Group 1 - The core viewpoint of the news is the performance of the CSI Chemical Index, which has shown an increase of 1.62% in the past month and 4.43% in the past three months, with a year-to-date increase of 4.43% [1] - The CSI Chemical Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The top ten weighted stocks in the CSI Chemical Index include Wanhua Chemical (7.35%), Salt Lake Industry (3.68%), and Satellite Chemical (2.22%) among others [1] Group 2 - The market share of the CSI Chemical Index holdings is distributed as follows: Shenzhen Stock Exchange 52.02%, Shanghai Stock Exchange 47.73%, and Beijing Stock Exchange 0.24% [1] - The composition of the CSI Chemical Index holdings by industry shows that chemical products account for 33.16%, chemical raw materials 27.50%, and agricultural chemicals 19.69% [2] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [2]

Group 1: Institutional Research and Market Performance - Last week, from March 24 to 28, institutional research enthusiasm surged, with 150 listed companies disclosing research summaries by March 28, including companies like Sanhua Intelligent Control and Jinzai Food receiving over 100 institutional inquiries [1] - The performance of stocks under institutional research was generally poor, with only over 30% of companies achieving positive returns, while companies like Yizhi Magic Yam and Xiaogoods City saw increases of over 10% [1] - The chemical sector showed notable performance, with over 10 listed companies receiving institutional inquiries, particularly Yun Tianhua and Satellite Chemical, each hosting around 140 institutional visits [1] Group 2: Chemical Industry Insights - Yun Tianhua, primarily engaged in the phosphate industry, reported a cumulative increase of over 5% last week, with a maximum increase of 9% during the week, attributed to stable domestic market conditions for diammonium phosphate and rising prices for monoammonium phosphate due to sulfur price fluctuations and increased fertilizer demand [1][2] - The international phosphate fertilizer prices remain high due to cost support and tight supply-demand dynamics [1] - Yun Tianhua noted that last year's price increase for industrial-grade monoammonium phosphate was driven by increased planting areas and improved fertilization techniques, indicating a favorable market outlook for this product [2] Group 3: Fertilizer and Chemical Production - Cloud Map Holdings, focusing on compound fertilizers, indicated strong future demand for monoammonium phosphate, particularly in the industrial sector, supported by high upstream prices for phosphate rock and sulfur [3] - The company emphasized its control over raw material production capacity and plans for a 700,000-ton synthetic ammonia project to ensure stable supply and self-sufficiency in nitrogen fertilizer raw materials [4] Group 4: Engineering Machinery Market Outlook - Zoomlion Heavy Industry, after disclosing its financial report, received inquiries from 120 institutions, stating that the domestic engineering machinery market has declined for three consecutive years and is likely at the bottom, with expectations for gradual recovery by 2025 [8] - The company plans to accelerate international market expansion and develop high-margin products in sectors like earthmoving machinery and industrial vehicles, which will enhance its gross margin [9] Group 5: Agricultural Products and Food Processing - China’s largest agricultural and food processing company, Jinlongyu, expressed increasing confidence in the economic outlook, which is expected to boost consumer demand [10] - The company analyzed that the abundant soybean harvest in South America and increased domestic soybean reserves would mitigate the impact of tariffs on soybean supply, predicting overall business improvement across various sectors this year [11] Group 6: Home Appliance Industry Trends - TCL Smart Home indicated that the continuation of the "old-for-new" policy and export growth would support stable growth in the overall Chinese home appliance market [13] - The company plans to enhance its global market position through increased R&D investment, optimized product structure, and strengthened brand competitiveness [14]

[Table_StockNameRptType] 云天化（600096） 公司点评 24 年业绩同比稳定增长，矿化一体打开增长空间 | 投资评级：增持（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-03-30 | | | [Table_BaseData] 收盘价（元） | | 23.24 | | 近 12 个月最高/最低（元） | | 24.89/18.22 | | 总股本（百万股） | | 1,834 | | 流通股本（百万股） | | 1,834 | | 流通股比例（%） | | 100.00 | | 总市值（亿元） | | 426 | | 流通市值（亿元） | | 426 | [公司价格与沪深 Table_Chart] 300 走势比较 -22% -7% 9% 25% 40% 4/24 7/24 10/24 1/25 云天化 沪深300 [Table_Author] 分析师：王强峰 [Table_Author] 分析师：王强峰 | 执业证书号：S0010522110002 执业证书号：S0010522110002 | | --- | ...

