Investment Rating - The industry investment rating is maintained at "Outperform the Market - A" [5] Core Insights - The chemical industry is at the bottom of a four-year down cycle, with indicators suggesting it has nearly bottomed out, and 2026 is expected to be a turning point for the cycle [17] - The price index for Chinese chemical products (CCPI) was reported at 3930 points on December 31, 2025, a 39% decrease from the peak in 2021, indicating the industry is in a historically low range [17] - The net profit of the basic chemical sector for the first three quarters of 2025 was 112.7 billion yuan, a year-on-year increase of 7.5%, showing initial signs of stabilization [17] - Capital expenditure in the industry has decreased by 18.3% year-on-year, marking seven consecutive quarters of negative growth since Q4 2023, indicating the end of the supply expansion phase [17] Summary by Sections 1. Core Views - The chemical industry is experiencing a significant shift, with European chemical companies reducing capacity due to high energy costs and environmental compliance pressures, while Chinese companies are rapidly gaining market share due to cost advantages [18] - In the first eight months of 2025, 60% of monitored chemical products had export volumes in the top 80% of the last six years, with 40% in the top 100% [18] - The report suggests focusing on leading chemical companies with cost advantages, such as Wanhua Chemical, Hualu Hengsheng, and others [18] 2. Industry Performance - The basic chemical industry index rose by 2.3% in the week of March 20-27, outperforming the Shanghai Composite Index by 3.4 percentage points [25] - Year-to-date, the basic chemical industry index has increased by 9.1%, surpassing the Shanghai Composite Index by 10.5 percentage points [25] 3. Stock Performance - Among 424 stocks in the basic chemical sector, 246 stocks rose, while 171 fell during the week [31] - The top gainers included Jinmei Technology (+36.3%) and Foshan Plastics (+24.5%), while the biggest losers included Wanlang Magnetic Plastic (-12.4%) and Sanfangxiang (-12.2%) [31][32] 4. Key News and Company Announcements - AnDuoMai A reported a revenue of 28.945 billion yuan for 2025, a decrease of 1.84% year-on-year, with a net profit attributable to shareholders of -1.046 billion yuan, an increase of 63.98% year-on-year [34] - ST Shenhua reported a revenue of 5.610 billion yuan for 2025, an increase of 11.76% year-on-year, with a net profit attributable to shareholders of -0.1 billion yuan, an increase of 93.51% year-on-year [34]

Core Viewpoint - The "2026 Advanced Nylon Industry Innovation and Application Development Conference" successfully gathered over 200 representatives from leading companies, experts, and end-users in the nylon industry, focusing on high-quality development paths for the nylon industry under the theme of "Big Materials, Big Markets, Big Changes" [2][6]. Group 1: Conference Overview - The conference was hosted by DT New Materials and supported by XPeng Motors, featuring over 20 thematic reports and activities aimed at exploring the innovative applications of nylon materials [2][6]. - Key topics included bio-based polyamides, special nylon innovations, and emerging application scenarios, emphasizing the importance of collaboration and innovation in the industry [6][9]. Group 2: Key Reports and Innovations - A report by Tang Zhaobin from the Ningbo Institute of Materials Technology and Engineering focused on the development of bio-based polyamides, highlighting the successful creation of high-temperature, transparent, and elastic nylon products with tensile strengths reaching 170 MPa and light transmittance over 90% [9]. - Li Shupeng from Guangzhou Automobile Group discussed the application of nylon engineering plastics in the new energy vehicle sector, outlining trends towards localization, low carbon emissions, and lightweight materials [11]. - Qin Huaili from Huitong New Materials emphasized the shift in the nylon industry from scale expansion to technology-driven, value-prioritized approaches, detailing a comprehensive product matrix from basic to high-end nylon materials [14]. Group 3: Market Trends and Applications - Reports highlighted the growing demand for special nylon materials in various sectors, including automotive, electronics, and consumer goods, with a focus on performance enhancements and sustainability [17][19][32]. - The application of MXD6 special nylon was analyzed, showcasing its core performance and potential in food packaging, automotive manufacturing, and high-end equipment [19][32]. - The conference also addressed the challenges and opportunities in the nylon industry, particularly in the context of energy system restructuring and trade environment adjustments [6][11]. Group 4: Future Directions - The conference concluded with discussions on the future of nylon materials, emphasizing the need for innovation in response to market demands and technological advancements [6][69]. - DT New Materials plans to continue facilitating industry collaboration through future events and conferences, focusing on new materials and technological innovations [69].

| 证券代码：300644 | 证券简称：南京聚隆 | 公告编号：2026-012 | | --- | --- | --- | | 债券代码：123209 | 债券简称：聚隆转债 | | 南京聚隆科技股份有限公司 第六届董事会第二十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 南京聚隆科技股份有限公司（以下简称"公司"）第六届董事会第二十三 次会议（以下简称"会议"）于 2026 年 3 月 9 日以通讯表决方式召开。会议通 知已于 2026 年 3 月 4 日以邮件、专人送达方式发出。公司应参会董事 8 名，实 际参加会议董事 8 名。本次会议由董事长刘曙阳先生主持，公司高级管理人员 列席了会议，会议的召集和召开符合《公司法》和《公司章程》等有关规定， 形成的决议合法有效。 二、董事会会议审议情况 经与会董事认真审议，会议以记名投票表决方式通过了以下议案并形成如 下决议： （一）审议通过《关于董事会授权公司总裁决定向银行申请借款融资的议 案》 基于公司资金管理使用情况和生产经营需要，根据公司《重大决策管理制 度》的 ...

