Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The macroeconomic outlook for the chemical industry indicates a stable increase in oil demand due to global economic recovery, with Brent crude oil expected to remain in the range of $55-70 per barrel [3][4]. - The report highlights the implementation of differentiated electricity pricing for high-energy-consuming industries in Shaanxi Province, which may accelerate capacity elimination in these sectors [3][4]. - The organic silicon industry is expected to see price increases, with DMC prices projected to rise to 14,000 yuan per ton due to tightening supply and pre-holiday inventory buildup [3][4]. - The commercial aerospace sector is experiencing significant growth, with a notable increase in satellite launches and approvals for new satellite constellations [3][4]. Summary by Sections Macro Economic Analysis - Oil supply is constrained due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with tariff adjustments and economic improvements [3][4]. - Coal prices are expected to stabilize at a low level, alleviating pressure on downstream industries [3][4]. - Natural gas exports from the U.S. are anticipated to increase, potentially lowering import costs [3][4]. Industry Dynamics - The report discusses the differentiated electricity pricing policy in Shaanxi, which could lead to accelerated capacity elimination in high-energy-consuming industries [3][4]. - The organic silicon sector is highlighted for its potential price increases due to supply constraints and rising demand [3][4]. - The commercial aerospace industry is set for rapid growth, with significant satellite launches expected in the coming years [3][4]. Investment Recommendations - The report suggests focusing on sectors benefiting from the "anti-involution" policies, including textiles, agriculture, and export-related chemicals [3][4]. - Specific companies to watch include: - Textile Chain: LUXI Chemical, Tongkun Co., and others [3][4]. - Agriculture Chain: Hualu Hengsheng, Baofeng Energy, and others [3][4]. - Export-related Chemicals: Juhua Co., Wanhu Chemical, and others [3][4]. - Emphasis is placed on key materials for growth, particularly in semiconductor and battery materials [3][4].

（文章来源：证券日报） 证券日报网讯 1月9日，兴发集团在互动平台回答投资者提问时表示，公司"1万吨/年电池级五硫化二磷 及配套3万吨/年超纯黄磷项目"建设进展顺利，预计7月建成投产。该产品系硫化物固态电池电解质关键 前驱体材料，目前公司已与包括数家新能源企业在内的多家潜在客户建立了合作意向。 ...

证券日报网讯1月9日，兴发集团（600141）在互动平台回答投资者提问时表示，公司当前暂无磷化铟产 能，但在磷化铟的关键原材料电子级红磷方面研发进展顺利。依托电子级黄磷和电子级磷烷的技术优势 和产业链优势，公司目前正在抓紧推进电子级红磷生产制备技术研发，若取得成功，将实现磷化铟用关 键原材料电子级红磷的国产化替代。 ...

Group 1 - The glyphosate concept sector declined by 0.44%, ranking among the top declines in the concept sector, with major declines seen in companies like Xin'an Chemical, Lier Chemical, and Jiangshan Chemical [1] - Among the companies in the glyphosate sector, eight stocks saw price increases, with Jiangtian Chemical, Taihe Co., and Nuofengxin leading the gains at 0.58%, 0.52%, and 0.46% respectively [1] - The main capital outflow from the glyphosate sector today was 146 million yuan, with 14 stocks experiencing net outflows, and six stocks seeing outflows exceeding 10 million yuan [1] Group 2 - Xin'an Chemical had the highest net capital outflow of 51.38 million yuan, followed by Nuofengxin, Xingfa Group, and Runfeng Co. with outflows of 19.73 million yuan, 14.59 million yuan, and 12.70 million yuan respectively [1] - The stocks with the highest net capital inflow included Yangnong Chemical and Ando Mai A, with inflows of 0.67 million yuan and 0.06 million yuan respectively [2] - The trading volume for Xin'an Chemical was 3.74%, while Lier Chemical had a turnover rate of 4.12% [1][2]

