证券代码：002226 证券简称：江南化工 公告编号:2025-042 安徽江南化工股份有限公司 关于持股 5%以上股东及其一致行动人权益变动触及 1%整数倍的公告 公司股东紫金矿业紫南（厦门）投资合伙企业（有限合伙）保证向本公司提供 的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 安徽江南化工股份有限公司（以下简称"江南化工"或"公司"）于2025 年4月26日披露了《关于持股5%以上股东减持股份的预披露公告》（公告编号： 2025-029）。 近日，公司收到 5%以上股东紫金矿业紫南（厦门）投资合伙企业（有限合 伙）（以下简称"紫南投资"）出具的《关于权益变动触及 1%整数倍的告知函》， 获悉，紫南投资于 2025 年 5 月 23 日至 2025 年 7 月 1 日通过集中竞价及大宗交易 方式累计减持公司股份 27,599,057 股，占公司总股本的 1.04%。紫南投资与紫金 矿业投资（上海）有限公司（以下简称"紫金投资"）作为一致行动人合计持有 公司股份比例从 21.81%下降至 20.77%，权益变动触及 1%刻度 ...

Group 1 - The core point of the article is that Jiangnan Chemical (002226) announced a share reduction by its shareholder Zinan Investment, which will decrease its stake in the company [1] - Zinan Investment will reduce its holdings from 21.81% to 20.77%, indicating a significant change in ownership structure [1] - The total number of shares reduced is 27.5991 million, which represents 1.04% of the company's total share capital [1]

本次可交换债券发行申请已经紫金矿业集团股份有限公司审议通过，并于 2025年6月24日获深圳证券交易所受理，尚须获得相关部门同意，最终发行方案 将根据发行时市场状况确定。 本次可交换债券发行不会导致本公司控股股东及实际控制人发生变化。公司 将根据相关规定，对本次可交换债券的发行及换股等进展情况及时履行信息披露 义务，敬请投资者注意投资风险。 特此公告。 证券代码：002226 证券简称：江南化工 公告编号:2025-041 安徽江南化工股份有限公司 关于持股 5%以上股东拟非公开发行可交换公司债券的提示性公告 持股 5%以上股东紫金矿业投资（上海）有限公司保证向本公司提供的信息内容 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 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6 月25日收到持股5%以上股东紫金矿业投资（上海）有限公司（"紫金投资"）的 书面通知，紫金投资拟以其（及其一致行动人紫金矿业紫南（厦门）投资合伙企 业（有限合伙））持有的本公司部分A股股票为标的非公开发行可交换公司债券 （以下简称"本次可交 ...

Core Viewpoint - Jiangnan Chemical (002226) announced that its major shareholder, Zijin Investment, plans to issue non-publicly offered exchangeable bonds backed by a portion of its A-share holdings in the company, aiming to raise up to RMB 700 million [1] Group 1: Exchangeable Bonds - The proposed exchangeable bonds will have a term of no more than 5 years [1] - Holders of the exchangeable bonds will have the right to convert their bonds into A-shares of the company during the exchange period, subject to certain conditions [1] Group 2: Shareholding Structure - Zijin Investment and its concerted parties, including Zijin Mining (601899) and Zijinan (Xiamen) Investment Partnership, collectively hold 562 million shares of the company, accounting for 21.23% of the total share capital [1] - The issuance of these exchangeable bonds will not result in a change of the company's controlling shareholder or actual controller [1]

