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法律责任。 重要内容提示： 召开的日期时间：2025 年 9 月 2 日 14 点 30 分 召开地点：上海市徐家汇路 560 号 2101 会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 2 日 至2025 年 9 月 2 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 (七)涉及公开征集股东投票权 无 二、 会议审议事项 本次股东大会审议议案及投票股东类型 投票股东类型 序号 ...

证券代码：600618 900908 证券简称：氯碱化工 氯碱 B 股 公告编号：临 2025-016 上海氯碱化工股份有限公司 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法律责任。 届董事会第十七次会议，审议通过《关于修订〈公司章程〉及配套议事规则并取 消监事会的议案》，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司章程指引》等文件要求及最新修订内容，结合实际情况，公司不再设 置监事会，监事会的职权由董事会审计委员会行使，废止《监事会议事规则》， 同时修订《公司章程》及公司部分制度中涉及监事、监事会、股东会名称相关表 述。《公司章程》具体修订内容如下： 现行条款 修改后条款 第一章 总则 第一条 为维护公司、股东和债权人 第一条 为维护公司、股东、职工和债 的合法权益，规范公司的组织和行为， 权人的合法权益，规范公司的组织和行 根据《中华人民共和国公司法》(以下 为，根据《中华人民共和国公司法》（以 简称《公司法》)、《中华人民共和国 下简称《公司法》）、《中华人民共和 证券法》（以下简称《证券法》）、上 国证券 ...

Core Points - The company is established as a joint-stock limited company in accordance with relevant regulations and has a registered capital of RMB 1,156,399,976 [2][3] - The company aims to enhance its overall competitiveness and expand its assets and profits while ensuring satisfactory economic returns for all shareholders [4][5] - The company has a comprehensive governance structure, including provisions for shareholder rights, board of directors, and management responsibilities [4][6][7] Chapter Summaries Chapter 1: General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors while regulating its organization and behavior according to the Company Law and Securities Law [1] - The company is registered in Shanghai and has a permanent existence as a joint-stock limited company [3] Chapter 2: Business Objectives and Scope - The company's business objectives are guided by scientific development, focusing on advanced technology and management methods to improve product quality and market expansion [4][5] - The business scope includes the production and sale of hazardous chemicals, disinfectants, and chemical machinery [5] Chapter 3: Shares - The company issues shares in the form of stocks, ensuring equal rights for each share of the same category [6][7] - The total number of issued ordinary shares is 1,156,399,976, with a structure that includes both domestic and foreign shares [6] Chapter 4: Shareholders and Shareholders' Meeting - Shareholders have rights to dividends, voting, and supervision of company operations, and can request meetings or propose agenda items [11][12] - The company must hold annual and temporary shareholder meetings, with specific procedures for notification and voting [17][19] Chapter 5: Board of Directors and Management - The board of directors is responsible for the company's operations and must report to shareholders, ensuring compliance with laws and regulations [4][6] - The company has provisions for the appointment and responsibilities of senior management, including the general manager and financial director [4][6] Chapter 6: Financial and Accounting System - The company establishes a financial accounting system and internal audit procedures to ensure transparency and accountability [8] Chapter 7: Amendments and Legal Compliance - The company must comply with legal requirements for amendments to its articles of association and ensure that all decisions are made in accordance with the law [12][13]

