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]

Core Viewpoint - Fertilizer stocks have shown strong performance, with notable increases in share prices following the agreement on potash import prices for 2026, which is expected to stabilize domestic supply and prices [1] Group 1: Company Performance - China Heart and Heart Fertilizer (01866) increased by 4.55%, reaching HKD 8.74 [1] - Sinochem Fertilizer (00297) rose by 4.58%, reaching HKD 1.6 [1] - CNOOC Chemical (03983) saw a rise of 4.53%, reaching HKD 2.54 [1] Group 2: Market Dynamics - On November 23, a consensus was reached between the Chinese potash import negotiation team and major international suppliers, setting the 2026 potash import contract price at USD 348 per ton (CFR), a year-on-year increase of USD 2 per ton compared to 2025 [1] - The agreement helps maintain China's position as a "price lowland" for global potash, ensuring stable domestic supply and price [1] Group 3: Industry Insights - According to Nanhua Futures, the daily production of urea is expected to remain high due to policy support and profit recovery, which exerts significant pressure on prices [1] - However, timely adjustments in export policies have alleviated some downward pressure on prices, leading to a more stable short-term market for domestic urea [1] - Rising coal prices are also contributing to support for urea prices by increasing cash flow cost lines for coal-based production [1]

Core Viewpoint - Fertilizer stocks showed strong performance today, with notable increases in share prices for several companies following the agreement on potash import prices for 2026, which supports domestic supply and price stability [1] Group 1: Company Performance - China Heartland Fertilizer (01866) rose by 4.55%, reaching HKD 8.74 [1] - Sinochem Fertilizer (00297) increased by 4.58%, reaching HKD 1.6 [1] - CNOOC Chemical (03983) gained 4.53%, reaching HKD 2.54 [1] Group 2: Market Developments - On November 23, the Chinese potash import negotiation team reached an agreement with major international potash suppliers, setting the 2026 contract price at USD 348 per ton (CFR), a USD 2 increase from 2025 [1] - This price adjustment continues to maintain a "price lowland" for global potash, ensuring domestic supply and price stability [1] Group 3: Industry Insights - Nanhua Futures (603093) indicated that in November, supported by policies for supply assurance and profit recovery, daily urea production is expected to remain high, exerting significant pressure on prices [1] - However, timely and continuous adjustments to export policies have alleviated downward pressure on prices, leading to a more stable short-term domestic urea market [1] - Rising coal prices are also contributing to support for urea prices, as the cash flow cost line for coal-based production increases [1]

Core Viewpoint - On November 21, 2025, Zhang Qingjin, an executive director of China Heartland Fertilizer (01866.HK), increased his shareholding by purchasing 190,000 shares at an average price of HKD 7.24 per share, totaling approximately HKD 1.3756 million [1]. Group 1 - Zhang Qingjin's shareholding increased from 3.013 million shares to 3.013 million shares, raising his ownership percentage from 0.22% to 0.23% [1].

Core Points - Executive Director Zhang Qingjin increased his stake in China Heartland Fertilizer (01866) by purchasing 190,000 shares at a price of HKD 7.24 per share, totaling HKD 1.3756 million [1] - After the purchase, the total number of shares held by Zhang Qingjin is 3.013 million, representing a holding percentage of 0.23% [1]