关于实施"华友转债"赎回暨摘牌的最后一次提示性公告 | 股票代码：603799 | 股票简称：华友钴业 | 公告编号：2025-109 | | --- | --- | --- | | 转债代码：113641 | 转债简称：华友转债 | | 浙江华友钴业股份有限公司 关于实施"华友转债"赎回暨摘牌的最后一次提示性公告 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： 自2025年9月24日起，"华友转债"停止交易。 最后转股日：2025年9月26日 截至2025年9月25日收市后，距离2025年9月26日（"华友转债"最后转股日）仅剩 1个交易日，2025年9月26日为"华友转债"最后一个转股日。 一、有条件赎回条款 根据公司《募集说明书》的约定，"华友转债"有条件赎回条款为： 本次提前赎回完成后，"华友转债"将自2025年9月29日起在上海证券交易所摘牌。 投资者所持"华友转债"除在规定时限内按照34.43元/股的转股价格进行转股外， 仅能选择以100元/张的票面价格加当期应计利息0.8918元/张（即合计100 ...

Core Insights - The energy metals sector experienced a rise of 1.36% on September 25, with Shengtu Mining leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Energy Metals Sector Performance - Shengtu Mining (600711) closed at 8.60, up 3.37% with a trading volume of 1.5912 million shares and a transaction value of 1.377 billion [1] - Tianqi Lithium (002466) closed at 44.69, up 3.11% with a trading volume of 738,300 shares [1] - Yongxing Materials (002756) closed at 35.29, up 2.23% with a trading volume of 137,900 shares [1] - Other notable performers include: - Cangge Mining (000408) at 55.14, up 1.92% [1] - Shengxin Lithium Energy (002240) at 18.18, up 1.68% [1] - Ganfeng Lithium (002460) at 55.73, up 1.47% [1] Capital Flow Analysis - The energy metals sector saw a net inflow of 147 million in main funds, while retail funds experienced a net outflow of 27.5759 million [2] - Major stocks in the sector showed varied capital flows, with Tianqi Lithium seeing a main fund inflow of 260 million [3] - Cangge Mining had a main fund inflow of 59.2092 million, while Shengtu Mining experienced a main fund inflow of 46.1362 million [3]

Group 1 - The China Securities New Energy Vehicle Industry Index (930997) has seen a strong increase of 1.94% as of September 25, 2025, with notable gains from companies such as Dongsheng Technology (300073) up 9.05%, Yiwei Lithium Energy (300014) up 7.35%, and China Baowu Steel Group (000009) up 6.98% [1] - The New Energy Vehicle ETF (515700) has risen by 1.81%, marking its fourth consecutive increase, with the latest price reported at 2.41 yuan [1] - Over the past week, the New Energy Vehicle ETF has accumulated a rise of 2.77%, ranking it in the top half among comparable funds [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the China Securities New Energy Vehicle Industry Index include CATL (300750), Huichuan Technology (300124), BYD (002594), and others, collectively accounting for 54.55% of the index [2] - The weight and performance of the top stocks are as follows: CATL (4.60%, 9.80%), Huichuan Technology (-0.02%, 9.63%), BYD (1.49%, 9.10%), and others [3] Group 3 - The New Energy Vehicle ETF has several off-market connections, including Ping An China Securities New Energy Vehicle ETF Initiated Connection A (012698), C (012699), and E (024504) [5]

Core Viewpoint - The renewable energy sector is experiencing a strong upward trend, with significant gains in key stocks and ETFs, indicating positive market sentiment and potential investment opportunities [1][4]. Market Performance - As of September 25, 2025, the China Securities New Energy Index rose by 1.34%, with notable stocks such as TCL Zhonghuan hitting the daily limit, and other companies like Tongsheng Technology and Enjie Co., Ltd. also showing substantial increases [1]. - The New Energy ETF (159875) increased by 1.27%, marking its third consecutive day of gains [1]. ETF Insights - The New Energy ETF had a turnover rate of 7.58% during the trading session, with a total transaction value of 83.975 million yuan [4]. - As of September 24, 2025, the ETF's total size reached 1.082 billion yuan, with a cumulative inflow of 24.6957 million yuan over the past 18 trading days [4]. - The ETF's net value increased by 58.85% over the past year, with the highest monthly return since inception being 25.07% and an average monthly return of 8.03% [4]. Industry Trends - Guoyuan Securities highlighted that the recent "anti-involution" actions in the photovoltaic industry have reached the highest strategic level, focusing on capacity integration in the silicon material segment and strengthening price regulation across the industry [4]. - The industry is currently at the bottom of its cycle, with future policy measures expected to be a key variable influencing market trends [4]. - The photovoltaic sector is anticipated to enter a phase of high-quality development, with technological upgrades and market structure optimization becoming core competitive factors [4]. Investment Recommendations - It is suggested to focus on silicon materials, glass, and battery segments that have undergone sufficient corrections and have clear alpha potential, as well as new technologies and leading manufacturers in the supply chain [4][5].

