12月28日，河南心连心化学工业集团股份有限公司(以下简称心连心)多用塔立体库正式投运。本项 目由心连心携手安得智联对原传统平仓进行自动化改造，打造了复合肥行业首个智能化立体仓库，解决 了空间利用率低、人工作业风险大、库存管理精度低、复合肥产品易结块存储难等一个又一个行业难 题，为化肥行业的仓储物流树立了一个全新的智慧标杆。安得智联作为项目的核心实施方，全程负责规 划、设计与建设，以仓储自动化解决方案技术赋能心连心智能制造升级。 随着产线、产能的持续增加，原有仓库面积已无法满足其发展需求，基于智能制造整体规划，心连 心迫切需提升仓库作业效率及自动化水平。安得智联基于多年合作经验，通过将数据、算法与自动化仓 储技术相结合，最终为多用塔立体库量身定制了全流程无人化作业的仓储自动化解决方案。 全新多用塔立体库面积达1.6万平方米，包含1万平米仓库和6000平米生产下线码垛入库区，专用 于复合肥存储。针对化肥腐蚀性特点，设备进行了专项防腐处理，并集成垛型整形技术、自动去托技 术，克服了老仓库地面高差大的难点。 在核心智能设备投入上，安得智联部署了重载堆垛机、环形穿梭车RGV、垛型整形机和自动翻板 机等先进设备，并通过 ...

为精准破解企业及经销商痛点，该行组建专项服务团队，多次深入企业生产车间、产业链合作现场开展 调研，与企业财务、采购等部门深度对接，全面梳理经销商融资难、融资贵等突出问题。业务推进过程 中，该行创建"专属沟通群+实时对接+快速响应+闭环推进"工作机制，高效破解沟通壁垒与技术适配难 题，以专业高效的服务保障业务如期投产，生动践行了中信银行"以客户为中心"的服务理念，用实际行 动诠释了金融国企的社会责任。 来源：环球网 近日，中信银行郑州分行"心连心化肥场景贷"业务落地，该业务以场景化金融创新为农业产业链发展注 入金融"活水"，彰显了该行服务实体经济、做好普惠金融大文章的责任担当。 心连心集团作为农业领域的"国家队"、国家级"绿色工厂"，既是保障国家粮食安全的核心力量，也是推 动化肥行业科技升级、绿色转型的领军企业，其上下游经销商的资金周转效率直接关系到农业生产物资 供应稳定性。 据悉，"心连心化肥场景贷"的成功上线有效缓解了心连心集团经销商融资难题，降低了融资成本，为其 备肥备货、扩大经营提供了坚实资金支持，间接保障了农业生产物资稳定供应。 中信银行郑州分行在重点产业集群中深耕细作，从"产品驱动"升级为"场景化生 ...

近年来，含黄腐酸复合肥以优异的肥效在市场上获得广泛认可，但一直未形成权威的行业标准或国家标 准，不利于行业的健康可持续发展。针对这一难题，2022年5月，该公司牵头开展了含黄腐酸复合肥料 行业标准的编制工作。编制过程中，该公司创新研发出的新型检测方法，流程简便、成本较低，极大提 高了黄腐酸含量检测的精准度。今年9月，该标准顺利通过工信部审批并完成发布，将于2026年3月实 施。 中化新网讯 近日，在全国肥料和土壤调理剂标准化技术委员会腐植酸肥料分技术委员会换届大会暨 2025年会及标准审查会上，河南心连心化学工业集团牵头起草的行业标准《HG/T 6396-2025含黄腐酸复 合肥料》被授予"十四五"全国腐植酸肥料领域标准创新贡献奖。 ...

从赣南脐橙园的金黄果实，到新疆棉田的雪白棉絮；从内蒙古盐碱地的翠绿禾苗，到河南玉米地的 饱满穗粒——一场以"新质腐植酸"为核心的农业绿色变革，正在田野间悄然推进。曾经作为化工副产品 的腐植酸，如今通过科技创新完成自我升级，成为推动农业转型、保障粮食安全的关键力量。近日，在 河南新乡召开的新质腐植酸——土壤健康与农业绿色发展大会上，与会专家达成共识：我国腐植酸产业 已形成兼具生态价值与经济价值的完整闭环，新质腐植酸作为技术升级的核心载体，让这场升级向精 准、高效、可持续的方向加速迈进，让"黑土生金"的愿景切实转化为保障国家粮食安全的坚实动能。 农业绿色转型呼唤新动能 "万物土中生，有土斯有粮。"耕地是我国粮食安全的重要根基，也是农业生态系统的核心。在我国 农业持续发展的同时，面临着土壤质量提升与化肥高效利用的双重任务。推动农业绿色发展，必须夯实 土壤健康这一基础。 ②心连心腐植酸产品全自动无人化生产线运行现场 正如中国腐植酸工业协会理事长曾宪成所说："腐植酸是大地母亲的灵魂，是土壤中的'乌金宝 藏'。在农业绿色转型的今天，我们更需以新质破题、以创新开路，让腐植酸从土壤的良药升华为农业 生态系统的协调者，走出一条 ...

