Core Viewpoint - The pesticide industry is experiencing a prolonged downturn, but recent actions such as the "Zhengfeng Zhijuan" initiative may help reverse the trend and improve market conditions [1][2][4]. Group 1: Industry Actions and Regulations - The China Pesticide Industry Association has launched a three-year "Zhengfeng Zhijuan" action to address issues like hidden additives, illegal production, and chaotic competition in the pesticide industry [1][2]. - Key tasks include prohibiting the addition of unregistered active ingredients, cracking down on illegal production, and resisting low-price competition [2]. Group 2: Market Dynamics - Since Q4 2022, the global pesticide market has entered a destocking phase, with domestic production capacity being released, leading to a mismatch in supply and demand [3][4]. - As of July 27, the China Agricultural Chemicals Price Index was at 75.35 points, showing a year-on-year decline of 0.44% but a month-on-month increase of 0.33% [3]. Group 3: Export Demand and Recovery Potential - In the first half of 2025, China's exports of herbicides, insecticides, and fungicides increased by 14%, 32%, and 24% year-on-year, respectively, with major markets including Brazil, the USA, and Thailand [3]. - Certain pesticide products, such as glyphosate and chlorpyrifos, are expected to see a rebound in demand, aiding in the recovery of industry profitability [4]. Group 4: Investment Recommendations - Recommended stocks include Yangnong Chemical, Limin Co., and Xingfa Group, which are leaders in the pesticide sector [5]. - Beneficiary stocks include Jiangshan Co., Lier Chemical, and Runfeng Co., among others, which are positioned to gain from the industry's recovery [5].

Group 1 - The glyphosate concept sector experienced a decline of 1.10%, ranking among the top declines in concept sectors, with notable declines in companies such as Noposion, Guoguang Co., and Zhongnong United [1] - Among the companies in the glyphosate sector, five stocks saw price increases, with Xin'an Chemical, Yangnong Chemical, and Xingfa Group leading the gains at 1.74%, 0.89%, and 0.47% respectively [1] - The main capital outflow from the glyphosate sector today was 197 million yuan, with 12 stocks experiencing net outflows, and 9 stocks seeing outflows exceeding 10 million yuan [2] Group 2 - The top net capital outflows were led by Noposion with a net outflow of 80.62 million yuan, followed by Hebang Biology, Xingfa Group, and Guangxin Co. with net outflows of 36.93 million yuan, 35.48 million yuan, and 26.55 million yuan respectively [2] - Conversely, the stocks with the highest net capital inflows included Yangnong Chemical, Xin'an Chemical, and Guoguang Co., with inflows of 31.93 million yuan, 30.82 million yuan, and 4.25 million yuan respectively [2][3] - The trading performance of Noposion showed a decline of 3.24% with a turnover rate of 8.15%, while Xin'an Chemical and Yangnong Chemical had increases of 1.74% and 0.89% respectively [3]

Core Viewpoint - The credit rating agency has assigned a stable outlook to Sichuan Hebang Biotechnology Co., Ltd. (referred to as "Hebang Bio"), reflecting its competitive advantages in cost and product diversification, despite facing significant challenges in profitability and operational risks in the coming years [3][6][7]. Financial Performance - Hebang Bio's total assets are projected to be CNY 298.45 billion in 2025, with total liabilities at CNY 90.80 billion [3]. - The company's operating revenue is expected to decline sharply to CNY 17.26 billion in 2025, down from CNY 85.47 billion in 2024, indicating a significant drop in sales [3]. - The net profit attributable to shareholders is forecasted to plummet by 97.55% in 2024, reflecting the adverse impact of industry cyclicality [3][7]. - The company's EBITDA interest coverage ratio is expected to remain stable, with total debt to total capital at 31.46% [3][7]. Business Segments - Hebang Bio's main business segments include chemicals, pesticides, and photovoltaic products, with key products being soda ash, glyphosate, and glass [3][6]. - The company is expanding its methionine and mineral products business, which are expected to become new profit growth points [3][7]. - The mining segment is facing significant uncertainty and risks related to overseas cooperation and political factors, which could impact operational stability [7][9]. Industry Environment - The chemical and agricultural sectors are experiencing downward price trends, with major products like soda ash and glyphosate entering a price decline phase due to oversupply [11][13]. - The glass and photovoltaic industries are also under pressure, with demand expected to weaken in the short term, leading to a supply-demand imbalance [11][12]. - The overall market for glyphosate is influenced by transgenic policies and demand fluctuations, particularly in major markets like South America [14][15]. Risk Factors - The company faces significant capital expenditure pressures and risks related to inventory impairment, with inventory value projected to increase to CNY 45.45 billion by the end of 2024 [7][9]. - Environmental and safety risks are heightened due to stricter national policies and the nature of some products being classified as hazardous [6][7]. - The mining sector's operational risks are compounded by geopolitical factors and the uncertainty of exploration outcomes [7][9].

