Core Viewpoint - Yangnong Chemical's stock price has shown a significant increase this year, with a 20.90% rise, indicating strong market performance and investor interest [2]. Group 1: Stock Performance - As of December 19, Yangnong Chemical's stock rose by 2.03%, reaching 68.85 CNY per share, with a trading volume of 79.69 million CNY and a turnover rate of 0.29% [1]. - The stock has increased by 3.25% over the last five trading days and 9.46% over the last 20 days, while it has decreased by 3.92% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Yangnong Chemical reported a revenue of 9.156 billion CNY, reflecting a year-on-year growth of 14.23%, and a net profit attributable to shareholders of 1.055 billion CNY, which is a 2.88% increase year-on-year [2]. - The company has distributed a total of 2.833 billion CNY in dividends since its A-share listing, with 1.137 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Yangnong Chemical was 16,900, a decrease of 6.49% from the previous period, with an average of 23,883 shares held per shareholder, an increase of 7.24% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 14.2374 million shares, a decrease of 2.0554 million shares from the previous period, and new entrants like Penghua CSI Subdivision Chemical Industry Theme ETF [3].

智通财经APP获悉，东兴证券发布研报称，2025年，化工品价格指数小幅震荡下行，化工行业仍处于低 景气阶段，但目前全球能源类成本已从高位回落，同时，从供给、需求、库存角度看，行业已出现积极 变化。展望2026年国内化工行业，供需格局有望改善，建议关注行业景气有望回升的子行业，如钛白 粉、部分农药品种、化纤、制冷剂等；资本开支和研发共同驱动中长期增长的龙头企业；受益于需求增 加或国产替代持续推进的部分高端化工新材料，如电子化工材料、高端陶瓷材料等。 从需求端来看，国内制造业需求弱复苏，新兴领域或带来增量；此外，大规模设备更新、消费品以旧换 新等具体政策，也有助于拉动汽车、家电产业链相关化工品的需求。因此国内部分化工子行业的供需格 局有改善趋势，看好钛白粉、部分农药品种、化纤、制冷剂等子行业的供需格局有望逐步好转。 (2)资本开支和研发共同驱动中长期增长的龙头企业。经历供给侧改革之后，国内化工行业的集中度已 经有了较大的提升。未来，受到环保、安全、能耗等政策限制，化工行业资本开支向龙头集聚，投资方 向主要是聚焦原有产品产能扩张、围绕产业链向下游高附加值产品延伸、或通过研发驱动向更多高壁垒 的精细化学品和新材料领域 ...

化工行业：行业有望底部回暖，供需格局 或迎积极变化 2025 年 12 月 18 日 看好/维持 化工 行业报告 ——化工行业 2026 年策略报告 | | | 投资摘要 我国化工行业景气有望底部回暖，行业供需格局预期改善。2025 年，化工品价格指数小幅震荡下行，化工行业仍处于低景 气阶段，但目前全球能源类成本已从高位回落，同时，从供给、需求、库存角度看，行业已出现积极变化。具体来说，供给 端化工行业投资增速持续放缓，反内卷政策引导行业自律，叠加海外老旧化工品产能退出力度加大，供给端压力有所减轻； 需求端传统需求弱复苏，新兴产业有望带来增量；库存端去库存周期结束，已现小幅补库迹象。综合来看，在行业供需格局 预期改善的背景下，我国化工行业景气有望边际改善。 展望 2026 年，随着化工品供需格局改善，以及原油、煤炭等大宗原材料价格回落、行业成本压力有所缓解，我们认为处于 中游的化工行业景气度有望改善，并迎来布局良机。我们建议重点关注以下三大投资方向： （1）供需格局有望改善、行业景气有望回升的子行业。结合前述我们对于国内化工供给和需求格局的分析，我们认为，从 供给端来看，受到行业竞争加剧、市场价格下行、投资回 ...

消息面上，碳酸锂继续大涨，12月17日，广期所碳酸锂期货大幅上涨，主力合约盘中逼近11万元/吨。行情数据显示，12月17日，国内碳酸锂 2605主力合约盘中一度上涨8.84%，最高报价达10.986万元/吨，创2024年5月10日以来新高，收盘涨幅7.61%，报10.862万元/吨。今年下半年， 碳酸锂期货价格明显上涨，最新价较年内低点已累计上涨84.1%。 东莞证券表示，看好锂电池产业链周期复苏。动力电池方面，海外新兴市场增长迅猛，有望继续拉动出口保持增长韧性。预计2026年全球新能 源汽车销量增速约达17%，全球动力电池需求同比增长约20%。储能电池方面，2026年全球储能市场将延续高速增长，储能电池需求增速预计 达50%左右，储能电芯供需紧张格局可能将持续至2026年年中。 化工板块今日（12月18日）继续猛攻！反映化工板块整体走势的化工ETF（516020）开盘后震荡上行，截至发稿，场内价格涨1.12%。 成份股方面，氨纶、石化、煤化工等板块部分个股涨幅居前。截至发稿，华峰化学飙涨超6%，鲁西化工大涨超4%，荣盛石化、扬农化工、博 源化工等多股跟涨超3%。 | | | 多日 1分 5分 15分 30分 ...

