一、可转债上市概况 （一）可转债发行情况 经中国证券监督管理委员会《关于同意湖北振华化学股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2024〕900 号）核准，湖北 振华化学股份有限公司（以下简称"公司"）于 2024 年 8 月 2 日公开发行 40.621 万手（406.21 万张）可转换公司债券，每张面值 100 元，发行总额人民币 40,621.00 万元，发行期限 6 年。 | 证券代码：603067 | 证券简称：振华股份 | 公告编号：2026-015 | | --- | --- | --- | | 债券代码：113687 | 债券简称：振华转债 | | 湖北振华化学股份有限公司 关于"振华转债"预计满足赎回条件的提示性公告 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： 湖北振华化学股份有限公司（以下简称"振华股份"、"公司"）股票自 2026 年 3 月 12 日至 2026 年 3 月 24 日，已有 9 个交易日的收盘价格不低于"振华转 债"当期转股价格 8.20 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, China National Offshore Oil Corporation, and others [11]. Core Viewpoints - The report highlights significant price increases in international diesel and fuel oil, with international diesel rising by 66.38% and fuel oil by 38.73% [16][19]. - It suggests focusing on sectors such as helium, biodiesel, and agricultural chemicals due to the geopolitical tensions affecting oil prices and supply chains [7][20]. - The report anticipates a substantial upward adjustment in the central value of international oil prices for 2026, driven by ongoing geopolitical uncertainties [7][21]. Summary by Sections Industry Investment Recommendations - The report recommends attention to import substitution, pure domestic demand, and high-dividend stocks within the chemical sector [5][12]. Market Performance - The basic chemical sector has shown a performance increase of 47.8% over the past 12 months, significantly outperforming the Shanghai Composite Index [2]. Price Movements - Notable price increases this week include international diesel (66.38%), fuel oil (38.73%), and international gasoline (35.73%) [16][19]. - Conversely, industrial-grade lithium carbonate and battery-grade lithium carbonate saw declines of -11.63% and -11.49%, respectively [6][16]. Geopolitical Impact - The report discusses the impact of the closure of the Strait of Hormuz on oil prices, with Brent crude oil reaching $92.69 per barrel, reflecting a 27.88% increase [7][21]. - It emphasizes the need to monitor the geopolitical situation closely, as it is a significant driver of market volatility [22][27]. Focused Sectors - Helium is highlighted as a critical sector due to its supply constraints, with Qatar being a key supplier [8][19]. - Biodiesel is expected to gain traction in Europe, driven by rising SAF prices and energy security concerns [9][20]. - The agricultural chemicals sector is projected to benefit from rising food prices, with increased demand for fertilizers and pesticides anticipated [20][21].

振华股份 20260308 摘要 单质铬近 10 年首现大规模增量需求，驱动 2025 年 Q4 价格多次上调， 12 月中旬后因源头厂商扩量弥合缺口及传统需求观望，价格趋于平稳。 公司金属铬成品月产能已由 2025 年前三季度的不足 1,000 吨，通过技 改提升至目前的 1,300-1,400 吨，位居全球领先水平，2026 年 5-6 月 仍有扩产计划。 2026 年 1-2 月公司以交付增量需求为主，因该类订单定价低于传统市 场价，导致执行均价显著低于外部平台报价，产生明显价差。 海外需求通过氧化铬绿出口明确验证，主要流向欧洲，用于生产金属铬； 受高关税影响，对美出口下降，行业呈现"借船出海"逻辑。 新疆基地已进入交割，预计 2026 年实现扭亏；重庆基地计划 2027 年 Q4 完成搬迁达产，届时公司折重铬酸钠极限产能将升至 32 万吨以上。 铬盐行业开工率超 80%呈超负荷状态，2026 年全行业面临刚性停窑检 修；公司通过三基地协同平滑检修影响，供给弹性优于同行。 Q&A 2025 年年底至 2026 年年初，公司对铬行业供需与价格的总体感受是什么？ 春节前后对交付节奏产生了哪些影响？ 春节前后 ...