Report Summary 1) Report Industry Investment Rating The provided content does not mention the industry investment rating. 2) Core Viewpoints The report presents the top ten convertible bonds for August 2025, including their ratings, closing prices at the end of July, conversion premium rates, and P/E ratios of the underlying stocks. It also provides an overview of each issuing company, including business scope, financial performance, and key points [14][29]. 3) Summary by Company Zhongte Convertible Bond (AAA) - Company is a global leader in specialty steel manufacturing with a production capacity of about 20 million tons. It has a complete industrial chain and coastal - river production bases [14][15]. - In 2024, revenue was 109.203 billion yuan (down 4.22% year - on - year), and net profit was 5.126 billion yuan (down 10.41% year - on - year). In Q1 2025, revenue was 26.84 billion yuan (down 5.59% year - on - year), and net profit was 1.384 billion yuan (up 1.76% year - on - year) [14]. - Key points: It is one of the companies with the most complete product specifications in the global special steel industry, has leading cost - control capabilities, and has opportunities for external expansion [15]. Shanlu Convertible Bond (AAA) - Company focuses on road and bridge construction and maintenance, and has expanded into other fields. It has a comprehensive business and management system [29]. - In 2024, revenue was 71.348 billion yuan (down 2.3% year - on - year), and net profit was 2.322 billion yuan (up 1.47% year - on - year). In Q1 2025, revenue was 9.764 billion yuan (up 1.95% year - on - year), and net profit was 249 million yuan (up 1.89% year - on - year) [29]. - Key points: It has the concept of "China - specific valuation" due to state - owned control, has potential for improvement in its balance sheet and order volume, can benefit from infrastructure construction in Shandong Province, and is exploring the Belt and Road Initiative markets [30]. Hebang Convertible Bond (AA) - Company has advantages in resource reserves and has diversified into the chemical, agricultural, and photovoltaic industries, with a four - sector business layout [42]. - In 2024, revenue was 8.547 billion yuan (down 3.13% year - on - year), and net profit was 31 million yuan (down 97.55% year - on - year). In Q1 2025, revenue was 1.726 billion yuan (down 13.68% year - on - year), and net profit was 13 million yuan (down 57.99% year - on - year) [42]. - Key points: Its phosphate mines and salt mines are profitable, and its liquid methionine production is a major profit contributor [43]. Aima Convertible Bond (AA) - Company is a leading enterprise in the electric two - wheeler industry, with self - developed products sold through dealers [59]. - In 2024, revenue was 21.606 billion yuan (up 2.71% year - on - year), and net profit was 1.988 billion yuan (up 5.68% year - on - year). In Q1 2025, revenue was 6.232 billion yuan (up 25.82% year - on - year), and net profit was 605 million yuan (up 25.12% year - on - year) [59]. - Key points: The "trade - in" subsidy may continue, the implementation of the new national standard may bring policy dividends, and there is room for improvement in gross margin [60]. Xingye Convertible Bond (AAA) - Company is one of the first joint - stock commercial banks in China and has evolved into a modern financial service group [73]. - In 2024, revenue was 212.226 billion yuan (up 0.66% year - on - year), and net profit was 77.205 billion yuan (up 0.12% year - on - year). In Q1 2025, revenue was 55.683 billion yuan (down 3.58% year - on - year), and net profit was 23.796 billion yuan (down 2.22% year - on - year) [73]. - Key points: Net interest income is growing steadily, asset quality is stable, and the company's scale and customer base are expanding [74]. Youfa Convertible Bond (AA) - Company is the largest welded steel pipe enterprise in China, with a wide range of products used in multiple fields [87]. - In 2024, revenue was 54.822 billion yuan (down 10.01% year - on - year), and net profit was 425 million yuan (down 25.46% year - on - year). In Q1 2025, revenue was 11.402 billion yuan (up 6.06% year - on - year), and net profit was 133 million yuan (up 9680.17% year - on - year) [87]. - Key points: It has a national layout, is expanding overseas, and maintains a high dividend rate [88]. Chongyin Convertible Bond (AAA) - Company is a local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [102]. - In 2024, revenue was 13.679 billion yuan (up 3.54% year - on - year), and net profit was 5.117 billion yuan (up 3.8% year - on - year). In Q1 2025, revenue was 3.581 billion yuan (up 5.3% year - on - year), and net profit was 1.624 billion yuan (up 5.33% year - on - year) [102]. - Key points: It can benefit from the development of the Chengdu - Chongqing economic circle, its asset scale is growing, and it is actively marketing key industries [103]. Tianye Convertible Bond (AA+) - Company is a leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [116]. - In 2024, revenue was 11.156 billion yuan (down 2.7% year - on - year), and net profit was 68 million yuan (up 108.83% year - on - year). In Q1 2025, revenue was 2.417 billion yuan (up 8.17% year - on - year), and net profit was - 17 million yuan (up 89.97% year - on - year) [116]. - Key points: The cost of caustic soda production is relatively fixed, and the company plans to increase dividend frequency and has coal mine projects in progress [117]. Huayuan Convertible Bond (AA -) - Company focuses on building a complete vitamin D3 industrial chain and has expanded into other vitamin products [131]. - In 2024, revenue was 1.243 billion yuan (up 13.58% year - on - year), and net profit was 309 million yuan (up 60.76% year - on - year). In Q1 2025, revenue was 326 million yuan (down 1.18% year - on - year), and net profit was 97 million yuan (up 5.5% year - on - year) [131]. - Key points: Its NF - grade cholesterol and 25 - hydroxyvitamin D3 products are industry leaders, and it is expanding its product portfolio and has achievements in the pharmaceutical field [132]. Yushui Convertible Bond (AAA) - Company is the largest water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [147]. - In 2024, revenue was 6.999 billion yuan (down 3.52% year - on - year), and net profit was 785 million yuan (down 27.88% year - on - year). In Q1 2025, revenue was 1.652 billion yuan (up 8.66% year - on - year), and net profit was 237 million yuan (up 28.91% year - on - year) [147]. - Key points: It has a high market share, is expanding its business outside Chongqing, and has achieved cost control through intelligent applications [148].

