Core Insights - The expiration of the compound patent for Pyraclostrobin in China has led to a surge in domestic interest, with companies increasing registration, production, and promotion efforts [1][6] - As of 2024, there are 62 registered Pyraclostrobin products in China, including 32 active ingredients and 30 formulations, primarily targeting wheat and peanut crops [1][6] - The global market for Pyraclostrobin has seen significant growth, with sales expected to rise from $973 million in 2015 to $2.014 billion by 2024, and projected to reach $2.172 billion by 2025 [5][11] Industry Overview - Pyraclostrobin, developed by Bayer in 2004, is a broad-spectrum fungicide known for its low toxicity and effectiveness against various plant diseases [2][3] - It is particularly effective against diseases affecting cereals and legumes, making it a key product in the global fungicide market, holding an 8% market share [3][5] Market Dynamics - The Chinese market for Pyraclostrobin is expanding rapidly due to the high incidence of wheat diseases, particularly Fusarium head blight, which can cause yield losses of 10% to 20% in epidemic years [7][11] - The area affected by Fusarium head blight in China is projected to reach 15 million acres in 2024, an increase of 6 million acres from 2023 [7][8] Competitive Landscape - Major companies in the Pyraclostrobin sector include Hailir, Anhui Jiuyi, Nantong Taihe, and Guangdong Guokang, among others, with many expanding production capacity [9][10] - Hailir reported a revenue of 3.391 billion yuan in the first nine months of 2025, a 5.5% increase year-on-year, indicating strong market performance [10] Future Trends - The demand for Pyraclostrobin is expected to continue rising due to increasing occurrences of wheat diseases and advancements in application methods [11] - The market is becoming increasingly competitive, with potential oversupply leading to price fluctuations, necessitating companies to optimize production and enhance brand presence [12] - The trend towards formulation mixtures is anticipated to grow, as combining Pyraclostrobin with other chemicals can delay resistance development and enhance efficacy [13]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report highlights the impact of the recent cancellation and reduction of export tax rebates on pesticides, particularly focusing on the potential for price increases and improved profitability for leading companies in the pesticide sector [5] - The report anticipates a reversal in the pesticide industry's performance due to rising export costs and the upcoming spring farming season, which is expected to boost demand and prices [5] - The ongoing "anti-involution" trend in the pesticide industry is expected to optimize supply and reshape value, encouraging companies to shift from low-end manufacturing to a focus on technology, branding, and service [5] Summary by Relevant Sections Industry Overview - The pesticide industry is experiencing a significant shift due to policy changes, with the cancellation of export tax rebates for various pesticide raw materials and intermediates, including glyphosate and other high-toxicity products [4][5] - China is projected to export 2.05 million tons of pesticides in 2024, with exports accounting for 90% of production [5] Market Dynamics - The domestic pesticide production peak season occurs from February to May, with a significant increase in demand for pesticide formulations during this period [5] - The report notes that the price of 95% glyphosate raw powder has recently increased to 46,000 yuan per ton, indicating a recovery in pricing [11] Key Companies and Recommendations - Recommended stocks include leading pesticide companies such as Yangnong Chemical, Limin Co., and Xingfa Group, which are expected to benefit from the price increases and the integrated "raw material-formulation" model [5] - Beneficiary stocks also include Jiangshan Chemical, Lier Chemical, and others involved in various segments of the pesticide supply chain [5]

| DC 326 GIB 2017 ELL VEY | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | 卖出营业部 | 是否为专场 | | 026-01-16 | 兴发集团 | 600141 | 40.41 808.2 | 20 | 茶壺是豬鼠窩園 | 胰្ | KO | 1月16日，兴发集团大宗交易成交20万股，成交额808.2万元，占当日总成交额的1.22%，成交价40.41 元，较市场收盘价40.41元持平。 ...

Group 1 - The core point of the article highlights the recent performance of Xingfa Group, which saw a stock price increase of 2.28% to close at 40.45 yuan, with a significant block trade executed [1] - A total of 100,000 shares were traded in the block transaction, amounting to 4.045 million yuan, with a premium rate of 0.00% [1] - The buyer of the block trade was CITIC Securities Co., Ltd., while the seller was China International Capital Corporation [1] Group 2 - In the last three months, there has been only one block trade for the stock, totaling 4.045 million yuan [1] - Over the past five trading days, the stock has increased by 8.01%, with a net inflow of 25.2204 million yuan from major funds [1]

Core Viewpoint - The chemical ETF Tianhong (159133) has seen significant inflows and performance, reflecting a positive outlook for the chemical industry as it undergoes structural changes and optimization [2][3]. Group 1: ETF Performance - As of January 14, the chemical ETF Tianhong (159133) reached a new high with a total size of 843 million yuan and 735 million shares outstanding [2]. - The ETF has experienced continuous net inflows over the past 11 days, accumulating a total of 233 million yuan [2]. Group 2: Industry Trends - The Ministry of Finance announced the cancellation of the 13% export tax rebate on PVC powder starting April 1, 2026, which is expected to increase export costs by approximately 75 USD per ton. This may lead to a short-term surge in exports and a long-term shift towards high-value products and overseas capacity [2]. - The chemical industry is currently at a historical low point, with a shift from capacity expansion to optimization driven by "anti-involution" policies. Key sectors such as coal chemical, organic silicon, and pesticides are expected to see a supply-demand reversal [3]. Group 3: Investment Opportunities - Leading companies in the chemical sector are anticipated to benefit from the ongoing exit of low-efficiency capacity and the transition to high-value products, with potential profit recovery expected [3]. - Sub-industries with resource attributes or technical barriers, such as phosphorus chemicals and refrigerants, may present opportunities for value reassessment [3].

