1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The target price of Shuangle Convertible Bond on its first trading day is expected to be between 133 and 138 yuan, and investors are advised to actively subscribe. The conversion premium rate on the first listing day is estimated to be in the range of 42% - 47% [3][18]. - The estimated first - day new - bond subscription winning rate is around 0.0038% - 0.0054% [4][19]. 3. Summary According to the Directory 3.1 Shuangle Convertible Bond New - Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Shuangle Convertible Bond are priority placement and online issuance. The bond and issuer ratings are both AA-. The issuance scale is 800 million yuan, the initial conversion price is 36.7 yuan. As of December 31, 2025, the convertible bond parity is 93.73 yuan, the pure bond value is 91.12 yuan. The game terms (downward revision, redemption, and put - back clauses) are normal. Overall, the bond issuance scale is average, the liquidity is average, the rating is acceptable, and the bond floor protection is good. It is not difficult for institutions to include it in their portfolios, and there is no objection to primary participation [2][14]. 3.1.2 New - Bond Initial Listing Price Analysis - The company's main business is the R & D, production, and sales of phthalocyanine series and chromium - based pigments. The funds raised will be used for high - performance blue - green pigment projects, high - performance yellow - red pigment projects, high - performance functional pigment product R & D centers, and working capital replenishment, aiming to expand the production capacity of advantageous products and improve profitability [3][17]. - Based on the current market environment and parity level, referring to similar convertible bonds, the conversion premium rate of Shuangle Convertible Bond on the first listing day is expected to be in the range of 42% - 47%, corresponding to a first - day listing target price around 133 - 138 yuan [3][18]. 3.1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - As of the end of September 2025, the top two shareholders held a combined 39.42% of the shares, and the top ten shareholders held a combined 57.2%. Assuming the old - shareholder placement ratio is 39% - 57%, the scale available for the market is 342 million - 485 million yuan. Assuming the online effective subscription volume is 8.93 million households, the winning rate is estimated to be around 0.0038% - 0.0054% [4][19]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and the Upstream and Downstream of the Industry - The company is mainly engaged in the R & D, production, and sales of phthalocyanine series and chromium - based pigments. It is a leading enterprise in the domestic phthalocyanine pigment segment, with the first domestic market share and high market reputation. The company focuses on technological innovation and process optimization, and its products are becoming more diversified and specialized [20]. - The upstream of the pigment industry mainly includes the petrochemical and non - ferrous metal industries. The prices of raw materials such as phthalic anhydride and electrolytic copper fluctuate. Currently, the low price of phthalic anhydride helps reduce costs, while the high price of electrolytic copper increases costs. The downstream consumption of pigments is mainly in the ink, coating, and plastic fields, and new application demands in emerging industries are growing, which promotes the development of the pigment industry and raises higher requirements for product quality and performance [21][22]. 3.2.2 Company's Operating Conditions - The company's annual revenue has shown slight fluctuations in recent years. From 2022 to the first three quarters of 2025, the revenues were 1.271 billion yuan, 1.433 billion yuan, 1.575 billion yuan, and 1.11 billion yuan respectively, with year - on - year growth rates of - 4.89%, 12.8%, 9.9%, and - 4.94%. The revenue in 2023 and 2024 increased due to the large increase in sales volume, while in the first nine months of 2025, the revenue decreased due to the decline in raw material prices, intensified competition, and the decrease in both price and sales volume of phthalocyanine pigments. The sales volume and price of chromium - based pigments changed little during the reporting period [25]. - The company's comprehensive gross profit margin first increased and then decreased. From 2022 to the first three quarters of 2025, it was 10.2%, 13.09%, 16.95%, and 14.11% respectively. The net profit margin was 2.2%, 3.3%, 7.66%, and 4.46% respectively. The gross profit margin of phthalocyanine pigments was affected by cost changes, while that of chromium - based pigments decreased slightly due to high environmental protection costs [28]. - The company's recent period expenses and R & D expenses have shown little fluctuation. The accounts receivable turnover rate has slightly decreased, but the company has good control over accounts receivable. The net profit attributable to the parent company has fluctuated greatly, and the profitability has also been volatile [30][35][39]. 3.2.3 Company's Equity Structure and Major Controlling Subsidiaries - As of September 30, 2025, the equity structure was relatively concentrated. Yang Hanzhou was the largest shareholder, and the top two shareholders held a combined 39.42% of the shares, and the top ten shareholders held a combined 57.2%. As of December 23, 2025, Yang Hanzhou was the controlling shareholder and actual controller, directly and indirectly controlling the company [44]. 3.2.4 Company's Business Characteristics and Advantages - The company has brand, technology, environmental protection, industrial chain, standard - setting, and marketing and service network advantages. It has well - recognized brands, a complete core technology and process system, a good environmental management system, stable upstream production, participation in standard - setting, and a professional marketing and service network [46][48][51]. 3.2.5 Allocation of the Current Fund Raising - The company plans to issue convertible bonds to raise no more than 800 million yuan. After deducting issuance fees, 166 million yuan will be used for high - performance blue - green pigment projects, 416 million yuan for high - performance yellow - red pigment projects, 38 million yuan for high - performance functional pigment product R & D centers, and 180 million yuan for working capital replenishment [12][53]. - The high - performance blue - green pigment project aims to upgrade and expand the production capacity of phthalocyanine pigments, with expected annual production increases of 1,000 tons of phthalocyanine blue series and 2,000 tons of phthalocyanine green series. The high - performance yellow - red pigment project will add yellow - red organic pigment products, with an expected annual production increase of 4,000 tons. The R & D center project will improve the company's R & D and technology level [53][54][55].

