杉杉股份的新质生产力版图：两大战略新兴产业 撬动万亿市场潜力
2024年04月28日
2021年，一家国内新能源锂电材料龙头与一家全球化工巨头的“联姻”，成为中外合资企业案例中的一段佳话——杉杉股份（600884.SH ）与巴斯夫达成战略合作，标志着全球最大锂电正极材料供应商诞生。
<p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">2021年，一家国内新能源锂电材料龙头与一家全球化工巨头的“联姻”，成为中外合资企业案例中的一段佳话——杉杉股份（600884.SH ）与巴斯夫达成战略合作，标志着全球最大锂电正极材料供应商诞生。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">今年以来，锂电材料等战略性新兴产业、未来产业，正在加快形成我国新质生产力的产业发展内核。作为国内锂电材料的龙头供应商，杉杉股份在研发上不断投入，产品持续向高精尖、高附加值提升。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">新质生产力具有高科技、高效能和高质量的特征，其亦是化解部分行业产能过剩的重要指挥棒。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">而左手锂电材料，右手光电材料，手握两大战略新兴产业的杉杉股份，又将如何撬动这两大万亿赛道中的新质生产力密码？</span></p><h4 style="margin: 0px 0px 0.7em; padding: 0px; outline: 0px; font-size: 1.08em; max-width: 100%; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">锂电全球化布局</span></h4><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">二十多年前，杉杉股份以极其敏锐的嗅觉开始储备关键技术，深挖锂电池相关的核心材料。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">1999年，该公司创立了中国第一家锂离子负极材料研发和生产企业杉杉科技；2003年，其又成立杉杉能源，进入锂电池正极材料研发生产。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">现如今，“双碳”目标驱使着煤炭等传统能源向新能源转变。在此过程中，锂电材料被称之为“白色石油”，具有不可替代的重要战略价值。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">事实上，一场由国内走向国际的锂电材料产能争夺战，正在打响。在此背景下，杉杉股份选择主动地、深度地参与全球锂电产业链的合作与竞争中。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">通过与巴斯夫“联姻”，杉杉股份完善了锂电正极材料的供给结构。而在其更具竞争力的负极材料端，该公司始终秉持着高品质、可持续的理念，强化核心技术优势。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">2023年，杉杉股份人造负极材料出货量以19%的市场份额蝉联全球第一，</span><span class="wx_search_keyword_wrap" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: var(--weui-LINK); cursor: pointer;">CATL<em class="wx_search_keyword" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: inline-block; vertical-align: super; font-size: 10px; width: 1.2em; height: 1.2em; -webkit-mask-position: 50% 50%; -webkit-mask-repeat: no-repeat; -webkit-mask-size: 100%; background-color: var(--weui-LINK); -webkit-mask-image: url("data:image/svg+xml,%3csvg width='12' height='12' viewBox='0 0 12 12' fill='none' xmlns='http://www.w3.org/2000/svg'%3e%3cpath fill-rule='evenodd' clip-rule='evenodd' d='M7.60772 8.29444C7.02144 8.73734 6.29139 9 5.5 9C3.567 9 2 7.433 2 5.5C2 3.567 3.567 2 5.5 2C7.433 2 9 3.567 9 5.5C9 6.28241 8.74327 7.00486 8.30946 7.5877C8.3183 7.59444 8.3268 7.60186 8.33488 7.60994L10.4331 9.70816L9.726 10.4153L7.62777 8.31704C7.62055 8.30983 7.61387 8.30228 7.60772 8.29444ZM8 5.5C8 6.88071 6.88071 8 5.5 8C4.11929 8 3 6.88071 3 5.5C3 4.11929 4.11929 3 5.5 3C6.88071 3 8 4.11929 8 5.5Z' fill='%23576B95'/%3e%3c/svg%3e");"></em></span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">、LGES、ATL、比亚迪、孚能、欣旺达、冠宇、Ultiumcells LLC.、亿纬、力神、SDI等一众头部电池企业均为杉杉股份的下游客户。</span></span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">在这一年，该公司还迈出了负极材料全球化产能布局的关键一步：2023年9月27日，杉杉股份公告了计划建设芬兰年产10万吨锂离子电池负极材料一体化基地项目的事项。