Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to benefit from a shift in supply chain dynamics due to geopolitical tensions, particularly in semiconductor materials, leading to accelerated domestic replacements [5][6] - The chromium salt industry is experiencing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with significant price increases noted [8][9] - The report highlights a potential upturn in the chemical industry as supply-side constraints and rising demand could enhance profitability and dividend yields for leading companies [6][10] Summary by Sections Industry Performance - The basic chemical sector has shown a 24.0% increase over the past 12 months, outperforming the CSI 300 index, which increased by 16.9% [3] Key Opportunities - Focus on low-cost expansion opportunities in companies such as Wanhua Chemical and Hualu Hengsheng, as well as sectors like tire manufacturing and pesticide formulations [6][9] - Emphasis on sectors with improving market conditions, including chromium salts, phosphate rock, and polyester filament [9][10] Price Trends - Recent price increases for key products include chromium oxide green at 35,500 CNY/ton and metallic chromium at 84,000 CNY/ton, both up by 1,000 CNY/ton from the previous week [8][16] - The report notes a tightening supply for isooctanol, with prices rising due to increased demand and production disruptions [13] Company Focus - The report identifies several key companies for investment, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical, with positive earnings forecasts and attractive price-to-earnings ratios [28]

Group 1 - Jianbang Co., Ltd. plans to repurchase shares using self-owned funds between 15 million and 30 million yuan, with a maximum price of 38 yuan per share [1] - Yatong Precision Engineering's investment in a private equity fund has been terminated due to failure to complete the agreed investment, leading to the fund's dissolution [1] - China Storage Co., Ltd. intends to invest 1.129 billion yuan in the Sanjiang Port project, with its wholly-owned subsidiary contributing 500 million yuan to establish a project company [2] Group 2 - Guangxin Co., Ltd. plans to inject assets worth 4.383 billion yuan into its wholly-owned subsidiary, increasing its registered capital from 10 million to 20 million yuan [3] - Jiangxin Home plans to use up to 3 billion yuan of idle self-owned funds for cash management in low-risk financial products [4] - Huangshan Tourism intends to lease part of the Huangshan scenic area for 1.27 billion yuan over a 10-year period [5] Group 3 - Jilin Expressway's general manager has resigned due to work adjustments [6] - Guoyao Modern's subsidiary has received a drug registration certificate for hydromorphone hydrochloride injection, suitable for pain management [8] - Hangya Technology plans to invest up to 70 million USD to establish subsidiaries in Singapore and Malaysia [10] Group 4 - ST Sailong's subsidiary has received approval for the listing of two chemical raw materials [11] - Shanghai Pharmaceuticals' tramadol hydrochloride injection has passed the consistency evaluation for generic drugs [12] - Yubang Electric has obtained a laboratory accreditation certificate from CNAS, indicating its testing capabilities [14] Group 5 - ST Lifang's stock will be subject to delisting risk warning starting December 1 due to administrative penalties [15] - Zhejiang Longsheng is investing 200 million yuan in a private equity partnership focused on high-potential enterprises [15] - Huayang Co., Ltd.'s subsidiary has obtained safety production permits, allowing it to commence production [16] Group 6 - Xujie Electric has won a bid for a State Grid project worth 1.518 billion yuan [17] - Pinggao Electric and its subsidiaries have collectively won a State Grid project worth approximately 773 million yuan [17] - ST Lanhua's subsidiary has entered the trial production phase for a juice beverage project with a total investment of up to 65 million yuan [18] Group 7 - Huakong Saige has terminated its stock issuance plan due to various considerations [19] - Yatong Co., Ltd. plans to invest 36 million yuan to establish a joint venture in renewable energy [20] - Warner Pharmaceuticals has received a drug registration certificate for a new inhalation solution for COPD patients [21] Group 8 - Demais has raised the upper limit for its share repurchase price to 45 yuan per share [22] - China West Electric's subsidiaries have collectively won a State Grid procurement project worth approximately 2.98 billion yuan [22] - Changan Automobile's joint venture has submitted a listing application to the Hong Kong Stock Exchange [23] Group 9 - Yinlun Co., Ltd. plans to invest approximately 133 million yuan to acquire a controlling stake in Shenzhen Deep Blue Electronics [24] - Zhongfu Information intends to increase its wholly-owned subsidiary's capital by 380 million yuan [24] - Financial Street's major shareholder has reduced its stake by 0.25% [25] Group 10 - Audiwei has formally submitted an application for H-share listing [26] - Zhongcai Technology's private placement application has been accepted by the Shenzhen Stock Exchange [27] - Haowei Group's subsidiary plans to invest 200 million yuan in a private equity fund focused on semiconductor investments [28] Group 11 - Jinkai New Energy is planning to transfer 51% of its subsidiary's equity to introduce strategic investors [31] - Huafeng Technology has reduced its fundraising target for a private placement to no more than 972 million yuan [32] - Mindray Medical's chairman plans to increase his stake in the company by 200 million yuan [33] Group 12 - Zhongman Petroleum's shareholders plan to reduce their holdings by up to 3% [35] - Innovation New Materials' shareholder intends to reduce their stake by up to 1% [37] - Guangdong Construction has signed a framework agreement to establish a quality testing base in Linzhi Economic Development Zone [39]

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法律责任。 股票代码：603599 股票简称：广信股份 公告编号：2025-032 安徽广信农化股份有限公司 关于修订《公司章程》的公告 安徽广信农化股份有限公司 2025 年 11 月 29 日 安徽广信农化股份有限公司（以下简称"公司"）于 2025 年 11 月 28 日召开 第六届董事会第七次会议及 2025 年审计委员会第四次会议，分别审议通过了《关 于修订<公司章程>的议案》，现将相关情况公告如下： | 修订前 | 修订后 | | --- | --- | | 第八条 董事长为公司的法定代表人。 | 第八条 公司的法定代表人由代表公 | | | 司执行公司事务的董事或总经理担 | | 法定代表人辞任的，公司将在法定代 | | | | 任。 | | 表人辞任之日起三十日内确定新的法 | 担任法定代表人的董事辞任的， | | 定代表人。 | | | | 视为同时辞去法定代表人。 | | 第二十六条 公司收购本公司股份，可 | | | 以选择下列方式之一进行： | | | | 第二十六条 ...

