Group 1: Core Views - The article highlights two major sectors that have become the "cradle" of trend stocks this year: the banking sector and the computing power industry chain [1][3] - Major banks, including the "Big Four" (ICBC, CCB, ABC, and BOC), have seen their stock prices reach historical highs, with ICBC rising by 2.8% recently [1] - The computing power industry chain has also seen significant stock price increases, with companies like New Yisheng and Shenghong Technology hitting new highs, and Longxin Bochuang experiencing a surge of over 15% [1] Group 2: Individual Stock Performance - Huicheng Environmental Protection has gained significant attention, with a cumulative increase of 2823.42% since hitting a low in April 2022 [4] - ST Huacheng, known as the "King of Games" in A-shares, saw its market value exceed 100 billion yuan before experiencing a sharp decline, closing down 5.03% [8] - Taotao Automotive recently announced a mid-year profit forecast of 310 million to 360 million yuan, indicating a year-on-year growth of 70.34% to 97.81% [10] Group 3: Market Trends and Adjustments - The computing power industry chain is currently undergoing adjustments, with leading stocks like Shenghong Technology and New Yisheng experiencing declines of 6.64% and 3.82%, respectively [12] - Despite recent adjustments, institutions remain optimistic about the long-term demand for computing power, driven by factors such as cloud service growth and AI model training [13]

Core Points - The company announces the upcoming maturity and cessation of trading for its convertible bonds, "Hexion Convertible Bonds" [1][2][3] - The bonds will be redeemed at 110% of their face value, including the last interest payment, within five trading days after maturity [2][3] - The last trading day for the bonds is set for August 12, 2025, with the bonds ceasing to trade on August 13, 2025 [3] Convertible Bond Issuance Overview - The company issued 5.9575 million convertible bonds at a face value of 100 yuan each, totaling 5.9575 billion yuan, approved by the China Securities Regulatory Commission [1] - The bonds were listed for trading on September 16, 2019, under the code "128071" [1] Conversion Period - The conversion period for the bonds started on February 24, 2020, and will end on August 15, 2025, allowing bondholders to convert their bonds into shares at a price of 3.27 yuan per share [2][3] Redemption and Delisting - Upon maturity on August 16, 2025, the company will publish announcements regarding the redemption and delisting of the bonds on the designated information disclosure website [3] Additional Information - Investors seeking further details can refer to the full prospectus published on August 14, 2019, or contact the investor hotline [3]

| 证券代码：002228 | 证券简称：合兴包装 公告编号：2025-068 号 | | --- | --- | | 债券代码：128071 | 债券简称：合兴转债 | 厦门合兴包装印刷股份有限公司 关于"合兴转债"即将到期及停止交易的第一次提示性公告 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： 1、"合兴转债"到期日：2025 年 8 月 16 日（星期六） 2、"合兴转债"兑付登记日：2025 年 8 月 15 日 3、"合兴转债"到期兑付金额：110 元/张（含税及最后一期利息） 4、"合兴转债"最后交易日：2025 年 8 月 12 日 5、"合兴转债"停止交易日：2025 年 8 月 13 日 6、"合兴转债"最后转股日：2025 年 8 月 15 日 7、根据安排，截至 2025 年 8 月 15 日收市后仍未转股的"合兴转债"将被强 制赎回；本次赎回完成后，"合兴转债"将在深圳证券交易所摘牌。特此提醒"合 兴转债"持有人注意在转股期内转股。 8、在"合兴转债"停止交易后、转股期结束前（即 2025 年 8 月 13 日至 202 ...

Group 1 - The packaging and printing sector experienced a significant rise at the beginning of trading, with Tianyuan Co., Ltd. (stock code: 003003) hitting the daily limit [1] - Nanwang Technology (stock code: 301355) saw an increase of over 10% [1] - Other companies in the sector, including Hexing Packaging (stock code: 002228), Dashengda (stock code: 603687), Jinjia Co., Ltd. (stock code: 002191), Longlide (stock code: 300883), and Meiyingsen (stock code: 002303), also experienced gains [1] Group 2 - There is a notable influx of dark pool funds into these stocks, indicating increased investor interest [1]

厦门合兴包装印刷股份有限公司（以下简称"公司"）于2025年5月16日召开第 七届董事会第五次会议，审议通过了《关于回购公司股份方案的议案》，同意公司 使用自有资金和/或自筹资金（含银行回购专项贷款等）以集中竞价方式回购公司股 份，回购的公司股份将用于实施员工持股计划或股权激励计划。本次回购股份价格 不超过人民币4.67元/股，回购资金总额不低于人民币5,000万元（含）且不超过人民 币10,000万元（含），回购股份期限自董事会审议通过本次回购股份方案之日起12 个月内。具体内容详见公司于2025年5月20日、2025年5月22日在《证券时报》《证 券日报》和巨潮资讯网（www.cninfo.com.cn）上披露的相关公告。 | 证券代码：002228 | 证券简称：合兴包装 | 公告编号：2025-067 | 号 | | --- | --- | --- | --- | | 债券代码：128071 | 债券简称：合兴转债 | | | 厦门合兴包装印刷股份有限公司 关于回购公司股份进展的公告 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。 1 根据《深圳证券交 ...

