Investment Rating - The report indicates a declining trend in public fund allocation to the chemical industry, with the allocation ratio dropping to 4.1% in Q1 2025, down 1.6 percentage points year-on-year and 0.7 percentage points quarter-on-quarter, reflecting a historical low level [1][11]. Core Insights - The focus of public funds has shifted, with a notable decrease in the concentration of holdings in leading companies within the chemical sector. The top ten heavyweights' market capitalization share fell from 46.2% in Q4 2024 to 41.9% in Q1 2025 [1]. - Attention has been primarily directed towards the civil explosives and fluorochemical sectors in Q1 2025, with significant increases in holdings for companies like Guangdong Hongda and Zhenhua Co., while reductions were seen in companies such as Wanhua Chemical and Xinzhou Bang [2][3]. - The report highlights a strong interest in sectors with price increase potential, such as fluorochemicals, chromium salts, and pesticides, alongside improving supply-demand dynamics in the civil explosives sector [3]. Summary by Sections Public Fund Allocation Trends - The allocation of public funds to the chemical industry has been on a downward trajectory since Q2 2022, with the market capitalization share decreasing to 4.1% in Q1 2025, marking a significant decline from previous years [11][12]. Individual Stock Movements - Key stocks that saw increased holdings include Guangdong Hongda, Zhenhua Co., and Saint Spring Group, while major reductions were noted for Wanhua Chemical and Xinzhou Bang [2][16]. - The top ten companies by market capitalization in the chemical sector accounted for 52.2% of total holdings, a decrease of 3.3 percentage points [11][15]. Sector Performance - The report identifies the top five sectors by fund holdings in Q1 2025 as other chemical products (13.36 billion), polyurethane (5.91 billion), tires (5.18 billion), fluorochemicals and refrigerants (4.96 billion), and other chemical raw materials (3.85 billion) [24]. Investment Recommendations - The report suggests focusing on sectors with price increase potential and strong domestic demand, particularly civil explosives, while also highlighting opportunities in new materials such as AI materials [4].

New Stock Listings - The new stock "Zhongjie Automobile" (code: 301560) is listed at an issuance price of 16.50[1] Rights Issues and Offers - Cash option for "AVIC Capital" (code: 600705) is available from April 23 to April 25, 2025[1] - Tender offer for "ST Xinchao" (code: 600777) is open from April 23 to May 22, 2025[1] - "ST Puli" (code: 300630) will enter the delisting arrangement period starting April 28, 2025[1] Market Alerts - "Guoguang Chain" (code: 605188) has reported severe abnormal fluctuations[1] - "Dongfang Tong" (code: 300379) also reported severe abnormal fluctuations[1] Other Announcements - "Huili B" (code: 900939) has a recent announcement linked to its trading activities[1] - "Zhejiang Rongtai" (code: 603119) has a recent announcement linked to its trading activities[1] - "ST Jiuyou" (code: 600462) has a recent announcement linked to its trading activities[1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The supply and demand for metallic chromium are tightening, leading to price increases, which is expected to benefit the chromium salt industry [4][5] - The company is well-positioned to benefit from the structural changes in the chromium salt industry due to its comprehensive coverage of the chromium salt supply chain [7][10] Summary by Sections Market Performance - As of April 24, 2025, the company's stock has outperformed the CSI 300 index with a 1-month increase of 13.8%, a 3-month increase of 66.3%, and a 12-month increase of 100.5% [3] Industry Dynamics - The global production capacity of metallic chromium is currently between 75,000 to 80,000 tons, with demand driven by sectors such as AI data centers and aerospace [4] - The average price of metallic chromium in China as of April 24, 2025, is 73,060 CNY/ton, reflecting an increase of 12,090 CNY/ton since the beginning of 2025 [5] Company Overview - The company has two major chromium salt production bases in Huangshi and Chongqing, with a production capacity of approximately 250,000 tons in 2023, expected to increase to over 350,000 tons after the completion of the Chongqing base's technical transformation [7] - The company is extending its product line to include metallic chromium, with a designed production capacity of 12,000 tons/year for chromium alloy additives by July 2024 [7] Financial Projections - Projected revenues for 2024, 2025, and 2026 are 4.05 billion CNY, 4.985 billion CNY, and 5.667 billion CNY respectively, with corresponding net profits of 491 million CNY, 725 million CNY, and 822 million CNY [10] - The company is expected to maintain a favorable P/E ratio of 22, 15, and 13 for the years 2024, 2025, and 2026 respectively, indicating strong growth potential [10]

