Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has outperformed the market, with the industry index rising by 1.8% from July 11 to July 18, compared to a 0.7% increase in the Shanghai Composite Index [9][20] - The report highlights significant price increases in TDI, glyphosate, and glufosinate due to supply disruptions and rising demand, particularly in South America [6][31][33] Summary by Sections 1. Core Viewpoints - The basic chemical sector is expected to benefit from supply-side reforms and improved demand due to recent government policies aimed at stabilizing the economy [17] - The report emphasizes the potential for long-term investment in core assets as the profitability of chemical products has likely bottomed out, suggesting a recovery in valuations [17][18] 2. Overall Performance of the Chemical Sector - The basic chemical industry index has shown a year-to-date increase of 10.8%, outperforming both the Shanghai Composite and ChiNext indices by 5.4% and 4.5%, respectively [20][26] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 251 stocks rose while 162 fell during the reporting week, with notable gainers including Shangwei New Materials (+148.8%) and Dongcai Technology (+33.2%) [29][30] 4. Key News and Company Announcements - A fire at Covestro's TDI plant in Germany has led to significant supply disruptions, creating opportunities for price increases in TDI [31][32] - Glyphosate prices have increased to 25,500 CNY per ton, reflecting a 7.16% month-over-month rise, driven by reduced inventory levels [33] - New regulations on glufosinate are expected to constrain supply, potentially leading to price increases as the market adjusts [34]

Group 1: Overseas Business Development - Jiangnan Chemical has established a business network in countries along the "Belt and Road" initiative, including Namibia, Congo (DRC), Mongolia, Serbia, Liberia, and Guyana, focusing on civil explosive services [1][2] - The company aims to enhance its international market management capabilities and compliance operations while promoting steady international business growth [2] Group 2: Industrial Explosive Capacity Planning - The company dynamically adjusts its industrial explosive capacity based on operational efficiency and regional layout advantages, in accordance with Ministry of Industry and Information Technology requirements [2] - Jiangnan Chemical is committed to increasing resource investment in key civil explosive markets [2] Group 3: Competition Resolution with Actual Controller - Jiangnan Chemical's controlling shareholder, Special Energy Group, has committed to resolving industry competition issues within 60 months of acquiring control, ensuring no overlap in civil explosive business operations [2] - Ongoing due diligence is being conducted on overseas projects to mitigate competition concerns [2] Group 4: Strategic Market Expansion in Tibet - The company is actively expanding its presence in the Tibetan civil explosive market, having established five subsidiaries in the region to capitalize on market demand [3] Group 5: Automation in Production - Jiangnan Chemical is advancing towards unmanned production lines by 2027, focusing on safety and efficiency improvements through technology [4] - The company emphasizes employee safety and aims to enhance production efficiency while reducing hazardous operations [4] Group 6: Mining Services Strategy - The company leverages synergies between civil explosive production and engineering services to provide integrated solutions for mining operations [5][6] - Jiangnan Chemical plans to transition from product provision to comprehensive service offerings, enhancing overall service scale and effectiveness [6] Group 7: Market Value Management - Jiangnan Chemical has developed a market value management plan for 2025, focusing on improving operational quality and investor relations to stabilize market confidence [6] - The company aims to integrate industrial and financial capital to enhance value creation and preservation of state-owned assets [6]

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has shown better performance than the market, with a year-to-date increase of 8.9%, outperforming the Shanghai Composite Index by 4.2 percentage points [4][16] - The global potash market is characterized by oligopoly, with major producers controlling supply and prices. Recent production cuts by key players are expected to sustain potash market conditions [5][27] - Phosphate supply remains tight, with stable prices and potential improvements in export opportunities as demand increases [5][27] Summary by Sections 1. Core Viewpoints - Policies are expected to improve supply-demand dynamics in the chemical sector, with a focus on cyclical investment opportunities [13] - The chemical industry is entering a new long-term prosperity cycle, driven by improved fundamentals and reduced risks [13][14] 2. Overall Performance of the Chemical Sector - The basic chemical industry index increased by 1.5% during the week, outperforming the Shanghai Composite Index by 0.4 percentage points [16] - Year-to-date, the basic chemical industry index has increased by 8.9%, significantly outperforming both the Shanghai Composite and ChiNext indices [16][18] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 298 stocks rose while 123 fell during the week [25] - The top performers included companies like Shangwei New Materials (+72.9%) and Hongbo New Materials (+24.7%) [25][26] 4. Key News and Company Announcements - The autumn fertilizer preparation has begun, with a focus on investment opportunities in potash and phosphate fertilizers [27] - Major potash producers have announced production cuts, which are expected to tighten supply and support prices [5][27] - Phosphate prices remain stable, with potential for improved export conditions as demand increases [5][27] 5. Product Price Changes - The report highlights significant price increases in various chemical products, with notable gains in dimethylamine (+16.7%) and fatty alcohol (+8.2%) [6] - Conversely, urea prices have seen a significant decline (-15%) [6]

Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core View of the Report - The report regularly tracks the latest private exchangeable bond (private EB) projects from public channels, including basic elements such as issuer, scale, underlying stock, and project status. The actual issuance terms and progress may change, and investors are advised to refer to the final prospectus and consult the lead underwriters [1]. 3. Summary of Key Information New Projects This Week - Fuda Holdings Group Co., Ltd.'s 2025 private exchangeable corporate bond project for professional investors received exchange feedback, with a proposed issuance scale of 1.2 billion yuan and the underlying stock being Fuda Co., Ltd. (603166.SH). The lead underwriter is Zhongde Securities, and the exchange update date is July 11, 2025 [2]. - Zijin Mining Investment (Shanghai) Co., Ltd.'s 2025 private exchangeable corporate bond project for professional investors received exchange feedback, with a proposed issuance scale of 700 million yuan and the underlying stock being Jiangnan Chemical Industry Co., Ltd. (002226.SZ). The lead underwriter is CITIC Securities, and the exchange update date is July 8, 2025 [2]. Project Status Table - The report lists the status of multiple private exchangeable bond projects as of July 11, 2025, including details such as bond name, lead underwriter, scale, underlying stock, project status, and update date. Projects are divided into two categories: "passed" and "feedback received" [3].

Group 1 - The company held its sixth meeting of the seventh board on July 2, 2025, where several proposals were reviewed and approved [1][2] - The first proposal approved was regarding the provision of special bond funds by the controlling shareholder, with a unanimous vote of 4 in favor and no opposition or abstentions [1] - The second proposal involved an increase in capital for the wholly-owned subsidiary Xinjiang Zhongkuang Hengtai Mining Technology Engineering Co., Ltd., which received 9 votes in favor, also with no opposition or abstentions [2] Group 2 - The independent directors had previously reviewed and approved the first proposal, with a majority agreement from all independent directors [1] - Detailed announcements regarding both proposals will be published on July 11, 2025, in various financial newspapers and on the company's official information platform [1][2]

证券代码：002226 证券简称：江南化工 公告编号：2025-045 1 安徽江南化工股份有限公司 关于控股子公司新疆天河对其全资子公司中矿恒泰增资的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 安徽江南化工股份有限公司（以下简称"公司"）于 2025 年 7 月 10 日召开第 七届董事会第六次会议，审议通过《关于下属子公司新疆天河化工有限公司对其 全资子公司新疆中矿恒泰矿山技术工程有限责任公司增资的议案》，具体内容如下： 一、增资情况概述 新疆中矿恒泰矿山技术工程有限责任公司(以下简称"中矿恒泰")为下属子 公司新疆天河化工有限公司(以下简称"新疆天河")之全资子公司，为提高中矿 恒泰发展前景，优化其资本结构，助推中矿恒泰建设年产 5,000 吨现场混装炸药 生产系统项目，开拓新疆哈密市伊州区市场和实现可持续良性发展，由新疆天河 以现金增资的方式对中矿恒泰增资 3,500 万元，本次增资完成后，中矿恒泰注册 资本由 100 万元增加至 3,600 万元，仍为新疆天河之全资子公司。 本次增资事项不涉及关联交易，也不构成上市公司重大资产重组事项。根据 ...

证券代码：002226 证券简称：江南化工 公告编号:2025-044 安徽江南化工股份有限公司 关于控股股东提供专项债券资金暨关联交易的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 安徽江南化工股份有限公司(以下简称"公司"或"本公司")于 2025 年 7 月 10 日召开第七届董事会第六次会议，审议通过了《关于控股股东提供专项债 券资金暨关联交易的议案》，现将有关事项公告如下： 一、关联交易概述 1、为满足公司重点项目建设的资金需求，缓解资金压力，降低融资成本， 公司通过实际控制人中国兵器工业集团有限公司（以下简称"兵器工业集团"） 向国有资本运营公司申请 2025 年度"稳增长、扩投资"专项债券资金，申请总 金额为 2.16 亿元，使用期限 10 年。专项债是经国资委同意，国有资本运营公司 在银行间债券市场发行的，用于重点支持"两重""两新"项目投资。 资金由兵器工业集团拨付至公司控股股东北方特种能源集团有限公司（以下 简称"特能集团"），公司及公司全资子公司北方爆破科技有限公司将在收到特 能集团拨付的专项债券资金后，将资金及时转入相关项目单位，由项 ...