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - From December 22 - 26, the A - share market was active with continuous gains for five days. The commercial aerospace and precious metals sectors performed well. The bond market was weak on Monday but improved on Tuesday, with the 10 - year Treasury bond rate at 1.84% on Friday, up 0.68bp from the previous week. The convertible bond market was strong, with the CSI Convertible Bond Index rising 1.64% and the price median increasing 1.52%. [1][7][8] - From December 29 - 31, the convertible bond market was still strong, with the CSI Convertible Bond Index hitting a new high. The market price median was close to the August high, and the premium rates in all price - range convertible bonds were above the 95% historical percentile. In the future, the convertible bond market has support from the expected spring rally and institutional buying, but risks from annual report disclosures and high - gain hot - topic bonds should be noted. [3][17] Summary by Related Catalogs Market Focus (December 22 - 26) Stock Market - The A - share market had five consecutive days of gains. The commercial aerospace sector was boosted by policies and industry development, and precious metals were strong. The trading volume increased, and different sectors were active on different days. By industry, most Shenwan primary industries rose, with non - ferrous metals, national defense and military industry leading, and beauty care, social services lagging. [7][8] Bond Market - On Monday, the bond market was weak due to the disappointment of LPR cut expectations and the strong equity market. On Tuesday, Treasury bond futures and spot bonds improved. The central bank's Q4 monetary policy meeting had little impact. The 10 - year Treasury bond rate closed at 1.84% on Friday, up 0.68bp from the previous week. [1][7][8] Convertible Bond Market - Most convertible bond issues rose. The CSI Convertible Bond Index rose 1.64%, the price median increased 1.52%, and the arithmetic average parity increased 2.42%. The overall conversion premium rate decreased by 0.21%. By industry, national defense and military industry, building materials led in gains, while commercial retail, beauty care led in losses. In terms of individual bonds, Jiamei, Zai 22, etc. had large gains, while Huati, Saili, etc. had large losses. The total trading volume was 3928.17 billion yuan, with an average daily volume of 785.63 billion yuan, higher than the previous week. [2][8][11] Views and Strategies (December 29 - 31) - The convertible bond market was strong last week, with the CSI Convertible Bond Index hitting a new high. The market price median was close to the August high, and the premium rates in all price - range convertible bonds were at high historical levels. [3][17] - In the future, the convertible bond market has support from the expected spring rally and institutional buying in January. However, in January, with the annual report disclosures and high - gain hot - topic bonds, some individual bonds with performance pressure may face challenges. [3][17] - Currently, the convertible bond market valuation is at a historical high, and overall opportunities are scarce. Relative - return investors are advised to allocate small - position, well - balanced non - redeemable and appropriately - priced equity - biased convertible bonds in sectors such as power, storage, etc. Absolute - return investors are advised to focus on high - volatility underlying stocks below 130 yuan or industry leaders with historically low valuations. [3][17] Valuation Overview - As of December 26, the average conversion premium rates of equity - biased convertible bonds in different price ranges were at high historical percentile levels. The average YTM of debt - biased convertible bonds with a parity below 70 yuan was - 4.44%, at a low historical percentile. The average implied volatility of all convertible bonds was 44.43%, at a high historical percentile, and the difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stock was 3.3%, also at a high historical percentile. [18] Primary Market Tracking Last Week (December 22 - 26) - Shuangle Convertible Bond and Jin 05 Convertible Bond announced issuance, and Pulan Convertible Bond was listed. Shuangle Convertible Bond is from the basic chemical industry, with an issue size of 800 million yuan. Jin 05 Convertible Bond is from the power equipment industry, with an issue size of 1.672 billion yuan. Pulan Convertible Bond is from the computer industry, with an issue size of 243 million yuan. [25][26][27] Next Week (December 29 - 31) - Tianzhun Convertible Bond and Shenyu Convertible Bond are expected to be listed. Tianzhun Convertible Bond is from the machinery and equipment industry, with an issue size of 872 million yuan. Shenyu Convertible Bond is from the communication industry, with an issue size of 500 million yuan. [29][30] Overall Situation - As of December 26, there are currently 93 convertible bonds to be issued, with a total scale of 146.86 billion yuan. Among them, 3 issues with a total scale of 3.43 billion yuan have been approved for registration, and 10 issues with a total scale of 8.52 billion yuan have passed the listing committee. [31]

