Investment Rating - The report maintains a recommendation for the chemical industry, indicating a positive outlook due to the anticipated benefits from anti-involution policies [2]. Core Insights - The chemical industry is expected to benefit from the implementation of anti-involution policies, which aim to reduce unhealthy competition and improve pricing structures [13][14]. - The report highlights that certain chemical products are currently at historical low prices, suggesting potential for price recovery as market conditions improve [15]. - The focus is on eight specific products with significant price recovery potential: spandex, organic silicon, PVC, titanium dioxide, soda ash, propylene oxide, glyphosate, and TDI [15]. Summary by Sections Anti-Involution Policies - The government is committed to addressing "involution-style" competition, with plans for new policies to stabilize key industries including chemicals [13][14]. - The aim is to eliminate low-cost sales practices that have led to unsustainable pricing and profitability issues within the industry [14]. Spandex Market - Spandex prices have reached historical lows, with a steady increase in production and inventory pressures [19][22]. - The spandex market is dominated by major players such as Huafeng Chemical and Xinxiang Chemical Fiber, which hold significant market shares [29][40]. Organic Silicon Market - Organic silicon prices are at a five-year low, with a diverse range of applications across various industries [44][49]. - The industry is characterized by limited new capacity additions, with major producers like Hoshine Silicon and Dongyue Group leading the market [55]. PVC Market - PVC is a widely used plastic, primarily in the real estate sector, and is expected to benefit from the consolidation of production capacity [6][19]. - Key companies in the PVC market include Zhongtai Chemical and Xinjiang Tianye, which are positioned to capitalize on market recovery [6]. Titanium Dioxide Market - Titanium dioxide prices have hit five-year lows, with high inventory levels impacting profitability [6][19]. - Major players in this sector include China Nuclear Titanium Dioxide and Longbai Group, which are expected to navigate the challenging market conditions [6]. Soda Ash Market - The soda ash market is facing high inventory levels, with significant applications in real estate and photovoltaic industries [6][19]. - Key companies include Boyuan Chemical and Shandong Haihua, which are well-positioned to benefit from future demand recovery [6]. Propylene Oxide Market - Propylene oxide has a low concentration of production capacity, with broad applications across various sectors [6][19]. - Key players include Binhai Chemical and Weiyuan Chemical, which are expected to benefit from market dynamics [6]. Glyphosate Market - Glyphosate is the most widely used herbicide globally, with increasing demand driven by rising agricultural output [6][19]. - Major companies in this space include Xingfa Group and Jiangshan Chemical, which are positioned to benefit from a favorable market environment [6]. TDI Market - TDI supply-demand dynamics remain tight due to production disruptions, with significant barriers to entry for new players [6][19]. - Key companies include Cangzhou Dahua and Wanhua Chemical, which are expected to maintain strong market positions [6].

重要提示： 1、利率调整：根据《新疆中泰化学股份有限公司2023 年面向专业投资者公开发行科技创新公司债券（第一期）募 集说明书》（以下简称"《募集说明书》"）的约定，公司作 为"23新化K1"（债券代码：148437.SZ）的发行人，有权决 定在存续期的第2年末调整本期债券存续期第3、4年的票面 利率。根据当前的市场行情，公司决定下调票面利率，即"23 新化K1"债券存续期第3、4年的票面利率为2.90%。在债券存 续期的第4年末，如发行人行使调整票面利率选择权，未被 回售部分债券的票面利率为债券存续期第3年及第4年票面 利率加/减调整基点，在债券存续期第5年固定不变；如发行 人未行使调整票面利率选择权，则未被回售部分债券在债券 存续期第5年票面利率仍维持第3年及第4年票面利率不变。 债券代码：148437.SZ 债券简称：23 新化 K1 新疆中泰化学股份有限公司 关于23新化K1票面利率调整和回售实施办 法第三次提示性公告 2、投资者回售选择权：根据《募集说明书》中设定的 投资者回售选择权，投资者有权选择在投资者回售登记期内 进行登记，将持有的本期债券按面值全部或部分回售给发行 人，或选择继续持有本期债 ...

债券代码：148437.SZ 债券简称：23 新化 K1 3. 债券代码：148437.SZ 新疆中泰化学股份有限公司关于放弃行使 "23 新化 K1"发行人赎回选择权的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、 误导性陈述或者重大遗漏负连带责任。 新疆中泰化学股份有限公司（以下简称"公司"或"本 公司"）于 2023 年 8 月 22 日发行的新疆中泰化学股份有限 公司 2023 年面向专业投资者公开发行科技创新公司债券（第 一期）（以下简称"23 新化 K1"或"本期债券"）至 2025 年 8 月 21 日将期满 2 年。根据《新疆中泰化学股份有限公 司 2023 年面向专业投资者公开发行科技创新公司债券（第 一期）募集说明书》（以下简称"《募集说明书》"）有关 条款的规定，公司决定放弃对"23 新化 K1"债券行使发行 人赎回选择权。现将有关事项公告如下： 一、本期债券基本情况 1. 债券名称：新疆中泰化学股份有限公司 2023 年面向 专业投资者公开发行科技创新公司债券（第一期） 2. 债券简称：23 新化 K1 1 3 年末行使回售选择权，则回售部分债券的兑付日 ...

