截至6月30日，扬农化工股东户数1.81万，较上期减少6.01%；人均流通股22271股，较上期增加6.40%。 2025年1月-6月，扬农化工实现营业收入62.34亿元，同比增长9.38%；归母净利润8.06亿元，同比增长 5.60%。 10月16日，扬农化工盘中下跌2.00%，截至13:10，报68.11元/股，成交7839.64万元，换手率0.28%，总 市值276.12亿元。 分红方面，扬农化工A股上市后累计派现28.33亿元。近三年，累计派现11.37亿元。 机构持仓方面，截止2025年6月30日，扬农化工十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1629.28万股，相比上期增加75.48万股。易方达裕丰回报债券A（000171）位居第六大流 通股东，持股537.39万股，相比上期减少108.72万股。易方达新收益混合A（001216）位居第七大流通 股东，持股459.17万股，相比上期减少140.98万股。中泰星元灵活配置混合A（006567）位居第八大流 通股东，持股432.19万股，相比上期减少70.94万股。南方中证500ETF（510500）位居第九大流通股 东，持股3 ...

证券研究报告 | 2025年10月16日 行业与公司 社会服务行业月报：连锁餐饮 10 月跟踪：优选性价比餐饮&茶饮龙头 建筑行业专题:洁净室工程专题报告-AI 基建的刚需环节，全球建设需求 快速增长 【常规内容】 宏观与策略 宏观快评:9 月进出口数据点评-硝烟再起，外贸逆势突围 宏观快评:通胀数据快评-PPI 环比连续两个月为 0 行业与公司 | 晨会纪要 | | --- | | 数据日期:2025-10-15 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3912.20 | 13118.75 | 4606.28 | 14275.83 | 3776.30 | 1429.99 | | 涨跌幅度（%） | 1.21 | 1.73 | 1.48 | 1.62 | 2.06 | 1.39 | | 成交金额（亿元） | 9615.52 | 11113.06 | 6073.26 | 4039.48 | 4886.35 | 797.21 | 【重点推荐】 ...

证券研究报告 | 2025年10月15日 农化行业：2025 年 9 月月度观察 优于大市 钾肥库存维持低位，磷酸铁开工率提升，草甘膦持续涨价 钾肥供需紧平衡，国际钾肥价格维持高位。我国是全球最大的钾肥需求 国，而钾肥资源供给相对不足，进口依存度超过 60%，2024 年我国氯化 钾产量 550 万吨，同比降低 2.7%，进口量 1263.3 万吨，同比增长 9.1%， 创历史新高。截至 2025 年 9 月底，国内氯化钾港口库存为 172.92 万吨， 较去年同期减少 135.60 万吨，降幅为 43.95%%。未来由于粮食生产安全 愈发被重视，预计国内钾肥安全库存量将提升到 400 万吨以上。9 月国 内氯化钾市场价格小幅下滑，9 月底百川盈孚氯化钾市场均价为 3237 元 /吨，环比上月跌幅为 1.43%，同比去年涨幅 34.82%。国际市场方面， 巴西氯化钾的进口量在今年 1 月至 8 月期间呈现出显著增长态势，累计 进口量已达 1010 万公吨，创下历史新高，9 月份国际钾肥价格维持平稳。 磷化工行业的景气度取决于磷矿石价格的景气度，看好磷矿石长期价格 中枢维持较高水平。近两年来，我国可开采磷矿品位 ...