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">值得一提的是，对于项目选址芬兰，杉杉股份表示，北欧电力以水电、</span><span class="wx_search_keyword_wrap" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: var(--weui-LINK); cursor: pointer;">生物质燃料<em class="wx_search_keyword" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: inline-block; vertical-align: super; font-size: 10px; width: 1.2em; height: 1.2em; -webkit-mask-position: 50% 50%; -webkit-mask-repeat: no-repeat; -webkit-mask-size: 100%; background-color: var(--weui-LINK); -webkit-mask-image: url("data:image/svg+xml,%3csvg width='12' height='12' viewBox='0 0 12 12' fill='none' xmlns='http://www.w3.org/2000/svg'%3e%3cpath fill-rule='evenodd' clip-rule='evenodd' d='M7.60772 8.29444C7.02144 8.73734 6.29139 9 5.5 9C3.567 9 2 7.433 2 5.5C2 3.567 3.567 2 5.5 2C7.433 2 9 3.567 9 5.5C9 6.28241 8.74327 7.00486 8.30946 7.5877C8.3183 7.59444 8.3268 7.60186 8.33488 7.60994L10.4331 9.70816L9.726 10.4153L7.62777 8.31704C7.62055 8.30983 7.61387 8.30228 7.60772 8.29444ZM8 5.5C8 6.88071 6.88071 8 5.5 8C4.11929 8 3 6.88071 3 5.5C3 4.11929 4.11929 3 5.5 3C6.88071 3 8 4.11929 8 5.5Z' fill='%23576B95'/%3e%3c/svg%3e");"></em></span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">等绿电为主且电价较低，并可通过水路船运到西欧、中欧等主要电池客户。“本项目选址芬兰有利于公司依托当地低成本的清洁能源和战略地域优势，积极拓展欧洲市场客户并响应其需求。”</span></span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">不可忽视的是，近些年来，锂电产业链曾几度传来阶段性产能过剩的压力。即便是在今年新质生产力已经成为国内经济热词的当下，业内人士也曾多次提醒，“发展新质生产力需警惕新一轮产能过剩”。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">新质生产力的核心内涵在于科技创新，这对于锂电材料企业而言，是一场技术持续研发的长时考验。杉杉股份的实践是，从第一性原理出发，持续攻克技术难题。例如，杉杉科技推出新型硅基负极，实现高端产能的逐步替代。该公司攻克了二代硅氧产品的低温长循环难题，并在行业内首创了球形低膨胀新型硅碳产品，该产品实现批量应用并供应海外头部客户。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">整体来看，在负极材料环节，杉杉股份将打通了海外的生产、经营、回收等完整的产业链条。如同杉杉股份董事长郑驹多次对外强调，公司要“成为受人尊重的全球化高科技企业”。</span></p><h4 style="margin: 0px 0px 0.7em; padding: 0px; outline: 0px; font-size: 1.08em; max-width: 100%; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">光电高端化</span></h4><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">我国已成为全球第一大显示面板产业集中地。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">根据行业测算，中国2023年显示面板市场规模约为5694亿元，同比增长19.77%。而作为液晶面板最重要的材料之一，偏光片产业的高质量发展将深刻影响整个显示产业。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">近年来，中国内地全面推动和引领偏光片产业产能规模、工艺技术、产品应用，以及产业链上下游协同的创新升级，产业的全球地位不断提升。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">值得一提的是，受益于5G通信、大数据、物联网、人工智能等新兴核心技术的快速发展，高端显示市场的发展正在带动全球高端显示用偏光片市场需求的增长，同时驱动着偏光片国产配套需求持续增长。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">2021年，在中国显示领域上游，杉杉股份牵头了一次具有里程碑意义的产业整合——这一年，杉杉股份收购</span><span class="wx_search_keyword_wrap" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: var(--weui-LINK); cursor: pointer;">LG化学<em class="wx_search_keyword" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: inline-block; vertical-align: super; font-size: 10px; width: 1.2em; height: 1.2em; -webkit-mask-position: 50% 50%; -webkit-mask-repeat: no-repeat; -webkit-mask-size: 100%; background-color: var(--weui-LINK); -webkit-mask-image: url("data:image/svg+xml,%3csvg width='12' height='12' viewBox='0 0 12 12' fill='none' xmlns='http://www.w3.org/2000/svg'%3e%3cpath fill-rule='evenodd' clip-rule='evenodd' d='M7.60772 