Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the basic chemical industry [1]. Core Viewpoints - The upcoming "Ten Key Industries Stabilizing Growth Work Plan" will accelerate the optimization of production capacity structure in the chemical industry, suggesting a focus on the cyclical recovery and supply-side optimization of the chemical sector [2][12]. - The opening of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly boost investment opportunities in various sub-sectors of the chemical industry, particularly in civil explosives, all-steel tires, cement, and specialty chemicals [3][13]. - The report highlights the importance of focusing on leading companies with "absolute cost advantages" or "absolute technical scarcity" in the supply-side optimization process [12]. Summary by Relevant Sections Chemical Market - The report emphasizes that the Ministry of Industry and Information Technology will promote structural adjustments and the elimination of backward production capacity in key industries, including steel, non-ferrous metals, petrochemicals, and building materials [12]. - It suggests that the supply-side optimization should focus on leading companies such as Wanhua Chemical, Hualu Hengsheng, and Juhua Co., which have strong competitive advantages [12]. Investment Recommendations - Recommended stocks include: - Wanhua Chemical (600309.SH) - Buy-B - Hualu Hengsheng (600426.SH) - Buy-B - Juhua Co. (600160.SH) - Buy-B - Haohua Technology (600378.SH) - Buy-B - Longbai Group (002601.SZ) - Buy-B - Yangnong Chemical (600486.SH) - Buy-B - Hubei Yihua (000422.SZ) - Increase-B - Tongyi Zhong (688722.SH) - Buy-A [2][3][25]. Price Movements - As of July 18, TDI prices reached 14,913 yuan/ton, reflecting a significant increase of 30.82% compared to the previous month [4][14]. - The report notes that the basic chemical sector has shown varied performance, with synthetic resins and membrane materials leading in gains [20][21]. Key Company Performances - The report highlights that Hubei Yihua, Jujiao Co., and Wanhua Chemical saw notable increases in their stock prices, while companies like Ruifeng New Materials and Yaji International experienced declines [23][24].

Core Viewpoint - The company plans to issue A-shares to specific investors in 2025, aiming to raise up to 1.1 billion yuan for various projects while ensuring compliance with relevant regulations and protecting shareholder rights [2][3][4]. Meeting Information - Meeting Date: August 1, 2025, from 9:00 to 10:00 [1] - Agenda includes the proposal for the issuance of A-shares and related measures [1]. Issuance Proposal - The company confirms it meets the conditions for issuing A-shares to specific investors, including compliance with the Company Law and Securities Law [2]. - The issuance will involve up to 35 specific investors, including China National Chemical Corporation Rubber Company, with a minimum subscription of 200 million yuan and a maximum of 300 million yuan [4][6]. - The shares will be priced at no less than 80% of the average trading price over the last 20 trading days prior to the pricing date [5][6]. Fundraising and Use of Proceeds - The total amount to be raised is capped at 1.1 billion yuan, with net proceeds allocated to specific investment projects totaling approximately 1.463 billion yuan [8]. - The company will initially fund these projects with its own resources until the proceeds are available [8]. Lock-up Period - The shares subscribed by the rubber company will have an 18-month lock-up period, while other investors will have a 6-month lock-up period post-issuance [7]. Related Transactions - The issuance involves related transactions due to the participation of the controlling shareholder, which requires avoidance of voting by related shareholders [13]. Financial Reports - The company has prepared financial reports for the years 2022, 2023, and 2024, which have been audited and are available for review [20]. Authorization for Board - The company seeks authorization from shareholders for the board to handle all matters related to the issuance, including adjustments based on market conditions and regulatory requirements [16][17].

7月16日，风神股份披露 2025 年度向特定对象发行 A 股股票预案，拟募集资金总额不超过11亿元，用 于高性能巨型工程子午胎扩能增效项目。该项目总投资额达14.64亿元，拟使用募集资金11亿元，不足 部分由公司自筹资金解决。项目建成后并全面达产后，将实现年新增约2万条巨型工程子午胎的产能。 风神股份表示，公司巨型工程子午胎订单生产满足率较低，现有生产能力不能满足市场需求。在国内外 卡客车轮胎竞争日益加剧的背景下，公司正在持续推动产品结构的调整，发挥工程胎的传统优势，扩大 巨型工程子午胎的产能，快速提升市场份额。 同行业的中策橡胶、贵州轮胎等企业也在同步扩产，市场竞争愈发激烈。在这种情况下，风神股份若不 能有效提升自身产品竞争力，消化新增产能将成为一个难题。 近年来，公司多次进行融资活动，从 2020 年非公开发行募资 6.26 亿元，到 2024年 10月拟以简易程序 募资 3 亿元（最终终止），再到如今的 11 亿元定增计划，短短几年间，频繁有募资动作。 与融资形成鲜明对比的是，公司的业绩表现一般。公司2024年营收67.08亿元，同比增长16.89%，但净 利润同比下滑19.47%。风神股份定增计划公 ...

