Investment Rating - The report maintains a positive outlook on the chemical industry, particularly focusing on heat dissipation materials and helium gas from Russia, as well as incidents affecting Zhongkun Chemical [3][4]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected at 2.8%, with stable oil demand despite some slowdown due to tariffs [3][4]. - The trend towards liquid cooling in AI servers is highlighted, with significant power requirements leading to increased demand for specialized cooling materials. The report suggests monitoring companies like Bayi Shikong, New Era, Dongyangguang, Yonghe Co., and Juhua Co. [3][4]. - Recent incidents affecting helium supply in Russia and a fire at Zhongkun Biotech are expected to positively impact the helium supply-demand balance, with recommendations to focus on companies like Guanggang Gas, Huate Gas, and Jinhong Gas [3][4]. Summary by Sections Industry Dynamics - Oil supply is expected to increase significantly, with non-OPEC countries leading the way. Global oil demand remains stable, but growth may slow due to tariff impacts. Coal prices are expected to stabilize at low levels, while natural gas export facilities in the U.S. may reduce import costs [4][5]. Chemical Sector Configuration - The report notes a decrease in oil prices and an increase in coal prices, with industrial product PPI showing a year-on-year decline of 3.6%. Manufacturing PMI recorded at 49.3%, indicating a slight contraction in manufacturing activity [3][5]. Investment Analysis - Traditional cyclical investments should focus on leading companies in their respective sectors, including Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy. Growth sectors include semiconductor materials and OLED panel materials, with specific companies highlighted for their potential [3][4][17].

Core Points - Company announced that from July 15, 2025, to August 13, 2025, its stock price closed above 130% of the conversion price of "Xinhua Convertible Bonds" at 25.753 CNY per share, triggering the conditional redemption clause [1] - The board of directors decided not to exercise the early redemption rights for "Xinhua Convertible Bonds" at this time [1] - For the next three months (from August 14, 2025, to November 13, 2025), if the redemption clause is triggered again, the company will still not exercise the early redemption rights [1] - After November 13, 2025, if the redemption clause is triggered again, the board will hold a meeting to decide on the early redemption rights [1]

Core Viewpoint - Zhejiang Xinhua Chemical Co., Ltd. has successfully issued convertible bonds totaling RMB 65 million, with a net amount of RMB 63.93 million after deducting issuance costs, to be used for specific investment projects [2][11]. Group 1: Approval and Issuance Details - The issuance of convertible bonds was approved by the China Securities Regulatory Commission, allowing the company to issue 6.5 million bonds at a face value of RMB 100 each [2]. - The bonds were listed on the Shanghai Stock Exchange on December 16, 2022, under the name "Xinhua Convertible Bonds" with the code "113663" [2][14]. Group 2: Bond Terms - The bonds have a term of up to 6 years, from November 28, 2022, to November 27, 2028, with an annual interest rate that increases from 0.3% in the first year to 3.0% in the sixth year [2][14]. - The initial conversion price is set at RMB 32.41 per share, with provisions for adjustments based on various corporate actions [4][5]. Group 3: Use of Proceeds - The total planned investment for the projects funded by the bond proceeds is RMB 74.32 million, with the company committing to cover any shortfall if the actual net proceeds are less than this amount [11]. - The company will utilize its own funds or other means to initiate project investments before the bond proceeds are available [11]. Group 4: Credit Rating - The bonds have been rated "AA-" by China Chengxin International Credit Rating Co., Ltd., with a stable outlook [11][12]. Group 5: Redemption and Conversion Rights - The company has decided not to exercise its right to redeem the bonds early, despite meeting the conditions for redemption, to protect investor interests [17]. - Holders of the convertible bonds have the right to convert their bonds into shares during the specified conversion period from June 2, 2023, to November 27, 2028 [14].

Core Viewpoint - The company has decided not to exercise the early redemption rights of its convertible bonds, "Xinhua Convertible Bonds," based on stock price performance and market conditions, aiming to protect the interests of all investors [1][5][6]. Summary by Sections Convertible Bond Issuance Overview - The company issued 6.5 million convertible bonds on November 28, 2022, with a face value of 100 yuan each, totaling 650 million yuan [1][2]. Convertible Bond Conversion Price Adjustment - The initial conversion price was set at 32.41 yuan per share, which has been adjusted multiple times due to corporate actions, with the latest price being 19.81 yuan per share [2][3]. Redemption Terms and Trigger Conditions - The redemption clause allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price for 15 trading days. The current trigger price is 25.753 yuan per share [5][6]. Company's Decision on Early Redemption - The board of directors decided not to redeem the bonds early during the period from August 14 to November 13, 2025, even if the redemption conditions are met again [1][4][6]. Related Parties' Trading Activity - Major shareholders and executives have not sold any convertible bonds in the six months leading up to the redemption conditions being met, with specific trading activities detailed for certain individuals [6][7]. Sponsor Institution's Review Opinion - The decision not to redeem the bonds has been approved by the board and complies with relevant regulations and the offering prospectus [7][8].

