合计产能占全球超83%,掌握绝对定价权。</span>
</li>
<li class="flex items-start">
<svg class="w-5 h-5 mr-3 text-red-400 mt-1 flex-shrink-0" fill="none" stroke="currentColor" viewBox="0 0 24 24"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M12 9v2m0 4h.01m-6.938 4h13.856c1.54 0 2.502-1.667 1.732-3L13.732 4c-.77-1.333-2.694-1.333-3.464 0L3.34 16c-.77 1.333.192 3 1.732 3z"></path></svg>
<span><strong class="text-red-400">预期差与风险:</strong> 市场对海外停产的<span class="font-bold">精确产能规模认知存在矛盾</span>7万吨 vs 4.5万吨),若缺口被高估,将影响价格高点的可持续性。</span>
</li>
</ul>
</div>
<div class="glass-card rounded-2xl p-6">
<h3 class="text-xl font-semibold mb-4 text-fuchsia-400">3. 关键催化剂与发展路径</h3>
<div class="space-y-4">
<div>
<h4 class="font-semibold text-cyan-400">近期催化剂 (3-6个月)</h4>
<ul class="list-disc list-inside text-slate-300 mt-2 space-y-1">
<li>企业季度财报验证盈利能力</li>
<li>TMA产品周度/月度报价能否企稳</li>
<li>海关出口数据验证海外需求转移</li>
</ul>
</div>
<div>
<h4 class="font-semibold text-cyan-400">长期发展路径</h4>
<ol class="list-decimal list-inside text-slate-300 mt-2 space-y-1">
<li><strong class="text-white">高景气维持期 (当前 - 2025年底):</strong> 供给短缺,享受超额利润。</li>
<li><strong class="text-white">新增产能博弈期 (2026年):</strong> 泰达新材3万吨产能投产市场开始博弈价格压制。</li>
<li><strong class="text-white">回归新均衡期 (2027年+):</strong> 供需再平衡,竞争回归成本与技术。</li>
</ol>
</div>
</div>
</div>
</div>
</div>
</div>
</section>
<!-- Charts Section -->
<section id="charts" class="mb-12">
<div class="grid grid-cols-1 lg:grid-cols-3 gap-6">
<!-- Price Trend Chart -->
<div class="glass-card rounded-3xl p-6 lg:col-span-2">
<h3 class="text-xl font-semibold mb-4 text-cyan-300">TMA价格走势 (元/吨)</h3>
<div id="priceChart" class="w-full h-80"></div>
</div>
<!-- Capacity Share Chart -->
<div class="glass-card rounded-3xl p-6">
<h3 class="text-xl font-semibold mb-4 text-cyan-300">全球TMA产能格局演变</h3>
<div id="capacityChart" class="w-full h-80"></div>
</div>
<!-- Downstream Consumption Chart -->
<div class="glass-card rounded-3xl p-6 lg:col-span-3">
<h3 class="text-xl font-semibold mb-4 text-cyan-300">TMA下游消费结构</h3>
<div id="consumptionChart" class="w-full h-72"></div>
</div>
</div>
</section>
<!-- Data Evidence Section -->
<section id="data-evidence" class="mb-12" x-data="{ tab: 'news' }">
<div class="glass-card rounded-3xl p-6 md:p-8">
<h2 class="text-3xl font-bold mb-6 text-cyan-300">数据与事实依据</h2>
<div class="tabs tabs-boxed bg-slate-900/30 mb-6">
<a class="tab tab-lg" :class="{ 'tab-active': tab === 'news' }" @click="tab = 'news'">新闻数据</a>
<a class="tab tab-lg" :class="{ 'tab-active': tab === 'roadshow' }" @click="tab = 'roadshow'">路演纪要</a>
<a class="tab tab-lg" :class="{ 'tab-active': tab === 'research' }" @click="tab = 'research'">研报精粹</a>
</div>
<div x-show="tab === 'news'">
<div class="space-y-4">
<div class="p-4 rounded-xl bg-slate-800/50">
<h4 class="font-semibold text-lg text-fuchsia-400">市场供需与价格</h4>
<ul class="list-disc list-inside mt-2 text-slate-300 space-y-1">
<li><strong>全球格局:</strong> 2023年全球TMA产能约25.5万吨正丹股份占8.5万吨/年。</li>
<li><strong>关键事件:</strong> 2024年4月起市场流传美国英力士永久性关闭其TMA生产装置。</li>
