股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年2月28日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | China XLX Fertiliser Ltd. 中國心連心化肥有限公司（於新加坡註冊成立之有限公司） | | | | 呈交日期: | 2026年3月5日 | | | | I. 法定/註冊股本變動 | 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 01866 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 1,274,680,000 8,561,000 1,283,241,000 增加 / 減少 (-) 本月底結存 1,274,680,000 8,561,000 1,283,241,000 足夠公眾持股量的確認(註 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The geopolitical situation in Iran is escalating, which may impact the supply expectations and fundamentals of related chemical products. Methanol and urea may face supply disruptions, as Iran's methanol production capacity is significant, accounting for 59.78% of the Middle East's total capacity and 22.86% of international capacity (excluding China) as of February 2026. Urea exports from Iran are projected to be around 4.5 million tons in 2024, making it the third-largest exporter globally [3][4] - Major chemical companies are raising prices for MDI and TDI products, indicating potential price increases in traditional peak seasons. For instance, Hunstman announced a price increase of $260 per ton for MDI in the U.S. market, effective immediately [3][4] - The U.S. government has signed an executive order to protect the supply of phosphorus and glyphosate, which may lead to a revaluation of phosphate resources. This strategic resource is expected to maintain high demand and price stability [3][4] - The chemical industry is anticipated to experience a cyclical recovery and industrial upgrade in 2026, driven by domestic growth policies and a potential easing of monetary policy by the Federal Reserve. This may lead to a moderate recovery in traditional chemical demand [5][6] Summary by Sections Geopolitical Impact - The Iranian geopolitical situation is causing concerns over supply disruptions for chemical products like methanol and urea, with significant production capacities in Iran [3] - Sulfur and aluminum carbonate, which have high import dependencies, may also be affected by geopolitical factors, leading to potential price increases [3] Price Trends - The price of TMP has continued to rise due to tight supply conditions, with a reported price of 12,750 RMB per ton as of February 27, 2026, reflecting a 6.3% increase week-on-week [8] - Prices for refrigerants are expected to rise due to supply constraints and increased demand post-holiday, with notable price increases reported for various refrigerants [4][8] Long-term Investment Recommendations - The chemical industry is expected to benefit from a cyclical recovery and industrial upgrades in 2026, with a focus on sectors like pesticides and tire manufacturing, which may see increased pricing opportunities due to trade barriers [5] - Emerging industries such as sustainable aviation fuel (SAF) and lithium battery materials are projected to grow significantly, driven by global decarbonization policies [5][6]

Core Viewpoint - The stock of China Heartland Fertilizer (01866) has seen an increase of nearly 5% during trading, with a current rise of 3.67% to HKD 11.59, supported by a trading volume of HKD 26.1 million [1] Group 1: Fertilizer Market Trends - During the Spring Festival period, the average sales price of fertilizers in Hunan Province has increased, with a pre-festival average of CNY 2,627.71 per ton, up 2.7% but down 1.3% year-on-year [1] - The average sales price of nitrogen fertilizers reached CNY 2,191.1 per ton, increasing by 4.2% but down 10.1% year-on-year; the average price for compound fertilizers was CNY 3,064.32 per ton, up 1.7% and up 6% year-on-year [1] - The rise in fertilizer prices is primarily supported by the increase in international fertilizer prices and pre-festival stockpiling demand [1] Group 2: Potash Fertilizer Supply and Demand - China is the world's largest consumer of potash fertilizers, but the supply of potash resources is relatively insufficient [1] - As of the end of January 2026, domestic port inventory of potassium chloride was 2.4947 million tons, a decrease of 345,100 tons year-on-year, representing a decline of 12.15% [1] - Due to the increasing emphasis on food production safety, it is expected that domestic potash safety inventory will rise to over 4 million tons [1] Group 3: Pricing and Contracts - The market average price for potassium chloride at the end of January was CNY 3,295 per ton, with a month-on-month increase of 0.4% and a year-on-year increase of 27.52% [1] - In the international market, a cross-border railway contract was established between Chinese importers and the Russian Ural Potash Company, with the February contract price for potassium chloride set at USD 364 per ton (delivered to Manzhouli), an increase of USD 3 per ton from January [1]

