1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The A-share market is currently experiencing a valuation recovery. Measures such as large-scale equipment upgrades and consumer goods trade-ins are expected to boost domestic demand, while export growth may decline. A weak resonance between the domestic economic fundamentals and capital flows is expected to gradually emerge [30]. - Considering the impact of refinancing policies, the subsequent issuance pressure of convertible bonds is not expected to be high. As the stock market recovers, the inflow of incremental funds into convertible bonds has driven the valuation to a relatively high level in history. Attention should be paid to the risk of valuation correction. In terms of terms and conditions, it is recommended to continue to focus on the space for lower revision games, be vigilant against the risk of early redemption, and appropriately pay attention to short-term game opportunities for near-maturity convertible bonds [31]. - Industries worthy of attention include popular themes such as AI computing power, humanoid robots, intelligent driving, low-altitude economy, data elements, and satellite Internet of Things; repair opportunities in low-position science and technology growth sectors such as semiconductors and innovative drugs; pro-cyclical and domestic demand sectors such as real estate, chemicals, and consumer electronics whose prosperity is gradually recovering; industries with both export advantages and domestic demand growth potential such as automobiles, home appliances, and engineering machinery; central state-owned enterprises represented by "China-headquartered" companies, the "Belt and Road" theme, and high-dividend sectors such as public utilities, petrochemicals, and precious metals under the Chinese characteristic valuation system; and the military industry driven by the resonance of hedging demand and industrial demand cycles [31]. 3. Summary by Relevant Catalogs 3.1. Convertible Bond Weekly Special and Outlook 3.1.1. The "Diverse States" of Near-Maturity Convertible Bonds - As of August 22, 2025, 82 convertible bonds have been delisted this year, including 20 that have reached maturity. Among the matured and delisted convertible bonds, 6 have an actual maturity payment ratio of less than 1%, 3 have a payment ratio of over 90% (Nuclear Construction Convertible Bond, Haoke Convertible Bond, and Intelligent Convertible Bond), and the rest have a maturity payment ratio concentrated between 20% - 60% [10]. - The paths of promoting conversion and maturity payment of convertible bonds that have reached maturity this year vary. For example, the issuance amount of CITIC Convertible Bond is 40 billion yuan, but the final payment ratio is less than 1%. Its methods of promoting conversion are diverse, including the controlling shareholder's premium conversion and conversion during periods of negative premium rate due to the positive stock's "abnormal movement." Since December 2024, with the continuous rise of bank stocks, the conversion value of CITIC Convertible Bond has been significantly higher than the maturity value, accelerating the conversion process [13][14]. - In contrast, the Nuclear Construction Convertible Bond, a large central enterprise convertible bond, has a maturity payment ratio as high as 99.27%. The company's main business has a stable profit margin, and it has a relatively weak willingness to promote conversion, resulting in a smooth maturity payment [19]. - Most private enterprise convertible bonds (11 out of 18) have proposed to lower the conversion price during their tenure. However, due to factors such as weak performance and poor stock price performance of the underlying stocks, large-scale conversion has not been achieved. For example, Dafeng Convertible Bond achieved a large-scale conversion through a high negative premium rate before maturity, alleviating the payment pressure to some extent [21]. - As of August 22, there are still 14 convertible bonds approaching maturity this year. Some companies have a strong willingness to promote conversion, such as Jinneng Convertible Bond, which recently lowered its conversion price. It is recommended to analyze the company's willingness to promote conversion based on factors such as company attributes, debt repayment pressure, and research and communication, and pay attention to negative premium rate conversion and lower revision games during the conversion promotion process [28]. 3.1.2. Weekly Review and Market Outlook - This week, the A-share market showed an overall upward trend with active trading, and technology sectors led the market. