Market Overview - The agricultural chemical sector saw a slight increase of 0.02% on October 28, with Chengxing Co. leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Top Performers - Chengxing Co. (600078) closed at 9.63, up 10.06% with a trading volume of 515,900 shares and a transaction value of 479 million [1] - Dongfang Tieta (002545) closed at 16.87, up 7.25% with a trading volume of 599,200 shares and a transaction value of 1.012 billion [1] - Suli Co. (603585) closed at 20.14, up 5.33% with a trading volume of 103,800 shares and a transaction value of 204 million [1] Underperformers - Nongxin Technology (001231) closed at 25.66, down 10.00% with a trading volume of 170,100 shares and a transaction value of 466 million [2] - Lanfeng Biochemical (002513) closed at 8.00, down 8.05% with a trading volume of 744,400 shares and a transaction value of 607 million [2] - Lianhua Technology (002250) closed at 11.40, down 5.94% with a trading volume of 858,700 shares and a transaction value of 983 million [2] Capital Flow - The agricultural chemical sector experienced a net outflow of 222 million from institutional investors, while retail investors saw a net inflow of 181 million [2] - The top net inflows from retail investors were observed in Dongfang Tieta (002545) with 78.43 million, while Chengxing Co. (600078) saw a net outflow of 42.07 million [3]

●会议内容： "兴发集团2025 年第三季度网上业绩说明会" ●会议时间：2025 年 11 月 6 日15:00-16:30 ●会议形式：上证路演中心视频直播和网络互动 证券代码：600141 证券简称：兴发集团 公告编号：临2025-055 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 关于召开 2025 年第三季度网上业绩说明会的公告 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个别及连带责任。 重要内容提示： ●会议地点：上证路演中心（http://roadshow.sseinfo.com） ●投资者可于 2025 年 10 月 30 日至 2025 年 11 月 5 日 16:00 前登录上证 路演中心网站首页，点击"提问预征集"栏目或通过湖北兴发化工集团股份有 限公司（以下简称"公司"）邮箱（dmb@xingfagroup.com）进行提问。公司 将于 2025 年第三季度网上业绩说明会（以下简称"业绩说明会"）上在信息 披露允许的范围内对投资者普遍关注的问题进行回答。 一、说明会主题 公司 2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][24]. Core Views - The company's performance in the third quarter showed a significant improvement, with a 42.15% increase in net profit compared to the previous quarter, driven by the recovery in prices of glyphosate and stable profitability in phosphate rock and new energy materials [1][9]. - Phosphate rock prices are expected to remain high, with the company holding substantial resources and production capacity, which supports the efficient operation of its entire phosphate chemical industry chain [2][11]. - The glyphosate industry is seeing a recovery in profitability due to high operating rates and decreasing inventories, with prices expected to maintain an upward trend as demand continues to grow [3][19]. - The company's specialty chemicals segment is performing well, with significant production capacity in dimethyl sulfoxide and improving profitability in its lithium iron phosphate business [4][20]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 23.781 billion yuan, a year-on-year increase of 7.85%, and a net profit of 1.318 billion yuan, a year-on-year increase of 0.31% [1][9]. - For the third quarter alone, revenue was 9.161 billion yuan, up 5.96% year-on-year, and net profit was 592 million yuan, up 16.17% year-on-year and 42.15% quarter-on-quarter [1][9]. Phosphate Rock Market - The price of phosphate rock is expected to remain in a high range, with current prices around 1,040 yuan per ton, and the company has significant phosphate resource reserves and production capacity [2][11]. - The company has approximately 395 million tons of phosphate resources and a designed production capacity of 5.85 million tons per year, with potential future capacity exceeding 10 million tons per year [2][11]. Glyphosate Market - The price of glyphosate has increased significantly, with a market price of 27,500 yuan per ton, reflecting a 19.05% increase since March 2025 [3][19]. - The glyphosate industry is experiencing a demand surge, with expectations for continued price increases due to low inventory levels and upcoming procurement seasons [3][19]. Specialty Chemicals and New Materials - The company is the largest producer of dimethyl sulfoxide globally, with a production capacity of 60,000 tons per year, and its profitability remains strong [4][20]. - The lithium iron phosphate business has seen improved profitability due to increased operating rates [4][20]. Investment Outlook - The company maintains its "Outperform the Market" rating, with projected net profits of 1.906 billion yuan, 2.154 billion yuan, and 2.333 billion yuan for 2025, 2026, and 2027, respectively [24].

