Market Overview - A-shares opened higher but closed lower, with major indices showing mixed results; Shanghai Composite, CSI 300, and SSE 50 slightly up, while Shenzhen Component, STAR 50, and Beijing Stock Exchange 50 slightly down [1] - Trading volume decreased to 1.33 trillion yuan [1] Sector Performance - Solar energy, shipping, banking, and chemical sectors led the gains, while defense, reducer, 6G concept, and marine economy sectors faced declines [1] - The banking sector saw a net inflow of over 4.2 billion yuan, while pharmaceuticals and basic chemicals each received over 2 billion yuan in net inflows [1] Capital Flow - Main capital outflows were observed in electronics (over 6.4 billion yuan), defense (over 5.3 billion yuan), and computers (over 3.7 billion yuan) [1] Future Market Outlook - Huatai Securities suggests that short-term market may benefit from improved risk appetite, potentially leading to a phase of upward movement; however, mid-term index performance will depend on fundamental improvements and supportive domestic policies [1] - The market is expected to focus on technology and export chains in the short term, while mid-term strategies should consider internal certainty cues [1] Trade Relations Impact - Huazhong Securities notes that the easing of China-US trade tensions has led to a positive market outlook, although risks remain due to ongoing negotiations with other trade partners and potential tariff increases on specific goods [2] - The shipping sector saw significant gains, with the A-share shipping index rising over 2%, nearing historical highs, driven by positive sentiment from trade negotiations [2] Chemical Sector Dynamics - Galaxy Futures indicates that the recent reduction in tariffs from US-China negotiations exceeded expectations, coupled with the seasonal increase in container shipments, suggesting a potential short-term surge in shipping and inventory replenishment [4] - Chemical stocks experienced rapid gains, with specific segments like daily chemicals and polyurethane seeing significant increases, including a 20% surge in Longhua Chemical [4] Price Trends in Chemical Market - Recent reports indicate rising prices in the chemical market, with specific products like dibutyl phthalate seeing a price increase of 900 yuan per ton, reflecting a nearly 60% rise year-to-date [7] - Dongguan Securities highlights that the basic chemical sector is currently undervalued, with a PB ratio of 1.97, suggesting potential investment opportunities in domestic replacement products and well-positioned price-increasing products [7]

5月13日涨停分析 今日共48股涨停，连板股总数11只，19股封板未遂，封板率为71%（不含ST股、退市股）。焦点股方面，军工板块成飞集成、利君股份、天箭科技均晋级5 连板，化工股红墙股份16天10板，高外销占比的华纺股份反包涨停走出6天5板。 | 股票名称 | 板数 | 涨跌幅 | 涨停时间 | 上涨逻辑 | | --- | --- | --- | --- | --- | | 宝馨科技 | 6天4板 | 9.93% | 09:42 | 机器人+光 | | 002514 | | | | 伏 | | 百达精工 | 4天3板 | 9.98% | 14:10 | 压缩机+光 | | 603331 | | | | 伏 | | 鑫磊股份 | 4天2板 | 20.00% | 14:22 | 压缩机+光 | | 301317 | | | | 伏 | | 集泰股份 | 首板 | 9.97% | 09:36 | 光伏+有机 | | 002909 | | | | 硅 | | 欧晶科技 | 首板 | 9.98% | 09:41 | 光伏+半导 | | 001269 | | | | 体 | | 泉运通 | 首板 | 10.14% | ...

Core Viewpoint - The company has provided guarantees for its subsidiaries, totaling RMB 19.5 million, to support their daily operational needs, with no counter-guarantees involved [2][6][11]. Summary by Sections Guarantee Overview - The company approved a guarantee limit of up to RMB 20 billion for its subsidiaries in 2024, with specific limits of RMB 10 billion for 聚合顺鲁化 and RMB 6 billion for 特种材料 [3]. - In 2025, the company increased the guarantee limit to RMB 26 billion, with specific limits of RMB 12 billion for 聚合顺鲁化 and RMB 7 billion for 特种材料 [4]. Guarantee Details - The company has provided a total guarantee of RMB 19.5 million, consisting of RMB 5 million for 聚合顺鲁化 and RMB 14.5 million for 特种材料, with no counter-guarantees [6][11]. - The guarantee for 特种材料 is related to a renewal of a maximum guarantee contract with 北京银行, while the guarantee for 聚合顺鲁化 is part of an asset pool agreement with 浙商银行 [9][10]. Financial Status of Guaranteed Entities - 聚合顺鲁化 is a subsidiary with a registered capital of RMB 40 million and a 65% ownership by the company, while 特种材料 is a wholly-owned subsidiary with a registered capital of RMB 5.1 million [8]. - Both subsidiaries have good credit status and are not subject to any significant liabilities affecting their repayment capabilities [7][9]. Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary to support the daily operations of the subsidiaries, which, despite having an asset-liability ratio exceeding 70%, maintain good credit status and sufficient self-repayment capacity [11]. - The company retains control over the management and finances of these subsidiaries, making the overall risk manageable [11]. Total External Guarantees - As of April 30, 2025, the total external guarantees provided by the company and its subsidiaries amounted to RMB 260 million, representing 135.17% of the latest audited net assets [13]. - There are no overdue guarantees, and the company has not provided guarantees to controlling shareholders or related parties [13].

