| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002545 | 东方铁塔 | 16.59 | -2.70% | 17.29万 | 2.91亿 | | 002170 | 芭田股份 | 13.20 | -2.65% | 175.01万 | 23.25 Z | | 605033 | 美邦股份 | 22.94 | -2.22% | 3.09万 | 7150.73万 | | 002391 | 长青股份 | 6.65 | -2.06% | 57.25万 | 3.82亿 | | 300804 | 广康生化 | 38.42 | -1.94% | 2.48万 | 9638.57万 | | 600486 | 扬农化工 | 67.28 | -1.39% | 7.78万 | 5.25亿 | | 603360 | 百傲化学 | 31.64 | -1.12% | 13.32万 | 4.25亿 | | 600331 | 宏达股份 | 10.80 | -1.10% | 41.23万 | 4.52亿 | | 603086 | ...

丨证券研究报告丨 [Table_Author] 马太 李禹默 SAC：S0490516100002 SAC：S0490525060002 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% [Table_scodeMsg1] 公司研究丨点评报告丨新安股份（600596.SH） [Table_Title] 草甘膦略有回暖，静待景气延续修复 报告要点 [Table_Summary] 公司发布 2025 年三季报，Q1-Q3 实现收入 117.0 亿元（同比-1.1%），归属净利润 0.7 亿元（同 比-46.2%），归属扣非净利润-0.4 亿元。其中单三季度实现收入 36.4 亿元（同比+9.0%，环比 -17.9%），实现归属净利润 0.02 亿元（同比-60.3%，环比-93.6%），实现归属扣非净利润-0.1 亿元。 分析师及联系人 research.95579.com 风险提示 1、行业景气修复不及预期； 1 [Table_scodeMsg2] 新安股份（600596.SH） cjzqdt11111 [Table_Title2] 草甘膦略有回暖，静待景气延续修复 [Table_Su ...

Group 1: Market Overview - The A-share market experienced fluctuations with all three major indices closing lower, with the Shanghai Composite Index down 0.25%, Shenzhen Component down 0.36%, and ChiNext down 0.51% [2] - The total trading volume in the Shanghai and Shenzhen markets was 20,202 billion yuan, a decrease of 557 billion yuan from the previous day [2] - There was a notable rotation of market styles, with cyclical sectors such as chemicals, lithium batteries, and photovoltaics showing steady strength [2] Group 2: Chemical Sector Performance - The chemical sector was a standout performer, with multiple stocks hitting the daily limit, particularly in the organic silicon segment [3] - Dongyue Silicon Material saw a 20% increase, while other companies like Hoshine Silicon Industry, Xin'an Chemical, and Xingfa Group also showed active performance [3] - The organic silicon market is currently facing competitive pressure due to supply factors, but no new production capacity is expected in the next two years, suggesting that sales prices may gradually recover next year [3] Group 3: Phosphate Chemical Sector Insights - The phosphate chemical sector also saw significant gains, with Qing Shui Yuan hitting the daily limit for two consecutive days [4] - The yellow phosphorus index has increased by over 7% in the past two weeks, with the current spot price at 22,200 yuan per ton, up 264 yuan from the previous trading day [4] - The price increase is attributed to reduced production from wet-process phosphoric acid facilities and recovering demand for downstream electrolyte raw materials [4] Group 4: Investment Strategies - Several brokerages recommend a balanced allocation strategy in response to market style changes, with a focus on new momentum industries like technology and high-end manufacturing [6] - Dongguan Securities suggests that the market style is expected to be more balanced than in the third quarter, with a focus on cyclical sectors showing marginal improvement [6] - Dongwu Securities highlights November as a critical time for institutional reallocation, with a shift from pursuing excess returns to locking in profits as year-end approaches [6] Group 5: Economic Outlook - Huatai Securities emphasizes the positive correlation between new and old economies, suggesting that strong performance in the new economy can drive growth in the old economy [7] - The old economy sectors currently have low valuations and market expectations, indicating potential for recovery [7] - The influx of new capital from insurance and foreign investments is expected to favor value styles in the coming year [7]

Core Insights - Syngenta Group showcased its innovations in agriculture at the 8th China International Import Expo, focusing on food security, yield enhancement, and sustainable agricultural development [1][2] - The integration of AI and biotechnology is driving a transformation in global agriculture, addressing challenges related to food security and climate change [1] - Syngenta's GASEL system, which simulates millions of gene combinations, significantly improves breeding efficiency and reduces research costs, already applied in corn breeding in China [1] Group 1 - Syngenta highlighted breakthrough rice varieties at the expo, promoting new rice seeds exported to Vietnam, the Philippines, and Pakistan [2] - The company is actively promoting hybrid rice technology in over 30 countries along the Belt and Road Initiative, contributing to global food security [2] - Research indicates that global food production needs to increase by 50% in the next 30 years to feed 10 billion people, while agriculture contributes to 22% of global greenhouse gas emissions [2]