Core Viewpoint - The report highlights the growth in China's phosphate rock production, indicating a positive trend in the industry with significant year-on-year increases in output [1]. Industry Summary - According to the National Bureau of Statistics, China's phosphate rock production (calculated as P2O5 content at 30%) reached 11.68 million tons in August 2025, representing an 8.1% year-on-year increase [1]. - From January to August 2025, the cumulative phosphate rock production was 80.183 million tons, showing a cumulative growth of 12.4% [1]. - The report includes a statistical chart of phosphate rock production in China from 2020 to August 2025, illustrating the upward trend in production [1]. Company Summary - Listed companies in the phosphate industry include Xingfa Group (600141), Hubei Yihua (000422), Yuntianhua (600096), Chuanfa Longmang (002312), Xinyangfeng (000902), and Yuntu Holdings (002539) [1].

Group 1: Macroeconomic Insights - In September, industrial enterprises' profits improved year-on-year to 21.6%, up from 20.4% in August, driven by a low base effect and strong export performance [3] - Revenue growth for industrial enterprises also increased to 3.1% in September from 2.3% in August, indicating a positive trend in cash flow due to anti-involution policies [3] Group 2: Fixed Income Market Analysis - The bond market has shown signs of recovery in October, influenced by trade tensions and a loose liquidity environment, with expectations for a better fourth quarter compared to the third [5] - The market anticipates a controlled impact from new redemption regulations, with a focus on short to medium-term credit bonds as a primary investment strategy [5] Group 3: Oil and Gas Sector - Oil prices have entered a downward trend due to OPEC+ increasing production targets and seasonal demand decline, with Brent crude expected to average $68 in 2025 and $62 in 2026 [9] - Despite short-term volatility from geopolitical tensions, the long-term outlook suggests limited impact from sanctions on oil prices, with high-dividend energy companies presenting investment opportunities [9] Group 4: Real Estate and Construction - The real estate market is experiencing a decline in transaction volumes for both new and second-hand homes, attributed to high base effects and seasonal factors [8] - The construction sector shows mixed signals, with some recovery in cement supply and demand, while asphalt production rates have decreased [8] Group 5: Key Company Performances - Beike-W (2423 HK) is projected to benefit from a gradual market recovery, with a target price of HKD 65.64 based on a 26x PE ratio for 2026 [11] - Zhiou Technology (301376 CH) reported a revenue of CNY 60.8 billion for the first three quarters, with a year-on-year growth of 6.2%, and is expected to improve profitability as tariff risks ease [12] - Tianhai Defense (300008 CH) showed significant growth in Q3, with a revenue increase of 57.27% year-on-year, driven by strong orders in shipbuilding and defense sectors [14] - Kuka Home (603816 CH) reported steady revenue growth of 6.5% in Q3, with a focus on global expansion and brand strength [15] - Weixing New Materials (002372 CH) experienced a revenue decline of 9.83% in Q3, but is expected to see margin recovery as product prices stabilize [16] Group 6: Consumer Goods and Services - Salted Fish (002847 CH) reported a revenue increase of 14.7% year-on-year, with a focus on optimizing product categories and channels to enhance profitability [27] - Petty Co. (300673 CH) continues to see strong growth in its domestic brand, with a focus on single product strategies despite challenges in overseas markets [18] - Jiangsu Bank (601009 CH) reported a steady growth in net profit and revenue, driven by stable interest income and effective cost management [32]

Core Viewpoint - The chemical sector experienced a significant increase on October 28, with the chemical ETF (516020) showing a peak intraday gain of 1.2% before settling at a 0.53% increase, driven by strong performances in sub-sectors like fluorine chemicals, soda ash, and phosphate fertilizers [1][3]. Group 1: Market Performance - The chemical ETF (516020) opened with a strong upward trend, reaching a maximum intraday increase of 1.2% before slightly retracting to a 0.53% gain at the time of reporting [1]. - Key stocks in the sector included Multi-Fluor, which hit the daily limit, and others like Boyuan Chemical, which rose over 4%, with several stocks including Xingfa Group and Hangyang Co. gaining more than 3% [1][2]. Group 2: Price Movements - Prices for third-generation refrigerants R32 and R134a have increased, with R134a rising by 1,000 yuan/ton to 54,000 yuan/ton and R32 increasing by 500 yuan/ton to 63,000 yuan/ton as of October 26 [1]. - The price of refrigerant R125 remained stable at 45,500 yuan/ton compared to the previous week [1]. Group 3: Industry Insights - Pacific Securities noted that under the new quota policy, supply elasticity in the industry is limited, leading companies to prioritize fulfilling long-term customer orders, which exacerbates the tight supply situation and supports high prices [3]. - As of October 27, the chemical ETF's underlying index had a price-to-book ratio of 2.26, indicating a low valuation at the 37.96 percentile over the past decade, suggesting attractive long-term investment opportunities [3]. Group 4: Investment Strategies - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors, with nearly 50% of its holdings in large-cap stocks like Wanhua Chemical and Salt Lake Co., providing a strong investment opportunity [4]. - Investors can also consider the chemical ETF linked funds (Class A 012537/Class C 012538) for exposure to the chemical sector [4]. Group 5: Future Outlook - China Galaxy Securities highlighted potential investment themes under the "14th Five-Year Plan," suggesting focus on sectors like polyester filament, organic silicon, and pesticides, while also recommending attention to the exit of outdated capacities in refining and soda ash [5].