Group 1 - Freeport announced force majeure due to an Indonesian mining accident, expecting a 4% year-on-year decline in copper sales for Q3 2025, with Q4 nearly stagnant. The global copper increment from the top 18 mines is projected to drop from 430,000 tons to 160,000 tons, exacerbating supply-demand conflicts and driving up copper-related stocks [1] - U.S. Antimony received a $245 million exclusive supply contract from the Pentagon, planning to increase production capacity from 2,000 tons to 6,000 tons, strengthening the supply-demand support logic for the antimony sector and boosting market sentiment [1] - Overproduction of coal in Shanxi and other regions may be restricted by the new Anti-Unfair Competition Law, with tight supply expectations pushing coking coal prices up to 1,700-1,800 yuan per ton [1] Group 2 - As of September 25, the non-ferrous ETF fund (159880.SZ) rose by 2.22%, and its related index, the Guozheng Non-Ferrous Index (399395.SZ), increased by 2.07%. Among major constituent stocks, Northern Copper Industry rose by 10.01%, Luoyang Molybdenum by 9.67%, and Tongling Nonferrous Metals by 8.35% [1] - HuLong Securities noted that in the context of increased macro uncertainty, precious metals maintain a trend of rising volume and price. Their non-ferrous metal industry report indicates that Zijin Mining (601899.SH) received an "overweight" rating, with a projected PE of 15 times for 2025 [1] - According to Everbright Securities' weekly report, cobalt prices have risen across the board, with a week-on-week increase of 1.13% for cobalt sulfate. Additionally, polysilicon prices have risen for two consecutive months, with a week-on-week increase of 4.0% for photovoltaic-grade polysilicon, reflecting changes in the supply-demand structure in certain non-ferrous metal segments [1]

Core Points - The company announces the redemption and delisting of "Huayou Convertible Bonds" effective from September 24, 2025 [2][4] - The last conversion date for the bonds is September 26, 2025, with only two trading days remaining before this date [3][14] - Following the early redemption, the bonds will be delisted from the Shanghai Stock Exchange starting September 29, 2025 [4][15] Redemption Details - The redemption price is set at 100.8918 CNY per bond, which includes the face value of 100 CNY and accrued interest of 0.8918 CNY [4][10] - The redemption registration date is September 26, 2025, and the payment date for the redemption amount is September 29, 2025 [6][13] - The company has triggered the conditional redemption clause as the stock price has been above 130% of the conversion price for 15 trading days [5][8] Conditions for Redemption - The company can redeem the bonds if either of the following conditions is met: the stock price remains above 130% of the conversion price for 15 trading days or the remaining unconverted bonds are less than 30 million CNY [7][8] - The accrued interest calculation is based on the formula: IA = B × i × t / 365, where B is the total face value, i is the annual interest rate, and t is the number of days [10] Trading and Conversion - Trading of "Huayou Convertible Bonds" will cease from September 24, 2025, and investors are reminded to convert their bonds within the specified timeframe [5][14] - The last trading day for the bonds is September 23, 2025 [6] Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net redemption amount of 100.7134 CNY per bond after tax [16] - For qualified foreign institutional investors, the redemption amount will be distributed without tax deductions [17]

Core Points - Huayou Cobalt announced that the "Huayou Convertible Bond" will cease trading on September 24, 2025, with the last conversion date being September 26, 2025 [1] - After the early redemption, the "Huayou Convertible Bond" will be delisted from the Shanghai Stock Exchange on September 29, 2025 [1] - Investors can convert the bonds at a price of 34.43 CNY per share or opt for forced redemption at a total of 100.8918 CNY per bond, which includes the face value and accrued interest [1] - Forced redemption may lead to significant investment losses for investors [1]

