Core Viewpoint - Yunnan Phosphate Group emphasizes the importance of ecological protection and green development in its operations, aligning with national policies to ensure sustainable mining practices and environmental harmony [1][2][8] Group 1: Ecological Importance - Yunnan's ecological position is crucial for Southwest China's ecological security, as highlighted by President Xi Jinping [1] - The company integrates "green mine" construction into its high-quality development strategy, ensuring mining activities coexist with ecological preservation [1][2] Group 2: Green Mining Practices - Yunnan Phosphate Group has established a self-accountability approach to environmental protection, asserting that large state-owned enterprises must lead in this area [3] - The company has implemented a comprehensive plan for vegetation restoration and has initiated key projects for geological environment recovery [3][12] Group 3: Technological Innovations - The company has developed advanced mining techniques, such as the "open long-wall" mining method, which has increased mining efficiency by 70% and reduced waste rates significantly [11][12] - Yunnan Phosphate Group collaborates with over ten renowned universities and research institutions to enhance its technological capabilities in phosphate resource development [12] Group 4: Community Engagement and Development - The company has invested over 3 billion yuan in local projects, benefiting more than 5,000 villagers and supporting infrastructure and educational initiatives [17] - Yunnan Phosphate Group has established a harmonious relationship with local communities, exemplified by the "Yunnan Phosphate Group-Hanying Model" for mutual development [16][17] Group 5: Future Directions - The company aims to align with national strategies for ecological civilization and green transformation, focusing on sustainable practices and carbon neutrality goals [18][19] - Yunnan Phosphate Group is committed to enhancing resource utilization efficiency while minimizing environmental impact, contributing to the broader goal of ecological protection [18][19]

Industry Overview - China is the largest producer and consumer of liquid ammonia, with an estimated production of approximately 62.1 million tons in 2024, representing a year-on-year growth of 2.39% [1][13] - The stable agricultural demand is a key factor supporting the growth of liquid ammonia production, as it is a core raw material for nitrogen fertilizer [1][13] - China's total grain production is expected to reach a new high of over 1.4 trillion jin in 2024, which directly drives the demand for nitrogen fertilizers and subsequently boosts liquid ammonia production [1][13] - The recovery of industrial demand, particularly in the chemical and refrigeration sectors, is also contributing to the growth of liquid ammonia production [1][13] Industry Development History - The development of China's liquid ammonia industry has gone through four stages, starting from the establishment of the first synthetic ammonia production workshop in 1935 [4][5] - The industry expanded significantly from the 1950s to the 1970s, with applications extending to lawn maintenance and greenhouse planting [5] - From the 1970s to 2015, the industry faced strict environmental regulations, leading to technological innovations and the development of more environmentally friendly production methods [5][6] - Since 2015, the industry has been undergoing a transformation towards green ammonia production, utilizing renewable energy sources [6][7] Industry Chain - The upstream of the liquid ammonia industry includes raw materials such as coal, natural gas, and production equipment [9] - The midstream involves the manufacturing process of liquid ammonia, while the downstream applications span agriculture, industry, and new energy sectors [9] Market Size - The stable growth in grain production and the recovery of industrial demand are expected to drive liquid ammonia production in 2024 [1][13] - The price of liquid ammonia in April 2025 was reported at 2,650 yuan per ton, reflecting a month-on-month increase of 3.52% but a year-on-year decrease of 13.96% [15] Key Enterprises - The competitive landscape of the liquid ammonia industry is characterized by a concentration of leading companies such as Yuntianhua, Hubei Yihua, and Hualu Hengsheng, which dominate the market [17] - These leading enterprises are extending their operations upstream to raw material production and downstream to fertilizer and chemical markets, forming a closed loop from raw materials to production and application [17] Industry Development Trends - The industry is accelerating its transition to green and low-carbon production methods, with green ammonia technology becoming a key breakthrough [23][25] - There is a trend towards deeper capacity integration, with leading companies expanding their market share through mergers and acquisitions [24][25] - The demand for liquid ammonia in the new energy sector is rising, with its potential applications in energy storage and shipping becoming increasingly significant [26]

