Polyimide has excellent performance, and its main application forms are film:
Polyimide (PI) is at the top of the pyramid of polymer materials. It has the highest flame retardant grade (UL-94) and good electrical insulation, mechanical properties, chemical stability, aging resistance, radiation resistance and low dielectric loss.
Polyimide film is its main application form and one of the important raw materials in the electrical and electronic field. It can be used as cable insulation material, heat insulation material, radiation protection material, recording carrier material, etc., especially in the flexible printed circuit board industry.
There is still a gap between China's high-performance PI film products and foreign countries:
High performance PI film, which is used in new application fields other than traditional electrical insulation, usually has obvious advantages in one or more properties.
The R & D and manufacturing technology of global high-performance PI films are mainly mastered by enterprises in the United States, Japan and South Korea. Manufacturers in the United States, Japan and South Korea account for more than 80% of the global market share.
There is a gap between the overall technical level of China's PI film industry and foreign giants, and its market share in the field of high-performance PI film is low.
With the development of PI film in the direction of high performance, FPC, flexible OLED and graphite film promote the rapid growth of demand:
At present, FPC accounts for about 50% of the total downstream consumption of PI film, and has become the largest and fastest-growing application field in the global polyimide film market.
With the development of 5g communication, Internet of things and other technologies driving the upgrading of consumer electronic products, there are higher and higher requirements for the heat dissipation performance and dielectric performance of materials. The rapid development of flexible display technologies such as curved screen and folding screen will accelerate the development of electronic PI market in the future. With the progress of downstream electronic and electrical industries, the global market scale of PI film materials is expected to reach US $2.45 billion in 2022.
PI film enters the accelerated period of localization substitution:
In the next few years, with the mass production of China's new polyimide film production line, the gap between China's polyimide film production capacity and technical level and international polyimide film giants is expected to be further reduced.
High performance electronic grade PI materials have high technical barriers and large import substitution space. It is suggested to grasp the investment opportunity in the accelerated period of localization substitution of electronic grade PI materials.
Market review:
Sector performance: this week, CITIC's primary petroleum and petrochemical index rose or fell - 0.31%, ranking 20th among 30 industry indexes. This week, the Shanghai index rose or fell by + 0.8%, and the CITIC primary petroleum and petrochemical index was - 1.12% relative to the Shanghai index. The rise and fall of petroleum and petrochemical sub sectors: oil sales and storage (+ 2.66%), other petrochemical (+ 1.06%), oilfield services (- 0.78%), engineering services (- 1.36%), oil exploitation (- 1.58%), oil refining (- 2.39%).
Rise and fall of individual stocks: this week, the petroleum and petrochemical sector led the rise of individual stocks, including Suzhou Douson Drilling&Production Equipment Co.Ltd(603800) (+ 13.75%), Shanxi Blue Flame Holding Company Limited(000968) (+ 6.96%), Hy Energy Group Co.Ltd(600387) (+ 6.27%), Qingdao Copton Technology Company Limited(603798) (+ 4.57%); Stocks leading the decline include Xinjiang Beiken Energy Engineering Co.Ltd(002828) (- 7.42%), China Petroleum Engineering Corporation(600339) (- 4.35%), Zhongman Petroleum And Natural Gas Group Corp.Ltd(603619) (- 3.60%), Xinfengming Group Co.Ltd(603225) (- 3.35%), Petrochina Company Limited(601857) (- 2.93%), etc.
Risk warning: policy risk; Geopolitics exacerbates risks; The risk of sharp fluctuations in crude oil prices and the risk of continued deterioration of the global covid-19 epidemic;