Quantitative Models and Construction 1. Model Name: Heston Model - **Model Construction Idea**: The Heston model is used to calculate the implied volatility of near-month at-the-money options, serving as a market fear index. Implied volatility reflects market participants' expectations of future volatility [8]. - **Model Construction Process**: The Heston model is a stochastic volatility model where the variance of the asset price follows a mean-reverting square-root process. The model is defined by the following equations: $ dS_t = \mu S_t dt + \sqrt{v_t} S_t dW_t^1 $ $ dv_t = \kappa (\theta - v_t) dt + \sigma \sqrt{v_t} dW_t^2 $ Here: - \( S_t \): Asset price - \( v_t \): Variance - \( \mu \): Drift rate - \( \kappa \): Mean reversion speed - \( \theta \): Long-term variance - \( \sigma \): Volatility of variance - \( W_t^1, W_t^2 \): Correlated Wiener processes [8] 2. Model Name: Multi-Sector Timing Model (Scissor Difference Strategy) - **Model Construction Idea**: This model uses the difference in the number of bullish and bearish signals among sector constituents to construct a timing strategy. If no bullish or bearish signals are present, the scissor difference is set to zero. The model aims to outperform sector indices [16]. - **Model Construction Process**: - Count the number of bullish and bearish signals for each sector's constituent stocks daily. - Compute the scissor difference as the difference between bullish and bearish signals. - If both counts are zero, the scissor difference is set to zero. - Construct a timing strategy based on the scissor difference ratio [16]. - **Model Evaluation**: The model historically outperformed all sector indices, demonstrating excellent backtesting performance [16]. --- Model Backtesting Results 1. Heston Model - **Implied Volatility Results**: - SSE 50: 11.85% (down 0.88% WoW) - SSE 500: 14.35% (down 1.59% WoW) - CSI 1000: 18.06% (down 0.42% WoW) - CSI 300: 12.64% (down 0.73% WoW) [10] 2. Multi-Sector Timing Model - **Sector Outperformance**: The model outperformed all sector indices, achieving a 100% success rate in backtesting [16]. --- Quantitative Factors and Construction 1. Factor Name: Shape-Based Timing Signals - **Factor Construction Idea**: Shape-based signals are derived from historical K-line patterns, including bullish patterns (e.g., "Golden Needle Bottom," "Rocket Launch," "Manjianghong") and bearish patterns (e.g., "Hanging Line," "Paradise Line," "Dark Cloud Cover"). These patterns indicate potential price reversals [24]. - **Factor Construction Process**: - Identify specific K-line patterns based on predefined criteria. - Evaluate the historical performance of these patterns in predicting price movements. - Use the patterns to generate timing signals for individual stocks [24]. - **Factor Evaluation**: Bullish patterns like "Golden Needle Bottom" and "Rocket Launch" demonstrated strong positive predictive power [24]. --- Factor Backtesting Results 1. Shape-Based Timing Signals - **Signal Statistics**: - Positive signals: 2,699 occurrences, with an average future high-point success rate of 28.25% - Negative signals: 3,525 occurrences, with an average future low-point success rate of 71.88% [13] 2. Sector Timing Signals - **Bullish Sectors**: Home Appliances, Comprehensive, Communication, Textile & Apparel, Consumer Services, Transportation, Petrochemicals [19] 3. Stock-Specific Signals - **Consecutive Bullish Signals**: - 5-day signals: Stocks like Kailong Co. and Shipu Testing [21] - 4-day signals: Stocks like Jiangnan Chemical, Beijing-Shanghai High-Speed Railway, and Nandu Property [22][23] - **Special Bullish Patterns**: - Stocks like Retired Longyu ("Arrow on the String") and Suotong Development ("Manjianghong") [25][26] 4. Broker Gold Stock Signals - **Highlighted Stocks**: BYD, Feilihua, Wancheng Group, Sichuan Road & Bridge, Wolong Electric Drive, Lansheng Co., PetroChina, Dongpeng Beverage [29][33]

Group 1 - The core point of the announcement is the transfer of 32 million shares (1.21% of total shares) from Guangxi Jianhua Machinery Co., Ltd. to China Weapon Industry Group's subsidiary, Zhongbing Investment Management Co., Ltd. [1] - The share transfer was completed on June 18, 2025, and the shareholding structure of the company remains unchanged post-transfer [1][2] - The major shareholders' holdings before and after the transfer are detailed, showing that the controlling shareholder and actual controller remain the same [1] Group 2 - The transfer complies with relevant laws and regulations, ensuring no violation of existing commitments by the transferor [2] - The transaction is not expected to harm the interests of the company or other shareholders, nor will it affect the company's governance structure or future operations [2]

