| 股票代码：603225 | 股票简称：新凤鸣 | | | 公告编号：2025-071 | | --- | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 | 21 | 转债 | | 新凤鸣集团股份有限公司 第六届董事会第三十七次会议决议公告 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个别及连带责任。 根据《新凤鸣集团股份有限公司 2024 年限制性股票激励计划（草案）》《新 凤鸣集团股份有限公司 2024 年限制性股票激励计划实施考核管理办法》等的有 关规定：原首次授予权益的激励对象马建忠、沈世杰因个人原因离职，不再符合 一、董事会会议召开情况 新凤鸣集团股份有限公司（以下简称"公司"）第六届董事会第三十七次会 议于 2025 年 7 月 25 日以现场表决和通讯表决相结合的方式在公司二十四楼会议 室召开。本次董事会会议通知于 2025 年 7 月 20 日以电话方式发出。会议由董事 长庄耀中先生召集并主持，会议应出席董事 8 名，实际出席董事 8 名，公司监事、 高级管理人员列席了 ...

Group 1 - The chemical sector continues to rise, with the chemical ETF (516020) showing a maximum intraday increase of 0.9% and closing up 0.3% [1] - Key stocks in the sector include Boryuan Chemical, which surged over 6%, Yangnong Chemical up over 5%, and Qixiang Tengda rising over 3% [1] - The sub-index of the chemical sector has outperformed major A-share indices, with a cumulative increase of 8.97% since July 1, compared to 4.68% for the Shanghai Composite Index and 5.41% for the CSI 300 [1][3] Group 2 - The basic chemical sector saw a net inflow of over 1.5 billion yuan on a single day, ranking fourth among 30 major sectors [2] - Over the past five trading days, the cumulative net inflow into the basic chemical sector exceeded 21.7 billion yuan, also ranking fourth [2] - The chemical ETF (516020) has a price-to-book ratio of 2.08, indicating a favorable long-term investment opportunity [5] Group 3 - The chemical industry is expected to enter a new long-term prosperity cycle due to recent policies aimed at boosting economic confidence and demand for chemical products [5] - The supply-side reform is anticipated to improve domestic supply conditions significantly, with the chemical sector poised for a rebound [5][6] - The focus on cost factors such as green low-carbon initiatives and process optimization is expected to drive a re-pricing in the chemical sector [6] Group 4 - The chemical ETF (516020) tracks the sub-index of the chemical industry, with nearly 50% of its holdings in large-cap leading stocks, providing a strong investment opportunity [7] - Investors can also access the chemical sector through the chemical ETF linked funds [7]

Group 1 - The core viewpoint of the articles highlights the positive performance of the chemical sector, particularly the rise in the Zhongzheng Subdivided Chemical Industry Theme Index and its constituent stocks [1][2] - The chemical ETF has shown a significant increase, with a reported price of 0.63 yuan and a subscription of 36.5 million units during the trading session [1][2] - The Daqing Petrochemical Company has achieved record production levels of MTBE, increasing by 0.44 thousand tons compared to the same period last year, reflecting effective management and production optimization [1] Group 2 - The second quarter of this year saw a rapid rebound in the overall market, with the chemical sector focusing on price increases, domestic demand support, and new materials [2] - Investment in the chemical sector is being directed towards potassium fertilizers and fluorochemical sectors due to their fundamental support, while domestic demand is gaining attention amid international trade conflicts [2] - The top ten weighted stocks in the Zhongzheng Subdivided Chemical Industry Theme Index account for 43.37% of the index, indicating a concentration of investment in major players like Wanhua Chemical and Yanhai Co [3]

股票代码：603225 股票简称：新凤鸣 公告编号：2025-066 转债代码：113623 转债简称：凤 21 转债 新凤鸣集团股份有限公司 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： ? 新凤鸣集团股份有限公司（以下简称"公司"）实际控制人庄奎龙先生 持有公司的股份总数为 337,521,813 股，占公司总股本比例为 22.14%。庄奎龙 先生本次解除质押 52,220,000 股，并再质押 48,000,000 股后，累计质押股份数 为 48,000,000 股，占其所持有公司股份总数的 14.22%，占公司总股本比例为 ? 庄奎龙先生及其一致行动人新凤鸣控股集团有限公司（以下简称"新凤 鸣控股"）、桐乡市中聚投资有限公司（以下简称"中聚投资"）、屈凤琪女 士、桐乡市尚聚投资有限公司（以下简称"尚聚投资"）、桐乡市诚聚投资有 限公司（以下简称"诚聚投资"）合计持有公司的股份总数为 909,176,020 股， 占公司总股本的比例为 59.63%。本次股份解除质押及再质押后，庄奎龙先生及 其一致 ...