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 重要内容提示： ● 湖北振华化学股份有限公司（以下简称"公司"）股票于2025年4月21日、4月22日、4月23日连续三个 交易日内收盘价格涨幅偏离值累计超过20%，属于股票交易异常波动。 ● 经公司自查，并书面征询控股股东及实际控制人，本公告披露日，除公司已披露事项外，不存在应披 露而未披露的重大事项。 ● 敬请广大投资者注意二级市场交易风险，审慎决策，理性投资。 一、股票交易异常波动的具体情况 （三）媒体报道、市场传闻、热点概念情况 公司未发现需要澄清或回应的媒体报道或市场传闻；公司未发现可能对公司股价产生较大影响的重大事 件；公司前期披露的信息不存在需要补充更正之处。 （四）其他股价敏感信息 经核实，公司未发现其他可能对公司股价产生较大影响的重大事件，公司董 事、高级管理人员、控股股东及实际控制人在公司本次股票交易异常波动期间不存在买卖公司股票的情 况。 公司股票交易于2025年4月21日、4月22日、4月23日连续三 ...

| 证券代码：603067 | 证券简称：振华股份 | 公告编号：2025-013 | | --- | --- | --- | | 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 公司股票交易于 2025 年 4 月 21 日、4 月 22 日、4 月 23 日连续三个交易日 内收盘价格涨幅偏离值累计超过 20%。根据《上海证券交易所交易规则》的有关 规定，属于股票交易异常波动。 二、公司关注并核实的相关情况 （一）生产经营情况 经公司自查，公司目前生产经营活动正常。市场环境或行业政策没有发生重 大调整、生产成本和销售等情况没有出现大幅波动、内部生产经营秩序正常。 股票交易异常波动公告 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。 重要内容提示： 湖北振华化学股份有限公司（以下简称"公司"）股票于 2025 年 4 月 21 日、4 月 22 日、4 月 23 日连续三个交易日内收盘价格涨幅偏离值累计超过 20%， 属于股票交易异常波动。 经公司自查，并书面征询控股股东及实际控制人，本 ...

关于湖北振华化学股份有限公司股票交易 异常波动问询函的回复 湖北振华化学股份有限公司: 控股股东、实际控制人:蔡再华 2025 年 4 月 23 日 本人作为公司的控股股东及实际控制人,截至目前,不存在影响 公司股票交易价格异常波动的重大事宜,不存在应披露而未披露的重 大信息,包括但不限于重大资产重组、股份发行、收购、债务重组、 业务重组、资产剥离、资产注入、股份回购、股权激励、破产重整、 股份增持/减持计划、重大业务合作、引进战略投资者等重大事项。 特此回复。 (以下无正文) 本人于 2025年 4 月 23 日收到贵公司发来的《关于湖北振华化学 股份有限公司股票交易异常波动间询函》,经本人自查确认,现回复 如下: ...

振华股份（603067）发布股票交易异常波动公告，公司目前生产经营活动正常。市场环境或行业政策没 有发生重大调整、生产成本和销售等情况没有出现大幅波动、内部生产经营秩序正常。经公司自查，并 向公司控股股东及实际控制人书面征询核实：截至目前，公司、控股股东及实际控制人均不存在其他应 披露而未披露的重大信息，包括但不限于并购重组、股份发行、债务重组、业务重组、资产剥离和资产 注入等重大事项。公司未发现需要澄清或回应的媒体报道或市场传闻；公司未发现可能对公司股价产生 较大影响的重大事件；公司前期披露的信息不存在需要补充更正之处。 ...

