股票代码：601233 股票简称：桐昆股份 公告编号：2025-042 桐昆集团股份有限公司 关于收购新疆中灿综合能源有限公司股权 暨关联交易的公告 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： 因公司未来业务发展需要，桐昆集团股份有限公司（以下简称 "桐昆股份"或"公司"）拟以支付现金 1,542,726.21 元人民币， 收购浙江磊鑫实业股份有限公司（以下简称"磊鑫实业"）全资子公 司新疆中灿综合能源有限公司（以下简称"中灿能源"）100%的股权。 本次交易对方为公司持股 5%以上股东磊鑫实业。根据《上海 证券交易所股票上市规则》，本次交易构成关联交易，与本次交易有 利害关系的关联董事需回避表决。 公司于 2025 年 6 月 20 日召开了第九届董事会第十八次会议， 审议通过了与本次交易相关的议案。根据《公司章程》等法律法规的 规定，本次交易无需提交公司股东大会审议。 本次交易全部以现金支付，且不构成《上市公司重大资产重组 管理办法》规定的重大资产重组。 过去 12 个月，除日常关联交易外，公司与磊鑫实 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2025-041 桐昆集团股份有限公司 第九届监事会第十四次会议决议公告 特此公告。 桐昆集团股份有限公司监事会 2025 年 6 月 21 日 1 桐昆集团股份有限公司（以下简称"桐昆股份"或"公司"） 第九届监事会第十四次会议通知于2025年6月10日以书面或邮件、电 话等方式发出，会议于2025年6月20日在桐昆股份总部会议室以现场 表决结合通讯表决的方式召开。会议应到监事5人，实到监事5人。会 议由邱中南先生主持。会议召集及召开程序符合《中华人民共和国公 司法》和《公司章程》的有关规定。 审议通过《关于收购新疆中灿综合能源有限公司股权暨关联交易 的议案》。 表决结果：赞成4票，反对0票，弃权0票，回避1票，关联监事 郁如松回避表决。 监事会认为：本次关联交易议案的审议程序符合中国证监会和 上海证券交易所的有关规定。本次关联交易有利于满足本公司业务需 要。拟进行的关联交易是基于普通的商业交易条件及有关合同的基础 上进行的，交易定价公允合理，不存在损害公司及公司股东，特别是 中小股东利益的情形，同意本次关联交易议案。 本公司及监事会全体成员保证公告内容 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2025-040 桐昆集团股份有限公司 第九届董事会第十八次会议决议公告 一、审议通过《关于收购新疆中灿综合能源有限公司股权暨关联交 易的议案》。 本议案已经公司第九届董事会独立董事专门会议第五次会议审议通 过，并同意提交公司董事会审议。 经董事会审议，同意公司以支付现金方式，收购浙江磊鑫实业股份 有限公司全资子公司新疆中灿综合能源有限公司100%股权。具体详见公 司于2025年6月21日在上海证券交易所网站（www.sse.com.cn）上发布 《桐昆集团股份有限公司关于收购新疆中灿综合能源有限公司股权暨关 联交易的公告》（公告编号：2025-042）。 表决结果：赞成9票，反对0票，弃权0票，回避2票，公司关联董事 陈蕾、陈晖回避表决，公司独立董事陈智敏、刘可新、潘煜双、王秀华 均投了赞成票，公司董事李圣军、沈建松、费妙奇、徐学根、沈祺超投 了赞成票。 本公司及董事会全体成员保证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、准确和完整承担个别及连带责任。 桐昆集团股份有限公司（以下简称"桐昆股份"或"公司"）第九 届董事会第十 ...

Core Viewpoint - Tongkun Co., Ltd. plans to acquire 100% equity of Xinjiang Zhongcan Comprehensive Energy Co., Ltd. from its subsidiary Zhejiang Leixin Industrial Co., Ltd. for a cash payment of 1.5427 million RMB, indicating a strategic move for future business development [1] Group 1: Transaction Details - The transaction involves a cash payment of 1.5427 million RMB [1] - The seller, Leixin Industrial, is a shareholder holding more than 5% of the company, which constitutes a related party transaction [1] - The board of directors will review and approve the relevant proposals on June 20, 2025, and management is authorized to handle related matters [1] Group 2: Transaction Classification - The entire transaction will be conducted in cash and does not constitute a major asset restructuring [1]

2024 年 9 月 18 日，桐昆集团股份有限公司（以下简称"桐昆股 份"或"本公司"）在全国银行间市场发行了 2024 年第十二期超短 期融资券（科创票据）（简称：24 桐昆 SCP0012（科创票据）），发 行总额为 5 亿元人民币，期限 270 天，发行利率为 2.14%，到期一次 还本付息。募集资金已于 2024 年 9 月 19 日全额到账。 现本公司 2024 年第十二期超短期融资券已于 2025 年 6 月 16 日 到期，本公司于 2025 年 6 月 16 日兑付完成该期超短期融资券本息， 本息兑付总额为人民币 507,915,068.49 元。 特此公告。 股票代码：601233 股票简称：桐昆股份 公告编号：2025-039 桐昆集团股份有限公司 关于 2024 年第十二期超短期融资券到期兑付的公告 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。 桐昆集团股份有限公司董事会 2025 年 6 月 17 日 ...