8.29444C7.02144 8.73734 6.29139 9 5.5 9C3.567 9 2 7.433 2 5.5C2 3.567 3.567 2 5.5 2C7.433 2 9 3.567 9 5.5C9 6.28241 8.74327 7.00486 8.30946 7.5877C8.3183 7.59444 8.3268 7.60186 8.33488 7.60994L10.4331 9.70816L9.726 10.4153L7.62777 8.31704C7.62055 8.30983 7.61387 8.30228 7.60772 8.29444ZM8 5.5C8 6.88071 6.88071 8 5.5 8C4.11929 8 3 6.88071 3 5.5C3 4.11929 4.11929 3 5.5 3C6.88071 3 8 4.11929 8 5.5Z' fill='%23576B95'/%3e%3c/svg%3e");"></em></span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">旗下偏光片业务，并整合成立杉金光电，从而成为全球最大的偏光片供应商，实现了高端偏光片国产化。</span></span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">2023年9月，杉杉股份继续宣布收购LG化学旗下OLED TV、车用LCD偏光片等相关资产（SP业务），进一步完善在新型显示材料领域的布局。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">通过并购结合自主研发的方式，杉杉股份实现在显示材料领域的持续突破。例如，在超宽幅领域，杉金光电65寸以上产品全球市场占有率超过40%、85寸以上超大尺寸产品市场占有率超过80%。2023年，该公司与客户共同开发完成了115英寸超大尺寸TV用偏光片并实现大规模量产，该产品可满足4K/8K超高清分辨率高端显示需求，加速110英寸以上TV的普及。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">在新型显示领域，目前杉杉股份在OLED TV、OLED IT产品、OLED Mobile、OLED车载和可折叠产品全面布局。例如，在OLED用偏光片方面，杉杉股份针对大尺寸和中小尺寸OLED两种应用方向同时进行开发，目前OLED手机用偏光片已通过客户认证，量产在即，</span><span class="wx_search_keyword_wrap" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: var(--weui-LINK); cursor: pointer;">OLED电视<em class="wx_search_keyword" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: inline-block; vertical-align: super; font-size: 10px; width: 1.2em; height: 1.2em; -webkit-mask-position: 50% 50%; -webkit-mask-repeat: no-repeat; -webkit-mask-size: 100%; background-color: var(--weui-LINK); -webkit-mask-image: url("data:image/svg+xml,%3csvg width='12' height='12' viewBox='0 0 12 12' fill='none' xmlns='http://www.w3.org/2000/svg'%3e%3cpath fill-rule='evenodd' clip-rule='evenodd' d='M7.60772 8.29444C7.02144 8.73734 6.29139 9 5.5 9C3.567 9 2 7.433 2 5.5C2 3.567 3.567 2 5.5 2C7.433 2 9 3.567 9 5.5C9 6.28241 8.74327 7.00486 8.30946 7.5877C8.3183 7.59444 8.3268 7.60186 8.33488 7.60994L10.4331 9.70816L9.726 10.4153L7.62777 8.31704C7.62055 8.30983 7.61387 8.30228 7.60772 8.29444ZM8 5.5C8 6.88071 6.88071 8 5.5 8C4.11929 8 3 6.88071 3 5.5C3 4.11929 4.11929 3 5.5 3C6.88071 3 8 4.11929 8 5.5Z' fill='%23576B95'/%3e%3c/svg%3e");"></em></span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">用偏光片已完成自主开发，处于客户认证阶段。同时随着SP业务的收购完成，杉杉股份车载偏光片市场占有率将达约25%，OLED TV偏光片市场份额超过40%。</span></span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">经过三年运营，杉金光电偏光片全球市场占有率提升至32%，领先优势进一步扩大。现如今，杉金光电可生产最高115寸大尺寸偏光片，具有12条全球领先的生产线，总产能将超过3亿平米。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">实际上，随着65英寸以上的大尺寸电视需求不断增加，作为液晶面板最重要的材料之一的偏光片产能开始短缺。Omida数据显示，2023年按面积计算，中国偏光片产能缺口大约为13%，至2027年，缺口约缩减到7%。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">这也意味着，在未来两至三年内，杉杉股份偏光片高端化供给壁垒难以打破。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">一直以来，杉杉股份凭借其深厚的技术积淀和市场洞见深刻理解材料关键领域的“第一性原理”。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">现如今，人工智能技术飞速发展，带来了对能源需求的日益凸显；VR设备等新兴市场的蓬勃兴起，为科技产业带来了新的增长点。这两大趋势的叠加，不仅为杉杉股份带来了前所未有的市场机遇，更有助于重塑其估值体系。</span></p><p><br/></p>