Core Points - The company aims to become a world-class comprehensive solution provider in the chlor-alkali chemical new materials industry, focusing on sustainable development and innovation [4][5] - The registered capital of the company is RMB 819,514,395 [3][21] - The company operates under a governance structure that emphasizes the importance of party leadership and compliance with relevant laws [2][4] Company Structure - The company is established as a joint-stock limited company in accordance with the Company Law of the People's Republic of China [2][3] - The company has a legal representative, either the chairman or the general manager, who is responsible for civil activities conducted in the company's name [3][4] - The company has a board of directors and senior management, which includes the general manager, deputy general managers, financial supervisor, and board secretary [4][5] Business Scope - The company’s business scope includes the production and storage of hazardous chemicals, manufacturing of chemical products, and various technical services [4][5] - The company is committed to upgrading from a single product focus to a comprehensive solution provider, emphasizing digitalization and intelligent operations [4][5] Share Structure - The company has issued a total of 819,514,395 shares, all of which are ordinary shares [21] - The company’s shares are subject to regulations regarding transfer and ownership, ensuring equal rights among shareholders [21][30] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends, participate in shareholder meetings, and access company documents [12][34] - Shareholders are obligated to comply with laws and the company’s articles of association, and they cannot withdraw their capital except as legally permitted [41][42] Governance and Decision-Making - The company’s governance structure includes provisions for shareholder meetings, decision-making processes, and the responsibilities of the board of directors [19][22] - Major decisions, such as capital increases or significant asset transactions, require approval from the shareholders [19][33] Compliance and Legal Framework - The company adheres to the Company Law, Securities Law, and other relevant regulations to ensure lawful operations [2][4] - The articles of association serve as a binding document for the company, shareholders, and management, outlining rights and obligations [11][12]

Group 1 - The Federal Reserve maintained interest rates, with Powell downplaying the likelihood of a rate cut in September, indicating that current rates can address ongoing uncertainties related to tariffs and inflation [8][12][11] - The U.S. and South Korea reached a trade agreement, with the U.S. imposing a 15% tariff on South Korean imports, while South Korea commits to investing $350 billion in the U.S. [8][12][11] - China's top leadership has prioritized "anti-involution" measures, committing to address overcapacity and disorderly competition, and to regulate local investment attraction behaviors [12][11] Group 2 - Zhonghui Biotechnology plans to raise funds through an IPO, with a focus on developing core products and conducting clinical trials for vaccines, having reported a significant increase in revenue [10][12] - Binhua Co., a leading chemical enterprise in China, is planning to issue H-shares for listing in Hong Kong, with a notable increase in revenue driven by production ramp-up [10][12] - The pharmaceutical company Stone Pharmaceutical has entered into an exclusive licensing agreement for a drug, with potential milestone payments totaling up to $2.075 billion [14]

Core Viewpoint - Binhu Chemical is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and international brand image, with no change in controlling shareholders [1] Company Overview - Binhu Chemical's main business includes the production, processing, and sales of organic and inorganic chemical products, with key products being caustic soda and propylene oxide [1] - The company has a caustic soda production capacity of 610,000 tons, ranking among the top in Shandong Province, and is the largest producer of granular caustic soda in China [1] Production and Technology - The company has developed the world's first industrialized ion membrane electrolysis device and has established the first domestic continuous production facility for trichloroethylene [1] - Binhu Chemical is the first in China to achieve large-scale industrialization of granular caustic soda, breaking foreign technology monopolies [1] - The company has a propylene oxide production capacity of 510,000 tons, with leading technology and operational standards in the domestic chlor-alkali production sector [2] Financial Performance - In 2024, the company achieved an operating income of approximately 10.228 billion yuan, a year-on-year increase of 40%, while net profit attributable to shareholders was about 219 million yuan, a decrease of 42.77% [2] - In Q1 2025, the company reported an operating income of approximately 3.782 billion yuan, a year-on-year increase of 94.14%, and a net profit of about 96 million yuan, a year-on-year increase of 225.75% [2] Product Completion - In 2024, the company completed the following production: - Caustic soda: 787,800 tons - Propylene oxide: 281,600 tons - Trichloroethylene: 79,000 tons - Other products include electronic-grade hydrogen fluoride and lithium hexafluorophosphate [4]

