Core Viewpoint - The glass fiber reinforced plastic (GFRP) fishing boats industry in China is poised for significant growth due to the aging of existing wooden and small steel fishing vessels, with government initiatives promoting the replacement and modernization of fishing equipment. The number of GFRP fishing boats is expected to increase to 12,000 by 2025, representing a 20% year-on-year growth [1][14]. Industry Overview - GFRP fishing boats account for only about 2% of the total fishing vessels in China, compared to 80-90% in developed fishing nations [1][14]. - The existing wooden and small steel fishing vessels are over 50% aged, necessitating urgent updates and replacements [1][14]. - The Liaoning province has initiated a plan to promote large-scale equipment updates in the fishing industry, focusing on phasing out old wooden boats and enhancing subsidies for new steel or composite material boats [1][14]. Economic Aspects - GFRP fishing boats exhibit excellent energy-saving capabilities, with insulation performance leading to ice-saving rates of 20% to 40% and fuel savings of 10% to 15% compared to steel boats [4][5]. - The lifespan of GFRP boats can reach up to 50 years, significantly longer than the 10-15 years typical for steel boats, which require regular maintenance [4][5]. Industry Development History - The development of GFRP fishing boats in China began in the 1970s, with the first boat constructed in 1974 [7][8]. - The industry faced challenges in the 2000s due to quality issues and incidents, but recent government support has led to significant advancements in construction capabilities [7][8]. Industry Chain - The upstream of the GFRP fishing boat industry includes raw materials such as liquid synthetic resins and glass fibers, which are crucial for the durability and safety of the boats [8]. - The midstream involves the production and manufacturing of GFRP boats, while the downstream encompasses their applications in freshwater and marine aquaculture, marine capture, and seedling production [8]. Competitive Landscape - The GFRP fishing boat market in China is primarily dominated by state-owned enterprises, followed by military and private enterprises, with the former holding the largest market share [16][17]. - Key players in the industry include Jianglong Shipbuilding, Weihai Zhongfu Xigang Shipbuilding, and Qinhuangdao Yaohua Equipment Group [16][17]. Future Trends - The demand for GFRP fishing boats is expected to grow continuously due to the booming marine economy and increasing consumer interest in marine tourism [21]. - The industry is moving towards automation and smart technology integration, enhancing production efficiency and product quality [22]. - There is a growing emphasis on green development, with a focus on using recyclable materials and renewable energy technologies to reduce environmental impact [23][24].

| 股票代码：603650 | 股票简称：彤程新材 | 编号：2025-043 | | --- | --- | --- | | 债券代码：113621 | 债券简称：彤程转债 | | 彤程新材料集团股份有限公司 重要内容提示 ●担保人名称：彤程新材料集团股份有限公司（以下简称"公司"或"彤程新材"）、 华奇（中国）化工有限公司（以下简称"华奇化工"） ●被担保人名称：彤程新材、彤程化学（中国）有限公司（以下简称"彤程化学"） ●是否为上市公司关联人：否 ●本次担保金额及已实际为其提供的担保余额：公司本次为彤程化学提供的担保 金额为人民币 8,000 万元，公司实际为彤程化学提供的担保余额为 50,512 万元；华奇 化工本次为公司提供的担保金额为人民币 36,000 万元，华奇化工实际为公司提供的担 保余额为 101,400 万元。 ●本次担保是否有反担保：无 ●对外担保逾期的累计数量：截至本公告披露日，公司无逾期对外担保事项。 一、担保情况概述 （一）担保基本情况 关于年度预计融资担保进展的公告 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 ...

| 股票代码：603650 | 股票简称：彤程新材 | 编号：2025-042 | | --- | --- | --- | | 债券代码：113621 | 债券简称：彤程转债 | | 彤程新材料集团股份有限公司 关于参股公司首次公开发行股票上市的公告 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法律责任。 彤程新材料集团股份有限公司（以下简称"公司"）参股公司中策橡胶集团股份 有限公司（以下简称"中策橡胶"）拟于 2025 年 6 月 5 日在上海证券交易所主板上 市，证券简称：中策橡胶，证券代码：603049，发行价格为 46.50 元/股。具体内 容详见中策橡胶于 2025 年 6 月 4 日在上海证券交易所网站（www.sse.com.cn）披 露的《中策橡胶首次公开发行股票主板上市公告书》。 截至本公告披露日，公司持有中策橡胶 7,020 万股，占其发行前总股本的 8.92%，发行后总股本的 8.03%。公司持有的中策橡胶上述股份自其上市之日起 12 个月内不得转让。 根据企业会计准则相关规定，公司对持有的中策橡胶股权按照"长 ...

