See the last page for disclaimer最新动态➢ 全力推进广西乙烯胺系列项目建设。项目主要采用二氯乙烷(EDC)法生产乙二胺、二乙烯三胺、三乙烯四胺、哌嗪等多烯多胺系列产品，预计可实现年产4 万吨乙烯胺系列产品。动向解读➢ 聚焦哌嗪系列产品。公司是行业领先的哌嗪衍生物生产商，在哌嗪衍生物种类、产能及品质等方面均处于行业领先水平。目前产品主要销往电子化学品、环保化学品、阻燃剂、聚氨酯、高分子材料和制药等生产企业。公司自主研发多种纳米复合催化剂，能够实现哌嗪联产N-烷基哌嗪的生产。在N-羟乙基哌嗪生产中，公司自主研发了专用精馏过程添加剂，高效实现了脱水、脱色和N-羟乙基哌嗪的分离，得到了优质的N-羟乙基哌嗪产品，从而保证了其在医药、电子化学品等对N-羟乙基哌嗪品质要求高的行业的可靠应用。目前公司现已实现以哌嗪为核心的循环经济体系，可根据市场价格灵活选择低成本原料，或根据下游市场供需情况调整哌嗪系列不同产品的产量，在市场环境发生较大变动时能够保持竞争优势。➢ 布局酰胺系列产品，拓展电子化学品市场。公司的酰胺类产品主要为 N,N-二甲基丙酰胺，属于高沸点非质子型强极性溶剂，具有良好的溶解能力和热稳定性，不易挥发且环境友好，在合成材料、石油加工、精细化工等行业有广泛用途。其可作为合成聚酰亚胺、聚砜酰胺及其它高分子化合物的溶剂，还用作涂料的粘合剂，也可以作为纤维与薄膜生产中的反应介质。近年来，其应用已拓展到湿电子化学品，用于制作 LCD 和 OLED 面板制程中所使用的剥离液。➢ 公司重点开发 CCUS 有机胺类吸收剂产品以及金属捕捉剂产品。公司目前正开发系列脱碳剂，目标吸收率与解析率均超80%。公司的哌嗪衍生物将助力碳捕集绿色高效溶剂的加速发展，为下游水处理和阻燃行业提供更好的替代产品。同时公司与清华大学合作开发新型脱硫脱碳及重金属离子捕获剂，进一步拓展环保领域应用边界，助力工业企业绿色转型，市场前景广阔。风险提示➢ 市场竞争、原材料价格波动、在建项目不及预期等。Charles Zhuang 庄怀超SFC CE: BTE209微信: zhuangcharles; 电话: (852) 9748 7114;环球富盛理财有限公司
3 Mar 2026
兴欣新材 Shaoxing Xingxin New Material (001358.SZ)哌嗪系列产品行业领先，持续拓展业务边界Piperazine series products leader & Continue to expand business boundariesSee the last page for disclaimer分析师介绍分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。该分析师2022-2024 年曾任职于海通国际研究部，团队2022 年获得过亚洲货币第一名，该分析师2025 年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014 年。该分析师曾在wind 发布报告超过600 篇，主要覆盖标的包括：1）化工&化肥：东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、
龙蟠科技、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技；2）能源&公用事业：中创新航、中集安瑞科、新奥能源、中国电力、长江基建集团、中国能源建设、
中煤能源、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、
绿色动力环保、中国光大绿色环保、首钢资源、新特能源、中裕能源、山高新能源、北京燃气蓝天；3）有色&材料：中国宏桥、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、首佳科技、信义光能、华新水泥、华润建材科技、大明国际。微信：zhuangcharles电话：(852) 9748 7114; (86) 188 0135 3537COMPANY RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 monthsRatingDefinitionBuyRelative Performance>15%;or the fundamental outlook of the Company or sector is favorable.Accumulate收集Relative Performance is 5% to 15%;or the fundamental outlook of the Company or sector is favorable.NeutralRelative Performance is -5% to 5%;or the fundamental outlook of the Company or sector is neutral.Reduce减持Relative Performance is -5% to -15%;or the fundamental outlook of the Company or sector is unfavorable.Sell卖出Relative Performance < -15%;or the fundamental outlook of the Company or sector is unfavorable.SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 monthsRatingDefinitionOutperform跑赢大市Relative Performance>5%;or the fundamental outlook of the sector is favorable.NeutralRelative Performance is -5% to 5%;or the fundamental outlook of the sector is neutral.Underperform跑输大市Relative Performance<-5%;Or the fundamental outlook of the sector is unfavorable.DISCLOSURE OF INTERESTS(1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report.(2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report.(3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report.(4) Global Prosperity Financial Company Limited and/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months.(5) Global Prosperity Financial Company Limited and/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report.(6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officer of the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated with Global ProsperityFinancial Company Limited and/or its subsidiaries.DISCLAIMERThis Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily).Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limited group of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups of Global Prosperity Financial Company Limited.Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report, Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This Research Reportmay contain some forward-looking estimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understand and comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision.This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or locatedin any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which wouldsubject Global Prosperity Financial Company Limited and its group companies to any registration or licensing requirement within suchjurisdiction.© 2025 Global Prosperity Financial Company Limited. All Rights Reserved.Unit 2301, 23/F., 308 Central Des Voeux, 308 Des Voeux Road Central, Sheung Wan, Hong Kong