| 股票代码：603225 | 股票简称：新凤鸣 | | 公告编号：2025-066 | | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 | 转债 21 | | 新凤鸣集团股份有限公司 关于实际控制人股份解除质押及再质押的公告 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。 重要内容提示： 新凤鸣集团股份有限公司（以下简称"公司"）实际控制人庄奎龙先生 持有公司的股份总数为 337,521,813 股，占公司总股本比例为 22.14%。庄奎龙 先生本次解除质押 52,220,000 股，并再质押 48,000,000 股后，累计质押股份数 为 48,000,000 股，占其所持有公司股份总数的 14.22%，占公司总股本比例为 3.15%。 庄奎龙先生及其一致行动人新凤鸣控股集团有限公司（以下简称"新凤 鸣控股"）、桐乡市中聚投资有限公司（以下简称"中聚投资"）、屈凤琪女 士、桐乡市尚聚投资有限公司（以下简称"尚聚投资"）、桐乡市诚聚投资有 限公司（以下简称"诚聚投资"） ...

Core Viewpoint - The polyester filament industry is undergoing a transformation with self-regulation measures improving pricing and profitability, while the industry is expected to see enhanced profitability in the medium term due to reduced production capacity and strong demand from downstream sectors [1][3]. Group 1: Industry Dynamics - The polyester filament expansion cycle is nearing its end, with new capacity concentrated among leading companies, resulting in increased market concentration [1]. - From 2014 to 2023, the industry's capacity grew from 21.03 million tons to 41.28 million tons, with a compound annual growth rate of 7.78%. In 2024, new capacity is expected to be only 970,000 tons, a significant drop to 2.35% year-on-year growth [1]. - The concentration ratio (CR6) is projected to rise from approximately 85% in 2023 to 87% in 2024, indicating stronger dominance by leading firms [1]. Group 2: Demand and Export Trends - The demand for polyester filament is supported by stable global textile and apparel demand, with domestic retail sales in clothing, shoes, and textiles increasing by 3.10% year-on-year in the first half of 2025, leading to a 5.37% increase in apparent consumption of polyester filament [2]. - Direct exports of polyester filament reached 1.7652 million tons in the first half of 2025, showing a robust year-on-year growth of 14.18% [2]. - The U.S. apparel market is recovering, with monthly sales figures showing positive growth since April 2024, which is expected to further bolster polyester filament demand [2]. Group 3: Profitability and Self-Regulation - The self-regulation initiative in May 2024, which included a "one-price" policy, initially improved polyester filament prices and profitability, with significant price increases noted in various filament types [3]. - However, the initiative faced challenges due to falling oil prices and low downstream operating rates, leading to a competitive pricing environment [3]. - Looking ahead to 2025, the removal of the "one-price" model is expected to allow for more flexible adjustments, with the industry maintaining strong profitability despite external pressures [3]. Group 4: Beneficiary Companies - Key beneficiaries in the polyester filament sector include Xinfengming (603225.SH), Tongkun (601233.SH), Hengli Petrochemical (600346.SH), Rongsheng Petrochemical (002493.SZ), Hengyi Petrochemical (000703.SZ), and Dongfang Shenghong (000301.SZ) [4].

行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-07 2024-11 2025-03 2025-07 化学纤维 沪深300 化学纤维 2025 年 07 月 24 日 投资评级：看好（维持） 涤纶长丝扩产周期已到尾声，新增产能集中于头部，龙头集中度再提升 涤纶长丝行业已告别高速扩产期，2014-2023 年行业产能从 2103 万吨增至 4128 万 吨，年均复合增长率达 7.78%；而 2024 年新增产能仅 97 万吨，同比增速骤降至 2.35%， 2025 年 155 万吨新增产能规划也仅由桐昆股份、新凤鸣两大龙头释放，且投产节奏 有序。近两年行业集中度也因此进一步提升，CR6 从 2023 年的 85%左右升至 2024 年的 87%，龙头企业对行业的主导能力进一步增强。展望 2026 年，行业潜在新增产 能依旧主要集中在桐昆股份和新凤鸣两大龙头。我们长期坚定看好，涤纶长丝行业 格局优化，盈利能力有望持续修复。 涤纶长丝下游纺服需求稳健，直接出口增长明显，带动长丝需求稳中向上 全球纺织服装需求稳健，对涤纶长丝需求起到良好支撑作用。国内方面，2025 年 1-6 月 ...

