股票代码：603650 股票简称：彤程新材 编号：2025-097 彤程新材料集团股份有限公司 关于回购注销 2023 年限制性股票激励计划部分限制性 股票及调整回购价格的公告 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法律责任。 彤程新材料集团股份有限公司（以下简称"公司"或"彤程新材"）于 2025 年 12 月 15 日召开第四届董事会第五次会议，会议审议通过了《关于回购注销 2023 年限制性股票激励计划部分限制性股票及调整回购价格的议案》，鉴于《公司 2023 年限制性股票激励计划》（以下简称"《限制性股票激励计划》"或"本次激励计 划"）首次授予部分 2 名激励对象因个人原因离职不再符合激励对象资格，根据本 次激励计划的相关规定及公司 2023 年第二次临时股东大会的授权，公司对前述激 励对象已获授但尚未解除限售的限制性股票共 25,002 股进行回购注销。 鉴于公司已完成 2023 年年度、2024 年半年度及 2024 年年度权益分派实施， 根据《限制性股票激励计划》关于回购价格调整方法的相关规定，对该部分限制 性股 ...

上海市锦天城律师事务所 关于彤程新材料集团股份有限公司 2023年限制性股票激励计划 所涉回购注销部分限制性股票及调整回购价格 相关事项的 法律意见书 锦 天 城 律 师事 务 所 ALLBRIGHT LAW OFFICES 地址: 上海市浦东新区银城中路501号上海中心大厦11/12层 电话:021-20511000 传真:021-20511999 邮编:200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于彤程新材料集团股份有限公司 2023年限制性股票激励计划 所涉回购注销部分限制性股票及调整回购价格 相关事项的法律意见书 致:彤程新材料集团股份有限公司 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、法规和规范性文件和《彤程新材料集团股份有限公司章程》(以 下简称"《公司章程》")、公司《彤程新材料集团股份有限公司2023年限制性股 票激励计划(草案)》(以下简称"《限制性股票激励计划》")等有关 ...

●日常关联交易对上市公司的影响：本次预计日常关联交易系公司正常生产 经营需要，关联交易定价公允，不存在损害上市公司利益的情形，不会对公司财 务状况、经营成果产生不利影响，不会对关联方形成较大依赖，不会影响上市公 司的独立性。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 股票代码：603650 股票简称：彤程新材 编号：2025-096 彤程新材料集团股份有限公司 关于预计 2026 年度日常关联交易额度的公告 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。 重要内容提示： ●本次日常关联交易预计事项尚需提交股东会审议。 彤程新材料集团股份有限公司（以下简称"公司"）于 2025 年 12 月 15 日召开 第四届董事会第五次会议，审议通过了《关于预计 2026 年度日常关联交易额度的 议案》，预计公司及合并报表范围内的子公司于 2026 年度与关联方中策橡胶集团 股份有限公司（以下简称"中策橡胶"）及其子公司发生总金额不超过 40,000 万元 的日常关联交易。关联董事 Zhang Ning 已回避表决，其他 ...

彤程新材料集团股份有限公司 关于召开2025年第三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 证券代码：603650 证券简称：彤程新材 公告编号：2025-099 (一) 股东会类型和届次 2025年第三次临时股东会 召开的日期时间：2025 年 12 月 31 日 14 点 00 分 召开地点：中国上海市浦东新区银城中路 501 号上海中心大厦 25 层 2501 室 (五) 网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年12月31日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 12 月 31 日 至2025 年 12 月 31 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 ...

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。 一、董事会会议召开情况 彤程新材料集团股份有限公司（以下简称"公司"或"彤程新材"）于 2025 年 12 月 15 日在公司会议室召开第四届董事会第五次会议。本次会议的会议通知已于 2025 年 12 月 10 日通过邮件形式发出，本次会议采用现场结合通讯方式召开，由 董事长 Zhang Ning 女士主持，本次会议应到董事 9 名，实到董事 9 名，全体董事 均亲自出席了本次会议。本次会议的召开符合有关法律、行政法规、部门规章、 规范性文件和《公司章程》的有关规定，会议决议合法有效。经与会董事认真审 议，形成以下决议： 二、董事会会议审议情况 1、审议及通过了《关于预计 2026 年度日常关联交易额度的议案》 根据公司业务发展需要及 2025 年度日常关联交易预计及执行情况，预计公司 及合并报表范围内的子公司于 2026 年度与关联方中策橡胶集团股份有限公司及其 子公司发生总金额不超过 40,000 万元的日常关联交易。具体内容详见公司在上海 证券交易所网站（www.sse. ...

Core Viewpoint - The Chinese central bank emphasizes the continuation of a moderately loose monetary policy to maintain ample liquidity and support economic growth, particularly in key areas such as domestic demand, technological innovation, and small and micro enterprises [1] Group 1: Market Performance - The CSI A500 ETF (560510) rose by 0.18% with a transaction volume of 32.2267 million yuan as of 10:57 AM [1] - The CSI A500 Index (000510) increased by 0.10%, with notable gains in constituent stocks such as Dongfang Risheng (300118) up 20.02%, Goodway (688390) up 12.42%, and Nanda Optoelectronics (300346) up 10.94% [1] Group 2: Policy Insights - The central bank's meeting highlighted the "strong supply and weak demand" contradiction, aiming for qualitative improvements and reasonable quantitative growth in the economy [1] - Future policies are expected to focus more on domestic demand, with an emphasis on enhancing consumption resilience and driving innovation and reform [1] Group 3: Investment Strategy - Analysts suggest a balanced allocation between dividend and technology styles, with attention to industries that may experience marginal catalysts, while waiting for a potential "spring rally" [2] - The CSI A500 Index is noted for its strong market representation and higher coverage of emerging sectors, making it a valuable tool for capturing core strengths in various industries during economic transformation [2]