Investment Rating - The report maintains a "Positive" rating for the steel industry and a "Positive" rating for the non-ferrous metals industry, with "Accumulate" ratings for specific companies including Luoyang Molybdenum, Zhongjin Gold, Huayou Cobalt, Zijin Mining, and China Aluminum [8]. Core Insights - The steel industry is supported by pre-holiday inventory replenishment by downstream enterprises and the introduction of stable growth policies, which are expected to boost market confidence and potentially support steel prices if the fundamentals continue to improve [4][5]. - For copper, the impact of the Federal Reserve's monetary policy is becoming more pronounced, with expectations of a strong copper price if downstream demand continues to improve [4][46]. - Aluminum prices may also be supported by improving downstream demand and the anticipated easing of monetary policy by the Federal Reserve [4][52]. - Gold prices are expected to stabilize if the U.S. personal consumption expenditures (PCE) index shows signs of slowing down, with long-term attention on the Fed's interest rate path [4][59]. - The cobalt market is experiencing tight supply conditions due to an extended export ban from the Democratic Republic of Congo, which is likely to strengthen cobalt prices in the short term [4][20]. - The rare earth market is expected to see price fluctuations due to weak seasonal demand, with attention on international trade policies affecting exports [4][5]. Summary by Sections Steel Industry - The Ministry of Industry and Information Technology has issued a "Steel Industry Stable Growth Work Plan" targeting an average annual growth of 4% in value added for the steel industry over the next two years [22]. - The plan includes ten specific measures focusing on consumption peak, supply quality improvement, industry transformation, effective consumption expansion, and deepening open cooperation [22]. - Recent data indicates a slight increase in steel demand due to construction material consumption, while supply has decreased slightly, leading to a marginal improvement in the market [22][23]. Copper Industry - The copper market is showing signs of recovery in downstream demand, with increased operating rates in domestic copper rod enterprises [45][46]. - The supply side remains stable, and the copper price is expected to be supported if demand continues to improve [46][49]. Aluminum Industry - The aluminum sector is benefiting from improved downstream demand and stable production costs, with expectations of price support from the Fed's easing policies [52][53]. Precious Metals - The gold market is influenced by geopolitical tensions and U.S. economic indicators, with potential price support if inflation data shows signs of slowing [59][60]. Cobalt and Rare Earths - The cobalt market is facing supply constraints due to export restrictions from the DRC, while the rare earth market is experiencing price volatility amid weak demand [4][20].

Core Insights - The European electric vehicle (EV) market is experiencing significant growth, with sales in August 2025 reaching 176,000 units, a year-on-year increase of 41.2% and a penetration rate of 31.4%, up by 8.3 percentage points [1][2] - The European Parliament has approved amendments to carbon emission assessments, delaying the tightening of emission targets originally planned for 2025, but the overall trend towards stricter regulations remains unchanged [1] Group 1: Market Performance - In August 2025, battery electric vehicle (BEV) sales reached 114,000 units, a year-on-year increase of 32.3%, while plug-in hybrid electric vehicle (PHEV) sales were 62,000 units, up by 61.5% [2] - Germany saw accelerated growth in electric vehicle sales, with BEV sales of 39,000 units, up 45.7%, and PHEV sales of 24,000 units, up 76.7% [3] - The UK has reintroduced BEV subsidies, with approximately 25% of BEV models qualifying for subsidies as of August, leading to BEV sales of 22,000 units, a 14.9% increase, and PHEV sales of 9,800 units, up 69.4% [4] - France's BEV sales were 17,000 units, a 29.6% increase, despite a general decline in the automotive market, with a penetration rate of 19.4% in August, the highest of the year [5] Group 2: Market Drivers - Spain is promoting electric vehicle adoption through new model launches, promotional activities, and the MOVES III subsidy program, alongside a 15% personal income tax reduction for electric vehicle purchases [6] Group 3: Investment Recommendations - Recommended investments in lithium battery companies include CATL, EVE Energy, and Xinwangda, with beneficiaries such as Innovation Navigation and Guoxuan High-Tech [7] - For lithium materials, recommended companies include Hunan Yueneng, with beneficiaries like Fulian Precision and Wanrun New Energy [7] - Recommendations for electric drive systems include Weimaisi and Fute Technology, with beneficiaries such as Xinrui Technology and Huangshan Gujie [7]

关于实施"华友转债"赎回暨摘牌的第十三次提示性公告 关于实施"华友转债"赎回暨摘牌的第十三次提示性公告 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： 自2025年9月24日起，"华友转债"停止交易。 最后转股日：2025年9月26日 截至2025年9月24日收市后，距离2025年9月26日（"华友转债"最后转股日）仅剩 2个交易日，2025年9月26日为"华友转债"最后一个转股日。 | 股票代码：603799 | 股票简称：华友钴业 | 公告编号：2025-108 | | --- | --- | --- | | 转债代码：113641 | 转债简称：华友转债 | | 浙江华友钴业股份有限公司 本次提前赎回完成后，"华友转债"将自2025年9月29日起在上海证券交易所摘牌。 投资者所持"华友转债"除在规定时限内按照34.43元/股的转股价格进行转股外， 仅能选择以100元/张的票面价格加当期应计利息0.8918元/张（即合计100.8918元/张）被 强制赎回。若被强制赎回，可能面临较大投资损失。 "华友转债" ...