Investment Rating - The report emphasizes low valuation companies in the energy sector with a PE ratio below 20X for the 2026 profit forecast [2] Core Insights - The report highlights the importance of "selling shovel" companies in the coal chemical sector, particularly in the context of fluctuating oil prices, which significantly impact the economic viability of coal chemical projects [3][13] - It identifies several key players in the energy engineering sector, including Donghua Technology, China Energy Engineering, and China Chemical, which are involved in significant projects and are expected to see revenue growth [3][13] - The report also discusses the energy materials sector, noting that companies like Keda Manufacturing and Changbao Co. are experiencing improvements due to unexpected changes in demand [4][14] - AI new materials are highlighted as having a price increase expectation, with specific references to electronic fabrics and copper foil, indicating a strong cycle of inflation in these sectors [4][14] Summary by Sections Energy Engineering - Focus on coal chemical projects, particularly coal-to-olefins, coal-to-oil, and coal-to-natural gas, with economic viability tied to oil prices above $80 per barrel [3][13] - Key companies include: - Donghua Technology: Expected revenue of 10 billion with a 13% increase in 2025 [3][13] - China Energy Engineering: Largest green hydrogen and ammonia project globally [3][13] - Other notable mentions include China Chemical, Sanwei Chemical, and local mining companies in Xinjiang [3][13] Energy Materials - Companies like Keda Manufacturing are benefiting from the growing demand for energy storage materials [4][14] - The report notes the potential for price increases in AI materials, particularly in electronic fabrics and copper foil, driven by ongoing inflationary pressures [4][14] Market Performance - The cement sector shows a national average price of 338 RMB/ton, with a year-on-year decrease of 52 RMB/ton and a slight month-on-month decline [15][18] - The glass market sees a slight increase in prices, with the average price for float glass at 1174.93 RMB/ton, reflecting a 0.89% increase [15][36] - The report indicates a mixed performance across various building materials, with the construction index down by 6.21% [18][24]

关于回购注销部分限制性股票通知债权人的公告 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。 一、通知债权人原由 湖北凯龙化工集团股份有限公司（以下简称"公司"） 分别于2026年2月11 日、2026年3月5日召开第九届董事会第六次会议及2026年第二次临时股东会会议， 审议通过了《关于回购注销2021年限制性股票激励计划部分限制性股票及调整回 购 价 格 的 议 案 》 。 具 体 内 容 详 见 公 司 于 2026 年 2 月 12 日 在 巨 潮 资 讯 网 http://www.cninfo.com.cn上披露的《关于回购注销2021年限制性股票激励计划部 分限制性股票及调整回购价格的公告》。 二、需债权人知晓的相关信息 公司回购2021年限制性股票激励计划部分限制性股票注销完成后，公司注册 资本金将减少40,200元，注册资本金由499,357,647元变更为499,317,447元（具体 以实际核准的注销股数为准）。 鉴于公司本次回购注销2021年限制性股票激励计划部分限制性股票将导致 注册资本减少，根据《中华人民共和国公司法》等相关法律法规的规 ...

炜衡沛雄（前海）联营律师事务所 2026 年第二次临时股东会 之 湖北凯龙化工集团股份有限公司 关于 炜衡沛雄（前海）联营律师事务所 股东会法律意见书 炜衡沛雄（前海）联营律师事务所 关于湖北凯龙化工集团股份有限公司 2026 年第二次临时股东会之 法律意见书 法律意见书 中国 广东 深圳 南山区前海深港合作区国际仲裁大厦 17 层 1710、1711、1712 号 电话（Tel）：（0755）86703090 邮编：518052 炜衡沛雄会法字[2026]第 2 号 致：湖北凯龙化工集团股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司 股东会规则》（以下简称"《股东会规则》"）等法律、法规、部门规章、规范 性文件及现行有效的《湖北凯龙化工集团股份有限公司章程》（以下简称"《公 司章程》"）的规定，炜衡沛雄（前海）联营律师事务所（以下简称"炜衡"） 接受湖北凯龙化工集团股份有限公司（以下简称"贵公司"或"公司"）的委托， 指派邓薇律师、丁雅阑律师（以下简称"炜衡律师"）出席贵公司 2026 年第二 次临时股东会（以下简称"本次股东会"），在进行必要验证工作的基础上，对 贵公司本 ...

证券代码：002783 证券简称：凯龙股份 公告编号：2026－014 湖北凯龙化工集团股份有限公司 2026 年第二次临时股东会决议公告 1．会议召开时间： (1)现场会议时间：2026年3月5日14:30 (2)网络投票时间：2026年3月5日。其中： 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．本次股东会无否决议案或修改议案的情况；本次股东会上没有新提案提 交表决。 2．本次股东会不涉及变更前次股东会决议。 一、会议召开情况 ①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2026年3月5日 9:15-9:25，9:30-11:30和13:00-15:00； ②通过深圳证券交易所互联网投票系统进行网络投票的具体时间为2026年3 月5日9:15-15:00。 2．现场会议召开地点：湖北凯龙化工集团股份有限公司办公楼一楼会议室 (湖北省荆门市东宝区泉口路20号) 。 3．会议召开方式：现场投票与网络投票相结合。 4．会议召集人：公司第九届董事会。 5．会议主持人：公司董事长罗时华先生因工作原因不能到现场，全体董事 共同推举董事邵兴祥 ...

