| 第一章 | 总则 - | 2 - | | --- | --- | --- | | 第二章 | 经营宗旨和范围 - | 3 - | | 第三章 | 股份及可转债 - | 3 - | | 第一节 | 股份发行 - | 3 - | | 第二节 | 股份增减和回购 - | 5 - | | 第三节 | 股份转让 - | 6 - | | 第四节 | 可转债 - | 7 - | | 第四章 | 股东和股东大会 - | 8 - | | 第一节 | 股东 - | 8 - | | 第二节 | 股东大会的一般规定 - | 11 - | | 第三节 | 股东大会的召集 - | 13 - | | 第四节 | 股东大会的提案与通知 - | 15 - | | 第五节 | 股东大会的召开 - | 16 - | | 第六节 | 股东大会的表决和决议 - | 19 - | | 第五章 | 董事会 - | 24 - | | 第一节 | 董事 - | 24 - | | 第二节 | 独立董事 - | 27 - | | 第三节 | 董事会 - | 31 - | | 第四节 | 董事会专门委员会 - | 37 - | | 第六章 | 总裁及其他高级管 ...

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-060 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | 一、本次工商变更登记的主要事项 | 变更项目 | 原登记内容 | | 变更后登记内容 | | --- | --- | --- | --- | | 注册资本 | 53,866.3586 | 万元人民币 | 万元人民币 54,789.9512 | 贵州川恒化工股份有限公司（以下简称公司）《2025 年股权激励计划》授予 的限制性股票（923.24 万股）已登记完成，并于 2025 年 6 月 13 日上市。具体内 容详见公司在信息披露媒体披露的《2025 年股权激励计划授予登记完成公告》 （公告编号：2025-051）。 公司公开发行的可转换公司债券（简称：川恒转债，代码：127043）截至 2025 年 5 月 21 日的转股情况及《2025 年股权激励计划》限制性股票认购款缴纳 情况，已经信永中和会计师事务所审验并出具截至 2025 年 5 月 21 日的《验资报 告》（报告编号：XYZH/2025CDAA1B0533）。前 ...

章程修订对照表 贵州川恒化工股份有限公司章程修订对照表 贵州川恒化工股份有限公司 本次公司增加注册资本人民币 923.5926 万元，其中：向股权激励对象授予 的限制性股票增加注册资本人民币 923.2400 万元；自 2024 年 12 月 1 日起至 2025 年 5 月 21 日止，公司可转债转股新增注册资本人民币 0.3526 万元。 截至 2025 年 5 月 21 日，公司变更前的注册资本为人民币 53,866.3586 万元， 变更后的注册资本为人民币 54,789.9512 万元。 公司已向中国证券登记结算有限责任公司申请并完成相关登记手续，根据公 司 2024 年年度股东大会授权，结合截至 2025 年 5 月 21 日川恒转债转股情况， 董事会对《公司章程》予以修订，修订内容对照如下： 董事会 经公司第四届董事会第七次会议及 2024 年年度股东大会审议通过《2025 年 股权激励计划》相关事项，股权激励计划最终向 902 名激励对象授予限制性股票 923.24 万股，该限制性股票授予日为 2025 年 5 月 9 日，已于 2025 年 6 月 13 日 上市。 2025 年 6 月 2 ...

