针对当前形势，会议明确，在出口管控方面，硫酸出口企业需优先保障国内市场需求，主动缩减出口规 模，确需出口的产品价格不得低于国内同期销售价格；在价格管控方面，以12月11日的价格为基准线， 冶炼酸生产企业要发扬主动担当精神，不得擅自涨价，确保市场平稳运行；在定价机制方面，硫黄企业 要立足国内市场，构建独立可控的定价体系，避免价格跟随国际市场大幅波动，保障国内市场的平稳运 行。 记者了解到，今年以来，全球硫资源供应紧张引发价格大幅攀升，进口硫黄价格年内涨幅超230%，单 价一度突破4100元/吨。卓创资讯（301299）数据显示，截至12月11日，国内硫黄均价达到年内高点， 固体硫黄主流成交均价为3936.88元/吨，同比上涨169.59%；液体硫黄主流成交均价为3992.75元/吨，同 比上涨161.61%。硫黄价格大幅上涨直接导致国内化肥生产成本激增，影响化肥市场平稳运行，给冬储 备肥与春耕用肥保障带来巨大压力，行业保供稳价迫在眉睫。 会议强调，硫酸及磷复肥行业要提高政治站位，深刻认识粮食安全和化肥保供的重要性，强化责任担 当，将保供稳价工作作为重点任务加以推进。同时，中国硫酸工业协会与中国磷复肥工业协会需切 ...

智通财经见习记者｜蒋习 硫磺价格飙涨后，磷复肥、硫酸行业开始联手保供稳价，以应对将到来的春耕备肥关键阶段。 12月18日上午，中国硫酸工业协会联合中国磷复肥工业协会召开专题会议，旨在稳定化肥产业供应链。 2024-2025年长江港硫磺颗粒自提价格对比图（元/吨） 图片来源：隆众资讯 此轮上涨的核心动力来自外盘市场的强势表现。由于中国硫磺进口依存度长期维持在50%以上，国内价格与国际走势紧密相关。 作为硫磺最大的下游消费领域，化肥行业承受的成本传导作用显著。 智通财经从中国硫酸工业协会获悉，会议号召硫酸出口企业主动缩减出口规模；确需出口的，其出口价格不得低于同期国内价格。 同时，会议呼吁冶炼酸企业将硫酸销售价格稳定在2025年12月11日的水平，并号召冶炼酸企业和磷肥生产企业通过签订长期购销协议等方式，建立上下游稳 定购销关系。 此次会议由国家发改委指导，中国硫酸工业协会和中国磷复肥工业协会牵头，全体硫酸、硫磺、硫铁矿生产企业，全体硫磺贸易企业，全体磷复肥生产企业 共同线上参与。 据卓创资讯数据统计，12月11日，国内华中市场冶炼酸价格为850-1000元/吨，西南市场冶炼酸价格为820-880元/吨，华东市场 ...

内容概要：缓控释复合肥通过物理、化学或生物技术精准调控养分释放，匹配作物需求，提升氮磷钾等 利用率30%-50%，减少环境污染，实现"一次施肥、全季有效"，契合农业绿色发展政策。近年来，国家 出台多项政策文件，鼓励高效环保肥料发展，为缓控释复合肥行业提供强劲动力。在耕地资源有限背景 下，提高肥料利用效率成为关键，缓控释复合肥因其综合优势，正加速从经济作物向大田作物渗透。 2024年中国肥料市场规模达3127亿元，复合肥施用折纯量占比近50%，成为市场核心力量。缓控释肥料 产量预计2025年增至540万吨，年均复合增长率超5%。未来，行业将朝技术精准绿色化、市场结构优化 与产业链协同全球化发展，强化上下游协同，拓展多元应用场景，迈向高质量发展阶段。 上市企业：金正大（002470.SZ）、史丹利（002588.SZ）、芭田股份（002170.SZ）、新洋丰 （000902.SZ）、国光股份（002749.SZ）、云天化（600096.SH） 相关企业：河南金正大生态工程有限公司、山东农大肥业科技股份有限公司、衡水市速丰复合肥有限公 司、辽宁铁泉肥业有限公司、烟台市烟农富邦肥料科技有限公司、湖北蓝天露生物科技有限 ...

