每经头条（nbdtoutiao）——报价太低遭严防，投标企业还得"解释清楚"，一场国家组织的大型采购， 为何引发全行业关注 （记者 曾健辉） 每经AI快讯，万凯新材9月23日晚间发布公告称，公司限售股份约2.295亿股将于2025年9月29日解禁并 上市流通，占公司总股本比例为40.90%。 ...

| 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2025-053 | | --- | --- | --- | | 债券代码：123247 | 债券简称：万凯转债 | | 一、首次公开发行股票情况和上市后股本变化情况 (一)首次公开发行股票情况 经中国证券监督管理委员会《关于同意万凯新材料股份有限公司首次公开发行 股票注册的批复》（证监许可[2022]4号）核准，并经深圳证券交易所同意，公司首 次公开发行人民币普通股（A股）85,850,000股，并于2022年3月29日在深圳证券交 易所创业板上市交易。公司首次公开发行后总股本为343,395,400股，其中有限售条 件流通股271,896,665股，占发行后总股本的比例为79.18%；无限售条件流通股 71,498,735股，占发行后总股本的比例为20.82%。 万凯新材料股份有限公司 关于部分首次公开发行前已发行股份上市流通的 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： 本次解除限售并上市流通的股份为万凯新材料股份有限公司（以下简称"公司" 或"万凯新材"）部分 ...

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 部分首次公开发行前已发行股份上市流通的核查意见 中国国际金融股份有限公司（以下简称"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"）首次公开发行股票并在创业板上市的保荐 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，对万凯新材部分首次公开发行前已发行股份上市流通的事项进行了认 真、审慎核查，具体情况如下： 一、首次公开发行股票情况和上市后股本变化情况 （一）首次公开发行股票情况 经中国证券监督管理委员会《关于同意万凯新材料股份有限公司首次公开发行股票 注册的批复》（证监许可[2022]4 号）核准，并经深圳证券交易所同意，公司首次公开 发行人民币普通股（A 股）85,850,000 股，并于 2022 年 3 月 29 日在深圳证券交易所创 业板上市交易。公司首次公开发行后总股本为 343,395,400 股，其中有限售条件流通股 271,896,665 股，占发行后总股本的比例为 79.1789%；无限售条件 ...

Group 1: Chemical Sector Performance - The chemical raw materials index decreased by 1.21%, while the chemical machinery index increased by 2.90% [1] - The pharmaceutical index fell by 1.36%, and the pesticide and fertilizer index dropped by 2.50% [1] - The oil processing index declined by 2.22%, the oil extraction index decreased by 3.17%, and the oil trading index fell by 1.46% [1] Group 2: Oil Prices - As of September 19, the WTI crude oil futures settled at $62.68 per barrel, down 0.02% from September 12 [1] - The Brent crude oil futures settled at $66.68 per barrel, down 0.46% from the previous Friday [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with price increases were liquid chlorine (up 22.93%), isooctyl acrylate (up 7.47%), acrylic acid (up 5.04%), calcium carbide (up 4.94%), and MMA (up 4.51%) [1] - The top five petrochemical products with price decreases were vitamin E (down 10.00%), epichlorohydrin (down 6.44%), sulfuric acid (down 4.94%), p-nitrochlorobenzene (down 4.62%), and dichloromethane (down 3.64%) [1] Group 4: Capital Market Performance of Chemical Companies - The top five performing listed chemical companies were Kaimete Gas (up 28.62%), Hongda Explosive (up 22.93%), Sanwei Co. (up 22.53%), Zhongshi Technology (up 21.57%), and Jinghua New Materials (up 18.94%) [2] - The bottom five performing listed chemical companies were Runyang Technology (down 11.48%), Lafang Cosmetics (down 10.43%), Wankai New Materials (down 10.42%), Jiaao Environmental Protection (down 10.25%), and Shilong Industrial (down 9.41%) [2]

每经AI快讯，9月22日，化纤板块持续拉升，吉林化纤一度涨停，新乡化纤、万凯新材等跟涨。 （文章来源：每日经济新闻） ...