证券代码：002226 证券简称：江南化工 公告编号:2025-040 | 股东名称 | 本次转让前 | | 本次转让后 | | | --- | --- | --- | --- | --- | | | 持股数量（股） | 持股比例 | 持股数量（股） | 持股比例 | | 特能集团 | 575,753,625 | 21.74% | 575,753,625 | 21.74% | | 北方公司 | 170,375,085 | 6.43% | 170,375,085 | 6.43% | | 奥信香港 | 159,682,102 | 6.03% | 159,682,102 | 6.03% | | 建华机械 | 125,448,721 | 4.74% | 93,448,721 | 3.53% | | 中兵投资 | - | - | 32,000,000 | 1.21% | | 合计 | 1,031,259,533 | 38.93% | 1,031,259,533 | 38.93% | 安徽江南化工股份有限公司 关于股东权益变动暨股份完成过户登记的公告 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 ...

江南化工（002226）公告，公司控股股东的一致行动人建华机械将其持有的3200万股(占公司总股本的 1.21%)以非公开协议转让方式转让给中兵投资，股份已于2025年6月18日完成过户登记手续。本次转让 完成后，公司控股股东及其一致行动人合计持股数量和比例保持不变，公司控股股东和实际控制人保持 不变。 ...

证券代码：002226 证券简称：江南化工 公告编号:2025-039 安徽江南化工股份有限公司 2024 年年度权益分派实施公告 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")2024 年年度 权益分派方案已获 2025 年 5 月 8 日召开的 2024 年度股东大会审议通过。2024 年年度权益分派方案为:以公司 2024 年 12 月 31 日的总股本 2,648,922,855 股为 基数，向全体股东每 10 股派发现金红利 0.65 元人民币(含税)，不送红股,不以 公积金转增股本。 一、权益分派方案 本公司2024年年度权益分派方案为:以公司现有总股本2,648,922,855股为 基数，向全体股东每 10 股派 0.650000 元人民币现金（含税;扣税后，通过深股 通持有股份的香港市场投资者、境外机构（含 QFII、RQFII）以及持有首发前限 售股的个人和证券投资基金每 10 股派 0.585000 元;持有首发后限售股、股权激 励限售股及无限售流通股的个人股息红利税实行差别化税率征收，本 ...

Investment Rating - The report maintains a positive outlook on the pearl pigment market, highlighting its growth potential and investment opportunities [13][14]. Core Insights - The pearl pigment market is characterized by its small and fragmented nature, with significant profit potential driven by new consumer applications in cosmetics, automotive, and batteries. The global market for pearl pigments is projected to grow from 23.5 billion CNY in 2023 to 44 billion CNY by 2030, with a CAGR of 9.4% from 2023 to 2030 [13]. - The report emphasizes the importance of local operational capabilities for companies looking to expand into Africa, particularly in East Africa, where economic growth and political stability are improving [14]. - The upcoming China-Central Asia Summit is expected to create investment opportunities in Central Asia, with a focus on companies like Xinjiang Communications Construction and Qing Song Jianhua [15]. Summary by Sections Weekly Discussion - The pearl pigment market is expected to benefit from increased demand in cosmetics and automotive sectors, with a significant portion of the market being high-end [13]. - The report suggests monitoring the acquisition activities in the pearl pigment sector, particularly the acquisition of a stake in a major Korean manufacturer by a specific company [13]. Cyclical Linkage - Cement prices have decreased to 360 CNY per ton, with a national average shipment rate of 45.7% [16]. - The average price of float glass has dropped to 1229.90 CNY per ton, reflecting a decline in demand and increased inventory levels [16]. - The report highlights the challenges faced by the construction materials sector, including fluctuating prices and demand pressures [16]. National Subsidy Tracking - Recent adjustments to national subsidy policies for home appliances have led to limited supply and increased competition among consumers [17]. - The report anticipates a potential restart of subsidy programs due to rapid consumption of existing funds [17]. Significant Changes - A company plans to invest in a wind turbine blade manufacturing facility in Uzbekistan, with a total investment of approximately 25.24 million USD [18]. - Another company is acquiring a 51% stake in a chemical firm for about 170 million CNY, enhancing its market position [18]. Market Performance - The construction materials index has shown a decline of 2.14% in the past week, with specific sectors like glass manufacturing and fiberglass experiencing larger drops [20]. - The report notes that the cement market is under pressure due to seasonal factors, with expectations of continued price adjustments [29].