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all rose to varying degrees, with the ChiNext Index performing particularly well. Sectors such as communication, comprehensive, and computer led the gains, while real estate and petrochemical sectors declined slightly [29]. - In the convertible bond market, considering the impact of refinancing policies, the subsequent issuance pressure is not expected to be high. As the stock market recovers, the inflow of incremental funds has driven the valuation to a relatively high level in history. Attention should be paid to the risk of valuation correction. It is recommended to continue to focus on the space for lower revision games, be vigilant against the risk of early redemption, and appropriately pay attention to short-term game opportunities for near-maturity convertible bonds [31]. 3.2. Weekly Tracking of the Convertible Bond Market 3.2.1. The Equity Market Rose, with Communication, Electronics, and Comprehensive Sectors Leading - This week, major equity market indices rose. The Wind All A Index rose 3.87%, the Shanghai Composite Index rose 3.49%, the Shenzhen Component Index rose 4.57%, and the ChiNext Index rose 5.85%. The market style was more inclined towards large-cap growth stocks. Among small-cap indices, the CSI 1000 Index rose 3.45%, and the STAR 50 Index rose 13.31% [35]. - All 31 Shenwan industry indices rose this week, with communication, electronics, and comprehensive sectors leading the market with increases of 10.84%, 8.95%, and 8.25% respectively [38]. 3.2.2. The Convertible Bond Market Rose Significantly, and the Median of the 100-yuan Premium Rate Increased - This week, the convertible bond market rose. The CSI Convertible Bond Index rose 2.83%, the Shanghai Convertible Bond Index rose 2.77%, the Shenzhen Convertible Bond Index rose 2.96%, the Wind Convertible Bond Equal-Weighted Index rose 3.20%, and the Wind Convertible Bond Weighted Index rose 2.86%. The average daily trading volume of convertible bonds increased, with an average daily trading volume of 94.06 billion yuan, an increase of 0.975 billion yuan compared to last week, and a total weekly trading volume of 470.3 billion yuan [40]. - At the industry level of convertible bonds, 29 industries rose, with the social services, beauty care, and computer industries ranking among the top three in terms of gains, with increases of 9.16%, 7.01%, and 5.28% respectively. At the corresponding underlying stock level, 26 industries rose, and 3 industries fell. The computer, electronics, and food and beverage industries led the gains, with increases of 10.14%, 8.92%, and 7.29% respectively [43]. - Most individual convertible bonds rose this week (414 out of 450). After excluding the closing data of newly listed convertible bonds, the top five convertible bonds in terms of weekly gains were Dongshi Convertible Bond (social services, 90.12%), Jintong Convertible Bond (non-ferrous metals, 22.92%), Huayi Convertible Bond (pharmaceutical biology, 19.84%), Weice Convertible Bond (electronics, 18.48%), and Dongjie Convertible Bond (machinery and equipment, 17.05%). The top five in terms of weekly trading volume were Outong Convertible Bond (power equipment, 23.791 billion yuan), Dayuan Convertible Bond (machinery and equipment, 23.686 billion yuan), Saili Convertible Bond (pharmaceutical biology, 12.55 billion yuan), Dongjie Convertible Bond (machinery and equipment, 12.492 billion yuan), and Huahong Convertible Bond (environmental protection, 11.35 billion yuan) [45]. - In terms of price, the number of absolute low-price convertible bonds decreased, and the median price of convertible bonds increased significantly. The number of convertible bonds with an absolute price of less than 110 yuan decreased by 3 compared to last week, the number in the 110 - 130 yuan range decreased by 40, the number in the 130 - 150 yuan range increased by 17, the number in the 150 - 200 yuan range increased by 14, and the number of those with a price greater than 200 yuan increased by 6. As of this Friday, the median price of the entire market's convertible bonds closed at 135.19 yuan, an increase of 3.03 yuan compared to last weekend [47]. - This week, the weighted conversion value of the entire market increased, and the premium rate decreased. The weighted average conversion value of the entire market based on the remaining bond balance was 102.18 yuan, an increase of 3.03 yuan compared to last weekend. The weighted conversion premium rate of the entire market was 40.64%, a decrease of 1.05 percentage points compared to last weekend. The 100-yuan parity premium rate (weighted average) was 29.42%, an increase of 4.92 percentage points compared to last weekend, and the median was 33.05%, an increase of 2.50 percentage points compared to last weekend. Currently, the 100-yuan parity premium rate is above the 50th percentile since 2017. The median implied volatility of the entire market was 41.78%, an increase of 3.91 percentage points compared to last weekend, and the pure bond premium rate of debt-biased convertible bonds was 14.50%, an increase of 3.55 percentage points compared to last weekend [51]. 