Market Overview - A-shares maintained a volatile consolidation trend with total trading volume above 2 trillion yuan, while Hong Kong stocks showed weakness, with the Hang Seng Index down nearly 1% and the Hang Seng Tech Index dropping over 2% [1] - The Shanghai Composite Index closed down 0.25% at 3997.56 points, the Shenzhen Component Index fell 0.36% to 13404.06 points, and the ChiNext Index decreased by 0.51% to 3208.21 points [1] Chemical Sector - The organic silicon sector saw significant gains, with Dongyue Silicon Materials hitting a 20% limit up, and other companies like Jiangsu Guotai and Hesheng Silicon Industry also reaching their limits [3][5] - The phosphorus concept stocks strengthened, with companies like Qing Shui Yuan and Chengxing Co. achieving consecutive 20% limit ups, driven by the increasing demand for phosphorus in new energy materials and the tightening supply of phosphate rock [6] Lithium Battery and Photovoltaic Concepts - The lithium battery sector experienced a surge, with Huasheng Lithium Battery hitting a limit up, and other companies like Tianhua New Energy and Wanrun New Energy rising over 15% [8][10] - The photovoltaic industry also saw gains, with companies like Qianzhao Optoelectronics and Hongyuan Green Energy reaching their limits, supported by industry consolidation efforts to eliminate excess capacity [12] Company Highlights - Wentai Technology experienced a sharp rise towards the end of trading, nearing the limit up, with a total transaction volume of 3.77 billion yuan [14] - The company announced significant contracts for the supply of electrolyte products, indicating strong demand and price recovery in the lithium battery supply chain [10][11] - Recent statements from the Dutch government regarding semiconductor supply stability have positioned Wentai Technology and its subsidiary, Anshi Semiconductor, in a favorable light for future operations [16][17]

浙江新安化工集团股份有限公司 2025 年第一次临时股东会 浙江新安化工集团股份有限公司董事会 二〇二五年十一月十八日 新安股份 2025 年第一次临时股东会 浙江新安化工集团股份有限公司 会 议 资 料 股东会会议须知 为维护公司全体股东的合法权益，确保股东会的正常秩序和议事效率，保证 股东会顺利进行，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，请出席股东会的全体人员遵照执行： 一、董事会以维护股东的合法权益、确保大会正常秩序和议事效率为原则， 认真履行《公司章程》中规定的职责。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，务必 请出席现场大会的股东或股东代表（以下统称"股东"）携带相关证件准时到达 会场，签到确认参会资格。未能提供有效证件并办理签到，以及未能在会议开始 前完成登记的，不参加现场表决和发言。 三、请参会人员自觉遵守会场秩序，进入会场后，请关闭手机或调至振动状 态。 四、股东在大会上发言，应围绕本次大会所审议的议案，简明扼要，每位股 东发言的时间一般不得超过三分钟，发言时应先报告姓名和所持股份数额。主持 人可安排公司董事、监事和高级管理人 ...

Core Viewpoint - The glyphosate concept sector has seen a rise of 2.39%, ranking sixth among concept sectors, with notable increases in stocks such as Xingfa Group, Yangnong Chemical, and Jiangtian Chemical, which rose by 6.58%, 5.85%, and 5.34% respectively [2] Group 1: Market Performance - The glyphosate concept sector had a net inflow of 109 million yuan from main funds, with 10 stocks receiving net inflows, and 6 stocks exceeding 10 million yuan in net inflow [2] - The leading stock in terms of net inflow was Xingfa Group, which saw a net inflow of 38.5 million yuan, followed by Lier Chemical, Jiangtian Chemical, and Xin'an Shares with net inflows of 18.96 million yuan, 18.28 million yuan, and 15.37 million yuan respectively [2] Group 2: Fund Flow Ratios - The top stocks by net inflow ratio included Guoguang Shares, Lier Chemical, and Jiangtian Chemical, with net inflow ratios of 10.39%, 7.58%, and 7.44% respectively [3] - The detailed fund flow for the glyphosate concept stocks shows that Xingfa Group had a daily turnover rate of 4.58% and a net inflow of 38.5 million yuan, indicating strong investor interest [4]

