Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others [10]. Core Viewpoints - The report highlights significant price increases in phosphate rock (10.00%) and glyphosate (6.79%), while products like butadiene and aniline saw substantial declines [3][4]. - It suggests focusing on import substitution, domestic demand, and high dividend opportunities in the current market environment [5][21]. - The international oil prices are stabilizing, with WTI at $60.79 per barrel and Brent at $63.90 per barrel, indicating a projected average of $70 for 2025 [5][20]. Summary by Sections Industry Tracking - International oil prices are fluctuating within a narrow range, with market assessments indicating a stable supply outlook [22]. - The domestic propane market experienced a decline after an initial stabilization, with average prices at 4988 CNY/ton [25]. - The domestic coal market showed mixed price movements, averaging 532 CNY/ton, with expectations of increased demand as summer approaches [26]. Price Movements - Significant price increases were noted in phosphate rock and glyphosate, while butadiene and aniline experienced notable declines [19]. - The report indicates a weak overall performance in the chemical industry, with mixed results across sub-sectors due to past capacity expansions and weak demand [21]. Investment Opportunities - The report emphasizes the potential for investment in sectors benefiting from import substitution, such as lubricating oil additives and special coatings [21]. - It also highlights the resilience of the tire industry, suggesting companies like Senqilin and Sailun Tire as potential investment targets [21]. - The report recommends focusing on high-quality assets with strong dividend yields, particularly in the oil sector, including Sinopec and China National Offshore Oil Corporation [21].

Summary of Zhuhua Co. Conference Call Company and Industry Overview - **Company**: Zhuhua Co. (振华股份) - **Industry**: Chromium and Metal Alloys Key Points and Arguments 1. **Involvement in Xinjiang Shenhong Restructuring**: Zhuhua Co. is actively participating in the restructuring of Xinjiang Shenhong, aiming to enhance the integration of the entire industry chain from chromium ore to metallic chromium. Despite a reduction in production capacity to approximately 4,000 tons, Shenhong still possesses a production capacity of 20,000 tons of sodium dichromate, with advantages in electricity costs, smelting processes, and brand stability, which can be improved through moderate technological upgrades [2][4][20]. 2. **Growing Demand for Metallic Chromium**: The demand for metallic chromium is driven by the growth in high-temperature alloys and military applications. European high-temperature alloy manufacturers, such as AMG Advanced Metal Group, are expanding and sourcing chromium salts from Zhuhua Co. The revitalization of China's military industry is expected to sustain demand for metallic chromium, with optimistic mid-term prospects [2][5][7]. 3. **Market Share Strategy**: Zhuhua Co. prioritizes market share by increasing production capacity. In January and February 2025, the production capacity for metallic manganese nearly doubled to 700 tons per month, approaching short-term capacity limits. Future capacity expansion will rely on external development projects, such as Xinjiang Shenhuo [2][8][9]. 4. **Price Volatility of Metallic Chromium**: Current price fluctuations of metallic chromium are primarily influenced by market sentiment, with new demand expected to be delivered in the second half of the year. The company's goal is to achieve a production capacity that covers half of the domestic chromium compound market and a quarter of the global market [2][10][11]. 5. **Integration and Optimization Plans**: Zhuhua Co. plans to integrate Xinjiang Shenhong to leverage its resource advantages, optimize process configurations, and enhance environmental governance capabilities. This integration aims to improve overall cost and gross margin through sales empowerment [3][20]. 6. **Export Dynamics**: China exports a significant amount of metallic chromium to the Netherlands, primarily for transshipment trade, with some goods flowing to North America. In April 2025, Zhuhua Co. reported zero exports of metallic chromium, contrasting sharply with the previous year's monthly exports of 400 to 500 tons [3][17]. 7. **Impact of Military Revitalization**: The revitalization of China's military is expected to continuously boost demand for metals, with no significant reduction in investment anticipated in 2026 [7]. 8. **Cost Structure and Pricing Strategy**: The production cost of one ton of metallic chromium is complex, involving approximately 3.5 tons of sodium dichromate and additional costs for aluminum and labor. The company maintains a pricing strategy that ensures profitability in the chromium salt segment while achieving breakeven in the metallic segment [25][26]. 9. **Brand Strength in Overseas Markets**: Zhuhua Co. has a strong brand presence in East Asia, although its global sales network has not become irreplaceable due to reduced production capacity over the past five to six years. The company remains a leading brand in specific product segments, such as chromium trioxide [21][22]. 10. **Regulatory and Market Challenges**: The company faces challenges related to regulatory approvals for new projects, particularly in the context of environmental concerns associated with hexavalent chromium production. However, the company is optimistic about the progress of its Chongqing base relocation project [14][18]. Additional Important Insights - **Market Sentiment and Price Sensitivity**: The company emphasizes that market sentiment significantly influences price volatility, and it is crucial to monitor product structure and volume growth rather than daily price fluctuations [12][19]. - **Long-term Profitability**: The overall profitability from the entire industry chain remains high, with the potential for maintaining strong margins despite fluctuations in raw material prices [27][28].