3.2.3. High-Frequency Tracking of Different Types of Convertible Bonds 3.2.3.1. Classification Valuation Changes - This week, the valuation of balanced convertible bonds slightly declined, while that of equity-biased convertible bonds increased significantly. The valuation of convertible bonds with a parity of 110 - 120 yuan decreased, while the valuation of other parity convertible bonds increased, with those in the 0 - 80 yuan and 100 - 110 yuan ranges increasing more significantly. The valuation of AAA, A+, and A and below convertible bonds increased, while that of AA+, AA, and AA- convertible bonds decreased. The valuation of small-cap and small - medium-cap convertible bonds increased, while that of medium-cap and large-cap convertible bonds decreased [59]. - Since the beginning of 2024, the conversion premium rates of equity-biased and balanced convertible bonds have both rebounded from their lows. As of this Friday, the conversion premium rate of equity-biased convertible bonds is above the 35th percentile since 2017, and that of balanced convertible bonds is below the 50th percentile since 2017 [59]. 3.2.3.2. Market Index Performance - This week, all convertible bonds of different ratings rose. AAA convertible bonds rose 1.77%, AA+ convertible bonds rose 3.57%, AA convertible bonds rose 3.67%, AA- convertible bonds rose 2.69%, A+ convertible bonds rose 3.67%, and A and below convertible bonds rose 2.55%. Since 2023, AAA convertible bonds have recorded a 22.35% return, AA+ convertible bonds 15.24%, AA convertible bonds 21.33%, AA- convertible bonds 29.60%, A+ convertible bonds 32.92%, and A and below convertible bonds 34.83%. Historically, high-rated AAA convertible bonds have shown stable performance, while low-rated convertible bonds have shown weaker downside resistance and greater rebound strength [74]. - This week, all convertible bonds of different scales rose. Small-cap convertible bonds rose 2.84%, small - medium-cap convertible bonds rose 2.66%, medium-cap convertible bonds rose 3.86%, and large-cap convertible bonds rose 2.29%. Since 2023, small-cap convertible bonds have recorded a 34.82% return, small - medium-cap convertible bonds 29.29%, medium-cap convertible bonds 26.30%, and large-cap convertible bonds 19.79% [74]. 3.3. Tracking of Convertible Bond Supply and Terms 3.3.1. This Week's Primary Market Issuance Plans - This week, there were no newly listed convertible bonds, and there were 3 convertible bonds that had been issued but not yet listed. Among the convertible bonds to be listed, Weidao Convertible Bond and Jinwei Convertible Bond both have a scale of over 1 billion yuan. This week, there were 12 primary approvals (from August 18 to August 23, 2025), with no convertible bonds approved for registration by the CSRC. Three convertible bonds, including Dingjie Shuzhi (828 million yuan), Lianrui Xincai (720 million yuan), and Jinpan Technology (1.672 billion yuan), were accepted by the exchange [80]. - From the beginning of 2023 to August 22, 2025, the total number of planned convertible bonds was 93, with a total scale of 150.36 billion yuan. Among them, the number of convertible bonds approved by the board of directors was 19, with a total scale of 28.493 billion yuan; the number approved by the general meeting of shareholders was 36, with a total scale of 64.672 billion yuan; the number accepted by the exchange was 30, with a total scale of 41.847 billion yuan; the number approved by the listing committee was 4, with a total scale of 8.979 billion yuan; and the number approved for registration by the CSRC was 4, with a total scale of 6.37 billion yuan [81]. 3.3.2. Lower Revision and Redemption Clauses - This week, 8 convertible bonds announced that they were expected to trigger a lower revision, 4 convertible bonds announced that they would not be revised downward, and Qifan Convertible Bond proposed a lower revision, with no convertible bonds announcing the result of the lower revision [84][87]. - This week, 12 convertible bonds announced that they were expected to trigger early redemption, 7 convertible bonds announced that they would not be redeemed early, and 6 convertible bonds, including Chongda Zhuan 2, Dayuan Convertible Bond, Haitai Convertible Bond, Sheyan Convertible Bond, Dongjie Convertible Bond, and Rongtai Convertible Bond, announced early redemption [86][88][89]. - As of the end of this week, there was 1 convertible bond still in the put option declaration period and 9 convertible bonds still in the company's capital reduction and settlement declaration period. Attention should be paid to the price changes of convertible bonds and the marginal changes in the company's tendency for lower revision [91].

