Core Viewpoint - The chemical sector is experiencing a strong surge driven by price increases in lithium battery materials, with significant capital inflows into chemical ETFs over the past three days, totaling 9.61 billion yuan [1] Group 1: Chemical Sector Performance - The chemical sector's recent performance is attributed to four main factors: 1. The Producer Price Index (PPI) has turned positive for the first time this year, with a month-on-month increase of 0.1% in October, while the Consumer Price Index (CPI) has also shown a slight increase [1] 2. The photovoltaic industry is focusing on self-discipline and reducing excess capacity, which is expected to stabilize the market [1] 3. Lithium battery material companies are experiencing a supply-demand mismatch due to increased storage demand and cautious expansion after a previous downturn, leading to rising prices [1] 4. Phosphate chemical products are benefiting from the positive outlook in lithium battery demand, with related companies performing well [2] Group 2: Market Indicators - As of November 13, 2025, the CSI Sub-Industry Chemical Theme Index has risen by 2.66%, with significant gains in individual stocks such as Xinzhou Bang (16.21%) and Tian Ci Materials (9.02%) [3] - The chemical ETF has increased by 2.48%, reflecting the overall performance of the chemical sector [3] Group 3: Major Stocks - The top ten weighted stocks in the CSI Sub-Industry Chemical Theme Index account for 44.83% of the index, including Wan Hua Chemical and Tian Ci Materials [4]

Core Insights - The China Petroleum and Chemical Industry Index has shown a positive trend, with a 0.98% increase as of November 13, 2025, and significant gains in constituent stocks such as Lianhong Xinke and Cangge Mining [1] - The Petrochemical ETF (159731) has also performed well, with a 0.95% increase and a notable 6.83% rise over the past week, indicating strong investor interest [1][4] - The ETF has seen a net inflow of 8.41 million yuan over the last four days, reaching a total share count of 201 million and a scale of 170 million yuan, both marking a one-year high [1] Performance Metrics - The Petrochemical ETF has recorded a 27.44% increase in net value over the past six months, with a maximum monthly return of 15.86% since its inception [4] - The ETF has outperformed its benchmark with an annualized excess return of 6.31% over the last six months [4] - The top ten weighted stocks in the index account for 56.05% of the total, with Wanhua Chemical and China Petroleum being the most significant contributors [4] Stock Performance - Key stocks and their performance include: - Wanhua Chemical: +0.04%, 10.47% weight - China Petroleum: -0.80%, 7.63% weight - Salt Lake Co.: +6.06%, 6.44% weight - China Petroleum & Chemical: -1.05%, 6.44% weight - Cangge Mining: +6.30%, 3.82% weight [6]

Investment Rating - The report maintains a "Positive" investment rating for the basic chemical industry, particularly focusing on the phosphate sector due to the anticipated growth in energy storage demand [5]. Core Viewpoints - The report highlights the potential for an upward adjustment in the phosphate industry chain's prosperity expectations, driven by rapid growth in energy storage demand [2][3]. - The phosphate rock segment is identified as having the strongest supply rigidity, making it a key focus for investment opportunities [3][46]. - The report emphasizes that the demand for phosphate rock is expected to increase significantly due to the growth of energy storage applications, particularly lithium iron phosphate batteries [8][12]. Summary by Sections 1. Energy Storage Demand Impact - The growth in energy storage is expected to enhance the demand for phosphate, with global energy storage battery shipments projected to exceed 500 GWh in 2025, a year-on-year increase of approximately 60% [8][12]. - It is estimated that the demand for lithium iron phosphate will lead to a requirement of about 1.2 million tons of lithium iron phosphate and approximately 4.4 million tons of phosphate rock in 2025 [15][39]. 2. Supply Side Dynamics - Concerns about a potential collapse in phosphate market prices due to new supply releases are addressed, with the report suggesting that the supply-demand balance will remain tight in the coming years [17][37]. - The report notes that the pricing power of phosphate rock suppliers is increasing, supported by steady demand from traditional agricultural needs and the rapid growth of new energy materials [25][37]. 3. Investment Recommendations - The report recommends focusing on companies with significant phosphate rock production capacity, such as Xin Yang Feng, Yun Tu Holdings, and Xing Fa Group, which also have lithium iron phosphate production capabilities [3][46]. - It also highlights potential recovery opportunities in the lithium iron phosphate segment due to mismatches between demand growth and supply expansion [3][46].