新疆中泰化学股份有限公司对外担保进展公告 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、担保情况概述 2025 年 4 月 1 日至 2025 年 6 月 30 日，新疆中泰化学股份有限公司（以下 简称"公司"、"中泰化学"）为控股公司、参股公司提供担保共计 422,403.72 万元 （数据未经审计）。具体情况如下： | 担保方 | 被担保方 | 二季度担保 发生金额 | 累计担保 | | --- | --- | --- | --- | | | | （万元） | 金额（万元） | | | 新疆中泰化学托克逊能化有限公司 新疆中泰化学阜康能源有限公司 | 75,749.50 51,650.00 | 297,707.09 182,970.10 | | | 新疆中泰矿冶有限公司 | 5,000.00 | 27,965.00 | | | 新疆华泰重化工有限责任公司 | 9,999.50 | 181,468.87 | | | 新疆中泰金晖能源股份有限公司 | 20,000.00 | 128,896.81 | | | 新疆中泰新材料股份有限公司 | 41,323. ...

债券代码：148437.SZ 债券简称：23 新化 K1 新疆中泰化学股份有限公司 关于23新化K1票面利率调整和回售实施办 法第二次提示性公告 重要提示： 1、利率调整：根据《新疆中泰化学股份有限公司2023 年面向专业投资者公开发行科技创新公司债券（第一期）募 集说明书》（以下简称"《募集说明书》"）的约定，公司作 为"23新化K1"（债券代码：148437.SZ）的发行人，有权决 定在存续期的第2年末调整本期债券存续期第3、4年的票面 利率。根据当前的市场行情，公司决定下调票面利率，即"23 新化K1"债券存续期第3、4年的票面利率为2.90%。在债券存 续期的第4年末，如发行人行使调整票面利率选择权，未被 回售部分债券的票面利率为债券存续期第3年及第4年票面 利率加/减调整基点，在债券存续期第5年固定不变；如发行 人未行使调整票面利率选择权，则未被回售部分债券在债券 存续期第5年票面利率仍维持第3年及第4年票面利率不变。 2、投资者回售选择权：根据《募集说明书》中设定的 投资者回售选择权，投资者有权选择在投资者回售登记期内 进行登记，将持有的本期债券按面值全部或部分回售给发行 人，或选择继续持有本期债 ...

Group 1 - The company has decided to lower the coupon rate for the "23 Xin Hua K1" bond to 2.90% for the third and fourth years of its term [1][2] - The issuer has the right to adjust the coupon rate at the end of the fourth year, with the possibility of increasing or decreasing the rate by a certain basis point [1][2] - Investors have the option to sell back their bonds at face value during the designated resale period, or choose to continue holding the bonds [1][2] Group 2 - The bond's interest will be calculated using simple interest on an annual basis, without compounding [2] - The announcement includes details on the payment arrangements for the resale portion of the bonds, including interest distribution [3][4] - The company has provided contact information for relevant personnel and institutions involved in the bond resale process [4]

债券代码：148437.SZ 债券简称：23 新化 K1 新疆中泰化学股份有限公司 关于 23 新化 K1 票面利率调整和回售实施办 法第一次提示性公告 重要提示： 1、利率调整：根据《新疆中泰化学股份有限公司2023 年面向专业投资者公开发行科技创新公司债券（第一期）募 集说明书》（以下简称"《募集说明书》"）的约定，公司作 为"23新化K1"（债券代码：148437.SZ）的发行人，有权决 定在存续期的第2年末调整本期债券存续期第3、4年的票面 利率。根据当前的市场行情，公司决定下调票面利率，即"23 新化K1"债券存续期第3、4年的票面利率为2.90%。在债券存 续期的第4年末，如发行人行使调整票面利率选择权，未被 回售部分债券的票面利率为债券存续期第3年及第4年票面 利率加/减调整基点，在债券存续期第5年固定不变；如发行 人未行使调整票面利率选择权，则未被回售部分债券在债券 存续期第5年票面利率仍维持第3年及第4年票面利率不变。 3、投资者选择将持有的本期债券全部或部分回售给发 行人的，须于回售登记期内登记；若投资者未作登记，则视 为继续持有债券。 4、回售价格：人民币100元/张（不含利息）。投资者 ...

