宁夏宝丰能源集团股份有限公司股份质押公告 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。 证券代码：600989 证券简称：宝丰能源 公告编号：2025-026 截至 2025 年一季度末，宁夏宝丰能源集团股份有限公司（以下简称"公 司"）控股股东宁夏宝丰集团有限公司（以下简称"宝丰集团"）持有公司股份 2,614,211,270 股，占公司总股本的 35.65%。本次质押后，累计质押公司股份 700,000,000 股，占其所持公司股份的 26.78%，占公司总股本的 9.55%。 一、上市公司股份质押 公司于 2025 年 7 月 24 日接到控股股东宝丰集团通知，获悉其所持有本公司 的部分股份被质押，具体情况如下。 1.本次股份质押基本情况 2025年7月24日，宝丰集团与中信证券股份有限公司（以下简称"中信证 券"）办理了股票质押业务，将部分无限售条件流通股股份质押给中信证券。具 | | 是否为 股东 | 本次质押股 | 是否为 | 是否补 | | | 质权 | 占其所 | 占公司 | 质押融 | | --- | -- ...

Group 1 - The core viewpoint of the articles highlights the positive performance of the chemical sector, particularly the rise in the Zhongzheng Subdivided Chemical Industry Theme Index and its constituent stocks [1][2] - The chemical ETF has shown a significant increase, with a reported price of 0.63 yuan and a subscription of 36.5 million units during the trading session [1][2] - The Daqing Petrochemical Company has achieved record production levels of MTBE, increasing by 0.44 thousand tons compared to the same period last year, reflecting effective management and production optimization [1] Group 2 - The second quarter of this year saw a rapid rebound in the overall market, with the chemical sector focusing on price increases, domestic demand support, and new materials [2] - Investment in the chemical sector is being directed towards potassium fertilizers and fluorochemical sectors due to their fundamental support, while domestic demand is gaining attention amid international trade conflicts [2] - The top ten weighted stocks in the Zhongzheng Subdivided Chemical Industry Theme Index account for 43.37% of the index, indicating a concentration of investment in major players like Wanhua Chemical and Yanhai Co [3]

Group 1 - A total of 12 stocks received buy ratings from institutions today, with Baolingbao, Puluo Pharmaceutical, and Xinyuanwei being newly covered by institutions [1] - Among the stocks rated, the average increase was 1.14%, outperforming the Shanghai Composite Index, with notable gainers including Xinyuanwei, Shantui, and Hanyi, which rose by 5.56%, 4.41%, and 4.09% respectively [1] - The stocks with the largest declines included Jinbo Biological, Baofeng Energy, and Miao Exhibition, which fell by 2.14%, 1.70%, and 1.60% respectively [1] Group 2 - The newly rated stocks include Puluo Pharmaceutical with a strong buy rating from Huachuang Securities, and Baolingbao with an increase rating from Guotai Haitong [2] - The target price for Puluo Pharmaceutical is set at 22.00 yuan, while Baolingbao has a target price of 16.30 yuan [2] - Other stocks receiving buy ratings include Miaokelan Duo, Tielong Logistics, and Gole Technology, with target prices of 33.00 yuan, 7.09 yuan, and unspecified respectively [2]

Summary of Key Points Core Viewpoint - Ningxia Baofeng Energy Group Co., Ltd. announced the release of part of the pledged shares by its controlling shareholder, Ningxia Baofeng Group Co., Ltd., which indicates a positive development in the company's financial stability and shareholder confidence [1]. Group 1: Shareholding and Pledge Details - As of the end of Q1 2025, Baofeng Group holds 5.45% of the company's shares [1]. - The controlling shareholder released 400,000,000 shares from pledge, which accounts for 15.30% of its total holdings [1]. - The total number of shares held by Baofeng Group is 2,614,211,270, representing 35.65% of the company's total share capital [1]. Group 2: Remaining Pledged Shares - After the release, Baofeng Group has 250,000,000 shares still pledged, which is 9.56% of its total holdings and 3.41% of the company's total share capital [1]. - The company will fulfill its disclosure obligations regarding any future pledge situations [1].