Summary of the Conference Call on Zhenhua Co., Ltd. Industry Overview - The chromium salt market has seen a significant price increase since the beginning of the year, indicating a growing recognition of the chromium salt cycle, driven by supply constraints and sustained demand growth, particularly in emerging fields such as aerospace and gas turbines [1][2] - The chromium salt industry is characterized by a tight supply-demand relationship, primarily due to limited supply expansion and increasing demand across various sectors, including traditional applications and new emerging fields [3][4] Company Insights - Zhenhua Co., Ltd. is a leading global player in the chromium salt industry, holding nearly 60% market share domestically and over 25% globally, benefiting from strong environmental processing capabilities and technological innovation [1][4] - The company has effectively addressed chromium slag issues, allowing for expansion in a tightly regulated environment where only 6 to 8 companies operate in China [3][12] - Zhenhua's production capacity includes 245,000 tons of chromium salt, with a flexible multi-product approach that allows for demand-driven production across various segments [19] Market Dynamics - The price of metallic chromium has risen significantly, from 61,600 RMB/ton at the beginning of the year to 73,600 RMB/ton by April 22, 2025, reflecting a demand-driven market [2][17] - Key drivers for the increase in metallic chromium prices include rapid growth in demand from sectors such as gas turbines, aerospace engines, military applications, and humanoid robots, alongside rising upstream raw material costs [6][10] - The aerospace industry is experiencing a resurgence in demand due to post-pandemic recovery, leading to increased maintenance needs and a surge in high-temperature alloy demand [9][25] Emerging Opportunities - The gas turbine sector is witnessing growth driven by the construction of data centers in the U.S., with significant orders for high-temperature alloys, of which 20% is metallic chromium [10] - The military sector's demand has also increased due to geopolitical factors, further driving the need for metallic chromium [10] - Zhenhua's focus on environmental processes and technological innovations has strengthened its cost advantages, enhancing production efficiency and product quality [16][33] Future Outlook - The overall outlook for the chromium salt and metallic chromium industry remains positive, with a mismatch between supply and demand leading to sustained price pressures [34][35] - Zhenhua's commitment to R&D, with over 100 million RMB invested in 2023, supports its technological advancements and environmental initiatives, positioning the company for long-term growth [20][32] - The company is exploring new applications in the AI and electrification era, which are expected to drive further demand for chromium products [13][14] Competitive Landscape - Zhenhua's market position is bolstered by high technical barriers that limit competition, with a stable return on equity (ROE) between 15% and 20%, indicating strong financial performance [15] - The company is expected to maintain its leading position in the industry, benefiting from a favorable competitive landscape characterized by limited large-scale competitors [12][36] Conclusion - Zhenhua Co., Ltd. is well-positioned to capitalize on the growing demand for chromium products across various sectors, supported by its strong market share, technological innovations, and commitment to sustainable practices, indicating a promising future for the company and the industry as a whole [36]

Core Viewpoint - The price of metallic chromium has significantly increased, with a total rise of 100,000 yuan per ton since the beginning of 2025, driven by strong supply and demand dynamics, indicating a potential new cycle of prosperity in the chromium market [1][4][6]. Group 1: Price Trends - On April 18, 2025, the company announced a price increase of 5,000 yuan per ton for metallic chromium, following previous increases of 3,000 and 2,000 yuan on February 10 and March 13, respectively [1][4]. - As of April 21, 2025, the average market price for metallic chromium in China reached 69,000 yuan per ton, reflecting an increase of 7,500 yuan per ton since the beginning of 2025 [1][4]. Group 2: Demand Growth - The demand for metallic chromium is rapidly increasing, particularly in high-temperature alloys, special alloy steels, and sputtering targets, benefiting from growth in end-use sectors such as military, aerospace, and gas turbines [2]. - Since 2018, China's metallic chromium production has grown significantly, with exports rising from 6,405 tons in 2018 to 21,770 tons in 2024, representing a compound annual growth rate (CAGR) of 23% [2]. Group 3: Supply Dynamics - The supply of metallic chromium is concentrated, with high entry barriers in the chromium salt production due to environmental regulations, resulting in no new production qualifications since 2015 [3]. - Major domestic producers with chromium salt capacity include CITIC Jinzhou Metal, Galaxy Chemical, and Zhenhua Co., with a combined market share exceeding 80% [3]. Group 4: Investment Strategy - The strategic value of metallic chromium is becoming increasingly evident as its applications expand in high-end scenarios, with prices currently at historical lows and expected to continue rising due to favorable supply-demand conditions [6].

文 ｜ 王喆 2 0 2 5年4月1 8日，振华股份宣布其金属铬产品单吨售价大幅调涨5 0 0 0元，此前公司已于2月1 0日、3月1 3日连续调涨金属铬单吨 售价3 0 0 0 / 2 0 0 0元，2 0 2 5年以来公司金属铬产品单吨售价已累计调涨1 0 0 0 0元。根据百川盈孚，截至4月2 1日，国内金属铬现货 市场均价为6 9 0 0 0元/吨，较2 0 2 5年初上涨7 5 0 0元/吨。我们看好供需共同催化下金属铬景气度向上超预期，产品价格有望持续 上涨，强烈推荐铬系产品一体化布局龙头公司。 4月1 8日，振华股份宣布其金属铬产品单吨售价大幅调涨5 0 0 0元，此前公司已于2月1 0日、3月1 3日连续调涨金属铬单吨售价 3 0 0 0 / 2 0 0 0元，2 0 2 5年以来公司金属铬产品单吨售价已累计调涨1 0 0 0 0元。根据百川盈孚，截至4月2 1日，国内金属铬现货市 场均价为6 9 0 0 0元/吨，较2 0 2 5年初上涨7 5 0 0元/吨。根据海关总署统计数据，2 0 1 7年以来中国金属铬出口价格（可理解为不 含税价）在4 4 5 7 3~9 7 9 2 7元/吨波动， ...