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行业周报:美对印加征关税或利好国内纺服出口及化纤行业,草甘膦、草铵膦价格上涨-20250810
KAIYUAN SECURITIES· 2025-08-10 02:14
基础化工 基础化工 2025 年 08 月 10 日 投资评级:看好(维持) 行业走势图 -12% 0% 12% 24% 36% 48% 2024-08 2024-12 2025-04 基础化工 沪深300 数据来源:聚源 相关研究报告 《氯碱行业盈利底部震荡,反内卷下 行业盈利有望修复—行业深度报告》 -2025.8.8 《中共中央政治局会议再度明确"反 内卷"决心,国家发改委将对内卷行 业展开摸底调查—化工行业周报》 -2025.8.3 《多国政策支持生物燃料行业发展, 行业景气度向上—行业点评报告》 -2025.8.1 美对印加征关税或利好国内纺服出口及化纤行业,草 甘膦、草铵膦价格上涨 ——行业周报 开 源 证 券 证 券 研 究 报 源 证 券 证 券 研 究 报 告 开 | 金益腾(分析师) 龚道琳(分析师) 徐正凤(分析师) | | | --- | --- | | jinyiteng@kysec.cn gongdaolin@kysec.cn xuzhengfeng@kysec.cn | | | 证书编号:S0790520020002 证书编号:S0790522010001 证书编号:S07905 ...
行业深度报告:氯碱行业盈利底部震荡,反内卷下行业盈利有望修复
KAIYUAN SECURITIES· 2025-08-08 08:43
行 业 研 究 2025 年 08 月 08 日 投资评级:看好(维持) 行业走势图 -10% 0% 10% 19% 29% 38% 2024-08 2024-12 2025-04 2025-08 基础化工 沪深300 数据来源:聚源 相关研究报告 《中共中央政治局会议再度明确"反 内卷"决心,国家发改委将对内卷行 业展开摸底调查—化工行业周报》 -2025.8.3 《多国政策支持生物燃料行业发展, 行业景气度向上—行业点评报告》 -2025.8.1 《农药行业开展"正风治卷"三年行 动,看好供给优化助力盈利修复、景 气反转—行业点评报告》-2025.7.28 ——行业深度报告 氯碱盈利已触底,PVC 亏损严重,反内卷政策推动下行业盈利有望修复。2025 年 7 月 1 日,中央财经委员会第六次会议明确强调,依法依规治理企业低价无序竞 争,推动落后产能有序退出。从氯碱行业上市公司 2024 年利润情况看,在我们统计 的 14 家上市企业中,6 家企业的氯碱业务处于盈亏平衡或者亏损的状态,可能非上 市公司的情况更差。据我们测算,2025 年 7 月,片碱行业平均盈利约为 1,053 元/吨、 PVC 行业平均亏 ...
新疆天业股份有限公司关于“天业转债”预计满足转股价格修正条件的提示性公告
登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码:600075 股票简称:新疆天业 公告编号:临 2025-053 债券代码:110087 债券简称:天业转债 新疆天业股份有限公司 关于"天业转债"预计满足转股价格修正条件的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏,并对其内容 的真实性、准确性和完整性承担法律责任。 一、可转债发行上市概况 1.发行日期:2022 年 6 月 23 日 2.发行数量:3,000 万张(300 万手) 3.发行面值:本次发行的可转债每张面值人民币100 元,按面值发行 6.债券期限:本次发行的可转债期限为自发行之日起6年,即2022年6月23日至2028年6月22日。 7.上市日期:2022年7月19日 8.债券代码:110087 9.债券简称:天业转债 10.转股起止日期:自可转债发行结束之日满六个月后的第一个交易日起至可转债到期之日止,即2022 年12月29日至2028年6月22日止。 11.当前转股价格:6.78 元/股 二、可转债转股价格修正条款与可能触发情况 (一)转股价格向下修正条款 根据公司《募集说明书》 ...
新疆天业(600075) - 新疆天业股份有限公司关于“天业转债”预计满足转股价格修正条件的提示性公告
2025-08-05 08:02
新疆天业股份有限公司 证券代码:600075 股票简称:新疆天业 公告编号:临 2025-053 债券代码:110087 债券简称:天业转债 新疆天业股份有限公司 关于"天业转债"预计满足转股价格修正条件的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 一、可转债发行上市概况 1.发行日期:2022 年 6 月 23 日 2.发行数量:3,000 万张(300 万手) 3.发行面值:本次发行的可转债每张面值人民币 100 元,按面值发行 4.发行总额:本次发行的可转债总额为人民币 300,000 万元 5.发行票面利率:第一年 0.20%、第二年 0.40%、第三年 0.60%、第四年 1.50%、第 五年 1.80%、第六年 2.00%。 6.债券期限:本次发行的可转债期限为自发行之日起 6 年,即 2022 年 6 月 23 日至 2028 年 6 月 22 日。 在本次发行的可转债存续期间,当公司股票在任意连续三十个交易日中至少有十五 7.上市日期:2022 年 7 月 19 日 8.债券代码:110087 ...