<p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">2021年，一家国内新能源锂电材料龙头与一家全球化工巨头的“联姻”，成为中外合资企业案例中的一段佳话——杉杉股份（600884.SH ）与巴斯夫达成战略合作，标志着全球最大锂电正极材料供应商诞生。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">今年以来，锂电材料等战略性新兴产业、未来产业，正在加快形成我国新质生产力的产业发展内核。作为国内锂电材料的龙头供应商，杉杉股份在研发上不断投入，产品持续向高精尖、高附加值提升。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">新质生产力具有高科技、高效能和高质量的特征，其亦是化解部分行业产能过剩的重要指挥棒。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">而左手锂电材料，右手光电材料，手握两大战略新兴产业的杉杉股份，又将如何撬动这两大万亿赛道中的新质生产力密码？</span></p><h4 style="margin: 0px 0px 0.7em; padding: 0px; outline: 0px; font-size: 1.08em; max-width: 100%; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">锂电全球化布局</span></h4><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">二十多年前，杉杉股份以极其敏锐的嗅觉开始储备关键技术，深挖锂电池相关的核心材料。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">1999年，该公司创立了中国第一家锂离子负极材料研发和生产企业杉杉科技；2003年，其又成立杉杉能源，进入锂电池正极材料研发生产。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">现如今，“双碳”目标驱使着煤炭等传统能源向新能源转变。在此过程中，锂电材料被称之为“白色石油”，具有不可替代的重要战略价值。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">事实上，一场由国内走向国际的锂电材料产能争夺战，正在打响。在此背景下，杉杉股份选择主动地、深度地参与全球锂电产业链的合作与竞争中。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">通过与巴斯夫“联姻”，杉杉股份完善了锂电正极材料的供给结构。而在其更具竞争力的负极材料端，该公司始终秉持着高品质、可持续的理念，强化核心技术优势。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">2023年，杉杉股份人造负极材料出货量以19%的市场份额蝉联全球第一，</span><span class="wx_search_keyword_wrap" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: var(--weui-LINK); cursor: pointer;">CATL<em class="wx_search_keyword" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: inline-block; vertical-align: super; font-size: 10px; width: 1.2em; height: 1.2em; -webkit-mask-position: 50% 50%; -webkit-mask-repeat: no-repeat; -webkit-mask-size: 100%; background-color: var(--weui-LINK); -webkit-mask-image: url("data:image/svg+xml,%3csvg width='12' height='12' viewBox='0 0 12 12' fill='none' xmlns='http://www.w3.org/2000/svg'%3e%3cpath fill-rule='evenodd' clip-rule='evenodd' d='M7.60772 8.29444C7.02144 8.73734 6.29139 9 5.5 9C3.567 9 2 7.433 2 5.5C2 3.567 3.567 2 5.5 2C7.433 2 9 3.567 9 5.5C9 6.28241 8.74327 7.00486 8.30946 7.5877C8.3183 7.59444 8.3268 7.60186 8.33488 7.60994L10.4331 9.70816L9.726 10.4153L7.62777 8.31704C7.62055 8.30983 7.61387 8.30228 7.60772 8.29444ZM8 5.5C8 6.88071 6.88071 8 5.5 8C4.11929 8 3 6.88071 3 5.5C3 4.11929 4.11929 3 5.5 3C6.88071 3 8 4.11929 8 5.5Z' fill='%23576B95'/%3e%3c/svg%3e");"></em></span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">、LGES、ATL、比亚迪、孚能、欣旺达、冠宇、Ultiumcells LLC.、亿纬、力神、SDI等一众头部电池企业均为杉杉股份的下游客户。</span></span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">在这一年，该公司还迈出了负极材料全球化产能布局的关键一步：2023年9月27日，杉杉股份公告了计划建设芬兰年产10万吨锂离子电池负极材料一体化基地项目的事项。