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [5] Core Insights - The basic chemical industry experienced a weekly decline of 1.33% from September 15 to September 19, 2025, ranking 20th among all Shenwan first-level industries [5][11] - The organic silicon price saw a slight increase, with the DMC intermediate price reaching 11,000 CNY/ton, up 1.9% from the previous week, supported by strong pre-sale orders and rising raw material costs [6][12] - The report suggests focusing on specific sectors within the basic chemical industry, including refrigerants constrained by quotas, industries benefiting from "anti-involution" trends like titanium dioxide, and sectors driven by domestic demand such as phosphate fertilizers and civil explosives [8][27] Summary by Sections Industry Overview - The basic chemical industry had a weekly decline of 1.33% from September 15 to September 19, 2025, with the top five gaining stocks being Kaimeite Gases, Guangdong Hongda, Jinghua New Materials, *ST Yatai, and Xinghua New Materials, while the top five losing stocks included Jianbang Co., Runyang Technology, Wankai New Materials, Jiaao Environmental Protection, and Changhua Chemical [5][11] Subsector - Organic Silicon - The organic silicon price increased slightly, with the DMC intermediate price at 11,000 CNY/ton as of September 19, 2025, reflecting a 1.9% rise from the previous week. This increase is attributed to strong pre-sale orders and rising costs of raw materials, particularly metallic silicon [6][12] - The operating rate and production of organic silicon intermediates showed significant month-on-month increases in August [12] Investment Recommendations - The report recommends attention to the following sectors in the basic chemical industry: 1) refrigerants affected by quota constraints (e.g., Juhua Co., Sanmei Co., Yonghe Co., Dongyue Group); 2) industries benefiting from "anti-involution," such as titanium dioxide (e.g., Longbai Group); 3) domestic demand-driven sectors that can mitigate tariff impacts, such as phosphate fertilizers (e.g., Yuntianhua) and civil explosives (e.g., Guangdong Hongda) [8][27]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The green low-carbon related industries, including green methanol, bio-aviation fuel, and green polyester, are gaining market attention due to their vast market potential and the need for sustainable development [8] - The green polyester sector is particularly favored as new technologies are expected to drive rapid growth, allowing for the replacement of virgin materials and opening up significant new market opportunities [8] Summary by Sections Investment Recommendations and Targets - The report recommends buying shares of Wan Kai New Materials (301216), which is well-positioned in the green polyester industry. Other recommended stocks include Sinopec (600028), Hengli Petrochemical (600346), Rongsheng Petrochemical (002493), Wanhua Chemical (600309), and Huayi Group (600623) due to expected recovery in the petrochemical and chemical sectors driven by "anti-involution" policies. Additionally, it suggests buying shares of pesticide formulation companies such as Runfeng Co., Ltd. (301035), Guoguang Co., Ltd. (002749), and Hailier (603639) [3]

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 2025 年半年度持续督导跟踪报告 | 保荐人名称：中国国际金融股份有限公司 | 被保荐公司简称：万凯新材 | | --- | --- | | 保荐代表人姓名：张磊 | 联系电话：010-65051166 | | 保荐代表人姓名：李鹏飞 | 联系电话：010-65051166 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金管 | 是 | | 理制度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月 1 次 | | （2）公司募集资金项目进展是否与信息披露文件 一致 | 是 | | 4.公司治理督导情况 ...

Core Viewpoint - As of September 15, a total of 123 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Continuous Net Inflows - The stock with the longest consecutive net inflow is Yunnan Energy Investment, which has seen net buying for 20 consecutive trading days [1] - Other notable stocks with significant consecutive net inflows include COFCO Sugar, Loxley Technology, Wankai New Materials, Guotou Capital, Jinxin Agricultural, China Pacific Insurance, Camel Group, and Saint Noble Biotechnology [1]

Core Insights - The current market appears bullish with the Shanghai Composite Index above 3400 points and a strong buying trend from institutional investors, yet there are underlying complexities that suggest caution [1][2]. Group 1: Market Misconceptions - The first misconception is the "waiting for a rise" illusion, where investors assume all stocks will benefit from rising indices, but less than 50% of stocks have risen over 6% even in this bullish market [2]. - The second misconception is the "hot and cold" illusion, where certain sectors like media and new materials are favored by institutions, while retail investors chase previous hot topics [2]. - The third misconception is the "rise and fall" illusion, indicating that price movements do not necessarily reflect true market conditions; the nature of capital flow is crucial [2]. - The fourth misconception is the "high and low" illusion, where stock valuations should not be judged solely on PE ratios but also on the level of institutional investment [2]. Group 2: Anxiety in Investment - The root of anxiety in investing stems from the constant guessing of market movements, leading to a cycle of fear and uncertainty [3]. - A shift in perspective is suggested, focusing on underlying market conditions rather than short-term price fluctuations [3]. Group 3: Data-Driven Insights - A key indicator used is "institutional inventory," which reveals the true market dynamics by showing active institutional participation during stock rebounds [7]. - Stocks with sustained institutional interest tend to perform better in the long run compared to those that lose institutional support [9]. Group 4: Structural Market Characteristics - The 106 stocks that have seen continuous institutional buying are spread across various sectors, indicating a structural market characteristic rather than a broad-based rally [10]. - Specific companies like Wankai New Materials and Changjiang Media are highlighted for their strong institutional backing due to their competitive advantages and growth potential in their respective fields [10]. Group 5: Market Behavior and Recommendations - The overall market volume has not significantly increased, suggesting a strategic shift by institutions from high-flying stocks to more reasonably valued quality stocks [12]. - Investors are advised to abandon the obsession with predicting market movements, focus on the sustainability of capital flows, and develop a data-driven approach to investment [14].