Group 1: Real Estate Industry - The current housing policy indicates a new model for real estate development, with the implementation of immediate housing sales being orderly and effective. This is part of a long-term mechanism rather than a short-term switch [12][10] - The impact of the immediate housing sales policy includes a significant decline in investment, a reduction in land finance, and a contraction in industry demand. The average pre-sale period in first and second-tier cities has extended from 6 months to 30 months, leading to a drop in investment return rates from 30% to 6% [12][10] - The report maintains a "positive" rating for the real estate sector, emphasizing the need for policy support to stabilize the market and improve the asset-liability situation of residents [12][10] Group 2: Banking Sector - Since the end of 2023, the banking sector has experienced a recovery, with a cumulative increase of 55%, primarily driven by valuation recovery and stable earnings performance [13][11] - The report suggests that the banking sector is significantly undervalued, with an average ROE of about 10% and a PE ratio of approximately 6 times, indicating potential for systematic revaluation [15][11] - The investment strategy focuses on embracing stable, sustainable returns, with recommendations for regional banks and large state-owned banks that are expected to benefit from ongoing reforms and market conditions [15][11] Group 3: Coal Industry - The coal supply is expected to contract due to limited production recovery in Shanxi and declining import volumes, with domestic coal production primarily concentrated in Xinjiang [14][16] - The demand for thermal coal is projected to maintain positive growth in the coming years, supported by stable economic conditions and seasonal demand increases [16][14] - The report highlights that the economic viability of "Xinjiang coal transportation" depends on maintaining high coal prices, with the average price for thermal coal expected to remain between 700-750 RMB/ton [16][14] Group 4: Shipping Industry - The escalation of geopolitical tensions in the Middle East has led to significant increases in oil prices, with Brent crude exceeding 75 USD/barrel, impacting shipping routes and costs [16][3] - The report notes that the closure of the Strait of Hormuz could disrupt approximately 5% of global oil tanker capacity, significantly affecting oil transportation dynamics [16][3] - It is recommended to closely monitor the duration and expansion of the conflict, as well as changes in oil inventory and economic expectations [16][3]

Investment Rating - The report maintains a positive outlook on the petrochemical industry, indicating a favorable investment environment [3]. Core Insights - The escalation of conflicts in the Middle East has led to significant fluctuations in oil prices, with Brent crude reaching a peak of $78.5 per barrel on June 13, marking the largest single-day increase in nearly five years. The report outlines three potential scenarios for the impact of the Israel-Iran conflict on oil prices, ranging from limited upward pressure to a potential surge above $100 per barrel if the situation escalates further [6][7][14]. Summary by Sections Upstream Sector - As of June 13, 2025, Brent crude futures closed at $74.23 per barrel, up 11.67% from the previous week, while WTI futures rose 13.01% to $72.98 per barrel. The average prices for the week were $69.45 and $67.89 per barrel, respectively [6][21]. - U.S. commercial crude oil inventories decreased by 3.644 million barrels to 432 million barrels, which is 8% lower than the same period last year. Gasoline inventories increased by 1.504 million barrels, remaining 2% lower than the five-year average [21][23]. - The number of U.S. drilling rigs decreased by 4 to 555, which is a year-on-year decline of 35 rigs. The report anticipates a widening supply-demand trend in crude oil, with potential downward pressure on prices, but expects drilling day rates to continue rising due to ongoing capital expenditures in the global oil and gas upstream sector [6][21]. Refining Sector - The report notes a decline in overseas refined oil crack spreads, with Singapore's comprehensive product crack spread dropping to $5.40 per barrel, down $5.38 from the previous week. The gasoline crack spread in the U.S. also fell to $20.95 per barrel, below the historical average of $24.88 per barrel [6][54][56]. - Despite the decline in crack spreads, the report suggests that refining profitability may gradually improve as overseas refineries exit the market and domestic refining rates remain low [6]. Polyester Sector - PTA profitability has increased, while profits from polyester filament yarn have decreased. The report highlights that the overall performance of the polyester industry is average, with a need to monitor demand changes closely. However, it anticipates an upward trend in industry prosperity in the medium to long term due to a slowdown in new capacity additions [6][51]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as well as companies in the upstream exploration and development sector like CNOOC and Haiyou Engineering. It also suggests monitoring polyester leaders like Tongkun Co. and Wankai New Materials for potential investment opportunities [6][15][16].

