2025 年 07 月 01 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn ——2025 年第 110 期 [Table_Title] 晨会纪要 观点精粹: 最新报告摘要 业绩表现稳健，品类持续创新--波司登/服装家纺(03998/213502) 点评报告（港股美股） 丁酮、丙烯、苯胺价格上涨，铬盐值得重点关注--行业周报 政策锚定内需，债市震荡延续--债券研究周报 宠物保持高景气度，生猪板块布局底部--行业周报 本周北证 50 实现领涨、广信科技上市，下周锦华新材上会--北交所行业普通报告 2025 年银行行业中期策略：波浪式前进，螺旋式上升--行业 PPT 报告 证券研究报告 1、最新报告摘要 1.1、业绩表现稳健，品类持续创新--波司登/服装家纺(03998/213502) 点评 报告（港股美股） 分析师：马川琪 S0350523050001 分析师：廖小慧 S0350524080002 事件: 波司登 6 月 26 日发布公告：FY2025 集团收入达 259.0 亿元（人民币，下同），同比增长 11.6%；归母净利 润 35.1 亿元， ...

基础化工 基础化工 2025 年 06 月 29 日 投资评级：看好（维持） 行业走势图 -24% -12% 0% 12% 24% 36% 2024-07 2024-11 2025-03 基础化工 沪深300 数据来源：聚源 相关研究报告 《H 酸行业供给或偏紧，H 酸-活性染 料 价 格 或 上 涨 — 行 业 点 评 报 告 》 -2025.6.24 《固态电池产业化进展加速，高性能 材料产业化先行 —行业点评报告》 -2025.6.23 《硫化锂为固态电池电解质主流量产 趋势，瓶片宣布联合减产后价格有所 上扬—化工行业周报》-2025.6.22 磷矿石景气高位维稳，磷化工产品格局持续优化，看 好矿化一体企业长景气与高分红共振 ——行业深度报告 | 金益腾（分析师） | 徐正凤（分析师） | | --- | --- | | jinyiteng@kysec.cn | xuzhengfeng@kysec.cn | | 证书编号：S0790520020002 | 证书编号：S0790524070005 | xuzhengfeng@kysec.cn 证书编号：S0790524070005 磷化工：磷矿石景气高位维 ...

Core Viewpoint - Yunnan Yuntianhua Co., Ltd. is proposing to renew financial service agreements with its controlling shareholder, Yunnan Yuntianhua Group Co., Ltd., and its financial subsidiary, aiming to enhance financing channels and reduce costs [8][12]. Group 1: Financial Service Agreement with Yunnan Yuntianhua Group Financial Co., Ltd. - The company plans to renew the financial service agreement with Yunnan Yuntianhua Group Financial Co., Ltd. to broaden financing channels and lower financing costs [8][12]. - The financial company has total assets of CNY 561,950.69 million and a debt total of CNY 442,898.25 million as of March 31, 2025, with a net asset of CNY 119,052.44 million [9]. - The agreement includes various financial services such as deposit services, settlement services, and loan services, with pricing based on fair market rates [10][11]. Group 2: Framework Agreement with Controlling Shareholder - The company intends to sign a framework agreement for daily related transactions with its controlling shareholder, Yunnan Yuntianhua Group, to leverage resources and reduce operational costs [3][5]. - The framework agreement will cover procurement and sales of various goods and services, including chemical raw materials and logistics services [4][5]. - The agreement is set to be effective for three years, ensuring compliance with market pricing principles [5][6]. Group 3: Approval Process - The board of directors approved both agreements with unanimous consent, ensuring compliance with legal and regulatory requirements [6][12]. - Independent directors confirmed that the agreements do not harm the interests of the company or minority shareholders [6][12].

2025 年第四次临时股东大会 会议资料 云南云天化股份有限公司 YUNNAN YUNTIANHUA CO.,LTD 2025 年第四次临时股东大会会议资料 目录 | 会议议程 3 | | | --- | --- | | 议案一 关于与控股股东签署关联交易框架协议的议案 | 5 | | 议案二 关于公司与云南云天化集团财务有限公司续签《金融服务协 | | | 议》暨关联交易的议案 | 9 | 2 2025 年第四次临时股东大会会议资料 会议议程 一、参会股东资格审查 公司登记在册的所有股东或其代理人，均有权出席股东大会。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 大会。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、监事、高级管理人员等。 （二）介绍会议议题、表决方式。 （三）推选表决结果统计的计票人、监票人。 四、宣读并审议以下议案 | 序号 | 议案名称 | | --- | --- | | 非累积投票议案 | | | 1 | 关于与控股股东签署关联交易框架协议的 ...