从中证中小国企改革指数持仓的市场板块来看，上海证券交易所占比54.40%、深圳证券交易所占比 45.60%。 从中证中小国企改革指数持仓样本的行业来看，工业占比43.18%、原材料占比18.92%、信息技术占比 16.84%、主要消费占比5.66%、公用事业占比4.21%、可选消费占比4.11%、医药卫生占比2.71%、房地 产占比2.69%、通信服务占比1.67%。 资料显示，指数样本每季度调整一次，样本调整实施时间分别为每年3月、6月、9月和12月的第二个星 期五的下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在 下一个定期调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将 其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 来源：金融界 金融界6月12日消息，A股三大指数收盘涨跌不一，中证中小国企改革指数 (中小国改，930611)报 2005.81点。 数据统计显示，中证中小国企改革指数近一个月上涨1.86%，近三个月下跌2.71%，年至今下跌1.68%。 据了解，中证中小国企改革指数选取全部发生及拟 ...

证券代码：600096 证券简称：云天化 公告编号：临 2025-043 云南云天化股份有限公司 关于回购股份注销完成暨股份变动的公告 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： 云南云天化股份有限公司（以下简称"公司"）本次注销已回 购股份 11,338,016 股，占本次注销前公司总股本的 0.6181%。本次注 销完成后，公司总股本由 1,834,328,747 股变更为 1,822,990,731 股。 本次回购股份注销事宜计划于 2025 年 6 月 11 日办理完成，本 次回购股份注销手续符合法律法规相关要求。 一、回购股份情况 2023 年 8 月 2 日，公司召开第九届董事会第十八次（临时）会 议，审议通过了《关于以集中竞价交易方式回购公司股份的议案》， 同意公司拟以不低于人民币 1.5 亿元（含），不超过人民币 2 亿元（含） 的自有资金回购公司股票，用于公司未来员工持股计划或股权激励， 回购期限为自公司董事会审议通过回购方案之日起不超过 4 个月。详 见公司于 2023 年 8 月 3 ...

证券代码：600096 证券简称：云天化 公告编号：临 2025-043 云南云天化股份有限公司 关于回购股份注销完成暨股份变动的公告 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： ?云南云天化股份有限公司（以下简称"公司"）本次注销已回 购股份 11,338,016 股，占本次注销前公司总股本的 0.6181%。本次注 销完成后，公司总股本由 1,834,328,747 股变更为 1,822,990,731 股。 ?本次回购股份注销事宜计划于 2025 年 6 月 11 日办理完成，本 次回购股份注销手续符合法律法规相关要求。 一、回购股份情况 股份类别 股份数量（股）比例（%） 量（股） 股份数量（股）比例（%） 无限售条件流 议，审议通过了《关于以集中竞价交易方式回购公司股份的议案》， 同意公司拟以不低于人民币 1.5 亿元（含），不超过人民币 2 亿元（含） 的自有资金回购公司股票，用于公司未来员工持股计划或股权激励， 回购期限为自公司董事会审议通过回购方案之日起不超过 4 个月。详 见公司于 202 ...

证券代码：600096 证券简称：云天化 公告编号：临 2025-043 云南云天化股份有限公司 关于回购股份注销完成暨股份变动的公告 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： 云南云天化股份有限公司（以下简称"公司"）本次注销已回 购股份 11,338,016 股，占本次注销前公司总股本的 0.6181%。本次注 销完成后，公司总股本由 1,834,328,747 股变更为 1,822,990,731 股。 本次回购股份注销事宜计划于 2025 年 6 月 11 日办理完成，本 次回购股份注销手续符合法律法规相关要求。 一、回购股份情况 2023 年 8 月 2 日，公司召开第九届董事会第十八次（临时）会 议，审议通过了《关于以集中竞价交易方式回购公司股份的议案》， 同意公司拟以不低于人民币 1.5 亿元（含），不超过人民币 2 亿元（含） 的自有资金回购公司股票，用于公司未来员工持股计划或股权激励， 回购期限为自公司董事会审议通过回购方案之日起不超过 4 个月。详 见公司于 2023 年 8 月 3 ...

