Group 1 - The company Jinhe Industrial (SZ 002597) held its second temporary board meeting for the seventh session on August 4, 2025, to discuss the election of the chairman of the board [2] - For the year 2024, the revenue composition of Jinhe Industrial is as follows: food manufacturing accounts for 51.91%, basic chemicals account for 38.62%, other industries account for 8.39%, other businesses account for 0.72%, and trade accounts for 0.36% [2]

安徽金禾实业股份有限公司章程 安徽金禾实业股份有限公司 章 程 二〇二五年八月 1 | 第一章 | 总 | 则 | 3 | 第二章 | 经营宗旨和范围 4 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 第一节 | 股份发行 5 | 第二节 | 股份增减和回购 5 | | | | | | 第三节 | 股份转让 6 | 第四章 | 股东和股东会 7 | | | | | | 第一节 | 股东的一般规定 7 | 第二节 | 控股股东和实际控制人 10 | | | | | | 第三节 | 股东会的一般规定 | 11 | 第四节 | 股东会的召集 13 | | | | | 第五节 | 股东会的提案与通知 14 | 第六节 | 股东会的召开 16 | | | | | | 第七节 | 股东会的表决和决议 18 | 第五章 | 董事和董事会 22 | | | | | | 第一节 | 董事的一般规定 22 | 第二节 | 董事会 | 25 | | | | | 第三节 | 独立董事 28 | 第四节 | 董事会专门委员会 30 | | | | | | 第六章 | ...

安徽金禾实业股份有限公司 关于董事会完成换届选举及聘任高级管理人员、证券 事务代表及内部审计负责人的公告 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。 安徽金禾实业股份有限公司（以下简称"公司"或"本公司"）于 2025 年 8 月 4 日召开了 2025 年第二次临时股东大会、第七届董事会第一次会议，完成了 董事会换届选举和高级管理人、证券事务代表、内部审计负责人的聘任，现将相 关情况公告如下： 一、公司第七届董事会组成情况 非独立董事：杨乐先生、周睿先生、王从春先生、陶长文先生、孙庆元先生、 刘瑞元先生（职工代表董事） 独立董事：胡晓明先生、储敏女士、孟征先生 公司第七届董事会由 9 名董事组成，其中独立董事 3 名，职工代表董事 1 名（由公司职工代表大会选举产生），任期为自股东大会选举通过之日起三年。其 中，独立董事胡晓明先生、储敏女士自 2022 年 4 月 15 日起担任公司独立董事， 根据《上市公司独立董事管理办法》等有关规定，独立董事连续任职不超过六年， 因此胡晓明先生、储敏女士任期自公司股东大会审议通过之日至 2028 年 4 月 14 日 ...

安徽承义律师事务所 关于安徽金禾实业股份有限公司 召开 2025 年第二次临时股东大会的 法律意见书 安徽承义律师事务所 ANHUI CHENGYI LAW FIRM 地址：安徽省合肥市怀宁路 200 号置地广场栢悦中心五层 邮编：230041 传真：0551-65608051 电话：0551-65609615 65609815 1 安徽承义律师事务所 关于安徽金禾实业股份有限公司 召开2025年第二次临时股东大会的法律意见书 （2025）承义法字第 00184 号 致：安徽金禾实业股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东 会规则》等法律法规和其他规范性文件的要求，安徽承义律师事务所接受安徽金 禾实业股份有限公司（以下简称"金禾实业"）的委托，指派司慧、张亘律师（以 下简称"本律师"）就金禾实业召开 2025 年第二次临时股东大会（以下简称"本 次股东大会"）出具法律意见书。 一、本次股东大会召集人资格和召集、召开的程序 经核查，本次股东大会是由金禾实业第六届董事会召集，会议通知已提前十 五日刊登在中国证监会指定的信息披露报刊和深圳证券交易所指定的网站上。本 次股东大会 ...

证券代码：002597 证券简称：金禾实业 公告编号：2025-045 安徽金禾实业股份有限公司 2025 年第二次临时股东大会决议公告 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、本次股东大会未出现否决提案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议的情形。 3、根据法律、法规、规章和规范性文件对上市公司回购股份事宜的相关规 定，上市公司回购专用账户中的股份不享有股东大会表决权，截至本次股东大会 股权登记日，公司总股本568,319,878股，公司回购专用证券账户持有股份 21,242,637股，故公司此次股东大会有表决权股份总数为547,077,241股。 一、会议召开和出席情况 （一）会议召开情况 1、本次股东大会的召开时间： 现场会议时间：2025年8月4日（星期一），下午14:00开始。 网络投票时间：2025年8月4日；其中，通过深圳证券交易所交易系统进行网 络投票的具体时间为2025年8月4日上午9:15—9:25,9:30—11:30，下午13:00至 15:00；通过深圳证券交易所互联网投票系统投票的具体时 ...

安徽金禾实业股份有限公司 第七届董事会第一次会议决议公告 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。 安徽金禾实业股份有限公司（以下简称"公司"或"本公司"）于 2025 年 8 月 4 日召开了 2025 年第二次临时股东大会，选举产生了公司第七届董事会。为 保证公司董事会工作的连续性和衔接性，经全体董事一致同意豁免本次会议通知 期限，公司于 2025 年 8 月 4 日下午 16:00 在公司会议室以现场方式召开第七届 董事会第一次会议，本次会议应参加表决的董事 9 人，实际参加表决的董事 9 人，符合《公司法》《公司章程》的规定。会议由全体董事推举杨乐先生主持， 出席会议的董事认真审议并通过了下列议案： 一、审议通过了《关于选举公司第七届董事会董事长的议案》 证券代码：002597 证券简称：金禾实业 公告编号：2025-046 同意选举杨乐先生为公司第七届董事会董事长，任期自本次董事会做出决议 之日起至第七届董事会任期届满日止。 根据《公司章程》的有关规定，代表公司执行公司事务的董事为公司的法定 代表人，董事长为代表公司执行公司事务的董事，杨乐先生 ...