资金流向方面，主力资金净流出154.15万元，特大单买入351.50万元，占比6.67%，卖出0.00元，占比 0.00%；大单买入522.67万元，占比9.92%，卖出1028.32万元，占比19.53%。 扬农化工今年以来股价涨21.72%，近5个交易日跌3.49%，近20日跌9.86%，近60日涨18.82%。 资料显示，江苏扬农化工股份有限公司位于江苏省扬州市邗江区开发西路203号扬农大厦，成立日期 1999年12月10日，上市日期2002年4月25日，公司主营业务涉及农药产品的研发、生产和销售。主营业 务收入构成为：原药58.64%，贸易20.65%，制剂18.78%，其他1.93%。 扬农化工所属申万行业为：基础化工-农化制品-农药。所属概念板块包括：中化集团、生态农业、生物 农药、乡村振兴、社保重仓等。 截至6月30日，扬农化工股东户数1.81万，较上期减少6.01%；人均流通股22271股，较上期增加6.40%。 2025年1月-6月，扬农化工实现营业收入62.34亿元，同比增长9.38%；归母净利润8.06亿元，同比增长 5.60%。 分红方面，扬农化工A股上市后累计派现28.33亿元。近三 ...

Group 1 - The core viewpoint indicates that the chemical industry is experiencing mixed performance, with some products seeing price increases while others decline, influenced by external factors such as the Federal Reserve's interest rate cuts and geopolitical tensions [1][2] - Key products with significant price increases this week include synthetic ammonia (up 8.58%), lithium battery electrolyte (up 5.71%), and aniline (up 3.90%), while natural gas saw a notable decline of 7.90% [1][2] - The overall chemical industry remains weak, with varying performance across sub-sectors, largely due to past capacity expansions and weak demand, although some sectors like lubricants are performing better than expected [2] Group 2 - Investment opportunities are suggested in areas such as glyphosate, fertilizers, import substitution, domestic demand, and high-dividend assets [2] - Specific recommendations include focusing on the glyphosate sector, which is showing signs of recovery, and selecting companies with strong competitive positions and growth potential, such as Ruifeng New Materials and Baofeng Energy [2] - The report emphasizes the importance of domestic demand in the chemical industry, particularly for nitrogen and phosphate fertilizers, with companies like Hualu Hengsheng and China Heartlink Fertilizer being highlighted for their robust market positions [2]

Investment Rating - The report maintains a recommendation for investment in sectors focusing on domestic demand, high dividends, and import substitution [1][5][6] Core Viewpoints - The report highlights that the chemical industry is currently experiencing a mixed performance, with some products like synthetic ammonia and lithium battery electrolytes seeing price increases, while others like natural gas and sulfuric acid are declining [6][20] - The report suggests that the international oil price is expected to stabilize between $65 and $70 per barrel, influenced by geopolitical uncertainties and economic conditions [5][21] - The report emphasizes the importance of focusing on high-dividend stocks such as Sinopec, PetroChina, and CNOOC due to their asset quality and dividend yield [5][20] Summary by Sections Market Performance - The chemical industry has shown varied performance over the past month, with a 0.3% increase in the basic chemical sector compared to a 2.7% increase in the CSI 300 index [1] - Key products that saw price increases include synthetic ammonia (up 8.58%) and lithium battery electrolytes (up 5.71%), while natural gas saw a significant decline of 7.90% [6][20] Investment Suggestions - The report recommends focusing on sectors that are likely to enter a growth cycle, such as glyphosate, and emphasizes the importance of selecting stocks with strong competitive positions and growth potential [7][20] - Specific companies recommended include Jiangshan Chemical, Xingfa Group, and Yangnong Chemical, which are expected to benefit from the recovery in the glyphosate sector [7][20] - The report also highlights the resilience of domestic chemical fertilizer and pesticide sectors, suggesting companies like Hualu Hengsheng and Xin Yangfeng as potential investment opportunities [20] Price Trends - The report notes that while some chemical products are rebounding in price, the overall industry remains under pressure due to past capacity expansions and weak demand [6][20] - The report indicates that the PTA market is experiencing downward pressure, with prices declining due to weak demand from downstream polyester sectors [33][34] Key Companies and Earnings Forecast - The report lists several companies with strong earnings forecasts and investment ratings, including Xin Yangfeng, Senqilin, and Ruifeng New Materials, all rated as "Buy" [9][10][20]

