Group 1 - The company Dongfang Shenghong (SZ 000301) held its 30th meeting of the 9th Board of Directors on August 28, 2025, via telecommunication to discuss the proposal regarding not adjusting the conversion price of "Shenghong Convertible Bonds" [1] - For the year 2024, the revenue composition of Dongfang Shenghong is as follows: petrochemical and chemical new materials account for 78.65%, chemical fibers account for 19.72%, and other industries account for 1.63% [1] - As of the report date, Dongfang Shenghong has a market capitalization of 649 billion yuan [1]

特别提示： 江苏东方盛虹股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开 第九届董事会第三十次会议，审议通过了《关于不向下修正"盛虹转债"转股价 格的议案》。结合当前的市场情况及公司自身实际情况，出于投资者利益的考虑， 公司董事会决定本次不行使"盛虹转债"的转股价格向下修正的权利，且在未来 三个月（2025 年 8 月 29 日至 2025 年 11 月 28 日）内，如再次触发《江苏东方 盛虹股份有限公司公开发行 A 股可转换公司债券募集说明书》（以下简称"《募 集说明书》"）中约定"盛虹转债"转股价格向下修正条款，亦不提出向下修正 方案。具体如下： 一、可转换公司债券发行上市概况 | 股票代码：000301 | 股票简称：东方盛虹 | 公告编号：2025-066 | | --- | --- | --- | | 债券代码：127030 | 债券简称：盛虹转债 | | 江苏东方盛虹股份有限公司 关于不向下修正"盛虹转债"转股价格的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 经中国证券监督管理委员会（以下简称"中国证监会"） ...

| 股票代码：000301 | 股票简称：东方盛虹 | 公告编号：2025-065 | | --- | --- | --- | | 债券代码：127030 | 债券简称：盛虹转债 | | 江苏东方盛虹股份有限公司 1 第九届董事会第三十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 江苏东方盛虹股份有限公司（以下简称"公司"）第九届董事会第三十次会 议于 2025 年 8 月 27 日以专人送出、传真或电子邮件形式发出会议通知，并于 2025 年 8 月 28 日以通讯表决方式召开。本次董事会应出席董事 7 人，实际出席 董事 7 人，公司监事、高级管理人员列席本次会议。 本次董事会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 公司章程的规定。 二、董事会会议审议情况 1、审议通过了《关于不向下修正"盛虹转债"转股价格的议案》 表决结果：同意 6 票，反对 0 票，弃权 0 票。基于谨慎性原则，关联董事缪 汉根先生回避本次表决。 截至 2025 年 8 月 28 日收盘，公司股票已经出现在任意 30 个连续交 ...

Industry Overview - The automotive automatic transmission friction plate is a key component that directly affects the overall performance of automatic transmissions. The technology level in this field in China started late, leading to a lack of competitive domestic brands against international giants who dominate the market [1][17] - In recent years, domestic companies like Lintai New Materials have made significant technological breakthroughs, effectively breaking the market monopoly held by foreign enterprises and enhancing the competitiveness of domestic friction plates [1][19] - The market size for China's automotive automatic transmission friction plates has grown from 5.364 billion yuan in 2021 to 6.347 billion yuan in 2024, achieving a compound annual growth rate (CAGR) of 5.77%. It is expected to reach 6.574 billion yuan by 2025 [1][17] Industry Policies - The Chinese government has implemented various regulations and policies to foster the development of the automotive automatic transmission friction plate industry, promoting technological innovation and market cultivation [9][10] - Key policies include the promotion of remanufacturing in traditional equipment and the encouragement of enterprises to accelerate the development of remanufacturing technologies for high-value components [9][10] Industry Chain - The industry chain for automotive automatic transmission friction plates consists of a complete upstream and downstream collaboration system, including raw materials like steel, resin, and special additives, manufacturing processes, and downstream applications in vehicle manufacturing and aftermarket services [11][12] Market Demand and Trends - The automotive industry is a crucial pillar of the national economy, with a significant recovery in market demand since 2021. The production of automobiles in China is projected to reach 31.282 million units in 2024, with a notable increase in new energy vehicles [14] - The friction plate industry is expected to benefit from the growing automotive market, particularly with the rise of electric vehicles and smart driving technologies, which demand higher performance and lower noise levels [25][26] Competitive Landscape - The global market for automotive automatic transmission friction plates is highly concentrated, dominated by international giants such as BorgWarner, Denso, and Aisin. However, domestic companies are making strides in technology and market share [19][21] - Companies like Lintai New Materials and Jin Qilin are emerging as key players, with Lintai reporting a revenue of 251 million yuan in 2024, reflecting a growth of 58.86% [21][23] Future Development - The industry is expected to see advancements in technology and materials, focusing on high performance, longevity, and low noise. Domestic enterprises will invest in new technologies to enhance product competitiveness [25] - The trend towards local supply chain strengthening and accelerated domestic substitution is anticipated, with an increasing preference for cost-effective domestic products in the automotive sector [26] - The diversification of market demand will drive the development of specialized products tailored to different vehicle types, enhancing competitive strategies within the industry [27]