风神轮胎股份有限公司 2025 年第三次临时股东会会议资料 二 O 二五年八月一日 会议须知 为维护投资者的合法权益，确保股东会的正常秩序和议事效率，根据《中华人民共 和国公司法》《风神轮胎股份有限公司章程》《公司股东会议事规则》的有关规定，特制 定如下参会须知： 1、为保证股东会的严肃性和正常秩序，切实维护与会股东（或代理人）的合法权 益，请有出席资格的相关人员准时到会场签到并参加会议。 2、股东参加，依法享有发言权、表决权等各项权利，并履行法定义务和遵守有关 规则。对于干扰秩序和侵犯其他股东合法权益的，将报告有关部门处理。 风神轮胎股份有限公司 2025 年第三次临时股东会会议议程 | 序号 | 议案 | | --- | --- | | 1 | 关于公司符合向特定对象发行 A 股股票条件的议案 | | 2 | 关于公司 年度向特定对象发行 股股票方案的议案 2025 A | | 3 | 关于公司 年度向特定对象发行 股股票预案的议案 2025 A | | 4 | 关于公司 年度向特定对象发行 股股票方案论证分析报告的议案 2025 A | | 5 | 关于公司 2025 年度向特定对象发行 A 股股票募集 ...

公告显示，风神股份公司预计2025上半年实现归属于上市公司股东的净利润为9000万元到1.05亿元，与上年同期（法定披露数据）相比，将减少1.26亿元到 1.41亿元，同比减少54.49%到60.99%；预计实现归属于上市公司股东扣除非经常性损益后的净利润8000万元到9500万元，与上年同期相比，将减少1.18亿元 到1.33亿元，同比减少55.49%到62.52%。 上年同期，风神股份公司利润总额为2.62亿元，归属于上市公司股东的净利润为2.31亿元，归属于上市公司股东的扣除非经常性损益后的净利润为2.13亿 元，每股收益为0.32元。 风神股份表示，报告期业绩变动的主要原因包括：一是2025年上半年营业收入虽实现增长，但受原材料价格上涨影响，产品盈利能力下滑，销售价格较同期 基本持平，导致毛利率和毛利水平下降；二是受权益法核算的长期股权投资项目亏损影响，本期投资损失同比增加；三是报告期内公司加大市场开拓和研发 投入，期间费用有所上升。公司表示，2025年下半年将继续贯彻市场导向战略，深耕细分市场，加速推进渠道下沉，提升巨胎产品市场份额；以技术创新为 驱动，聚焦产品改善和创新；持续实施卓越运营管理，推进 ...

Group 1 - Datang Power achieved a total on-grid electricity of approximately 123.99 billion kWh for the first half of 2025, a year-on-year increase of 1.30%, with wind and solar power generation increasing by 31.27% and 36.35% respectively [1] - North Self Technology signed an equipment procurement contract with a total amount of 164 million yuan [1] - Jinchuan Co. reported a net profit of 1.38 billion yuan for the first half of 2025, a year-on-year decrease of 8.45%, with operating revenue of 6.96 billion yuan, an increase of 5.55% [1][2] Group 2 - Microchip Biotech expects a revenue of 407 million yuan for the first half of 2025, a year-on-year increase of 35%, and a net profit of approximately 30.06 million yuan, a year-on-year increase of 173% [3] - Zongheng Co. anticipates a revenue of 135 million yuan for the first half of 2025, a year-on-year increase of 61.72%, with a net loss of 34.68 million yuan, reducing losses by 18.34 million yuan compared to the previous year [5] - Tuojing Technology expects a revenue of 1.21 billion to 1.26 billion yuan for the second quarter of 2025, a year-on-year increase of 52% to 58%, with a net profit of 238 million to 247 million yuan, a year-on-year increase of 101% to 108% [7] Group 3 - Star Power reported a net profit of 73.42 million yuan for the first half of 2025, a year-on-year decrease of 13.44%, with total revenue of 1.52 billion yuan, an increase of 13.70% [8] - Xiamen Tungsten reported a net profit of 972 million yuan for the first half of 2025, a year-on-year decrease of 4.41%, with operating revenue of 19.18 billion yuan, an increase of 11.75% [9] - Yikang Pharmaceutical's subsidiary received approval for clinical trials of YKYY029 injection for hypertension [11] Group 4 - Mould Technology received a project designation for luxury car exterior parts, with an expected total sales of 2.044 billion yuan over a five-year lifecycle [13] - Jinzhik Technology won multiple projects from the State Grid and Southern Power Grid, with a total bid amount of 133 million yuan [14] - Changjiang Media plans to use up to 700 million yuan of idle funds to purchase financial products [16] Group 5 - Ningbo Gaofa plans to invest up to 20 million USD to establish a production base in Morocco [20] - Xuantai Pharmaceutical's subsidiary received EU GMP certification for solid dosage production lines [22] - Changhua Group received a project designation for key metal structural components from a domestic new energy vehicle company, with an expected total sales of 235 million yuan over a four-year lifecycle [23]