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">值得一提的是，对于项目选址芬兰，杉杉股份表示，北欧电力以水电、</span><span class="wx_search_keyword_wrap" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: var(--weui-LINK); cursor: pointer;">生物质燃料<em class="wx_search_keyword" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: inline-block; vertical-align: super; font-size: 10px; width: 1.2em; height: 1.2em; -webkit-mask-position: 50% 50%; -webkit-mask-repeat: no-repeat; -webkit-mask-size: 100%; background-color: var(--weui-LINK); -webkit-mask-image: url("data:image/svg+xml,%3csvg width='12' height='12' viewBox='0 0 12 12' fill='none' xmlns='http://www.w3.org/2000/svg'%3e%3cpath fill-rule='evenodd' clip-rule='evenodd' d='M7.60772 8.29444C7.02144 8.73734 6.29139 9 5.5 9C3.567 9 2 7.433 2 5.5C2 3.567 3.567 2 5.5 2C7.433 2 9 3.567 9 5.5C9 6.28241 8.74327 7.00486 8.30946 7.5877C8.3183 7.59444 8.3268 7.60186 8.33488 7.60994L10.4331 9.70816L9.726 10.4153L7.62777 8.31704C7.62055 8.30983 7.61387 8.30228 7.60772 8.29444ZM8 5.5C8 6.88071 6.88071 8 5.5 8C4.11929 8 3 6.88071 3 5.5C3 4.11929 4.11929 3 5.5 3C6.88071 3 8 4.11929 8 5.5Z' fill='%23576B95'/%3e%3c/svg%3e");"></em></span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">等绿电为主且电价较低，并可通过水路船运到西欧、中欧等主要电池客户。“本项目选址芬兰有利于公司依托当地低成本的清洁能源和战略地域优势，积极拓展欧洲市场客户并响应其需求。”</span></span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">不可忽视的是，近些年来，锂电产业链曾几度传来阶段性产能过剩的压力。即便是在今年新质生产力已经成为国内经济热词的当下，业内人士也曾多次提醒，“发展新质生产力需警惕新一轮产能过剩”。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">新质生产力的核心内涵在于科技创新，这对于锂电材料企业而言，是一场技术持续研发的长时考验。杉杉股份的实践是，从第一性原理出发，持续攻克技术难题。例如，杉杉科技推出新型硅基负极，实现高端产能的逐步替代。该公司攻克了二代硅氧产品的低温长循环难题，并在行业内首创了球形低膨胀新型硅碳产品，该产品实现批量应用并供应海外头部客户。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">整体来看，在负极材料环节，杉杉股份将打通了海外的生产、经营、回收等完整的产业链条。如同杉杉股份董事长郑驹多次对外强调，公司要“成为受人尊重的全球化高科技企业”。</span></p><h4 style="margin: 0px 0px 0.7em; padding: 0px; outline: 0px; font-size: 1.08em; max-width: 100%; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">光电高端化</span></h4><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">我国已成为全球第一大显示面板产业集中地。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">根据行业测算，中国2023年显示面板市场规模约为5694亿元，同比增长19.77%。而作为液晶面板最重要的材料之一，偏光片产业的高质量发展将深刻影响整个显示产业。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">近年来，中国内地全面推动和引领偏光片产业产能规模、工艺技术、产品应用，以及产业链上下游协同的创新升级，产业的全球地位不断提升。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">值得一提的是，受益于5G通信、大数据、物联网、人工智能等新兴核心技术的快速发展，高端显示市场的发展正在带动全球高端显示用偏光片市场需求的增长，同时驱动着偏光片国产配套需求持续增长。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">2021年，在中国显示领域上游，杉杉股份牵头了一次具有里程碑意义的产业整合——这一年，杉杉股份收购</span><span class="wx_search_keyword_wrap" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: var(--weui-LINK); cursor: pointer;">LG化学<em class="wx_search_keyword" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: inline-block; vertical-align: super; font-size: 10px; width: 1.2em; height: 1.2em; -webkit-mask-position: 50% 50%; -webkit-mask-repeat: no-repeat; -webkit-mask-size: 100%; background-color: var(--weui-LINK); -webkit-mask-image: url("data:image/svg+xml,%3csvg width='12' height='12' viewBox='0 0 12 12' fill='none' xmlns='http://www.w3.org/2000/svg'%3e%3cpath fill-rule='evenodd' clip-rule='evenodd' d='M7.60772 8.29444C7.02144 8.73734 6.29139 9 5.5 9C3.567 9 2 7.433 2 5.5C2 3.567 3.567 2 5.5 2C7.433 2 9 3.567 9 5.5C9 6.28241 8.74327 7.00486 8.30946 7.5877C8.3183 7.59444 8.3268 7.60186 8.33488 7.60994L10.4331 9.70816L9.726 10.4153L7.62777 8.31704C7.62055 8.30983 7.61387 8.30228 7.60772 8.29444ZM8 5.5C8 6.88071 6.88071 8 5.5 8C4.11929 8 3 6.88071 3 5.5C3 4.11929 4.11929 3 5.5 3C6.88071 3 8 4.11929 8 5.5Z' fill='%23576B95'/%3e%3c/svg%3e");"></em></span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">旗下偏光片业务，并整合成立杉金光电，从而成为全球最大的偏光片供应商，实现了高端偏光片国产化。