第一次提示性公告 登录新浪财经APP 搜索【信披】查看更多考评等级 股票代码：603225 股票简称：新凤鸣 公告编号：2026-018 转债代码：113623 转债简称：凤21转债 新凤鸣集团股份有限公司 关于实施"凤21转债"赎回暨摘牌的 ● 公司特提醒"凤21转债"持有人注意在期限内转股或卖出。 新凤鸣集团股份有限公司（以下简称"公司"）股票自2026年1月6日至2026年2月6日连续24个交易日内有 15个交易日收盘价格不低于"凤21转债"当期转股价格的130%（即20.514元/股），根据《新凤鸣集团股 份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）的相关约定，已触 发"凤21转债"的有条件赎回条款。公司于2026年2月6日召开第六届董事会第四十六次会议，审议通过了 《关于提前赎回"凤21转债"的议案》，决定行使"凤21转债"的提前赎回权，对赎回登记日登记在册 的"凤21转债"按债券面值加当期应计利息的价格全部赎回。具体内容详见公司于2026年2月7日在上海证 券交易所网站（www.sse.com.cn）披露的《关于提前赎回"凤21转债"的公告》（公告编号：2026- 0 ...

证券代码：603225 证券简称：新凤鸣 公告编号：2026-019 关于控股股东及其一致行动人权益变动触及 1%刻度 的提示性公告 新凤鸣控股及其一致行动人庄奎龙、桐乡市中聚投资有限公司、屈凤琪、桐乡市 尚聚投资有限公司和桐乡市诚聚投资有限公司保证向本公司提供的信息真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 | | 控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他______________（请注明） | 2.信息披露义务人信息 | | | 新凤鸣集团股份有限公司 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | | | 未发生直接持股变动的主体： | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ...

| 股票代码：603225 | 股票简称：新凤鸣 | | | 公告编号：2026-018 | | --- | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 | 21 | 转债 | | 新凤鸣集团股份有限公司 关于实施"凤 21 转债"赎回暨摘牌的第一次提示性公告 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。 重要内容提示： 截至 2026 年 2 月 26 日收市后，距离 2026 年 3 月 5 日（"凤 21 转债"最后 交易日）仅剩 5 个交易日，2026 年 3 月 5 日为"凤 21 转债"最后一个交易日。 最后转股日：2026 年 3 月 10 日 截至 2026 年 2 月 26 日收市后，距离 2026 年 3 月 10 日（"凤 21 转债"最后 转股日）仅剩 8 个交易日，2026 年 3 月 10 日为"凤 21 转债"最后一个转股日。 本次提前赎回完成后，"凤 21 转债"将自 2026 年 3 月 11 日起在上海证 券交易所摘牌。 投资者所持" ...

Investment Rating - The industry investment rating is upgraded to "Overweight" [3] Core Insights - The chemical industry is expected to experience a recovery driven by both cyclical and growth factors, with a focus on organic silicon, PTA, polyester filament, caprolactam, spandex, vitamins, sweeteners, refrigerants, and phosphorus chemicals [7] - The organic silicon industry is entering a recovery phase, with new applications becoming the core growth driver. From 2019 to 2024, domestic DMC capacity expanded rapidly, leading to temporary oversupply and declining prices. However, with no new capacity expected in 2025 and increasing demand from sectors like new energy vehicles and photovoltaics, the supply-demand balance is improving [7] - The PTA and polyester filament industries are approaching a turning point, with the expansion cycle nearing its end. The demand side is expected to continue growing, supported by easing trade tensions and improved external demand [7] - The introduction of quota policies is expected to lead refrigerants into a high prosperity cycle, with supply constraints and stable demand growth from markets like heat pumps and cold chain logistics [9] - The synthetic biology sector is poised for explosive growth, driven by the transition to low-energy products and breakthroughs in non-grain bio-based materials [9] - OLED technology is accelerating its penetration into various display sizes, supported by policy measures aimed at fostering the new display industry [10] - The demand for high-frequency and low-loss electronic resins is increasing due to the rise of AI infrastructure, with AI server shipments expected to grow significantly [11] - The electronic chemicals sector is benefiting from the expansion of wafer production capacity, with increasing demand for key materials like photoresists and packaging materials [12] Summary by Sections Industry Performance - The chemical sector's overall performance ranked 14th with a weekly change of 0.78%, outperforming the Shanghai Composite Index by 0.38 percentage points [6][21] - Key stocks such as Honghe Technology and Zhongcai Technology saw significant price increases due to rising demand in AI servers and high-speed network equipment [6] Supply-Side Tracking - A total of 155 companies in the chemical industry had their production capacities affected, with 4 new repairs and 7 restarts reported [14] Key Industry Dynamics - BlueStar announced the acquisition of Elkem's core organic silicon assets, marking a strategic move to enhance its position in the global organic silicon industry [34] - The first biofuel blending policy in China was approved, allowing for local blending and reducing reliance on imports [34]