Core Viewpoint - The company plans to raise up to 110 million yuan through a private placement of A-shares to fund a high-performance giant engineering tire expansion project [1][2] Group 1: Fundraising Details - The fundraising will involve issuing A-shares with a par value of 1.00 yuan each, targeting specific investors including China National Chemical Corporation Rubber Co., Ltd. [1][2] - The issuance price will not be lower than 80% of the average trading price over the last 20 trading days prior to the pricing date and will also meet the minimum net asset value per share [2] - The total number of shares issued will not exceed 30% of the company's total share capital prior to the issuance, amounting to a maximum of 218,835,261 shares [2] Group 2: Shareholder Information - China National Chemical Corporation Rubber Co., Ltd. is the controlling shareholder, holding 57.50% of the company's total shares, and will participate in the issuance [2] - The issuance will not change the company's control, as the controlling shareholder and actual controller remain the same post-issuance [2] Group 3: Financial Performance - In 2024, the company reported revenue of 6.708 billion yuan, a year-on-year increase of 16.89%, but net profit decreased by 19.47% to 281 million yuan [3] - For the first quarter of 2025, revenue was 1.629 billion yuan, up 10.91%, while net profit fell significantly by 62.09% to approximately 28.22 million yuan [3] - The net cash flow from operating activities for 2024 was 201 million yuan, down 58.03% year-on-year, indicating potential liquidity issues [3]

第 674 期 2025-07-17 焦点事件 支持上市公司并购重组，河南出台新政 河南省人民政府办公厅近日印发《河南省支持上市公司并购重组若干政策措施》，其中列举了7项举措，提出 鼓励上市公司通过并购重组转型升级、开辟第二增长曲线，引导更多资源向人工智能、低空经济、生物医 药、新材料、高端装备等新质生产力方向集聚。 六大行均已布局设立AIC 7月16日，邮储银行公告，拟出资100亿元发起设立中邮金融资产投资有限公司（暂定名）。至此，六大国有 行均布局金融资产投资有限公司。 中邮投资将作为邮储银行全资一级子公司管理，具体业务范围以有关监管机构批复为准。中邮投资将严格遵 循各项法律法规及监管规定，建立完善的公司治理结构，在做好风险管理基础上开展各项业务。 黄仁勋在演讲中，提及了腾讯、网易、米哈游、游戏科学、字节跳动、DeepSeek、阿里巴巴、美团、 MiniMax、百度、小米等11家中国公司。 黄仁勋表示，中国的供应链是奇迹。他预测，十年内，工厂将由软件和人工智能驱动，AI将指挥机器人团队 与人协作，智能产品的制造也将由AI驱动。"这将为中国的供应链生态创造新的机遇。"黄仁勋说道。 宏观要闻 国常会：研究做强 ...

