Investment Rating - The report maintains a positive investment rating for the chemical industry, highlighting the potential benefits from the "dual carbon" policy implementation [5]. Core Insights - The "dual carbon" policy is expected to significantly impact the chemical industry, with a focus on carbon emissions control becoming a rigid constraint during the 14th Five-Year Plan period [6][14]. - The report identifies that the attention towards "dual carbon" from provincial leaders has increased by 137% since September 2025, indicating a shift in focus towards carbon emissions as a critical performance metric [7][18]. - The chemical industry is anticipated to undergo structural changes, with high carbon intensity sectors facing supply constraints, while low-carbon leaders are expected to benefit from the transition [8][30]. Summary by Sections 1. "14th Five-Year Plan": Carbon Peak Closing Battle - Local carbon assessments may treat carbon emissions as an equally important rigid constraint [15]. - High carbon intensity sectors such as ammonia fertilizer, coal chemical, and chlorine-alkali are likely to face capacity constraints first [29][30]. 2. Petrochemical "Dual Carbon" Opportunities - The petrochemical sector is expected to undergo a transformation driven by the "dual carbon" goals, with a focus on optimizing supply and demand structures [38]. - Refining sector dynamics are shifting towards improved supply-demand balance due to stringent approval processes for new projects and the elimination of high-energy-consuming capacities [38]. 3. Basic Chemical "Dual Carbon" Opportunities - Coal chemical industry is projected to stabilize supply under carbon limits, driving quality improvements in the sector [3.1]. - Carbon fiber and fluorochemical sectors are expected to benefit from process optimization and green transitions [3.2][3.3]. 4. Investment Recommendations - The report suggests focusing on three categories of leading companies: 1. Integrated leaders in the oil chemical sector with scale and efficiency advantages [8]. 2. Coal chemical leaders with advanced processes and low emissions [8]. 3. High-quality firms in fluorochemical and carbon fiber sectors that align with "dual carbon" goals [8].

Summary of Conference Call on Chemical and Building Materials Industry Industry Overview - The conference focused on the chemical and building materials industry, emphasizing the investment opportunities in midstream leading companies despite market adjustments [1][2]. Key Points and Arguments 1. **Investment Strategy**: The company remains committed to recommending core midstream leading stocks, especially in the chemical sector, as they believe these stocks will perform well even during market adjustments [1]. 2. **Price Trends**: Some chemical products are experiencing price increases, but the current market is more about capital allocation rather than a price-driven rally [2]. 3. **Global Demand**: The demand for chemicals is increasingly global and diversified, making it a more stable investment compared to real estate, which has uncertain demand [2]. 4. **Supply Dynamics**: There has been a significant exit of overseas production capacity, particularly in Europe due to high energy prices and increased labor costs, which has strengthened domestic companies' confidence [2]. 5. **Capital Expenditure Trends**: Domestic capital expenditure in the basic chemical sector is expected to decline by approximately 16% year-on-year in 2024, with a smaller decline of 5-6% in the first three quarters of 2025, indicating a downward trend [3]. 6. **Government Policies**: The government's focus on "anti-involution" reflects an awareness of low product prices, which may lead to adjustments in operating rates to balance supply and demand [3][4]. 7. **Carbon Neutrality Initiatives**: The upcoming carbon neutrality policies will significantly impact the chemical industry, with expectations for peak carbon emissions by 2030, which will drive changes in production practices [5]. 8. **Market Recovery**: The chemical market is expected to recover as supply contracts and demand stabilizes, with a focus on leading companies that dominate domestic production [6][7]. 9. **Stock Recommendations**: Specific companies such as Wanhua, Hualu, and others in the polyester and organic silicon sectors are highlighted for their potential growth in production capacity and profitability [8][9]. 10. **Profitability Projections**: The profitability of leading companies is projected to improve significantly, with expectations that earnings could return to historical midpoints, even if product prices do not reach previous highs [10][11]. 11. **Valuation Metrics**: Current valuations for leading companies are considered attractive, with expected price-to-earnings ratios around 15-17 times under neutral performance expectations [28]. Additional Important Insights - **Sector Performance**: The chemical sector has underperformed for several years, contrasting with the metals sector, which has seen price increases [6]. - **Investment Timing**: The timing of investments in leading companies is crucial, as they are expected to benefit from market recovery and improved pricing power [27]. - **Emerging Opportunities**: There are emerging opportunities in agricultural chemicals, particularly in phosphate and potash sectors, which are expected to see volume growth despite price stability [13][31]. - **Regulatory Changes**: Recent regulatory changes regarding PVC production may lead to increased capital expenditures and potential industry consolidation, optimizing supply-demand dynamics [14]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the current state and future outlook of the chemical and building materials industry.

重要内容提示： | 投资标的名称 | 新凤鸣（埃及）36 万吨/年功能性纤维项目 | | | | --- | --- | --- | --- | | 投资金额（万元） | 197,786.40 | | | | 投资进展情况 | 进展 | 完成 终止 | 交易要素变更 | | 特别风险提示 | 此次对外投资项目的实际达成情况会受到国家政策、 | | | | | 法律法规、行业宏观环境等多方面因素影响。敬请广大投 | | | | | 资者注意投资风险。 | | | 一、对外投资基本情况 新凤鸣集团股份有限公司（以下简称"公司"）于 2025 年 12 月 12 日召开 了第六届董事会第四十三次会议，审议通过了《关于启动新凤鸣（埃及）36 万 吨/年功能性纤维项目的议案》，公司全资子公司新凤鸣江苏新拓新材有限公司 （以下简称"江苏新拓"）分别在香港和新加坡成立全资子公司新凤鸣实业（香 港）有限公司（以下简称"香港实业"）和贝丝路发展有限公司（以下简称"贝 丝路"）。香港实业和贝丝路在埃及共同成立新凤鸣（埃及）新材料有限公司（暂 定名，以下简称"埃及新材料"），注册资本为 14,000 万美元，其中香港实业 ...