Summary of Key Points from Conference Call Records Industry Overview Aviation Industry - Boeing's aircraft delivery suspension has a limited impact on the Chinese aviation industry, with three previously suspended aircraft set to be delivered to Xiamen Airlines and China Southern Airlines. China Eastern Airlines plans to introduce 46 Boeing aircraft by 2025, with about 10 already delivered in Q1. These new aircraft represent less than 1% of the total industry fleet of 4,300 aircraft [2][4] - Market expectations suggest that tax rebates may compensate airlines for the delivery suspension, which has not significantly affected stock prices [4] - The summer 2025 aviation market is expected to see good pre-sales, with non-fuel ticket prices projected to achieve double-digit growth, although current seat occupancy rates are lower than last year [5] Express Delivery Industry - The express delivery sector is experiencing price increases, particularly in Yiwu, while intense price wars among major companies have not yielded expected results. The growth rate for Zhongtong's parcel volume in Q1 was only 19%, compared to the industry average of 22% [6] - The price war may reach a temporary bottom if price increases continue, presenting a good opportunity for investment in companies like Zhongtong, Jitu, YTO, and Shentong [6] - The application of unmanned vehicles in the last-mile delivery is rapidly advancing, with SF Express increasing its investment in unmanned vehicles, significantly reducing per-package costs [7][8] Chemical Industry - The CCPI price index has decreased due to oil price fluctuations and the seasonal decline in consumption. The index currently stands at 44,033 points, down one percentage point from the previous week [9] - U.S. inventory growth in March was 3.47%, indicating potential future demand decline, which may affect chemical product exports [10] - OPEC's decision to increase production may impact the chemical industry, with a focus on supply-constrained products [11] Fertilizer Market - Potash fertilizer contract prices have risen, with ongoing tight supply and demand conditions expected to maintain high prices. The price for potash contracts in India is $349 per ton, up $70 year-on-year [13][14] Refrigerant and Vitamin Markets - Refrigerant prices are rising due to increased downstream demand, with R32 reaching 51,000 yuan per ton. Vitamin E prices are expected to rise due to low inventory levels and production halts among leading companies [15] Precious Metals Market - Silver prices are rising due to increased tariffs on copper and aluminum, while platinum and palladium prices are influenced by industrial demand fluctuations. The gold market is currently volatile, with attention on potential risks to the U.S. dollar's credibility [18][19] Oil Market - Brent crude oil prices have risen to $66.65 per barrel, with expectations of fluctuations between $63 and $67 in June. Despite OPEC's production increase, global demand remains tight [20]

Investment Rating - The report maintains an "Outperform" rating for the fertilizer and pesticide industry [2][3]. Core Views - The international potash prices continue to rise, influenced by supply disruptions in pesticides [2]. - The domestic potash supply remains tight, with a significant reliance on imports, exceeding 60% [4][31]. - The long-term price stability of phosphate rock is expected due to increasing demand and declining quality of domestic resources [5][54]. Summary by Sections 1. Potash: Resource Scarcity and Price Recovery - Potash is essential for crop growth, with chloride potash being the dominant type used in agriculture, accounting for over 95% of usage [19]. - Global potash resources are concentrated in a few countries, with Canada, Belarus, and Russia holding approximately 69.4% of the total proven reserves [20][21]. - China's potash consumption is significant, making it the largest consumer globally, with a projected increase in demand [24][31]. 2. Phosphate Chemicals: High Prices and Export Guidance - The phosphate chemical industry's performance is closely tied to phosphate rock prices, which are expected to remain high due to supply constraints and increasing demand from new applications [5][54]. - As of May 2025, the market price for 30% grade phosphate rock in Hubei is 1,040 CNY/ton, while in Yunnan, it is 970 CNY/ton, both stable compared to the previous month [54]. - Phosphate fertilizer export policies are expected to alleviate domestic market pressures during the off-season [6]. 3. Pesticides: Supply Disruptions and Price Increases - The supply of chlorantraniliprole (Kangkuan) has been disrupted due to an explosion, leading to a price increase [7]. - The price of glyphosate has risen, with expectations for increased exports to South America during the peak demand season [7][10]. - Companies like Lier Chemical, which have established production capabilities for chlorantraniliprole, are highlighted as key players in the market [8][10]. 4. Key Company Profit Forecasts and Investment Ratings - Key companies in the industry, such as Yaqi International, Yuntianhua, and Xingfa Group, are rated as "Outperform" with projected earnings per share (EPS) growth [11]. - Yaqi International is expected to produce 2.8 million tons of potassium chloride in 2025, with a significant increase in production capacity anticipated [52].

