Core Viewpoint - New Feng Ming's stock has shown significant performance with a year-to-date increase of 54.73%, despite a recent decline of 2.31% over the last five trading days [1] Group 1: Stock Performance - As of November 25, New Feng Ming's stock price is 16.88 CNY per share, with a market capitalization of 25.734 billion CNY [1] - The stock has experienced a trading volume of 92.16 million CNY and a turnover rate of 0.37% [1] - The stock has seen a 5.43% increase over the last 20 days and a 15.46% increase over the last 60 days [1] Group 2: Financial Performance - For the period of January to September 2025, New Feng Ming reported a revenue of 51.542 billion CNY, reflecting a year-on-year growth of 4.77% [2] - The net profit attributable to shareholders for the same period was 0.869 billion CNY, marking a year-on-year increase of 16.53% [2] Group 3: Shareholder Information - As of October 20, 2025, the number of shareholders for New Feng Ming is 20,400, a decrease of 0.76% from the previous period [2] - The average number of circulating shares per shareholder is 74,455, which has increased by 1.02% [2] - New Feng Ming has distributed a total of 1.733 billion CNY in dividends since its A-share listing, with 720 million CNY distributed in the last three years [3]

Group 1 - The report emphasizes a dual-driven strategy where technology and cyclical sectors are rebalanced, highlighting opportunities in the chemical industry under the "anti-involution" trend [4][14][15] - The report notes that from Q3 2025, both technology and cyclical sectors have shown synchronized growth, indicating a shift in market dynamics [15][18] - The chemical industry is expected to benefit from a recovery in supply-demand dynamics, with capital expenditure nearing its end and a significant decrease in ongoing projects [4][5][25] Group 2 - The chemical sector is positioned to enter a new cycle of prosperity, driven by the "anti-involution" policy, which is expected to enhance both performance and valuation [5][31][65] - The report identifies that the chemical industry has advantages over traditional cyclical sectors like steel and coal, particularly in capacity optimization and high-end transformation paths [25][30] - The report highlights that the chemical industry is experiencing a significant reduction in capital expenditure, with a 10% year-on-year decrease in ongoing projects as of H1 2025 [25][33] Group 3 - The report suggests that the domestic demand is stabilizing, supported by government policies aimed at boosting consumption, which is expected to benefit the chemical sector [35][42] - The chemical industry has shown resilience in exports despite trade tensions, with a notable increase in export volumes to ASEAN, EU, and India [42][47] - The report indicates that the chemical industry is likely to see a dual uplift in performance and valuation, particularly when compared to the refrigerant sector, which is currently experiencing high demand [66][68]

Core Viewpoint - New Feng Ming's stock price has shown significant fluctuations, with a year-to-date increase of 51.89% but a recent decline of 10.34% over the last five trading days [1] Financial Performance - For the period from January to September 2025, New Feng Ming achieved a revenue of 51.542 billion yuan, representing a year-on-year growth of 4.77%. The net profit attributable to shareholders was 869 million yuan, reflecting a year-on-year increase of 16.53% [2] Shareholder Information - As of October 20, 2025, the number of shareholders for New Feng Ming was 20,400, a decrease of 0.76% from the previous period. The average number of tradable shares per shareholder increased by 1.02% to 74,455 shares [2] - The company has distributed a total of 1.733 billion yuan in dividends since its A-share listing, with 720 million yuan distributed over the last three years [3] Stock Market Activity - On November 24, New Feng Ming's stock price rose by 2.03% to 16.57 yuan per share, with a trading volume of 165 million yuan and a turnover rate of 0.67%. The total market capitalization reached 25.262 billion yuan [1] - The net inflow of main funds was 4.2259 million yuan, with large orders accounting for 13.01% of purchases and 8.45% of sales [1] Business Overview - New Feng Ming Group Co., Ltd. is located in Tongxiang City, Zhejiang Province, and was established on February 22, 2000. It was listed on April 18, 2017. The company's main business includes the research, production, and sales of civilian polyester filament, short fibers, and PTA, which is one of its key raw materials [1] - The revenue composition of New Feng Ming includes POY (42.73%), PTA (13.29%), FDY (13.27%), short fibers (11.16%), DTY (10.16%), and others [1]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to benefit from the ongoing "anti-involution" measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift is anticipated to enhance cash flow and dividend yields for companies in the sector, transforming them from cash-consuming entities to cash-generating ones [7][27] - The report highlights the potential for domestic substitutes for Japanese semiconductor materials due to rising tensions in Sino-Japanese relations, which could accelerate the domestic market's growth in this area [6] Summary by Sections Recent Trends - The chemical industry has shown a relative performance increase of 16.1% over the past 12 months, outperforming the CSI 300 index, which increased by 11.6% [4] Key Price Movements - DMC (Dimethyl Carbonate) prices rose to 4400 CNY/ton, up 14.29% week-on-week, driven by strong demand from the electrolyte sector [14] - Lithium battery electrolyte prices increased to 27000 CNY/ton, up 8.00% week-on-week, although profit margins for manufacturers are under pressure due to rising raw material costs [14] - Diammonium phosphate prices in East China reached 3850 CNY/ton, up 5.48% week-on-week, amid rising production costs [14] Investment Opportunities - The report identifies four key opportunities in the chemical sector: 1. Low-cost expansion, focusing on companies like Wanhua Chemical and Hualu Hengsheng [9] 2. Improved industry conditions, particularly in chromium salts and phosphate rock [10] 3. New materials with high growth potential, such as electronic chemicals and aerospace materials [11] 4. High dividend yields from state-owned enterprises in the chemical sector, including China Petroleum and China National Chemical [11] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with many rated as "Buy" [28]

