| 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2025-072 | | --- | --- | --- | | 债券代码：123247 | 债券简称：万凯转债 | | 万凯新材料股份有限公司 关于与关联方灵心巧手签署业务合同暨年度关联 交易预计的公告 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、关联交易概述 （一）关联交易概述 1、2025年12月24日，万凯新材料股份有限公司（以下简称"公司"）召开 第二届董事会第二十八次会议，审议通过了《关于与关联方灵心巧手签署业务合 同暨年度关联交易预计的议案》，公司董事会同意公司控股孙公司浙江轻镁智塑 科技有限公司（以下简称"轻镁智塑"）与关联方灵心巧手（北京）科技有限公 司（以下简称"灵心巧手"）签署《采购合同》，轻镁智塑向灵心巧手提供人形 机器人手臂相关的轻量化零部件与结构件产品以及人形组装服务，本次合同总金 额为含税价人民币1,000万元。同时，根据轻镁智塑与灵心巧手的业务合作规划， 预计双方2026年度将发生同一类别关联交易5,000万元（包含本次1,000万元业务 合同）。 2、鉴 ...

一、会议召开情况 万凯新材料股份有限公司（以下简称"公司"）第二届董事会第二十八次会 议通知于 2025 年 12 月 22 日以电子邮件、专人送达的方式发出，会议于 2025 年 12 月 24 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》（以下简称"《公司法》"）《万凯新材料 股份有限公司章程》（以下简称"《公司章程》"）等相关规定，决议合法有效。 二、会议审议情况 经全体董事审议，本次会议以记名投票的方式表决通过了相关议案并形成如 下决议： （一）审议通过《关于与关联方灵心巧手签署业务合同暨年度关联交易预 计的议案》 | 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：123247 | 债券简称：万凯转债 | | 万凯新材料股份有限公司 第二届董事会第二十八次会议决议公告 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。 具体内容详见公司同 ...

Market Strategy - The market is expected to maintain a range-bound oscillation, with a focus on precise timing to capture excess returns within the established range around 3900 points [2][3] - A mid-term perspective suggests selecting mid-cap blue-chip stocks in sectors with improving marginal conditions, particularly those benefiting from global supply chain restructuring and financial attributes [2][3] Industry Strategy - In the chemical sector, oxalic acid is anticipated to experience a tightening supply-demand dynamic, leading to a potential upturn in market conditions. The primary downstream applications for oxalic acid include rare earths, pharmaceuticals, and the new energy sector [2][3] - The rapid growth in lithium iron phosphate production is expected to make the new energy sector the largest application area for oxalic acid, with projected additional demand exceeding 180,000 tons due to new production capacities coming online [2][3] - The MLCC (Multi-layer Ceramic Capacitor) industry is poised to benefit from strong downstream demand driven by AI applications, with the demand for MLCCs expected to surge as AI servers require significantly more components than traditional servers [3]

Group 1 - The core viewpoint of the article is that CATL (宁德时代) is increasing its focus on the supply chain of high-pressure lithium iron phosphate, particularly through the development of oxalic acid-based lithium iron phosphate, which is expected to see demand growth surpassing that of traditional lithium iron phosphate [1][2] - The demand for oxalic acid-based lithium iron phosphate is anticipated to grow due to its performance and process advantages in high-pressure applications, with a price premium of 1,000 to 3,000 yuan per ton compared to standard products [2][3] - CATL's recent investment in Fujian Precision Engineering, a leading company in oxalic acid-based lithium iron phosphate, indicates a strategic shift towards internal supply relationships, enhancing supply chain security [1][2] Group 2 - The rapid growth in the production of oxalic acid-based lithium iron phosphate is expected to make the new energy sector the largest application area for oxalic acid, with an estimated additional demand of over 180,000 tons from new production capacities planned by Fujian Precision Engineering and Pengbo New Materials [3] - The supply of oxalic acid is projected to tighten, with significant new supply contributions expected only by the end of 2026, while immediate contributions will come from limited new projects in the first half of next year [3]