| 证券代码：605166 | 证券简称：聚合顺 | 公告编号：2025-052 | | --- | --- | --- | | 转债代码：111003 | 转债简称：聚合转债 | | | 转债代码：111020 | 转债简称：合顺转债 | | 聚合顺新材料股份有限公司 关于为子公司提供担保的进展公告 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： ●被担保人名称及是否为上市公司关联人：山东聚合顺鲁化新材料有限公司 （以下简称"聚合顺鲁化"），属于聚合顺新材料股份有限公司（以下简称"公 司"）控股子公司，不存在关联担保；杭州聚合顺特种材料科技有限公司（以下 简称"特种材料"），属于公司全资子公司，不存在关联担保； ●本次担保金额及已实际为其提供的担保余额：公司本次为聚合顺鲁化、特 种材料提供担保，担保金额分别为人民币 5,000 万元、14,500 万元。截至 2025 年 4 月 30 日，公司已实际为聚合顺鲁化、特种材料提供的担保余额分别为人民 币 82,435 万元、47,000 万元； ●本次担保是否有 ...

Report Summary - The report presents the top ten convertible bonds for May 2025 [1][10] Core Viewpoints - The report provides a detailed analysis of the top ten convertible bonds in May 2025, including their ratings, closing prices at the end of April, conversion premium rates, and P/E ratios of the underlying stocks. It also analyzes the business operations, financial performance, and company highlights of the corresponding issuing companies [10][20][30] Analysis of Each Convertible Bond 1. Zhongte Convertible Bond - Rating: AAA; 4 - month - end closing price: 107.723 yuan; Conversion premium rate: 111.03%; Underlying stock PE - TTM: 11.5 [10] - The company is a globally leading specialized special - steel material manufacturer with an annual production capacity of about 20 million tons. In 2024, its revenue was 109.203 billion yuan (-4.22% y/y), and in Q1 2025, revenue was 26.84 billion yuan (-5.59% y/y) [10] - Company highlights: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification, with over 20 million tons of annual production capacity. It has a complete industrial chain and is seeking external expansion opportunities [11] 2. Shanlu Convertible Bond - Rating: AAA; 4 - month - end closing price: 109.882 yuan; Conversion premium rate: 53.32%; Underlying stock PE - TTM: 3.7 [20] - The company's main business is road and bridge construction and maintenance. In 2024, its revenue was 71.348 billion yuan (-2.3% y/y), and in Q1 2025, revenue was 9.764 billion yuan (+1.95% y/y) [20] - Company highlights: It has the concept of "China - specific valuations" as its actual controller is the Shandong Provincial State - owned Assets Supervision and Administration Commission. It is expected to benefit from the infrastructure construction plan in Shandong during the 14th Five - Year Plan period [21] 3. Heshun Convertible Bond - Rating: AA -; 4 - month - end closing price: 126.801 yuan; Conversion premium rate: 23.13%; Underlying stock PE - TTM: 11.2 [30] - The company is a high - tech enterprise focusing on the R & D, production, and sales of polyamide 6 slices. In 2024, its revenue was 7.168 billion yuan (+19.11% y/y), and in Q1 2025, revenue was 1.563 billion yuan (-4.63% y/y) [30] - Company highlights: In 2024, the downstream market demand was good. It is promoting multiple new projects and actively expanding into the international market [31] 4. Aima Convertible Bond - Rating: AA; 4 - month - end closing price: 128.524 yuan; Conversion premium rate: 15.7%; Underlying stock PE - TTM: 17.6 [41] - The company is a leading enterprise in the electric two - wheeled vehicle industry. In 2024, its revenue was 21.606 billion yuan (+2.71% y/y), and in Q1 2025, revenue was 6.232 billion yuan (+25.82% y/y) [41] - Company highlights: The subsidy for trading in old vehicles may continue, and the implementation of the new national standard is expected to bring policy dividends and improve the gross profit margin [42] 5. Xingye Convertible Bond - Rating: AAA; 4 - month - end closing price: 116.521 yuan; Conversion premium rate: 24.23%; Underlying stock