固收转债分析:2025年8月十大转债
NORTHEAST SECURITIES· 2025-08-04 09:55
证券研究报告 发布时间:2025-08-04 证券研究报告 / 债券研究报告 2025年8月十大转债 报告摘要: 8月十大转债如下: 中证转债指数 《短期延续主线脉络,适时布局低位行业》 -- 东北固收转债分析 -- 20250801 《 东北固收】地产下行压力加大,央行解冻债 券回购质押券 -- 政策及基本面周度观察 (20250719)》 --20250721 首席分析师:刘哲铭 执业证书编号: S0550524040002 18801785199 liuzm1@nesc.cn 证券分析师:薛进 执业证书编号:S0550522120002 13916677156 xuejin@nesc.cn (10) 渝水转债(AAA, 7月末收盘价 123.326元,转股溢价率 26.45%, 正股 PE-TTM 27.08) 《信用债 ETF 对成分券量价的影响》 -- 20250729 极响应反内卷 -- 政策及基本面周度观察 (20250726)》 -- 20250728 《 东北固收|基金研究】久期策略再次占优一 -2025Q2 绩优中长债基持仓变化分析》 图表目录 | 图 1: 中信特钢营业收入情况 | | ...
东北固收转债分析:2025年8月十大转债
NORTHEAST SECURITIES· 2025-08-04 08:16
Report Summary - The report lists the top ten convertible bonds for August 2025, providing detailed information about each bond, including issuer profiles, financial data, and company highlights [16][25][37] Company Highlights 1. Zhongte Convertible Bond - The company is a globally leading specialized special steel material manufacturer with a production capacity of approximately 20 million tons of special steel materials per year. It has a comprehensive strategic layout along the coastal and riverside areas [16]. - In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent company was 5.126 billion yuan (YoY -10.41%). In Q1 2025, the operating income was 26.84 billion yuan (YoY -5.59%), and the net profit attributable to the parent company was 1.384 billion yuan (YoY +1.76%) [16]. - Company highlights include being one of the world's most comprehensive special steel enterprises in terms of variety and specifications, having a complete industrial chain, and actively seeking external expansion opportunities [17]. 2. Shanlu Convertible Bond - The company's main business is road and bridge engineering construction and maintenance, and it actively expands into other fields. It has a complete business and management system and can provide one - stop comprehensive services [25]. - In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent company was 2.322 billion yuan (YoY +1.47%). In Q1 2025, the operating income was 9.764 billion yuan (YoY +1.95%), and the net profit attributable to the parent company was 249 million yuan (YoY +1.89%) [25]. - Company highlights include having the concept of "China - Special Valuation," potential improvements in the balance sheet and order volume in the context of debt resolution, expected benefits from regional infrastructure plans, and seizing opportunities under the Belt and Road Initiative [26]. 3. Hebang Convertible Bond - The company has advantages in resource reserves and product diversification, covering the chemical, agricultural, and photovoltaic industries [37]. - In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent company was 31 million yuan (YoY -97.55%). In Q1 2025, the operating income was 1.726 billion yuan (YoY -13.68%), and the net profit attributable to the parent company was 13 million yuan (YoY -57.99%) [37]. - Company highlights include significant contributions from phosphate mines and stable profitability of salt mines, as well as high - margin liquid methionine production [38]. 4. Aima Convertible Bond - The company is a leading enterprise in the electric two - wheeler industry, with self - developed and produced products sold through dealers [47]. - In 2024, its operating income was 21.606 billion yuan (YoY +2.71%), and the net profit attributable to the parent company was 1.988 billion yuan (YoY +5.68%). In Q1 2025, the operating income was 6.232 billion yuan (YoY +25.82%), and the net profit attributable to the parent company was 605 million yuan (YoY +25.12%) [47]. - Company highlights include potential benefits from government subsidies, expected policy support after the implementation of new national standards, and room for improvement in gross margin [48]. 5. Industrial Convertible Bond - The company is one of the first joint - stock commercial banks in China and has evolved into a modern financial service group [57]. - In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent company was 77.205 billion yuan (YoY +0.12%). In Q1 2025, the operating income was 55.683 billion yuan (YoY -3.58%), and the net profit attributable to the parent company was 23.796 billion yuan (YoY -2.22%) [57]. - Company highlights include stable growth in net interest income, stable asset quality, and continuous expansion of scale and customer base [58]. 6. Youfa Convertible Bond - The company is the largest welded steel pipe R & D, production, and sales enterprise in China, with a wide range of products used in multiple fields [70]. - In 2024, its operating income was 54.822 billion yuan (YoY -10.01%), and the net profit attributable to the parent company was 425 million yuan (YoY -25.46%). In Q1 2025, the operating income was 11.402 billion yuan (YoY +6.06%), and the net profit attributable to the parent company was 133 million yuan (YoY +9680.17%) [70]. - Company highlights include national layout and leading position in the industry, active exploration of overseas markets, and high - dividend distribution [71]. 