Summary of Key Points from Conference Call Records Industry Overview - The technology sector is experiencing a strong performance, particularly in AI-related areas, with significant growth in data center operations driven by Nvidia's record revenue for fiscal year 2026 and robust demand for AI computing power [2][2][2] - The phosphoric chemical sector is gaining attention due to geopolitical factors and increasing global demand for energy storage batteries, positioning companies like Jinzhengdai and Chengxing as key players in this space [4][4][4] Company-Specific Insights Jinzhengdai - The U.S. government has classified phosphorus and glyphosate as strategic resources under the Defense Production Act, enhancing the strategic importance of phosphorus for national security [4][4][4] - The company is expected to benefit from a potential sector rebound following recent market fluctuations, with a focus on competitive positioning against Chengxing [4][4][4] Zhenhua Co., Ltd. - The demand for chromium, a key material for AI data center power solutions, is expected to surge due to projects like "Star Gate" and commitments from tech giants [5][5][5] - Zhenhua, as a leading player in the chromium salt industry, is poised for a value reassessment as it transitions from traditional chemical cycles to new materials in AI and energy sectors [5][5][5] - The company is currently operating at full capacity for its metal products, with projections indicating a significant increase in chromium demand if SOFC requirements reach 10GW [5][5][5] Boqian New Materials - The company specializes in ultra-fine nickel powder production, which is critical for AI server applications that require high-performance capacitors (MLCC) [6][6][6] - AI servers consume 5-10 times more power than regular servers, leading to a substantial increase in MLCC usage, which will drive demand for the company's products [6][6][6] - The company is also focusing on reducing silver content in its products while developing copper powder for photovoltaic applications, indicating a strategic shift towards cost-effective materials [6][6][6] Market Trends and Predictions - The technology sector is expected to continue its dual-track rotation, with a focus on AI-driven price increases and potential rebounds in resource sectors [2][2][2] - The phosphoric chemical sector may see a return to strength, particularly for companies like Jinzhengdai and Chengxing, as they navigate market fluctuations [4][4][4] - The demand for chromium and nickel in AI applications is anticipated to grow, positioning Zhenhua and Boqian as beneficiaries of these trends [5][5][6] Notable Stock Movements - Jinzhengdai's stock increased by 10.16%, while Zhenhua's rose by 3.79%. In contrast, Boqian's stock saw a decline of 3.50% [7][7][7]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [4][5]. Core Insights - The geopolitical conflict between the US and Iran is expected to drive up prices for methanol, ethylene glycol, and urea, with a comprehensive price increase anticipated for chemical products after the holiday [4]. - The report highlights the impact of differentiated electricity pricing in Shaanxi, which may accelerate the exit of outdated production capacities and improve industry dynamics [4]. - The overall capital expenditure in the chemical sector is at its peak, with low inventory levels in the supply chain, suggesting a favorable environment for price increases as downstream production resumes post-holiday [4]. Industry Dynamics - Current macroeconomic judgment indicates that oil prices are expected to remain in a relatively loose range, with Brent crude projected between $60 and $75 per barrel due to delayed OPEC+ production increases and stable demand recovery [5]. - Coal prices are expected to stabilize at a low level in the medium to long term, while natural gas costs may decrease as the US accelerates its export facility construction [5]. - The report notes that the January PPI for industrial products decreased by 1.4% year-on-year but increased by 0.4% month-on-month, indicating a slight recovery in the manufacturing sector [7]. Investment Analysis - The report suggests focusing on four main areas for investment: 1. Textile and apparel chain, benefiting from high demand growth and improved supply dynamics [4]. 2. Agricultural chemicals, with stable fertilizer demand and increasing transgenic penetration supporting long-term pesticide demand [4]. 3. Export-related chemical products, as overseas inventories are at historical lows and interest rates are expected to decline [4]. 4. "Anti-involution" policies leading to accelerated clearance of outdated capacities in various sectors [4]. Key Material Focus - The report emphasizes the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, as well as in lithium battery and fluorine materials [4].

Group 1 - The stock of Zhuhai Co., Ltd. fell by 5.09% on February 27, closing at 40.05 yuan per share, with a trading volume of 562 million yuan and a turnover rate of 1.93%, resulting in a total market capitalization of 28.466 billion yuan [1] - Hubei Zhuhai Chemical Co., Ltd. was established on June 19, 2003, and listed on September 13, 2016. The company specializes in the research, manufacturing, and sales of chromium salt products, as well as the comprehensive utilization of chromium salt by-products and other solid waste [1] - The main business revenue composition includes 114.86% from inorganic salt-related industries, 3.09% from logistics transportation, and 1.82% from other sources [1] Group 2 - From the perspective of the top ten heavy stocks held by funds, Ping An Fund has one fund heavily invested in Zhuhai Co., Ltd. The Ping An Xin'an Mixed A Fund (001664) held 133,400 shares in the fourth quarter, accounting for 5% of the fund's net value, ranking as the seventh largest heavy stock [2] - The Ping An Xin'an Mixed A Fund (001664) was established on December 11, 2015, with a latest scale of 28.9349 million. Year-to-date returns are 41.64%, ranking 9 out of 8,891 in its category; the one-year return is 98.93%, ranking 131 out of 8,137; and the return since inception is 193.56% [2] - The fund manager of Ping An Xin'an Mixed A Fund is Lin Qingyuan, who has a cumulative tenure of 10 years and 295 days, with a total asset scale of 1.975 billion yuan. The best fund return during his tenure is 146.58%, while the worst is -39.37% [2]

2月27日，振华股份跌5.09%，截至发稿，报40.05元/股，成交5.61亿元，换手率1.93%，总市值284.66亿 元。 资料显示，湖北振华化学股份有限公司位于湖北省黄石市西塞山区黄石大道668号，成立日期2003年6月 19日，上市日期2016年9月13日，公司主营业务涉及铬盐系列产品的研发、制造与销售,并对铬盐副产品 及其它固废资源化综合利用。主营业务收入构成为：无机盐相关行业114.86%，物流运输业3.09%，其 他1.82%。 华富成长企业精选股票A（009398）基金经理为邓翔。 截至发稿，邓翔累计任职时间1年332天，现任基金资产总规模2.31亿元，任职期间最佳基金回报 57.64%， 任职期间最差基金回报6.44%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，华富基金旗下1只基金重仓振华股份。华富成长企业精选股票A（009398）四季度持有股数 16.34万股，占基金净值比例 ...

证券日报网讯 2月26日，振华股份在互动平台回答投资者提问时表示，公司近年持续向欧盟成员国出口 产品，欧盟业务占公司海外收入比重较小。销售方式以境内主体直接出口为主，暂无在欧盟国家设立子 公司。 （编辑 丛可心） ...

（文章来源：证券日报） 证券日报网讯 2月26日，振华股份在互动平台回答投资者提问时表示，公司收购新疆沈宏集团等七家公 司的破产重整案目前已经进入法院裁定批准后的执行阶段，交割工作正在进行中。 ...

（文章来源：证券日报） 证券日报网讯 2月26日，振华股份在互动平台回答投资者提问时表示，金属铬作为关键合金添加剂，主 要用于高温合金的制备。高温合金是航空发动机、燃气轮机等核心装备关键部件的重要基础材料。 ...