Investment Rating - The report recommends investment in the chemical industry, particularly in specific sectors such as bottle-grade PET and sucralose, highlighting potential for profit recovery under the "anti-involution" policy [2][3][5]. Core Insights - The chemical industry is experiencing significant price declines, with the Producer Price Index (PPI) showing a year-on-year decrease of 3.6% as of June, marking the lowest since August 2023 [1][9]. - The report emphasizes the need for "anti-involution" measures to enhance profitability across various chemical sub-industries, driven by increased R&D investment and a focus on high-quality development [1][21]. - The supply-side adjustments in multiple chemical sub-industries are expected to optimize the industry structure, with specific sectors like polyester filament and MDI showing promising demand trends [2][3]. Summary by Sections PPI and Industry Trends - The PPI for chemical raw materials and products has seen significant declines, necessitating "anti-involution" strategies to stabilize the industry [1][9]. - The ongoing construction projects in the chemical sector are projected to reach a total investment of 388.4 billion yuan in 2024, reflecting a 12.26% year-on-year increase [15]. Sub-Industry Analysis - **Polyester Filament**: The supply growth is expected to slow down due to "anti-involution" policies, which may improve profitability [2][34]. - **PC Industry**: The domestic PC industry is witnessing a shift towards import substitution, with limited new capacity expected in 2025 [3][45]. - **MDI**: The MDI sector is benefiting from strong domestic and international demand, with prices expected to remain favorable [4][55]. - **Bottle-grade PET**: This sector is crucial for beverage packaging, with a significant portion of production dedicated to food and drink applications [5][71]. - **Silicone**: The industry is expected to see a recovery in profitability as supply-demand balances improve [6][24]. - **Titanium Dioxide**: The industry is experiencing a slowdown in new capacity due to policy guidance and profit pressures [6][7]. - **Sucralose**: The demand is growing strongly, with new applications emerging [8][30]. Investment Recommendations - The report suggests focusing on sectors with substantial progress in "anti-involution," such as the bottle-grade PET industry, recommending Wan Kai New Materials as a key investment target [3][90]. - For the sucralose sector, Jin He Industrial is highlighted as a leading company to watch [3][90].

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2]. Core Viewpoints - The report emphasizes that the "anti-involution" expectations are strengthening, suggesting attention to five major investment themes: 1. Polyester filament: The industry is expected to see a recovery in prosperity due to a high-quality development initiative and price increases driven by raw material costs and downstream recovery [5]. 2. MDI: The MDI market is characterized by high technical and capital barriers, with a concentrated competitive landscape. The report anticipates a shift in supply focus towards China due to aging overseas facilities [5]. 3. Industrial silicon and organic silicon: The report notes a potential improvement in supply-demand dynamics for industrial silicon, while organic silicon may see coordinated production cuts as a new norm [5]. 4. Polyester bottle chips: A significant portion of the industry is expected to undergo production cuts, which may lead to a recovery in industry profits [5]. 5. Sucralose: The report highlights a collaborative pricing strategy among leading companies, which is expected to support price increases in the coming periods [5]. Summary by Sections Market Performance - The basic chemical sector outperformed the market, with a weekly increase of 4%, ranking 8th among 31 industry sectors [6][18]. Key News and Company Announcements - The report discusses the launch of the Yarlung Zangbo River hydropower project, which is expected to significantly boost demand for chemical materials [6][31]. Product Price Changes - The report lists the top price increases for chemical products, including lithium carbonate and DMC, while also noting significant declines in products like hydrochloric acid [7]. Investment Recommendations - The report suggests focusing on core assets that have entered a long-term value zone, as well as industries facing supply constraints that may see price elasticity [7][15][16].

Investment Rating - The report maintains a positive outlook on the pesticide industry, suggesting a "Buy" rating for key companies such as Yangnong Chemical, Lier Chemical, and Runfeng Shares [3][20]. Core Insights - The pesticide industry is experiencing a recovery due to the "Zhengfeng Zhijuan" initiative aimed at regulating the market, which has led to price increases for key products like fluorocarbon herbicides [3][4]. - The report highlights the impact of maintenance shutdowns at major production facilities, such as Wanhua's Hungarian plant, which may lead to supply shortages and price increases in the TDI market [3][4]. - The report emphasizes the potential for improved industry dynamics through the elimination of outdated production capacity, as indicated by government initiatives targeting key sectors [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a stable global GDP growth of 2.8%, with oil demand expected to rise despite some slowdown due to tariffs [4]. - The report notes that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream industries [4]. Chemical Prices - Recent price movements include a 15% increase in the price of Lier Chemical's fluorocarbon herbicide and a similar rise for Zhongqi Shares [3][11]. - The report mentions that the price of TDI is expected to rise due to low global inventory levels and potential supply disruptions from maintenance activities [3][4]. Investment Recommendations - The report suggests focusing on traditional cyclical stocks and specific sectors such as coal chemical, real estate chain, and agricultural chemicals, highlighting companies like Wanhua Chemical and Hualu Hengsheng [3][20]. - Growth stocks with recovery potential are identified, including semiconductor materials and OLED panel materials, with specific companies recommended for investment [3][20].

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]