证券代码：600989 证券简称：宝丰能源 公告编号：2025-025 宁夏宝丰能源集团股份有限公司关于控股股东 部分股份解除质押的公告 1 | 持股数量 | 2,614,211,270 | | --- | --- | | 持股比例 | 35.65% | | 剩余被质押股份数量（股） | 250,000,000 | | 剩余被质押股份数量占其所持股份比例 | 9.56% | | 剩余被质押股份数量占公司总股本比例 | 3.41% | 2、本次股份解除质押后，后续将根据资金需求确定是否继续质押其所持有 的公司股份，并根据后续质押情况及时履行公告义务，公司将及时予以披露。 二、股东累计质押股份情况 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: 截至 2025 年一季度末，宁夏宝丰能源集团股份有限公司（以下简称"公 司"）控股股东宁夏宝丰集团有限公司（以下简称"宝丰集团"）持有公司股份 2,614,211,270 股，占公司总股本的 35.65%。宝丰集团本次股份解除质押 400,000,000 股，本次解除质押股 ...

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has outperformed the market, with the industry index rising by 1.8% from July 11 to July 18, compared to a 0.7% increase in the Shanghai Composite Index [9][20] - The report highlights significant price increases in TDI, glyphosate, and glufosinate due to supply disruptions and rising demand, particularly in South America [6][31][33] Summary by Sections 1. Core Viewpoints - The basic chemical sector is expected to benefit from supply-side reforms and improved demand due to recent government policies aimed at stabilizing the economy [17] - The report emphasizes the potential for long-term investment in core assets as the profitability of chemical products has likely bottomed out, suggesting a recovery in valuations [17][18] 2. Overall Performance of the Chemical Sector - The basic chemical industry index has shown a year-to-date increase of 10.8%, outperforming both the Shanghai Composite and ChiNext indices by 5.4% and 4.5%, respectively [20][26] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 251 stocks rose while 162 fell during the reporting week, with notable gainers including Shangwei New Materials (+148.8%) and Dongcai Technology (+33.2%) [29][30] 4. Key News and Company Announcements - A fire at Covestro's TDI plant in Germany has led to significant supply disruptions, creating opportunities for price increases in TDI [31][32] - Glyphosate prices have increased to 25,500 CNY per ton, reflecting a 7.16% month-over-month rise, driven by reduced inventory levels [33] - New regulations on glufosinate are expected to constrain supply, potentially leading to price increases as the market adjusts [34]

Core Viewpoint - The AI Fund Pengyang Dividend Preferred Mixed A (009102) reported a profit of 568,900 yuan for Q2 2025, with a net asset value growth rate of 0.62% during the period [3]. Fund Performance - As of July 17, the fund's unit net value was 1.213 yuan, with a one-year compounded unit net value growth rate of 17.58%, ranking 333 out of 601 comparable funds [4][3]. - The fund's performance over the last three months showed a growth rate of 8.89%, ranking 359 out of 607, and over the last six months, it was 9.89%, ranking 326 out of 607 [4]. Fund Management Strategy - The fund manager, Li Renwang, indicated that adjustments were made based on risk-reward ratios, including clearing positions in companies heavily impacted by tariffs and increasing investments in music platform companies and food delivery services [3]. - The fund maintained an average stock position of 90.5% over the last three years, higher than the industry average of 85.32% [14]. Fund Holdings - As of June 30, the fund's top holdings included Tencent Holdings, China National Offshore Oil Corporation, Kweichow Moutai, and others, indicating a diversified portfolio [19]. Risk Metrics - The fund's Sharpe ratio over the last three years was 0.414, ranking 48 out of 468 comparable funds, while the maximum drawdown was 19.57%, ranking 447 out of 461 [9][11].

Group 1 - The credit ratings of convertible bonds in the first half of 2025 were predominantly downgraded, with a decrease in the number of downgrades compared to the previous year. Most of these bonds had initial ratings of AA- or below, and their remaining maturities were mainly concentrated within one year and two to four years [3] - The issuers of convertible bonds that experienced rating downgrades generally faced declining profitability, weakened cash flow, and increased short-term debt repayment pressure, leading to heightened liquidity risks and governance issues [3] Group 2 - The COFs (Covalent Organic Frameworks) industry is expected to have promising applications in energy storage, environmental management, and biomedicine due to its unique molecular design and excellent performance [4] - In June 2025, the total retail sales of consumer goods reached 4.23 trillion yuan, with a year-on-year growth of 4.8%, which was below the market expectation of 5.56%. The growth rate decreased by 1.6 percentage points compared to May, primarily due to a high base from the previous year and the pre-promotion of consumption [6] - The demand for gold and jewelry retail was pressured by fluctuations in gold prices, leading to a decline in growth rates for these categories. However, categories related to national subsidies continued to grow, albeit at a slower pace [6] Group 3 - The disposable glove industry is expected to see a price turning point in the third quarter, with a focus on the overseas capacity release of leading domestic manufacturers. The gradual release of overseas capacity and natural growth in end-demand are anticipated to help domestic companies regain market share [7] - The Hong Kong pharmaceutical sector has shown strong performance, with some quality companies still having attractive PE valuations despite years of valuation contraction. There is a recommendation to actively increase allocations in high-quality, low-valuation companies within the sector [8] - Baofeng Energy's new olefin project in Inner Mongolia is expected to contribute to significant growth, with the company forecasting a net profit of 5.4 to 5.9 billion yuan for the first half of 2025, representing a year-on-year increase of 63.4% to 78.5% [8]