Group 1 - Nanjing Julong's shareholders plan to reduce their holdings by no more than 2.94% of the shares [1] - Baichuan Co., Ltd. reported that the total balance of guarantees among its parent and subsidiary companies is 4.968 billion yuan, accounting for 250.79% of the company's most recent audited net assets [1] Group 2 - Various convertible bonds are listed with their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [3][5] - For example, the Huazhong Convertible Bond has a current price of 107.014, a redemption price of 107.000, and a remaining scale of 1.484 billion yuan, representing 4.97% of the underlying stock [3] - The Liyang Convertible Bond has a current price of 196.901, with a conversion value of 196.15, and a remaining scale of 4.803 billion yuan, representing 7.47% of the underlying stock [5] Group 3 - The article provides a detailed list of convertible bonds that are nearing their redemption dates, including their current prices, conversion values, and premium rates [5] - For instance, the Huayuan Convertible Bond requires 1 day until redemption, with a current price of 135.980 and a premium rate of 18.68% [5] - The article emphasizes the importance of monitoring these bonds as they approach their redemption dates for potential investment opportunities [5]

| 证券代码：300644 | 证券简称：南京聚隆 | 公告编号：2026-011 | | --- | --- | --- | | 债券代码：123209 | 债券简称：聚隆转债 | | 南京聚隆科技股份有限公司 关于持股 5%以上股东减持股份预披露公告 江苏苏豪时尚集团股份有限公司保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或者重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 江苏苏豪时尚集团股份有限公司持有本公司股份 15,624,770 股（占本公司 总股本比例 14.12%），计划在本公告披露之日起 15 个交易日后的三个月内（2026 年 3 月 27 日—2026 年 6 月 26 日）以集中竞价和大宗交易方式减持本公司股份 3,250,000 股（占本公司总股本比例 2.94%）。 公司于近日收到股东的《股份减持计划告知函》，具体情况如下： 一、股东的基本情况 1、股东名称：江苏苏豪时尚集团股份有限公司 2、股东持股情况 | 股东名称 | 持股数量（股） | 占总股本比例 | 占剔除回购股份比例 | | --- | --- | ...

Group 1 - The company, Nanjing Julong, announced on an interactive platform that it has released a notice regarding the expiration of the shareholding reduction plan for shareholders holding more than 5% [2]

Group 1 - The core point of the article is that Nanjing Julong has reported its total number of shareholders as of February 13, 2026, which stands at 17,292 households [2]

Group 1 - The company Nanjing Julong announced that its sixth board meeting was held on February 13, 2026, via communication, where it reviewed the proposal regarding the non-early redemption of "Julong Convertible Bonds" [1] - The company experienced a dramatic shift in net profit, increasing ninefold before suddenly reporting a loss exceeding 200 million [1] - The chairman of the company personally contributed 50 million to cover the financial shortfall, raising questions about the company's financial management [1]

| 证券代码：300644 | 证券简称：南京聚隆 | 公告编号：2026-009 | | --- | --- | --- | | 债券代码：123209 | 债券简称：聚隆转债 | | 南京聚隆科技股份有限公司 第六届董事会第二十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 南京聚隆科技股份有限公司（以下简称"公司"）第六届董事会第二十二 次会议（以下简称"会议"）于 2026 年 2 月 13 日以通讯方式召开。会议通知 已于 2026 年 2 月 13 日以邮件方式发出，全体董事一致同意豁免本次会议通知 时限。公司应参会董事 8 名，实际参会董事 8 名。本次会议由董事长刘曙阳先 生主持，公司全体高级管理人员列席了会议，会议的召集和召开符合《公司法》 和《公司章程》等有关规定，形成的决议合法有效。 二、董事会会议审议情况 经与会董事认真审议，会议以记名投票表决方式通过了以下议案并形成如 下决议： （一）审议通过《关于不提前赎回"聚隆转债"的议案》 2026 年 1 月 26 日至 2026 年 2 月 13 日 ...

| 证券代码：300644 | 证券简称：南京聚隆 | 公告编号：2026-010 | | --- | --- | --- | | 债券代码：123209 | 债券简称：聚隆转债 | | 特别提示： 2026 年 1 月 26 日至 2026 年 2 月 13 日期间，南京聚隆科技股份有限公司 （以下简称"公司"）股票价格已满足任意连续三十个交易日中至少十五个交 易日的收盘价格不低于"聚隆转债"当期转股价格（17.77 元/股）的 130%（即 23.10 元/股）。根据《南京聚隆科技股份有限公司向不特定对象发行可转换公 司债券募集说明书》（以下简称"《募集说明书》"）的约定，已触发"聚隆 转债"有条件赎回条款。 公司于 2026 年 2 月 13 日召开第六届董事会第二十二次会议，审议通过 《关于不提前赎回"聚隆转债"的议案》，考虑到"聚隆转债"自 2024 年 2 月 1 日开始转股，转股时间相对较短，结合当前的市场情况及公司自身实际情况， 为保护债券持有人利益，公司决定本次不行使"聚隆转债"的提前赎回权利， 且在未来六个月内（即 2026 年 2 月 14 日至 2026 年 8 月 13 日），如再次 ...