Core Viewpoint - Yunnan Yuntianhua Co., Ltd. aims to become a flagship leading listed company by focusing on internal management to address external uncertainties and implementing strategies to manage production and market operations effectively [1][2] Financial Performance - In 2024, the company achieved a net profit attributable to shareholders of 5.333 billion yuan, while in the first quarter of 2025, the net profit reached 1.289 billion yuan [1] Operational Strategy - The company adheres to a strategy of "full load, quick turnover, low inventory, and risk prevention" to overcome challenges such as fluctuations in raw material and product prices [1] - The company is actively advancing the preliminary development of the Zhenxiong phosphate mine and progressing with the construction of the Kunyang No. 2 mining project and a 4.5 million tons/year phosphate flotation project [1] Resource Utilization - The phosphate flotation recovery rate has exceeded 95%, and the tailings grade has been reduced to below 6%, enhancing resource utilization capabilities [1] - The company has established a research institute to integrate internal R&D resources, focusing on efficient development of phosphate resources and cost reduction in fertilizer production [2]

Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, specifically recommending Minsheng Chemical's "Five Tigers": Shengquan Group, Guocera Materials, Guoguang Co., Anli Co., and Polymeric Co. [1][4] Core Insights - The chemical market is active, with growth stocks presenting a favorable allocation opportunity. The demand for phosphate fertilizers remains stable, and the high price of phosphate rock is expected to continue due to supply-demand balance. [1] - The domestic production capacity of polycarbonate (PC) is projected to grow significantly from 875,000 tons in 2018 to 3,810,000 tons by 2024, with an expected improvement in supply-demand dynamics from 2025 to 2029. [2] - The organic silicon industry is experiencing a recovery in the supply-demand balance, with a compound annual growth rate of 22.4% in production capacity from 2021 to 2024, driven by demand from emerging industries such as new energy vehicles and photovoltaics. [2] Summary by Sections Chemical Market Overview - The basic chemical industry index closed at 3,406.53 points, down 1.23% from the previous week, underperforming the CSI 300 index by 1.05%. [10] - Among 462 stocks in the chemical sector, 31% rose while 67% fell during the week. [18] Key Chemical Sub-Industries - **Polyester Filament**: The market is stable with slight price increases, and the average industry operating rate is approximately 89.96%. [26][27] - **Tires**: The operating rate for all-steel tires is 60.12%, down 2.88 percentage points from the previous week. [40] - **Refrigerants**: Prices for refrigerants like R22 and R134a are stable to strong, with R22 averaging 36,000 CNY/ton and R134a at 48,000 CNY/ton. [45][47] Price Trends - The top price increases for chemical products include cotton short velvet (up 15%), trichloromethane (up 14%), and domestic naphtha (up 13%). [24] - Conversely, the largest price drops were seen in liquid chlorine (down 71%) and TMA (down 9%). [25] Company Profit Forecasts - Guoguang Co. is projected to have an EPS of 0.78 CNY in 2024, with a PE ratio of 19, while Shengquan Group is expected to have an EPS of 1.03 CNY with a PE ratio of 25. Both companies are rated as "Recommended." [4]