Group 1 - The company expects a net loss attributable to shareholders in the range of 180 million to 198 million yuan for the first half of 2025, compared to a loss of 242.67 million yuan in the same period last year, indicating a reduction in losses [1] - The net profit after deducting non-recurring gains and losses is projected to be a loss of 210 million to 230 million yuan, compared to a loss of 274.11 million yuan in the previous year, reflecting a year-on-year improvement of 23.39% to 16.09% [1] - The basic earnings per share are expected to be a loss of 0.0699 to 0.0769 yuan per share, compared to a loss of 0.0942 yuan per share in the same period last year [1] Group 2 - The company has implemented cost reduction and efficiency enhancement measures, which have improved the profitability of the chlor-alkali segment year-on-year, while the textile segment has shown slight operational improvement [1] - Despite these efforts, the overall performance has not turned profitable, and the net profit attributable to the parent company has still decreased in losses compared to the previous year [1] - The performance forecast has not been audited by the accounting firm, and the specific financial data will be confirmed in the company's 2025 semi-annual report [1]

[Xinjiang Zhongtai Chemical Co., Ltd. 2025 Semi-Annual Performance Forecast](index=1&type=section&id=%E6%96%B0%E7%96%86%E4%B8%AD%E6%B3%B0%E5%8C%96%E5%AD%A6%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8%202025%20%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A) This document presents Xinjiang Zhongtai Chemical Co., Ltd.'s performance forecast for the first half of 2025 [Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company expects a net loss attributable to shareholders of RMB 180-198 million for H1 2025, a narrowed deficit compared to the prior year Performance Forecast Summary | Item | Current Reporting Period (Jan 1 - Jun 30, 2025) | Prior Year Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | Loss: RMB 180 million to RMB 198 million | Loss: RMB 242.67 million | | Year-on-Year Change | Increase: 25.82% to 18.41% (Loss Reduction) | - | | **Net Profit After Deducting Non-Recurring Gains and Losses** | Loss: RMB 210 million to RMB 230 million | Loss: RMB 274.11 million | | Year-on-Year Change | Increase: 23.39% to 16.09% (Loss Reduction) | - | | **Basic Earnings Per Share** | Loss: RMB 0.0699/share to RMB 0.0769/share | Loss: RMB 0.0942/share | [Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) This performance forecast is a preliminary estimate by the company's finance department and remains unaudited - This performance forecast has not been audited by an accounting firm[3](index=3&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The company's H1 2025 performance shows a reduced loss year-on-year, driven by lower raw material costs and efficiency measures, despite persistent low PVC prices and associate losses - Key factors influencing performance changes include: - **Negative Factors**: Persistent downward pressure on prices of the main product, polyvinyl chloride (PVC), and losses from associate companies - **Positive Factors**: Decreased prices of major raw materials, implementation of cost reduction and efficiency improvement measures, leading to a year-on-year increase in profitability for the chlor-alkali segment and slight improvement in the textile segment's operating performance[4](index=4&type=chunk) - Under the combined influence, the net profit attributable to the parent company in the reporting period achieved a reduction in loss compared to the prior year, but the company as a whole has not yet turned profitable[4](index=4&type=chunk)[5](index=5&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company advises investors to exercise caution, as this performance forecast is preliminary, with final financial data subject to the officially disclosed 2025 Semi-Annual Report - This performance forecast is a preliminary estimate by the company's finance department; investors are advised to exercise caution and be aware of investment risks[6](index=6&type=chunk)

债券代码:148437.SZ 债券简称:23 新化 K1 申万宏源证券有限公司关于 新疆中泰化学股份有限公司选举董事长 的临时受托管理事务报告 债券受托管理人 宏源山 : 有限 HONGYUAN SECURITIES (住所:上海市徐汇区长乐路 989 号 45 层) 2025年7月 重要声明 本报告依据《公司债券发行与交易管理办法》、《公司债券受托管理人执业行 为准则》、《新疆中泰化学股份有限公司 2022 年面向专业投资者公开发行公司债 券受托管理协议》(以下简称"《债券受托管理协议》")及其它相关信息披露文件 以及新疆中泰化学股份有限公司(以下简称"发行人")出具的相关说明文件和提 供的相关资料等,由债券受托管理人申万宏源证券有限公司(以下简称"申万宏 源证券"或"债券受托管理人"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见,投资者应对相关 事宜作出独立判断,而不应将本报告中的任何内容据以作为申万宏源证券所作的 承诺或声明。 一、债券的基本情况 1、债券名称 新疆中泰化学股份有限公司 2023 年面向专业投资者公开发行 科技创新公司债券(第一期) 2、发行规模:本期债券发行规模为 6 亿 ...