Macro Overview - The Federal Reserve paused interest rate cuts in June, maintaining the federal funds rate at 4.25%-4.50% while continuing quantitative tightening, which aligns with market expectations [2][3] - Economic forecasts indicate a downward adjustment in growth expectations for 2025 and 2026, with unemployment rates slightly increased, reflecting concerns over "stagflation" [3][4] - The dollar index is expected to decline further in 2025 due to tariffs, economic slowdown, and strengthening of alternative assets, stabilizing below 100 for the year [7] Home Appliances Industry - The home appliance sector is expected to benefit from long-term stability, with white goods focusing on performance consistency and increasing dividend rates, while black goods present opportunities due to enhanced global competitiveness [9][12] - The industry has seen a significant increase in the SW home appliance index, with respective gains of 3.8%, 25.4%, and 1.93% for 2023, 2024, and 2025 YTD [9][10] - The outlook for the home appliance market is cautious due to potential demand exhaustion and intensified competition, particularly in the air conditioning segment [10][11] Chemical Industry - The chemical industry is currently facing significant supply and demand pressures, with low profitability in the petrochemical sector, and a need for structural opportunities as the market stabilizes [15][16] - Brent crude oil prices are projected to range between $60-$70 per barrel in the second half of 2025, which may alleviate some cost pressures for the industry [15] - Key investment themes include domestic demand stimulation, supply-side constraints, and the domestic substitution of new materials [15][16] New Energy Sector - The new energy sector is experiencing structural differentiation, with a focus on new technologies and non-US exports, particularly in the wind and solar energy segments [18][19] - The demand for energy storage is expected to shift from policy-driven to market-driven profitability, with significant growth potential in domestic and overseas markets [20][21] - The wind energy sector is anticipated to see a recovery in profitability, driven by increased installations and demand from emerging markets [19][20] Investment Strategies - The report emphasizes the importance of long-term investment strategies, particularly in state-owned enterprises, technology, and consumer sectors, which are expected to yield stable excess returns [24][25] - The development of public funds is expected to favor long-term and passive investment strategies, with a focus on ETFs and sector-specific funds [25][26] - The report highlights the potential for significant returns through quantitative stock selection strategies based on fundamental factors [24][26]

Group 1 - The report emphasizes the importance of supply shocks and is optimistic about the import substitution of new materials in the basic chemical industry [1][4] - The chemical raw materials and products industry achieved revenue and profit of 2.95 trillion and 115 billion respectively in the first four months of 2025, with a year-on-year growth of 3.1% and a profit decline of 4.4% [12][19] - The chemical industry profit margin has dropped to a historical low of 3.9% as of mid-2025 [12][52] Group 2 - The report indicates that external demand may slow down in 2025, with oil prices under downward pressure due to OPEC+ increasing production [35][39] - Domestic demand is expected to stabilize and recover due to a series of incremental policies, with GDP growth projected at around 5% for the year [43][44] - The report highlights that the chemical raw materials and products industry fixed asset investment growth has significantly slowed, with the operating rate dropping to 73.5% in Q1 2025 [24][26] Group 3 - The report identifies potential investment opportunities in the chemical industry, particularly in supply-restricted sectors such as phosphate and potassium fertilizers, and in high-concentration sub-industries like viscose staple fiber and vitamins [48][49] - The report recommends focusing on companies involved in new materials, especially those related to import substitution, such as AI high-speed resins and fluorinated liquids [48][49] - The report suggests that the valuation of the basic chemical sector is at a historical low, with the overall PE and PB ratios at 22.29 times and 1.82 times respectively as of June 16, 2025 [52][53] Group 4 - The viscose staple fiber industry has not seen new capacity additions for several years, leading to a high concentration and potential for profit recovery [60][67] - The polyester industrial yarn sector is expected to see a reversal in supply and demand dynamics, with no new capacity planned and increasing demand from the automotive sector [69][79] - The modified plastics sector is projected to grow due to the ongoing replacement policies in domestic appliances and the rise of new demands from robotics and low-altitude applications [81][90] Group 5 - The refrigerant market is expected to grow steadily, supported by the ongoing replacement policies and increasing demand from the automotive sector [92][93] - The report highlights the potential for the civil explosives industry to see demand exceed expectations due to high resource prices and ongoing large-scale infrastructure projects [95][96] - The phosphate chemical sector is projected to maintain high profitability due to sustained high prices and tight supply-demand conditions [99][100]

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-059 | | --- | --- | --- | | 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 | | 川恒转债恢复转股的公告 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： 1、转债代码：127043；转债简称：川恒转债 2、转股起止时间：2022 年 2 月 18 日至 2027 年 8 月 11 日 3、暂停转股时间：2025 年 6 月 13 日至 2025 年 6 月 20 日 4、恢复转股日期：2025 年 6 月 23 日 贵州川恒化工股份有限公司（以下简称公司）因实施 2024 年度权益分派，根据 《公开发行可转换公司债券募集说明书》（以下简称《募集说明书》）及深交所相关 规定，"川恒转债"在权益分派期间暂停转股，暂停转股期间为 2025 年 6 月 13 日起 至 2024 年度权益分派股权登记日（即 2025 年 6 月 20 日）止，具体内容详见公司在 信息披露媒体披露的《实施权益分派期间"川恒转债"暂 ...

