Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The chemical industry is expected to enter a replenishment cycle in 2025 due to several factors, including decreasing inventory levels, bottoming out of profits, and institutional holdings reaching a low point [8][30] - The supply-demand tension in phosphate rock is likely to continue, with a potential revaluation of its value, particularly focusing on the capacity expansion of Batian Co., Ltd [4][6] - The impact of the new round of tariffs imposed by the U.S. on Chinese chemical enterprises is expected to be limited, as the U.S. still needs to import a significant amount of chemical products from China [4] Summary by Sections Market Performance - The basic chemical sector showed a performance of 0.0% over the last month, 8.4% over the last three months, and 1.2% over the last year, compared to the CSI 300 index which had performances of -0.7%, 2.3%, and 8.2% respectively [2] Investment Suggestions - Focus on companies with low-cost expansion opportunities, such as Wanhu Chemical, and those in the tire and fertilizer sectors [8] - Highlight the potential for increased demand in phosphate fertilizers and lithium iron phosphate batteries, with ongoing projects in fine phosphate chemicals [4][6] - Emphasize high dividend yield opportunities in state-owned enterprises within the chemical sector, including China Petroleum and China National Offshore Oil Corporation [10] Key Company Tracking - Batian Co., Ltd. plans to expand its phosphate rock production capacity from 900,000 tons/year to 2 million tons/year, with additional projects underway [6] - The chemical industry is expected to benefit from rising prices in sulfuric acid, acrylic acid, and synthetic ammonia, with a focus on companies like Batian Co., Ltd. and others in the phosphate sector [7][9] Price Trends - As of April 3, 2025, the price of phosphate rock was 1,038 CNY/ton, with slight fluctuations in related fertilizer prices [19] - The Brent and WTI crude oil prices were reported at 66.06 and 62.32 USD/barrel, respectively, indicating a week-on-week decrease of approximately 9.98% and 9.73% [12]

Group 1: Company Announcements - WuXi AppTec announced the sale of 50.8 million shares of WuXi AppTec Holdings through block trading, with a transaction amount of approximately HKD 2.178 billion, resulting in an investment gain of about RMB 1.847 billion, which accounts for over 10% of the company's latest audited net profit attributable to shareholders [1] - Jinlongyu plans to invest RMB 1.2 billion to construct a production line for key materials for solid-state batteries in Huizhou New Materials Industrial Park [2] - Dazhu CNC is conducting preliminary research on the issuance of overseas securities (H shares) and listing [3] - Anyuan Coal Industry plans to acquire 57% of Jinhui Magnetic Separation and simultaneously divest its coal business, which is expected to constitute a major asset restructuring [4] - Yuntian Lifa announced that its subsidiary has completed the delivery and acceptance of AI training and inference computing power services, positively impacting the company's operational performance [5] - AVIC Industry plans to voluntarily withdraw its A-share listing and will be suspended from trading starting April 3, 2025 [6] Group 2: Financial Performance - Naipu Mining reported a 45.46% year-on-year increase in net profit for 2024 and plans to distribute a cash dividend of RMB 0.7 per 10 shares [7] - New Hope expects a profit of RMB 430 million to RMB 500 million in the first quarter, marking a turnaround from losses [7] - Jinbei Automobile reported a net profit of RMB 382 million for 2024, a year-on-year increase of 214.06% [7] - Hailu Heavy Industry anticipates a year-on-year net profit increase of 50% to 65% for the first quarter of 2025 [8] Group 3: Major Transactions and Investments - Baiyin Nonferrous Metals completed the acquisition of a mining company's equity, increasing its copper metal resources to approximately 930,000 tons [9] - Ningbo Port expects to complete a container throughput of 12.11 million TEUs in the first quarter, a year-on-year increase of 10.9% [11] - Huafeng Communication reported a year-on-year net profit increase of 38.38% for 2024 [11] - Kid King anticipates a year-on-year net profit increase of 72.44% for 2024 and plans to distribute a cash dividend of RMB 0.5 per 10 shares [11]

| 证券代码：002381 证券简称：双箭股份 | | | | | 公告编号：2025-013 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 债券代码：127054 债券简称：双箭转债 | | | | | | | | | 浙江双箭橡胶股份有限公司 | | | | | | | | | 关于续聘公司 2025 | 年度审计机构的公告 | | | | | | | | 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。 | | | | | | | | | 浙江双箭橡胶股份有限公司（以下简称"公司"）已于 4 | | 2025 | 年 | 月 1 | 日召 | | | | 开第八届董事会第十三次会议及第八届监事会第十二次会议，审议通过了《关于 | | | | | | | | | 续聘公司 2025 年度审计机构的议案》，公司拟续聘天健会计师事务所（特殊普 | | | | | | | | | 通合伙）（以下简称"天健"）作为公司 年度审计机构。本事项尚需提交 | 2025 ...

为提高工作效率，保证业务办理手续的及时性，董事会提请股东大会授权公 司董事长或其指定授权代理人办理上述授信额度相关事宜及签署相关法律文件。 同时，公司（含下属控股子公司）将在非关联方银行申请相关授信额度。 上述授权有效期为公司2024年年度股东大会批准之日起至召开2025年年度 股东大会作出新的决议之日止。 证券代码：002381 证券简称：双箭股份 公告编号：2025-012 债券代码：127054 债券简称：双箭转债 浙江双箭橡胶股份有限公司 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。 浙江双箭橡胶股份有限公司（以下简称"公司"）第八届董事会第十三次会 议于2025年4月1日审议通过了《关于向银行申请综合授信额度的议案》。现将具 体情况公告如下： 为满足公司生产经营需要，综合考虑公司资金安排，公司（含下属控股子公 司）拟向非关联方银行申请不超过人民币35亿元的综合授信额度，包括但不限于 流动资金贷款、非流动资金贷款、承兑汇票、保理、保函、开立信用证、票据贴 现等授信业务。上述授信额度最终以相关银行实际审批的授信额度为准，具体融 资金额将视公司的实际经营 ...