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [5][9]. Core Views - The potassium fertilizer supply and demand are tightly balanced, with international prices rising. China, being the largest consumer, has a high import dependency exceeding 60%. The domestic production of potassium chloride is expected to decrease by 2.7% in 2024, while imports are projected to reach a historical high of 12.633 million tons, a year-on-year increase of 9.1% [1][24]. - The long-term price of phosphate rock is expected to remain high due to declining grades and increasing extraction costs, coupled with growing demand from new applications like lithium iron phosphate [2][50]. - The price of glyphosate has shown volatility, with a significant increase during the South American planting season, followed by a decline due to high North American inventories [4][49]. Summary by Sections Potassium Fertilizer - The global potassium fertilizer market is characterized by a supply-demand imbalance, with prices expected to recover due to resource scarcity and geopolitical factors affecting supply chains [1][44]. - Domestic potassium chloride prices have shown an upward trend, with the average price at 3,282 RMB/ton by the end of December, reflecting a year-on-year increase of 30.45% [1][40]. Phosphate Chemicals - The phosphate rock market is experiencing tight supply conditions, with prices for 30% grade phosphate rock remaining high at around 1,040 RMB/ton in Hubei and 970 RMB/ton in Yunnan [2][50]. - The production capacity of lithium iron phosphate is projected to grow significantly, with a year-on-year increase of 48.59% expected in 2025 [2][51]. Pesticides - The glyphosate market is expected to see price improvements in 2026, following a period of price fluctuations influenced by seasonal demand and inventory levels [4][49]. - The report highlights several key companies in the pesticide sector, including Yangnong Chemical and Lier Chemical, which are positioned to benefit from rising prices and demand [8][49]. Investment Recommendations - Key recommendations include focusing on companies with strong potassium and phosphate resources, such as Yara International and Yun Tianhua, which are expected to benefit from the ongoing demand and supply dynamics in the agricultural chemical sector [7][9].

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [5][9]. Core Views - The potassium fertilizer supply and demand are tightly balanced, with international prices rising. China, being the largest consumer, has a high import dependency exceeding 60%. The domestic production of potassium chloride is expected to decrease by 2.7% in 2024, while imports are projected to reach a historical high of 12.633 million tons, a year-on-year increase of 9.1% [1][24]. - The long-term price center for phosphate rock is expected to remain high due to declining grades and increasing extraction costs, alongside growing demand from new applications like lithium iron phosphate. The domestic supply-demand situation for phosphate rock is tightening, with prices for 30% grade phosphate rock remaining elevated [2][50]. - The price of glyphosate has shown volatility, with a peak during the South American planting season and a subsequent decline due to high North American inventories. The report anticipates a recovery in glyphosate prices in 2026 [4][49]. Summary by Sections Potassium Fertilizer - The global potassium fertilizer market is characterized by a supply-demand imbalance, with prices expected to recover due to resource scarcity and geopolitical factors affecting supply chains [1][44]. - Domestic potassium chloride prices are projected to stabilize around 3,100-3,200 CNY/ton, with expectations of maintaining high inventory levels for food security [24][40]. Phosphate Chemicals - The phosphate rock market is experiencing a tightening supply-demand balance, with prices for 30% grade phosphate rock remaining above 900 CNY/ton for over three years. The report highlights the increasing demand from lithium battery applications [2][50]. - Phosphate chemical prices have shown upward trends for products like lithium iron phosphate, while glyphosate prices have decreased significantly [49][51]. Pesticides - The report suggests a potential recovery in the pesticide sector, particularly for glyphosate and its derivatives, as the industry undergoes restructuring to improve profitability [4][8]. - Companies such as Yangnong Chemical and Lier Chemical are highlighted as key players in the pesticide market, with recommendations for investment [7][8].