Core Insights - The 8th China International Import Expo (CIIE) opened in Shanghai, showcasing China's commitment to global trade and cooperation [1] - Syngenta Group, a subsidiary of China National Chemical Corporation, highlighted its advanced technologies in agriculture, including AI and green plant protection, and signed contracts exceeding $1.1 billion to enhance agricultural green transformation and global food security [1][2] - The introduction of the GASEL intelligent breeding system and the iMAP agricultural comprehensive planting model marks a significant advancement in agricultural digitalization and efficiency [1][2] Group 1 - The GASEL system, referred to as the "AI breeding coach," significantly improves prediction accuracy to between 60% and 80% and has successfully enhanced breeding efficiency for corn varieties [1][2] - The iMAP model integrates over ten million agricultural knowledge points and has been validated on one million acres of farmland, supporting China's strategies for water-saving agriculture and fertilizer reduction [2] - Syngenta is promoting Chinese hybrid rice globally, showcasing high-yield varieties and has conducted technical testing in over 30 countries along the Belt and Road Initiative [2] Group 2 - The agricultural sector is entering a new era focused on green and intelligent practices, with AI and biotechnology driving profound changes in production methods [3] - The partnership between China and Switzerland in agricultural innovation was highlighted at the expo, emphasizing collaboration in precision innovation and sustainable development [3] - The need to increase global food production by 50% over the next 30 years to feed a projected population of 10 billion was underscored, with technology and international cooperation identified as essential solutions [3]

Core Insights - Xin'an Chemical is a leading domestic enterprise in pesticide chemicals and silicon-based new materials, established in 1993 and listed in 2001 [1] Financial Performance - For Q3 2025, Xin'an Chemical reported revenue of 11.699 billion, ranking 2nd in the industry, while the industry leader, Adama Agricultural Solutions, reported 21.678 billion [2] - The net profit for Q3 2025 was 87.136 million, ranking 17th in the industry, with the top performer, Yangnong Chemical, achieving 1.056 billion [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 37.86%, lower than the industry average of 46.06%, indicating good solvency [3] - The gross profit margin for Q3 2025 was 10.79%, which is below the industry average of 21.70%, suggesting room for improvement in profitability [3] Executive Compensation - The chairman, Wu Yanming, received a salary of 1.45 million for 2024, a decrease of 200,000 from 2023 [4] - The president, Zhou Shuguang, earned 1.35 million in 2024, down 100,000 from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 10.20% to 76,500 [5] - The average number of circulating A-shares held per shareholder increased by 11.36% to 17,600 [5] Market Outlook - According to招商证券, despite performance pressure, Q3 showed year-on-year growth in revenue and net profit, with expectations for net profits of 234 million, 463 million, and 727 million from 2025 to 2027 [5] - 天风证券 noted that the company is optimizing its product structure in the organic silicon segment, with projected net profits of 210 million, 620 million, and 790 million for the same period [5]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a revenue of 11.699 billion yuan for the third quarter of 2025, a year-on-year decrease of 1.11%, with a net profit attributable to shareholders of 71 million yuan, down 46.21% year-on-year. However, the third quarter alone saw a revenue of 3.641 billion yuan, an increase of 8.97% year-on-year, and a net profit of 2.3 million yuan, up 276.65% year-on-year [1][8] - The company is facing pressure on its performance due to low sales prices of glyphosate and silicone products, but it is actively working on cost reduction and efficiency improvement. The stability and utilization rate of its basic facilities are at a high level [8] - The company is experiencing a recovery in glyphosate prices due to improved supply and demand dynamics, with the average market price for glyphosate at 24,400 yuan per ton, a year-on-year decrease of 3.5%, but a quarter-on-quarter increase of 13.43% [8] - The demand for silicone products continues to grow, with the company maintaining a terminal conversion rate of over 45% and offering over 3,000 types of terminal products across various industries [8] Financial Data and Valuation - The company’s total revenue is projected to grow from 14.631 billion yuan in 2023 to 18.446 billion yuan in 2027, with a compound annual growth rate of approximately 9% [3][14] - The net profit attributable to shareholders is expected to increase significantly from 140 million yuan in 2023 to 727 million yuan in 2027, reflecting a growth rate of 356% in 2025 [3][14] - The earnings per share (EPS) is forecasted to rise from 0.10 yuan in 2023 to 0.54 yuan in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 96.4 to 18.6 over the same period [3][14] Stock Performance - The company's stock has shown a performance of -2% over the past month, 36% over the past six months, and 16% over the past year [6]