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： 证券代码：600078 证券简称：澄星股份 公告编号：临 2025-057 江苏澄星磷化工股份有限公司 关于为全资子公司向关联方申请保理融资业务 提供担保暨关联交易的公告 ●为满足日常生产经营需求，江苏澄星磷化工股份有限公司（以下简称"公 司"或"澄星股份"）全资子公司云南宣威磷电有限责任公司（以下简称"宣威 磷电"）拟向关联方北京智慧普华商业保理有限公司（以下简称"智慧普华"）申 请保理额度不超过人民币 5,000 万元的保理融资业务，期限 1 年，年化利率 5.5%。 公司为宣威磷电提供连带责任保证担保。本次交易构成关联交易，不构成重大资 产重组。 ●担保对象及基本情况 被担保人名称 云南宣威磷电有限责任公司 本次担保金额 不超过人民币 5,000 万元 担保 实际为其提供的担保余额 7,749 万元(不含本次担保) 对象 | 是否在前期预计额度内 | √是 | □否 | □不适用： | | --- | --- | --- | --- | | 本次担保是否有反 ...

Core Viewpoint - The current market is in a bull phase, with significant losses reported among short sellers in commodity and stock index futures. The article suggests that the most certain investment opportunities in a bull market are either in leading sectors or in severely undervalued stocks [2]. Group 1: Investment Opportunities - The article emphasizes that low-priced stocks tend to be driven up to reasonable levels during a bull market, indicating that underperforming sectors may see substantial gains due to ongoing liquidity and policy support [2]. - The upcoming major meetings are expected to enhance expectations for "stabilizing growth," which may provide considerable policy space for undervalued industries [2]. Group 2: ETF Analysis - The article utilizes the net value percentile calculation method to assess which sectors are currently in a state of severe undervaluation [3]. - A table is provided showing various ETFs, their net value percentiles since 2023 and 2024, and their performance in 2025, highlighting sectors like photovoltaic, alcohol, and real estate [7]. Group 3: Sector-Specific Insights - The photovoltaic sector is identified as particularly undervalued, with ETFs like the photovoltaic ETF (515790.SH) and new energy ETF (516160.SH) showing significant declines. The sector's performance is closely tied to government policies aimed at stabilizing growth [9][10]. - The alcohol sector, particularly the alcohol ETF (512690.SH), is also noted for being in a state of decline, with a lack of clear catalysts for recovery until consumer data improves [20][21]. - The real estate sector shows signs of divergence, with the real estate ETF (159707.SZ) experiencing intermittent policy-driven rallies but ultimately returning to lower levels [25][26]. Group 4: Medical and Pharmaceutical Sector - The medical and pharmaceutical sectors are highlighted as being collectively undervalued, with various ETFs like the biopharmaceutical ETF (159859.SZ) showing potential for recovery due to recent policy shifts regarding procurement practices [33][35]. - The medical ETF (512170.SH) is also mentioned as being in a relatively low valuation position, with a modest performance outlook [39]. Group 5: Commodity and Chemical Sectors - The coal sector has seen a significant price drop but is experiencing a rebound due to rising prices in coking coal and coke futures, with the coal ETF (515220.SH) reflecting this trend [43][45]. - The chemical sector is noted for its broad product range and recent price increases in lithium carbonate, with the chemical ETF (159870.SZ) positioned as relatively undervalued [49][54]. Conclusion - The article concludes that sectors such as chemicals, biopharmaceuticals, medical, alcohol, and photovoltaic are currently in a state of severe undervaluation, presenting potential investment opportunities for discerning investors [56].

Core Viewpoint - The report anticipates that convertible bonds with positive performance in Q2 2025 will be concentrated in high-end manufacturing sectors such as communication, electronics, military, automotive parts, transportation equipment, industrial control equipment, energy equipment, and electric power equipment, as well as in non-ferrous and basic chemical industries benefiting from price increases [1]. Group 1: Industry Performance Insights - The profit growth in the non-ferrous metal mining industry is expected to reach 41.7% year-on-year, driven by rising prices and increased production and sales of metals like gold, copper, zinc, and silver [2]. - The railway, shipbuilding, aerospace, and other transportation equipment manufacturing sectors are projected to see a profit increase of 56% year-on-year, benefiting from global shipping recovery and significant orders for LNG carriers and container ships [2]. - The computer, communication, and other electronic equipment manufacturing sectors, along with electrical machinery and general equipment manufacturing, are expected to maintain double-digit profit growth due to high demand for AI hardware, smart terminals, and industrial control equipment [2]. - The agricultural and sideline food processing industry is anticipated to experience a profit growth rate of 38.2%, primarily due to the demand for high-value-added products like prepared dishes and health foods [2]. Group 2: Company-Specific Performance - Among the companies that have disclosed their H1 2025 performance forecasts, 272 companies are expected to achieve a non-net profit growth of over 30% in Q2 2025, mainly in the basic chemicals, electric power equipment and new energy, machinery, electronics, and automotive sectors [3]. - In the basic chemicals sector, companies are expected to benefit from price increases in phosphates, pesticides, and refrigerants [3]. - The electric power equipment and new energy sector's high-performing companies are expected to benefit from increased overseas photovoltaic storage orders, domestic ultra-high voltage and smart grid construction, and rising domestic orders for new energy vehicles and military products [3]. - The machinery sector's growth is driven by high demand for industrial mother machines, semiconductor equipment, energy equipment, shipbuilding, and rail transit equipment [3]. - The electronics sector's growth is attributed to increased investment in AI computing power, accelerated domestic substitution of semiconductor equipment and materials, and growth in consumer electronics and smart terminal shipments [3]. - The automotive sector is expected to see high growth due to increased sales of domestic new energy vehicles and accelerated exports of commercial vehicles and automotive parts [3]. Group 3: Performance Forecast Adjustments - A list of 13 convertible bond targets has been identified, which have seen their average net profit forecasts raised by over 5% in the past three months, with more than three forecasting institutions involved, indicating potential marginal improvements in performance [4].