[Table_Author] 分析师：王强峰 [Table_Author] 分析师：王强峰 | 执业证书号：S0010522110002 执业证书号：S0010522110002 | | --- | | 电话：13621792701 电话：13621792701 | | 邮箱：wangqf@hazq.com 邮箱：wangqf@hazq.com | | 分析师：刘天其 分析师：刘天其 | | 执业证书号：S0010524080003 执业证书号：S0010524080003 | | 电话：17321190296 电话：17321190296 | | 邮箱：liutq@hazq.com 邮箱：liutq@hazq.com | | [Table_Author] | 公司点评 24 年业绩同比稳定增长，矿化一体打开增长空间 | 投资评级：增持（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-03-30 | | | [Table_BaseData] 收盘价（元） | | 23.24 | | 近 12 个月最高/最低（元） | | 24.89/18.2 ...

事件1：公司发布2024 年年报，2024 年实现营收615.37 亿元，yoy-10.89%；归母净利润53.33 亿元， yoy+17.93%,基本符合业绩预告，公司利润维持增长主要受益于综合毛利率的同比提升。公司Q4 单季实 现营收148.13 亿元，yoy-6.00%；归母净利润9.09 亿元，yoy+11.15%。 事件2：公司同时公布分红方案，每10 股派息14 元，分红比例达48.15%，较2023 年的40.56%进一步提 高, 也超出年初公告规划的45%比例，看好公司维持高分红比例。按照3 月26 日收盘价计，股息率达 5.95%，股息配置价值凸显。 结论与建议：2024 年磷化工景气持续，公司主要产销量增长，叠加原料成本下降，公司业绩同比增 长。另外公司聚焦主线，低毛利率的贸易业务占比持续下降，结构变化也带动公司毛利率抬升。公司是 国内磷矿和化肥产业龙头企业，依托自身的磷矿、煤矿资源、高度自给的大型合成氨装置优势，一体化 优势明显。看好公司长期发展和高分红比例，维持"买进"评级。 产销与成本双重驱动，毛利率水平持续提升：2024 年磷矿石价格同比高位持平，支撑磷化工产品价格 景气维持。公司 ...

北京德恒（昆明）律师事务所 关于云南云天化股份有限公司 关于云南云天化股份有限公司 2025年第三次临时股东会的 法律意见 云南云天化股份有限公司: 2025 年第三次临时股东会的 法律意见 北京德恒(昆明)律师事务所 Beijing DeHeng Law Offices (KunMing) 云南省昆明市西山区西园路 126 号"融城优郡"B5 幢 3、4 层 电话 (传真): 0871-63172192 邮编: 650032 北京德恒(昆明)律师事务所 关于云南云天化股份有限公司 2025 年第三次临时股东会的法律意见 北京德恒(昆明)律师事务所 北京德恒(昆明)律师事务所(下称"本所")作为贵公司的常年法律顾问, 本次指派杨杰群律师、杨敏律师出席贵公司 2025 年第三次临时股东会(以下简 称"本次股东会"),并按照律师行业公认的业务标准、道德规范及勤勉尽责精 神,对贵公司提供的与本次股东会有关的文件资料进行了审查,现根据《公司法》 《证券法》《上市公司股东大会规则》及贵公司《章程》的规定,就贵公司本次 股东会的相关事项出具如下法律意见: 一、关于本次股东会的召集和召开程序 根据贵公司提供的有关资料及公开 ...