Report Industry Investment Rating No information about the industry investment rating is provided in the given content. Core Viewpoints The report presents a weekly update on the large refining and chemical industry, including price, profit, inventory, and production rate data for various segments such as refining, polyester, and chemical products, as well as performance data for major private refining and chemical companies [2][8]. Summary by Related Catalogs 1. Big Refining Weekly Data Briefing - **6 Major Private Refining Companies' Performance**: The oil and petrochemical index had a 3.5% increase in the past week, 5.0% in the past month, 5.2% in the past three months, and -3.6% in the past year. Among the companies, Rongheng Petrochemical, Hengli Petrochemical, Orient Shenghong, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin Fengming had different performance in terms of stock price changes and profit forecasts [8]. - **Oil Prices and Refining Spreads**: International crude oil prices (Brent and WTI) increased this week. The domestic refining project spread was 2503.1 yuan/ton, a decrease of 172.1 yuan/ton (-6.4%) compared to the previous week. The foreign refining project spread was 968.9 yuan/ton, a decrease of 93.8 yuan/ton (-8.8%) [8]. - **Polyester Sector**: PX, MEG, PTA, POY, FDY, DTY, and other product prices, spreads, inventories, and production rates showed various changes. For example, the PX price was 818.9 dollars/ton, a decrease of 13.3 dollars/ton, and the PX production rate was 86.4%, an increase of 1.4% [9]. - **Refining Sector**: In China, the prices of gasoline, diesel, and aviation kerosene increased. In the US, the gasoline price decreased, while diesel and aviation kerosene prices increased. In Europe and Singapore, the prices and spreads of various refined oil products also changed [9]. - **Chemical Sector**: The prices and spreads of products such as EVA photovoltaic materials, EVA foaming materials, LDPE, LLDPE, HDPE, and others showed different trends [9]. 2. Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: The report may show the trends of the big refining index, the market performance of six private big refining companies, and the weekly spreads of domestic and foreign big refining projects [11][15][17]. - **2.2 Polyester Sector**: It includes data and trends on the prices, profits, inventories, and production rates of products in the polyester industry chain, such as crude oil, PX, PTA, MEG, POY, FDY, DTY, and downstream weaving [21][31][50]. - **2.3 Refining Sector**: It presents the price and spread relationships between crude oil and various refined oil products (gasoline, diesel, aviation kerosene) in different regions (China, the US, Europe, Singapore) [77][92][104]. - **2.4 Chemical Sector**: It shows the price and spread relationships between crude oil and various chemical products, such as polyethylene LLDPE, homopolymerized polypropylene, EVA foaming materials, EVA photovoltaic materials, etc. [127][128][135].

Group 1 - The company, Tongkun Group Co., Ltd., has announced the issuance of its fourth phase of technology innovation bonds for the year 2025, with a total issuance amount of 500 million yuan [2] - The funds raised from this bond issuance were fully received by June 12, 2025 [2] - The relevant documents for this bond issuance have been published on the China Money website and the Shanghai Clearing House website [2] Group 2 - On April 25, 2024, the company's board approved a proposal to issue short-term financing bonds, which was subsequently approved by the shareholders' meeting on May 21, 2024 [1] - The company has been authorized to apply for the registration of short-term financing bonds not exceeding 6 billion yuan [1] - The registration for the short-term financing bonds was accepted by the trading association on August 30, 2024, with a registered amount of 6 billion yuan, valid for two years [1]

股票代码：601233 股票简称：桐昆股份 公告编号：2025-038 桐昆集团股份有限公司关于 2025年度第四期科技创新债券发行结果的公告 本公司董事会及董事会全体成员保证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、准确和完整承担法律责任。 2024 年 4 月 25 日，桐昆集团股份有限公司（以下简称"桐昆股 份"或"公司"）第九届董事会第八次会议审议通过了《关于发行超 短期融资券的议案》，上述议案经 2024 年 5 月 21 日召开的公司 2023 年年度股东大会审议批准。股东大会同意公司向中国银行间市场交易 商协会（以下简称"交易商协会"）申请注册发行不超过 60 亿元（人 民币，下同）的超短期融资券，并授权董事会办理发行的具体事项。 2024 年 8 月 30 日，经交易商协会《接受注册通知书》（中市协 注［2024］SCP273 号）核准，交易商协会决定接受公司超短期融资 券注册，注册金额为人民币 60 亿元。注册额度自通知书发出之日起 2 年内有效，公司在注册有效期内可分期发行超短期融资券。 2025 年 6 月 10 日，公司在全国银行间市场发行了 2025 年 ...