Group 1 - China Heartland Fertilizer (01866) saw its stock price increase by nearly 5% during trading, with a current price of 11.59 HKD and a trading volume of 26.1 million HKD [1] - The average sales price of fertilizers in Hunan province rose during the Spring Festival period, with a price of 2627.71 RMB/ton, an increase of 2.7% compared to the previous week, but a year-on-year decrease of 1.3% [1] - The price increase in fertilizers is primarily supported by rising international fertilizer prices and pre-holiday stockpiling demand [1] Group 2 - China is the world's largest potassium fertilizer consumer, but the supply of potassium resources is relatively insufficient [2] - As of the end of January 2026, domestic port inventory of potassium chloride was 2.4947 million tons, a decrease of 345,100 tons year-on-year, representing a decline of 12.15% [2] - The average market price of potassium chloride at the end of January was 3295 RMB/ton, with a month-on-month increase of 0.4% and a year-on-year increase of 27.52% [2] - A cross-border railway contract was signed between Chinese importers and the Russian Ural Potash Company, with the February contract price for potassium chloride set at 364 USD/ton, an increase of 3 USD/ton from January [2]

Core Viewpoint - The successful completion of the national "14th Five-Year" key research and development project led by Xinyan Group marks a significant achievement in agricultural pollution control technology [1][6]. Group 1: Project Overview - The project, initiated in 2021, involved a transition from being a participant to a host, reflecting a four-year journey of overcoming challenges in organization, research management, and execution [3][8]. - The research team focused on nitrogen source pollution control in intensive agricultural areas, conducting mechanism studies, product development, and technology integration [3][8]. Group 2: Achievements and Innovations - The project resulted in the development of four new products, including "Super Control" coated urea and "Water Touch Membrane 3.0" slow-release fertilizer, creating a comprehensive technology system for nitrogen reduction and efficient utilization [3][10]. - Demonstration results in the Huanghuaihai region showed that the integrated "product + agronomy + machinery" model improved nitrogen fertilizer utilization to over 43%, reduced ammonia volatilization by over 49%, and increased crop yields by 5% to 15%, with economic benefits rising by 10% to 24% [10]. Group 3: Collaborative Efforts and Future Directions - The project led to the promotion of 18 research professionals and the joint training of 38 master's and doctoral students, fostering a stable collaborative innovation network across institutions [10]. - Xinyan Group aims to continue its open cooperation with universities and research institutes to promote the transformation of outstanding research results, contributing to the high-quality green development of agriculture in China [10].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01866 | 說明 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | 已發行股份總數 | | | 上月底結存 | | | 1,279,072,000 | 4,169,000 | | 1,283,241,000 | | 增加 / 減少 (-) | | | -4,392,000 | 4,392,000 | | | | 本月底結存 | | | 1,274,680,000 | 8,561,000 | | 1,283,241,000 | 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此確 ...

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].

Core Viewpoint - China Heart Heart Fertilizer (01866) has seen a significant stock price increase, reaching a new historical high, driven by geopolitical tensions affecting global urea and methanol supply [2] Group 1: Stock Performance - China Heart Heart Fertilizer's stock rose over 7%, peaking at 10.97 HKD, and is currently trading at 10.84 HKD with a trading volume of 26.1 million HKD [2] - The stock has shown a daily increase of 6.07% [2] Group 2: Market Context - Iranian officials have declared a state of full alert, which may disrupt natural gas supplies, impacting global urea and methanol availability [2] - The potential for a localized shortage in urea and methanol could benefit domestic producers with significant production capacity and high dividend yields [2] Group 3: Company Actions - China Heart Heart Fertilizer has been actively repurchasing shares, spending approximately 8.84 million HKD to buy back 874,000 shares on January 23 [2] - The company announced a share repurchase plan on January 12, intending to buy back up to 10% of its issued shares for a total cost not exceeding 200 million HKD within the year [2]

Group 1 - The stock of China Heartlink Fertilizer (1866.HK) has risen over 1%, reaching a historical high of 11.3700 HKD, with a total market capitalization exceeding 14.4 billion HKD [1] - The stock has accumulated a gain of over 25% within the month [1]

Core Viewpoint - China Heartland Fertilizer (01866) has seen its stock price rise significantly, reaching a new historical high, indicating strong market confidence and interest in the company [1][4]. Group 1: Stock Performance - The stock price of China Heartland Fertilizer increased by over 9%, peaking at 11.15 HKD, and is currently up by 7.93% at 11.03 HKD with a trading volume of 55.3984 million HKD [1][4]. Group 2: Share Buyback Plan - The company has recently engaged in intensive share buybacks, spending approximately 8.8433 million HKD to repurchase 874,000 shares on January 23 [1][4]. - On January 12, the company announced a clear share buyback plan, stating it would repurchase up to 10% of its issued shares for no more than 200 million HKD within the year, starting from January 13 [1][4]. - The board believes that the share buyback plan reflects the company's recognition of its own value and confidence in its long-term business development [1][4].