Investment Rating - The report does not explicitly state an investment rating for the oil refining industry. Core Insights - The report highlights that spring orders are beginning to be released in certain regions, and the profitability of polyester filament continues to improve [1]. Summary by Sections Domestic and International Refining Project Price Differentials - As of November 21, 2025, the domestic key refining project price differential is 2389.69 CNY/ton, with a week-on-week increase of 52.43 CNY/ton (+2.24%). The international key refining project price differential is 1446.16 CNY/ton, with a week-on-week increase of 6.66 CNY/ton (+0.46%) [2][3]. Refining Sector - The report notes that the end of the U.S. government shutdown is expected to boost demand. Geopolitical tensions, particularly the attack on the Russian port of Novorossiysk, raise concerns about supply disruptions from Russia. The Brent and WTI crude oil prices as of November 21, 2025, are 62.56 USD/barrel and 58.06 USD/barrel, respectively, reflecting decreases of 1.83 USD and 2.03 USD from the previous week [2][15]. Chemical Sector - The chemical price differentials are showing a fluctuating trend. Polyethylene prices are stable, while polypropylene demand remains weak, leading to price declines. The report indicates that the price of pure benzene remains stable, with a slight increase in its price differential [2][57]. Polyester & Nylon Sector - Demand for polyester filament is gradually being released, with product prices and profits showing slight increases. The report mentions that two new production facilities have been commissioned, although they have not yet started production. The prices of nylon fiber products have slightly increased, while the price differential has significantly decreased [2][57]. Stock Performance of Major Refining Companies - As of November 21, 2025, the stock price changes for six major private refining companies over the past week are as follows: Rongsheng Petrochemical (-9.17%), Hengli Petrochemical (-5.29%), Dongfang Shenghong (-3.44%), Hengyi Petrochemical (-3.01%), Tongkun Co. (-6.04%), and Xin Fengming (-9.63%). Over the past month, stock price changes are: Rongsheng Petrochemical (+4.58%), Hengli Petrochemical (+14.38%), Dongfang Shenghong (+7.91%), Hengyi Petrochemical (+10.44%), Tongkun Co. (+11.55%), and Xin Fengming (+7.98%) [2].

Market Overview - The chemical fiber sector experienced a decline of 1.76% on November 20, with Xinxiang Chemical Fiber leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Notable gainers in the chemical fiber sector included: - Nanjing Chemical Fiber: closed at 15.05, up 1.48% with a trading volume of 54,300 shares and a turnover of 80.55 million yuan [1] - Benxi Steel: closed at 4.46, up 1.36% with a trading volume of 547,100 shares and a turnover of 242 million yuan [1] - Major decliners included: - Xinxiang Chemical Fiber: closed at 4.89, down 4.49% with a trading volume of 595,500 shares and a turnover of 297 million yuan [2] - Xinfon Ming: closed at 16.53, down 4.45% with a trading volume of 168,200 shares and a turnover of 282 million yuan [2] Capital Flow - The chemical fiber sector saw a net outflow of 169 million yuan from main funds, while retail investors contributed a net inflow of 140 million yuan [2] - The detailed capital flow for selected stocks showed: - Huading Co.: main funds net inflow of 17.70 million yuan, retail net outflow of 16.75 million yuan [3] - Taihe New Materials: main funds net inflow of 6.45 million yuan, retail net outflow of 2.28 million yuan [3]

