2025 年度第五期科技创新债券发行结果公告 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个别及连带责任。 万华化学集团股份有限公司（以下简称"公司"）于 2023 年 3 月 18 日召开的 第八届董事会 2023 年第一次会议审议通过了《关于申请非金融企业债务融资工具 （DFI）到期继续注册的议案》，并经公司于 2023 年 5 月 12 日召开的 2022 年度股 东大会表决通过，同意公司向中国银行间市场交易商协会申请到期继续注册非金融 企业债务融资工具（DFI），并在中国境内发行超短期融资券、短期融资券、中期 票据、永续票据、资产支持票据、绿色债务融资工具等产品。 公司于 2023 年 6 月 30 日收到中国银行间市场交易商协会核发的《接受注册通 知书》（中市协注[2023]DFI36 号），中国银行间市场交易商协会接受公司债务融 资工具注册，注册自通知书落款之日起 2 年内有效，在注册有效期内可分期发行超 短期融资券、短期融资券、中期票据、永续票据、资产支持票据、绿色债务融资工 具等产品。 证券代码：600309 证券简称 ...

Core Points - The company has received approval for the registration of debt financing tools, allowing it to issue various financial products in the domestic market [1][2] - The company successfully issued its fifth phase of technology innovation bonds on June 6, 2025, raising a total of 1.2 billion yuan with a fixed interest rate of 1.85% [2] Group 1 - The company’s board approved the application for the continued registration of non-financial corporate debt financing tools (DFI) on March 18, 2023, which was later ratified by the shareholders' meeting on May 12, 2023 [1] - The registration for the debt financing tools is valid for two years from the date of the acceptance notice issued by the China Interbank Market Dealers Association [2] Group 2 - The fifth phase of technology innovation bonds has a term of three years, with an interest payment starting from June 6, 2025, and maturing on June 6, 2028 [2] - The bonds were issued at a price of 100 yuan per 100 yuan face value, and the issuer holds an AAA rating from United Ratings [2]

证券代码：600309 证券简称：万华化学 公告编号：临 2025-37 号 万华化学集团股份有限公司 公司根据自身资金计划安排和银行间市场情况，于 2025 年 6 月 6 日在全国银 行间市场发行了 2025 年度第五期科技创新债券，募集资金已于 2025 年 6 月 6 日到 账。发行结果如下： | 名称 | 万华化学集团股份有限公司2025年 | 简称 | 25万华化学 MTN005(科创 | | --- | --- | --- | --- | | | 度第五期科技创新债券 | | 债) | | 代码 | 102582304 | 期限 | 3年 | | 起息日 | 2025年06月06日 | 兑付日 | 2028年06月06日 | | 计划发行总额 | 12亿元 | 实际发行总额 | 12亿元 | | 发行利率 | 1.85% | 发行价格 | 100元/百元面值 | | --- | --- | --- | --- | | 主体评级 | AAA | 评级机构 | 联合资信评估股份有限公司 | | 主承销商 | 中国光大银行股份有限公司 | | | 本次债券发行的有关文件详见中国货币网（www.chin ...

Core Viewpoint - The Shanghai Stock Exchange 180 Relative Growth Index has experienced a decline, reflecting broader market trends and sector performance [1][2]. Group 1: Index Performance - The Shanghai 180 Relative Growth Index fell by 0.5% to 2063.02 points, with a trading volume of 108.69 billion yuan [1]. - Over the past month, the index has decreased by 0.05%, by 2.31% over the last three months, and by 1.05% year-to-date [1]. Group 2: Index Composition - The top ten holdings of the Shanghai 180 Relative Growth Index include Kweichow Moutai (10.05%), Zijin Mining (5.34%), and China Yangtze Power (3.31%) [2]. - The index is entirely composed of stocks listed on the Shanghai Stock Exchange, with industrials (18.25%), information technology (17.60%), and consumer staples (17.40%) being the largest sectors represented [2]. Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]. - New samples are prioritized based on their ranking, with a maximum adjustment ratio of 20% for the Shanghai 180 Growth and Value Indices [3].

