Core Points - The company, Guizhou Chuanheng Chemical Co., Ltd., has had its credit rating for both the company and its "Chuanheng Convertible Bonds" rated at AA- with a stable outlook by United Credit Rating Co., Ltd. [1] - The company triggered the conditional redemption clause for the "Chuanheng Convertible Bonds" as the stock price was above 130% of the conversion price for 15 out of 30 trading days from May 16 to June 23, 2025 [1] - The company decided to redeem 16,494 bonds at a price of 101.397 yuan per bond, totaling 1,672,442.11 yuan, excluding redemption fees [1] - The "Chuanheng Convertible Bonds" have been delisted from the Shenzhen Stock Exchange as of July 28, 2025 [2] - Following the delisting, United Credit Rating Co., Ltd. will terminate the credit rating for the company and the bonds, and will not update the rating results [2]

联合〔2025〕7486 号 联合资信评估股份有限公司 受贵州川恒化工股份有限公司（以下简称"公司"）委托，联合资信评估股份有限公司（以下 简称"联合资信"）对公司主体及"川恒转债"进行了信用评级；根据最新的评级结果，公司主体 长期信用等级为 AA-，"川恒转债"信用等级为 AA-，评级展望为稳定。 根据公司于 2025 年 7 月 28 日披露的《贵州川恒化工股份有限公司川恒转债赎回结果公告》， 在 2025 年 5 月 16 日至 2025 年 6 月 23 日期间，公司股票连续 30 个交易日中已有 15 个交易日的收 盘价格不低于当期转股价格的 130%，"川恒转债"已触发《募集说明书》规定的"有条件赎回条款"。 公司于 2025 年 6 月 23 日召开第四届董事会第十次会议审议通过《提前赎回"川恒转债"的议案》， 决定行使赎回权。截至赎回登记日（2025 年 7 月 17 日）收市后，"川恒转债"尚有 16494 张未转 股，本次赎回的数量为 16494 张，赎回价格为 101.397 元/张（含当期应计利息、含税）。本次赎回 共计支付赎回款 1672442.11 元（不含赎回手续费）。截至 20 ...

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2]. Core Viewpoints - The report emphasizes that the "anti-involution" expectations are strengthening, suggesting attention to five major investment themes: 1. Polyester filament: The industry is expected to see a recovery in prosperity due to a high-quality development initiative and price increases driven by raw material costs and downstream recovery [5]. 2. MDI: The MDI market is characterized by high technical and capital barriers, with a concentrated competitive landscape. The report anticipates a shift in supply focus towards China due to aging overseas facilities [5]. 3. Industrial silicon and organic silicon: The report notes a potential improvement in supply-demand dynamics for industrial silicon, while organic silicon may see coordinated production cuts as a new norm [5]. 4. Polyester bottle chips: A significant portion of the industry is expected to undergo production cuts, which may lead to a recovery in industry profits [5]. 5. Sucralose: The report highlights a collaborative pricing strategy among leading companies, which is expected to support price increases in the coming periods [5]. Summary by Sections Market Performance - The basic chemical sector outperformed the market, with a weekly increase of 4%, ranking 8th among 31 industry sectors [6][18]. Key News and Company Announcements - The report discusses the launch of the Yarlung Zangbo River hydropower project, which is expected to significantly boost demand for chemical materials [6][31]. Product Price Changes - The report lists the top price increases for chemical products, including lithium carbonate and DMC, while also noting significant declines in products like hydrochloric acid [7]. Investment Recommendations - The report suggests focusing on core assets that have entered a long-term value zone, as well as industries facing supply constraints that may see price elasticity [7][15][16].

Group 1 - The company has fully redeemed its convertible bonds, "Chuanheng Convertible Bonds," and has paid the redemption amount in full [1][2] - The redemption price for the bonds was 101.397 yuan per bond, including accrued interest and tax [1] - A total of 16,494 bonds were redeemed, amounting to a total payment of 1,672,442.11 yuan, excluding redemption fees [1] Group 2 - The "Chuanheng Convertible Bonds" are scheduled to be delisted on July 28, 2025, following the completion of the redemption process [2] - The company has completed all necessary procedures related to the redemption of the convertible bonds [2] - Contact information for the company is provided for any inquiries post-redemption [2]