Core Viewpoint - Xingfa Group (600141.SH) reported a year-on-year increase in revenue and net profit for the third quarter of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue reached 9.161 billion yuan, representing a year-on-year increase of 5.96% [1] - The net profit attributable to shareholders of the listed company was 592 million yuan, reflecting a year-on-year increase of 16.17% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 579 million yuan, showing a year-on-year increase of 12.68% [1]

Core Viewpoint - Xingfa Group announced the convening of its 11th Board of Directors meeting on October 27, 2025, to discuss the proposal for the second extraordinary shareholders' meeting of 2025 [1] Group 1: Financial Performance - For the first half of 2025, Xingfa Group's revenue composition was as follows: Chemicals accounted for 72.2%, Trade and Logistics for 17.19%, and Mining for 10.6% [1] - As of the report date, Xingfa Group's market capitalization was 29.5 billion yuan [1]

湖北兴发化工集团股份有限公司 外部单位报送信息管理制度 （2025年10月修订） 第二章 对外信息报送和使用的管理及流程 第四条 公司的董事、高级管理人员及其他相关人员应当遵守信息 披露相关的法律、法规及规范性文件和公司内部控制制度的要求，对公 司定期报告、临时报告及重大事项履行必要的传递、审核和披露流程。 第五条 公司的董事和高级管理人员及其他相关涉密人员在定期报 - 1 - 告、临时报告编制、公司重大事项筹划、洽谈期间负有保密义务。定期 报告、临时报告公布前，不得以任何形式、任何途径向外界或特定人员 泄露定期报告、临时报告的内容，包括但不限于业绩说明会、分析师会 议、接受投资者调研座谈等方式。 第六条 在公司定期报告公开披露前，公司不得向无法律法规依据 的外部单位提前报送有关统计报表等资料。对于外部单位提出的无法律 法规依据的报送有关统计报表等要求，公司应当拒绝报送。 第一章 总则 第一条 为进一步加强湖北兴发化工集团股份有限公司（以下简称 "公司"）定期报告、临时报告及重大事项在编制、审议和披露期间的 外部信息使用人管理，规范外部信息报送管理事务，确保信息披露公平， 杜绝内幕信息泄露、内幕交易等违法违规 ...

湖北兴发化工集团股份有限公司 股东会议事规则 （2025 年 10 月修订） 公司在上述期限内不能召开股东会的,应当报告公司所在地中国证券监督 管理委员会（以下简称"中国证监会"）派出机构和上海证券交易所（以下简 称"证券交易所"）,说明原因并公告。 第五条 公司召开股东会,应当聘请律师对以下问题出具法律意见并公 告: - 1 - (一)会议的召集、召开程序是否符合法律、行政法规、《公司章程》及本 规则的规定； (二)出席会议人员的资格、召集人资格是否合法有效； 第一章 总则 第一条 为维护湖北兴发化工集团股份有限公司（以下简称"公司"）及 公司股东的合法权益，明确股东会的职责权限，保证股东会依法行使职权，根 据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国 证券法》(以下简称"《证券法》")和《湖北兴发化工集团股份有限公司章程》 （以下简称"《公司章程》"）以及国家的相关法规，制定本规则。 第二条 公司应当严格按照法律、行政法规、《公司章程》及本规则的相 关规定召开股东会,保证股东能够依法行使权利。 公司董事会应当切实履行职责,认真、按时组织股东会。公司全体董事应 当勤勉尽责,确保股东会 ...