Group 1 - The chemical sector has regained momentum, with the chemical ETF (516020) experiencing a price increase of 1.4% after a low opening, reaching a maximum intraday gain of 1.63% [1] - Key stocks in the sector, including Hengyi Petrochemical, Rongsheng Petrochemical, and Xin Fengming, saw significant gains, with Hengyi Petrochemical rising over 6% and others increasing by more than 5% [1][2] - A recent conference on the high-quality development of the fertilizer industry highlighted the industry's transition towards quality and efficiency, aligning with the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" [1] Group 2 - According to Huaxin Securities, the chemical industry remains in a weak position overall, with mixed performance across sub-sectors due to past capacity expansions and weak demand, although some sectors like lubricants have exceeded expectations [3] - The chemical ETF (516020) is currently at a price-to-book ratio of 2.57, which is considered relatively reasonable based on historical data, suggesting potential for medium to long-term investment [3] - According to Everbright Securities, the basic chemical industry is expected to see strong demand from new materials, particularly in emerging applications like AI and OLED, which will drive growth in core materials such as photoresists [5] Group 3 - The chemical ETF (516020) tracks the CSI Sub-Industry Chemical Theme Index, covering various sub-sectors and concentrating nearly 50% of its holdings in large-cap leading stocks, which provides an opportunity to capitalize on strong market leaders [5] - The ETF also includes significant positions in sectors like phosphate and nitrogen fertilizers, as well as fluorine chemicals, allowing for a comprehensive approach to investment opportunities in the chemical sector [5]

Group 1 - The chemical sector has regained momentum, with the chemical ETF (516020) experiencing a maximum intraday increase of 1.63% and closing up 1.4% [1][8] - Key stocks in the sector include Hengyi Petrochemical, which surged over 6%, and other companies like Rongsheng Petrochemical and New Fengming, which rose over 5% [1][8] - The recent high-quality development conference for the fertilizer industry highlighted the transition towards quality and efficiency in the sector, alongside new quota policies for refrigerants that are expected to optimize supply-demand dynamics [10][10] Group 2 - According to Huaxin Securities, the chemical industry remains weak overall, with mixed performance across sub-sectors due to past capacity expansions and weak demand, although some sectors like lubricants have exceeded expectations [3][10] - The chemical ETF (516020) has a price-to-book ratio of 2.57, indicating a relatively reasonable valuation position within the last decade [3][10] - According to Everbright Securities, the basic chemical industry is expected to see significant growth by 2025, driven by strong demand in new materials and emerging applications such as AI and OLED [4][11] Group 3 - The chemical ETF (516020) tracks the CSI sub-sector chemical industry theme index, covering various segments, with nearly 50% of its holdings in large-cap stocks like Wanhua Chemical and Salt Lake Potash [4][11] - Investors can also access the chemical sector through linked funds of the chemical ETF, providing a diversified investment approach [5][11]

Group 1: Company Performance - On December 29, Tongkun Co., Ltd. experienced a decline of 0.77% in stock price, with a trading volume of 708 million yuan. The financing buy amount was 56.39 million yuan, while the financing repayment was 68.29 million yuan, resulting in a net financing outflow of 11.90 million yuan. The total financing and securities balance reached 1.957 billion yuan [1] - As of September 30, the company reported a total revenue of 67.397 billion yuan for the first nine months of 2025, a year-on-year decrease of 11.38%. However, the net profit attributable to shareholders increased by 53.83% to 1.549 billion yuan [2] - The company has distributed a total of 3.203 billion yuan in dividends since its A-share listing, with 341 million yuan distributed over the past three years [3] Group 2: Shareholder and Market Data - As of September 30, the number of shareholders for Tongkun Co., Ltd. was 50,100, a decrease of 28.96% from the previous period. The average number of circulating shares per shareholder increased by 40.76% to 47,780 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 35.9221 million shares, an increase of 9.4667 million shares from the previous period. New shareholder Penghua Zhongzheng Subdivision Chemical Industry Theme ETF has 25.2748 million shares [3] - The financing balance of Tongkun Co., Ltd. is 1.951 billion yuan, accounting for 4.87% of the circulating market value, which is below the 10% percentile level over the past year, indicating a low position [1]

桐昆集团股份有限公司 关于变更注册资本并修订《公司章程》的公告 本公司及董事会全体成员保证本公告不存在任何虚假记载、误导性陈述或重大遗漏，并对其内容的真实 性、准确性、完整性承担法律责任。 桐昆集团股份有限公司（以下简称"桐昆股份"或"公司"）于2025年12月29日召开第九届董事会第二十二 次会议，审议通过了《关于变更注册资本并修订〈公司章程〉的议案》。现将有关情况公告如下： 股票代码：601233 股票简称：桐昆股份 公告编号：2025-079 一、注册资本变更情况 2025年12月29日，公司第九届董事会第二十二次会议审议通过了《关于注销公司回购专用证券账户股份 的议案》。 鉴于公司回购结果公告后未完成转让的股份三年期限即将届满，结合公司实际情况，公司拟对回购专用 证券账户剩余21,225,873股股份予以注销，按照规定办理相关注销手续，并相应减少公司注册资本。 公司将向中国证券登记结算有限责任公司上海分公司申请办理上述21,225,873股股票的注销手续。本次 注销事项完成后，公司注册资本由人民币2,400,227,363元变更为人民币2,379,001,490元、公司股份总数 由2,400,227, ...

