Core Viewpoint - The company plans to invest 100 million yuan in Hefei Lif Biotechnology Co., Ltd., acquiring a 7.0175% stake in the company [1] Group 1 - The investment does not constitute a related party transaction and is not classified as a major asset restructuring [1] - The investment risks include uncertainties in market demand, post-investment management risks, and uncertainties in expected investment returns [1]

Investment Rating - The report maintains a "Buy" rating for Chanhen (002895 CH), Yuntianhua (600096 CH), and NHU (002001 CH), while Skshu (603737 CH) and Yuhong (002271 CH) are rated "Hold" [3][4][8]. Core Insights - The phosphate sector is experiencing strong performance, with companies like NHU expecting a profit increase of 50-70% in 1H25, driven by resilient agricultural demand and rising prices [3]. - Chanhen and Yuntianhua are highlighted as top picks due to their earnings momentum and robust dividend profiles, with expected earnings growth of over 40% year-on-year for Chanhen in 2Q and around 10% for Yuntianhua [3][8]. - The report notes potential catalysts for growth, including rising fertilizer export prices and elevated phosphate rock prices during the peak planting season [3]. Summary by Sections Phosphate Sector - Phosphate companies are expected to lead the sector, with Chanhen and Yuntianhua showing strong earnings growth and dividend yields exceeding 6% in 2025 [3][8]. - NHU's profit guidance indicates overall sector strength, with a projected increase of 50-70% [3]. Building Materials - Skshu has issued positive profit guidance for 2Q, projecting earnings growth of 69-118% year-on-year, but the report maintains a "Hold" rating due to the growth being largely priced in [4]. - Yuhong is expected to face ongoing weakness in earnings due to challenges in new housing and engineering construction [4]. Commodity Chemicals - Satellite Chemical is facing headwinds with expected earnings declines due to turbulence in ethane/propane imports and operational risks [5]. - Wanhua and LB Group are also under pressure from anti-dumping duties affecting their core products, leading to a negative outlook for their 2Q earnings [5].