安徽广信农化股份有限公司 章程 1 第七章 财务会计制度、利润分配和审计 第八章 通知与公告 第九章 合并、分立、增资、减资、解散和清算 目 录 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第四章 股东和股东会 第五章 董事会 第六章 高级管理人员 第十章 修改章程 第十一章 附则 2 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第一节 股东的一般规定 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第一节 董事的一般规定 第二节 独立董事 第三节 董事会 第四节 董事会专门委员会 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第一节 通知 第二节 公告 第一节 合并、分立、增资和减资 第二节 解散和清算 第四条 公司注册名称： 中文全称：安徽广信农化股份有限公司； 第一章 总则 第一条 为维护安徽广信农化股份有限公司（以下简称"公司"）、股东、 职工和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司 法》（以下简称《公司法》）、《中华人民共 ...

股票代码：603599 股票简称：广信股份 公告编号：2025-030 安徽广信农化股份有限公司 关于拟向全资子公司增资的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载， 误导性陈述或重大遗漏。 重要内容提示： 投资标的名称：安徽广信成辰科技有限公司（以下简称"成辰科技"） 投资金额：安徽广信农化股份有限公司（以下简称为"公司"）拟将公司 本部农药及中间体等相关资产、负债、人员等业务整体注入全资子公司成辰科技。 以 2025 年 8 月 31 日为基准日，经审计，公司拟整合进入成辰科技资产总计人民 币 43.83 亿元，负债总计人民币 1.65 亿元，净资产总计人民币 42.18 亿元，并 将以现金和实物的方式为成辰科技增加实收资本，增资完成后，成辰科技实收资 本由 1,000 万元增加至 20,000 万元。本次增资事项将根据实际情况进行调整， 最终增资的资产、负债情况请以实施结果为准。 本次事项已经公司第六届董事会第七次会议、审计委员会 2025 年第四次 专门会议审议通过，并需提交公司股东会审议。 本次交易不构成《上市公司重大资产重组管理办法》规定的重大资产重组， 亦不构成 ...

格隆汇11月28日丨广信股份(603599.SH)公布，公司拟将公司本部农药及中间体等相关资产、负债、人 员等业务整体注入全资子公司成辰科技。以2025年8月31日为基准日，经审计，公司拟整合进入成辰科 技资产总计人民币43.83亿元，负债总计人民币1.65亿元，净资产总计人民币42.18亿元，并将以现金和 实物的方式为成辰科技增加实收资本，增资完成后，成辰科技实收资本由1,000万元增加至20,000万元。 本次增资事项将根据实际情况进行调整，最终增资的资产、负债情况请以实施结果为准。 ...

证券代码：603599 证券简称：广信股份 公告编号：2025-031 安徽广信农化股份有限公司 关于召开2025年第二次临时股东会的通知 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法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年第二次临时股东会 召开的日期时间：2025 年 12 月 15 日 14 点 00 分 召开地点：安徽省广德市新杭镇彭村村蔡家山精细化工园三楼会议室 网络投票起止时间：自2025 年 12 月 15 日 至2025 年 12 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — ...

证券代码：603599 证券简称：广信股份 公司编号：2025-029 安徽广信农化股份有限公司 第六届董事会第七次会议决议公告 本公司董事会及全体董事保证本公司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。 安徽广信农化股份有限公司（以下简称"公司"）第六届董事会第七次会议 于 2025 年 11 月 28 日召开。本次会议应参加董事 9 人，实际参加董事 9 人。会 议由公司董事长黄金祥先生主持，符合《公司法》和《公司章程》的有关规定， 会议合法有效。 一、审议并通过《关于拟向全资子公司增资的议案》 内容详见公司 2025 年 11 月 29 日于上海证券交易所网站 （www.sse.com.cn） 披露的《关于拟向全资子公司增资的公告》。 会议决定于 2025 年 12 月 15 日召开公司 2025 年第二次临时股东会，股东会 事宜另行通知。 表决结果：9 票赞成，0 票反对，0 票弃权。 特此公告。 安徽广信农化股份有限公司董事会 董事会审计委员会对本次增资事项，发表了独立审核意见。 表决结果：9 票赞成，0 票反对，0 票弃权。 二、审议并 ...

格隆汇11月28日丨广信股份(603599.SH)公布，公司拟将公司本部农药及中间体等相关资产、负债、人 员等业务整体注入全资子公司成辰科技。以2025年8月31日为基准日，经审计，公司拟整合进入成辰科 技资产总计人民币43.83亿元，负债总计人民币1.65亿元，净资产总计人民币42.18亿元，并将以现金和 实物的方式为成辰科技增加实收资本，增资完成后，成辰科技实收资本由1,000万元增加至20,000万元。 本次增资事项将根据实际情况进行调整，最终增资的资产、负债情况请以实施结果为准。 ...

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]