<li><strong>市场状态:</strong> TMA产品逐渐呈现供不应求销售价格和数量逐步上涨海外市场对中国TMA需求增长显著。</li>
</ul>
</div>
<div class="p-4 rounded-xl bg-slate-800/50">
<h4 class="font-semibold text-lg text-fuchsia-400">正丹股份 (龙头)</h4>
<blockquote class="border-l-4 border-cyan-400 pl-4 text-slate-400 italic my-2">
“2024年公司实现营业收入34.8亿元同比增长126.31%归属于上市公司股东的净利润为11.9亿元同比增长11949.39%。”
</blockquote>
<p class="text-slate-300">业绩增长主因TMA和TOTM产销量及单价大幅上升单位成本稳定。公司年产6.5万吨升级改造项目在建中。</p>
</div>
<div class="p-4 rounded-xl bg-slate-800/50">
<h4 class="font-semibold text-lg text-fuchsia-400">百川股份</h4>
<p class="text-slate-300">子公司南通百川的TMA一期产线于2024年7月27日开始停车检修因设备采购周期长导致检修进度晚于预期最终于10月24日完成检修并恢复生产并完成了技术优化。</p>
</div>
</div>
</div>
<div x-show="tab === 'roadshow'" x-cloak>
<div class="space-y-4">
<div class="p-4 rounded-xl bg-slate-800/50">
<h4 class="font-semibold text-lg text-fuchsia-400">核心观点 (综合多家券商)</h4>
<ul class="list-disc list-inside mt-2 text-slate-300 space-y-1">
<li><strong>事件驱动:</strong> 英力士美国工厂爆炸/不可抗力7万吨产能导致全球供应收缩是所有分析的起点。</li>
<li><strong>价格影响:</strong> 国内TMA价格从年初1.4万元/吨暴涨至2.6-3.0万元/吨区间4月数据毛利激增。</li>
<li><strong>供需格局:</strong> 国内产能高度集中于正丹股份(8.5万吨)、百川股份(4万吨)、泰达新材(3万吨)合计占全球产能超90%。库存降至历史低位。</li>
<li><strong>下游传导:</strong> TMA在下游成本占比仅1-3%,涨价传导至终端较为顺畅。</li>
<li><strong>推荐标的:</strong> 一致推荐正丹股份、百川股份、泰达新材。</li>
</ul>
</div>
<div class="p-4 rounded-xl bg-slate-800/50">
<h4 class="font-semibold text-lg text-fuchsia-400">数据矛盾与修正</h4>
<p class="text-slate-400"><span class="font-bold text-red-400">注意:</span> 路演纪要中关于海外停产装置的信息存在不一致。部分指向英力士7万吨装置也有纪要修正为美国FMC公司4.5万吨装置,或提及福斯特惠勒。虽然结论(供给收缩)一致,但缺口精确规模存在不确定性。</p>
</div>
</div>
</div>
<div x-show="tab === 'research'" x-cloak>
<div class="space-y-4">
<div class="p-4 rounded-xl bg-slate-800/50">
<h4 class="font-semibold text-lg text-fuchsia-400">供给与格局</h4>
<ul class="list-disc list-inside mt-2 text-slate-300 space-y-1">
<li><strong>历史演变:</strong> 海外产能自2006年起持续退出产能向中国集中。</li>
<li><strong>当前格局:</strong> 英力士退出后,全球仅剩意大利波林(3万吨)及中国三家企业,中国产能占比提升至<strong class="text-yellow-300">83.78%</strong></li>
<li><strong>供需缺口预测:</strong> 预计2024年全球实际需求约20-21万吨实际供应量约14万吨供需缺口达<strong class="text-red-400">6万吨</strong></li>
</ul>
</div>
<div class="p-4 rounded-xl bg-slate-800/50">
<h4 class="font-semibold text-lg text-fuchsia-400">价格与盈利</h4>
<blockquote class="border-l-4 border-cyan-400 pl-4 text-slate-400 italic my-2">
“2024年8月5日TMA最高价达53,500元/吨较2023年8月1日12,450元/吨增幅达329.72%。”
</blockquote>
<p class="text-slate-300">TMA毛利润从2023年三季度约650元/吨提升至2024年4月超过13000元/吨,盈利能力大幅改善。</p>
</div>
<div class="p-4 rounded-xl bg-slate-800/50">
<h4 class="font-semibold text-lg text-fuchsia-400">扩产与风险</h4>
<ul class="list-disc list-inside mt-2 text-slate-300 space-y-1">
<li><strong>建设周期:</strong> 新建TMA产能需约24个月建成。</li>
<li><strong>扩产计划:</strong> 泰达新材拟投资扩建年产3万吨TMA项目建设期1-2年。</li>
<li><strong>核心风险:</strong> 海外工厂复产超预期、需求不及预期、原材料价格大幅波动。</li>
</ul>
</div>
</div>
</div>
</div>
</section>
<!-- Stock Table Section -->
<section id="stocks" class="mb-12">