PE - TTM: 5.7 [51] - The company is one of the first joint - stock commercial banks established with the approval of the State Council and the People's Bank of China. In 2024, its revenue was 212.226 billion yuan (+0.66% y/y), and in Q1 2025, revenue was 55.683 billion yuan (-3.58% y/y) [51] - Company highlights: Its net interest income has grown steadily, asset quality is stable, and the scale has maintained stable growth [52] 6. Yonghe Convertible Bond - Rating: AA -; 4 - month - end closing price: 127.310 yuan; Conversion premium rate: 17.03%; Underlying stock PE - TTM: 32.7 [64] - The company's main business is the R & D, production, and sales of fluorochemical products. In 2024, its revenue was 4.606 billion yuan (+5.42% y/y), and in Q1 2025, revenue was 1.138 billion yuan (+12.36% y/y) [64] - Company highlights: In 2024, the prices of refrigerant products recovered, and the fluorochemical production base project of its subsidiary turned profitable [65] 7. Chongyin Convertible Bond - Rating: AAA; 4 - month - end closing price: 121.159 yuan; Conversion premium rate: 12.33%; Underlying stock PE - TTM: 7.2 [73] - The company is an early local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China. In 2024, its revenue was 13.679 billion yuan (+3.54% y/y), and in Q1 2025, revenue was 3.581 billion yuan (+5.3% y/y) [73] - Company highlights: It is expected to benefit from the Chengdu - Chongqing Twin - City Economic Circle strategy. Its asset scale has grown steadily, and it actively follows national strategies [74] 8. Beigang Convertible Bond - Rating: AAA; 4 - month - end closing price: 127.2 yuan; Conversion premium rate: 12%; Underlying stock PE - TTM: 19.2 [85] - The company is located at an important transportation hub. In 2024, its revenue was 7.003 billion yuan (+0.77% y/y), and in Q1 2025, revenue was 1.643 billion yuan (+6.73% y/y) [85] - Company highlights: Its cargo and container throughput have increased, and it has a complete transportation network and is actively exploring the market [86] 9. Huayuan Convertible Bond - Rating: AA -; 4 - month - end closing price: 127.228 yuan; Conversion premium rate: 12.95%; Underlying stock PE - TTM: 26.2 [96] - The company focuses on building a complete vitamin D3 industry chain. In 2024, its revenue was 1.243 billion yuan (+13.58% y/y), and in Q1 2025, revenue was 0.326 billion yuan (-1.18% y/y) [96] - Company highlights: It is a leading enterprise in NF - grade cholesterol and 25 - hydroxyvitamin D3 products. It is expanding its product portfolio and has achievements in the pharmaceutical manufacturing field [98] 10. Yushui Convertible Bond - Rating: AAA; 4 - month - end closing price: 122.423 yuan; Conversion premium rate: 26.22%; Underlying stock PE - TTM: 27.7 [106] - The company is the largest integrated water supply and drainage enterprise in Chongqing. In 2024, its revenue was 6.999 billion yuan (-3.52% y/y), and in Q1 2025, revenue was 1.652 billion yuan (+8.66% y/y) [106] - Company highlights: It has a high market share in Chongqing's water supply and drainage market, is expanding externally, and has achieved good results in cost control [108]

| 证券代码：605166 | 证券简称：聚合顺 | 公告编号：2025-051 | | --- | --- | --- | | 转债代码：111003 | 转债简称：聚合转债 | | | 转债代码：111020 | 转债简称：合顺转债 | | 聚合顺新材料股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会采取现场记名投票表决与网络投票表决相结合的方式召开。会 议由公司董事会提议召开，董事长傅昌宝先生主持会议。 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 1、出席会议的股东和代理人人数 175 2、出席会议的股东所持有表决权的股份总数（股） 129,353,187 3、出席会议的股东所持有表决权股份数占公司有表决权股 份总数的比例（%） 41.1002 (一) 股东大会召开的时间：2025 年 4 月 ...