Group 1 - The company, Zhenhua Co., has registered to participate in the bankruptcy reorganization of seven companies associated with Xinjiang Shenhong Group, initiating due diligence to determine the feasibility of an investment proposal [1][2] - Xinjiang Shenhong Group is recognized as one of the four domestic manufacturers with the capability to produce source chromium salts, which are widely acknowledged in the industry [2] - The company's involvement in this reorganization aligns with the industry's trend towards "large-scale, centralized, and cleaner" development, which is consistent with its strategic direction and overall interests [2] Group 2 - The company has submitted registration materials to the administrator and paid a registration deposit, signing a confidentiality agreement to commence due diligence on the seven companies [2] - The reorganization investment could enhance the company's business channels, increase market share, and improve the competitive landscape within the chromium salt industry [2] - The company acknowledges potential uncertainties regarding the approval of its reorganization investment proposal by the creditors' meeting and the court, as well as the overall implementation and effectiveness of the reorganization [2]

| 证券代码：603067 | 证券简称：振华股份 | | --- | --- | | 债券代码：113687 | 债券简称：振华转债 | | | 公告编号：2025-024 | 破产重整投资人公开招募并启动尽职调查 湖北振华化学股份有限公司 关于参与新疆沈宏集团股份有限公司等七家公司 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个别及连带责任。 重要提示： 1、湖北振华化学股份有限公司（以下简称"公司"、"本公司"）已报名 参与新疆沈宏集团股份有限公司、吐鲁番中宏贸易有限公司、吐鲁番瑞德化轻有 限公司、吐鲁番沈宏金属工业有限责任公司、吐鲁番沈宏热电有限责任公司、吐 鲁番沈宏煤业有限责任公司及吐鲁番沈宏建筑安装有限公司（合称"7 家公司" 或者"标的公司"）破产重整投资人的招募，公司已启动尽职调查，后续将依据 尽职调查情况确定是否制定破产重整投资方案，破产重整投资方案需提交本公司 有权机构审议。尽职调查、本公司审议的结论尚具有不确定性。 2、本次标的公司破产重整投资人采取公开招募方式选取，若存在其他投资 人参与，公司能否 ...

北京大成(武汉)律师事务所 关于湖北振华化学股份有限公司 2024 年年度股东会的 法 律 意 见 书 北京 1 事务 所 武汉市江岸区建设大道 718 号浙商大厦 10、11 楼（430015) 10/11F,Zheshang Tower No.718,Jianshe Avenue Jiang'an District 430015, Wuhan, China * 60 is Dontons' Preferred Law Firm in China 北京大成(武汉)律师事务所 关于湖北振华化学股份有限公司 2024 年年度股东会的法律意见书 致:湖北振华化学股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国公司 法》（以下简称"《公司法》"）和《上市公司股东会规则》（以下简称"《股东会规则》"） 等法律、法规和其他有关规范性文件的要求,北京大成(武汉)律师事务所(以下简称"本 所")接受湖北振华化学股份有限公司(以下简称"公司")的委托,指派律师参加公司 2024 年年度股东会(以下简称"本次股东会"）。 为出具本法律意见书,本所指派律师现场见证了本次股东会,查阅了公司提供 ...

| 证券代码：603067 | 证券简称：振华股份 | 公告编号：2025-023 | | --- | --- | --- | | 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 2024年年度股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 5 月 19 日 (二)股东会召开的地点：湖北省黄石市西塞山区黄石大道 668 号公司新办公楼五 楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 220 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 231,675,000 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总 | | | 数的比例（%） | 45.9369 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董 ...