Economic Performance - In October 2025, Henan's industrial added value increased by 7.9%, outperforming the national average by 3.0 percentage points[21] - The province's social retail sales reached 2673.23 billion yuan, growing by 4.1% year-on-year, which is 1.2 percentage points higher than the national average[22] - Fixed asset investment in Henan rose by 4.5%, exceeding the national decline of 1.7%[23] Market Trends - In November 2025, the Henan Index fell by 1.47%, a smaller decline compared to the Shanghai Composite Index and the CSI 300 Index[48] - Year-to-date, the Henan Index has increased by 36.82%, consistently outperforming major benchmarks[48] Investment Landscape - As of November 2025, Henan's total market capitalization for A-shares was 19006.61 billion yuan, ranking 11th nationally and 2nd in Central China[62] - The province had 138 listed companies, with 113 A-shares and 31 H-shares, maintaining its 12th and 9th positions nationally[60] IPO and Financing Activity - No new IPOs were approved in Henan as of November 2025, with only one company completing equity financing totaling 1.15 million yuan in the first 11 months[40] - The province's credit bond issuance in November was 276.17 billion yuan, a decrease of 15.69% from the previous month[35]

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: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | 1,280,185,000 | 3,056,000 | | 1,283,241,000 | | 增加 / 減少 (-) | | | -1,113,000 | 1,113,000 | | | | 本月底結存 | | | 1,279,072,000 | 4,169,000 | | 1,283,241,000 | 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 ...

Core Viewpoint - China Heartland Fertilizer (01866) has seen its stock price increase by over 25% in the last six trading days, with a current price of 9.4 HKD and a trading volume of 108 million HKD [1] Industry Summary - The domestic urea market in China is experiencing a fluctuating upward trend, with the main regional prices for small granular urea rising to a range of 1580-1680 RMB/ton [1] - Analysts expect the domestic urea market to maintain a weak and fluctuating pattern in December, with limited downside due to cost and production cuts, while the upward momentum is also constrained by supply-demand imbalances [1] Company Summary - Guozheng International recently reported that the second phase of the Jiujiang base was successfully put into operation in Q3 2025, utilizing more efficient, environmentally friendly, and energy-saving technology, resulting in a 10% reduction in comprehensive production costs at full urea production capacity [1] - By the end of 2025, the completion of the new chemical materials project at the Xinxiang base is expected to further expand urea production capacity and effectively reduce production costs by approximately 12% [1] - With the gradual release of low-cost production capacity, the profitability of Heartland Fertilizer is anticipated to significantly improve [1]

Core Viewpoint - China Heartland Fertilizer (01866) has seen a significant stock price increase of over 25% in the past six trading days, with a current price of 9.4 HKD and a trading volume of 108 million HKD [1] Industry Summary - The domestic urea market in China is experiencing a fluctuating upward trend, with the main regional small particle ex-factory prices rising to the range of 1580-1680 RMB/ton [1] - Analysts predict that the domestic urea market will maintain a weak fluctuation pattern in December, with limited downside due to cost and production cuts, while the upward momentum is also constrained by supply-demand imbalances [1] Company Summary - Guozheng International recently reported that the second phase of the Jiujiang base successfully commenced operations in Q3 2025, utilizing more efficient, environmentally friendly, and energy-saving technology, resulting in a 10% reduction in comprehensive production costs at full urea production capacity [1] - By the end of 2025, the completion of the new chemical materials project at the Xinxiang base will further expand urea production capacity, effectively reducing production costs by approximately 12% [1] - With the gradual release of low-cost production capacity, the profitability of China Heartland Fertilizer is expected to significantly improve [1]

Core Insights - The futures market plays an increasingly important role in supporting the construction of a modern industrial system and a strong agricultural province in Henan, with various futures products being integrated into the local industry [1][3] Group 1: Agricultural Sector - The introduction of peanut futures has had a positive and profound impact on Henan's peanut industry, aiding in stable operations and promoting healthy development through price discovery and risk management [1] - Zhengzhou Commodity Exchange (ZCE) has listed 14 agricultural futures products, covering Henan's advantageous agricultural products such as wheat, peanuts, apples, and jujubes [1] - The "insurance + futures" project has stabilized planting areas and incomes for farmers, contributing to the healthy development of the agricultural sector [1] Group 2: Industrial Sector - Futures tools are crucial in the "low-cost + differentiation" strategy of Henan Xinyan Chemical Industry Group, optimizing procurement, sales decisions, cost locking, and inventory management [2] - The futures market enhances the economic resilience and competitiveness of individual enterprises while also optimizing the industrial ecosystem [2] - The logistics hub in Anyang is rapidly developing, supported by designated futures delivery warehouses for various commodities, transforming from a traditional warehouse to a full-service supply chain financial hub [2] Group 3: Policy Support and Future Development - Henan has strengthened policy support for ZCE, implementing various special policies to enhance pricing influence and drive high-quality economic development [3] - ZCE plans to enhance communication with provincial and municipal departments to implement support policies and increase product and service offerings [3]

Core Viewpoint - Fertilizer stocks have shown strong performance, with notable increases in share prices for companies such as China Heart and Heart Fertilizer, Sinochem Fertilizer, and CNOOC Chemical, following the agreement on potash fertilizer import prices for 2026 [1] Group 1: Market Performance - China Heart and Heart Fertilizer (01866) rose by 4.55% to HKD 8.74 [1] - Sinochem Fertilizer (00297) increased by 4.58% to HKD 1.6 [1] - CNOOC Chemical (03983) saw a rise of 4.53% to HKD 2.54 [1] Group 2: Potash Fertilizer Pricing - The Chinese negotiation team reached an agreement with major international potash suppliers, setting the 2026 import contract price at USD 348 per ton (CFR), which is an increase of USD 2 per ton compared to 2025 [1] - This pricing strategy continues to maintain a "price lowland" for global potash fertilizers, ensuring stable domestic supply and pricing [1] Group 3: Urea Market Dynamics - In November, urea daily production is expected to remain high due to policy support and profit recovery, which exerts significant pressure on prices [1] - Export policy adjustments have been timely and continuous, alleviating pressure on the fundamentals and reducing the intensity of price declines [1] - Short-term spot prices are supported, leading to improved industry sentiment, with domestic urea market conditions remaining stable to slightly strong [1] - Rising coal prices are also contributing to support for urea prices by increasing cash flow cost lines [1]