Core Viewpoint - The company Qicai Chemical (七彩化学) has filed a lawsuit against Xianiko Chemical (先尼科化工) and its legal representative for defamation, seeking a public apology and compensation of 53.31 million yuan due to ongoing intellectual property disputes [1][2]. Group 1: Legal Disputes - The lawsuit stems from a series of intellectual property litigations lasting nearly three years between Qicai Chemical and Xianiko Chemical [1]. - In December 2022, Xianiko Chemical filed a lawsuit claiming Qicai Chemical infringed on its commercial secrets related to specific pigments and production technology, initially seeking over 200 million yuan in damages [1]. - After Qicai Chemical requested judicial appraisal, Xianiko Chemical withdrew the lawsuit in January 2024 without reason [1]. Group 2: Allegations and Counterclaims - Qicai Chemical has indicated that Xianiko Chemical has repeatedly altered its claims for damages, ranging from 470,000 yuan to 400 million yuan, without providing complete evidence [2]. - The case has traversed through various courts, including the High Court and Intellectual Property Court, with Qicai Chemical asserting that the technologies in question have long been public knowledge due to expired patents [2]. - Qicai Chemical has accused Xianiko Chemical of illegal production practices, including exceeding environmental assessment limits and failing to properly dispose of hazardous waste, which poses ecological risks [2]. Group 3: Impact on Reputation - The malicious litigation from Xianiko Chemical has led to significant negative publicity for Qicai Chemical, severely damaging its reputation as a publicly listed company [2]. - The case is still pending court hearings, with further developments expected to be disclosed [2].

Core Viewpoint - The lawsuit filed by Qicai Chemical against Xianico involves a dispute over reputation rights, with the claimed amount reaching 53.31 million yuan, and the case is yet to be heard in court [1] Group 1: Background of the Case - The lawsuit stems from a nearly three-year-long commercial secret dispute, initiated by Xianico in December 2022, claiming that Qicai Chemical infringed on its production technology secrets related to high-performance organic pigments [2] - Xianico initially sought 200 million yuan in damages but withdrew the lawsuit in January 2024 without reason after Qicai Chemical requested judicial appraisal [2] - In June 2024, Qicai Chemical filed a lawsuit to confirm non-infringement, which was dismissed due to Xianico's subsequent lawsuit on the same facts [2] Group 2: Technical Disputes and Market Issues - Qicai Chemical argues that the technology related to the DPP series pigments has been public knowledge for over 20 years, and Xianico's lawsuit aims to prevent Qicai from entering the market [3] - Xianico's reported production capacity for high-performance organic pigments is 650.4 tons per year, while its claimed annual sales for PR254 alone exceed 800 million yuan, suggesting a production scale that exceeds its licensed capacity by over ten times [3] - Xianico has not fulfilled the necessary environmental assessment procedures for its production of certain chemicals, raising concerns about potential ecological damage [3] Group 3: Key Developments and Legal Claims - Qicai Chemical discovered that Xianico's environmental assessment report from 2017 disclosed production technology information, which, if consistent with Xianico's claims, would negate the status of the information as a commercial secret [4] - Qicai Chemical has made three legal requests: to compel Xianico to publicly apologize, to seek compensation of 53.31 million yuan, and to have the defendants bear the litigation costs [4] - The company noted that there are no other significant lawsuits or arbitration matters that have not been disclosed, aside from the current case [4]