<div class="glass-card rounded-3xl p-6 md:p-8">
<h2 class="text-3xl font-bold mb-6 text-cyan-300">核心标的与产业链公司</h2>
<div class="overflow-x-auto">
<h3 class="text-xl font-semibold mb-4 text-fuchsia-400">核心生产企业</h3>
<table class="table table-zebra-zebra w-full text-sm">
<thead class="text-base text-slate-300">
<tr>
<th>股票名称</th>
<th>股票代码</th>
<th>核心逻辑</th>
<th>产能 (万吨)</th>
<th>关键数据/标签</th>
</tr>
</thead>
<tbody>
<tr>
<td>正丹股份</td>
<td><a href="https://valuefrontier.cn/company?scode=300641" target="_blank" class="link link-hover text-cyan-400">300641.SZ</a></td>
<td class="font-semibold text-yellow-300">全球最大TMA生产商产业链一体化优势</td>
<td>8.5</td>
<td class="text-xs">
<span class="badge badge-primary badge-outline">绝对龙头</span>
<span>产能/市值(240410): 0.41吨/万元</span>
</td>
</tr>
<tr>
<td>百川股份</td>
<td><a href="https://valuefrontier.cn/company?scode=002455" target="_blank" class="link link-hover text-cyan-400">002455.SZ</a></td>
<td>全球第二大TMA生产商完成技改提升稳定性</td>
<td>4.0</td>
<td class="text-xs">
<span class="badge badge-secondary badge-outline">稳健追赶者</span>
<span>近期完成检修技改</span>
</td>
</tr>
<tr>
<td>泰达新材</td>
<td><a href="https://valuefrontier.cn/company?scode=430372" target="_blank" class="link link-hover text-cyan-400">430372.NQ</a></td>
<td>具备技术优势,率先宣布扩产,业绩弹性大</td>
<td>3.0 (+3.0在建)</td>
<td class="text-xs">
<span class="badge badge-accent badge-outline">高弹性挑战者</span>
<span class="text-red-400">新三板,注意流动性</span>
</td>
</tr>
</tbody>
</table>
<h3 class="text-xl font-semibold my-6 text-fuchsia-400">产业链相关公司</h3>
<table class="table table-zebra-zebra w-full text-sm">
<thead class="text-base text-slate-300">
<tr>
<th>股票名称</th>
<th>股票代码</th>
<th>产业链位置</th>
<th>关联逻辑</th>
</tr>
</thead>
<tbody>
<tr>
<td>华锦股份</td>
<td><a href="https://valuefrontier.cn/company?scode=000059" target="_blank" class="link link-hover text-cyan-400">000059.SZ</a></td>
<td><span class="badge badge-info badge-outline">上游原料</span></td>
<td>生产TMA核心原料偏三甲苯(成本占比~60%),是正丹股份供应商</td>
</tr>
<tr>
<td>嘉澳环保</td>
<td><a href="https://valuefrontier.cn/company?scode=603822" target="_blank" class="link link-hover text-cyan-400">603822.SH</a></td>
<td><span class="badge badge-warning badge-outline">下游应用</span></td>
<td>环保增塑剂生产企业,其生产所需材料包括偏苯三酸酐</td>
</tr>
<tr>
<td>凯盛新材</td>
<td><a href="https://valuefrontier.cn/company?scode=301069" target="_blank" class="link link-hover text-cyan-400">301069.SZ</a></td>
<td><span class="badge badge-ghost badge-outline">潜在相关</span></td>
<td>已有偏苯三酸酐提纯技术储备,为潜在进入者</td>
</tr>
</tbody>
</table>
</div>
</div>
</section>
<!-- Footer -->
<footer class="text-center mt-12 text-slate-500 text-xs">
<p>北京价值前沿科技有限公司 AI投研agent“价小前投研”</p>
<p>本报告基于公开数据由AI模型合成不构成任何投资建议市场有风险投资需谨慎。</p>
<p>&copy; 2024 ValueFrontier. All Rights Reserved.</p>
</footer>
</div>
<script>
document.addEventListener('DOMContentLoaded', function () {
// Price Chart
var priceChartDom = document.getElementById('priceChart');
var priceChart = echarts.init(priceChartDom);
var priceOption = {