abc 2025 年 12 月 26 日 Global Research 快评 桐昆股份 PTA、长丝景气度有望受益于"反内卷" PX景气度10月底以来显著修复 截至12月25日，PX价格/单吨毛利分别较10月底上涨约650/1000元/吨。主 要由于：1）海外调和油对PX需求构成支撑；2）国内外部分装置启动检 修，供应收紧；3）国内库存处于低位。 行业自律提升，PTA近期盈利也有所改善 10月底行业座谈会召开以来，PTA行业自律显著提升。主流厂商密集启动检 修降低市场供应，市场库存持续下跌至近三年低位。截至12月25日，PTA价 格较10月底上涨超过500元/吨至5040元/吨，单吨毛利修复接近100元/吨。 2026年PTA盈利能力有望修复，关注"反内卷" 2026年我们对芳烃产业链景气度较为乐观：1）我们预计PX新产能集中于下 半年投产，上半年或仍供应偏紧，盈利能力或保持高位；2）我们预计PTA 2026年或无新增产能，叠加库存处于低位和行业"反内卷"，盈利或持续修 复。此外，2026年长丝新产能投放强度仍处于低位，考虑到边际厂商已经 连续亏损4年，我们预计若"反内卷"发力，长丝盈利能力有望修复。公司拥 ...

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, Juhua, Yangnong Chemical, CNOOC, Tongkun, Daotong Technology, and others [10]. Core Viewpoints - The report highlights significant price increases in battery-grade lithium carbonate (up 10.79%) and industrial-grade lithium carbonate (up 10.78%), while sulfur and liquid chlorine experienced notable declines [4][7]. - It suggests focusing on investment opportunities in areas such as import substitution, pure domestic demand, and high dividend stocks, particularly in light of the current geopolitical tensions affecting oil prices [6][18]. - The overall chemical industry remains under pressure, with mixed performance across sub-sectors due to past capacity expansions and weak demand, although some sectors like lubricants are performing better than expected [21]. Summary by Sections Chemical Industry Investment Suggestions - The report recommends paying attention to the glyphosate industry, which is showing signs of recovery with decreasing inventory and rising prices, suggesting potential investment in companies like Jiangshan Co., Xingfa Group, and Yangnong Chemical [21]. - It also emphasizes selecting stocks with strong competitive positions and growth potential, particularly in the lubricant additive sector and coal-to-olefins industry [21]. - The report notes that domestic demand for chemical fertilizers and certain pesticide sub-products remains robust, with companies like Hualu Hengsheng and China Heartlink Fertilizer being highlighted for investment [21]. Price Trends of Chemical Products - The report details recent price movements, with significant increases in battery-grade lithium carbonate and PTA, while products like sulfur and liquid chlorine saw declines [4][5][19]. - It mentions that the international oil price is expected to stabilize around $65 per barrel, which could benefit companies with high dividend yields and those that are sensitive to raw material cost reductions [6][18]. Market Dynamics - The report discusses the impact of geopolitical tensions on oil prices, particularly the situation in Venezuela and the EU's sanctions on Russia, which have contributed to recent price fluctuations [22][23]. - It highlights the weak trading atmosphere in the coal market, with prices declining due to limited demand and cautious market sentiment [29][30]. - The report notes that the polypropylene market is experiencing downward pressure due to weak demand and increased supply, while the PTA market is expected to remain strong due to ongoing inventory reduction [31][35].

（文章来源：证券日报） 证券日报网讯 12月29日，桐昆股份发布公告称，公司第九届董事会第二十二次会议审议通过《关于注 销公司回购专用证券账户股份的议案》《关于变更注册资本并修订的议案》《关于召开2026年第一次临 时股东会的议案》。 ...

证券日报网讯12月29日，桐昆股份（601233）发布公告称，公司将于2026年1月15日14：00召开2026年 第一次临时股东会，审议注销回购股份及变更注册资本并修订《公司章程》两项特别决议议案，股权登 记日为1月9日，会议采用现场与网络投票结合方式。 ...

每经头条（nbdtoutiao）——直击茅台经销商大会：2000多人周末齐聚！重大变革公布：涉及茅台酒价 格、分销等，董事长陈华：经销商不能再"躺着赚钱" （记者 曾健辉） 每经AI快讯，桐昆股份（SH 601233，收盘价：16.72元）12月29日晚间发布公告称，公司第九届第二十 二次董事会会议于2025年12月29日在公司总部会议室以现场表决和通讯表决相结合的方式召开。会议审 议了《关于召开2026年第一次临时股东会的议案》等文件。 2025年1至6月份，桐昆股份的营业收入构成为：化纤占比92.01%，石化占比7.97%，其他业务占比 0.02%。 截至发稿，桐昆股份市值为402亿元。 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2025-078 桐昆集团股份有限公司 关于注销公司回购专用证券账户股份的公告 本公司及董事会全体成员保证本公告不存在任何虚假记载、误导性陈述或 重大遗漏，并对其内容的真实性、准确性、完整性承担法律责任。 桐昆集团股份有限公司（以下简称"桐昆股份"或"公司"）于 2025 年 12 月 29 日召开第九届董事会第二十二次会议，审议通过了 《关于注销公司回购专用证券账户股份的议案》，根据《公司法》《上 市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号—回购股份》等相关规定，公司拟对回购专用证券账户中的 21,225,873 股股份予以注销。上述议案尚需提交股东会审议。现将 有关情况说明如下： 一、回购股份的审批及实施情况 2022 年 3 月 18 日，公司召开第八届董事会第十七次会议，审议 通过了《关于以集中竞价交易方式回购股份的回购报告书的议案》， 自董事会审议通过回购股份方案之日起 12 个月内，公司使用自有资 金以集中竞价交易方式回购公司股份，回购资金总额不低于人民币 5 亿元，不超过人民币 10 亿元；回购价格为不超过人民币 25 ...