Core Points - The company, Shuangle Pigment Co., Ltd., has received approval from the China Securities Regulatory Commission to issue convertible bonds totaling RMB 800 million [1][4] - The bonds will be issued to unspecified investors, with priority given to existing shareholders on the record date of December 25, 2025 [1][30] - The bonds will be convertible into company shares, with an initial conversion price set at RMB 36.70 per share [15] Group 1: Issuance Details - The total amount of the convertible bonds to be issued is RMB 800 million, with a total of 8 million bonds available [4] - Each bond has a face value of RMB 100 and will be issued at par value [5] - The bonds will have a term of 6 years, from December 26, 2025, to December 25, 2031 [6] Group 2: Interest and Payment Terms - The coupon rates for the bonds will increase over the term, starting at 0.20% in the first year and reaching 1.80% in the sixth year [7] - Interest will be paid annually, with the first payment occurring one year after the issuance date [11] Group 3: Conversion and Redemption - The conversion period for the bonds will begin on July 6, 2026, and will last until the maturity date [14] - The company has the right to redeem the bonds at 110% of the face value after the maturity date if they remain unconverted [24] - Holders can also sell back the bonds to the company under certain conditions if the stock price falls below 70% of the conversion price during the last two interest years [26] Group 4: Shareholder Rights - Shares obtained through conversion will have the same rights as existing shares, including participation in dividend distributions [28] - The bonds will not have a lock-up period, allowing investors to trade them on the first day of listing [39] Group 5: Subscription and Distribution - The subscription for the bonds will open on December 26, 2025, with existing shareholders having priority [29][30] - Public investors can also participate in the online issuance, with a minimum subscription of 10 bonds [35]

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [3] Core Viewpoints - The report highlights the upcoming opportunities related to the "fireworks" and "IPO" sectors as the Chinese New Year approaches, with recent policy changes allowing limited fireworks usage in certain regions, which may drive market interest [4] - The report emphasizes the potential of Shangfeng Cement, which is transitioning from financial investment to active participation in the semiconductor industry, having invested over 1.9 billion yuan in 28 quality projects across the semiconductor supply chain [4] - The report suggests that 2025 will be a turning point for listed companies, with 2026 expected to be an industry inflection point, indicating that the market is currently in a phase of adjustment [4] Section Summaries 1. Sector Tracking - The construction materials index rose by 0.6% while the overall market indices showed mixed results, with the Shanghai Composite Index unchanged and the Shenzhen Component Index down by 0.9% [8] - Notable stock performances included Lawson (+31.8%) and Zaiseng Technology (+23.3%), while Hainan Ruize (-15.5%) and Jingxue Energy (-15.0%) faced significant declines [8] 2. Data Tracking 2.1 Cement - The average price of 42.5 cement nationwide is 354.0 yuan/ton, down 0.8 yuan/ton month-on-month and down 66.5 yuan/ton year-on-year [14] - The cement inventory ratio is 62.3%, down 2.5 percentage points month-on-month and down 0.3 percentage points year-on-year [14] - The cement shipment rate is 42.7%, down 1.7 percentage points month-on-month and down 2.2 percentage points year-on-year [14] 2.2 Float Glass - The average price of 5mm float glass is 1206.1 yuan/ton, down 12.9 yuan/ton month-on-month and down 330.3 yuan/ton year-on-year [33] - The total inventory of key production enterprises in 13 provinces is 55.42 million heavy boxes, down 2.3% month-on-month and up 29.2% year-on-year [33] 2.3 Photovoltaic Glass - The average price for 2.0mm coated photovoltaic glass is 11.5 yuan/square meter, down 0.3 yuan/square meter month-on-month and year-on-year [38] - The total number of production lines for photovoltaic glass is 402, with a daily melting capacity of 87,940 tons, unchanged month-on-month and down 7.3% year-on-year [38] 2.4 Glass Fiber - The average price of alkali-free glass fiber yarn is 4565.0 yuan/ton, unchanged month-on-month and down 115.0 yuan/ton year-on-year [44] - The average price of electronic yarn is 9350.0 yuan/ton, unchanged month-on-month and up 350.0 yuan/ton year-on-year [44] 2.5 Carbon Fiber - The average price of large tow carbon fiber is 72.5 yuan/kg, unchanged month-on-month and year-on-year, while small tow carbon fiber is priced at 95.0 yuan/kg, also unchanged [48] - The average operating rate of carbon fiber enterprises is 79.47%, unchanged month-on-month and up 26.87 percentage points year-on-year [48]