2025 年第八次临时股东会 会议资料 云南云天化股份有限公司 YUNNAN YUNTIANHUA CO.,LTD 2025 年第八次临时股东会会议资料 目录 | | 会议议程 | 3 | | --- | --- | --- | | 议案一 | 关于修订公司独立董事工作制度的议案 | 5 | | 议案二 | 关于修订公司关联交易管理制度的议案 | 19 | | 议案三 | 关于修订公司对外担保管理制度的议案 | 33 | | 议案四 | 关于制定公司董事、高级管理人员薪酬管理制度的议案...42 | | | 议案五 | 关于公司 年度对外担保额度的议案 2026 | 48 | 2 2025 年第八次临时股东会会议资料 会议议程 一、参会股东资格审查 公司股权登记日登记在册的所有股东或其代理人，均有权出席股 东会。股东应当持身份证或其他能够表明其身份的有效证件或证明出 席股东会。代理人还应当提交股东授权委托书和本人有效身份证件。 二、会议签到 三、主持人宣布会议开始 （一）介绍参加会议的公司股东和股东代表及所代表的股份总数， 介绍参加会议的公司董事、高级管理人员等。 （二）介绍会议议题、表决方式。 （三）推选表 ...

工有限公司、云南磷源化工有限公司、四川攀枝花天亿化工公司、绵阳启明星磷化工有限公司、四川蓝海（集团）有限公司、马边无穷矿业有限公司、云南 师宗富盛磷电有限公司、曲靖云华磷化工有限责任公司、贵州开阳青利天盟化工有限公司、贵州福泉华鑫磷化工有限责任公司、贵州施秉成功磷化有限公司 关键词：黄磷产业链、黄磷产量、黄磷需求量、黄磷企业格局、黄磷发展趋势 一、黄磷行业相关概述 黄磷（P4）又称白磷，由磷矿化学加工得出，呈黄白色蜡状，具有光泽的固体，有立方体和六方体两种晶体结构，室温下为立方体。其化学性质活泼，除 了碳、硅和硼，几乎所有元素与它均能直接生成相应磷化物。黄磷生产方法有电炉法和高炉法两种，我国以电炉法为主，这种方法实收率高、产品纯度高。 根据国家标准《黄磷生产技术规范（GB/T 33321-2016）》，电炉法制磷是将磷矿石、硅石和炭质还原剂三种原料在高温下熔融发生化学还原反应，使其中 的磷升华，经除尘、冷凝洗涤、精制分离得到成品磷。同时，副产磷铁和炉渣，尾气可作燃料和下游化工产品的原料。电炉法制磷主要生产工艺包括原料制 备、电炉制磷、磷炉气除尘收磷、精制成品包装和污水处理五个部分。 内容概要：黄磷（P4）又称 ...

证券日报网讯 12月15日，云天化在互动平台回答投资者提问时表示，公司磷肥产品出口按照行业政策 执行，10月已完成今年磷酸一铵、磷酸二铵产品出口报关收尾工作，11-12月无磷酸一铵、磷酸二铵产 品出口报关。当前至明年春季，公司将全力保障国内春耕用肥需求。 （文章来源：证券日报） ...

云天化（600096.SH）12月15日在投资者互动平台表示，公司磷肥产品出口按照行业政策执行，10月份 已完成今年磷酸一铵、磷酸二铵产品出口报关收尾工作，11~12月份无磷酸一铵、磷酸二铵产品出口报 关。当前至明年春季，公司将全力保障国内春耕用肥需求。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司磷肥在今年4季度，尤其12月还在出口吗？明 年一季度还有额度出口吗？ ...