Investment Rating - The report maintains a "Positive" outlook on the basic chemical industry, particularly focusing on oxalic acid [5]. Core Insights - The demand for oxalic acid is expected to rise due to the growth in high-density lithium iron phosphate (LiFePO4) in the downstream market, presenting an upward opportunity for the industry [3][26]. - Key players in the oxalic acid market include Hualu Chemical (600426, Buy) and Wankai New Materials (301216, Buy), with other notable mentions being Xinjiang Tianye (600075, Not Rated), Fengyuan Co., Ltd. (002805, Not Rated), and Jinmei Technology (600844, Not Rated) [3][48]. Summary by Sections 1. Battery Leaders Increasing Investment in Oxalic Acid-Based High-Density LiFePO4 - The report highlights the strategic moves by leading battery manufacturers, such as CATL, to enhance their supply chain security for high-density LiFePO4, indicating a structural opportunity in the industry despite the overall market moving towards commoditization [12][8]. 2. Advantages of Oxalic Acid-Based LiFePO4 in High-Density Applications - Oxalic acid-based LiFePO4 demonstrates superior performance and process advantages, particularly in high-density applications, which are driven by the increasing demand for fast-charging and high-capacity energy storage solutions [16][22]. - The report notes that the demand growth rate for oxalic acid-based LiFePO4 is expected to surpass that of traditional LiFePO4, indicating a gradual increase in market penetration [16]. 3. Oxalic Acid Expected to Experience Upward Market Trends - The report anticipates a tightening supply-demand dynamic for oxalic acid, driven by its primary applications in rare earth, pharmaceuticals, and the rapidly growing renewable energy sector [26][27]. - The projected increase in production capacity for oxalic acid is limited in the near term, which is expected to contribute to a favorable market environment [39]. 4. Investment Recommendations - The report recommends investing in leading oxalic acid producers such as Hualu Chemical and Wankai New Materials, while also considering other related companies like Xinjiang Tianye and Jinmei Technology for their potential growth [3][48].

Investment Rating - The report maintains a positive outlook on the petrochemical industry, highlighting potential investment opportunities in various segments [3]. Core Insights - The blockade of Venezuelan oil tankers due to U.S. sanctions is expected to support international oil prices, with Venezuelan crude oil production and exports significantly declining [5][6]. - The upstream sector is experiencing a downward trend in oil prices, with Brent crude futures at $60.47 per barrel, reflecting a decrease of 1.06% [16]. - The refining sector shows mixed signals, with a decline in overseas refined oil crack spreads but an increase in olefin spreads, indicating potential profitability improvements [49][51]. - The polyester sector is witnessing tightening supply and demand, with expectations of improved market conditions in the medium term [9]. Summary by Sections Upstream Sector - Venezuelan crude oil production in November was 934 thousand barrels per day, down 2.3% month-on-month, with exports at 653 thousand barrels per day, down 16.7% [5][6]. - As of December 19, the U.S. oil rig count was 542, a decrease of 6 rigs week-on-week and down 47 rigs year-on-year [31] [28]. Refining Sector - The Singapore refining margin for major products was $16.62 per barrel, down $3.14 from the previous week [51]. - The domestic refining product crack spread has improved slightly, indicating potential for profitability as economic conditions recover [49]. Polyester Sector - The PTA price has decreased to 4615.6 CNY per ton, down 0.53% week-on-week, while the PX to naphtha spread has increased, suggesting a potential for improved margins in the polyester chain [9]. Investment Recommendations - Recommended companies include quality firms in the polyester sector such as Tongkun Co. and Wan Kai New Materials, as well as major refining companies like Hengli Petrochemical and Rongsheng Petrochemical [9]. - The report suggests maintaining a neutral outlook on oil prices for 2026, with a focus on companies with high dividend yields such as China Petroleum and China National Offshore Oil Corporation [9].

Core Viewpoint - The company is set to invest in a new oxalic acid project based on its existing ethylene glycol project in Sichuan, with a total investment of 350 million yuan, expected to commence production by the end of Q2 2026 [1] Company Summary - The oxalic acid project will utilize DMO as an intermediate product through hydrolysis, also producing hydrogen as a byproduct [1] - The company has established a strategic partnership with Fulin New Energy Technology Co., Ltd., ensuring clear sales channels for the oxalic acid produced [1] Industry Summary - The downstream applications of oxalic acid include new energy materials and chemical intermediates, indicating stable demand [1] - The industry faces supply constraints due to process, environmental, and capital limitations, contributing to price and profitability resilience [1]

Group 1: Industry Overview and Company Positioning - The bottle cap industry has seen major companies agree to a "reverse involution" action plan, resulting in a 20% overall production cut since July 2025, improving supply-demand dynamics and boosting processing fees [2][3] - The company actively participates in industry self-regulation to restore order and is working to reduce cyclical risks from single product reliance [2] - The company has launched an ethylene glycol project in Q3 2025, enhancing raw material security and mitigating cost fluctuations [3] Group 2: African Production Capacity - The company's investment in African production capacity is based on profitability, market access, and global operational structure considerations [3] - The African capacity is expected to have strong profitability due to a significant gap between local population and production, targeting West Africa, East Africa, and Europe with better pricing and quality [3] Group 3: New Product Development - The company is focusing on high-margin, differentiated new products to enhance cyclical resilience, including rPET and oxalic acid [3] - rPET represents a long-term trend towards product upgrading and circular economy, while oxalic acid is essential for new energy applications, promising good profitability and cash flow [3] Group 4: rPET Project Details - The company is collaborating with Carbios to develop rPET, targeting the high-margin European market, which has stringent regulations and high entry barriers [4][5] - The rPET production capacity is set to begin construction in Q1 2026, with production expected to start in Q1 2027 [5] Group 5: Oxalic Acid Project Overview - The oxalic acid project involves a technical upgrade of an existing 600,000-ton ethylene glycol facility, with a total investment of 350 million yuan, expected to start production by the end of Q2 2026 [6] - The project is strategically partnered with Fulin New Energy Technology Co., ensuring clear downstream applications and sales channels [6] Group 6: Investment in Lingxin Qiaoshou - The company has invested in Lingxin Qiaoshou, holding a board seat and engaging in business collaboration, including the establishment of Zhejiang Light Magnesium Intelligent Plastic Technology Co., focusing on high-performance materials for robotics [7][8] - This partnership aims to integrate into the core manufacturing segment of the robotics industry, accumulating experience and capabilities for future business development [7]

