Summary of Conference Call on Chromium Metal Market Industry Overview - The conference call primarily discusses the chromium metal industry, focusing on price trends, supply chain dynamics, and production capacities of key players like Zhihua Co. and Yinhai Chemical [1][2][3]. Key Points and Arguments Price Trends - The recent increase in chromium metal prices is attributed to a large-scale state reserve purchase of 5,000 tons, exceeding expectations. This has led to a price increase of 4,000 yuan per ton for chromium metal and 1,000 yuan per ton for metallurgical-grade chromium oxide [3][4]. - Following a decline in prices from April to May, there has been a slight recovery, with prices expected to continue rising if state reserves continue and exports recover to previous levels [8][25]. Export Dynamics - Since May, chromium metal exports have decreased due to previous price hikes leading to weakened demand. However, starting in July, exports are expected to gradually recover to around 2,000 tons per month due to reduced production in Russian plants and increased domestic and international demand [5][10]. Inventory Levels - Domestic chromium metal production companies maintain inventory levels around 2,000 tons, which is considered a critical limit. The state reserve purchases have led to a low overall inventory level, impacting supply chain stability [6][7]. Production Capacity and Quality - Zhihua Co. has improved its production technology, achieving a 90% production rate of 99A grade chromium metal, with a quality stability that provides a competitive advantage [11][39]. - The company is also expanding its production capacity by acquiring Xinjiang Pink Company, which will add 100,000 tons of metallurgical-grade zirconium oxide green annually by the end of the year [2][26]. Market Impact of State Reserves - The state reserve's actions are expected to have a significant impact on the market in the coming months. If a second batch of 5,000 tons is implemented, it will further support prices [4][13]. Production Barriers - The primary barrier to chromium metal production is the quality of raw materials. High-quality raw materials are essential for producing high-quality chromium products [16]. International Market Dynamics - The call discusses the impact of Russian production halts on the market, noting that even if production resumes, the quality of Russian products is generally lower than that of Chinese products, which may maintain China's competitive edge [20][33]. Future Outlook - The future price trajectory is uncertain but is expected to rise due to environmental policies and market dynamics. However, the exact extent of price increases is difficult to predict due to the presence of numerous small domestic producers [25][37]. Additional Important Insights - The price elasticity of chromium oxide green is expected to be higher than that of chromium metal, indicating potential for significant price adjustments [9]. - The conference highlights the importance of maintaining a stable supply chain through effective inventory management and production adjustments based on market demand [6][30]. This summary encapsulates the key discussions and insights from the conference call regarding the chromium metal industry, focusing on price trends, export dynamics, production capacities, and market impacts of state interventions.

证券日报网讯 10月21日晚间，振华股份发布公告称，公司于近日收到华泰联合证券有限责任公司（简 称"华泰联合"）出具的《华泰联合证券有限责任公司关于更换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持续督导保荐代表人的函》。华泰联合作为振华股份向不特定对象发行可转换公司 债券项目的保荐机构，原指派樊灿宇先生和范蒙卓先生担任保荐代表人负责持续督导工作。现因范蒙卓 先生工作调动，不再担任公司持续督导的保荐代表人。为保证持续督导工作的有序进行，华泰联合委派 耿玉龙先生接替范蒙卓先生担任公司向不特定对象发行可转换公司债券持续督导的保荐代表人，继续履 行持续督导职责。 （文章来源：证券日报） ...

湖北振华化学股份有限公司（以下简称"振华股份"、"公司"）于近日收 到华泰联合证券有限责任公司（以下简称"华泰联合"）出具的《华泰联合证券 有限责任公司关于更换湖北振华化学股份有限公司向不特定对象发行可转换公 司债券持续督导保荐代表人的函》。 华泰联合作为振华股份向不特定对象发行可转换公司债券项目的保荐机构， 原指派樊灿宇先生和范蒙卓先生担任保荐代表人负责持续督导工作。现因范蒙卓 先生工作调动，不再担任公司持续督导的保荐代表人。为保证持续督导工作的有 序进行，华泰联合委派耿玉龙先生接替范蒙卓先生担任公司向不特定对象发行可 转换公司债券持续督导的保荐代表人，继续履行持续督导职责。 | 证券代码：603067 | 证券简称：振华股份 | 公告编号：2025-047 | | --- | --- | --- | | 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 关于更换保荐代表人的公告 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。 特此公告。 湖北振华化学股份有限公司董事会 2025 年 10 月 ...

Group 1 - The chemical raw materials sector increased by 0.94% compared to the previous trading day, with Zhihua Co. leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Group 2 - In terms of capital flow, the chemical raw materials sector experienced a net outflow of 205 million yuan from main funds, while retail investors saw a net inflow of 232 million yuan [2] - The table provided shows the net inflow and outflow of various stocks within the sector, highlighting significant movements in individual stocks such as Ti'an Co. and Shilong Industry [2]

Core Viewpoint - Zhenhua Co., Ltd. (stock code: sh603067) experienced a trading halt with a price of 18.07 yuan, marking a 10% increase, and a total market capitalization of 13.135 billion yuan, driven by industry consolidation, performance growth, and cost reduction [1] Group 1: Company Performance - In the first half of 2025, the company reported a revenue growth of 10.2% and a net profit increase of 23.6%, indicating a dual growth trend in performance [1] - The significant decrease in procurement prices for raw materials such as chromium ore and soda ash has contributed to lower production costs, enhancing the company's profit margins [1] Group 2: Industry Dynamics - As a leader in the chromium chemical industry, Zhenhua Co. is involved in the restructuring of seven companies, including Xinjiang Shenhong, which, if successful, could further solidify its leading position and enhance market competitiveness [1] - The overall performance of the chemical raw materials sector was active on October 21, 2025, with some related stocks rising, creating a certain degree of sectoral linkage effect [1] Group 3: Technical Indicators - Technical indicators such as MACD and BOLL channel are suggested for further observation, as positive signals like MACD golden cross or BOLL channel breakout could attract technical investors and drive stock price increases [1]