Group 1 - The company held an investor briefing on August 22, 2025, to discuss the basic situation and operational results for the first half of 2025 [3][5]. - The meeting was conducted in an interactive online format, allowing investors to engage with the management team [2][4]. - Key participants included the Chairman, independent directors, and the Secretary of the Board and CFO [4]. Group 2 - The company plans to actively expand into emerging markets such as Southeast Asia and South America, which is expected to significantly boost the sales of its olefin products [7]. - To enhance gross and net profit margins, the company will focus on market expansion, high-value product development, and cost reduction strategies [7]. - The company is committed to converting its remaining 9.564 billion yuan of convertible bonds before the upcoming maturity, with plans to repay if conversion does not occur [7].

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The social inventory of coal continues to decline, and the significant rise in futures prices boosts market confidence [6] - The coal sector has shown a mixed performance, with the CITIC coal industry index rising by 1.23%, underperforming the CSI 300 index which increased by 4.18% [2] - The coal supply-demand balance is improving, with a slight decrease in coal prices during the off-season, while coking coal production may see a marginal improvement due to environmental factors [6] Summary by Sections Coal Market Performance - As of August 22, 2025, the average daily coal sales of monitored enterprises were 7.08 million tons, a week-on-week decrease of 1.1% and a year-on-year decrease of 0.7% [2] - The total coal inventory of monitored enterprises (including port storage) was 26.71 million tons, a week-on-week increase of 2% and a year-on-year decrease of 0.8% [2] Price Trends - The price of thermal coal (Q5500K) in the Bohai Rim was 671 CNY/ton, a week-on-week increase of 0.15% [3] - The price of coking coal at major ports remained stable, while the futures settlement price for coking coal was 1,141.5 CNY/ton, a week-on-week decrease of 6.7% [4] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and turnaround coking coal companies, with specific recommendations for companies such as China Shenhua, Shaanxi Coal, and others [6] - The overall coal supply-demand structure is expected to improve, with a gradual balance in supply and demand in the second half of the year [6]

本次投资者说明会以网络互动形式召开，公司管理层针对 2025 年半年度的 基本情况及经营成果等问题与投资者进行了互动交流和沟通。 二、说明会召开的时间、地点 金能科技股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 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个别及连带责任。 一、说明会类型 证券代码：603113 证券简称：金能科技 公告编号：2025-081 债券代 码：113545 债券简称：金能转债 说明会于 2025 年 8 月 22 日（星期五）下午 14:00-15:00 通过上证路演中心 （网址：http://roadshow.sseinfo.com/）进行网络互动交流。 三、参加人员 投资者以网络提问形式，就所关心的问题与公司参会人员进行了沟通交流。 五、会议主要内容 本次 2025 年半年度业绩说明会的主要内容详见附件。 董事长：秦庆平先生 独立董事：武恒光先生 董事会秘书、财务总监：王忠霞女士 四、投资者参加方式 尊敬的投资者，您好！未来，公司将根据公司发展战略的需要，制定、实施 国际化经营战略，引 ...