融券方面，信凯科技12月19日融券偿还300.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量5800.00股，融券余额26.52万元。 资料显示，浙江信凯科技集团股份有限公司位于浙江省杭州市余杭区仓前街道东莲街1069号2幢,3幢1-3 层，成立日期1996年8月28日，上市日期2025年4月15日，公司主营业务涉及有机颜料等着色剂的产品开 发、销售及服务。主营业务收入构成为：偶氮颜料65.59%，杂环颜料19.30%，其他主营4.91%，酞菁颜 料4.82%，其他有机颜料4.43%，其他(补充)0.95%。 截至12月10日，信凯科技股东户数7552.00，较上期减少18.31%；人均流通股3103股，较上期增加 22.42%。2025年1月-9月，信凯科技实现营业收入10.24亿元，同比减少2.85%；归母净利润6409.45万 元，同比减少11.21%。 12月19日，信凯科技涨0.37%，成交额5271.87万元。两融数据显示，当日信凯科技获融资买入额440.24 万元，融资偿还1485.30万元，融资净买入-1045.06万元。截至12月19日，信凯科技融资融券余额合计 ...

国金证券发布研报称，维持环球新材国际(06616)"买入"评级，并购进展和协同效应提升，出海并购德 国默克表面材料业务/CQV，培育全球珠光颜料龙头;产能投放+产品结构优化，量价齐升进行时;珠光颜 料行业化妆品+汽车等新消费市场前景可观，合成云母替代天然云母是明确趋势。 国金证券主要观点如下： 近期事件 定价调整赋能业务高质量发展 本次差异化定价调整由七色珠光、SUSONITY及CQV三大业务平台分阶段实施，旨在顺应市场趋势、 强化核心竞争力。调整幅度介于3-30%之间，并非统一模式，而是依据产品特性、技术含量、应用场景 及客户类型，进行精细化、分批次的动态优化，核心目标是更好地匹配产品价值与市场需求，聚焦高附 加值业务，预计将在未来一段时间内逐步显现成效。 2025年12月16日，公司宣布实施差异化定价调整，并拟发行10亿港元可转债。(1)基于日常商业管理与 价值管理需求，公司已于近期在部分产品组别及细分应用领域，分阶段落实差异化商业定价调整措施， 以进一步优化业务结构，提升经营质量与价值创造能力。(2)公司拟发行本金总额10亿港元、票面利率 4.25%的可换股债券，期限至2027年1月4日，初步换股价为1 ...

国金证券发布研报称，维持环球新材国际(06616)"买入"评级，并购进展和协同效应提升，出海并购德 国默克表面材料业务/CQV，培育全球珠光颜料龙头;产能投放+产品结构优化，量价齐升进行时;珠光颜 料行业化妆品+汽车等新消费市场前景可观，合成云母替代天然云母是明确趋势。 整合SUSONITY协同效应初步显现：组织与治理方面，完成"集团—事业部—区域"组织优化，建立跨区 域协同机制，提高治理效率;业务协同与供应链方面，公司加速与SUSONITY的交叉销售(新能源、化妆 品等)已开始显现协同效应;创新驱动方面，研发团队启动联合项目，将前沿技术与规模化生产结合，强 化"需求导向"的研发机制，以技术融合加速中长期增长。 定价调整赋能业务高质量发展 本次差异化定价调整由七色珠光、SUSONITY及CQV三大业务平台分阶段实施，旨在顺应市场趋势、 强化核心竞争力。调整幅度介于3-30%之间，并非统一模式，而是依据产品特性、技术含量、应用场景 及客户类型，进行精细化、分批次的动态优化，核心目标是更好地匹配产品价值与市场需求，聚焦高附 加值业务，预计将在未来一段时间内逐步显现成效。 近期事件 2025年12月16日，公司宣布 ...

Core Insights - Shanghai Huaduoye Pigment Technology Co., Ltd. has been established with a registered capital of 25,000 RMB [1] - The company is involved in various sectors including technology services, new materials technology research and development, and chemical product sales [1] Company Overview - The legal representative of the company is GAJERA HARDIKKUMAR GHANSHYAMBHAI [1] - The business scope includes technology development, consulting, and transfer, as well as sales of various chemical products and ecological materials [1] Industry Activities - The company engages in research and development of bio-chemical products and new materials technology [1] - It also offers services related to market marketing planning, corporate management consulting, and cultural exchange activities [1]