| 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2026-006 | | --- | --- | --- | | 债券代码：123247 | 债券简称：万凯转债 | | 万凯新材料股份有限公司 关于不提前赎回万凯转债的公告 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。 特别提示： 万凯新材料股份有限公司（以下简称"公司"）股票价格自 2026 年 2 月 24 日至 2026 年 3 月 16 日已有十五个交易日的收盘价格不低于"万凯转债"当期转 股价格 11.30 元/股的 130%（即 14.69 元/股），已触发"万凯转债"有条件赎 回条款。 公司于 2026 年 3 月 16 日召开第二届董事会第二十九次会议，审议通过《关 于不提前赎回"万凯转债"的议案》，公司董事会决定本次不行使"万凯转债" 的提前赎回权利，且在未来三个月内（即 2026 年 3 月 17 日至 2026 年 6 月 16 日），如再次触发"万凯转债"有条件赎回条款时，公司均不行使提前赎回权利。 自 2026 年 6 月 16 日后首个交易日重新计算，若"万凯转债 ...

中国国际金融股份有限公司 关于万凯新材料股份有限公司 与关联方共同设立产业投资基金暨关联交易的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为万凯 新材料股份有限公司（以下简称"万凯新材"或"公司"）持续督导的保荐机构，根 据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等相关规 定，对万凯新材与关联方共同设立产业投资基金暨关联交易的事项进行了认真、审慎 核查，具体情况如下： 一、设立产业基金暨关联交易概述 （一）基本情况 万凯新材为借助专业机构的投资能力，拟与杭州澄凯私募基金管理有限公司（以下 简称"澄凯基金"）、灵心巧手（北京）科技有限公司（以下简称"灵心巧手"）、湖北祥 源新材科技股份有限公司（以下简称"祥源新材"）、浙江汇振投资管理有限公司（以下 简称"汇振投资"）共同发起设立灵澄未来（宁波）创业投资合伙企业（有限合伙）（暂 定名称，以市场监督管理部门登记为准，以下简称"灵澄未来基金"或"基金"），基金 规模为人民币 10,500 万元。其中，澄凯基金为基金管理人、普通合伙人、 ...

| 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2026-005 | | --- | --- | --- | | 债券代码：123247 | 债券简称：万凯转债 | | 万凯新材料股份有限公司 关于与关联方共同设立产业投资基金暨关联交易 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、设立产业基金暨关联交易概述 （一）基本情况 万凯新材料股份有限公司（以下简称"万凯新材"或"公司"）为借助专 业机构的投资能力，拟与杭州澄凯私募基金管理有限公司（以下简称"澄凯基 金"）、灵心巧手（北京）科技有限公司（以下简称"灵心巧手"）、湖北祥 源新材科技股份有限公司（以下简称"祥源新材"）、浙江汇振投资管理有限 公司（以下简称"汇振投资"）共同发起设立灵澄未来（宁波）创业投资合伙 企业（有限合伙）（暂定名称，以市场监督管理部门登记为准，以下简称"灵 澄未来基金"或"基金"），基金规模为人民币 10,500 万元。其中，澄凯基金 为基金管理人、普通合伙人、执行事务合伙人，出资 200 万元；万凯新材、灵 心巧手、祥源新材和汇振投资为有限合伙人，其 ...

| 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2026-004 | | --- | --- | --- | | 债券代码：123247 | 债券简称：万凯转债 | | 万凯新材料股份有限公司 第二届董事会第二十九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、会议召开情况 万凯新材料股份有限公司（以下简称"公司"）第二届董事会第二十九次会 议通知于 2026 年 3 月 13 日以电子邮件、专人送达的方式发出，会议于 2026 年 3 月 16 日以现场表决方式召开，应到董事 8 人，实到董事 8 人，公司高级管理 人员列席了本次会议，会议由公司董事长沈志刚先生主持，会议的召开、表决程 序符合《中华人民共和国公司法》《万凯新材料股份有限公司章程》等相关规定， 决议合法有效。 二、会议审议情况 表决结果：5 票同意，0 票反对，0 票弃权，3 票回避。关联董事沈志刚、肖 海军、吕恩君在审议该议案时回避表决。 具体内容详见公司同日在巨潮资讯网（http://www.cninfo.com.cn）上披露 的《关于与关联方共同设立 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The report emphasizes that the stability of raw material supply has become the primary concern for the chemical industry due to ongoing conflicts in the Middle East [2][7] - The report highlights the recovery opportunities across various sub-sectors of the chemical industry, particularly in MDI, PVC, refining, and agricultural chemicals [3][7] Summary by Relevant Sections Investment Recommendations and Targets - The report recommends several companies: - MDI leader: Wanhua Chemical (600309, Buy) - PVC industry players: Zhongtai Chemical (002092, Not Rated), Xinjiang Tianye (600075, Not Rated), Chlor-alkali Chemical (600618, Not Rated), Tianyuan Co., Ltd. (002386, Not Rated) - Refining industry leaders: Sinopec (600028, Buy), Rongsheng Petrochemical (002493, Buy), Hengli Petrochemical (600346, Buy) - Agricultural chemical leaders: Guoguang Co., Ltd. (002749, Buy), Xinyangfeng (000902, Buy), Shidanli (002588, Not Rated), Yuntu Holdings (002539, Not Rated), and Runfeng Co., Ltd. (301035, Buy) for pesticide formulations [3] - The report also notes the potential in the phosphorous chemical sector driven by rapid growth in energy storage, with companies like Chuanheng Co., Ltd. (002895, Not Rated) and Yuntianhua (600096, Not Rated) being highlighted [3] - In the oxalic acid industry, companies to watch include Hualu Hengsheng (600426, Buy), Huayi Group (600623, Buy), and Wankai New Materials (301216, Buy) [3] Market Dynamics - The report indicates that the market's focus has shifted from oil prices to the stability of raw material supply, with many companies adjusting their operations in response to geopolitical uncertainties [7] - It is noted that the PVC sector is expected to benefit from its reliance on coal as a primary raw material, which offers stability compared to ethylene-based PVC production [7] - The agricultural chemicals sector is anticipated to see an upward trend in demand due to rising agricultural product prices and the importance of food security amid geopolitical tensions [7]