Investment Rating - The report maintains a positive outlook on the petrochemical industry, particularly highlighting the potential recovery in China's refining sector due to planned capacity reductions in South Korea [5][12]. Core Insights - South Korea plans to cut up to 25% of its naphtha cracking capacity, which is expected to accelerate the recovery of China's refining sector. This decision comes as South Korean petrochemical companies face significant profit declines due to increased competition from Chinese production and weak demand in recent years [5][6]. - The report indicates that the operating rates of South Korea's petrochemical industry have fallen to historically low levels, necessitating urgent measures to address the oversupply issue [5][8]. - The report emphasizes that the reduction in South Korean supply could lead to tighter imports of refined products in China, particularly aromatic products, thereby enhancing the recovery prospects for the domestic refining industry [12]. Summary by Sections Upstream Sector - Brent crude oil prices increased to $67.73 per barrel, reflecting a week-on-week growth of 2.85%. WTI prices also rose to $63.66 per barrel, up 1.37% [17]. - As of August 15, U.S. commercial crude oil inventories stood at 421 million barrels, a decrease of 6.01 million barrels from the previous week, indicating a tighter supply situation [19]. Refining Sector - The integrated margin for Singapore's refining products decreased to $12.99 per barrel, down by $2.09 from the previous week, indicating pressure on refining profitability [50]. - The report notes that while refining margins have improved slightly, they remain at low levels, with expectations for gradual recovery as economic conditions improve [5][47]. Polyester Sector - The report highlights a recovery expectation for the polyester sector, with potential upward movement in profitability as supply-demand dynamics improve. Key companies to watch include Tongkun Co. and Wankai New Materials [12]. Investment Recommendations - The report suggests focusing on leading companies in the polyester sector such as Tongkun Co. and Wankai New Materials, as well as high-quality refining companies like Hengli Petrochemical and Rongsheng Petrochemical, which are expected to benefit from improved competitive dynamics [12].

Core Viewpoint - Oriental Shenghong's stock price has shown a significant increase this year, with a 16.32% rise, indicating positive market sentiment and potential growth in the company's operations [1]. Group 1: Stock Performance - As of August 22, Oriental Shenghong's stock price reached 9.55 CNY per share, with a trading volume of 1.22 billion CNY and a market capitalization of 631.37 billion CNY [1]. - The stock has experienced a 7.06% increase over the last five trading days, a 4.83% increase over the last 20 days, and a 12.49% increase over the last 60 days [1]. Group 2: Financial Metrics - For the period from January to March 2025, Oriental Shenghong reported a revenue of 303.09 billion CNY, reflecting a year-on-year decrease of 17.50% [2]. - The company has distributed a total of 44.29 billion CNY in dividends since its A-share listing, with 13.22 billion CNY distributed over the past three years [2]. Group 3: Shareholder Information - As of March 31, 2025, the number of shareholders for Oriental Shenghong was 85,800, a decrease of 10.29% from the previous period [2]. - The average number of circulating shares per shareholder increased by 34.01% to 77,036 shares [2]. - Hong Kong Central Clearing Limited is the seventh largest circulating shareholder, holding 77.18 million shares, a decrease of 4.09 million shares from the previous period [2].