Core Insights - The agricultural chemical sector experienced a decline of 0.94% on November 12, with Chengxing Co. leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance Summary - Baiao Chemical (603360) saw a closing price of 34.59, with an increase of 4.22% and a trading volume of 182,100 shares, totaling a transaction value of 613 million yuan [1] - Chengxing Co. (600078) reported a significant decline of 10.00%, closing at 12.06 with a trading volume of 807,000 shares and a transaction value of 979 million yuan [2] - The overall agricultural chemical sector had a net outflow of 1.573 billion yuan from major funds, while retail investors contributed a net inflow of 1.245 billion yuan [2][3] Fund Flow Analysis - Major funds showed a net inflow of 34.63 million yuan into Luohua Technology (600691), while retail investors had a net outflow of 28.86 million yuan [3] - Li Min Co. (002734) experienced a net inflow of 26.16 million yuan from major funds, but a net outflow of 34.85 million yuan from retail investors [3] - Baiao Chemical (603360) had a net inflow of 11.19 million yuan from major funds, with retail investors showing a net outflow of 8.34 million yuan [3]

Group 1 - The board of directors of Yunnan Yuntianhua Co., Ltd. held its sixth (temporary) meeting of the tenth session on November 11, 2025, with all nine directors participating in the voting, complying with relevant laws and regulations [1] - The board unanimously approved the proposal to appoint Mr. Li Xibin as the deputy general manager, with a term consistent with the current board session [2] - Mr. Li Xibin has a background in the mining industry, having held various positions within Yunnan Phosphate Group Co., Ltd. from 2019 to 2025, including roles as mine manager and general manager [5] Group 2 - The board meeting was conducted via remote voting, ensuring all directors were able to participate [1] - The appointment of Mr. Li Xibin was based on a nomination by the general manager and was reviewed by the board's nomination committee [2] - Mr. Li Xibin's educational background includes a bachelor's degree, and he has extensive experience in the phosphate mining sector [5]

Group 1 - The price of phosphate rock remains high due to a surge in chemical prices, with market averages reported at 1017 CNY/ton for 30% grade, 945 CNY/ton for 28% grade, and 758 CNY/ton for 25% grade as of November 11 [2] - The phosphate rock market is expected to maintain a tight supply-demand balance in the short term due to strict environmental policies, steady growth in new energy demand, and slow new capacity additions [2][3] - The domestic phosphate rock production capacity is projected to be around 150 million tons in 2024, slightly lower than in 2023, with limited actual circulation concentrated in regions like Hubei, Sichuan, Guizhou, and Yunnan [3] Group 2 - The demand for phosphate rock is primarily driven by traditional phosphate fertilizers and emerging lithium battery materials, with the latter becoming a significant growth factor [3] - It is estimated that producing 1 ton of lithium iron phosphate consumes approximately 2.5 to 4 tons of phosphate rock, leading to an expected demand of nearly 7 million tons due to a projected output of over 2.5 million tons of lithium iron phosphate in 2024 [3] - Companies like Yuntianhua, Xingfa Group, and Chuanheng Co. are well-positioned in the market due to their substantial phosphate rock reserves [3] Group 3 - Yuntianhua has phosphate rock reserves of nearly 800 million tons and an annual raw ore production capacity of 14.5 million tons, with ongoing projects expected to enhance resource self-sufficiency [4] - Xingfa Group holds phosphate resources with a total reserve of approximately 395 million tons, with additional exploration and mining rights increasing its resource base [4] - Chuanheng Co. has a production capacity of over 3.2 million tons of phosphate rock and various mining rights through its subsidiaries [5] Group 4 - Several phosphate chemical companies reported significant net profit growth in Q3, with Yuntianhua, Chuanjinno, and Chuanfa Longmang achieving net profits of 1.968 billion CNY, 127 million CNY, and 198 million CNY, respectively, reflecting year-on-year increases of 24.3%, 189.4%, and 50.9% [5] - Environmental policies are expected to phase out outdated production capacities, with new regulations aiming for a 65% utilization rate of phosphogypsum by 2026 [5] - Phosphate rock prices are anticipated to remain stable in the next one to two years due to mutual support between phosphate fertilizer and phosphate rock prices, alongside rising raw material costs [5]