证券代码：603113 证券简称：金能科技 公告编号：2025-081 债券代 码：113545 债券简称：金能转债 金能科技股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 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个别及连带责任。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司管理层针对 2025 年半年度的 基本情况及经营成果等问题与投资者进行了互动交流和沟通。 二、说明会召开的时间、地点 说明会于 2025 年 8 月 22 日（星期五）下午 14:00-15:00 通过上证路演中心 （网址：http://roadshow.sseinfo.com/）进行网络互动交流。 三、参加人员 董事长：秦庆平先生 独立董事：武恒光先生 董事会秘书、财务总监：王忠霞女士 四、投资者参加方式 投资者以网络提问形式，就所关心的问题与公司参会人员进行了沟通交流。 五、会议主要内容 本次 2025 年半年度业绩说明会的主要内容详见附件。 特此公告。 金能科技股份有限公司董事会 2025 年 8 月 22 日 附件：2025 ...

Group 1 - The core viewpoint of the report is that Jinneng Technology (603113.SH, latest price: 8.24 CNY) is given a "buy" rating by Open Source Securities due to several positive factors [2] - The full production of olefin and carbon black production lines is expected to lead to an improvement in coke production on a month-on-month basis [2] - The company is expanding its hydrogen energy industry chain, revising down the conversion price, and increasing the frequency of dividends [2]

Investment Rating - The report maintains a "Buy" investment rating for the company [1]. Core Views - The company has turned a profit in the first half of 2025, achieving a total revenue of 8.547 billion yuan, a year-on-year increase of 24.13%, and a net profit attributable to shareholders of 26 million yuan, marking a turnaround from losses [4][5]. Summary by Sections Market Performance - The company's stock price is currently at 7.97 yuan, with a total market capitalization of 6.8 billion yuan and a 52-week price range of 4.37 to 8.09 yuan [1]. Revenue and Profitability - In Q2 2025, the company reported a revenue of 4.086 billion yuan, a year-on-year increase of 16.78%, but a net profit of -50 million yuan, reflecting a significant decline [4][5]. Key Investment Points - The company's performance improvement is driven by increased demand for olefin products, particularly in non-US markets, which has helped mitigate the impact of US tariffs. The export volume of polypropylene reached 159,900 tons in the first half of 2025, accounting for 10.22% of China's total exports in this category [5]. - The company has also seen significant growth in carbon black exports, with a volume of 120,900 tons, a year-on-year increase of 106.88% [5]. Cost Structure and Cash Flow - The company has optimized its expense structure, with a slight increase in R&D expenses due to accelerated investment. The net cash flow from operating activities was 454 million yuan, a 42.61% increase year-on-year [6]. Competitive Positioning - As a leading player in the domestic olefin industry, the company has established the largest single-plant PDH facility globally and is focusing on high-end product development and cost control to enhance its competitive edge [8]. Profit Forecast - The company is projected to achieve net profits of 126 million yuan in 2025, 244 million yuan in 2026, and 328 million yuan in 2027, with corresponding EPS of 0.15, 0.29, and 0.39 yuan [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and net profit for H1 2025, with revenue reaching 8.55 billion yuan, up 24.1% year-on-year, and a net profit of 26.43 million yuan, an increase of 69.44 million yuan year-on-year. However, the company recorded a net loss of 32.86 million yuan after deducting non-recurring items [4][5] - The core products' prices are at the bottom range, and with the decline in raw material prices, there is a significant potential for profit recovery in the second half of the year. The company is expected to benefit from new project launches in the next two years [4][5] - The company has fully launched its olefin and carbon black projects and is looking to expand into the hydrogen energy industry [5] Financial Performance Summary - For H1 2025, olefin production was 738,600 tons, up 113.5% year-on-year, while carbon black production was 371,400 tons, up 26% year-on-year. The