Core Viewpoint - The company is expected to trigger the condition for downward adjustment of the conversion price for its convertible bonds due to the stock price falling below 80% of the current conversion price for a significant number of trading days [4][6][7]. Summary of Relevant Sections Convertible Bond Issuance Overview - The company issued 50 million convertible bonds with a total amount of 500 million yuan, with a maturity of 6 years, starting from April 21, 2021 [2][5]. - The bonds are traded under the name "盛虹转债" with the code "127030" [5]. Conversion Price Adjustment Clause - The conversion price can be adjusted downward if the company's stock price is below 80% of the current conversion price for at least 15 out of 30 consecutive trading days [4][6]. - The current conversion price is set at 13.21 yuan per share, meaning the threshold for adjustment is 10.568 yuan per share [5][6]. Expected Trigger for Price Adjustment - From August 8 to August 20, 2025, the company's stock price has already fallen below the adjustment threshold for 9 trading days, indicating a likely trigger for the downward adjustment of the conversion price [6][7]. Adjustment Procedure - If the company decides to adjust the conversion price, it will announce the decision through official channels, including the Shenzhen Stock Exchange [6][7].

| | | 江苏东方盛虹股份有限公司 关于预计触发"盛虹转债"转股价格向下修正条件的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 一、可转债发行上市概况 经中国证券监督管理委员会(以下简称"中国证监会")《关于核准江苏东方 盛虹股份有限公司公开发行可转换公司债券的批复》（证监许可〔2021〕512 号） 核准，公司于 2021 年 3 月 22 日公开发行了 5,000.00 万张可转换公司债券，每 张面值 100 元，发行总额 500,000.00 万元，期限 6 年。经深圳证券交易所同意， 1 1、股票代码：000301 股票简称：东方盛虹 2、债券代码：127030 债券简称：盛虹转债 3、当期转股价格：13.21 元/股 4、转股期限：2021 年 9 月 27 日至 2027 年 3 月 21 日 本次发行的可转债已于 2021 年 4 月 21 日起在深圳证券交易所挂牌交易，债券简 称"盛虹转债"，债券代码"127030"。 根据有关规定和《募集说明书》的约定，"盛虹转债"转股起止日期自可转 债发行结束之日（2021 年 ...

Group 1 - The chemical sector experienced a significant surge on August 20, with the chemical ETF (516020) rising by 1.63% [1][2] - Key stocks in the sector saw substantial gains, including Lianhong Xinke reaching the daily limit, Hengli Petrochemical increasing over 9%, and Rongsheng Petrochemical rising over 7% [1][2] - The basic chemical sector attracted over 4.4 billion yuan in net inflows, ranking fifth among 30 sectors in terms of net capital inflow [1][3] Group 2 - Analysts suggest that supply-side structural optimization is expected, with domestic policies frequently addressing supply-side requirements [3] - The chemical industry in China is poised to fill gaps in the international supply chain due to its competitive advantages in cost and technology [3] - The valuation of the chemical ETF (516020) is at a low point, with a price-to-book ratio of 2.1, indicating a favorable long-term investment opportunity [4] Group 3 - Recommendations include identifying stocks with strong performance in Q2 and those benefiting from AI capital investments and U.S. tariff conflicts [5] - The chemical ETF (516020) provides a diversified investment approach, covering various sub-sectors and focusing on large-cap stocks [6]

Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]