国信证券指出，我国是全球最大的钾肥需求国，而钾肥资源供给相对不足。截至2026年1月底，国内氯 化钾港口库存为249.47万吨，较去年同期减少34.51万吨，降幅为12.15%。未来由于粮食生产安全愈发 被重视，预计国内钾肥安全库存量将提升到400万吨以上。1月底氯化钾市场均价为3295元/吨，环比上 月涨幅为0.4%，同比去年涨幅27.52%。国际市场方面，1月底中国进口商与俄罗斯乌拉尔钾肥公司达成 了跨境铁路合同，2月氯化钾合同价格为364美元/吨(满洲里交货)，较1月价格上涨3美元/吨。 消息面上，湖南省商务厅市场监测数据显示，春节期间，全省化肥市场销售均价上涨。春节前一周，全 省化肥销售均价2627.71元/吨，上涨2.7%，同比下跌1.3%。分品种看，氮肥销售均价2191.1元/吨，上涨 4.2%，同比下跌10.1%；三元复合肥销售均价3064.32元/吨，上涨1.7%，同比上涨6%。据了解，湖南全 省化肥市场销售均价上扬，国际化肥价格上涨及节前补库需求支撑是化肥价格上涨的主要原因。 中国心连心化肥(01866)盘中涨近5%，截至发稿，涨3.67%，报11.59港元，成交额2609.95万港元。 ...

国信证券指出，我国是全球最大的钾肥需求国，而钾肥资源供给相对不足。截至2026年1月底，国内氯 化钾港口库存为249.47万吨，较去年同期减少34.51万吨，降幅为12.15%。未来由于粮食生产安全愈发 被重视，预计国内钾肥安全库存量将提升到400万吨以上。1月底氯化钾市场均价为3295元/吨，环比上 月涨幅为0.4%，同比去年涨幅27.52%。国际市场方面，1月底中国进口商与俄罗斯乌拉尔钾肥公司达成 了跨境铁路合同，2月氯化钾合同价格为364美元/吨(满洲里交货)，较1月价格上涨3美元/吨。 智通财经APP获悉，中国心连心化肥(01866)盘中涨近5%，截至发稿，涨3.67%，报11.59港元，成交额 2609.95万港元。 消息面上，湖南省商务厅市场监测数据显示，春节期间，全省化肥市场销售均价上涨。春节前一周，全 省化肥销售均价2627.71元/吨，上涨2.7%，同比下跌1.3%。分品种看，氮肥销售均价2191.1元/吨，上涨 4.2%，同比下跌10.1%；三元复合肥销售均价3064.32元/吨，上涨1.7%，同比上涨6%。据了解，湖南全 省化肥市场销售均价上扬，国际化肥价格上涨及节前补库需求支撑是化肥价 ...

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].

Core Viewpoint - China Heartland Fertilizer (01866) has seen its stock price rise over 7%, reaching a historical high of 10.97 HKD, driven by geopolitical tensions affecting global urea and methanol supply [1] Company Summary - China Heartland Fertilizer's stock price increased by 6.07% to 10.84 HKD, with a trading volume of 26.1 million HKD [1] - The company has initiated a share buyback program, spending approximately 8.84 million HKD to repurchase 874,000 shares on January 23 [1] - A clear share buyback plan was announced on January 12, allowing for the repurchase of up to 10% of issued shares for a maximum of 200 million HKD within the year [1] Industry Summary - Iranian officials have declared that armed forces are on full alert, which may disrupt natural gas supplies, impacting urea and methanol production globally [1] - Haitong Securities noted that prolonged conflict in Iran could lead to localized shortages of urea and methanol, benefiting domestic producers with significant production capacity and export volumes [1]

Group 1 - The company China Heartland Fertilizer (01866.HK) announced a share buyback on January 23, 2023, spending HKD 8.843 million to repurchase 874,000 shares [1]