Group 1: New Consumption in the Chemical Industry - The report highlights investment opportunities in the chemical industry driven by new consumption trends, particularly in areas such as nylon, sugar substitutes, probiotics, and plant growth regulators [3][5]. - Nylon is expected to benefit from the growing demand for outdoor sports, with companies like Huading Co. and Juheshun recommended for investment [3]. - The sugar substitute market is projected to expand, with a focus on companies like Bailong Chuangyuan, despite the need for increased consumer awareness [3][34]. Group 2: Fertilizer Export Opportunities - The report indicates a favorable outlook for fertilizer prices in the second half of 2025, particularly for phosphate fertilizers, which are expected to maintain high profitability due to significant price differences domestically and internationally [3]. - Companies like Yuntianhua are recommended for their leading position in phosphate chemicals, while Yaji International is noted for its potassium fertilizer resources [3]. Group 3: Robotics and Material Demand - The report discusses the imminent mass production of humanoid robots, which is expected to create new material demands, particularly for PEEK materials and UHMWPE fibers [3]. - Companies such as Zhongyan Co., Kaisheng New Materials, and others are highlighted for their potential in this emerging market [3]. Group 4: Pesticide Market Outlook - The report anticipates a systemic upturn in the pesticide market due to frequent supply constraints, recommending companies like Xianda Co. and Lier Chemical for their focus on limited supply varieties [3][5]. Group 5: New Materials and Growth Stocks - The new materials market is described as active, with growth stocks like Shengquan Group and Zhuoyue New Energy recommended for investment [3][5]. Group 6: Nylon Industry Insights - The nylon fiber market is characterized by strong performance metrics, with a significant portion of the market (75% in 2022) attributed to civilian applications [19][25]. - Huading Co. is noted for its strategic focus on differentiated and functional nylon production, with a projected revenue of 7.52 billion yuan in 2024 [25][27]. Group 7: Sugar Substitute Market Dynamics - The sugar substitute market is expected to see a compound annual growth rate (CAGR) of 14.6% by 2025, with the global market size projected to reach 90 billion USD [37][38]. - Companies like Bailong Chuangyuan are positioned as leaders in the production of health-oriented sweeteners [42][45]. Group 8: Probiotic Market Growth - The probiotic market is experiencing rapid growth, with the global market size reaching 60.23 billion USD in 2022 and expected to grow at a CAGR of 8.7% until 2030 [58]. - Companies like Weilan Biological are highlighted for their comprehensive product offerings and strong market presence [59][65]. Group 9: Plant Growth Regulators - The plant growth regulator market in China is projected to reach 715 billion yuan by 2026, driven by increasing agricultural efficiency and regulatory changes [67][71]. - Guoguang Co. is identified as a leading player in this sector, with a diversified product portfolio and strategic acquisitions enhancing its market position [71].

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly highlighting the potential for price increases in urea and ammonium sulfate due to geopolitical tensions affecting supply chains [4][5]. Core Insights - Geopolitical conflicts have disrupted approximately 22% of global urea trade, leading to price increases. The report notes significant impacts from events in Russia, Iran, and Israel on urea production and exports [5][6]. - The report emphasizes a stable global GDP growth rate of 2.8%, which supports steady demand for oil, despite potential slowdowns due to trade policies [5][6]. - The chemical sector is advised to focus on traditional cyclical stocks and specific growth opportunities, with recommendations for companies like Wanhua Chemical and Hualu Hengsheng [5][19]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a mixed outlook for oil, coal, and natural gas, with oil prices expected to remain under pressure due to geopolitical factors and OPEC+ production increases [5][6]. - The chemical industry PPI showed a year-on-year decline of 4.1% in May, influenced by base effects and weaker energy prices [8][10]. Price Movements - Urea prices in China increased to 1,750 CNY/ton, reflecting a 2.9% rise week-on-week, driven by supply constraints and increased demand from agricultural sectors [12]. - PTA prices rose by 8.8% to 5,280 CNY/ton, supported by supply reductions and strong market sentiment [10][11]. Investment Recommendations - The report suggests a focus on companies with strong fundamentals and growth potential, including those in the agricultural chemicals sector like New Oriental and Stanley [5][19]. - Specific stocks recommended for investment include Hualu Hengsheng, Xinlianxin, and Luhua Group, with ratings of "Buy" or "Increase" based on their projected earnings growth [19][20].