股票简称：新化股份 股票代码：603867 债券简称：新化转债 债券代码：113663 浙江新化化工股份有限公司 公开发行可转换公司债券 临时受托管理事务报告 债券受托管理人 二零二五年八月 2 一、核准文件及核准规模 经中国证券监督管理委员会《关于核准浙江新化化工股份有限公司公开发行 可转换公司债券的批复》（证监许可[2022]2163号）批准，公司向社会公开发行 可转换公司债券6,500,000张，每张面值人民币100元，募集资金总额为65,000.00 万元，扣除发行费用后募集资金净额为人民币63,925.33万元。上述募集资金已 于2022年12月2日到位，业经天健会计师事务所（特殊普通合伙）验证，并出具 了天健验[2022]660号《验证报告》。 经上海证券交易所同意，公司本次发行的可转债于2022年12月16日起在上 海证券交易所挂牌交易，债券简称"新化转债"，债券代码"113663"。 二、本次债券的主要条款 （一）发行证券的种类 1 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《浙 江新化化工股份有限公司关于向不特定对象发行可转换公司债券之受托管理协 议》（以下 ...

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2025-037 | | --- | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | | 浙江新化化工股份有限公司 关于不提前赎回"新化转债"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： 自 2025 年 7 月 15 日至 2025 年 8 月 13 日，公司股票有 15 个交 易日的收盘价格不低于"新化转债"当期转股价 19.81 元/股的 130%（即 25.753 元/股），已触发"新化转债"的有条件赎回条款。公司董事会决定本 次暂不行使"新化转债"的提前赎回权利，不提前赎回"新化转债"。 未来三个月内（即 2025 年 8 月 14 日至 2025 年 11 月 13 日）， 若"新化转债"再次触发赎回条款，公司均不行使提前赎回权利。以 2025 年 11 月 13 日之后的首个交易日重新计算，若"新化转债"再次触发赎回条款， 公司董事会将再次召开会议决定是否行使"新化转债"的提前赎回权利。 一 ...

一、可转债发行上市概况 经中国证券监督管理委员会《关于核准浙江新化化工股份有限公司公开发行可转 换公司债券的批复》（证监许可[2022]2163号）核准，公司于2022年11月28日公开 发行了650.00万张可转换公司债券，每张面值100元，发行总额65,000万元，发行期 限6年。票面利率为第一年0.3%、第二年0.5%、第三年1.0%、第四年1.5%、第五年 2.0%、第六年3.0%，到期赎回价为115元（含最后一期利息）。 东方证券股份有限公司 关于浙江新化化工股份有限公司 不提前赎回"新化转债"的核查意见 东方证券股份有限公司（以下简称"保荐机构"）作为浙江新化化工股份有限公 司（以下简称"新化股份"或"公司"）2022年公开发行可转换公司债券的保荐机构。根 据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《可转换公 司债券管理办法》和《上海证券交易所上市公司自律监管指引第12号——可转换公司 债券》等有关规定，对公司不提前赎回"新化转债"事项进行了审慎核查，发表如下 核查意见： 经上交所自律监管决定书〔2022〕343号文同意，公司65,000.00万元可转换公 司债券于2022年 ...

Group 1 - The company Zhejiang Xinhua Chemical Co., Ltd. issued 6.5 million convertible bonds with a total amount of 650 million yuan, which were listed on December 16, 2022 [2] - The bonds have a maturity period of 6 years with a coupon rate that increases from 0.3% in the first year to 3.0% in the sixth year, and a redemption price of 115 yuan [2] - The initial conversion price was set at 32.41 yuan per share, which has been adjusted multiple times due to corporate actions [3][4] Group 2 - The company has established conditional redemption terms for the convertible bonds, which can be triggered if the stock price meets certain criteria [5] - Specifically, if the stock price remains above 130% of the conversion price for at least 15 out of 30 trading days, or if the remaining unconverted bonds are less than 30 million yuan, the company can redeem the bonds [6] - As of July 15, 2025, the stock price has met the criteria for triggering the redemption clause, with a requirement for the stock price to be at least 25.753 yuan per share in the following trading days [6]

Group 1 - The company Zhejiang Xinhua Chemical Co., Ltd. issued 6.5 million convertible bonds with a total amount of 650 million yuan, which began trading on December 16, 2022 [1][2] - The initial conversion price of the bonds was set at 32.41 yuan per share, which has been adjusted multiple times due to corporate actions and market conditions [2][3] - The latest conversion price is 19.81 yuan per share, reflecting a significant decrease from the initial price [2][3] Group 2 - The company has established redemption terms for the convertible bonds, allowing for redemption if the stock price exceeds 130% of the conversion price for 15 consecutive trading days [2][4] - As of July 15, 2025, the company's stock price has met the condition for potential redemption, with ten trading days closing above the required threshold [4] - The company will decide on the redemption of the bonds based on the terms outlined in the offering document and will disclose any decisions in a timely manner [4]

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2025-036 | | --- | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | | 浙江新化化工股份有限公司 因公司2023年度实施权益分派，转股价格自2024年6月18日由31.86元/股调 整为31.42元/股，详见公司在上海证券交易所网站（www.sse.com.cn）披露的 《新化股份关于调整"新化转债"转股价格的公告》（公告编号：2024- 039）。 关于"新化转债"预计满足赎回条件的提示性公告 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。 一、可转债发行上市概况 经中国证券监督管理委员会《关于核准浙江新化化工股份有限公司公开发 行可转换公司债券的批复》（证监许可[2022]2163号）核准，公司于2022年11 月28日公开发行了650.00万张可转换公司债券，每张面值100元，发行总额 65,000万元，发行期限6年。票面利率为第一年 0.3%、第二年 0.5%、第三年 1.0%、第四年 1.5%、第五年 ...