浙江双箭橡胶股份有限公司 | 编制单位：浙江双箭橡胶股份有限公 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 司 | | | | | | | | 单位：人民币万 | | 元 | | | | | | | | | | | | | 占用方与上市公 | 上市公司核算的 | 2024年期初 | | | 2024年度偿 | | 还 | 2024年期末 | | | | | | | | | 非经营性资金占用 | | 资金占用方名称 | | | | 计发生金额 | 资金的利 | | | 息 | | 占用形成原因 | | 占用性质 | | | | | | | | | 司的关联关系 | 会计科目 | 占用资金余额 | | | 累计发生金 | | 额 | 占用资金余额 | | | | | | | | | | | | | | （不含利息） | （如有） | | | | 控股股东、实际控制人及其 | | | | | | | | | | 附 | | | | | | | | 非经营性占 | | 用 | | | | | | | | | | ...

证券代码：002381 证券简称：双箭股份 公告编号：2025-017 债券代码：127054 债券简称：双箭转债 浙江双箭橡胶股份有限公司 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。 为了做好浙江双箭橡胶股份有限公司（以下简称"公司"）的投资者关系管 理工作，更好地与投资者进行沟通交流，使广大投资者深入全面地了解公司情况， 公司将于 2025 年 4 月 25 日举办投资者接待日活动。现将投资者接待日有关事项 公告如下： 一、接待时间：2025 年 4 月 25 日（星期五）下午 15:00-17:00。 二、接待地点：浙江省桐乡市洲泉镇永安北路 1538 号公司行政楼四楼会议 室。 联系人：张梁铨、沈惠强 电话：0573-88539880 传真：0573-88539880 六、注意事项 带机构相关证明文件及其复印件，公司将对上述证明性文件进行查验并存档，以 备监管机构查阅。 的签署。 欢迎广大投资者积极参与。 特此公告。 三、接待方式：现场接待。 四、参与接待人员：公司董事长沈耿亮先生，副董事长兼总经理沈会民先生， 副总经理、财务总监兼董事会秘书张梁铨 ...

参与方式一：在微信小程序中搜索"双箭股份投资者关系"； 参与方式二：微信扫一扫以下二维码： 证券代码：002381 证券简称：双箭股份 公告编号：2025-016 债券代码：127054 债券简称：双箭转债 浙江双箭橡胶股份有限公司 关于举办 2024 年度业绩网上说明会的公告 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。 浙江双箭橡胶股份有限公司（以下简称"公司"）已于 2025 年 4 月 3 日在 巨潮资讯网（http://www.cninfo.com.cn）上披露了《2024 年年度报告》。为 便于广大投资者进一步了解公司 2024 年度经营情况，公司定于 2025 年 4 月 16 日（星期三）下午 15:00-17:00 在"双箭股份投资者关系" 小程序举行 2024 年 度业绩网上说明会。本次网上业绩说明会将采用网络远程的方式举行，投资者可 登陆"双箭股份投资者关系"小程序参与互动交流。为广泛听取投资者的意见和 建议，提前向投资者征集问题，提问通道自发出公告之日起开放。 投资者依据提示，授权登入"双箭股份投资者关系"小程序，即可参与交流。 出席 ...

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。 债券代码：127054 债券简称：双箭转债 浙江双箭橡胶股份有限公司 证券代码：002381 证券简称：双箭股份 公告编号：2025-011 浙江双箭橡胶股份有限公司（以下简称"公司"）于2025年4月1日召开第八 届董事会第十三次会议、第八届监事会第十二次会议，审议通过了《关于公司2024 年度计提资产减值准备的议案》，本次计提资产减值事项无需提交股东大会审议。 现根据相关规定，将2024年度计提资产减值准备的具体情况公告如下： 一、本次计提资产减值准备情况概述 根据《企业会计准则》《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1号——主板上市公司规范运作》及公司会计政策的相 关规定，为了更加真实、准确、客观地反映公司的财务状况、资产价值及经营成 果，基于谨慎性原则，公司根据相关政策要求，对公司的各类资产进行了全面检 查和减值测试，并对公司截至2024年12月31日合并报表范围内的有关资产计提相 应的减值准备。 公司本次计提减值准备计入的报告期间为2024年1月1日至2024年12月31 ...

Summary of Key Points Core Viewpoint - The company, Zhejiang Shuangjian Rubber Co., Ltd., has announced a change in accounting policy in accordance with the Ministry of Finance's new guidelines for 2024, which will not significantly impact its revenue, net profit, or net assets [1]. Group 1: Overview of Accounting Policy Change - The change is based on the "Interpretation No. 18 of the Accounting Standards for Enterprises," which specifies that warranty-related costs should be included in operating costs rather than sales expenses [1]. - The new accounting policy will be effective from January 1, 2024 [2]. Group 2: Previous and New Accounting Policies - Prior to the change, the company followed the basic accounting standards and specific guidelines issued by the Ministry of Finance [2]. - After the change, the company will adhere to the 2024 guidelines and Interpretation No. 18, while other aspects of the accounting policy will remain unchanged [3]. Group 3: Impact of the Change - The accounting policy change aims to provide a more objective and fair representation of the company's financial status and operational results, aligning with legal regulations and the company's actual situation [3]. - The change will not have a significant impact on the company's financial condition, operational results, or cash flow, and there will be no retrospective adjustments for previous years [3].