Core Viewpoint - The lithium battery industry is undergoing significant adjustments, with many companies delaying, adjusting, or terminating investment projects due to various pressures, including supply-demand imbalances, technological obsolescence, cash flow constraints, and changing policy environments [2][3][15]. Group 1: Industry Adjustments - In 2024, over 30 listed companies announced delays or terminations of lithium-related investment projects, with 22 companies making similar announcements in the first half of 2025 [3][9]. - Major projects affected include LG Energy's withdrawal from an $8.45 billion battery supply chain project in Indonesia and Guoxuan High-Tech's suspension of its electric vehicle battery production project in Michigan, USA [3]. - Companies like Tianli Lithium and XWANDA are shifting their focus from lithium battery projects to improving liquidity and other strategic adjustments [3][8]. Group 2: Reasons for Adjustments - Supply-demand structure reversal has led to structural overcapacity and price competition, causing many companies to adjust their production plans to avoid cost overruns and inventory issues [4][6]. - Technological iterations have rendered some planned projects outdated, as the market shifts towards higher-density products, with leading companies already investing in fourth and fifth-generation materials [4][5]. - Cash flow pressures and a tightening financing environment have exacerbated the situation, with lithium material prices plummeting over 70% and many companies facing significant revenue declines [6][10]. - Local funding withdrawals and policy shifts are forcing the industry to prioritize quality over quantity, with stricter standards for new projects leading to reduced support for inefficient projects [7][12]. Group 3: Shift to Other Investment Areas - Some companies are pivoting to more popular sectors, such as robotics, with Zhenyu Technology terminating its lithium battery shell production project to focus on humanoid robots [8][15]. - The lithium battery industry is transitioning from "wild expansion" to a phase driven by technology and resource integration, with cross-industry companies facing significant challenges [8][15]. Group 4: Challenges for Cross-Industry Companies - High technical barriers in the lithium battery industry, particularly regarding material purity and process iteration, have hindered many cross-industry entrants from achieving production success [10][11]. - Cross-industry companies often lack supply chain integration and policy sensitivity, leading to project delays and terminations due to regulatory hurdles and cost pressures [11][12]. - New projects must meet stringent standards related to energy consumption, environmental impact, and capacity utilization, increasing compliance costs for cross-industry firms [12]. Group 5: Future Development Trends - The industry is expected to continue expanding high-end capacity while phasing out low-end production over the next 1-2 years, with a focus on high-nickel ternary and solid-state batteries [15]. - Solid-state batteries, sodium-ion batteries, and new material systems are anticipated to become investment hotspots [15]. - Despite slow progress on overseas projects due to geopolitical risks, international expansion remains a key trend for companies [15].

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-092 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | 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： 贵州川恒化工股份有限公司于 2025 年 7 月 25 日已收到中国证券登记结算有 限责任公司深圳分公司出具的《债券赎回结果报表》，公司发行的"川恒转债" 已全部赎回，并已全额支付赎回金额。根据深交所相关业务规则，"川恒转债" 定于 2025 年 7 月 28 日摘牌，现将有关情况公告如下： 一、摘牌的转债简称、代码及摘牌日 贵州川恒化工股份有限公司 川恒转债摘牌公告 1、转债简称：川恒转债 2、转债代码：127043 3、摘牌日期：2025 年 7 月 28 日 二、川恒转债赎回及摘牌的具体情况 根据中国证券登记结算有限责任公司深圳分公司提供的数据，截至赎回登记 日（2025 年 7 月 17 日）收市后，"川恒转债"尚有 16,494 张未转股，本次赎回 数量为 16,494 张，赎回价格为 101.397 元/ ...

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-091 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | 贵州川恒化工股份有限公司 川恒转债赎回结果公告 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、事件概述 1、可转债核准发行情况 经中国证券监督管理委员会《关于核准贵州川恒化工股份有限公司公开发行 可转换公司债券的批复》（证监许可[2021]2337 号）核准，公司于 2021 年 8 月 12 日公开发行 1,160 万张可转换公司债券，发行可转债面值总额为人民币 11.60 亿元。 2、可转债上市情况 经深交所"深证上[2021]915 号"文同意，公司 116,000 万元可转换公司债 券于 2021 年 9 月 23 日起在深交所挂牌交易，债券简称"川恒转债"，债券代码 "127043"。 3、可转债赎回起因 根据公司《募集说明书》中"有条件赎回条款"规定："在本次发行的可转 换公司债券转股期内，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 收盘价不低于当期 ...