- The report constructs a valuation indicator called "Hundred Yuan Conversion Premium Rate" to compare the valuation of convertible bonds and their underlying stocks over time[3] - The "Hundred Yuan Conversion Premium Rate" rolling three-year percentile is at 98.00%, and the rolling five-year percentile is at 94.50% as of December 12, 2025[3][16] - The report constructs a valuation indicator called "Adjusted YTM - Credit Bond YTM" to compare the valuation of debt-biased convertible bonds and credit bonds[4] - The "Adjusted YTM - Credit Bond YTM" median is -3.95% as of December 12, 2025, indicating a low overall cost-effectiveness of debt-biased convertible bonds[4][16] - The report constructs two valuation deviation factors: Conversion Premium Deviation Factor and Theoretical Value Deviation Factor (Monte Carlo Model), and combines them into a Comprehensive Convertible Bond Valuation Factor[5] - The Comprehensive Convertible Bond Valuation Factor is constructed as follows: $$ \text{Comprehensive Convertible Bond Valuation Factor} = \text{Rank}(\text{Conversion Premium Deviation}) + \text{Rank}(\text{Theoretical Value Deviation (Monte Carlo Model)}) $$ [22] - The Conversion Premium Deviation Factor is calculated as: $$ \text{Conversion Premium Deviation} = \text{Conversion Premium} - \text{Fitted Conversion Premium} $$ [22] - The Theoretical Value Deviation Factor (Monte Carlo Model) is calculated as: $$ \text{Theoretical Value Deviation} = \frac{\text{Convertible Bond Closing Price}}{\text{Theoretical Value}} - 1 $$ [22] - The report constructs three low-valuation equal-weight indices: Equity-biased Convertible Bond Low Valuation Index, Balanced Convertible Bond Low Valuation Index, and Debt-biased Convertible Bond Low Valuation Index[20] - The report constructs a Convertible Bond Style Rotation Portfolio using Convertible Bond 20-day Momentum and Convertible Bond Volatility Deviation as market sentiment capture indicators, with bi-weekly rebalancing[5][28] - The Convertible Bond Style Market Sentiment Capture Indicator is constructed as follows: $$ \text{Convertible Bond Style Market Sentiment Capture Indicator} = \text{Rank}(\text{Convertible Bond 20-day Momentum}) + \text{Rank}(\text{Volatility Deviation}) $$ [29] Model Backtest Results - Comprehensive Convertible Bond Valuation Factor in equity-biased, balanced, and debt-biased convertible bonds enhanced excess returns of -2.89%, -0.82%, and -0.74% respectively over the past two weeks as of December 12, 2025[5][24] - Equity-biased Convertible Bond Low Valuation Index: Annualized Return 25.86%, Annualized Volatility 20.68%, Maximum Drawdown 22.94%, IR 1.25, Calmar Ratio 1.13[25] - Balanced Convertible Bond Low Valuation Index: Annualized Return 14.96%, Annualized Volatility 11.97%, Maximum Drawdown 15.95%, IR 1.25, Calmar Ratio 0.94[25] - Debt-biased Convertible Bond Low Valuation Index: Annualized Return 12.11%, Annualized Volatility 9.83%, Maximum Drawdown 17.78%, IR 1.23, Calmar Ratio 0.68[25] - Convertible Bond Style Rotation: Annualized Return 24.52%, Annualized Volatility 16.81%, Maximum Drawdown 15.89%, IR 1.46, Calmar Ratio 1.54[34]

12月16日万凯新材大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日收 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 盘折溢价 | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | （%） | | | | 260.00 | 4321.20 | 16.62 | 0.00 | 中国中金财富证券有限公司上 海黄浦区中山东二路证券营业 | 国泰海通证券股份有限公 司北京方庄路证券营业部 | | | | | | 部 | | | | | | | 中国中金财富证券有限公司上 | 东北证券股份有限公司上 | | 57.91 | 961.22 | 16.60 | -0.12 | 海黄浦区中山东二路证券营业 | 海北艾路证券营业部 | | | | | | 部 | | （文章来源：证券时报网） 万凯新材12月16日大宗交易平台共发生2笔成交，合计成交量317.91万股，成交金额5282.42万元。以折 溢价进行统计，今日有1笔为折价交易，折价率最高达0.12%。 证券时报·数据宝统计显示，万凯新材今日收盘价为16.62元，下 ...