浙江金道律师事务所 关于聚合顺新材料股份有限公司 2024 年年度股东大会的 法律意见书 地址：杭州市文二路 391 号西湖国际科技大厦 A 楼 9-12 层 邮编：310012 电话：0571-87006666 传真：0571-87006661 网址：www.zjblf.com 二〇二五年四月 浙江金道律师事务所法律意见书 浙江金道律师事务所 关于聚合顺新材料股份有限公司 2024 年年度股东大会的 法律意见书 致：聚合顺新材料股份有限公司 浙江金道律师事务所（以下简称"本所"）接受聚合顺新材料股份有限公司（以 下简称"公司"）委托，就公司召开 2024 年年度股东大会（以下简称"本次股东大 会"）的有关事宜，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》"）、《上市公司股东会规则》 等法律、法规和其他规范性文件以及《聚合顺新材料股份有限公司章程》（以下 简称"公司章程"）的有关规定，出具本法律意见书。 本法律意见书仅供公司 2024 年年度股东大会之目的使用，本所律师同意将 本法律意见书随公司本次股东大会其他信息披露资料一并公告。 为出具本法律意见 ...

聚合顺新材料股份有限公司 关于 2024 年度暨 2025 年第一季度业绩 暨现金分红说明会召开情况的公告 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。 聚合顺新材料股份有限公司（以下简称"公司"）已于 2025 年 4 月 10 日、 2025 年 4 月 26 日发布公司 2024 年年度报告、2025 年第一季度报告。为便于广 大投资者更深入、全面地了解公司经营情况，公司于 2025 年 4 月 29 日召开了 "2024 年度暨 2025 年第一季度业绩暨现金分红说明会"。现将会议召开情况公 告如下： 一、业绩说明会召开基本情况 2025 年 4 月 29 日 16:00-17:00，公司通过上海证券交易所上证路演中心（网 址：http://roadshow.sseinfo.com/）以网络方式召开了"2024 年度暨 2025 年 第一季度业绩暨现金分红说明会"。公司董事长傅昌宝先生、总经理毛新华先生、 财务总监姚双燕女士、董事会秘书陈晓雯女士、独立董事周明生先生、韩林静女 士、尹德军先生出席了本次说明会并与投资者 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 1.563 billion yuan in Q1 2025, a year-on-year decrease of 4.63% and a quarter-on-quarter decrease of 14.85%. However, the net profit attributable to the parent company was 81 million yuan, showing a year-on-year increase of 15.04% and a quarter-on-quarter increase of 21.16% [2][6]. - The company is focused on the mid-to-high-end nylon chip market, with rapid growth in capacity and performance. The production capacity is distributed across four major bases, with several new projects expected to come online in the next two years [11]. - The price difference for PA6 products improved year-on-year in Q1 2025, despite a decline compared to the previous quarter. The average market price of caprolactam in East China was 10,521 yuan per ton, down 21.83% year-on-year and 3.80% quarter-on-quarter [11]. - The demand for PA6 is expected to grow significantly due to trends in outdoor economy and lightweight automotive applications. The supply side is also entering a new round of rapid capacity expansion, with PA6 capacity expected to reach 7.87 million tons, a year-on-year increase of 24% [11]. - The company is also looking to expand into the PA66 market, which has potential demand growth due to technological breakthroughs and is expected to complement its existing PA6 product line [11]. - The projected net profits for the company from 2025 to 2027 are 410 million yuan, 520 million yuan, and 580 million yuan, respectively, with corresponding PE ratios of 8.6X, 6.8X, and 6.1X [11]. Summary by Sections Financial Performance - Q1 2025 revenue was 1.563 billion yuan, down 4.63% year-on-year and down 14.85% quarter-on-quarter. Net profit attributable to the parent company was 81 million yuan, up 15.04% year-on-year and up 21.16% quarter-on-quarter [2][6]. Company Overview - The company specializes in the mid-to-high-end nylon chip market, with production capacity distributed across four bases. New projects are expected to contribute to growth in the next two years [11]. Market Dynamics - The price difference for PA6 products improved year-on-year, with significant changes in raw material prices impacting profitability. The demand for PA6 is expected to rise due to various industry trends [11]. Future Outlook - The company anticipates continued growth in net profits and is strategically positioning itself in the PA66 market to leverage potential demand [11].

聚合顺新材料股份有限公司 关于股东大会开设网络投票提示服务的公告 | 证券代码：605166 | 证券简称：聚合顺 | 公告编号：2025-049 | | --- | --- | --- | | 转债代码：111003 | 转债简称：聚合转债 | | | 转债代码：111020 | 转债简称：合顺转债 | | 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。 聚合顺新材料股份有限公司(以下简称"公司")拟于2025年4月30日14:00 召开2024年年度股东大会，本次会议采用现场投票和网络投票相结合的表决方 式 。 具 体 内 容 详 见 公 司 于 2025 年 4 月 10 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）及相关指定媒体披露的《聚合顺新材料股份有限公司关于 召开2024年年度股东大会的通知》（公告编号：2025-038）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参 会、便利投票。公司拟使用上证所信息网络有限公司（以下简称"上证信息"） 提供的股东会提醒服务 ...