振华股份（603067）公告，公司已报名参与新疆沈宏集团等七家公司的破产重整投资人公开招募，并已 启动尽职调查。后续将根据调查情况确定是否制定破产重整投资方案，该方案需提交公司有权机构审 议。重整投资人采取公开招募方式选取，公司能否被确定为最终重整投资人存在不确定性。若被确定为 重整投资人，重整投资方案能否得到债权人会议审议通过并经法院裁定批准也具有较大不确定性。 ...

Group 1 - The titanium dioxide concept sector rose by 2.29%, ranking 10th among concept sectors, with 12 stocks increasing in value, including Anada which hit the daily limit, and Guocheng Mining, Zhenhua Co., and Huiyun Titanium Industry showing gains of 6.19%, 3.46%, and 3.41% respectively [1] - The main capital inflow into the titanium dioxide concept sector was 106 million yuan, with Anada receiving the highest net inflow of 55.23 million yuan, followed by Zhenhua Co., Guocheng Mining, and Jinpu Titanium Industry with net inflows of 36.96 million yuan, 14.95 million yuan, and 8.70 million yuan respectively [2][3] Group 2 - The leading stocks in terms of net capital inflow ratio were Anada, Guocheng Mining, and Zhenhua Co., with net inflow ratios of 11.18%, 8.37%, and 8.13% respectively [3] - The trading performance of key stocks in the titanium dioxide sector included Anada with a daily increase of 10.04% and a turnover rate of 19.49%, while Zhenhua Co. and Guocheng Mining had increases of 3.46% and 6.19% respectively [3][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The demand for commercial jet engine materials is experiencing significant growth, leading to a revaluation of the chromium salt industry chain [3] - ATI's aerospace business is showing strong growth, driven by the demand for aircraft engines, which is expected to boost performance [4][5] - The MRO (Maintenance, Repair, and Overhaul) market for aircraft engines is becoming a new growth point for the industry, with strong demand anticipated [6] Financial Performance - As of May 16, 2025, the current stock price is 21.41 yuan, with a market capitalization of 10,898.20 million yuan [3] - In Q1 2025, ATI's revenue from the commercial jet engine sector grew by 33.8% year-on-year, with the HPMC department's revenue in the U.S. increasing by 31.45% [5][15] - The company expects to achieve revenues of 49.85 billion yuan, 59.54 billion yuan, and 66.63 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 7.11 billion yuan, 9.28 billion yuan, and 11.80 billion yuan [10][11] Market Trends - The MRO market is projected to grow at a rate of 40%-50%, with significant contributions from partnerships with major companies like Pratt & Whitney [6] - The global aerospace engine market is dominated by major players, with GE Aerospace and CFM International holding a combined market share of 69% [6] Production Capacity - The company anticipates an increase in chromium salt production capacity from approximately 260,000 tons to over 350,000 tons following the completion of its Chongqing base relocation and technological upgrades [11][20]

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, China National Petroleum, and China National Offshore Oil Corporation [10]. Core Viewpoints - The report highlights significant price increases in natural gas (6.81%) and paraxylene (5.30%), while synthetic ammonia and coal tar experienced notable declines [4][20]. - It suggests focusing on investment opportunities in import substitution, domestic demand, and high-dividend assets due to the current market dynamics and geopolitical uncertainties [6][22]. Summary by Sections Price Movements - Major price increases this week include natural gas (6.81%), paraxylene (5.30%), and urea (4.86%), while significant declines were seen in synthetic ammonia (-4.35%) and hydrochloric acid (-4.76%) [4][20][22]. Market Analysis - The report discusses the impact of OPEC's recent production cuts on international oil prices, which have stabilized around $61.02 per barrel for WTI and $63.91 for Brent, with expectations of a central price around $70 in 2025 [6][20]. - It emphasizes the importance of domestic chemical products that can replace imports due to tariff impacts, particularly in lubricants and specialty coatings [8][22]. Company Recommendations - Specific companies recommended for investment include Sinopec, China National Petroleum, and China National Offshore Oil Corporation, which are expected to benefit from high dividend yields [6][22]. - The report also highlights opportunities in the tire industry, suggesting companies like Senqcia and Sailun Tire as potential investments following recent price corrections [8][22]. Sector Performance - The overall performance of the chemical industry remains weak, with mixed results across sub-sectors due to past capacity expansions and weak demand [22]. - However, certain sectors like tires, lubricants, and coatings are showing better-than-expected performance, warranting continued attention [22].