Group 1 - The chemical sector experienced a strong opening on July 30, with the chemical ETF (516020) rising over 2% during intraday trading, reflecting overall positive momentum in the sector [1] - Key stocks in the sector, including Satellite Chemical, Xin Fengming, and others, saw significant gains, with Satellite Chemical surging over 6% and several others rising more than 4% [1][2] - The basic chemical sector attracted substantial capital inflow, with net inflows exceeding 2.2 billion yuan, ranking second among 30 major sectors [1][3] Group 2 - The domestic chemical industry is facing a cycle of "expansion-price suppression-loss," leading to deteriorating profitability and a need for capacity constraints to break this cycle [3] - Leading companies in the chemical sector are expected to benefit significantly due to their lack of obsolete capacity, cost advantages, and high market share, which positions them well for profitability [3] - Current valuation metrics suggest that it may be an opportune time to invest in the chemical sector, with the chemical ETF's price-to-book ratio at 2.08, indicating a low valuation relative to historical levels [4] Group 3 - The market anticipates a policy shift towards "de-involution," which could lead to a re-pricing of cost factors in the chemical sector, similar to the effects seen during the supply-side reform period [4] - Investors are encouraged to focus on cyclical basic chemical products and leading companies with cost advantages as potential investment opportunities [4] - The chemical ETF (516020) provides a diversified investment approach, covering various sub-sectors and concentrating on large-cap leading stocks, which enhances investment efficiency [5]

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and chemical fiber industry [1] Core Insights - The report highlights that the supply-side clearing pattern is improving, and the industry is awaiting a recovery in prosperity [1] - The report emphasizes the ongoing elimination and upgrading of outdated chemical facilities, which is expected to stabilize the supply side of the industry [4] - The polyester filament industry is experiencing a continuous increase in concentration, with leading companies likely to benefit from the recovery in industry prosperity [5][7] Summary by Sections Industry Overview - The chemical industry is undergoing a phase of eliminating outdated facilities, with a focus on safety and efficiency improvements. A plan has been issued for the period from 2024 to 2029 to phase out non-compliant production facilities and upgrade existing ones [4] - The domestic refining capacity is expected to be maintained at around 1 billion tons, with a target utilization rate of over 80% for major products by 2025 [4] Polyester Filament Sector - The domestic polyester filament capacity has grown from 33.28 million tons in 2019 to 43.16 million tons in 2023, with an annual growth rate of 5%. The growth rate is expected to slow down significantly due to high oil prices and weakened supply-demand dynamics [5] - The industry is shifting from extensive expansion to refined operations, with a focus on high-value-added products, which is expected to enhance the market competitiveness of leading companies [5][7] Investment Recommendations - The report suggests focusing on leading companies in the "refining-chemical fiber" sector, including Tongkun Co., Ltd., Xinfengming Group, Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, and Dongfang Shenghong, as they are expected to benefit from the ongoing industry recovery [8]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002427 | 尤夫股份 | 7.61 | -2.56% | 28.79万 | 2.19亿 | | 002206 | 海利得 | 5.60 | -1.58% | 32.76万 | 1.83亿 | | 600889 | 南京化纤 | 15.06 | -1.57% | 0 8.80万 | 1.32亿 | | 600810 | 神马股份 | 66'8"8 | -1.43% | 12.37万 | 1.11亿 | | 836077 | 吉林峡谷 | 14.28 | -1.18% | 6.41万 | 9112.79万 | | 605166 | 聚合顺 | 11.36 | -1.13% | 9.39万 | 1.06亿 | | 603332 | 苏州龙杰 | 14.57 | -1.09% | 6.33万 | 9178.15万 | | 300905 | 宝丽迪 | 31.15 | -0.83% | 6.32万 | 1.96 Z | | 000949 | 新乡化纤 ...