Investment Rating - The report provides a standard investment rating for the basic chemical industry, indicating a cautious outlook due to recent market fluctuations and supply chain disruptions [1]. Core Insights - Japan's Mitsui Chemicals is exiting the NF3 business, which may enhance China's competitiveness in electronic specialty gases, with potential market share expansion [4][10]. - The chlorantraniliprole incident has caused supply disruptions, potentially boosting the market for pesticides and intermediates, with a shift towards high-efficiency, low-toxicity products [4][12]. - The report suggests focusing on key sub-sectors such as integrated refining and petrochemical chains, refrigerant industry leaders, and domestic alternative materials [4][14]. Summary by Sections 1. Industry News and Event Commentary - Mitsui Chemicals' exit from the NF3 business is attributed to rising competition and costs, indicating that Chinese manufacturers may fill the gap and increase exports [10][11]. - The chlorantraniliprole incident is expected to accelerate market consolidation, benefiting companies with technological advantages and regulatory compliance [12][13]. 2. Chemical Sector Weekly Performance - For the week of May 26 to May 30, the Shanghai Composite Index fell by 1.08%, while the Shenwan Petroleum and Petrochemical Index rose by 0.40%, outperforming the market by 1.48 percentage points [15][18]. - The basic chemical index decreased by 0.66%, ranking 23rd among all Shenwan primary industries [15][18]. 3. Key Product Price and Spread Performance - Notable price increases included potassium chloride (up 5.66%) and paraxylene (up 4.94%), while hydrochloric acid saw a significant drop of 28.00% [27][28]. - The price spread for carbon black increased by 31.13%, indicating a tightening supply situation [29][30].

Investment Rating - The report provides a standard investment rating for the basic chemical industry, indicating a cautious outlook due to recent market fluctuations and supply chain disruptions [4]. Core Insights - The exit of Japan's Mitsui Chemicals from the nitrogen trifluoride (NF3) business is expected to enhance China's competitiveness in electronic specialty gases, with potential for increased market share [10][11]. - Supply disruptions from incidents like the chlorantraniliprole event are likely to boost the market outlook for pesticides and intermediates, leading to a potential price recovery in the short term [12][13]. - The report emphasizes the importance of monitoring key sub-sectors and suggests investment opportunities in integrated supply chains and leading companies within the chemical industry [14]. Summary by Sections 1. Industry News and Event Commentary - Mitsui Chemicals announced its exit from the NF3 business, with production ceasing by March 2026, indicating a shift in market dynamics favoring Chinese producers [10]. - A chemical company experienced an explosion, impacting the chlorantraniliprole supply chain, which may lead to a consolidation of market players and a potential price increase for certain pesticide products [12][13]. 2. Chemical Sector Weekly Performance - For the week of May 26 to May 30, the Shanghai Composite Index fell by 1.08%, while the Shenwan Petroleum and Petrochemical Index rose by 0.40%, outperforming the market [15]. - The basic chemical index decreased by 0.66%, ranking 23rd among all Shenwan primary industries [15]. 3. Key Product Price Movements - Notable price increases included potassium chloride (up 5.66%) and paraxylene (up 4.94%), while hydrochloric acid saw a significant drop of 28.00% [27][28]. - The report highlights the price fluctuations of key products, indicating a volatile market environment that could present both risks and opportunities for investors [27][28]. 4. Investment Recommendations - The report suggests focusing on integrated players in the refining-PX-PTA chain, leading fluorochemical companies, and firms in the domestic substitution of new materials [14]. - Specific companies highlighted for potential investment include Hengli Petrochemical, Rongsheng Petrochemical, and various leaders in the semiconductor materials sector [14].

Market Performance - The photoresist concept sector declined by 1.60%, ranking among the top declines in the concept sector as of the market close on May 28 [1] - Within the sector, stocks such as Guofeng New Materials, Xilong Science, and Kent Catalysts experienced significant declines, while 16 stocks saw price increases, with Ruile New Materials, Tongcheng New Materials, and Aolaide leading the gains at 5.08%, 2.99%, and 2.74% respectively [1] Capital Flow - The photoresist concept sector experienced a net outflow of 1.135 billion yuan, with 51 stocks seeing net outflows, and 7 stocks having outflows exceeding 50 million yuan [2] - The stock with the highest net outflow was Kaimete Gas, with a net outflow of 274 million yuan, followed by Hongbaoli, Feikai Materials, and Guofeng New Materials with net outflows of 198 million yuan, 115 million yuan, and 79.89 million yuan respectively [2] Top Gainers and Losers - The top gainers in the photoresist concept stocks included Tongcheng New Materials, Ruile New Materials, and Qicai Chemical, with net inflows of 37.81 million yuan, 36.54 million yuan, and 30.98 million yuan respectively [2][4] - The stocks with the largest declines included Kaimete Gas at -3.90%, Hongbaoli at -5.13%, and Feikai Materials at -4.16% [3][4]

