数据来源：国家统计局，智研咨询整理 上市企业：盐湖股份（000792）,湖北宜化（000422）,云天化（600096）,鲁西化工（000830）,新洋丰 （000902）,史丹利（002588）,四川美丰（000731）,阳煤化工（600691） 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2020-2025年1-9月中国农用氮磷钾化肥(折纯)产量统计图 相关报告：智研咨询发布的《2025-2031年中国化肥行业市场研究分析及前景战略研判报告》 根据国家统计局数据显示：2025年9月中国农用氮磷钾化肥(折纯)产量为522万吨，同比增长3.3%；2025 年1-9月中国农用氮磷钾化肥(折纯)累计产量为4871.3万吨，累计增长9.6%。 ...

Core Viewpoint - The chemical industry is currently experiencing a dual bottom in valuation and profitability, with signs of recovery in profit margins and a potential upward trend in the economic cycle driven by demand recovery and resource supply contraction [1][2]. Group 1: Industry Performance - As of December 3, 2025, the chemical sector index rose by 0.87%, with notable gains from stocks such as Hangzhou Oxygen Plant (up 4.48%) and Yara International (up 4.42%) [1]. - The basic chemical sector's net profit increased by 7.45% year-on-year for the first three quarters of 2025, indicating a recovery trend despite mixed performance across sub-sectors [1]. - The overall chemical industry remains at a low level of prosperity, but a gradual improvement in profit margins is becoming evident [1]. Group 2: Market Dynamics - The industry is expected to benefit from reduced supply-side pressures and a global monetary easing environment, particularly with the anticipated interest rate cuts by the Federal Reserve, which could stimulate downstream demand [1]. - The focus on "anti-involution" policies is crucial as multiple sub-industries face competitive pressures, and the industry is likely to accelerate the release of high-performance new materials driven by AI demand [1][2]. Group 3: Investment Opportunities - Investors can track the chemical sector through the Jia Shi Chemical ETF (159129), which closely follows the China Securities Index for the chemical industry [2]. - There are also opportunities for off-market investors to engage with the chemical sector via the Chemical ETF Connect Fund (013527) [3].

Summary of Phosphate Chemical Industry Conference Call Industry Overview - The domestic phosphate chemical industry is divided into two main pathways: thermal and wet processes. The thermal process produces high-purity phosphates and organic phosphorus products, while the wet process focuses on fertilizers and fine chemical products. Each has its advantages and disadvantages [1][3][4] - China accounts for over 40% of global phosphate rock production, but supply is constrained due to mining policies [1][4] Supply and Demand Dynamics - New phosphate rock capacity is expected to reach approximately 7.75 million tons in 2025, with planned capacity potentially reaching 28-29 million tons in 2026. However, actual release may only be around 20 million tons due to policy restrictions and the exit of old mines [1][4][5] - By 2027, an additional capacity of about 40 million tons is anticipated, but overall supply will be limited by policy constraints and the retirement of older mines [5][6] - Phosphate rock prices have stabilized around 1,000 RMB/ton this year, with expectations for a steady upward trend in the future, although there may be short-term fluctuations [1][5][7] Key Products and Applications - The phosphate fertilizer sector primarily revolves around traditional products such as monoammonium phosphate (MAP) and diammonium phosphate (DAP), which are crucial for agricultural production. Domestic phosphate fertilizer production is around 25 million tons, with exports managed through quotas and structural controls [1][8][9] - Glyphosate prices surged to approximately 27,000 RMB/ton in Q2 2025, with potential to reach 30,000 RMB/ton in the next 1-2 months, benefiting from the pesticide inventory cycle. Xingfa Group has a nominal capacity of 230,000 tons for glyphosate, indicating significant growth potential [1][10][11] Market Outlook - The phosphate chemical industry is expected to enter a relatively long boom cycle starting in 2026, driven by resource investment opportunities. Key companies to watch include Xingfa Group, Yuntianhua, and Chuanjinnuo [2][14] - The lithium iron phosphate market has seen significant capacity release since 2021, with total domestic capacity around 5.2 million tons. Demand from energy storage and power batteries is expected to drive an additional 1 million tons of phosphate rock demand [12][14] Company Insights - Xingfa Group's glyphosate production could yield nearly 1 billion RMB in profit if prices reach 30,000 RMB/ton. The company also plans to increase its raw ore capacity from 5.85 million tons to 10-11 million tons, which could enhance performance if phosphate rock prices rise in 2026 [13][14] - Yuntianhua is positioned as a leading phosphate chemical enterprise in Yunnan, while Chuanjinnuo shows growth potential in its salt chemical project in Egypt [13][14] Conclusion - The phosphate chemical industry is poised for growth, with stable demand for fertilizers and potential price increases for glyphosate. Companies with strong market positions and growth strategies are likely to benefit significantly in the coming years [2][14]