1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Views of the Report - The prices of filaments and staple fibers weakened in the week. The domestic key large refining project spread increased slightly, while the foreign spread decreased slightly. The profits of the polyester filament industry declined, and the inventory decreased. The prices of domestic and US refined oil products showed a downward trend. The PX price increased, and the spread with crude oil widened, but the PX operating rate decreased [2]. 3. Summary According to Related Catalogs 3.1 Big Refining Weekly Data Briefing 3.1.1 Price and Spread of Key Refining Projects - The spread of domestic key large refining projects this week was 2,526 yuan/ton, a week - on - week increase of 45 yuan/ton (1.8%). The spread of foreign key large refining projects was 1,098 yuan/ton, a week - on - week decrease of 12 yuan/ton (-1.1%) [2][8]. 3.1.2 Polyester Plate - **Product Prices and Profits**: The average weekly prices of POY/FDY/DTY were 6,579/6,814/7,804 yuan/ton respectively, with week - on - week decreases of 25/18/75 yuan/ton. The weekly average profits were - 155/-264/-205 yuan/ton, with week - on - week decreases of 76/71/109 yuan/ton. The price of polyester staple fiber was 6,617.1 yuan/ton, a week - on - week decrease of 32.9 yuan/ton, and the profit was 36.6 yuan/ton, a week - on - week decrease of 81.1 yuan/ton [2][9]. - **Inventory and Operating Rate**: The inventory of POY/FDY/DTY was 15.5/20.3/28.1 days respectively, with week - on - week decreases of 9.9/5.3/2.6 days. The operating rate of filaments was 92.7%, a week - on - week increase of 0.5 percentage points. The operating rate of downstream looms was 55.6%, a week - on - week decrease of 0.2 percentage points. The raw material inventory of weaving enterprises was 10.4 days, a week - on - week increase of 1.2 days, and the finished product inventory was 30.7 days, a week - on - week increase of 0.3 days [2][9]. 3.1.3 Refining Plate - **Domestic Refined Oil**: The prices of diesel and jet fuel decreased this week. - **US Refined Oil**: The US gasoline price decreased this week [2]. 3.1.4 Chemical Plate - The average PX price this week was 849.3 US dollars/ton, a week - on - week increase of 6.7 US dollars/ton. The spread with crude oil was 346.3 US dollars/ton, a week - on - week increase of 8.1 US dollars/ton. The PX operating rate was 82.4%, a week - on - week decrease of 0.8 percentage points [2][9]. 3.1.5 Related Listed Companies - Private large refining and polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin Fengming [2]. 3.2 Big Refining Weekly Report 3.2.1 Big Refining Index and Project Spread Trends - The report shows the changes in the Shanghai - Shenzhen 300, the petroleum and petrochemical index, and the oil price, as well as the market performance of six private large refining companies and the weekly spreads of domestic and foreign large refining projects [13][15][18]. 3.2.2 Polyester Plate - The report presents multiple data related to the polyester industry chain, including the prices and spreads of crude oil, PX, PTA, MEG, and various polyester products, the operating rates of related products, inventory days, and sales - to - production ratios [24][37][45]. 3.2.3 Refining Plate - The report analyzes the prices and spreads of refined oil products in different regions (domestic, US, Europe, and Singapore) and their relationships with crude oil prices [79][93][105]. 3.2.4 Chemical Plate - The report shows the prices and spreads of various chemical products such as polyethylene, polypropylene, EVA, and styrene and their relationships with crude oil prices [130][135][138].

Group 1 - The company will hold its fourth extraordinary general meeting of shareholders on August 11, 2025, at 14:00 in the conference room on the 24th floor of the company located at 501 Lvxiang Road, Wutong Street, Tongxiang City, Zhejiang Province [2][10] - Voting will be conducted through a combination of on-site and online methods, with online voting available on the same day from 9:15 to 15:00 [3][4] - Shareholders must register to attend the meeting, providing necessary documentation such as identification and shareholder account information [11][12] Group 2 - The board of directors approved the adjustment of the repurchase price for the 2024 restricted stock incentive plan from 6.94 yuan per share to 6.72 yuan per share due to a dividend distribution [22][44] - The company will repurchase and cancel 100,000 shares of restricted stock from former employees who no longer meet incentive conditions, with the repurchase price set at 6.72 yuan per share [25][66] - Following the repurchase, the company's registered capital will decrease from 1,524,654,319.00 yuan to 1,524,554,319.00 yuan, and the total share capital will change accordingly [28][72]

Core Viewpoint - The legal opinion letter addresses the adjustments to the repurchase price and the cancellation of certain restricted stocks under the 2024 incentive plan of Xinfengming Group Co., Ltd. due to the implementation of the annual equity distribution and the departure of certain incentive targets [1][5][10]. Summary by Relevant Sections Adjustment of Repurchase Price - The repurchase price for restricted stocks has been adjusted from RMB 6.94 per share to RMB 6.72 per share following the annual equity distribution plan, which includes a cash dividend of RMB 0.225 per share for all shareholders [5][8][10]. - The total share capital for the profit distribution is based on 1,495,286,114 shares, excluding shares in the repurchase account [5][8]. Repurchase and Cancellation of Restricted Stocks - The company has obtained necessary approvals for the repurchase and cancellation of restricted stocks due to the departure of incentive targets, specifically Ma Jianzhong and Shen Shijie, who will have a total of 100,000 shares canceled [9][10]. - The repurchase price for the canceled stocks is set at RMB 6.72 per share, consistent with the adjusted repurchase price [10]. Compliance and Procedures - The adjustments and cancellations comply with the relevant laws, including the Company Law, Securities Law, and the Management Measures for Equity Incentives [6][10]. - The company is required to fulfill subsequent information disclosure obligations regarding the adjustments and cancellations [6][10][11].