Group 1 - The core point of the article highlights that Yangnong Chemical experienced a stock price increase of 5.26%, reaching 68.42 yuan per share, with a total market capitalization of 27.737 billion yuan [1] - Yangnong Chemical, established on December 10, 1999, and listed on April 25, 2002, specializes in the research, production, and sales of pesticide products [1] - The company's main revenue composition includes 58.64% from active ingredients, 20.65% from trading, 18.78% from formulations, and 1.93% from other sources [1] Group 2 - From the perspective of fund holdings, Southern Fund has a significant position in Yangnong Chemical, with the Southern Baochang Mixed A fund holding 50,000 shares, representing 1.36% of the fund's net value [2] - The Southern Baochang Mixed A fund, established on January 20, 2022, has a current scale of 247 million yuan and has achieved a year-to-date return of 7.36% [2] - The fund manager, Lin Lefeng, has a tenure of 9 years and 266 days, with the fund's best return during this period being 151.43% [2]

Investment Strategy Overview - The report emphasizes two main investment themes for the chemical industry: anti-involution policies and domestic substitution, which are expected to drive recovery and growth in the sector [4][5][6] Anti-Involution and Cycle Recovery - The report suggests that the chemical industry is at a turning point, with anti-involution measures leading to a recovery in the cycle. Key areas include the peak of new capacity in organic silicon, the end of PTA capacity expansion, and a rebound in prices for certain chemicals due to supply chain disruptions [4][5] - The China Chemical Product Price Index (CCPI) has decreased significantly, dropping to 3865 points by November 30, 2025, down 16.37% from early 2024 and 10.71% from the beginning of 2025 [4][20] Domestic Substitution as a Growth Driver - Domestic substitution is highlighted as a key growth driver, with significant support from national policies for bio-based materials and advancements in technology leading to a more robust domestic supply chain [4][6] - The report identifies several companies positioned to benefit from these trends, including KaiSai Bio and RuiFeng New Materials, which are making strides in bio-based materials and lubricant additives, respectively [5][6] Market Dynamics and Price Recovery - The report notes that while the chemical market is experiencing a downturn, certain segments are expected to see price recovery due to improved supply-demand dynamics and reduced capacity expansion [4][22] - Specific chemical products have shown varied price movements, with some experiencing significant declines while others are stabilizing or recovering [22] Manufacturing Sector Recovery - The manufacturing sector is showing signs of recovery, which is anticipated to support the chemical industry. The report mentions that the real estate market is stabilizing, and automotive production has increased, indicating a potential uptick in demand for chemical products [25][33] Capital Expenditure Trends - Capital expenditure growth in the chemical industry is slowing, with a notable decline in new projects. The report indicates that the total construction in progress for the chemical sector was 327.57 billion yuan in Q3 2025, down 17.64% year-on-year [34][39] Inventory and Consumption Trends - High inventory levels in the chemical sector are being addressed as consumer demand begins to recover. The report suggests that the inventory-to-revenue ratio for the basic chemical industry was 0.62 in Q3 2025, indicating a slight increase from the previous year [41][42] Profitability and Financial Performance - The report highlights a recovery in profitability for the chemical industry, with gross margins and return on equity (ROE) showing improvement in Q3 2025 compared to previous periods [56][60] - Specific sub-sectors, such as agrochemicals and fluorochemicals, have demonstrated significant profit growth, with some exceeding 100% year-on-year increases [55][56]

证券日报网12月16日讯扬农化工（600486）在12月12日回答调研者提问时表示，葫芦岛一期项目自开工 以来，整体建设进展顺利并超出预期，已于去年进入试生产阶段，目前调试产品已逐步完成产能爬坡， 整体运行稳定，取得了良好开端。 ...

证券日报网12月16日讯扬农化工（600486）在12月12日回答调研者提问时表示，当前农药行业整体仍处 于周期调整阶段，部分除草剂产品需求相对稳健，但供给端产能总体充裕。展望明年，由于行业产能弹 性较大，供给充足对价格上行形成制约，预计农药产品价格仍将在底部震荡。基于上述判断，公司对行 业后续走势保持谨慎乐观态度，将继续通过优化产品结构、加强成本竞争力，稳健应对市场变化。 ...

证券日报网12月16日讯扬农化工（600486）在12月12日回答调研者提问时表示，公司创制农药氟螨双醚 的登记申请正在等待有关部门批准。公司已提前开展工业化生产的各项准备工作，一旦获得登记批准， 可迅速实现生产衔接与市场投放。公司预计该产品将于2026年推向市场，但具体上市时间仍取决于登记 审批进展。 ...

证券日报网12月16日讯扬农化工（600486）在12月12日回答调研者提问时表示，葫芦岛二期项目目前正 处于规划阶段，其产品定位与一期相比将有明显区别。一期项目旨在承接沈阳科创产品搬迁、完善中间 体配套并优化生产布局，具有产品数量多、投资强度大的特点。二期项目将更加聚焦于公司现有产品或 正在研发产品的高质量转化，更加注重提升产品附加值、技术含量。该项目不仅是投资者关注的重点， 也是公司未来发展的关键工作之一。目前公司正加快相关技术研发进程，并将根据市场与研发进展，稳 步推进二期项目建设。公司始终认为，在当前市场环境下，投资应当审慎而为，确保实际投资能够真正 转化为高质量发展动力。 ...