资金面上看，今日磷化工概念板块获主力资金净流入14.28亿元，其中，33股获主力资金净流入，9股主 力资金净流入超5000万元，净流入资金居首的是湖南裕能，今日主力资金净流入4.03亿元，净流入资金 居前的还有华友钴业、洛阳钼业、云天化等，主力资金分别净流入2.90亿元、1.99亿元、1.62亿元。 份 资金流入比率方面，金浦钛业、湖南裕能、云天化等流入比率居前，主力资金净流入率分别为 47.49%、15.57%、10.60%。（数据宝） 磷化工概念资金流入榜 截至11月28日收盘，磷化工概念上涨2.32%，位居概念板块涨幅第5，板块内，49股上涨，金浦钛业、 安纳达等涨停，湖南裕能、川金诺、澄星股份等涨幅居前，分别上涨11.01%、8.50%、5.91%。跌幅居 前的有晨化股份、万盛股份、恒光股份等，分别下跌2.37%、2.35%、0.84%。 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 301358 | 湖南裕 ...

Core Viewpoint - The phosphate chemical sector has shown a positive performance with a 1.40% increase, ranking 9th among concept sectors, driven by significant gains in several stocks [1][2]. Group 1: Sector Performance - The phosphate chemical sector increased by 1.40%, with 39 stocks rising, including Wansheng Co., which hit the daily limit, and notable increases in Chenhua Co. (8.23%), Jushi Chemical (4.76%), and Qingshuiyuan (4.74%) [1][2]. - The sector experienced a net outflow of 510 million yuan from main funds, despite 20 stocks seeing net inflows, with Hunan YN leading at 119 million yuan [2][3]. Group 2: Fund Flow Analysis - The top stocks by net inflow ratio included Wansheng Co. (22.90%), Dongjiang Environmental (10.22%), and Hunan YN (8.73%) [3][4]. - The net inflow of main funds for Wansheng Co. was 48.97 million yuan, while other significant inflows were seen in Yuntianhua (79.93 million yuan) and Lvxihua (30.39 million yuan) [2][3]. Group 3: Stock Performance - Stocks with notable increases included Wansheng Co. (9.98%), Chenhua Co. (8.23%), and Qingshuiyuan (4.74%), while stocks like Yuegui Co. and Hongda Co. faced declines of 1.98% and 1.01%, respectively [1][5]. - The trading volume and turnover rates varied, with Hunan YN showing a turnover rate of 5.10% and a net inflow of 118.91 million yuan [3][4].

证券日报网讯云天化（600096）11月26日在互动平台回答投资者提问时表示，截至2025年11月20日，公 司股东人数为10.36万户。 ...

Core Points - Yuntianhua (600096) reported a decrease in the number of shareholders to 103,600 as of November 20, down by 8,700 from the previous period, representing a decline of 7.75% [1] - The closing price of Yuntianhua was 30.31 yuan, down 0.62%, with a cumulative decline of 13.97% since the concentration of shares began, showing 3 days of increase and 9 days of decrease [1] - The latest margin trading data as of November 25 indicates a total margin balance of 2.163 billion yuan, with a financing balance of 2.157 billion yuan, reflecting an increase of 255 million yuan or 13.40% since the concentration of shares began [1] - The company's Q3 report showed a total revenue of 37.599 billion yuan, a year-on-year decrease of 19.53%, while net profit reached 4.729 billion yuan, an increase of 6.89%, with basic earnings per share at 2.5833 yuan and a weighted average return on equity of 20.03% [1] - In terms of institutional ratings, 13 institutions have given buy ratings in the past month, with Huatai Securities setting the highest target price at 44.66 yuan as of October 29 [1]