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has shown better performance than the market, with a year-to-date increase of 8.9%, outperforming the Shanghai Composite Index by 4.2 percentage points [4][16] - The global potash market is characterized by oligopoly, with major producers controlling supply and prices. Recent production cuts by key players are expected to sustain potash market conditions [5][27] - Phosphate supply remains tight, with stable prices and potential improvements in export opportunities as demand increases [5][27] Summary by Sections 1. Core Viewpoints - Policies are expected to improve supply-demand dynamics in the chemical sector, with a focus on cyclical investment opportunities [13] - The chemical industry is entering a new long-term prosperity cycle, driven by improved fundamentals and reduced risks [13][14] 2. Overall Performance of the Chemical Sector - The basic chemical industry index increased by 1.5% during the week, outperforming the Shanghai Composite Index by 0.4 percentage points [16] - Year-to-date, the basic chemical industry index has increased by 8.9%, significantly outperforming both the Shanghai Composite and ChiNext indices [16][18] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 298 stocks rose while 123 fell during the week [25] - The top performers included companies like Shangwei New Materials (+72.9%) and Hongbo New Materials (+24.7%) [25][26] 4. Key News and Company Announcements - The autumn fertilizer preparation has begun, with a focus on investment opportunities in potash and phosphate fertilizers [27] - Major potash producers have announced production cuts, which are expected to tighten supply and support prices [5][27] - Phosphate prices remain stable, with potential for improved export conditions as demand increases [5][27] 5. Product Price Changes - The report highlights significant price increases in various chemical products, with notable gains in dimethylamine (+16.7%) and fatty alcohol (+8.2%) [6] - Conversely, urea prices have seen a significant decline (-15%) [6]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints The report presents a weekly update on the large refining and chemical industry, covering various aspects such as price trends, profit margins, inventory levels, and开工 rates in different sectors including polyester, refining, and chemicals. It also provides data on the stock performance and earnings forecasts of major private refining and chemical companies [2][8][9]. 3. Summary by Directory 3.1 Big Refining Weekly Data Briefing - **Stock Performance and Earnings Forecast**: The report tracks the price changes of 6 major private refining companies over different time - frames (weekly, monthly, quarterly, yearly, and year - to - date in 2025). It also provides earnings forecasts for these companies from 2024 to 2027, including total market capitalization, net profit attributable to shareholders, PE, and PB [8]. - **Oil Prices and Refining Spreads**: International crude oil prices (Brent and WTI) decreased this week. The domestic refining project spread remained stable with a 0.0% week - on - week change, while the foreign refining project spread decreased by 9.4% week - on - week [8]. - **Polyester Sector**: - **Raw Materials and Intermediate Products**: PX average price decreased by $17.0/ton week - on - week, and its spread over crude oil decreased by $29.4/ton. MEG price increased by 14.3 yuan/ton, and PTA price decreased by 185.0 yuan/ton. - **Polyester Filament**: POY, FDY, and DTY prices decreased, and their profit margins also declined. Inventory levels of POY, FDY, and DTY increased, while the开工 rate of polyester filament increased to 91.9%. The downstream weaving开工 rate decreased to 56.2%, and the raw material inventory of weaving enterprises decreased, while the finished product inventory increased [2][9]. - **Other Polyester Products**: The price of polyester staple fiber decreased, but its profit margin increased. The price of polyester bottle - grade chips decreased, and its profit margin also decreased [9]. - **Refining Sector**: - **Domestic Refined Oil**: The prices of gasoline, diesel, and aviation kerosene in China decreased this week. - **US Refined Oil**: The prices of gasoline, diesel, and aviation kerosene in the US increased this week. - **European and Singaporean Refined Oil**: The prices of refined oil products in Europe and Singapore showed different trends, with some increasing and some decreasing [9]. - **Chemical Sector**: The prices and spreads of various chemical products such as pure benzene, styrene, acrylonitrile, and polyethylene decreased to varying degrees [9]. 3.2 Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: The report may contain data on the performance of the big refining index and the spread trends of domestic and foreign refining projects, but specific data is not fully presented in the provided text [11][12]. - **2.2 Polyester Sector**: It includes multiple data series related to the polyester sector, such as the relationship between crude oil, PX, PTA, and polyester filament prices, profit margins,开工 rates, inventory levels, and production and sales rates [22][23][37]. - **2.3 Refining Sector**: It provides detailed data on the relationship between crude oil and refined oil prices (gasoline, diesel, and aviation kerosene) in different regions (China, the US, Europe, and Singapore), including price spreads and changes [79][89][94]. - **2.4 Chemical Sector**: It presents data on the relationship between crude oil and various chemical product prices (such as polyethylene, polypropylene, EVA, etc.), including price spreads and changes [129][130][134].

Core Viewpoint - The company Xin Feng Ming (603225.SH) announced a share reduction plan by several directors due to personal financial needs, which may impact investor sentiment and stock performance [1] Group 1: Share Reduction Plan - Director Shen Jianyu plans to reduce his holdings by up to 1,000,000 shares, representing 0.07% of the total share capital and 7.24% of his direct holdings [1] - Director Xu Jizhong also intends to reduce his holdings by up to 1,000,000 shares, which is 0.07% of the total share capital and 7.39% of his direct holdings [1] - Director Yang Jianfei aims to reduce his holdings by up to 1,000,000 shares, accounting for 0.07% of the total share capital and 7.54% of his direct holdings [1] Group 2: Current Shareholding Status - As of the announcement date, Shen Jianyu holds 13,812,911 shares, which is 0.91% of the total share capital [1] - Xu Jizhong holds 13,535,976 shares, representing 0.89% of the total share capital [1] - Yang Jianfei holds 13,269,727 shares, making up 0.87% of the total share capital [1] Group 3: Fundraising History - Xin Feng Ming raised a total of 6.715 billion yuan from three fundraising events [4] - The company issued convertible bonds in 2018, raising a net amount of approximately 2.131 billion yuan after deducting issuance fees [2] - In 2021, the company issued convertible bonds again, raising a net amount of approximately 2.479 billion yuan after fees [3]