7. Chongqing Bank Convertible Bond - The company is an early local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business scopes [82]. - In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent company was 5.117 billion yuan (YoY +3.8%). In Q1 2025, the operating income was 3.581 billion yuan (YoY +5.3%), and the net profit attributable to the parent company was 1.624 billion yuan (YoY +5.33%) [82]. - Company highlights include the development opportunities brought by the Chengdu - Chongqing Twin - City Economic Circle strategy, stable growth of asset scale, and active adjustment of credit strategies according to national policies [83]. 8. Tianye Convertible Bond - The company is a leading enterprise in the chlor - alkali chemical industry in China, with an integrated circular economy industrial chain [94]. - In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent company was 68 million yuan (YoY +108.83%). In Q1 2025, the operating income was 2.417 billion yuan (YoY +8.17%), and the net profit attributable to the parent company was - 17 million yuan (YoY +89.97%) [94]. - Company highlights include relatively stable production costs of caustic soda flakes and plans to increase dividend frequency and advance coal mine projects [95]. 9. Huayuan Convertible Bond - The company focuses on building a complete vitamin D3 upstream - downstream industrial chain and aims to become a world - leading producer of related products [105]. - In 2024, its operating income was 1.243 billion yuan (YoY +13.58%), and the net profit attributable to the parent company was 309 million yuan (YoY +60.76%). In Q1 2025, the operating income was 326 million yuan (YoY -1.18%), and the net profit attributable to the parent company was 97 million yuan (YoY +5.5%) [105]. - Company highlights include leading products in the market, smooth progress of project construction, and expansion into other vitamin product categories [106]. 10. Yushui Convertible Bond - The company is the largest integrated water supply and drainage enterprise in Chongqing, with a stable monopoly position in the local market [116]. - In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent company was 785 million yuan (YoY -27.88%). In Q1 2025, the operating income was 1.652 billion yuan (YoY +8.66%), and the net profit attributable to the parent company was 237 million yuan (YoY +28.91%) [116]. - Company highlights include high market share, continuous expansion of business scope, and effective cost control through intelligent applications [117].
国内单套规模最大乙醇制乙烯装置投产
Zhong Guo Hua Gong Bao· 2025-07-31 00:49
Core Viewpoint - The successful completion of the 225,000 tons/year high-performance resin raw material project by Xinjiang Tianye Group marks a historic breakthrough in non-petroleum-based ethylene technology in China, producing high-purity ethylene products with a purity of 99.96% [1] Group 1 - The project is the largest single-unit ethanol dehydration to ethylene facility in China, indicating significant advancements in the industry [1] - The project was implemented by Xinjiang Tianye Huixiang New Materials Co., Ltd., a wholly-owned subsidiary of the company, utilizing patented technology developed by Tianjin University [1] - The new facility aims to reduce reliance on traditional calcium carbide methods for producing polyvinyl chloride (PVC), addressing high energy consumption and pollution issues [1] Group 2 - The project is expected to significantly lower standard coal consumption and carbon dioxide emissions, contributing to environmental benefits [1] - North Oil Engineering, as the design unit, has accumulated rich engineering experience in the field of coal chemical coupling low-carbon olefins, achieving important breakthroughs in the design of large-scale coal-based olefin facilities [1] - The project supports the establishment of a new industrial chain for the company, integrating "coal-ethanol-ethylene-PVC" [1]
新疆天业(600075) - 新疆天业股份有限公司关于使用闲置募集资金进行现金管理的进展公告
2025-07-28 09:15
证券代码:600075 股票简称:新疆天业 公告编号:临 2025-052 新疆天业股份有限公司 关于使用闲置募集资金进行现金管理的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: ● 现金管理产品名称:申万宏源证券收益凭证 ● 现金管理期限:183天、32天、184天 ● 履行的审议程序:本事项已经公司九届十二次董事会、九届九次监事会审议通 过。 新疆天业股份有限公司(以下简称"公司")于 2025 年 6 月 27 日召开九届十二 次董事会、九届九次监事会,审议通过了《关于使用闲置募集资金进行现金管理的议 案》,董事会同意公司在符合国家法律法规、不影响募集资金投资项目建设实施及募 集资金安全的前提下,使用不超过 20,000 万元暂时闲置的公开发行可转换公司债券募 集资金进行现金管理,购买低风险、期限不超过 12 个月的理财产品(包括但不限于理 财产品、收益凭证或结构性存款等),使用期限自公司董事会审议通过之日起 12 个 月内有效,在上述额度及投资期限内,资金可循环滚动使用,董事会授权公司董事长 ...