云南云天化股份有限公司 第十届董事会提名委员会关于公司高级管理人员 候选人的任职资格审查意见 根据《上海证券交易所股票上市规则》《公司章程》《董事会提名 委员会实施细则》等相关规定，经审核相关资料，并征得被提名人同 意，公司第十届董事会提名委员会就公司本次提名的高级管理人员任 职资格进行了认真审查。 经审查，本次提名的副总经理候选人李锡斌先生符合相关法律法 规规定担任上市公司高级管理人员的条件，未发现有《公司法》第一 百七十八条规定的情况，不存在被中国证监会采取不得担任上市公司 董事、高级管理人员的市场禁入措施期限未届满的情况，不存在被上 海证券交易所公开认定为不适合担任上市公司董事、高级管理人员期 限尚未届满的情况。本次提名的副总经理人选的职业、学历、职称、 工作履历等符合高级管理人员任职资格和任职条件。 同意提名李锡斌先生作为公司副总经理人选，并同意提交公司董 事会审议。 2025 年 11 月 11 日 云南云天化股份有限公司 第十届董事会提名委员会 ...

一、董事会会议召开情况 云南云天化股份有限公司（以下简称"公司"）第十届董事会第六 次（临时）会议通知于 2025 年 11 月 6 日以送达、邮件等方式通知全 体董事及相关人员。会议于 2025 年 11 月 11 日以通讯表决的方式召 开。应当参与表决董事 9 人，实际参加表决董事 9 人，符合《公司法》 和《公司章程》等有关法律、法规和规章的规定。 二、董事会会议审议情况 9 票同意、0 票反对、0 票弃权，审议通过《关于聘任公司副总 经理的议案》。 证券代码：600096 证券简称：云天化 公告编号：临 2025-078 云南云天化股份有限公司 第十届董事会第六次（临时）会议决议公告 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。 该议案已于 2025 年 11 月 11 日经公司第十届董事会提名委员会 2025 年第二次会议审议通过并同意提交公司董事会审议。 经公司总经理王宗勇先生提名，公司第十届董事会提名委员会审 核，同意聘任李锡斌先生为公司副总经理，任期与公司第十届董事会 一致。 李锡斌先生简历见附件。 特此公告 ...

Group 1 - The core point of the article is that Yuntianhua announced the convening of a temporary board meeting to discuss the appointment of a new vice president, reflecting ongoing corporate governance activities [1] - For the first half of 2025, Yuntianhua's revenue composition is as follows: fertilizers account for 50.88%, trade for 32.25%, phosphate chemicals for 5.73%, others for 3.41%, and engineering materials for 2.81% [1] - As of the report, Yuntianhua's market capitalization stands at 64.7 billion yuan [1] Group 2 - The article also mentions that prior to the arrest of the chairman of Peking University Pharmaceutical, police had conducted investigations at the group's factory, indicating potential issues within the company [1] - Internal sources suggest that the group's assets were disposed of by the chairman, leading to significant amounts of funds with unclear whereabouts [1]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [4][5]. Core Insights - The report highlights a collaborative production cut in the caprolactam industry, with a 20% reduction agreed upon by participating factories, alongside a price increase of 100 CNY per ton [4][5]. - The report notes the implementation of a 600,000-ton urea export quota, with rising costs for urea producers due to increased coal and natural gas prices, suggesting a strong cost support for urea prices [4][5]. - The report emphasizes the upward price trend in the pyrethroid industry, driven by recent price increases for various products, indicating potential for further price elasticity as the agricultural season approaches [4][5]. Industry Dynamics - Current macroeconomic judgments indicate a stable increase in global oil demand, with Brent crude oil expected to maintain a price range of 60-70 USD per barrel [5][6]. - The report discusses the long-term stabilization of coal prices and the potential decrease in natural gas import costs due to accelerated export facility construction in the U.S. [5][6]. - The report provides insights into the chemical cycle's operational phase, noting a decrease in the PPI for industrial products and a slight recovery in manufacturing activity as indicated by the PMI [6][10]. Chemical Sector Configuration - The report suggests investment strategies focusing on the textile chain, agricultural chemicals, export-related chemicals, and companies benefiting from "anti-involution" policies [4][5]. - Specific companies to watch include Luxi Chemical and Hualu Hengsheng in the caprolactam sector, and Xinlianxin and Hualu Hengsheng in the urea sector [4][5]. - The report identifies key materials for growth, emphasizing the importance of self-sufficiency in semiconductor materials and other critical components [4][5]. Key Company Valuations - The report includes a valuation table for key companies, indicating ratings such as "Buy" and "Increase" for various firms in the agricultural chemicals and chemical sectors, with specific market capitalizations and profit forecasts [18].