湖北振华化学股份有限公司 关于召开2025年第三季度业绩说明会的公告 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603067 证券简称：振华股份 公告编号：2025-046债券代码：113687 债券简称：振华转债 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： 会议召开时间：2025年10月28日 （星期二） 09:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） 二、 说明会召开的时间、地点 董事会秘书兼财务总监：杨帆先生 独立董事：问立宁先生、林晚发先生、段丙华先生 （如有特殊情况，参会人员可能进行调整） 四、 投资者参加方式 （一）投资者可在2025年10月28日 （星期二） 09:00-10:00，通过互联网登录上证路演中心 （https://roadshow.sseinfo.com/），在线参与本次业绩说明会，公司将及时回答投资者的提问。 会议召开方式：上证路演中心网络互动 投资者可于2025年10月21 ...

| 证券代码：603067 | 证券简称：振华股份 | 公告编号：2025-046 | | --- | --- | --- | | 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 关于召开 2025 年第三季度业绩说明会的公告 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 21 日 （星期二） 至 10 月 27 日 （星 期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 603067@hszhenhua.com 进行提问。公司将在说明会 上对投资者普遍关注的问题进行回答。 湖北振华化学股份有限公司（以下简称"公司"）将于 2025 年 10 月 28 日发布公司 2025 年第三季度报告，为便于广大投资者更全 面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划 于 2025 年 10 月 28 ...

Group 1 - The company has provided a guarantee for its subsidiary, Xiamen Shouneng Technology Co., Ltd., to secure a credit facility of up to RMB 10 million with Xiamen International Bank [2][5] - The guarantee is structured as a joint liability guarantee, with a validity period extending three years beyond the repayment period of the principal debt [6][7] - The board of directors approved the guarantee, emphasizing that it aligns with the company's overall interests and development strategy, and that the subsidiary operates within a controllable risk range [7][8] Group 2 - As of the announcement date, the total amount of external guarantees provided by the company is RMB 21 million, which represents 6.65% of the audited net assets attributable to shareholders for the year 2024 [8] - The company has not provided guarantees for entities other than its wholly-owned and controlling subsidiaries, and there are no overdue guarantees [8]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights a recovery opportunity at the bottom of the chemical cycle, particularly in the titanium dioxide sector, with major companies expanding globally and focusing on asset acquisitions [3][4]. - Global oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable with a projected global GDP growth of 2.8% [4][5]. - The report emphasizes the importance of various chemical chains, including textiles, agriculture, and exports, as well as the potential for recovery in profitability for titanium dioxide due to easing trade tensions and improved overseas real estate conditions [3][4]. Summary by Sections Industry Dynamics - Oil supply is anticipated to rise, with OPEC+ expected to increase production, while demand is stable but may slow due to tariffs [4]. - Coal prices are expected to stabilize at a low level, and natural gas exports from the U.S. are likely to increase, reducing import costs [4]. Chemical Product Prices and Trends - The report notes that the PPI for all industrial products fell by 2.3% year-on-year in September, indicating a narrowing decline compared to August [5]. - Manufacturing PMI rose to 49.8%, suggesting a continued recovery in manufacturing activity [5]. Investment Analysis - The report suggests focusing on four key areas for investment: textiles, agriculture, export-related chemicals, and sectors benefiting from reduced competition [3]. - Specific companies to watch include Lu Xi Chemical, Tongkun Co., and Huafeng Chemical in the textile chain, and various firms in the agricultural sector such as Hualu Hengsheng and Baofeng Energy [3][4]. Key Company Valuations - The report provides a valuation table for key companies, indicating their market capitalization and projected earnings for the coming years [14].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights the global expansion of major titanium dioxide manufacturers, emphasizing the opportunity for industry recovery from the bottom of the cycle. The acquisition of Venator UK's titanium dioxide assets and the establishment of subsidiaries in Malaysia and the UK are key developments [4][5]. - The macroeconomic outlook for the chemical sector indicates stable oil demand despite a slight slowdown due to tariffs, with global GDP growth projected at 2.8%. The report also notes that coal prices are stabilizing and natural gas export facilities in the U.S. are expected to accelerate [4][5]. - The report suggests investment strategies across various sectors, including textiles, agriculture, and chemicals, with a focus on companies benefiting from the "anti-involution" policies [4][5]. Summary by Sections Industry Dynamics - The report discusses the current macroeconomic conditions affecting the chemical industry, including oil supply and demand dynamics, with a forecast of increased production from non-OPEC sources and stable global oil demand [5][6]. - It notes that the PPI for industrial products decreased by 2.3% year-on-year in September, indicating a stabilization in prices due to improved supply-demand structures [6]. Investment Analysis - The report recommends a diversified investment approach focusing on sectors such as textiles, agriculture, and export-oriented chemicals, highlighting specific companies for potential investment [4][18]. - Key materials for growth are identified, including semiconductor materials and packaging materials, with specific companies mentioned for each category [4][18]. Price Movements - The report provides detailed price movements for various chemical products, including titanium dioxide, fertilizers, and pesticides, indicating a mixed outlook with some prices stabilizing while others show slight declines [11][14][20]. - It highlights the impact of external factors such as raw material costs and international trade dynamics on pricing trends within the chemical sector [11][14].