Investment Rating - The report suggests a focus on sectors benefiting from import substitution, such as lubricant additives and nucleating agents, while also monitoring oil price stabilization for potential investment opportunities in oil-related assets [1][2][3]. Core Insights - The chemical market is experiencing pressure from trade conflicts, but the current market is more mature compared to 2018, with swift actions from the Chinese version of the stabilizing fund helping to restore market confidence [1][2]. - The report highlights significant downward pressure on industries with high exposure to the US market, particularly in consumer electronics and textiles, while sectors like lubricant additives and aramid fibers show strong performance due to import substitution [1][2]. - Key events include a notable drop in oil prices, with Brent crude falling below $60 per barrel, and the announcement of an expansion project by Wanhua Chemical [1][3]. Summary by Sections Market Overview - Brent crude futures averaged $64.12 per barrel this week, down 10.92% from the previous week, while WTI futures averaged $60.84 per barrel, down 11.4% [10]. - The basic chemical sector underperformed the index, with a decline of 5.14% [10]. Key Events - The establishment of a Chinese version of the stabilizing fund aims to bolster market confidence amid escalating trade tensions [2]. - The report notes a significant drop in oil prices due to trade war impacts and OPEC+ production increases, with Brent crude falling below $60 [2]. Industry Specific Insights - The tire industry is experiencing a slight decline in operating rates, with full steel tire operating rates at 66.2% and semi-steel tire rates at 78.5% [25]. - The sweetener market, particularly for sucralose, is expected to see price improvements due to reduced low-priced inventory and upcoming production cuts [26][27]. - The dye market remains stable, with disperse dyes maintaining prices around 16.5 yuan/kg, while demand from downstream textile markets is weak [28]. Price Trends - The report indicates that the average price for titanium dioxide is stable, with a market average of 15,109 yuan/ton, while the industry is observing a slight decline in operating rates [29]. - The pure MDI market is experiencing a downward trend, with prices averaging 17,350 yuan/ton, reflecting weak demand and ongoing trade tensions [32].

证券代码：002597 证券简称：金禾实业 公告编号：2025-014 安徽金禾实业股份有限公司 关于收到董事长提议公司 2024 年度利润分配预案的 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"）于近日收到 公司董事长杨乐先生出具的《关于安徽金禾实业股份有限公司2024年度利润分配 预案的提议》，现将有关情况公告如下： 一、利润分配预案提议情况 为提高股东回报，增强投资者的信心，基于对公司未来发展前景的坚定信心 和长期价值的高度认可，结合公司未分配利润情况。在符合《公司章程》规定的 利润分配原则、保证公司正常经营和长远发展的前提下，就公司2024年度利润分 配预案，提议如下： 以公司未来实施权益分派股权登记日的总股本扣除公司回购专用证券账户 库存股后股份数为基数，向全体股东每10股派发现金股利人民币8.30元（含税）。 若在分配方案实施前公司总股本发生变化，将按照分配比例不变的原则对分 配总额进行调整。 董事长杨乐先生承诺在相关会议审议上述2024年度利润分配预案时投赞成 票。 二、其他有关说明 ...

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]

Core Viewpoint - The chemical sector is experiencing a price surge, particularly in the market for diisobutylene, with a notable increase of 17% in one week, leading to a doubling of stock prices for leading companies in this field [1]. Group 1: Price Trends and Market Dynamics - As of March 21, the market price for diisobutylene reached 63,000 yuan per ton, an increase of 9,000 yuan from March 14 [1]. - The price increase is driven by rising raw material costs, supply disruptions, and strong demand from the PCB sector [1]. - The market is characterized by a supply-demand imbalance, with no current spot supply of diisobutylene and a long order cycle, prompting downstream companies to actively stock up [1]. Group 2: Company Performance and Stock Movements - Multiple diisobutylene-related stocks saw significant price movements, with Zhongyida rising for 11 consecutive trading days, accumulating a total increase of over 117% since March 10 [1]. - Other companies such as Hubei Yihua and Jinhua Industrial also experienced stock price increases, with Hubei Yihua reaching a limit-up and Jinhua Industrial rising by 3.14% [1][4]. - Hubei Yihua has an annual production capacity of 60,000 tons for diisobutylene and is currently upgrading its production facilities [3]. Group 3: Production Capacity and Future Plans - Zhongyida's production capacity for diisobutylene is 43,000 tons annually, making it the second-largest in the industry [3]. - Jinhua Industrial has a production capacity of 20,000 tons per year and plans to adjust its product structure based on market demand [3]. - Yuntianhua produces diisobutylene along with other products, with production bases located in Yunnan and Chongqing [3].

2025 年 03 月 16 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 联系人 ： 仲逸涵 S0350123070022 zhongyh@ghzq.com.cn [Table_Title] 欧美 MDI 厂商发布涨价函，关注铬盐在军工领 域的应用 ——基础化工行业周报 最近一年走势 | 行业相对表现 | | | 2025/03/14 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 4.1% | 0.5% | 9.7% | | 沪深 300 | 1.7% | 1.9% | 12.5% | 相关报告 《基础化工行业周报：振华股份铬盐价格上涨，中 策橡胶 IPO 过会（推荐）*基础化工*李永磊，董伯 骏》——2025-02-16 《基础化工行业周报：轮胎原材料价格指数走低， 赛轮轮胎拟扩建柬埔寨工厂（推荐）*基础化工*李 永磊，董伯骏》——2025-01-12 《基 ...

