Market Overview - On January 21, the market experienced a pullback after an initial rise, with the Shanghai Composite Index briefly turning negative in the afternoon. The total trading volume in the Shanghai and Shenzhen markets was 2.6 trillion yuan, a decrease of 177.1 billion yuan compared to the previous trading day. By the close, the Shanghai Composite Index rose by 0.08%, the Shenzhen Component Index increased by 0.7%, and the ChiNext Index gained 0.54% [1]. ETF Activity - Last week, the overall net outflow from broad-based ETFs reached 212.62 billion yuan, with over 100 billion yuan net outflow from ETFs linked to the CSI 300 Index. Various other broad-based ETFs, including those tracking the CSI 500, CSI A500, ChiNext, and STAR Market, also experienced varying degrees of outflow [2]. - Significant trading volume was observed in multiple broad-based ETFs towards the end of the trading day on January 21. There are market views suggesting that the large transactions in major broad-based ETFs are related to "counter-cyclical adjustments," where influential funds sell ETFs to control market sentiment during overheated conditions and buy them back to provide support during cooler market phases [3]. Geopolitical and Economic Developments - The "Tariff War 2.0" or "Territorial War 1.0" is currently in a critical phase, potentially causing significant short-term market volatility, largely depending on developments in the coming weeks. A major focus is on Japan, where the yield on 40-year government bonds surged above 4%, marking a significant shift in Japan's bond market [5][9]. - The U.S. Treasury Secretary expressed concerns about the impact of Japanese bond sell-offs on the U.S. Treasury market, highlighting the volatility in Japan's bond market [7]. - Japan's long-standing ultra-low interest rate policy has led to its bond yields being significantly lower than those of other countries. The recent rise in Japanese bond yields may attract funds back to Japan, impacting the flow of global capital [9]. Energy Sector Insights - The energy sector has shown resilience amid recent market fluctuations, with U.S. energy companies like ExxonMobil and Chevron demonstrating strong performance due to their geographical advantages and cost structures. These companies are expected to benefit from rising oil prices, particularly in the context of geopolitical tensions [21][34]. - The anticipated rise in oil prices, driven by potential supply disruptions, could lead to increased cash flow for companies like China National Offshore Oil Corporation (CNOOC), which has a strong cost control and dividend policy [34][35]. Military and Defense Sector - The global arms race is intensifying, with countries like Israel and Saudi Arabia increasing their defense budgets in response to geopolitical tensions. This trend is expected to secure future orders for defense contractors such as Lockheed Martin and Raytheon Technologies [23][29]. - Boeing has regained investor confidence, with expectations of achieving profitability for the first time in seven years by 2026, reflecting a recovery in its operational performance [24][29]. Polyester Industry Dynamics - The polyester filament industry is proactively implementing large-scale production cuts to address high inventory levels and improve profitability during the upcoming demand season. This strategic move is supported by a concentrated market structure, allowing leading companies to effectively manage supply [39][41]. - New Fengming, a key player in the polyester filament industry, is expected to benefit significantly from these production cuts, with potential improvements in profit margins as market conditions stabilize [45][48].

【西部化工&新材料】"海外产能加速退出+国内反内卷"，龙头企业产能大幅增长涨价弹性大，重视化工行业板块 机会！ #化工龙头产能已大幅增长，涨价弹性大。 近年来化工行业海外产能加速退出，国内扩产接近尾声，叠加反内卷政策，化工行业价格价差有望修复。 我们认为市场忽视了化工企业扩产带来的涨价潜力，当前化工龙头尽管盈利仍然低于21年，但产能已较21年大幅 增长，且全球份额大幅领先，产品价格略做抬升后 【西部化工&新材料】"海外产能加速退出+国内反内卷"，龙头企业产能大幅增长涨价弹性大，重视化工行业板块 机会！ #化工龙头产能已大幅增长，涨价弹性大。 近年来化工行业海外产能加速退出，国内扩产接近尾声，叠加反内卷政策，化工行业价格价差有望修复。 我们认为市场忽视了化工企业扩产带来的涨价潜力，当前化工龙头尽管盈利仍然低于21年，但产能已较21年大幅 增长，且全球份额大幅领先，产品价格略做抬升后的业绩弹性将大于21年。 ＃我们对18家龙头进行分情景业绩弹性测算，欢迎联系我们交流！ #受益标的： 原油（中国海油、中曼石油、洲际油气）；炼化（中国石油、中国石化、恒力石化、荣盛石化）； 长丝PTA（新凤鸣、桐昆股份）。 #农药：海 ...