Core Insights - The chemical industry report indicates a mixed performance in chemical product prices, with 42 products increasing in price, 37 decreasing, and 21 remaining stable during the week of December 8-14 [1][2] - The report suggests focusing on undervalued leading companies, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials and certain new energy materials amid price increases [1][6] Industry Dynamics - In the week of December 8-14, 47% of tracked chemical products saw a month-on-month price increase, while 44% experienced a decrease, and 9% remained unchanged [2] - The top price increases were noted in nitric acid, sulfuric acid, raw salt, bisphenol A, and TDI, while the largest declines were in PVA, LLDPE, trichloroethylene, and NYMEX natural gas [2] Oil Market Overview - International oil prices fell, with WTI crude oil futures closing at $57.44 per barrel (down 2.45%) and Brent crude at $61.12 per barrel (down 2.19%) [3] - The U.S. oil production averaged 13.853 million barrels per day, an increase of 38,000 barrels from the previous week and 222,000 barrels from the same period last year [3] - U.S. oil demand rose to an average of 21.082 million barrels per day, with gasoline demand increasing to 8.456 million barrels per day [3] TDI Market Analysis - TDI prices increased to an average of 14,713 yuan/ton, up 2.49% week-on-week and 5.51% month-on-month [4] - TDI production decreased, with an overall operating rate of approximately 58.55%, and various factories experiencing operational issues [4] - Average costs for TDI were 11,819 yuan/ton, down 0.92% week-on-week, while average gross profit rose by 31.79% week-on-week [4] Methionine Market Analysis - Methionine prices decreased to an average of 17,900 yuan/ton, down 2.45% week-on-week and 9.14% month-on-month [5] - The production remained stable at 18,350 tons, with an operating rate of 89.42% [5] - The cost of methionine was 13,853.73 yuan/ton, with a gross profit margin of 23.67% [5] Valuation Metrics - As of December 12, the TTM price-to-earnings ratio for the SW basic chemical sector was 24.14, and the price-to-book ratio was 2.19 [6] - The SW oil and petrochemical sector had a TTM price-to-earnings ratio of 12.85 and a price-to-book ratio of 1.24 [6] Investment Recommendations - The report recommends focusing on undervalued leading companies, sectors benefiting from policy support, and emerging fields such as semiconductor materials and new energy materials [6] - Specific companies highlighted for investment include Wanhua Chemical, Hualu Hengsheng, and others [6][7]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The central economic work conference has outlined key tasks for 2026, emphasizing high-quality development and green transformation, which will drive optimization in the chemical industry [8] - MDI prices have shown strong resilience, influenced by unexpected production halts in major facilities, leading to a favorable supply-demand situation [8] Summary by Sections Industry Overview - The chemical industry is expected to recover, with specific focus on MDI, PVC, and phosphate chemicals due to strong demand from energy storage growth [3][8] Investment Recommendations - Companies with potential for recovery in the PVC sector include: Zhongtai Chemical, Xinjiang Tianye, Chlor-alkali Chemical, and Tianyuan Co., all currently unrated [3] - MDI leader: Wanhua Chemical is rated as "Buy" [3] - In the phosphate chemical sector, companies to watch include: Chuanheng Co. and Yuntianhua, both currently unrated [3] - In the oxalic acid industry, recommended stocks include: Hualu Hengsheng, Huayi Group, and Wankai New Materials, all rated as "Buy" [3]

Group 1 - The current spring plowing preparation for fertilizers is at a critical stage, with a focus on stabilizing the supply and price of phosphate fertilizers [1] - A meeting was held to analyze the phosphate fertilizer market situation and discuss measures for supply assurance and price stabilization [1][3] - There is a consensus among key phosphate fertilizer production and circulation enterprises on the need for enhanced supply and price control measures [3] Group 2 - Recent fluctuations in the phosphate fertilizer market have negatively impacted winter storage and spring plowing preparations, attributed to rising production costs and increased short-term demand [3] - Recommendations include maintaining high production rates without reducing output, avoiding exports until August 2026, and ensuring domestic market supply [3] - Industry associations are urged to guide enterprises in conducting sales at reasonable prices and to prevent hoarding and price gouging [3] Group 3 - Sulfur prices have surged significantly, reaching a near ten-year high of 4115 yuan/ton, with a year-on-year increase of nearly 200% [4] - China is the largest sulfur importer, with approximately 50% of its consumption relying on imports, and the sulfur production for 2024 is projected at 11.07 million tons [4] - The rise in sulfur prices poses challenges for the stability of the domestic fertilizer market, especially as the spring plowing season approaches [4][5] Group 4 - The recent spike in sulfur prices is primarily due to global supply shortages and rising external prices, with Russia's production being significantly affected [5] - The average import price of sulfur in China increased from $175.79/ton in January to $314.94/ton in October, marking a 79.21% increase [5] - The increase in sulfur prices has led to a rise in industrial-grade monoammonium phosphate prices, which saw a monthly increase of approximately 500 yuan/ton [5]