证券代码：600096 证券简称：云天化 公告编号：临 2025-030 云南云天化股份有限公司 2025 年第三次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 3 月 28 日 (二) 股东大会召开的地点：公司总部会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持 有股份情况： | 1. 出席会议的股东和代理人人数 | 2,051 | | --- | --- | | 2. 出席会议的股东所持有表决权的股份总数（股） | 317,320,470 | | 3. 出席会议的股东所持有表决权股份数占公司有表决权股份 | 27.9559 | | 总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会 主持情况等。 本次股东大会由公司董事会召集，现场会议由董事长崔周全先生 主持，会议采取现场投票和网络投票相结合的方式。会议的召集、召 开、表决方式符合《公司 ...

2025 年 03 月 27 日 尿素与复合肥产品产销量同比增长，2024 年度 业绩稳中有升 买入(首次) 事件 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：覃前 S1050124070019 qinqian@cfsc.com.cn | 基本数据 | 2025-03-26 | | --- | --- | | 当前股价（元） | 23.52 | | 总市值（亿元） | 431 | | 总股本（百万股） | 1834 | | 流通股本（百万股） | 1834 | | 52 周价格范围（元） | 18.51-24 | | 日均成交额（百万元） | 621.19 | 市场表现 -20 -10 0 10 20 30 40 (%) 云天化 沪深300 资料来源：Wind，华鑫证券研究 相关研究 —云天化（600096.SH）公司事件点评报告 云天化发布 2024 年报：公司 2024 全年实现营业收入 615.37 亿元，同比-10.89%；实现归母净利润 53.33 亿元，同比 +17.93%。 分季度来看，2024Q4 公司实现营业收入 148.13 亿元，同比- ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [9]. Core Insights - The company has shown a year-on-year increase in the sales volume of urea and compound fertilizer products for 2024, despite a decline in overall revenue due to falling soybean prices [5][4]. - The company's net profit attributable to shareholders increased by 17.93% year-on-year, reaching 5.33 billion yuan in 2024 [4]. - The company aims to become a world-class provider of fertilizers, modern agriculture, and fine chemical products, focusing on cost leadership and resource advantages [8]. Financial Performance - In 2024, the company achieved an operating revenue of 61.54 billion yuan, a decrease of 10.89% year-on-year, while the net profit attributable to shareholders was 5.33 billion yuan, an increase of 17.93% [4]. - The company’s financial expenses decreased significantly by 30.52% due to a reduction in interest-bearing liabilities [6]. - The company forecasts net profits of 5.49 billion yuan, 5.78 billion yuan, and 6.17 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 7.9, 7.5, and 7.0 [9][11]. Product Performance - The company reported significant increases in the production and sales of urea and compound fertilizers, with urea production rising by 9.87% to 2.82 million tons and sales increasing by 10.57% to 2.75 million tons [5]. - The production of compound fertilizers reached 1.78 million tons, up 13.17%, while sales increased by 16.9% to 1.82 million tons [5]. Future Outlook - The company is expected to benefit from capacity enhancements, with ammonia production capacity increasing from 500,000 tons/year to 580,000 tons/year through technological upgrades [7]. - The company plans to expand its new energy battery materials sector, focusing on integrated projects for iron phosphate and new energy batteries [8].

农用化工 分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 ——云天化(600096)年报点评 证券研究报告-年报点评 买入(维持) 市场数据(2025-03-26) | 收盘价(元) | 23.52 | | --- | --- | | 一年内最高/最低(元) | 24.00/18.49 | | 沪深 300 指数 | 3,919.36 | | 市净率(倍) | 1.93 | | 流通市值(亿元) | 431.43 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 12.19 | | 每股经营现金流(元) | 5.86 | | 毛利率(%) | 17.50 | | 净资产收益率_摊薄(%) | 23.85 | | 资产负债率(%) | 52.26 | | 总股本/流通股(万股) | 183,432.87/183,432.8 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -11% -5% 1% 8% 14% 20% 26% 32% 2024.03 2024 ...