Investment Rating - The report maintains a "Positive" outlook on the petrochemical industry, highlighting potential investment opportunities in various segments [3]. Core Insights - Global crude oil supply tightening may impact overseas refinery operations, with significant implications for oil prices and refining costs [5][6]. - The Middle East plays a crucial role in global oil supply, with 37% of global production and 20% of consumption passing through the Strait of Hormuz, which is currently facing disruptions [5][6]. - The report anticipates a shift in the Asian chemical trade landscape, with Chinese companies likely to benefit from supply disruptions in the Middle East [5][12]. Summary by Sections Upstream Sector - Brent crude oil prices increased to $92.69 per barrel, a 27.88% rise week-on-week, while WTI prices reached $90.90 per barrel, up 35.63% [16]. - U.S. commercial crude oil inventories rose to 439 million barrels, with gasoline inventories decreasing to 253 million barrels [18]. - The number of U.S. drilling rigs increased slightly to 551, while Canadian rigs decreased to 205 [29] [30]. Refining Sector - The Singapore refining margin rose to $34.11 per barrel, while the U.S. gasoline-WTI spread decreased to $25.3 per barrel [5]. - The report notes that refining profitability is expected to improve as oil prices stabilize and economic recovery progresses [5][12]. Polyester Sector - PTA profitability has declined, with the average price in East China at 5440.83 CNY per ton, a 4.37% increase week-on-week [5]. - The report suggests that the polyester industry may see gradual improvement as new capacity comes online [5][12]. Investment Recommendations - The report recommends high-quality companies in the polyester sector, such as Tongkun Co. and Wankai New Materials, as well as major refining companies like Hengli Petrochemical and Rongsheng Petrochemical [5][12]. - It also highlights the potential of offshore oil service companies like CNOOC Services and Haiyou Engineering due to expected high capital expenditures in offshore exploration [5][12].

Investment Rating - The report maintains a "Positive" outlook on the petrochemical industry, highlighting potential investment opportunities in various segments [3]. Core Insights - Global crude oil supply tightening may impact overseas refinery operations, with significant implications for the cost of raw materials and overall market dynamics [5][6]. - The Middle East, particularly the Gulf Cooperation Council (GCC) countries, plays a crucial role in global oil supply, accounting for 37% of total production and 20% of global consumption passing through the Strait of Hormuz [5][6]. - The report anticipates a shift in chemical trade dynamics in Asia, with Chinese companies likely to benefit from disruptions in Middle Eastern raw material supplies [5][13]. Summary by Sections Upstream Sector - Brent crude oil prices increased to $92.69 per barrel, a 27.88% rise week-on-week, while WTI prices reached $90.90 per barrel, up 35.63% [19]. - U.S. commercial crude oil inventories rose to 439 million barrels, with gasoline inventories decreasing to 253 million barrels [21][34]. - The number of active drilling rigs in the U.S. increased slightly to 551, while year-on-year comparisons show a significant decline [34]. Refining Sector - The Singapore refining margin for major products rose to $34.11 per barrel, indicating improved profitability for refiners [5]. - The report notes that the refining capacity utilization rate in the Middle East is projected at 79% for 2024, with potential supply shortages looming due to geopolitical tensions [8][10]. Polyester Sector - The profitability of PTA and polyester filament yarn has declined, with PTA prices showing a slight increase to 5440.83 CNY per ton [5][14]. - The report suggests that the polyester supply-demand balance is tightening, with expectations for improvement in market conditions [14]. Investment Recommendations - The report recommends investing in high-quality companies in the polyester sector, such as Tongkun Co. and Wankai New Materials, as well as major refining companies like Hengli Petrochemical and Rongsheng Petrochemical [14]. - It also highlights the potential for offshore oil service companies to benefit from increased capital expenditures in the exploration and development sector [14].