Group 1 - The core viewpoint is that the chemical industry is expected to see a recovery in profitability driven by policy support, particularly in upstream sectors closely related to domestic demand [1][2] - The report highlights specific sectors such as polyurethane, coal chemical, petrochemical, and fluorochemical as key areas for potential profit recovery [1][2] - The focus on new materials as a primary development direction for China's chemical industry includes high-value products like robot materials, AI & semiconductor materials, bio-aviation fuel, OLED materials, and COC materials [1][3] Group 2 - The expectation of domestic demand recovery is supported by recent policy measures aimed at revitalizing the economy, with a focus on the chemical industry's upstream sectors [2] - Key companies to watch include Wanhua Chemical (600309), Baofeng Energy (600989), and others in the coal chemical and petrochemical sectors, which are expected to benefit from infrastructure projects in regions like Xinjiang and Tibet [2] - The emphasis on developing new materials is driven by emerging demands from humanoid robots and AI applications, as well as ongoing domestic substitution efforts in the semiconductor field [3] Group 3 - High-quality companies with strong shareholder returns are expected to undergo a revaluation, including major state-owned enterprises in the oil and gas sector and firms in the compound fertilizer and amino acid industries [4] - The report suggests that many sub-sectors within the chemical industry are at a point where they can enhance shareholder returns to reshape investment value [4]

尊敬的投资者: 为进一步优化网点布局,我公司将撤销申万宏源证券有限公司宁波大榭信拓路证券营业部(以下简称"申万宏源证券 宁波大榭信拓路营业部"),届时位于浙江省宁波市大榭开发区信拓路168号海华楼A座111室、410室的经营场所将予 以关闭并停止营业。为保障您证券交易、资金划转的正常进行,现将相关事项公告如下: 一、申万宏源证券宁波大榭信拓路营业部客户将整体迁移至申万宏源证券有限公司宁波泰康中路证券营业部(以下 简称"申万宏源证券宁波泰康中路营业部")。整体迁移完成后,您将直接转变成为申万宏源证券宁波泰康中路营业部 客户,由该营业部为您提供后续服务。迁移后您的资金账号、交易密码和资金密码不变,您原先使用的交易方式及交 易软件等保持不变,您的证券交易及资金划转不受任何影响。 二、如果您不同意迁移成为申万宏源证券宁波泰康中路营业部客户,请自本公告发布之日起三个工作日内，携带本 人有效身份证明文件至申万宏源证券各营业部网点通柜办理销户及撤销指定、转托管等手续。网上开户的客户亦 可通过网上办理销户手续,详情请拨打95523咨询。 三、逾期未办理销户及撤销指定、转托管手续的客户,我公司视同您同意整体迁移成为申万宏源证券 ...