company experienced a decline in production and sales in Q2 2025 compared to Q1 2025 [4][5] - The financial forecast for 2025-2027 predicts net profits of 125 million yuan, 220 million yuan, and 334 million yuan, respectively, with corresponding EPS of 0.15 yuan, 0.26 yuan, and 0.39 yuan [6][8] - The company has adjusted its convertible bond price down from 9.75 yuan to 7.62 yuan, a reduction of 22%, signaling management's commitment to maintaining the value of financing tools [5] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 40.8, 23.2, and 15.3, respectively, indicating a potential for growth in earnings relative to the current stock price [6][8] - The company has demonstrated a commitment to shareholder returns, with a total dividend payout of approximately 300 million yuan in the first half of the year, reflecting a dividend yield of 4.45% based on the current stock price [5]

Market Overview - On August 18, the chemical raw materials sector rose by 0.37% compared to the previous trading day, with Kaisheng New Materials leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Top Performers - Kaisheng New Materials (301069) closed at 25.59, up 6.27% with a trading volume of 541,300 shares and a transaction value of 1.332 billion yuan [1] - Zhenhua Co., Ltd. (603067) closed at 18.00, up 6.19% with a trading volume of 328,400 shares [1] - Shanshui Technology (301190) closed at 26.00, up 5.43% with a trading volume of 68,600 shares [1] Underperformers - Jinfeng Titanium Industry (000545) closed at 3.18, down 5.07% with a trading volume of 1,611,100 shares and a transaction value of 515 million yuan [2] - Sanyou Chemical (600409) closed at 5.71, down 1.38% with a trading volume of 266,600 shares [2] - Jineng Technology (603113) closed at 7.97, down 1.36% with a trading volume of 252,600 shares [2] Capital Flow - The chemical raw materials sector experienced a net outflow of 263 million yuan from main funds, while speculative funds saw a net inflow of 386 million yuan, and retail investors had a net outflow of 123 million yuan [2] - Notable capital inflows included Huayi Group (600623) with a net inflow of 51.48 million yuan from main funds [3] - Zhenhua Co., Ltd. (603067) also saw a significant net inflow of 43.01 million yuan from main funds [3]

Core Insights - The company reported a total revenue of 8.547 billion yuan for the first half of 2025, an increase of 1.661 billion yuan compared to the same period last year, representing a year-on-year growth of 24.13% [1] - The net profit attributable to shareholders reached 26.4349 million yuan, an increase of 69.4684 million yuan from the same period last year, marking two consecutive years of growth [1] - The net cash inflow from operating activities was 454 million yuan, up by 136 million yuan year-on-year, also achieving two consecutive years of increase with a year-on-year growth of 42.61% [1] Financial Metrics - The latest debt-to-asset ratio stands at 56.80% [3] - The gross profit margin is 2.10%, an increase of 0.17 percentage points from the same period last year, achieving two consecutive years of growth [3] - The return on equity (ROE) is 0.31%, an increase of 0.81 percentage points year-on-year [3] - The diluted earnings per share (EPS) is 0.03 yuan, an increase of 0.08 yuan from the same period last year, marking two consecutive years of growth [3] - The total asset turnover ratio is 0.44 times, an increase of 0.06 times year-on-year, representing a growth of 15.93% [3] - The inventory turnover ratio is 5.50 times [3] Shareholder Structure - The number of shareholders is 33,100, with the top ten shareholders holding a total of 476 million shares, accounting for 56.09% of the total share capital [3] - The largest shareholder, Qin Qingping, holds 37.49% of the shares [3] - Other significant shareholders include Zhongyue Capital Management Co., Ltd. with 10.20% and Ren Yongmei with 1.95% [3]