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： 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指 引第 15 号——可转换公司债券》等有关规定，厦门合兴包装印刷股份有限公司（以 下简称"公司"）现将 2025 年第二季度可转换公司债券转股及公司股份变动情况 公告如下： 一、可转换公司债券发行上市基本情况 （一）可转换公司债券发行情况 | 证券代码：002228 | 证券简称：合兴包装 | 公告编号：2025-066 | 号 | | --- | --- | --- | --- | | 债券代码：128071 | 债券简称：合兴转债 | | | 厦门合兴包装印刷股份有限公司 关于 2025 年第二季度可转换公司债券转股情况的公告 经中国证券监督管理委员会《关于核准厦门合兴包装印刷股份有限公司公开 发行可转换公司债券的批复》（证监许可[2019]974 号）核准，公司于 2019 年 8 月 16 日公开发行了 595.75 万张可转换公司债券，每张面值 100 元，发行总额 59,575.00 万元。 （二）可转换公司债券上市情况 ...

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。 | 证券代码：002228 | 证券简称：合兴包装 | 公告编号：2025-065 | 号 | | --- | --- | --- | --- | | 债券代码：128071 | 债券简称：合兴转债 | | | 厦门合兴包装印刷股份有限公司 关于为子公司提供担保的进展公告 一、担保情况概述 厦门合兴包装印刷股份有限公司（以下简称"公司"或"本公司"）于 2025 年 4 月 25 日及 2025 年 6 月 6 日召开的第七届董事会第四次会议及 2024 年年度股 东大会审议通过了《关于 2025 年度公司为控股子公司提供担保的议案》，同意公 司在 2025 年度为 6 家下属子公司的授信业务提供担保，担保的总额度不超过 3.70 亿元人民币。除了以往申请的担保根据合同约定继续执行外，剩余担保申请有效 期自 2024 年年度股东大会决议之日起至 2025 年年度股东大会召开日止，在上述 额度内发生的具体担保事项，授权公司董事长具体负责与金融机构签订相关担保 协议，不再另行召开董事会或股东大会，具体担保有效期以担保 ...

Core Viewpoint - Xiamen Hexing Packaging and Printing Co., Ltd. maintains a credit rating of AA with a stable outlook, reflecting its strong market position in the corrugated packaging industry despite facing competitive pressures and fluctuating raw material prices [3][4][28]. Company Overview - The company operates approximately 60 production bases and is recognized as a leading player in the corrugated packaging sector in China, serving major clients in the home appliance, daily chemical, and food and beverage industries [4][11]. - The company has a stable customer base, primarily consisting of industry leaders, which contributes to its overall quality and reliability [4][11]. Financial Performance - Total assets as of 2022 were 88.32 billion, with total liabilities at 52.18 billion, resulting in a debt-to-asset ratio of 59.08% [5][20]. - The company's operating revenue for 2022 was 153.75 billion, with a net profit of 1.10 billion, indicating a slight decline in profitability due to increased competition and rising costs [5][20]. - The gross profit margin has decreased to 8.79% in 2022 from 12.02% in 2020, reflecting the pressure on profitability [7][20]. Industry Context - The packaging industry is experiencing intensified competition, with a notable decline in demand and rising raw material costs impacting profitability [8][9]. - The corrugated paper packaging sector is characterized by a fragmented market with many small manufacturers, leading to lower bargaining power for individual companies [9][12]. - The overall revenue of the top 100 printing and packaging companies in China decreased by 8.8% in 2024, highlighting the challenging market conditions [8]. Risk Factors - The company faces risks related to inventory and accounts receivable, which occupy a significant portion of its working capital, and its ability to cover short-term debts is limited [4][17]. - The upcoming maturity of the "Hexing Convertible Bonds" in August 2025 poses additional pressure on the company's debt repayment capabilities if not converted [4][28]. Future Outlook - The credit rating agency anticipates that the company's credit level will remain stable over the next 12 to 18 months, contingent on its ability to diversify its core business and enhance its risk resilience [4][28]. - Potential factors for an upgrade include significant improvements in capital strength, resource control, and market share, while a downgrade could result from continued business contraction and increased debt levels [4][28].

厦门合兴包装印刷股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0880 号 厦门合兴包装印刷股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 6 月 23 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依 ...

Core Points - The company has completed the registration capital change and the revision of its articles of association, which was approved in the board meeting on April 25, 2025, and the annual shareholders' meeting on June 6, 2025 [1] - The registered capital has been reduced from 1,222.83 million RMB to 1,195.54 million RMB, with no other changes [1] - The company is engaged in the production of mid-to-high-end corrugated boxes and various packaging printing products, as well as the research and development of new color printing products [1] Company Information - The company is officially named Xiamen Hexing Packaging Printing Co., Ltd., with a unified social credit code of 91350200612016388E [1] - The legal representative is Xu Xiaoguang, and the company was established on May 17, 1993 [1] - The company's address is No. 556, Tongji North Road, Tong'an District, Xiamen City [1]