Financial Sector - The banking sector showed positive performance with Agricultural Bank of China, Bank of China, and Zhao Bank reporting market capitalizations of 1,977.40 billion, 1,610.30 billion, and 576.28 billion respectively, with respective trading volumes of 1.62 billion, 1.25 billion, and 0.83 billion [3] - Construction Bank and Industrial and Commercial Bank of China also performed well, with market capitalizations of 2,255.10 billion and 2,548.30 billion, and trading volumes of 0.61 billion and 2.13 billion respectively [3] - The overall trend in the banking sector was positive, with most banks showing slight increases in stock prices [3] Insurance Sector - The insurance sector saw China Life Insurance, China Pacific Insurance, and Ping An Insurance with market capitalizations of 370.60 billion, 982.99 billion, and 340.46 billion respectively, and trading volumes of 1.31 billion, 0.57 billion, and 0.50 billion [4] - All three companies experienced slight increases in stock prices, indicating a stable performance in the insurance market [4] Semiconductor Sector - The semiconductor sector had mixed results, with North China Huachuang, Cambricon Technologies, and Haiguang Information reporting market capitalizations of 224.69 billion, 254.35 billion, and 329.78 billion respectively [4] - Trading volumes varied significantly, with Cambricon Technologies leading at 6.80 billion, while North China Huachuang had a trading volume of 1.36 billion [4] - The sector experienced fluctuations, with some companies showing declines in stock prices [4] Automotive Sector - The automotive sector was led by BYD and Great Wall Motors, with market capitalizations of 282.79 billion and 1,068.63 billion respectively [4] - Trading volumes were significant, with BYD at 3.50 billion and Great Wall Motors at 0.21 billion [4] - The sector showed a positive trend with BYD's stock price increasing by 1.00% [4] Energy Sector - In the energy sector, China Petroleum and Sinopec reported market capitalizations of 699.59 billion and 1,599.60 billion respectively, with trading volumes of 0.62 billion and 0.46 billion [4] - The sector showed slight increases in stock prices, indicating a stable performance [4] Other Sectors - The liquor industry, represented by Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, had market capitalizations of 1,860.43 billion, 216.46 billion, and 485.09 billion respectively, with Kweichow Moutai experiencing a slight decline [4] - The food and beverage sector, including companies like Zhongjin Securities and Haitai, showed varied performance with slight fluctuations in stock prices [5]

Core Viewpoint - Wanhua Chemical has signed a memorandum of cooperation with European lithium iron phosphate (LFP) battery manufacturer ElevenEs to establish a localized battery cathode material supply chain in Europe, which is expected to enhance Wanhua's overseas performance and strengthen its global competitive advantage [1][4]. Group 1: Partnership and Supply Chain - Wanhua Chemical will supply ElevenEs with key battery materials including LFP cathode materials, PVDF binders, and NMP solvents, while providing global supply chain support for ElevenEs' production base in Serbia [1]. - The collaboration aims to expand into electric vehicles and energy storage systems in the future [1]. Group 2: Company Background and Product Development - Wanhua Chemical operates globally in five major industrial clusters, including battery materials, and has established multiple production bases and R&D centers across various countries [2]. - The company has developed a new generation of high-density LFP cathode materials and sodium-ion battery materials, showcasing significant improvements in energy density and performance [2]. Group 3: Strategic Projects and Future Plans - Wanhua's new battery materials industrial park in Shandong, with a total investment of 16.8 billion yuan, is set to produce 100,000 tons of LFP by June 2026 and reach full production by December 2032 [3]. - The company has also signed a joint development agreement with German firm IBU-tec to scale up LFP material production, with preliminary results expected in Q3 2023 [3]. Group 4: Industry Trends - The lithium battery industry is increasingly focusing on overseas expansion, particularly in Europe, to meet rising battery demand and mitigate trade risks [4]. - Wanhua's collaboration with international firms represents a significant step for domestic companies to reduce risks and costs while rapidly introducing products to local markets [4].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The 2025 Indian potash fertilizer contract price has been set at $349 per ton, which is expected to boost the potash fertilizer market [4][20] - The domestic potassium chloride market is experiencing limited supply and tight circulation, with domestic potassium chloride production reduced and inventory at low levels [21][22] Summary by Sections Industry Trends - The chemical industry index outperformed the CSI 300 index by 1.73% this week [15] - The CCPI (China Chemical Product Price Index) reported 4033 points, down 1.08% from last week [17] Key Product Tracking - The price difference for polyester filament POY has expanded, while the price of chlorantraniliprole 97% continues to rise [29] - The domestic potassium chloride market is characterized by limited supply and cautious purchasing behavior from downstream buyers [21][22] Recommended and Beneficiary Stocks - Recommended stocks include Salt Lake Co., and Yaqi International; beneficiary stocks include Cangge Mining and Dongfang Iron Tower [27] - Other recommended stocks span various sectors including chemical leaders and fluorine chemicals [5]

