智通财经7月17日电，新凤鸣(603225.SH)公告称，公司拟以1亿元增资合肥利夫生物科技有限公司，增 资后持有其7.0175%股权。本次投资事项不构成关联交易，不属于重大资产重组情形。投资风险包括市 场需求不确定性、投后管理风险和预期投资收益不确定等。 新凤鸣：拟1亿元增资合肥利夫生物科技公司 ...

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]

证券研究报告 大炼化周报：长丝价格承压，产销上升 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 能源化工研究分析师：周少玟 执业证书编号：S0600525070005 联系方式：zhoushm@dwzq.com.cn 2025年7月13日 请务必阅读正文之后的免责声明部分 投资要点 2 ◼ 【国内外重点炼化项目价差跟踪】国内重点大炼化项目本周价差为2529元/吨，环比-106元/吨（环比-4%）；国外 重点大炼化项目本周价差为1070元/吨，环比-58元/吨（环比-5%）。 ◼ 【聚酯板块】本周POY/FDY/DTY行业均价分别为6779/6986/8075元/吨，环比分别-211/-264/-193元/吨， POY/FDY/DTY行业周均利润为26/-102/24元/吨，环比分别-37/-73/-26元/吨，POY/FDY/DTY行业库存为 24.2/24.7/29.4天，环比分别+2.5/+2.3/+0.8天，长丝开工率为91.9%，环比+0.7pct。下游方面，本周织机开工 率为56.2%，环比-1.9pct，织造企业 ...

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]

证券研究报告 大炼化周报：长丝价格继续下跌，库存增加 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 能源化工研究助理：周少玟 执业证书编号：S0600123070007 联系方式：zhoushm@dwzq.com.cn 2025年7月6日 请务必阅读正文之后的免责声明部分 投资要点 2 ◼ 【国内外重点炼化项目价差跟踪】国内重点大炼化项目本周价差为2673元/吨，环比+0元/吨（环比+0%）；国外 重点大炼化项目本周价差为1124元/吨，环比-117元/吨（环比-9%）。 ◼ 【聚酯板块】本周POY/FDY/DTY行业均价分别为6989/7250/8268元/吨，环比分别-186/-229/-161元/吨， POY/FDY/DTY行业周均利润为64/-29/50元/吨，环比分别+1/-27/+18元/吨，POY/FDY/DTY行业库存为 21.7/22.4/28.6天，环比分别+4.5/+3.5/+3.3天，长丝开工率为90.9%，环比+0.4pct。下游方面，本周织机开工 率为58.1%，环比-0.9pct，织造企业原料库 ...

申万宏源证券承销保荐有限责任公司 关于新凤鸣集团股份有限公司 差异化分红事项的核查意见 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐公司" 或"保荐机构"）作为新凤鸣集团股份有限公司（以下简称"新凤鸣"、"公司" 或"发行人"）公开发行可转换公司债券的保荐机构，根据《证券发行上市保荐 业务管理办法》《中华人民共和国公司法》（以下简称"《公司法》"）《中华 人民共和国证券法》（以下简称"《证券法》"）《上市公司股份回购规则》（以 下简称"《回购规则》"）《上海证券交易所股票上市规则》（以下简称"《上 市规则》"）、《上海证券交易所上市公司自律监管指引第 7 号——回购股份》 （以下简称"《自律监管指引第 7 号》"）等法律、法规、规范性文件的规定， 对公司 2024 年度利润分配所涉及的差异化分红（以下简称"本次差异化分红"） 相关事项进行了审慎核查，核查情况如下： 一、本次差异化分红的原因 于以集中竞价交易方式回购股份的预案的议案》，公司拟以自有资金以集中竞价 交易方式回购公司股份（以下简称"本次回购"）。根据该议案，公司拟使用不 低于人民币 1.50 亿元且不超过人民币 3.00 亿元的自有 ...

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].