Investment Rating - The report maintains a positive outlook on the chemical industry, suggesting that leading companies will benefit from economic recovery and demand resurgence [4][8]. Core Insights - The chemical sector has shown significant growth, with the CITIC Basic Chemical Index rising by 3.65% and the Shenwan Chemical Index increasing by 4.03% this week [14][17]. - Key sub-industries such as soda ash, modified plastics, and organic silicon have experienced notable price increases, indicating strong market performance [17][18]. - The report highlights several investment themes, including the competitiveness of domestic tire manufacturers, the potential recovery in consumer electronics, and the resilience of certain cyclical industries [4][5][8]. Summary by Sections Market Overview - The Shanghai Composite Index increased by 1.67%, while the ChiNext Index rose by 2.76% this week [14]. - The basic chemical sector outperformed, with significant gains in various sub-industries, particularly soda ash, which saw a 12.49% increase [17][18]. Key Industry Developments - The Yarlung Tsangpo River downstream hydropower project has commenced, with a total investment of approximately 1.2 trillion yuan [3]. - A new coal-to-natural gas project in Xinjiang has been announced, with a total investment of 15.488 billion yuan, expected to commence production by the end of 2027 [3]. Investment Themes - **Tire Industry**: Domestic tire manufacturers are becoming increasingly competitive, with recommended stocks including Sailun Tire and Linglong Tire [4]. - **Consumer Electronics**: A gradual recovery is anticipated, with upstream material companies expected to benefit from increased demand in the panel supply chain [4]. - **Phosphate and Fluorine Chemicals**: The report suggests that supply constraints and rising demand in the new energy sector will tighten the supply-demand balance, making companies like Yuntianhua and Juhua attractive [5]. - **Vitamin Supply Disruptions**: BASF's announcement regarding supply issues for vitamins A and E is expected to create market imbalances, presenting investment opportunities in companies like Zhejiang Medicine [8].

——石化化工反内卷稳增长系列之四 石油化工/基础化工 增持（维持） 7 月 18 日，国务院新闻办公室举行新闻发布会，介绍 2025 年上半年工业和 信息化发展情况。工业和信息化部总工程师谢少锋表示，将实施新一轮钢铁、有 色金属、石化、建材等十大重点行业稳增长工作方案，推动重点行业着力调结构、 优供给、淘汰落后产能，具体工作方案将在近期陆续发布。 要点 点评： 事件： 2025 年 7 月 22 日 行业研究 老旧装置退出有望改善炼油景气度，炼化产业转型加速 炼油老旧装置占比较高，老旧产能淘汰助力行业竞争力提升 我国炼油行业起步较早，1958 年兰州石化投产填补了我国石油化工行业空 白，改革开放后炼油行业进入快速发展期，至 2000 年我国炼油能力为 3.6 亿吨， 2005 年我国原油加工量为 2.86 亿吨，为 2024 年原油加工量的 40%。炼油行业 发展过程中产生了大量建设历史较久老旧装置，根据中国石化 2001 年披露的 A 股招股说明书，2000 年中国石化拥有原油一次加工能力 1.3 亿吨，相当于公司 2024 年炼能的 44%，拥有 13 家炼能超过 500 万吨的炼厂和茂名、镇海、齐鲁、 ...

Investment Rating - The report maintains a recommendation for metals silicon, PBAT, and valine, indicating a positive outlook for these materials in the chemical industry [1]. Core Insights - The new materials sector outperformed the broader market and the basic chemical sector, with a weekly change of 1.37% for the new materials index compared to 1.17% for the basic chemical index and 1.09% for the CSI 300 index [8]. - Price increases were noted for metals silicon (+3.16%), PBAT (+0.51%), and valine (+0.35%), while significant declines were observed in electronic-grade hydrogen peroxide (-3.86%), 6F (-1.01%), and epoxy resin (-0.88%) [8][21]. - The report highlights the importance of the new materials sector, particularly in semiconductor materials, which showed significant gains [8][25]. Industry Updates - The Ministry of Industry and Information Technology held a meeting with photovoltaic companies to address low-price competition and promote the exit of outdated production capacity, aiming for sustainable development in the solar industry [9]. - The easing of trade tensions between China and the U.S. has led to a recovery in trade inquiries and shipping prices, positively impacting chemical prices [10]. - The report emphasizes the potential for growth in the new materials sector, particularly in areas that require domestic production capabilities and have been historically reliant on imports [11]. Trading Data - The Huachuang Chemical Industry Index stood at 73.06, reflecting a decrease of 0.22% week-on-week and a year-on-year decline of 25.03% [17]. - The industry inventory percentile is at 91.12%, indicating a high level of stock relative to the past five years [17].