Summary of Conference Call Records Industry Overview - **Industry Focus**: The records primarily discuss the petrochemical industry, including segments such as refining, potassium fertilizers, phosphorus chemicals, fluorochemicals, MDI, sustainable aviation fuel (SAF), and electronic resins [1][2]. Key Insights and Arguments - **Oil and Gas Market**: - A global interest rate reduction cycle has begun, leading to a moderate recovery in oil demand. - OPEC+ has paused production increases, with a projected Brent oil price range of $60-65 per barrel by 2026, influenced by high fiscal balance prices and the elevated costs of new shale oil wells in the U.S. [1] - Natural gas consumption is expected to reach approximately 450 billion cubic meters by 2026, with a peak domestic consumption forecast of 650-700 billion cubic meters between 2030-2040 [1]. - **Refining and Petrochemical Sector**: - Stable crude oil prices at mid-high levels are expected to restore refining and petrochemical profits, with significant profit contributions from by-products like sulfur [2]. - The "anti-involution" policy signals are anticipated to optimize the supply side of refined oil and PX-PTA industries [2]. - **Potassium Fertilizer Market**: - The global potassium fertilizer industry is characterized by oligopoly and high concentration, with a tight balance between supply and demand, suggesting that prices may remain elevated [2]. - **Phosphorus Chemicals**: - Demand in the energy storage sector is driving significant growth in the demand for iron phosphate and phosphate rock, leading to a revaluation of phosphate rock prices, which are expected to remain high in the medium to long term [2]. - **Fluorochemicals**: - The refrigerant market is experiencing price increases due to supply constraints from quota limitations and high concentration, indicating a prolonged period of price growth [2]. - **MDI and TDI**: - The U.S. interest rate reduction cycle is expected to boost overseas MDI demand, while supply constraints and tariffs are raising global MDI trade costs, with declining raw material costs leading to continuous profit recovery [5]. - **Sustainable Aviation Fuel (SAF)**: - Under a green low-carbon framework, a mandatory 2% SAF blend in Europe by 2025 is likely to drive up bio-jet fuel prices, with potential for similar policies in other regions, suggesting sustained high-speed growth in SAF demand [5]. - **Electronic Resins**: - Electronic resins are critical materials for the production of copper-clad laminates, with increasing demand driven by AI servers and high-end electronic applications, particularly for PPO and ODV resins [6]. Additional Important Insights - **Liquid Cooling Solutions**: - Immersion and dual-phase cooling solutions are expected to drive rapid growth in the demand for upstream fluorinated liquids and refrigerants, highlighting the importance of liquid cooling applications [4]. - **Energy Storage Demand**: - Continuous optimization of the supply-demand relationship for PVDF fluoropolymers is anticipated due to energy storage needs [5]. This summary encapsulates the critical points from the conference call records, providing a comprehensive overview of the discussed industries and their future outlooks.

Summary of Key Points Core Viewpoint The company has decided to cancel the remaining shares repurchased in 2022, which were initially intended for employee stock ownership plans, and will instead reduce its registered capital by the same amount. Group 1: Share Repurchase Overview - On March 7, 2022, the company approved a share repurchase plan with a total fund of no less than RMB 150 million and no more than RMB 300 million, at a price not exceeding RMB 18.00 per share [2] - The company repurchased 798,100 shares on March 8, 2022, at a price range of RMB 12.10 to RMB 12.35, totaling RMB 9,788,945 [2] Group 2: Repurchase Completion and Usage Change - By March 6, 2023, the company had repurchased a total of 18,381,291 shares, accounting for 1.20% of the total share capital, with an average price of RMB 10.88 and total expenditure of RMB 199,985,473.56 [3] - On August 6, 2024, the company changed the purpose of the repurchased shares from employee stock ownership to equity incentives, with 1,299.30 million shares granted to 289 incentive targets [4] Group 3: Cancellation Decision and Implementation - On November 18, 2025, the company decided to cancel the remaining 5,388,291 shares that were not used for equity incentives, as they had not been transferred within three years [6] - The cancellation was approved in a board meeting and a subsequent shareholder meeting, with the announcement made on December 5, 2025 [5][6] Group 4: Impact of Cancellation - Following the cancellation, the total share capital will decrease from 1,524,555,706 shares to 1,519,167,415 shares [8] - The cancellation is not expected to significantly impact the company's financial status or operational results, and the company will maintain its listing status [8]