证券代码：603225 证券简称：新凤鸣 公告编号：2025-063 新凤鸣集团股份有限公司 部分董事减持股份计划公告 本公司董事会、全体董事及相关股东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： 部分董事持股的基本情况 截至本公告披露日，新凤鸣集团股份有限公司（以下简称"公司"）董事兼 副总裁沈健彧先生持有公司股票 13,812,911 股，占公司总股本的 0.91%；董事兼 副总裁许纪忠先生持有公司股票 13,535,976 股，占公司总股本的 0.89%；董事兼 副总裁兼董事会秘书杨剑飞先生持有公司股票 13,269,727 股，占公司总股本的 0.87%。 减持计划的主要内容 因个人资金需求，自本公告披露之日起 15 个交易日后的 3 个月内，公司董 事兼副总裁沈健彧先生，拟通过集中竞价方式减持所持公司股份不超过 1,000,000 股，占公司总股本的 0.07%，占其直接持有股份总数的 7.24%；公司董 事兼副总裁许纪忠先生，拟通过集中竞价方式减持所持公司股份不超过 1,000,000 股，占公司总股本的 0.07%， ...

Core Viewpoint - The company Xin Feng Ming (603225) announced that three executives plan to reduce their holdings due to personal financial needs, which may impact the stock price and investor sentiment [1] Summary by Relevant Sections Executive Share Reduction - Executives Shen Jianyu, Xu Jizhong, and Yang Jianfei plan to reduce their holdings by a maximum of 1 million shares each, representing 0.07% of the company's total share capital [1] Timing and Method - The reduction will occur through centralized bidding within three months after the announcement, starting 15 trading days from the disclosure date [1] Compliance and Oversight - The reduction plan complies with relevant laws and regulations, and the company will ensure that shareholders adhere to disclosure obligations during the reduction period [1]

1. Report Investment Rating Information - The report does not explicitly mention the investment rating for the industry [158] 2. Core Viewpoints - The report provides a comprehensive analysis of the large refining and chemical industry in the current week, covering various aspects such as project spreads, polyester, refining, and chemical sectors, and presents detailed data on prices, profits, inventories, and operating rates [2] 3. Summary by Directory 3.1 Big Refining Weekly Data Briefing 3.1.1 Stock Price and Market Value - The report tracks the stock price changes of 6 major private refining companies in the past week, month, quarter, year, and from the beginning of 2025 to date, and provides profit forecasts and related financial indicators such as market value, net profit attributable to shareholders, and price - earnings ratios [8] 3.1.2 Oil Price and Refining Spreads - International crude oil prices (Brent and WTI) have declined, with Brent at $68.0/barrel (down $1.2, -1.8% week - on - week) and WTI at $66.0/barrel (down $0.5, -0.8% week - on - week) - The spread of domestic refining projects is 2,673 yuan/ton, unchanged week - on - week; the spread of foreign refining projects is 1,124 yuan/ton, down 117 yuan/ton (-9% week - on - week) [8] 3.1.3 Polyester Sector - **Product Prices and Profits**: POY, FDY, and DTY prices have decreased, with POY at 6,989 yuan/ton (down 186 yuan/ton), FDY at 7,250 yuan/ton (down 229 yuan/ton), and DTY at 8,268 yuan/ton (down 161 yuan/ton). POY and DTY profits have increased, while FDY profits have decreased - **Inventory and Operating Rates**: POY, FDY, and DTY inventories have increased, with POY at 21.7 days (up 4.5 days), FDY at 22.4 days (up 3.5 days), and DTY at 28.6 days (up 3.3 days). The filament operating rate is 90.9% (up 0.4 percentage points), the loom operating rate is 58.1% (down 0.9 percentage points), the raw material inventory of weaving enterprises is 10.4 days (down 1.1 days), and the finished product inventory is 28.0 days (up 0.8 days) [2][9] 3.1.4 Refining Sector - Domestic gasoline, diesel, and jet fuel prices have declined; in the US, gasoline prices have declined, while diesel and jet fuel prices have increased [2] 3.1.5 Chemical Sector - The average price of PX is $861.7/ton (down $13.4 week - on - week), the spread to crude oil is $365.2/ton (down $4.4 week - on - week), and the PX operating rate is 84.6% (down 1.8 percentage points) [2] 3.2 Big Refining Weekly Report 3.2.1 Big Refining Index and Project Spread Trends - The report may analyze the trends of the big refining index and the spreads of domestic and foreign refining projects, but specific data and analysis are not detailed in the provided text [12] 3.2.2 Polyester Sector - Covers various aspects such as the prices and spreads of raw materials (crude oil, PX, MEG, PTA), the prices and profits of polyester products (filaments, short fibers, bottle chips), inventory levels, and operating rates [23] 3.2.3 Refining Sector - Analyzes the prices and spreads of domestic and foreign refined oil products (gasoline, diesel, jet fuel) and their relationships with crude oil prices [80] 3.2.4 Chemical Sector - Analyzes the prices and spreads of various chemical products (polyethylene, polypropylene, EVA, etc.) and their relationships with crude oil prices [136]