Core Insights - The chemical industry report indicates a mixed performance in chemical product prices, with 42 products increasing in price, 37 decreasing, and 21 remaining stable during the week of December 8-14 [1][2] - The report suggests focusing on undervalued leading companies, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials and certain new energy materials amid price increases [1][6] Industry Dynamics - In the week of December 8-14, 47% of tracked chemical products saw a month-on-month price increase, while 44% experienced a decrease, and 9% remained unchanged [2] - The top price increases were noted in nitric acid, sulfuric acid, raw salt, bisphenol A, and TDI, while the largest declines were in PVA, LLDPE, trichloroethylene, and NYMEX natural gas [2] Oil Market Overview - International oil prices fell, with WTI crude oil futures closing at $57.44 per barrel (down 2.45%) and Brent crude at $61.12 per barrel (down 2.19%) [3] - The U.S. oil production averaged 13.853 million barrels per day, an increase of 38,000 barrels from the previous week and 222,000 barrels from the same period last year [3] - U.S. oil demand rose to an average of 21.082 million barrels per day, with gasoline demand increasing to 8.456 million barrels per day [3] TDI Market Analysis - TDI prices increased to an average of 14,713 yuan/ton, up 2.49% week-on-week and 5.51% month-on-month [4] - TDI production decreased, with an overall operating rate of approximately 58.55%, and various factories experiencing operational issues [4] - Average costs for TDI were 11,819 yuan/ton, down 0.92% week-on-week, while average gross profit rose by 31.79% week-on-week [4] Methionine Market Analysis - Methionine prices decreased to an average of 17,900 yuan/ton, down 2.45% week-on-week and 9.14% month-on-month [5] - The production remained stable at 18,350 tons, with an operating rate of 89.42% [5] - The cost of methionine was 13,853.73 yuan/ton, with a gross profit margin of 23.67% [5] Valuation Metrics - As of December 12, the TTM price-to-earnings ratio for the SW basic chemical sector was 24.14, and the price-to-book ratio was 2.19 [6] - The SW oil and petrochemical sector had a TTM price-to-earnings ratio of 12.85 and a price-to-book ratio of 1.24 [6] Investment Recommendations - The report recommends focusing on undervalued leading companies, sectors benefiting from policy support, and emerging fields such as semiconductor materials and new energy materials [6] - Specific companies highlighted for investment include Wanhua Chemical, Hualu Hengsheng, and others [6][7]

Core Insights - The chemical industry is entering a favorable phase driven by demand, value, and supply dynamics [5][6][7] - Global supply constraints and the exit of European capacities are expected to enhance the market environment for the chemical sector [7] Demand Drivers - Key opportunities identified in various sectors include: - Gas turbine upstream: companies like Zhenhua Co., Yingliu Co., Longda Co., and Wanze Co. [5] - Refrigerants and fluorinated liquids: companies such as Juhua Co., New Zhoubang, and Runhe Materials [5] - Energy storage supply chain: including Chuanheng Co., Xingfa Group, Yuntianhua, Batian Co., and others [5] - Semiconductor materials: companies like Yanggu Huatai, Wanrun Co., Dinglong Co., and others [5] Value Drivers - Potential for increased dividend yields in sectors such as: - Coal chemical: Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [6] - Oil refining: Hengli Petrochemical, Satellite Chemical, and Sinopec [6] - Phosphate fertilizers: Yuntianhua, Yuntu Holdings, and others [6] Supply Drivers - Domestic anti-involution policies and the exit of European production capacities are expected to support the chemical industry: - PTA and polyester filament: companies like Xin Fengming and Tongkun Co. [7] - Tire manufacturing: including Sailun Tire, Zhongce Rubber, and others [7] Key Companies and Profit Forecasts - Selected companies with profit forecasts include: - Zhenhua Co. (Net profit forecast for 2025: 6.04 billion, PE: 21.8) [8] - Yingliu Co. (Net profit forecast for 2025: 4.08 billion, PE: 42.7) [8] - Longda Co. (Net profit forecast for 2025: 1.06 billion, PE: 34.9) [8] - Wanze Co. (Net profit forecast for 2025: 2.37 billion, PE: 32.9) [8] - Juhua Co. (Net profit forecast for 2025: 48.14 billion, PE: 24.4) [8] Industry Cycle Insights - The chemical industry is expected to enter a new cycle, with demand recovery and supply-side reforms driving growth [14][21] - The chemical price index has shown signs of recovery, indicating a potential upturn in the market [20][21]

Core Viewpoint - Tongcheng New Materials (603650.SH) has successfully completed the production line construction and product validation for its CMP polishing pad project, which is set to enter the commercialization phase in 2025 [1] Group 1: Project Development - The CMP polishing pad project was initiated in May 2024 and has progressed smoothly [1] - The company is set to begin product validation with leading domestic chip enterprises in the first half of 2025 [1] Group 2: Customer Acquisition - The company has secured formal polishing pad orders from multiple significant customers for both 8-inch and 12-inch products [1] - The realization of mass production and shipment marks a significant milestone for the CMP polishing pad project [1]

Core Viewpoint - Tongcheng New Materials (603650.SH) has successfully completed the production line construction and product validation for its CMP polishing pad project, which is set to enter the commercialization phase in 2025 [1] Group 1: Project Development - The CMP polishing pad project was initiated in May 2024 and has progressed smoothly [1] - The company is set to begin product validation with leading domestic chip enterprises in the first half of 2025 [1] - The company has already secured formal polishing pad orders from several important customers for both 8-inch and 12-inch wafers [1] Group 2: Commercialization - With the realization of mass production and shipment, the CMP polishing pad project is officially entering the commercialization stage [1]