证券代码：002226 证券简称：江南化工 公告编号:2025-043 安徽江南化工股份有限公司 关于第七届董事会第六次会议决议的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 安徽江南化工股份有限公司(以下简称"公司"或"本公司")第七届董事会 第六次会议于2025年7月2日以电子邮件等方式通知了各位董事，并于2025年7月 10日在本公司会议室采用通讯方式召开。会议应出席董事9名，实际出席董事9 名，公司全体监事及高级管理人员列席了会议。本次会议由董事长杨世泽先生主 持，会议召开程序符合《公司法》和《公司章程》等有关规定。会议审议通过了 如下议案： 1 （一）审议通过了《关于控股股东提供专项债券资金暨关联交易的议案》； 表决结果：同意4票，反对0票，弃权0票。 具体内容详见2025年7月11日公司登载于《证券时报》《中国证券报》《证 券日报》《上海证券报》及巨潮资讯网上的《关于控股股东提供专项债券资金暨 关联交易的公告》（公告编号：2025-044）。 关联董事杨世泽、代五四、李宏伟、方晓、孙飞回避表决。 （二）审议通过了《关于下属子公司新疆天河化工有限公 ...

Core Viewpoint - The company is advancing green development in the explosives industry by enhancing safety, reducing costs, and promoting environmental sustainability through innovative technologies and practices [1][3]. Group 1: Green Development Initiatives - The company has developed a safer and more convenient on-site mixed explosives production process, significantly reducing packaging, transportation, and storage costs while emphasizing its green attributes [1]. - The company has created a unique green civil explosives service chain, focusing on the utilization of coal-based Fischer-Tropsch wax and achieving five invention patents and one group standard, recognized as internationally leading [1]. - The EXPL series of mixed water gel explosives utilize renewable resources and do not rely on external heat sources, resulting in a notable reduction in carbon and water footprints [1]. - The company is exploring integration with the green hydrogen and ammonia production chain, enhancing the environmental standards of explosive materials and products [1]. Group 2: Technological Advancements - During the 14th Five-Year Plan period, the company has established a "1+N+X" technology innovation platform, including a national postdoctoral research station and multiple provincial technology centers [2]. - The company has developed an intelligent blasting design system based on 3D visualization, enabling automated processes such as data collection, drilling design, and remote operation [2]. - The company has built an "Industrial Internet + Safety Production" intelligent supervision platform, enhancing data standardization, real-time monitoring, and safety alerts [2]. Group 3: Market Position and Impact - The company leads the market in mixed explosives production, with over 50% of its capacity in on-site mixed explosives, surpassing the 35% target set for 2025 [3]. - The company holds approximately 13% market share in open-pit coal mining, over 11% in metal mining, and nearly 10% in construction materials, promoting the widespread application of mixed explosives technology [3]. - The company has been deeply integrated into local development, investing over 15 million yuan in rural revitalization initiatives and supporting various community projects [4].

Core Viewpoint - The announcement details a reduction in shareholding by a major shareholder, Zijin Mining Zinan (Xiamen) Investment Partnership, which has decreased its stake in Jiangnan Chemical from 21.81% to 20.77% through a planned share reduction [1][2]. Group 1: Shareholding Changes - Zijin Mining Zinan (Xiamen) Investment Partnership has reduced its holdings by 27,599,057 shares, representing 1.04% of the total share capital of Jiangnan Chemical [1][2]. - The reduction in shareholding was executed between May 23, 2025, and July 1, 2025, through centralized bidding and block trading [1][2]. - Following the reduction, Zijin Mining's total shareholding stands at 260,110,468 shares, which is 9.82% of the total share capital [1][2]. Group 2: Compliance and Regulations - The share reduction adheres to relevant regulations, including the "Management Measures for the Acquisition of Listed Companies" and "Interim Measures for the Reduction of Shares by Shareholders of Listed Companies" [1]. - The company confirms that the reduction will not adversely affect its operational stability or governance structure [1]. - The shareholder has committed to providing accurate and complete information regarding the shareholding changes, ensuring no misleading statements or significant omissions [1].