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 会 议 材 料 湖北兴发化工集团股份有限公司董事会 二O 二六年一月十四日 会议议程 会议时间：2026 年 1 月 14 日（星期三）14:30 会议地点：湖北省宜昌市伍家岗区沿江大道 188-9 号兴发大厦会议室 会议议程： 一、主持人宣布本次股东会开始，宣布出席会议股东、董事、 高管以及见证律师情况 - 1 - 二、推选计票人和监票人 三、介绍人宣读议案 四、股东讨论并审议议案 五、股东进行书面投票表决 六、统计现场投票表决情况 七、宣布现场投票表决结果 八、由见证律师宣读为本次股东会出具的法律意见书 九、签署会议文件 十、主持人宣布本次股东会结束 会议须知 为维护股东的合法权益，确保兴发集团2026年度第一次临时股 东会的正常秩序和议事效率，根据《公司法》《公司章程》和《股 东会议事规则》的有关规定，现就会议须知通知如下，望参加本次 会议的全体人员遵守。 一、本次会议期间，全体参会人员应以维护股东的合法权益， 确保会议的正常秩序和议事效率为原则，自觉履行法定义务。 二、为保证本次会议的严肃性和正常秩序，除出席会议的股东 及股东代理人、董事、 ...

Core Viewpoint - The article highlights the advancements and production capabilities of Hubei Xingshun New Materials Co., Ltd. in the lithium iron phosphate (LFP) sector, emphasizing its strategic partnerships and future production plans to meet the growing demand in the electric vehicle and energy storage markets [3][5]. Group 1: Company Overview - Hubei Xingshun New Materials Co., Ltd. is a subsidiary of Xinfeng Group, focusing on the research, production, and sales of lithium iron phosphate cathode materials, with an annual designed capacity of 80,000 tons [3]. - The company’s product range includes second to fourth generation specifications, widely used in electric vehicles and energy storage stations [3]. Group 2: Production and Development - A production line customized for BYD has been put into trial operation, featuring over twenty new demagnetization devices to enhance product performance [1]. - The company plans to accelerate product upgrades and market development, aiming to produce and sell 70,000 tons by 2026, primarily supplying BYD [3][5]. Group 3: Strategic Partnerships - Hubei Xingshun has established stable collaborations with several companies, including Penghui Energy and Zhita New Energy, and is focusing on product validation and integration with leading battery cell manufacturers like EVE Energy [5]. - The company has successfully passed BYD's testing for ton-level samples and is preparing for formal mass production [3]. Group 4: Industry Context - The region of Xingshan is seizing opportunities in the new energy sector, promoting technological upgrades in lithium iron phosphate processes and accelerating the development of projects like the all-vanadium flow battery [6]. - The aim is to create a robust industrial cluster integrating vanadium energy storage and lithium iron phosphate, contributing to high-quality regional development [6].

Summary of Xingfa Group's Conference Call Company Overview - **Company**: Xingfa Group - **Industry**: Phosphate and Specialty Chemicals Key Points Phosphate Mining and Production - Xingfa Group plans to enhance phosphate rock production capacity to 10 million tons through acquiring mining rights from Qiaogou Mining and purchasing the remaining 30% stake in Bai Shui He Phosphate Mine, ensuring future phosphate resource supply [2][3] - Qiaogou Mining is expected to start construction in Q2 2026, with a mining rights certificate for 2.8 million tons anticipated by March 2026 [3] Specialty Chemicals Segment - The specialty chemicals segment focuses on phosphates, with high-value products like "Xinf A" and ethyl mercaptan contributing to profit growth [2] - In 2026, the specialty segment is expected to launch new products including BCD series phosphate additives and battery-grade pentasulfide, further enhancing profitability [2][3] New Energy Sector - The new energy segment is projected to achieve a profit of 200 million yuan in 2026, adding 150,000 tons of iron phosphate capacity [2] - Collaboration with BYD for contract manufacturing and controlling Linfu Lithium to supply battery-grade lithium dihydrogen phosphate to CATL [2][3] Organic Silicon Industry - The organic silicon industry is experiencing price recovery due to coordinated production cuts, with prices expected to rise to 15,000-16,000 yuan/ton post-Chinese New Year [2][5] - A price fluctuation of 1,000 yuan/ton impacts the company's profit by 200-300 million yuan [2][5] Collaboration with CATL - Deepening cooperation with CATL in lithium dihydrogen phosphate, with a monthly supply of no less than 6,000 tons and plans to expand capacity to 150,000 tons post-Chinese New Year [2][8] Black Phosphorus Research - Significant breakthroughs in black phosphorus research for applications in aerospace materials and catalysts, with ongoing collaborations with companies like Huawei [4][12] Agricultural Chemicals - The glyphosate sector faces uncertainty, with current prices around 23,000-24,000 yuan, while the company aims to secure export quotas [5][13] Price Control and Market Dynamics - The company is actively engaging with other firms for price control measures to enhance profitability, especially in the glyphosate market [14][22] Future Market Outlook - The demand for lithium iron phosphate is expected to increase by 100,000-150,000 tons in 2026, with ongoing partnerships with BYD and CATL to meet this demand [15][18] - The phosphate rock resource reserves are projected to double in the next 3-5 years, ensuring ample development potential [19] Fertilizer Sector Challenges - The fertilizer sector is impacted by reduced export quotas and rising sulfur prices, which could lead to increased domestic fertilizer prices [20][22] New Product Developments - Introduction of new high-value products in specialty chemicals, including sodium hypophosphite and sodium ethyl mercaptan, with significant profit margins [23][24] Downstream Demand - Strong downstream demand for specialty chemicals, particularly from mining sectors, is driving price increases for key products [25] Mining Rights and Capacity Expansion - The company has made progress in obtaining mining rights, with total equity capacity reaching 640,000 tons [26] Overall Performance Outlook - The company maintains a positive outlook for 2026, with expected growth across various segments, particularly in black phosphorus, specialty chemicals, new energy, and organic silicon [5][28]