Core Viewpoint - Xingfa Group announced the approval of several proposals related to expected daily related transactions for the year 2026 during its first extraordinary shareholders' meeting [1] Group 1 - The company approved the proposal regarding expected daily related transactions with Yichang Xingfa Group Co., Ltd. and its subsidiaries for the year 2026 [1] - The company also approved the proposal concerning expected daily related transactions with Zhejiang Jinfanda and its related parties, as well as the Three Gorges Laboratory for the year 2026 [1] - Additionally, the company passed a proposal related to the establishment of certain measures [1]

| 证券代码：600141 | 证券简称：兴发集团 | 公告编号：临 2026-002 | | --- | --- | --- | | 转债代码：110089 | 转债简称：兴发转债 | | 湖北兴发化工集团股份有限公司 2026年度第一次临时股东会决议公告 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 | 1、出席会议的股东和代理人人数 | 665 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 463,001,904 | | 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 | | | 份总数的比例（%） | 41.9667 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 (一) 股东会召开的时间：2026 年 1 月 14 日 (二) 股东会召开的地点：湖北省宜昌市伍家岗区沿江大道 188-9 号兴发大厦 3307 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 ...

北京中伦（武汉）律师事务所 关于湖北兴发化工集团股份有限公司 二〇二六年度第一次临时股东会的 法律意见书 二〇二六年一月 法律意见书 北京中伦（武汉）律师事务所 关于湖北兴发化工集团股份有限公司 二〇二六年度第一次临时股东会的法律意见书 致 湖北兴发化工集团股份有限公司 北京中伦（武汉）律师事务所接受湖北兴发化工集团股份有限公司（以下简称"公 司"）的委托，指派本所律师出席了公司 2026 年度第一次临时股东会（以下简称"本 次股东会"），并依法进行现场见证。现根据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司股东会规则》等法律法规和规范性文件以及《湖北兴发化 工集团股份有限公司章程》（以下简称"《公司章程》"）的有关规定，就公司本次 股东会的有关事宜出具法律意见书。 法律意见书 十一届董事会第十二次会议，决定召开 2026 年度第一次临时股东会，并于 2025 年 12 月 30 日在上海证券交易所网站公告本次股东会召开的时间、地点、投票方式、会议议 题、会议出席对象、现场会议登记方法、网络投票程序及其他事项。本所律师认为， 本次股东会通知合法有效。 本次股东会以现场会议与网络投票相结合的方式 ...

Group 1 - The agricultural chemical sector saw a slight increase of 0.04% on January 14, with Xingfa Group leading the gains [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] - Key stocks in the agricultural chemical sector showed various performance metrics, with Xingfa Group closing at 39.55, up 2.99% [1] Group 2 - The agricultural chemical sector experienced a net outflow of 505 million yuan from major funds, while retail investors saw a net inflow of 270 million yuan [2] - The trading volume and turnover for key stocks in the sector varied, with Hongda Co. and Yara International also showing positive price movements [2] - The detailed fund flow data indicates that major funds had a significant presence in stocks like Xingfa Group and Hongda Co., while retail investors were more active in other stocks [3]

Core Viewpoint - Yichang has successfully transformed its chemical industry by completing the "close, transform, move, and shift" initiative for 134 chemical enterprises along the Yangtze River, addressing the "chemical encirclement of the river" issue and achieving industrial upgrading [1][3]. Group 1: Environmental Protection and Industrial Transformation - Yichang, located at the junction of the upper and middle reaches of the Yangtze River, faced challenges due to its proximity to the river and a concentration of chemical enterprises, leading to environmental concerns [3]. - The city has adopted the principle of "coordinated major protection, not major development," leading to the closure and transformation of chemical enterprises to mitigate environmental impacts [3][5]. - The economic growth rate of Yichang had previously ranked at the bottom among cities in Hubei province during the transition period [3]. Group 2: Strategic Development and Innovation - Since 2016, Yichang has shifted its chemical industry focus towards high-end, refined, circular, and green development, moving from "scale expansion" to "structural upgrading" and from "factor-driven" to "innovation-driven" growth [5]. - Companies like Xingfa Group and San Ning Chemical have closed production lines near the Yangtze River and implemented technological innovations, advancing into new energy, optoelectronic information, and new materials sectors [5]. - Major scientific research platforms such as the Hubei Three Gorges Laboratory and Hubei Science and Technology Innovation College have achieved globally leading and domestically pioneering research results, playing a crucial role in the industrial transformation [5]. Group 3: Economic Performance and Future Projections - By 2025, the proportion of fine chemicals in Yichang's chemical industry is expected to reach 47.8%, with a complete industrial chain for new energy batteries established [7]. - Yichang has developed new leading industries in modern chemical new materials, life health, new energy, high-end equipment, and big data, with a projected GDP of over 619.1 billion yuan in 2024 and an expected growth rate of around 6.5% in 2025 [7].