Core Viewpoint - Binhu Chemical is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and international brand image, without changing its controlling shareholder structure [1]. Group 1: Company Overview - Binhu Chemical's main business includes the production, processing, and sales of organic and inorganic chemical products, with key products being caustic soda and propylene oxide [2]. - The company has a caustic soda production capacity of 610,000 tons, ranking among the top in Shandong Province, and is the largest producer of granular caustic soda in China [3]. Group 2: Production Capabilities - Binhu Chemical has developed the world's first industrialized ion membrane electrolysis cell and the first domestic continuous production facility for trichloroethylene, breaking foreign technology monopolies [3]. - The company has a propylene oxide production capacity of 510,000 tons, with leading technology and operational levels in the domestic chlor-alkali production sector [3]. Group 3: Financial Performance - In 2024, the company achieved a revenue of approximately 10.228 billion yuan, a year-on-year increase of 40%, but the net profit attributable to shareholders decreased by 42.77% to about 219 million yuan [5]. - In the first quarter of 2025, the company reported a revenue of approximately 3.782 billion yuan, a year-on-year increase of 94.14%, with a net profit of about 96 million yuan, up 225.75% year-on-year [6]. Group 4: Product Performance - The cumulative production of caustic soda in 2024 reached 787,800 tons, with other products like epoxy propane and trichloroethylene also contributing to the overall output [7]. - The company has successfully passed expert verification for its calcium soap saponification process for propylene oxide production, becoming the first domestic enterprise to achieve this [4].

市值管理制度化，长效机制护价值 7月，英力特正式出台《市值管理制度》，以"提升公司质量、增强投资者回报"为核心目标，系统性规 范市值管理四大原则(系统性、科学性、规范性、常态性)及六大举措——涵盖并购重组、股权激励、现 金分红、投资者关系管理、信息披露与股份回购。制度创新设立市值预警机制：若股价连续20个交易日 累计跌超20%或跌破近一年高点50%，将触发分析、沟通与大股东增持等响应程序。此举标志着公司市 值管理迈入科学化、规范化新阶段。 作为国有控股上市公司，该制度既是响应国务院国资委对央企控股上市公司强化市值管理的要求，亦与 公司深化国企改革战略相契合。近年来，英力特已通过限制性股票激励计划及一体化产业链优化夯实发 展基础。未来公司将把经营业绩、投资者回报等指标纳入长效考核，并灵活运用回购、分红等工具匹配 企业内在价值与市值，同步借助控股股东支持推动化工产业转型升级。 双轨融合促发展，长远价值可期 区域协同与市值管理的双轨推进，凸显英力特"产业提质+资本增效"的发展逻辑。区域资源整合有效降 低成本、增强竞争力，为市值攀升提供基本面支撑；而科学市值管理机制则通过提升透明度、强化投资 者回报，反哺产业升级所需 ...

新闻来源：烯烃产业创新与发展研习社 多年来公司深耕氯碱化工产业，始终坚持做强产业链，建成投运全球首套氧阴极离子膜电解槽工业化装 置，建有国内首套由间歇实现连续化生产的三氯乙烯装置，具有全国首套实现大规模工业化的粒碱装 置，打破国外技术垄断；甘油法环氧氯丙烷装置产生的高盐废水采用催化湿式氧化工艺降解TOC，是全 国首个实现高盐废水处理后回用于离子膜烧碱装置的企业。 7月29日，滨化集团股份有限公司（简称"滨化股份"）发布公告称，公司目前正在筹划境外发行股份 （H股）并在香港联交所上市事项。 2025年6月29日，公司氯醇法环氧丙烷钙法皂化工艺顺利通过中国氯碱工业协会组织的专家验收，成为 国内首家通过论证的氯醇法环氧丙烷生产企业。这一突破性技术获得认证，不仅标志着滨化股份实现了 关键技术升级，更为环氧丙烷产业的绿色、低碳、可持续发展注入了强劲动力。 滨化股份于2010年2月在上交所成功挂牌上市，主营业务为有机、无机化工产品的生产、加工与销售， 主要产品为烧碱、环氧丙烷等。 随着全球化的深入，中国氯碱企业积极拓展国际市场，提升自身的国际影响力。此次赴港IPO是公司推 进全球化战略的重要一步，有助于加快海外业务发展， ...