Summary of Conference Call Records Industry Overview - The basic chemical sector is likely at the bottom of its cycle, with no need to wait for significant improvements in fundamentals before investing. Stock prices often lead the market, indicating potential investment opportunities when future fundamental changes are anticipated [2][4]. Key Investment Opportunities - Investment opportunities in 2026 are concentrated in traditional cyclical industries and technology materials, particularly in AI-related sectors such as energy storage materials (e.g., lithium carbonate) and storage materials (e.g., Yake Technology) [1][6]. - Recommended leading companies in the chemical industry include Wanhua Chemical, Hualu Hengsheng, and Juhua Co., due to their low valuations and high profit elasticity [1][8]. Company-Specific Insights Wanhua Chemical - Strongly recommended as a top investment choice due to its outlier effect and continuous growth catalysts. Expected revenue for 2026 is projected to reach 400 billion yuan, with a net profit forecast of 16 billion yuan [1][12][14]. - The company has a significant profit increase potential with every 1,000 yuan increase in MDI and TDI prices, translating to a net profit increase of 3.4 billion yuan [12][14]. Hualu Hengsheng - The company is expected to achieve annualized quarterly performance exceeding 5 billion yuan in 2026, supported by multi-category layout and technological upgrades [1][17][18]. Dongcai Technology - Notable for its advantages in new energy materials, with expectations to turn losses into profits as the overall profitability in the new energy sector improves [1][13][15]. Baofeng Energy - Expected to maintain stable annual profits between 12 billion to 13 billion yuan following the release of new capacity at its Ningxia base. The company benefits from the cyclical changes in the coal chemical industry and has diversified its product offerings [3][19][20]. Industry Trends and Signals - The potassium fertilizer industry is expected to experience tight supply and demand in 2026, maintaining high prices, while the phosphate market outlook remains stable with manageable supply increases [3][22][23]. - The tire industry is impacted by EU anti-dumping policies, prompting leading companies to expand overseas to increase market share [3][27][28]. - The spandex industry is at a cyclical bottom, with potential supply-side clearing effects anticipated due to the bankruptcy of a major player, which could improve market conditions [3][34][35]. Additional Insights - Investment in underperforming sectors is justified as they have likely reflected most negative factors in their stock prices, presenting potential for positive marginal changes [11]. - The refrigerant industry, while considered an "old story," shows strong certainty and potential for long-term investment due to ongoing price support [24]. - The organic silicon industry is expected to see price increases driven by domestic demand and external supply constraints, with companies like Dongyue showing significant elasticity [25][26]. Conclusion - The conference call highlighted a range of investment opportunities across various sectors within the chemical industry, emphasizing the importance of leading companies and emerging trends. Investors are encouraged to consider both cyclical recovery and technological advancements when making investment decisions.