Group 1 - Meidi Kai plans to acquire 100% equity of Haisholi and INNOWAVE VIETNAM for a total of 2 billion KRW, entering Samsung's supply chain and filling gaps in its ultra-thin optical film business [3] - Tuo Xin Pharmaceutical will invest 10 million CNY in Jiangsu Jinsan Biotechnology, acquiring a 1.75% stake, as Jinsan has successfully produced high-purity ergothioneine [4] - Zhejiang Energy Power reported a 4.48% increase in power generation to 78.848 billion kWh in the first half of the year, driven by rising electricity demand in Zhejiang province [5] Group 2 - Anker Innovation is researching overseas share issuance to enhance its global strategy and brand image, with no specific plan confirmed yet [6] - *ST Chuangxing announced a change in actual controller to Wang Xiangrong after a judicial auction of shares [7] - Hosheng Silicon Industry's controlling shareholder plans to transfer 5.08% of its shares for 2.634 billion CNY [8] Group 3 - Wuchan Zhongda's subsidiary plans to acquire 100% equity of South Taihu Technology for 1.457 billion CNY, aiming to strengthen its position in the cogeneration sector [9] - Postal Savings Bank intends to invest 10 billion CNY to establish a financial asset investment company, supporting technological innovation and private enterprises [10] - *ST Huawang plans to purchase 55.5% equity of Niwei Power for a total of approximately 6.01 billion CNY, focusing on the development of high-pressure fuel tank systems for hybrid vehicles [11] Group 4 - Tiande Yu expects a 50.89% increase in net profit to 152 million CNY in the first half of 2025, driven by growth in display driver chips [14] - Pinming Technology anticipates a net profit increase of 231.79% to 340 million CNY in the first half of 2025, attributed to growth in construction information software [15] - *ST Jinglun forecasts a loss of 19 to 22 million CNY in the first half of 2025, despite a 23.5% revenue increase [16] Group 5 - Jindi Co. signed an industrial project investment contract with the government for no less than 1.5 billion CNY to expand its market in Southwest China [17] - Baiyun Electric is expected to win a procurement project from the State Grid worth 164 million CNY [18] Group 6 - Fulei New Materials plans to reduce its stake by up to 1.33% through trading [19] - Yaxin Security's shareholders plan to collectively reduce their stake by up to 3% [20] - Zhongchong Co.'s controlling shareholder plans to reduce its stake by up to 1.5% [21] Group 7 - Huayuan Holdings intends to repurchase shares worth 20 to 40 million CNY for employee stock ownership plans [24] - Taiji Group plans to repurchase shares worth 80 to 120 million CNY, all for cancellation [25] Group 8 - Fengshen Co. plans to raise up to 1.1 billion CNY through a private placement for a tire expansion project [26] - Shangwei Co. plans to raise up to 1.144 billion CNY through a private placement to enhance its capabilities [27] - Shanggao Environmental plans to raise up to 718 million CNY through a private placement for working capital and debt repayment [28]

Group 1 - Anker Innovation is conducting research and analysis on equity financing in the Hong Kong capital market to enhance its global strategy and brand image, with no specific plan determined yet [1] - Postal Savings Bank plans to invest 10 billion yuan to establish China Post Financial Asset Investment Co., which will enhance its service capabilities and support technological innovation and private enterprises [2] - Shantui Co. intends to issue H-shares and apply for listing on the Hong Kong Stock Exchange to meet global development needs and enhance capital operation capabilities [3] Group 2 - Jiaze New Energy's non-public stock issuance has been approved, with a financing amount of 1.2 billion yuan aimed at supplementing working capital and repaying bank loans [4] - Shangwei Co. plans to raise up to 1.144 billion yuan through a private placement to its controlling shareholder, with funds allocated for digital upgrades and marketing projects [5] - Windson Co. intends to raise up to 1.1 billion yuan for a high-performance tire expansion project, with its controlling shareholder committing to subscribe for a minimum of 200 million yuan [6] Group 3 - *ST Jinbi received a regulatory letter from the Shenzhen Stock Exchange for failing to disclose the forced liquidation of its ultimate controlling entity in a timely manner [7] - Zhuhai Guanyu won a patent dispute against ATL, with multiple patents declared invalid and no negative impact on its operations expected [8] Group 4 - New Times elected Zhan Bo as chairman and appointed other senior management members during its board meeting [9] - AVIC Xi'an Aircraft Industry Group's chairman resigned due to work changes, with the board expressing gratitude for his contributions [10] Group 5 - Wuzhou Huanneng plans to acquire 100% equity of South Taihu Technology for 1.457 billion yuan, aiming to enhance its market share in the cogeneration sector [11] - Guotou Zhonglu elected Wang Wei as the new chairman following the resignation of the previous chairman, with the new chairman also taking on the role of legal representative [12] - Lixing Co. terminated its acquisition of Qingdao Feiyan Precision Steel Ball due to an inability to reach an agreement on terms, with no adverse effects on its financial status expected [13]