云南云天化股份有限公司 关于拟与控股股东签订日常关联交易框架协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司拟与控股股东云天化集团有限责任公司（以下简称"云天 化集团"）就日常关联交易签署《采购框架协议》《销售框架协议》 《综合服务协议》。 该议案尚须提交公司股东大会审议。 证券代码：600096 证券简称：云天化 编号：临 2025-046 该日常关联交易框架协议为公司正常生产经营行为，以市场公 允价格为定价标准，公司主要业务没有因此类交易而对关联人形成依 赖，不会对公司的持续经营能力产生不良影响。 一、关联交易概述 为了充分利用云天化集团的资源和优势，降低公司经营成本，达 到效益最大化的目的，公司拟继续与云天化集团及其控股的下属单位 发生生产经营相关的日常关联交易。为规范云天化集团及其控股的下 属单位与公司及控股的子公司之间的日常关联交易，确保关联交易的 合规性，公司拟与云天化集团签订《采购框架协议》《销售框架协议》 和《综合服务协议》。 二、关联人介绍 企业名称：云天化集团有限责任公司 统 ...

云南云天化股份有限公司 关于与云南云天化集团财务有限公司续签《金融服务协 议》暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司拟与云南云天化集团财务有限公司（以下简称"财务公司"） 续签《金融服务协议》。 证券代码：600096 证券简称：云天化 编号：临 2025-047 财务公司为公司控股股东云天化集团有限责任公司的控股子 公司，本次交易构成关联交易。 本次关联交易不构成《上市公司重大资产重组管理办法》规定 的重大资产重组。 该议案尚须提交公司股东大会审议。 一、关联交易概述 为拓宽融资渠道，降低融资成本，提高资金使用效率，增强资金 配置能力，公司根据《上海证券交易所上市公司自律监管指引第 5 号 ——交易与关联交易》《公司章程》等有关规定，结合与财务公司金 融业务的实际开展情况，拟与财务公司续签《金融服务协议》（以下 简称"协议"）。 二、关联方介绍及关联关系 企业名称：云南云天化集团财务有限公司 统一社会信用代码：91530000077647005U 成立时间：2013 年 10 ...

证券代码：600096 证券简称：云天化 公告编号：临 2025-048 云南云天化股份有限公司 关于召开2025年第四次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 股东大会召开日期：2025年7月3日 本次股东大会采用的网络投票系统：上海证券交易所股东大会 网络投票系统 一、召开会议的基本情况 （一）股东大会类型和届次 2025年第四次临时股东大会 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和 网络投票相结合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 7 月 3 日09 点 00 分 召开地点：公司总部会议室 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 7 月 3 日 至2025 年 7 月 3 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东大会召开当日的交易时间段，即 9:15-9:25,9:30-1 ...

本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 云南云天化股份有限公司（以下简称"公司"）第九届监事会第 三十九次会议通知于 2025 年 6 月 12 日分别以送达、电子邮件等方式 通知全体监事及相关人员。会议于 2025 年 6 月 17 日以通讯表决的方 式召开。应当参与表决监事 6 人，实际参加表决监事 6 人，符合《公 司法》和《公司章程》的有关规定。 二、监事会会议审议情况 证券代码：600096 证券简称：云天化 公告编号：临 2025-045 云南云天化股份有限公司 第九届监事会第三十九次会议决议公告 （三）6 票同意、0 票反对、0 票弃权，审议通过了《关于对外 捐赠的议案》。 为切实履行好国有企业的社会责任，有效助推乡村振兴工作，同 意公司向镇雄县捐赠乡村振兴帮扶资金 80 万元，子公司云南水富云 天化有限公司向镇雄县捐赠乡村振兴帮扶资金 50 万元，子公司云南 云天化农资连锁有限公司向镇雄县捐赠价值 100 万元化肥。 特此公告。 云南云天化股份有限公司监事会 2025 年 6 月 ...