Core Viewpoint - The company is expected to achieve significant growth in net profit for the first half of 2025, driven by the successful launch of its Inner Mongolia olefin project, despite a decline in the prices of its main products [3][4]. Group 1: Financial Performance - The company forecasts a net profit attributable to shareholders of 5.4 to 5.9 billion yuan for the first half of 2025, representing a year-on-year increase of 63.4% to 78.5% [3]. - For Q2 2025, the expected net profit is between 2.96 to 3.46 billion yuan, showing a year-on-year growth of 57.3% to 83.8% and a quarter-on-quarter increase of 21.6% to 42.1% [3]. Group 2: Product Performance - The average market prices for the company's main products in Q2 2025 are projected to be 1,226 yuan/ton for coke, 7,565 yuan/ton for polyethylene, and 7,479 yuan/ton for polypropylene, reflecting year-on-year declines of 34%, 11%, and 5% respectively [4]. - Despite the significant price drops in coke and polyolefins, the company's olefin product sales volume has increased substantially due to the full production of the Inner Mongolia project [4]. Group 3: Project Developments - The Inner Mongolia olefin project has been launched in phases, with production starting in November 2024, January 2025, and March 2025, increasing olefin capacity from 2.2 million tons/year to 5.2 million tons/year [5]. - The company has adopted domestically produced equipment for the Inner Mongolia project, with 23 items reaching leading domestic and international standards [5]. - The company is also advancing the Ningdong Phase IV project, which includes 50,000 tons/year of olefin capacity, utilizing a new model of "green hydrogen and oxygen production from green electricity" to supply its chemical facilities [5].

Market Overview - The net inflow of large orders in the two markets reached 16.628 billion yuan, with 44 stocks seeing net inflows exceeding 200 million yuan, led by Changshan Beiming with a net inflow of 2.333 billion yuan [1] - The Shanghai Composite Index closed up 0.37%, with a total of 2,101 stocks experiencing net inflows and 2,633 stocks seeing net outflows [1] Industry Analysis - Among the 19 industries with net inflows, the computer sector had the highest net inflow of 5.790 billion yuan, with an index increase of 1.33%. The electronics sector followed with a net inflow of 4.318 billion yuan and a rise of 2.18% [1] - The public utilities sector experienced the largest net outflow of 809 million yuan, followed by the banking sector with a net outflow of 741 million yuan [1] Individual Stock Performance - 44 stocks had net inflows exceeding 200 million yuan, with Changshan Beiming leading at 2.333 billion yuan, followed by Jianghuai Automobile at 1.193 billion yuan [2] - Stocks with significant net inflows saw an average increase of 7.58%, outperforming the Shanghai Composite Index, with 43 stocks closing higher, including Man Kun Technology and Jin Modern, which hit the daily limit [2] - The top sectors for net inflows among individual stocks were computer, electronics, and communication, with 10, 9, and 4 stocks respectively [2] Top Net Inflow Stocks - The top stocks by net inflow include: - Changshan Beiming: 2.333 billion yuan, 10.02% increase [2] - Jianghuai Automobile: 1.193 billion yuan, 10.01% increase [2] - Runhe Software: 903 million yuan, 9.68% increase [2] - Construction Industry: 771 million yuan, 10.01% increase [2] - AVIC Shenyang Aircraft: 745 million yuan, 10.00% increase [2] Top Net Outflow Stocks - The stocks with the largest net outflows include: - ST Huatuo: 398 million yuan, -4.77% decrease [4] - Sunshine Power: 329 million yuan, -0.55% decrease [4] - Zhongdian Port: 307 million yuan, -1.21% decrease [4] - Zijin Mining: 267 million yuan, -0.37% decrease [4] - C Huaxin: 240 million yuan, -9.19% decrease [4]