根据本员工持股计划的相关规定，本期核心员工持股计划存续期为48个月， 自本期员工持股计划经公司股东大会审议通过且公司公告最后一笔标的股票过 户至本期员工持股计划名下之日起算。本员工持股计划通过法律法规许可的方式 所获标的股票，自公司公告最后一笔标的股票过户至本员工持股计划名下之日起 12个月后开始分期解锁，锁定期最长36个月，具体如下： 第一批解锁时点：自公司公告股票过户至本员工持股计划名下之日起算满12 证券代码：002597 证券简称：金禾实业 公告编号：2025-013 安徽金禾实业股份有限公司 关于第二期核心员工持股计划股份出售完毕的公告 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"）公司于2022 年9月23日、2022年10月18日召开了第六届董事会第四次会议和2022年第一次临 时股东大会，会议审议通过了《关于<第二期核心员工持股计划（草案）及其摘要 的议案》《关于<第二期核心员工持股计划管理办法>的议案》《关于提请股东大 会授权董事会办理第二期核心员工持股计划相关事宜的议案》等相关议案。 ...

基础化工行业 行业研究 | 行业周报 国家/地区 中国 行业 基础化工行业 报告发布日期 2025 年 03 月 03 日 看好（维持） | 倪吉 | 021-63325888*7504 | | --- | --- | | | niji@orientsec.com.cn | | | 执业证书编号：S0860517120003 | | 顾雪莺 | guxueying@orientsec.com.cn | | | 执业证书编号：S0860523080005 | 寻找景气复苏的周期行业之十三：乙二醇 2025-01-23 站在新秩序的起点：化工行业 2025 年度投 资策略 2024-12-18 投资建议与投资标的 风险提示 ⚫ 项目进展不及预期；需求不及预期；海外销售不及预期；原材料价格大幅波动。 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 本周化肥产品持续涨价 ⚫ 我们监测的 188 种化工产品中，本周价格涨幅前 3 名的产品分别为硫酸（上涨 16.6%）、硫磺（上涨 13.4%）、氯化钾（上涨 11.2%）；跌幅 ...

安徽金禾实业股份有限公司 公司章程 安徽金禾实业股份有限公司 章 程 二〇二五年二月 | 第一章总则 | 1 | | --- | --- | | 第二章经营宗旨和范围 | 2 | | 第三章股份 | 2 | | 第一节 股份发行 | 2 | | 第二节 股份增减和回购 | 3 | | 第三节 股份转让 | 4 | | 第四章股东和股东大会 | 5 | | 第一节 股东 | 5 | | 第二节 股东大会的一般规定 | 7 | | 第三节 股东大会的召集 | 9 | | 第四节 股东大会的提案与通知 | 10 | | 第五节 股东大会的召开 | 12 | | 第六节 股东大会的表决和决议 | 14 | | 第五章董事会 | 18 | | 第一节 董事 | 18 | | 第二节 董事会 | 21 | | 第六章总经理及其他高级管理人员 | 25 | | 第七章监事会 | 27 | | 第一节 监事 | 27 | | 第二节 监事会 | 27 | | 第八章财务会计制度、利润分配和审计 | 29 | | 第一节 财务会计制度 | 29 | | 第二节 内部审计 | 32 | | 第三节 会计师事务所的聘任 | 32 ...

证券代码：002597 证券简称：金禾实业 公告编号：2025-012 安徽金禾实业股份有限公司 关于回购注销限制性股票减少注册资本 暨通知债权人的公告 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。 本次回购注销完成后，公司总股本将减少1,655,200股，公司注册资本也将 减少1,655,200元，具体以回购注销完成后中国证券登记结算有限公司深圳分公 司出具的股本总数为准。 二、需债权人知晓的相关信息 本次回购注销部分限制性股票将导致公司注册资本减少，根据《中华人民共 和国公司法》等有关法律、法规，公司债权人自接到公司通知之日起30日内、未 1 接到通知自本公告披露之日起45日内，凭有效债权证明文件及相关凭证向公司要 求清偿债务或提供相应担保。债权人如未在规定期限内行使上述权利的，不会因 此影响其债权的有效性，相关债务（义务）将由公司根据原债权文件的约定继续 履行。本次回购注销将按法定程序继续实施。 公司债权人如要求本公司清偿债务或提供相应担保的，应根据《公司法》等 法律、法规的有关规定向公司提出书面要求，并随附有关证明文件。具体申报要 求如下： 1、债权 ...

证券代码：002597 证券简称：金禾实业 公告编号：2025-011 安徽金禾实业股份有限公司 2025 年第一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、本次股东大会的召开时间： 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。 现场会议时间：2025年2月27日（星期四），下午14:00开始。 网络投票时间：2025年2月27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2月27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间为：2025年2月27 日9:15-15:00期间任意时间。 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569,975,078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548,732,441股。 2、会议召开地 ...