（文章来源：证券日报） 证券日报网讯 1月28日，新凤鸣发布公告称，公司实际控制人庄奎龙先生本次解除质押股份48000000 股。 ...

证券日报网讯 1月28日，新凤鸣在互动平台回答投资者提问时表示，截至2026年1月20日，公司的股东 总数是18253户。 （文章来源：证券日报） ...

| 股票代码：603225 | 股票简称：新凤鸣 | | 公告编号：2025-010 | | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 | 转债 | | 新凤鸣集团股份有限公司 关于实际控制人股份解除质押的公告 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个别及连带责任。 重要内容提示： 新凤鸣集团股份有限公司（以下简称"公司"）实际控制人庄奎龙先生 持有公司的股份总数为 337,521,813 股，占公司总股本比例为 22.09%。庄奎龙 先生本次解除质押股份数量为 48,000,000 股，占其所持股份比例为 14.22%，占 公司总股本比例为 3.14%。本次解除质押后，庄奎龙先生无股份质押。 庄奎龙先生及其一致行动人新凤鸣控股集团有限公司（以下简称"新凤 鸣控股"）、桐乡市中聚投资有限公司（以下简称"中聚投资"）、屈凤琪女 士、桐乡市尚聚投资有限公司（以下简称"尚聚投资"）、桐乡市诚聚投资有 限公司（以下简称"诚聚投资"）合计持有公司的股份总数为 909,176,020 ...

新凤鸣集团股份有限公司 2026 年第二次临时股东会 会议资料 2026 年 1 月 新凤鸣 2026 年第二次临时股东会会议资料 目录 | 新凤鸣集团股份有限公司 | 2026 年第二次临时股东会通知 3 | | --- | --- | | 新凤鸣集团股份有限公司 | 2026 年第二次临时股东会会议须知 4 | | 新凤鸣集团股份有限公司 | 年第二次临时股东会会议议程 6 2026 | | 议案一、关于确认公司 | 年度日常关联交易执行情况并预计 年度日常关联交 2025 2026 | | 易的议案 | 7 | | 议案二、关于修订《投资管理制度》的议案 22 | | 2 新凤鸣 2026 年第二次临时股东会会议资料 新凤鸣集团股份有限公司 2026 年第二次临时股东会通知 各位股东及股东代表： 新凤鸣集团股份有限公司（以下简称"公司"）2026 年第二次临时股东会拟 于 2026 年 2 月 5 日下午 14：00 时在公司总部二十四楼会议室召开。 本次股东会审议和表决议题如下： 1、审议《关于确认公司 2025 年度日常关联交易执行情况并预计 2026 年度日 常关联交易的议案》 2、审议《关于修订 ...

（文章来源：证券日报） 证券日报网讯 1月26日，新凤鸣发布公告称，公司股票自2026年1月6日至1月26日已有十个交易日收盘 价不低于"凤21转债"当期转股价15.78元/股的130%（即20.514元/股）。若未来连续十五个交易日内再有 五个交易日收盘价不低于20.514元/股，将触发有条件赎回条款，届时公司有权决定是否按债券面值加 当期应计利息的价格赎回全部或部分未转股的"凤21转债"。 ...

Group 1 - The chemical fiber sector experienced a decline of 2.24% on January 26, with Tongyi Zhong leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Key stocks in the chemical fiber sector showed mixed performance, with Youfu Co. rising by 3.55% to a closing price of 7.87, while Tongyi Zhong fell by 5.01% to 20.66 [2] Group 2 - The net outflow of main funds in the chemical fiber sector was 528 million yuan, while retail investors saw a net inflow of 440 million yuan [2] - The table of fund flows indicates that New Xiang Chemical Fiber had a main net inflow of 23.73 million yuan, while Youfu Co. had a net outflow of 61.85 million yuan [3] - The overall trading volume in the chemical fiber sector was significant, with Youfu Co. achieving a transaction amount of 443 million yuan [1]

| 股票代码：603225 | 股票简称：新凤鸣 | | | 公告编号：2026-009 | | --- | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 | 21 | 转债 | | 新凤鸣集团股份有限公司 关于"凤21转债"预计满足赎回条件的提示性公告 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个别及连带责任。 重要内容提示： 新凤鸣集团股份有限公司（以下简称"公司"）股票自 2026 年 1 月 6 日起 至 2026 年 1 月 26 日已有十个交易日的收盘价不低于"凤 21 转债"当期转股价 格（即 15.78 元/股）的 130%（即 20.514 元/股）。若在未来连续十五个交易日内， 公司股票仍有五个交易日的收盘价不低于 20.514 元/股，将触发"凤 21 转债"的 有条件赎回条款，届时根据《新凤鸣集团股份有限公司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》"）的约定，公司董事会将有权决定是否 按照债券面值加当期应计利息的价格赎回全部或部分未转股的" ...