</span></span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">2023年9月，杉杉股份继续宣布收购LG化学旗下OLED TV、车用LCD偏光片等相关资产（SP业务），进一步完善在新型显示材料领域的布局。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">通过并购结合自主研发的方式，杉杉股份实现在显示材料领域的持续突破。例如，在超宽幅领域，杉金光电65寸以上产品全球市场占有率超过40%、85寸以上超大尺寸产品市场占有率超过80%。2023年，该公司与客户共同开发完成了115英寸超大尺寸TV用偏光片并实现大规模量产，该产品可满足4K/8K超高清分辨率高端显示需求，加速110英寸以上TV的普及。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">在新型显示领域，目前杉杉股份在OLED TV、OLED IT产品、OLED Mobile、OLED车载和可折叠产品全面布局。例如，在OLED用偏光片方面，杉杉股份针对大尺寸和中小尺寸OLED两种应用方向同时进行开发，目前OLED手机用偏光片已通过客户认证，量产在即，</span><span class="wx_search_keyword_wrap" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: var(--weui-LINK); cursor: pointer;">OLED电视<em class="wx_search_keyword" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: inline-block; vertical-align: super; font-size: 10px; width: 1.2em; height: 1.2em; -webkit-mask-position: 50% 50%; -webkit-mask-repeat: no-repeat; -webkit-mask-size: 100%; background-color: var(--weui-LINK); -webkit-mask-image: url("data:image/svg+xml,%3csvg width='12' height='12' viewBox='0 0 12 12' fill='none' xmlns='http://www.w3.org/2000/svg'%3e%3cpath fill-rule='evenodd' clip-rule='evenodd' d='M7.60772 8.29444C7.02144 8.73734 6.29139 9 5.5 9C3.567 9 2 7.433 2 5.5C2 3.567 3.567 2 5.5 2C7.433 2 9 3.567 9 5.5C9 6.28241 8.74327 7.00486 8.30946 7.5877C8.3183 7.59444 8.3268 7.60186 8.33488 7.60994L10.4331 9.70816L9.726 10.4153L7.62777 8.31704C7.62055 8.30983 7.61387 8.30228 7.60772 8.29444ZM8 5.5C8 6.88071 6.88071 8 5.5 8C4.11929 8 3 6.88071 3 5.5C3 4.11929 4.11929 3 5.5 3C6.88071 3 8 4.11929 8 5.5Z' fill='%23576B95'/%3e%3c/svg%3e");"></em></span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">用偏光片已完成自主开发，处于客户认证阶段。同时随着SP业务的收购完成，杉杉股份车载偏光片市场占有率将达约25%，OLED TV偏光片市场份额超过40%。</span></span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">经过三年运营，杉金光电偏光片全球市场占有率提升至32%，领先优势进一步扩大。现如今，杉金光电可生产最高115寸大尺寸偏光片，具有12条全球领先的生产线，总产能将超过3亿平米。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">实际上，随着65英寸以上的大尺寸电视需求不断增加，作为液晶面板最重要的材料之一的偏光片产能开始短缺。Omida数据显示，2023年按面积计算，中国偏光片产能缺口大约为13%，至2027年，缺口约缩减到7%。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">这也意味着，在未来两至三年内，杉杉股份偏光片高端化供给壁垒难以打破。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">一直以来，杉杉股份凭借其深厚的技术积淀和市场洞见深刻理解材料关键领域的“第一性原理”。</span></p><p style="margin-top: 0px; margin-bottom: 0.7em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 17px; text-align: justify; text-wrap: wrap; color: rgb(41, 41, 52); font-family: Arial; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 2px;">现如今，人工智能技术飞速发展，带来了对能源需求的日益凸显；VR设备等新兴市场的蓬勃兴起，为科技产业带来了新的增长点。这两大趋势的叠加，不仅为杉杉股份带来了前所未有的市场机遇，更有助于重塑其估值体系。</span></p><p><br/></p>