Market Overview - The agricultural chemical sector experienced a decline of 1.02% on November 24, with Lanfeng Biochemical leading the drop [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Stock Performance - Notable gainers in the agricultural chemical sector included: - Dongfang Iron Tower (002545) with a closing price of 16.42, up 5.87% [1] - Bai'ao Chemical (603360) at 31.83, up 3.34% [1] - Nongxin Technology (001231) at 22.17, up 3.16% [1] - Conversely, significant decliners included: - Lanfeng Biochemical (002513) at 7.47, down 7.20% [2] - Chengxing Co. (600078) at 10.71, down 6.22% [2] - Hongda Co. (600331) at 10.57, down 4.34% [2] Capital Flow - The agricultural chemical sector saw a net outflow of 738 million yuan from institutional investors, while retail investors contributed a net inflow of 458 million yuan [2][3] - Key stocks with significant capital flow included: - Yuntianhua (600096) with a net inflow of 97.36 million yuan from institutional investors [3] - Bai'ao Chemical (603360) with a net outflow of 20.47 million yuan from retail investors [3] - Dongfang Iron Tower (002545) with a net inflow of 45.54 million yuan from institutional investors [3]

Market Overview - The phosphate chemical sector declined by 0.88%, ranking among the top losers in the concept sector, with notable declines in companies such as Qing Shui Yuan, Ju Shi Chemical, and Chuan Neng Power [1] - In contrast, 21 stocks within the sector experienced price increases, with Wei Ling Co., Tian Ji Co., and Ya Ke Technology leading the gains at 10.03%, 4.18%, and 3.00% respectively [1] Capital Flow - The phosphate chemical sector saw a net outflow of 860 million yuan from major funds, with 33 stocks experiencing net outflows, and 8 stocks seeing outflows exceeding 50 million yuan [1] - The largest net outflow was from Huayou Cobalt, which recorded a net outflow of 361 million yuan, followed by Chuan Fa Long Mang, Hubei Yihua, and Chengxing Co. with net outflows of 144 million yuan, 109 million yuan, and 91.7 million yuan respectively [1] Top Gainers and Losers - The top gainers in the phosphate chemical sector included Wei Ling Co. with a 10.03% increase, while the largest declines were seen in Qing Shui Yuan, which dropped by 18.42% [1][2] - Other notable declines included Chuan Neng Power at -7.11% and Chengxing Co. at -6.22% [1][2] Fund Inflows - The stocks with the highest net inflows included Yun Tian Hua, China Chemical, and Wei Ling Co., with net inflows of 85.76 million yuan, 70.21 million yuan, and 62.52 million yuan respectively [3]

Group 1 - The chemical sector continues to experience a downward trend, with the Chemical ETF (516020) showing a decline of 0.39% as of the latest update, after a drop of over 2% during the day [1] - Key stocks in the lithium battery and phosphate chemical sectors have seen significant declines, with Enjie Co. down over 4%, and Hongda Co. and Chuanfa Longmang both down over 3% [1] - The Chemical ETF has shown a year-to-date increase of 24.89%, outperforming major A-share indices such as the Shanghai Composite Index (14.41%) and the CSI 300 Index (13.18%) [1][3] Group 2 - The basic chemical industry is expected to benefit from supply-side reforms driven by "anti-involution" policies, leading to an improved supply-demand balance and increased market share for leading companies [4] - The phosphoric and potash sectors are experiencing high demand, with stable prices for phosphate rock and steady growth in potash demand [4] - The valuation of the Chemical ETF is relatively low, with a price-to-book ratio of 2.28, indicating a favorable long-term investment opportunity [4] Group 3 - The Chemical ETF (516020) tracks the sub-sector chemical industry index, covering various segments of the chemical industry, with nearly 50% of its holdings in large-cap leading stocks [5] - Investors can also access the chemical sector through linked funds of the Chemical ETF, enhancing investment efficiency [5]