新凤鸣集团股份有限公司 2025 年第七次临时股东会 会议资料 2025 年 11 月 新凤鸣 2025 年第七次临时股东会会议资料 目录 | 新凤鸣集团股份有限公司 2025 年第七次临时股东会通知 3 | | --- | | 新凤鸣集团股份有限公司 2025 年第七次临时股东会会议须知 4 | | 新凤鸣集团股份有限公司 2025 年第七次临时股东会会议议程 6 | | 议案一、关于吸收合并全资子公司的议案 7 | | 议案二、关于变更公司回购专户 2022 年回购股份用途并注销暨减少注册资本的议 | | 案 10 | | 议案三、关于变更公司注册资本暨修订《公司章程》的议案 13 | 2 新凤鸣 2025 年第七次临时股东会会议资料 新凤鸣集团股份有限公司 2025 年第七次临时股东会通知 各位股东及股东代表： 新凤鸣集团股份有限公司（以下简称"公司"）2025 年第七次临时股东会拟 于 2025 年 12 月 4 日下午 14：00 时在公司总部二十四楼会议室召开。 本次股东会审议和表决议题如下： 1、审议《关于吸收合并全资子公司的议案》 2、审议《关于变更公司回购专户 2022 年回购股份用途并注销 ...

| 股票代码：603225 | 股票简称：新凤鸣 | | 公告编号：2025-114 | | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 | 转债 | | 新凤鸣集团股份有限公司 本次业绩说明会以网络方式举行，公司管理层就公司 2025 年前三季度业绩等情 况与投资者进行了互动交流。 二、说明会召开的时间、地点 本次说明会于 2025 年 11 月 20 日(星期四)上午 10:00－11:00 通过上海证券交易 所上证路演中心（网址：https://roadshow.sseinfo.com/）进行在线交流。 三、参加人员 公司：董事长兼总裁庄耀中先生；副总裁兼董事会秘书杨剑飞先生；财务总监 沈孙强先生；独立董事宋爱军女士等。 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。 关于 2025 年第三季度业绩说明会的公告 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 特此公告。 新凤鸣集团股份有限公司董事会 20 ...

Group 1 - The core point of the news is that Xin Feng Ming's stock price dropped by 5.03% to 16.43 CNY per share, with a trading volume of 214 million CNY and a turnover rate of 0.84%, resulting in a total market capitalization of 25.048 billion CNY [1] - Xin Feng Ming Group Co., Ltd. is located in Tongxiang City, Zhejiang Province, and was established on February 22, 2000. The company was listed on April 18, 2017, and its main business involves the research, production, and sales of civilian polyester filament, short fibers, and PTA, which is one of its main raw materials [1] - The revenue composition of Xin Feng Ming's main business includes: POY 42.73%, PTA 13.29%, FDY 13.27%, short fibers 11.16%, DTY 10.16%, and others 4.72% [1] Group 2 - From the perspective of major fund holdings, one fund under Huaxia Fund has a significant position in Xin Feng Ming. The Huaxia Fuyuan Pension Target 2045 Three-Year Holding Mixed Initiation Fund (FOF) A (015682) reduced its holdings by 70,000 shares in the third quarter, holding a total of 300,000 shares, which accounts for 0.65% of the fund's net value, ranking as the fifth-largest holding [2] - The Huaxia Fuyuan Pension Target 2045 fund was established on June 24, 2022, with a current scale of 685 million CNY. Year-to-date returns are 12.52%, ranking 584 out of 1039 in its category, while the one-year return is 14.63%, ranking 497 out of 1017 [2] - The fund manager, Xu Liming, has a cumulative tenure of 18 years and 119 days, with the current total asset scale of 4.957 billion CNY. The best fund return during his tenure is 51.81%, while the worst is -31.03% [2]

Market Overview - The chemical fiber sector experienced a decline of 1.3% on November 19, with Cai Die Industrial leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - Notable gainers in the chemical fiber sector included: - Baogudi (300905) with a closing price of 33.59, up 2.75% and a trading volume of 63,400 shares [1] - Montai High-tech (300876) at 31.92, up 2.14% with 19,900 shares traded [1] - Major decliners included: - Cai Die Industrial (603073) at 19.31, down 5.11% with a trading volume of 28,000 shares [2] - Wanwei High-tech (600063) at 6.42, down 4.89% with 786,400 shares traded [2] Capital Flow - The chemical fiber sector saw a net outflow of 196 million yuan from institutional investors, while retail investors contributed a net inflow of 176 million yuan [2] - The detailed capital flow for selected stocks showed: - Baogudi (300905) had a net inflow of 27.05 million yuan from institutional investors [3] - Cai Die Industrial (603073) experienced a net outflow of 11.68 million yuan from institutional investors [3]