（编辑 任世碧） 证券日报网讯 2月25日，新凤鸣发布公告称，截至2026年2月25日收市后，距离2026年3月5日（"凤21转 债"最后交易日）仅剩6个交易日，2026年3月5日为"凤21转债"最后一个交易日，2026年3月5日收市 后，"凤21转债"将停止交易。截至2026年2月25日收市后，距离2026年3月10日（"凤21转债"最后转股 日）仅剩9个交易日，2026年3月10日为"凤21转债"最后一个转股日，2026年3月10日收市后，"凤21转 债"将停止转股。本次提前赎回完成后，"凤21转债"将自2026年3月11日起在上海证券交易所摘牌。因目 前"凤21转债"二级市场价格（2026年2月25日收盘价为139.631元/张）与赎回价格（101.6619元/张）差异 较大，投资者如未及时转股或卖出，可能面临较大投资损失。特提醒"凤21转债"持有人注意在限期内转 股或卖出。 ...

证券代码：603225 证券简称：新凤鸣 公告编号：2026-017 新凤鸣集团股份有限公司 关于实施"凤 21 转债"赎回暨摘牌的公告 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： 证券停复牌情况：适用 因提前赎回"凤 21 转债",本公司的相关证券停复牌情况如下： | | | | 可转债债券停 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 证券代码 113623 | 证券简称 凤 转债 | 21 | 停复牌类型 牌 | 停牌起始日 2026/3/6 | 停牌 期间 | 停牌终止日 | 复牌日 | 截至 2026 年 2 月 25 日收市后，距离 2026 年 3 月 5 日（"凤 21 转债"最后交 易日）仅剩 6 个交易日，2026 年 3 月 5 日为"凤 21 转债"最后一个交易日。 最后转股日：2026 年 3 月 10 日 截至 2026 年 2 月 25 日收市后，距离 2026 年 3 月 10 日（"凤 21 转 ...

PX：产量增幅有限，供需或仍偏紧 存量负荷提升空间或极为有限。PX 自 2024 年以来已连续两年无新增 产能，供应增量主要来源于存量技改及短流程提负。这一策略在 2024 年效果较为显著，调油逻辑走弱下炼厂开始"减油增芳烃"，PX 在当 年国内无新增产能的情况下，2024 年全年产量同比+12%。而进入 2025 年，尽管 MX 的供应仍在增加（产量同比+13%），PX 的产量增速却大 幅放缓（产量同比+1%），或侧面说明 PX 产能负荷已接近天花板，再 提升的空间较为有限。 2026 年 02 月 24 日 石油石化 大炼化系列一：聚酯链景气向上！ 引言：欧洲化工企业在高企的能源成本与环保合规成本的挤压 下，产能正在加速收缩，而中国企业正在凭借超级工厂的成本优 势，加速抢占市场份额，全球化工行业"东升西落"的态势日益 清晰。我国民营大炼化具备显著的规模效应，同时上下游配套齐 全，资产具备全球竞争力。站在当前时点，"PX-PTA-涤纶长丝" 产业链在供需格局改善的预期下有望率先展现弹性。 2026 年 PX 供需格局或仍偏紧。供给方面，2026 年 PX 新增投产规划 仍较少，仅华锦阿美一套装置（200 万 ...