Core Viewpoint - The company is implementing a differentiated dividend distribution plan for the fiscal year 2024, which includes a cash dividend of RMB 0.225 per share, while shares repurchased will not participate in profit distribution [5][7]. Group 1: Reasons for Differentiated Dividend - The company plans to repurchase shares using its own funds, with a budget between RMB 150 million and RMB 300 million, specifically for an employee stock ownership plan [1]. - The repurchase period is set from March 7, 2022, to March 6, 2023, during which the company repurchased a total of 18,381,291 shares [1]. - A subsequent resolution increased the repurchase budget to between RMB 250 million and RMB 500 million, with a total of 23,980,100 shares repurchased by January 30, 2025 [2]. Group 2: Dividend Distribution Plan - The company intends to distribute a cash dividend of RMB 0.225 per share to all shareholders, with no stock dividends or capital reserve transfers planned for the year [5]. - As of June 17, 2025, the total share capital is 1,524,654,505 shares, and after excluding the repurchased shares, the actual shares participating in the distribution amount to 1,495,286,114 shares [5][6]. Group 3: Calculation Basis for Dividend - The dividend distribution will be based on the total share capital excluding repurchased shares, with the calculation of the ex-dividend reference price showing minimal impact from the repurchased shares [6]. - The calculated ex-dividend reference price is RMB 10.3150 per share, with a negligible impact of less than 1% from the repurchased shares on the reference price [6]. Group 4: Verification Opinion - The underwriting institution, Shenwan Hongyuan, confirms that the differentiated dividend distribution complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [7].

Core Viewpoint - The announcement details the adjustment of the conversion price for the "Feng 21 Convertible Bonds" due to the implementation of the 2024 annual profit distribution plan, with the new conversion price set at 15.78 CNY per share, effective from July 11, 2025 [1][6]. Group 1: Securities Trading and Price Adjustment - The "Feng 21 Convertible Bonds" will suspend conversion from July 4, 2025, until the equity registration date on July 10, 2025, and will resume conversion on July 11, 2025 [1]. - The previous conversion price was 16.00 CNY per share, which will be adjusted to 15.78 CNY per share [1][6]. - The adjustment is based on the cash dividend of 0.225 CNY per share (including tax) to be distributed to shareholders [3][6]. Group 2: Regulatory Compliance and Historical Context - The adjustment of the conversion price complies with the relevant provisions outlined in the prospectus for the convertible bonds issued on April 8, 2021 [5]. - Previous adjustments to the conversion price occurred due to profit distribution matters, with the price previously adjusted from 16.60 CNY to 16.47 CNY per share [2][4].