Market Sentiment Analysis - Since mid-December last year, A-share sentiment has been gradually rising, with a rapid increase since January, leading to a doubling of total trading volume and turnover rate from the lows [1] - The financing balance has increased at a rate similar to Q3 last year, but the financing balance as a percentage of circulating market value remains around 2.5%, and the proportion of financing purchases is about 11%, indicating no significant breakout from previous ranges [1] - There is a notable structural valuation differentiation in the market, with the valuation ratios of the CSI 500/1000 and CSI 300 reaching highs not seen since 2018, and technology growth sectors showing generally high valuations while consumer and financial sectors have lower valuation levels [1] - Despite the recent market uptrend, industrial capital reduction has not accelerated and remains at a moderate level, primarily concentrated in growth and manufacturing sectors [1] Polyester Filament Industry - Major filament manufacturers have decided to initiate a 15% production cut starting January 14 for one quarter, with the possibility of increasing the cut depending on market conditions [2] - As of January 16, the inventory days for mainstream POY in the filament industry are only 10 days, indicating a low level of stock; the weekly operating load for filaments is at 88.8%, down 1.4 percentage points week-on-week [2] - Domestic small and medium-sized direct-spun polyester filament enterprises are increasingly announcing shutdowns for the holiday period, which, combined with the production cuts, may lead to an operating load of around 71%-72% during the Spring Festival, marking the lowest level in nearly three years [2][3] - The peak of polyester filament capacity expansion has passed, with future new capacity mainly concentrated in major manufacturers like Tongkun and New Fengming [3] - Domestic demand is expected to gradually recover due to consumption stimulus policies, while external demand may maintain rapid growth due to factors like the Federal Reserve's interest rate cuts and India's cancellation of BIS certification [3] Profitability Outlook - The polyester filament industry is expected to maintain a relatively balanced supply-demand structure, allowing for good profitability through effective industry collaboration [3] - The planned large-scale production cuts by major filament manufacturers before and after the 2026 Spring Festival are anticipated to help keep inventories low, with expectations for demand peaks in March-April and overall price differentials for 2026 being promising [3]

北京市中伦（上海）律师事务所 关于新凤鸣集团股份有限公司 变更回购股份用途并注销的 法律意见书 二〇二六年一月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦（上海）律师事务所 关于新凤鸣集团股份有限公司 变更回购股份用途并注销的 1 法律意见书 2．本所律师仅就与公司本次变更并注销相关的法律问题发表意见，不对有 关会计、审计等专业事项和报告发表评论。在本法律意见书中如涉及会计报表、 审计报告内容时，均为本所严格按照有关中介机构出具的报告引述，但该等引述 不应视为本所对这些数据和结论的真实 ...

| 股票代码：603225 | 股票简称：新凤鸣 | | 公告编号：2026-008 | | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 | 21 | 转债 | 新凤鸣集团股份有限公司 关于实施 2022 年回购股份剩余部分注销 暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、回购股份概述 2022 年 3 月 7 日，新凤鸣集团股份有限公司（以下简称"公司"）第五届 董事会第二十二次会议审议并通过了《关于以集中竞价交易方式回购股份的预 案的议案》，同意公司使用自有资金以集中竞价交易方式回购公司股份，回购 股份将用于员工持股计划，回购资金总额不低于人民币 1.50 亿元，不超过人民 币 3.00 亿元；回购价格为不超过人民币 18.00 元/股（含 18.00 元/股）；回购期 限为公司自董事会审议通过之日起 12 个月内。具体内容详见公司 2022 年 3 月 9 日在上海证券交易所网站（www.sse.com.cn）披露的《关于以集中竞价交易方 ...