Investment Rating - The report maintains a "Positive" rating for the chemical industry [5][6][20] Core Insights - The petrochemical industry is expected to see stable growth due to the introduction of policies aimed at enhancing industry health and eliminating outdated capacity [5][6] - The demand for viscose filament is anticipated to tighten, leading to an upward trend in prices, while the grass herbicide market is expected to optimize its structure [5][6] - The global GDP growth is projected to remain at 2.8%, with stable oil demand despite some slowdown due to tariff policies [5][6] Industry Dynamics - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable [5][6] - The coal market is anticipated to experience long-term price stabilization, with easing pressures on downstream sectors [5][6] - Natural gas exports from the U.S. are likely to accelerate, potentially lowering import costs [5][6] Chemical Sector Analysis - The report highlights that the viscose filament industry will see a supply-demand tightening, with a projected increase in operating rates from 84% to over 95% [5][6] - The grass herbicide market is set to address issues of low pricing and quality through upcoming industry meetings aimed at regulating competition [5][6] Investment Recommendations - The report suggests focusing on sectors benefiting from the "anti-involution" policy, including textiles, agriculture, and export-related chemicals [5][6] - Specific companies to watch include Xinxiang Chemical Fiber, Jilin Chemical Fiber, and Lier Chemical, which are expected to benefit from market dynamics [5][6][20] Key Company Valuations - The report provides a valuation table for key companies, indicating various ratings such as "Buy" and "Increase" for companies like Hailir Chemical, Yunnan Chemical, and Wanhu Chemical [20]

资金面上看，今日草甘膦概念板块获主力资金净流入0.20亿元，其中，8股获主力资金净流入，净流入 资金居首的是利尔化学，今日主力资金净流入1329.97万元，净流入资金居前的还有和邦生物、江天化 学、扬农化工等，主力资金分别净流入1025.24万元、754.49万元、312.50万元。 资金流入比率方面，江天化学、和邦生物、安道麦A等流入比率居前，主力资金净流入率分别为 10.43%、6.41%、3.60%。（数据宝） 草甘膦概念资金流入榜 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 002258 | 利尔化 学 | 6.17 | 5.86 | 1329.97 | 2.21 | | 603077 | 和邦生 物 | 0.00 | 0.95 | 1025.24 | 6.41 | | 300927 | 江天化 学 | 0.67 | 1.99 | 754.49 | 10.43 | | 600486 | 扬农化 工 | 2.1 ...

Market Overview - The agricultural chemical sector experienced a decline of 0.62% on September 25, with Bai'ao Chemical leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Notable gainers in the agricultural chemical sector included: - Bluefeng Biochemical (002513) with a closing price of 7.81, up 10.00% and a trading volume of 826,400 shares, totaling 622 million yuan [1] - Yangnong Chemical (600486) closed at 70.93, up 2.31% with a trading volume of 49,000 shares, totaling 34.6 million yuan [1] - Major decliners included: - Bai'ao Chemical (603360) closed at 25.54, down 3.22% with a trading volume of 173,200 shares [2] - Luohua Technology (600691) closed at 2.71, down 2.87% with a trading volume of 303,800 shares, totaling 83.33 million yuan [2] Capital Flow - The agricultural chemical sector saw a net outflow of 365 million yuan from institutional investors, while retail investors contributed a net inflow of 129 million yuan [2] - The capital flow for specific stocks showed: - Lier Chemical (002258) had a net inflow of 20.8 million yuan from institutional investors, but a net outflow from retail investors of 14.6 million yuan [3] - Yangnong Chemical (600486) experienced a net inflow of 18.4 million yuan from institutional investors and a net outflow of 57.9 million yuan from retail investors [3]

（文章来源：证券日报） 证券日报网讯 9月22日晚间，扬农化工发布2025年半年度权益分派实施公告称，公司2025年半年度权益 分派方案为A股每股现金红利0.24元（含税），股权登记日为2025年9月29日，除权（息）日为2025年9 月30日。 ...