Core Viewpoint - WanHua Chemical has signed a memorandum of cooperation with European lithium iron phosphate battery manufacturer ElevenEs, marking a significant step in its global strategy and entry into the European battery materials market [3][4]. Group 1: Partnership Details - WanHua will supply ElevenEs with key battery materials including LFP cathode materials, PVDF binders, and NMP solvents, along with global supply chain support for ElevenEs' production base in Serbia [3]. - This partnership follows a previous agreement in March with IBU-tec for the development of LFP battery materials in Europe, indicating WanHua's commitment to expanding its production capacity independently in the European market [3]. Group 2: ElevenEs Overview - ElevenEs, headquartered in Subotica, Serbia, developed Europe's first LFP battery in 2023 and launched a new cell product aimed at electric vehicles and industrial equipment, boasting a cycle life of at least 500,000 kilometers [3]. - The company plans to build a 1GWh super factory in the next two years, with phased expansions to achieve an annual capacity of 8GWh, and aims for a total capacity of 40GWh by 2031 [4].

Group 1 - The core viewpoint of the report indicates that the 2025 Indian potash contract price has been set at $349 per ton, which may boost the potash market's prosperity [2] - The transaction between Belarus and India's IPL involves a shipment of 650,000 tons, with the price being $70 per ton higher than the 2024 Indian contract price and $76 per ton higher than the 2024 Chinese import contract price [2] - Domestic potash prices are currently tight, with 60% potash self-delivery prices ranging from 2800 to 2830 RMB per ton, and market prices for 57% powder around 2400 to 2450 RMB per ton [2] Group 2 - The supply side shows limited circulation of potash due to reduced domestic production and low inventory levels, with port inventories at 2.062 million tons as of May 30 [2] - Demand for potash is currently weak, with cautious replenishment from buyers, but the low domestic inventory and the new Indian contract price may stimulate market activity [2] - Recommended stocks include Salt Lake Co. and Yara International, while benefiting stocks include Zangge Mining and Oriental Tower [2] Group 3 - A significant development in the nylon industry was reported, with the launch of a 100,000 tons/year acetonitrile facility by China Pingmei Shenma Group, marking a breakthrough in the production of key raw materials for nylon 66 [3] - The establishment of this facility is expected to reshape the nylon industry landscape in China [3] Group 4 - Recommended stocks in the chemical sector include Wanhu Chemical, Hualu Hengsheng, Hengli Petrochemical, and others, while benefiting stocks span various sectors including fluorine chemicals and new materials [4][5]

Investment Rating - The industry investment rating is "Buy" for companies with strong fundamentals and low correlation to oil prices, suggesting a bottom-fishing strategy [10][18]. Core Viewpoints - The report indicates a recovery in macro expectations, with a notable increase in oil prices due to supply risks from geopolitical tensions and seasonal demand [10][14]. - The report emphasizes the importance of focusing on domestic demand and opportunities in new material substitutions, particularly in the agricultural chemical sector during the spring planting season [10][18]. Summary by Sections 1. Core Viewpoints - Oil prices have risen this week, with a focus on companies that have strong fundamentals and are less affected by oil price fluctuations [10][18]. - Recommendations include companies like Wanhua Chemical, Huamao Technology, Runfeng Co., Guoguang Co., and Hualu Hengsheng, highlighting their unique market positions and growth potential [10][18]. 2. Oil and Chemical Price Information 2.1 Oil - As of June 6, Brent oil prices increased by 4.02% to $66.47 per barrel, driven by supply risks and seasonal demand [14]. - U.S. crude oil commercial inventories decreased by 4.3 million barrels to 436.1 million barrels [14]. 2.2 Chemicals - Among 188 monitored chemical products, the top three price increases this week were for liquid chlorine (up 11.8%), natural gas (up 9.3%), and hydrochloric acid (up 4.6%) [15]. - The report notes significant monthly price changes, with hydrochloric acid increasing by 54.5% [10][15]. 3. Price and Spread Changes - The report highlights the top three products with the largest weekly spread increases: R410a spread (up 200.0%), acrylic acid butyl ester spread (up 58.2%), and PTA (up 45.9%) [10][20]. - Monthly spread changes show significant increases in the electric stone method PVC spread (up 216.9%) [10][20].