Group 1 - The chemical fiber sector experienced a collective surge on March 12, with companies like Jilin Chemical Fiber, Taihe New Materials, and others hitting the daily limit up [1] - The chemical fiber industry index rose by 2.95%, reaching 5441.64 points [2] - Notable stock performances included Zhongfu Shenying with a 20.01% increase, Jilin Carbon Valley up by 10.64%, and Jilin Chemical Fiber rising by 10.09% [3] Group 2 - The ongoing crisis in the Strait of Hormuz has led to increased tensions, impacting oil prices and indirectly supporting the chemical fiber sector [4] - The International Energy Agency announced the release of 400 million barrels of strategic oil reserves to address supply concerns due to military actions in the region [4] - Despite efforts to stabilize the market, oil prices saw volatility, with Brent crude futures rising by 4.8% to $91.98 per barrel and WTI crude futures increasing by 4.6% to $87.25 per barrel [4] Group 3 - Analysts from Everbright Securities noted that the ongoing US-Iran conflict is likely to affect chemical product production and exports from Middle Eastern countries, tightening supply and increasing prices [5] - Shenyin Wanguo Futures highlighted that geopolitical tensions are disrupting global supply chains, with significant impacts on shipping and trade [5]

| 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2026-003 | | --- | --- | --- | | 债券代码：123247 | 债券简称：万凯转债 | | 万凯新材料股份有限公司 关于万凯转债预计触发赎回条件的提示性公告 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： 万凯新材料股份有限公司（以下简称"公司"）股票价格自 2026 年 2 月 24 日至 2026 年 3 月 9 日已有十个交易日的收盘价格不低于"万凯转债"当期转股 价格 11.30 元/股的 130%（即 14.69 元/股）。如后续公司股票收盘价格继续不 低于当期转股价格的 130%，预计可能触发"万凯转债"有条件赎回条款。根据 《万凯新材料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》"）中有条件赎回条款的相关规定：在本次可转债转股 期内，如果公司股票连续三十个交易日中至少有十五个交易日的收盘价格不低于 当期转股价格的 130%（含 130%），公司有权按照本次可转债面值加当期应计利 息的价格赎回全部或部分未 ...

Investment Rating - The report maintains a neutral investment rating for the oil and chemical industry, with specific recommendations for various companies based on their performance and market conditions [7]. Core Insights - The geopolitical conflict in Iran has caused short-term disruptions in the supply of crude oil, LPG, and methanol, significantly impacting the global chemical market [2]. - The Strait of Hormuz is a critical maritime route for energy exports, with over 20% of global oil consumption passing through it, making it vulnerable to geopolitical tensions [5]. - The report highlights the concentration of chemical production in the Persian Gulf region, where Iran plays a significant role despite its limited production capacity [2][3]. Summary by Sections Geopolitical Impact - The recent military actions involving Iran have raised concerns about the stability of chemical supply chains, particularly for products like methanol and LPG, which heavily rely on the Strait of Hormuz for transportation [2][5]. - The Persian Gulf countries collectively produce 29.44 million barrels of oil per day, accounting for 37% of global production, with significant shares in various chemical products [2][3]. Market Dynamics - The report notes that the downstream polyester sector is tightening, with expectations for improved market conditions, recommending companies like Tongkun Co. and Wankai New Materials [7]. - The refining sector is expected to benefit from lower oil prices, with a focus on leading refining companies such as Hengli Petrochemical and Rongsheng Petrochemical [7]. Price Trends - Brent crude oil prices have shown an upward trend, closing at $72.48 per barrel, reflecting a 1.00% increase week-over-week [10]. - The report indicates that the average price of Brent crude is expected to stabilize around $58 per barrel for 2026, with a slight increase in production anticipated [36][37]. Company Performance - The report provides a valuation table for key companies in the oil and chemical sector, highlighting their market capitalization and earnings per share (EPS) projections for 2026 [8]. - Companies such as China Petroleum and CNOOC are recommended for their high dividend yields, while offshore oil service companies like CNOOC Services and Haiyou Engineering are expected to see performance improvements [7][8]. Supply Chain Considerations - The report discusses the potential for increased shipping costs and delays due to disruptions in the Strait of Hormuz, with estimates of freight costs rising by 30-150% depending on the severity of the disruption [5][6]. - The impact of geopolitical tensions on the global energy and chemical supply chain is emphasized, with long-term closures potentially leading to systemic delays and increased costs [6].