Core Viewpoint - The company announced a share repurchase plan initiated in March 2022, with a total expenditure of 199 million yuan for repurchasing shares for employee stock ownership plans and later changing the purpose to equity incentives [1] Group 1: Share Repurchase and Usage - In March 2022, the company decided to repurchase shares amounting to 150 to 300 million yuan for employee stock ownership plans [1] - As of March 2023, the company had repurchased a total of 18.38 million shares, costing 199 million yuan [1] - The purpose of the repurchased shares was later changed to equity incentives [1] Group 2: Stock Grant and Cancellation - In 2024, the company granted 12.99 million restricted shares to 289 incentive recipients, with 5.39 million shares remaining [1] - In 2025, the board and shareholders agreed to cancel the remaining shares [1] - The cancellation was completed on January 21, 2026, reducing the total share capital from 1.525 billion shares to 1.519 billion shares, without affecting the company's listing status [1]

Core Viewpoint - The company announced a share repurchase plan with a budget of 150 million to 300 million yuan, and as of March 6, 2023, it has repurchased 18.38 million shares, accounting for 1.20% of the total share capital, using 199 million yuan [1] Group 1 - The share repurchase plan was initiated on March 7, 2022, with a total budget of 150 million to 300 million yuan [1] - As of March 6, 2023, the company has repurchased 18.38 million shares, which is 1.20% of the total share capital, with a total expenditure of 199 million yuan [1] - The purpose of the repurchased shares was changed from "employee stock ownership plan" to "equity incentive" on August 6, 2024 [1] Group 2 - After the completion of the incentive plan registration on October 14, 2024, there were 5.39 million shares remaining that were not used [1] - In November to December 2025, the board and shareholders approved a proposal to change the purpose of the remaining shares to "cancellation and reduction of registered capital" [1] - As of January 19, 2026, the total share capital was 1.525 billion shares, which will be reduced to 1.519 billion shares after the cancellation, while the share distribution still meets the listing requirements [1]

Group 1 - The People's Bank of China will announce the one-year and five-year Loan Prime Rates (LPR) on January 20 [2] - The National Development and Reform Commission will hold a press conference on January 20 to discuss the implementation of the central economic work conference and the "14th Five-Year Plan" [2] - The central bank has released the "Management Measures for the Identification of Beneficial Owners of Financial Institutions," effective from January 20, 2026 [2] Group 2 - The U.S. stock market will be closed on January 19 for Martin Luther King Jr. Day and will resume normal trading on January 20 [3] - On January 19, U.S. stock index futures fell, with the S&P 500 down 0.88%, Dow Jones down 0.80%, and Nasdaq 100 down 1.11% [4] Group 3 - The ICE U.S. Dollar Index fell by 0.33% to 99.065 points, while COMEX gold futures rose by 1.77% to $4,676.70 per ounce [5] - The onshore RMB closed at 6.9640 against the U.S. dollar, appreciating by 80 basis points from the previous trading day [5] Group 4 - The Hang Seng Index rose by 0.20% to 26,640 points, and the Hang Seng Tech Index increased by 0.23% to 5,768 points [6] - European stock indices closed lower, with Germany's DAX down 1.34%, France's CAC40 down 1.78%, and the UK's FTSE 100 down 0.39% [6] Group 5 - China's GDP is projected to exceed 140 trillion yuan in 2025, with a year-on-year growth rate of 5% [7] - The industrial added value for the year increased by 5.9%, while the service sector's added value grew by 5.4% [8] Group 6 - The U.S. plans to impose a 10% tariff on goods from eight European countries starting February 1, with the rate increasing to 25% by June 1 [9] - The Chinese Ministry of Foreign Affairs has reiterated its stance on the Greenland issue in response to U.S. tariffs [10] Group 7 - The Supreme People's Procuratorate of China has emphasized the need to maintain economic and financial security and to punish serious economic crimes [11] - A satellite internet low-orbit launch of 19 satellites was successfully completed on January 19 [11] Group 8 - Tesla will restart the development of its Dojo 3 supercomputer project, indicating a commitment to AI technology [17] - Ford is reportedly in talks with BYD for battery procurement for hybrid vehicles, reflecting traditional automakers' engagement with China's EV supply chain [18] Group 9 - Vanke has been executed for approximately 1.09 billion yuan, raising concerns about risks in the real estate sector [19][20] - Porsche's sales in China for 2025 are projected to decline by 26.28%, with the company focusing on maintaining a healthy supply-demand relationship [21] Group 10 - ByteDance's AI platform "Kouzi" has announced a 2.0 brand upgrade, integrating new capabilities to enhance user experience [22] - Honor has launched a limited edition smartphone in collaboration with Pop Mart, showcasing cross-industry innovation [24]