Group 1 - The core viewpoint of the article highlights the significant performance of six leading companies in the chemical fiber industry, with stock prices increasing by over 30% since mid-December 2025 [3][4] - The six leading companies include Tongkun Co., Ltd. (601233.SH), Hengyi Petrochemical (000703.SZ), Dongfang Shenghong (000301.SZ), Hengli Petrochemical (600346.SH), Rongsheng Petrochemical (002493.SZ), and Xin Fengming (603225.SH) [3] - The article notes that the performance of the chemical fiber industry, particularly polyester filament, has shown significant differentiation over the past five years, with ordinary polyester industrial yarn experiencing the most price volatility [4][6] Group 2 - Among the six leading companies, Hengli Petrochemical achieved a net profit of 15.5 billion in 2021, while in the downturn of 2024, Dongfang Shenghong reported a loss of nearly 2.3 billion [6]

Core Insights - The chemical industry is at the beginning of a new prosperity cycle globally, with Chinese chemical companies showing stronger profit foundations and elasticity due to past expansions and capital expenditures [5][11][29] - Focus on cyclical chemical products, particularly those with resource attributes and potential in the real estate chain [4][5] - The demand from major economies like China and the US is expected to improve, with China's GDP projected to exceed 140 trillion yuan, growing at 5.0% year-on-year [5][22] Group 1: Global and Domestic Chemical Landscape - The global chemical landscape is improving, with China's chemical sector becoming more resilient [9][12] - China's share of the global chemical market has significantly increased from 13% in 2004 to 47% in 2024, indicating its growing importance in the global chemical industry [14][29] - The capital expenditure in the global chemical sector has paused, with many overseas chemical companies reducing production, which may benefit Chinese companies [14][16] Group 2: Resource Attributes in Chemical Products - Three main resource directions are emphasized: mineral resources (like phosphate and potash), indicator resources (such as pesticides and refrigerants), and channel resources (like compound fertilizers) [5][33] - China's phosphate reserves rank second globally, with a steady increase in demand driven by both traditional fertilizer needs and emerging sectors like lithium iron phosphate for batteries [33][36] - The supply of fertilizers is expected to contract in 2025, with production of monoammonium phosphate and diammonium phosphate projected to decrease by 6.73% and 6.86% respectively [39] Group 3: Real Estate Chain Chemical Products - The market currently has low expectations for the recovery of demand in the real estate chain, but there is potential for significant improvement due to government stimulus policies [5][22] - The supply concentration of chemical products related to the real estate chain is gradually increasing, which may lead to faster and easier supply-demand improvements [5] Group 4: New Materials and Domestic Substitution - The report highlights the importance of domestic substitution and the development of new materials in line with China's strategic plans for emerging industries [7][8] - Key areas of focus include lubricating oil additives, semiconductor materials, and bio-based materials [7] Group 5: Investment Recommendations - Suggested companies for investment include Hualu Chemical, Xin Fengming, Yuntianhua, and others, focusing on those with strong market positions and innovative capabilities [7][8]

Summary of Conference Call Notes Industry Overview - The focus is on the PTA (Purified Terephthalic Acid) industry and its supply-demand dynamics for 2026, which is recognized as a consensus within the industry [1][2] - The high expansion cycle of the PTA industry is officially ending, with no new capacity expected in 2026 due to the completion of several major projects in 2025 [1][2] Key Points on Supply and Demand - The downstream polyester sector (including filament, staple fiber, and bottle-grade) is expected to expand by 3-4 million tons, which will drive demand for PTA [1][2] - There is a clear mismatch in supply and demand, leading to an improvement in the market structure [2][3] Corporate Strategies and Market Dynamics - The PTA industry faced significant losses in October 2025, with losses exceeding 200 RMB per ton, creating immense operational pressure on producers [3] - Companies like Xinfonming, Yisheng, Sanfangxiang, and Dongfang Shenghong have begun to reduce or halt production, signaling a positive shift towards industry collaboration and improved profitability [3] - Three major polyester filament manufacturers have implemented successive production cuts to align inventory with downstream demand, particularly ahead of the Chinese New Year [3] Price Trends and Market Conditions - Oil prices have been in a downward trend in 2024 and 2025, affecting the pricing dynamics of polyester filaments [4] - Current oil prices are at a low point, suggesting limited downside potential, which may facilitate price increases for polyester filaments [5] Demand Drivers - Two marginally positive factors are identified: 1. Rising cotton prices may lead to increased demand for polyester filaments as a cost-effective alternative [6] 2. The reduction of tariffs on Chinese textile and apparel products by the U.S. could stimulate demand for domestic filament products [7] Profitability Expectations - Companies anticipate a profit increase of 100-200 RMB per ton compared to the previous year, supported by the favorable market conditions [7] Investment Recommendations - Suggested companies to watch include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., Xinfonming, Dongfang Shenghong, and Sanfangxiang [8]