| 股票代码：603650 | 股票简称：彤程新材 | 编号：2025-041 | | --- | --- | --- | | 债券代码：113621 | 债券简称：彤程转债 | | 彤程新材料集团股份有限公司 对外投资进展公告 二、本次对外投资进展情况 近日，彤程新材料集团股份有限公司（以下简称"公司"）全资子公司上海彤程 电子材料有限公司（以下简称"彤程电子"）与安徽同华高新技术中心（有限合伙）、 四川润资集团有限公司、遂昌县科技创新创业投资基金合伙企业（有限合伙）分 别签订股权转让协议，收购其分别持有的北京科华微电子材料有限公司（以下简 称"科华微电子"、"标的企业"）5.0006%、1.9999%及 1.4694%股权。本次交易完 成后，彤程电子从直接持有科华微电子 87.8597%股权，变更为直接持有科华微电 子 96.3295%股权。具体内容如下： 一、对科华微电子前期投资情况概述 2021 年 2 月 24 日，公司召开第二届董事会第十九次会议，审议通过《关于公 司对外投资的议案》，公司全资子公司彤程电子受让科华微电子 6.72%的股权，并 与科华微电子少数股东 Meng Technology ...

New Stock Issuance - New stock issuance for Jiao Da Tie Fa at an issuance price of 8.81[1] - ST Li Fang and United Chemical have recent announcements dated May 14 and May 23 respectively[1] - Multiple companies including Zhongzhou Special Materials and San Sheng Guo Jian have announcements on May 23[1] Market Alerts - Significant abnormal fluctuations reported for Nanjing Port and Li Jun Co. on May 23[1] - ST Er Ya and ST Jin Hong have recent announcements regarding market conditions[1] - Companies like Hainan Development and ST Haihua have reported abnormal trading activities[1] Trading Updates - Trading updates for various companies including ST Ya Zhen and ST Jian Gang on May 27[1] - Multiple companies have links to their announcements for further details on trading activities[1] - The report includes a comprehensive list of companies with their respective announcement dates and links for investor reference[1]

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds due to a cash dividend distribution, lowering the conversion price from 31.61 CNY to 31.11 CNY per share, effective June 3, 2025 [1][3]. Group 1: Announcement Details - The company’s securities will be suspended and resumed trading due to the implementation of the rights distribution [1]. - The initial conversion price of the convertible bonds was set at 32.96 CNY per share, with subsequent adjustments made in response to annual dividend distributions [1][2]. - The latest adjustment was made following the approval of a cash dividend of 5.0 CNY per 10 shares, which was resolved at the 2024 annual shareholders' meeting [1][2]. Group 2: Conversion Price Adjustment Formula - The adjustment of the conversion price is in accordance with the provisions outlined in the bond issuance prospectus, which protects the rights of convertible bondholders [2]. - The formula for adjusting the conversion price due to cash dividends is P1 = P0 - D, where P0 is the previous conversion price and D is the cash dividend per share [3]. - The adjusted conversion price was calculated as follows: P1 = 31.61 - 0.4975 = 31.11 CNY per share [3].

Core Viewpoint - The company announced its annual profit distribution plan for 2024, which includes a cash dividend of 0.50 RMB per share for A-shares, with specific dates for registration and distribution outlined [1][2]. Distribution Plan - The cash dividend distribution is set at 5.0 RMB for every 10 shares held, amounting to a total cash dividend of approximately 297.99 million RMB, based on 595,970,013 shares eligible for distribution after excluding shares in the repurchase account [2][3]. - The distribution plan was approved during the annual shareholders' meeting held on May 8, 2025 [1]. Relevant Dates - Key dates for the distribution are as follows: - Record date: May 30, 2025 - Ex-dividend date: June 3, 2025 - Cash dividend payment date: June 3, 2025 [1][3]. Implementation Details - Shares held in the company's repurchase account will not participate in the profit distribution [3][4]. - Cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited, with specific arrangements for shareholders who have not completed designated transactions [3][4]. Taxation Information - For individual shareholders, the cash dividend is subject to personal income tax based on holding periods, with rates varying from 0% to 20% [4][5]. - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net cash dividend of 0.45 RMB per share [5]. - Other resident enterprises are responsible for their own tax payments, with a gross cash dividend of 0.50 RMB per share [6]. Adjustment of Convertible Bond Terms - Following the profit distribution, the conversion price of the company's convertible bonds will be adjusted from 31.61 RMB to 31.11 RMB per share, effective on the ex-dividend date [6].