基础化工行业报告:反内卷政策陆续出台,化工行业优先受益
CMS· 2025-07-25 10:22
Investment Rating - The report maintains a recommendation for the chemical industry, indicating a positive outlook due to the anticipated benefits from anti-involution policies [2]. Core Insights - The chemical industry is expected to benefit from the implementation of anti-involution policies, which aim to reduce unhealthy competition and improve pricing structures [13][14]. - The report highlights that certain chemical products are currently at historical low prices, suggesting potential for price recovery as market conditions improve [15]. - The focus is on eight specific products with significant price recovery potential: spandex, organic silicon, PVC, titanium dioxide, soda ash, propylene oxide, glyphosate, and TDI [15]. Summary by Sections Anti-Involution Policies - The government is committed to addressing "involution-style" competition, with plans for new policies to stabilize key industries including chemicals [13][14]. - The aim is to eliminate low-cost sales practices that have led to unsustainable pricing and profitability issues within the industry [14]. Spandex Market - Spandex prices have reached historical lows, with a steady increase in production and inventory pressures [19][22]. - The spandex market is dominated by major players such as Huafeng Chemical and Xinxiang Chemical Fiber, which hold significant market shares [29][40]. Organic Silicon Market - Organic silicon prices are at a five-year low, with a diverse range of applications across various industries [44][49]. - The industry is characterized by limited new capacity additions, with major producers like Hoshine Silicon and Dongyue Group leading the market [55]. PVC Market - PVC is a widely used plastic, primarily in the real estate sector, and is expected to benefit from the consolidation of production capacity [6][19]. - Key companies in the PVC market include Zhongtai Chemical and Xinjiang Tianye, which are positioned to capitalize on market recovery [6]. Titanium Dioxide Market - Titanium dioxide prices have hit five-year lows, with high inventory levels impacting profitability [6][19]. - Major players in this sector include China Nuclear Titanium Dioxide and Longbai Group, which are expected to navigate the challenging market conditions [6]. Soda Ash Market - The soda ash market is facing high inventory levels, with significant applications in real estate and photovoltaic industries [6][19]. - Key companies include Boyuan Chemical and Shandong Haihua, which are well-positioned to benefit from future demand recovery [6]. Propylene Oxide Market - Propylene oxide has a low concentration of production capacity, with broad applications across various sectors [6][19]. - Key players include Binhai Chemical and Weiyuan Chemical, which are expected to benefit from market dynamics [6]. Glyphosate Market - Glyphosate is the most widely used herbicide globally, with increasing demand driven by rising agricultural output [6][19]. - Major companies in this space include Xingfa Group and Jiangshan Chemical, which are positioned to benefit from a favorable market environment [6]. TDI Market - TDI supply-demand dynamics remain tight due to production disruptions, with significant barriers to entry for new players [6][19]. - Key companies include Cangzhou Dahua and Wanhua Chemical, which are expected to maintain strong market positions [6].
A股水利板块持续走强,西藏天路涨停,垒知集团涨超7%,中国电建涨超5%,东方雨虹、新疆天业、智慧农业、大禹节水跟涨。
news flash· 2025-07-25 01:43
Group 1 - The A-share water conservancy sector is experiencing strong performance, with notable stocks such as Tibet Tianlu hitting the daily limit, indicating significant investor interest [1] - Peizhi Group has seen an increase of over 7%, reflecting positive market sentiment towards companies in the water conservancy industry [1] - China Power Construction has risen by more than 5%, further demonstrating the upward trend in the sector [1] Group 2 - Other companies in the sector, including Oriental Yuhong, Xinjiang Tianye, Smart Agriculture, and Dayu Water-saving, are also showing gains, indicating a broad rally in the water conservancy market [1]