证券代码：002783 证券简称：凯龙股份 公告编号：2026－013 湖北凯龙化工集团股份有限公司 关于 2021 年限制性股票激励计划首次授予部分及第一批暂 缓授予部分第二个解除限售期解除限售股份上市流通的 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．本次符合解除限售条件的激励对象共计 324 人，本次解除限售的限制性 股票数量为 2,907,838 股，占公司目前总股本的 0.5823%。 2．本次解除限售的限制性股票上市流通日期为：2026 年 3 月 5 日。 3．本次实施的限制性股票激励计划相关内容与已披露的激励计划不存在差 异。 湖北凯龙化工集团股份有限公司（以下简称"公司"）于 2026 年 2 月 11 日召 开了第九届董事会第六次会议，审议通过了《关于 2021 年限制性股票激励计划 首次授予部分及第一批暂缓授予部分第二个解除限售期解除限售条件成就的议 案》。董事会认为公司 2021 年限制性股票激励计划首次授予部分及第一批暂缓 授予部分第二个解除限售期的解除限售条件均已成就。根据公司 2022 年第二次 临 ...

Group 1 - The company issued convertible bonds totaling RMB 328,854,800, with a net amount of RMB 311,087,926.91 after deducting issuance costs [1] - The funds were fully received on December 27, 2018, and verified by an audit report [1] - The company established a special account for the management of the raised funds in accordance with relevant regulations and agreements [2] Group 2 - As of the announcement date, the company has completed the cancellation of the special account for the raised funds related to the project for the production lines of 400,000 tons/year of water-soluble nitro fertilizer and 200,000 tons/year of slow-release fertilizer [3] - The company decided to permanently supplement the remaining funds of RMB 16,292,500 into working capital for daily operations and business development [3] - The tripartite supervision agreement with the underwriter and the bank was terminated following the cancellation of the special account [3]

Group 1 - The company Kailong Co., Ltd. announced the cancellation of the fundraising account related to the construction project of a 400,000 tons/year water-soluble nitro fertilizer and a 200,000 tons/year slow-release fertilizer production line [1] - The cancellation of the fundraising account leads to the termination of the tripartite supervision agreement signed with the sponsor Changjiang Securities and the Industrial and Commercial Bank of China [1]

证券代码：002783 证券简称：凯龙股份 公告编号：2026－012 湖北凯龙化工集团股份有限公司 为了规范募集资金的管理和使用，保护投资者权益，公司根据《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 1 号——主板上 市公司规范运作》等法律法规、规范性文件及公司《募集资金管理制度》的有关 规定，公司及公司控股子公司湖北凯龙楚兴化工集团有限公司（项目实施主体） 与保荐机构长江证券承销保荐有限公司及相关开户银行就开立募集资金专用账 户事宜分别签订了《募集资金专户三方监管协议》，在银行开设了专户存储募集 资金。 截至本公告日，公司公开发行可转换公司债券募集资金专户的开立和存储情 况如下： | 开户行 | 账户名称 | 账号 | 账户状态 | | --- | --- | --- | --- | | 中国工商银行股份有限 | 湖北凯龙化工集团股 | 1809001629200116365 | 本次销户 | | 公司荆门东宝支行 | 份有限公司 | | | | 中国建设银行股份有限 | 湖北凯龙化工集团股 | 42050166860800000274 | 销户 | | 中国建设银行股份有限 | ...

Recent Events - On February 12, 2026, the company announced the lifting of restrictions on 2,907,838 shares for 324 incentive recipients, representing 0.5823% of the total share capital [2] - On February 11, 2026, the company disclosed the repurchase and cancellation of 40,200 restricted shares for 3 incentive recipients, accounting for 0.0081% of the total share capital, with a repurchase price adjusted to 5.06 yuan per share, totaling approximately 207,000 yuan [2] - The company held its first extraordinary shareholders' meeting of 2026 on the same day, where resolutions for credit and financing applications, expected related party transactions, and the re-election of independent directors were approved with high consent rates [2] Stock Performance - The stock price fluctuated in the past week, reaching a high of 10.18 yuan on February 11 and a low of 9.83 yuan on February 12, closing at 9.91 yuan on February 13, reflecting a cumulative decline of 0.30% from the opening price on February 9 [3] - The trading volume surged to 112 million yuan on February 12, with a turnover rate of 2.47%, before dropping to 0.84% on February 13; financing balance decreased by 0.05 billion yuan over five days, a decline of 1.02% [3] Institutional Insights - One institution forecasts a net profit growth of 61.99% for 2025 and 15.42% for 2026, with current market sentiment being neutral and low frequency of institutional research [4] - Profit expectations are primarily based on the third quarter report of 2025, which indicated a net profit attributable to shareholders of 135 million yuan, a year-on-year increase of 20.64% [4]

Meeting Announcement - The first extraordinary general meeting of shareholders for 2026 will be held on February 11, 2026, at 14:30, with both on-site and online voting options available [2][4][61] - The meeting will take place at Wuhan Raffles Wanda Hotel, Hubei Province [3] Attendance and Voting - A total of 219 shareholders and proxies attended the meeting, representing 136,777,330 shares, which is 27.39% of the total shares [8] - 17 shareholders attended the on-site meeting, representing 134,373,170 shares (26.91% of total shares) [9] - 202 shareholders participated in online voting, representing 2,404,160 shares (0.48% of total shares) [11] Resolutions Passed - The meeting approved the proposal for the company and its subsidiaries to apply for credit and financing plans for 2026, with 99.76% of votes in favor [11][12] - The proposal for the expected daily related party transactions for 2026 was also approved, with 95.94% of votes in favor [13][12] - The election of independent directors for the ninth board was approved, with significant support for each candidate [14][16] Legal Opinions - The meeting was witnessed by lawyers from Wei Heng Pei Xiong (Qianhai) Law Firm, confirming that the meeting's procedures complied with relevant laws and regulations [18] Future Meetings - The company will hold the second extraordinary general meeting of shareholders on March 5, 2026, at 14:30, with both on-site and online voting options [29][61]