股票代码：603225 股票简称：新凤鸣 公告编号：2025-067 转债代码：113623 转债简称：凤 21 转债 新凤鸣集团股份有限公司 关于调整公司 2024 年限制性股票激励计划回购价格的公告 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： ? 限制性股票回购价格由 6.94 元/股调整为 6.72 元/股 新凤鸣集团股份有限公司（以下简称"公司"）于 2025 年 7 月 25 日召开第 六届董事会第三十七次会议和第六届监事会第二十次会议，审议通过了《关于调 整公司 2024 年限制性股票激励计划回购价格的议案》，现将有关情况公告如下： 一、本次激励计划已履行的相关程序 通过了《关于 <新凤鸣集团股份有限公司 ensp="ensp" 年限制性股票激励计划="年限制性股票激励计划" 草案="草案"> 《关于 <新凤鸣集团股份有限公司 ensp="ensp" 年限制性股票激励计划="年限制性股票激励计 划"> 及其摘要的议案》、 实施考核管理办法>的议案》，同意将相关议案报请董事会审议。 二次会议 ...

| 股票代码：603225 | 股票简称：新凤鸣 | | 公告编号：2025-067 | | --- | --- | --- | --- | | | | 转债 | | | 转债代码：113623 | 转债简称：凤 21 | | | 新凤鸣集团股份有限公司 关于调整公司 2024 年限制性股票激励计划回购价格的公告 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： 限制性股票回购价格由 6.94 元/股调整为 6.72 元/股 新凤鸣集团股份有限公司（以下简称"公司"）于 2025 年 7 月 25 日召开第 六届董事会第三十七次会议和第六届监事会第二十次会议，审议通过了《关于调 整公司 2024 年限制性股票激励计划回购价格的议案》，现将有关情况公告如下： 一、本次激励计划已履行的相关程序 1、2024 年 8 月 1 日，公司第六届董事会薪酬与考核委员会第三次会议审议 通过了《关于<新凤鸣集团股份有限公司 2024 年限制性股票激励计划（草案）> 及其摘要的议案》、《关于<新凤鸣集团股份有限公司 2024 ...

| 股票代码：603225 | 股票简称：新凤鸣 | | 公告编号：2025-068 | | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 | 转债 | | 新凤鸣集团股份有限公司 关于对公司 2024 年限制性股票激励计划的部分激励股份 进行回购注销的公告 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： ●限制性股票回购数量：100,000 股 ●限制性股票回购价格：6.72 元/股 新凤鸣集团股份有限公司（以下简称"公司"）于 2025 年 7 月 25 日召开第 六届董事会第三十七次会议和第六届监事会第二十次会议，审议通过了《关于对 公司 2024 年限制性股票激励计划的部分激励股份进行回购注销的议案》，现将有 关情况公告如下： 一、本次激励计划已履行的相关程序 1、2024 年 8 月 1 日，公司第六届董事会薪酬与考核委员会第三次会议审议 通过了《关于<新凤鸣集团股份有限公司 2024 年限制性股票激励计划（草案）> 及其摘要的议案》、《关于 ...

北京中伦（成都）律师事务所 关于新凤鸣集团股份有限公司 2024 年限制性股票激励计划调整回购 价格及回购注销部分限制性股票 相关事项的法律意见书 二〇二五年七月 法律意见书 北京中伦（成都）律师事务所 关于新凤鸣集团股份有限公司 2024 年限制性股票激励计划 调整回购价格及回购注销部分限制性股票 相关事项的法律意见书 致：新凤鸣集团股份有限公司（以下简称"新凤鸣"或"公司"） 根据本所与新凤鸣签署的《律师服务合同》，作为新凤鸣2024年限制性股票激励计 划（以下简称"本次股权激励计划"）的专项法律顾问，本所根据《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》"）、中国证券监督管理委员会（以下简称"中国证监会"）发布的《上市公司股 权激励管理办法》（以下简称"《管理办法》"）等法律、法规、规范性文件以及《新 凤鸣集团股份有限公司章程》（以下简称"《公司章程》"）的有关规定，就本次激励 计划因实施了2024年度权益分派需调整回购价格（以下简称"本次调整回购价格"）及 部分激励对象离职需回购注销部分限制性股票（以下简称"本次回购注销"）有关事项 出具本法律意 ...