tooltip: { trigger: 'axis', backgroundColor: 'rgba(26, 28, 51, 0.8)', borderColor: '#4f46e5', textStyle: { color: '#e0e0e0' } },
xAxis: {
type: 'category',
boundaryGap: false,
data: ['2023-H2', '2024年初', '2024-03', '2024-04', '2024-08'],
axisLine: { lineStyle: { color: '#888' } }
},
yAxis: {
type: 'value',
name: '元/吨',
splitLine: { lineStyle: { color: 'rgba(110, 119, 180, 0.2)' } },
axisLine: { lineStyle: { color: '#888' } }
},
grid: { left: '3%', right: '4%', bottom: '3%', containLabel: true },
series: [{
name: 'TMA价格',
type: 'line',
smooth: true,
symbol: 'circle',
symbolSize: 8,
data: [13000, 14000, 19500, 26000, 53500],
itemStyle: { color: '#db2777' },
lineStyle: { width: 3, color: '#db2777' },
areaStyle: {
color: new echarts.graphic.LinearGradient(0, 0, 0, 1, [{
offset: 0,
color: 'rgba(219, 39, 119, 0.5)'
}, {
offset: 1,
color: 'rgba(219, 39, 119, 0)'
}])
}
}]
};
priceChart.setOption(priceOption);
// Capacity Chart
var capacityChartDom = document.getElementById('capacityChart');
var capacityChart = echarts.init(capacityChartDom);
var capacityOption = {
tooltip: { trigger: 'item', backgroundColor: 'rgba(26, 28, 51, 0.8)', borderColor: '#4f46e5', textStyle: { color: '#e0e0e0' } },
legend: {
orient: 'vertical',
left: 'left',
textStyle: { color: '#e0e0e0' }
},
series: [
{
name: '事件前格局 (25.5万吨)',
type: 'pie',
radius: ['35%', '55%'],
center: ['50%', '55%'],
label: { show: false },
data: [
{ value: 8.5, name: '正丹股份' },
{ value: 4, name: '百川股份' },
{ value: 3, name: '泰达新材' },
{ value: 3, name: '意大利波林' },
{ value: 7, name: '美国英力士' },
],
emphasis: {
itemStyle: {
shadowBlur: 10,
shadowOffsetX: 0,
shadowColor: 'rgba(0, 0, 0, 0.5)'
}
}
},
{
name: '事件后格局 (18.5万吨)',
type: 'pie',
radius: [0, '25%'],
center: ['50%', '55%'],
label: {
position: 'inner',
formatter: '{d}%',
color: '#fff',
fontSize: 10
},
data: [
{ value: 8.5, name: '正丹股份' },
{ value: 4, name: '百川股份' },
{ value: 3, name: '泰达新材' },
{ value: 3, name: '意大利波林' },
]
}
]
};
capacityChart.setOption(capacityOption);
// Consumption Chart
var consumptionChartDom = document.getElementById('consumptionChart');
var consumptionChart = echarts.init(consumptionChartDom);
var consumptionOption = {
tooltip: {
trigger: 'item',
backgroundColor: 'rgba(26, 28, 51, 0.8)',
borderColor: '#4f46e5',
textStyle: { color: '#e0e0e0' }
},
legend: {
top: '5%',
left: 'center',
textStyle: {
color: '#e0e0e0'
}
},
series: [
{
name: '下游消费结构',
type: 'pie',
radius: ['40%', '70%'],
avoidLabelOverlap: false,
itemStyle: {
borderRadius: 10,
borderColor: '#0a091e',
borderWidth: 2
},
label: {
show: false,
position: 'center'
},
emphasis: {
label: {
show: true,
fontSize: 20,
fontWeight: 'bold',
color: '#fff'
}
},
labelLine: {
show: false
},
data: [
{ value: 52, name: '增塑剂 (TOTM)' },
{ value: 40, name: '粉末涂料' },
{ value: 7, name: '绝缘材料' },
{ value: 1, name: '其他' }
]
}
]
};
consumptionChart.setOption(consumptionOption);
window.addEventListener('resize', function() {
priceChart.resize();
capacityChart.resize();
consumptionChart.resize();
});
});
</script>
</body>
</html>