Group 1 - Banqiao Qiancheng signed a significant contract with Mango Film and Television for a total amount of 372 million yuan, accounting for 50.65% of the company's audited main business income for 2024 [1] - The contract allows Mango Film and Television to use the new media and traditional media broadcasting rights for related film and television works globally, positively impacting Banqiao Qiancheng's financial status and operating performance in 2025 and beyond [1] - Jingwei Huikai plans to sell its wholly-owned subsidiary Changsha Yushun for 112 million yuan, which will no longer be included in the consolidated financial statements after the transaction [1] Group 2 - Minsheng Health's subsidiary received a patent for a strain of lactic acid bacteria that significantly improves sarcopenic obesity, although it has not yet been applied to the company's products [2] - Dafu Technology intends to transfer 27% of its subsidiary Shenzhen Peitian Intelligent Manufacturing Equipment Co., Ltd. for 192 million yuan, maintaining a controlling stake post-transaction [3] - Feilong Co. received orders for high-power electronic water pumps for data centers from a well-known global power electronics provider [4] Group 3 - Yatai Co. was selected as a supplier for a foreign brand's EPB project, with a total sales amount of approximately 680 million yuan over a five-year lifecycle [5] - Gansu Energy's 1 million kilowatt wind-solar integrated project has received approval, representing over 10% of the company's installed capacity by the end of 2024 [6] - Jilin Aodong's subsidiary received approval for a drug supplement application for "Tang Le Capsule," used to treat symptoms related to diabetes [7] Group 4 - Shanshui Technology plans to invest 6 billion yuan in a new chemical materials project, expected to generate an annual output value of 8 billion yuan upon completion [8] - Dazhu CNC's H-share issuance application has been accepted by the China Securities Regulatory Commission [9] - Zhujiang Beer announced the resignation of its chairman due to retirement age, with a new chairman elected on the same day [10] Group 5 - Longkun Technology won a bid for a waste collection service project worth 21.57 million yuan, with a service period of one year [11] - Zhongnan Culture plans to provide financial support of up to 20 million yuan to its subsidiary for daily operational needs [12] - Shangfeng Cement's investment in a company applying for an IPO on the Sci-Tech Innovation Board has been accepted [13] Group 6 - Chuanheng Co. received a patent for a system and method for harmless treatment of phosphorus tailings [14] - Toukeng Life's seven medical device registration applications have been accepted, covering various diagnostic fields [15] - Xingqi Eye Medicine's clinical trial for a new eye gel has commenced with the first subject enrolled [16] Group 7 - Jiebang Technology plans to provide financial support of up to 60 million yuan to its subsidiary for operational needs [17] - Shenzhen Airport reported a passenger throughput of 5.54 million in May, a year-on-year increase of 15.67% [18] - Wan'an Technology received a cash dividend of 30 million yuan from its wholly-owned subsidiary [19] Group 8 - Jiuchuan Bio received a medical device registration certificate for a cystatin C assay kit [20] - Hongqiang Co. obtained a safety production license for its subsidiary, marking the official production of a new project [21] - Xiangtan Electric plans to issue convertible bonds totaling 487 million yuan [22] Group 9 - Guangwei Composite signed a supplementary material procurement contract worth 658 million yuan [23] - Jichuan Pharmaceutical announced a comprehensive tender offer starting June 18, with a price of 26.93 yuan per share [24] - Aerospace Rainbow plans to distribute cash dividends of 0.60 yuan per share [25] Group 10 - Industrial Bank plans to distribute cash dividends of 1.06 yuan per share, totaling 22.433 billion yuan [26] - China Automotive Research will repurchase and cancel 230,800 restricted shares due to the retirement of original incentive objects [27] - Annie Co. announced abnormal stock trading fluctuations but confirmed no significant changes in its operations [28] Group 11 - Giant Network confirmed no undisclosed significant matters following abnormal stock trading fluctuations [29]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [6]. Core Insights - The report highlights the significant impact of geopolitical tensions, particularly the conflict between Israel and Iran, which has led to a substantial increase in crude oil prices [1]. - It suggests focusing on leading companies in the compound fertilizer sector, specifically recommending Xinyangfeng as a key investment opportunity [5]. Industry Performance - In the third week of June, the chemical sector (Shenwan) experienced a slight decline of 0.01%, underperforming the Shanghai A-share index, which fell by 0.24% [2][12]. - The dynamic PE ratio for the chemical sector is reported at 24.59 times, which is lower than the average PE of 9.81 times since 2015 [2][12]. Subsector Trends - Among the 30 subsectors in the chemical industry, 18 saw an increase while 12 experienced a decline during the same period. The top five performing subsectors included textile chemical products (+8.1%) and oil trading (+7.41%) [3][16]. - Conversely, the worst-performing subsectors were daily chemical products (-5%) and fiberglass (-4.42%) [3][16]. Chemical Prices and Spreads - The report lists the top five products with the highest weekly price increases: mixed aromatics (+7.39%), WTI crude oil (+7.37%), and pure benzene (+7.34%) [4][21]. - The report also notes significant changes in price spreads, with ammonium nitrate showing a remarkable increase of 170.2% in its price spread [4][38]. Inventory Changes - Key products with notable inventory changes include polyester chips, which saw a decrease of 12.36%, and urea, which increased by 11.4% [5][59]. Industry News Recap - The report discusses the optimistic trade outlook between the US and China, which is expected to boost energy demand during the summer, alongside a continuous decline in US oil and gas drilling platforms [88].