Group 1 - The chemical sector is experiencing a strong rally, with the chemical ETF (516020) rising by 1.24% as of the latest update [1] - Key stocks such as Yipuli and Yara International have seen significant gains, with some stocks increasing over 3% [1] - The current situation in the chemical industry is reminiscent of the supply-side reforms of 2014-2015, suggesting a potential turning point for the sector [2] Group 2 - Domestic policies frequently emphasize supply-side requirements, while international factors like rising raw material costs and capacity exits in Europe and the U.S. add uncertainty to chemical supply [3] - The Chinese chemical industry is expected to leverage its competitive advantages in cost and technology to fill gaps in the international supply chain [3] - The implementation of new policies aimed at stabilizing growth in key industries, including chemicals, is anticipated to lead to structural adjustments and the elimination of outdated capacities [3] Group 3 - The chemical ETF (516020) tracks the CSI Sub-Industry Chemical Index, with nearly 50% of its holdings in large-cap stocks, providing an efficient way to invest in the sector [4] - The ETF includes a diverse range of chemical sub-sectors, allowing investors to capture various investment opportunities within the chemical industry [4]

Investment Rating - The report maintains a "Positive" investment rating for the chemical industry [11] Core Insights - The report emphasizes the importance of addressing "involution" in the chemical industry, with multiple government meetings in 2024 highlighting the need to combat "malicious competition" and promote product quality [6][16] - The focus is on identifying potential investment opportunities within the chemical sector that can benefit from the government's "anti-involution" policies [17] Summary by Sections Why Focus on Chemical Industry Investment Opportunities? - The report outlines the government's commitment to addressing "involution" through various meetings and policy announcements, including the emphasis on supply-side structural reforms and the need for industry self-discipline [6][16] - The report suggests that the chemical industry can find opportunities under the current "anti-involution" policies, particularly through the identification of sectors with stable supply-demand dynamics [17] Which Sub-industries May Benefit from Anti-involution? - The report identifies several sub-industries likely to benefit from the anti-involution policies, including: 1. Comprehensive Chain: Chromium salts, caustic soda, industrial silicon, organic silicon 2. Agricultural Chain: Glyphosate, urea, methanol, sucralose/aspartame, MSG, lysine 3. Real Estate Chain: PVC, soda ash, titanium dioxide, MDI/TDI 4. Electronics Chain: Photoinitiators, refrigerants R134a/R32 5. Textile Chain: Dyes, viscose staple fiber, spandex, viscose filament, polyester filament 6. Automotive Chain: Polyester industrial yarn [7][8][20] Investment Recommendations - The report recommends focusing on sub-industries that meet specific criteria such as slowing capacity growth, high operating rates, high concentration, minimal cost differences among leading companies, and products at the bottom of the price cycle [8][9] - Key sub-industries to watch include organic silicon, polyester filament, photoinitiators, glyphosate, industrial silicon, and MSG/amino acids, with specific companies highlighted for potential investment [9][29]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company plans to invest 100 million RMB in Lif Biotechnology, acquiring a 7.0175% stake, which is a strategic move to position itself in the bio-based polyester industry chain [6][7] - Lif Biotechnology is a leading manufacturer of bio-based FDCA, a key material in the "green chemistry" sector, which has the potential to replace petrochemical-based PET in the long term [6][7] - The investment is expected to create synergies with the company's existing polyester business, despite short-term challenges such as the target company's losses and industrialization risks [7] Financial Summary - The company’s projected net profits for 2025, 2026, and 2027 are 1.344 billion, 1.845 billion, and 2.234 billion RMB respectively, with corresponding P/E ratios of 12.65, 9.21, and 7.61 [8] - Revenue is expected to grow from 67.091 billion RMB in 2024 to 81.610 billion RMB in 2027, with a compound annual growth rate (CAGR) of approximately 6.5% [11] - The gross margin is projected to improve from 5.6% in 2024 to 7.5% in 2027, indicating enhanced profitability [11]