Core Viewpoint - The company maintains its credit rating of "AA" with a stable outlook for both its main entity and the convertible bond "HeBang Convertible Bond" [1][2] Group 1: Credit Rating Information - Previous credit rating results indicated a main entity credit rating of "AA" and a stable outlook [1] - The current tracking rating results also show a main entity credit rating of "AA" and a stable outlook [1] - The credit rating for "HeBang Convertible Bond" remains at "AA" [1] Group 2: Rating Agency and Report - The credit rating was conducted by Zhongzheng Pengyuan Credit Rating Co., Ltd. [1] - The rating agency performed a comprehensive analysis of the company's operational environment, competitive situation, and financial aspects [1] - The detailed rating report is available on the Shanghai Stock Exchange website [2]

证券代码：603077 证券简称：和邦生物 公告编号：2025-036 债券代码：113691 债券简称：和邦转债 四川和邦生物科技股份有限公司 重要内容提示： 评级机构中证鹏元在对公司运营环境、经营竞争状况、财务等方面进行综合 分析与评估的基础上，出具了《四川和邦生物科技股份有限公司相关债券 2025 年跟踪评级报告》（以下简称"《评级报告》"），《评级报告》维持公司主体信用等 级为"AA"，维持评级展望为"稳定"；维持"和邦转债"的信用等级为"AA"。 本次评级结果较前次没有变化。 《评级报告》内容详见公司于同日在上海证券交易所网站（www.sse.com.cn） 披露的《四川和邦生物科技股份有限公司相关债券 2025 年跟踪评级报告》。 特此公告。 四川和邦生物科技股份有限公司董事会 前次评级结果：主体信用等级为"AA"，评级展望为"稳定"；"和邦转债" 的信用等级为"AA"。 本次跟踪评级结果：主体信用等级为"AA"，评级展望为"稳定"；"和邦 转债"的信用等级为"AA"。 根据《上市公司证券发行注册管理办法》《上海证券交易所公司债券上市规 则》等相关规定，四川和邦生物科技股份有限公司（以下简称"公司 ...

四川和邦生物科技股份有限公司 相关债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【1232】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未 ...

Group 1 - The chemical sector continues to rise, with the Chemical ETF (516020) showing a maximum intraday increase of 1.83% and closing up 1.53% [1] - Notable stocks in the sector include lithium battery, soda ash, and fluorine chemical companies, with significant gains from Hebang Biological (up 4.76%) and Tianci Materials (up 4.03%) [1] - The chemical sector has attracted significant capital, with a net inflow of 26.418 billion yuan over the past five days, ranking second among 30 sectors [1][3] Group 2 - The "anti-involution" policy is benefiting the lithium battery sector, as it leads to project delays and a healthier supply-demand balance [3] - The chemical industry is currently at the bottom of the cycle, facing challenges from increased competition, but supply-side reforms are expected to optimize the industry structure [4] - The current valuation of the Chemical ETF (516020) is at a low point, suggesting a good opportunity for long-term investment [4] Group 3 - The chemical sector is expected to undergo a re-pricing based on cost factors, focusing on green and low-carbon initiatives [5] - Domestic policies frequently emphasize supply-side requirements, while international uncertainties in chemical supply are increasing [5] - The Chemical ETF (516020) provides a diversified investment opportunity across various sub-sectors, with a significant portion allocated to large-cap leading stocks [6]

Group 1 - The Low-E glass concept increased by 3.12%, ranking 8th among concept sectors, with 11 stocks rising, including Hainan Development hitting the daily limit, and Qibin Group, Hebang Biology, and Yaopi Glass showing gains of 5.01%, 4.76%, and 4.34% respectively [1][2] - The Low-E glass sector saw a net inflow of 376 million yuan, with 7 stocks receiving net inflows, and 6 stocks exceeding 10 million yuan in net inflow, led by Hainan Development with 204 million yuan [2][3] - The net inflow ratios for Hainan Development, Qibin Group, and Hebang Biology were 16.32%, 14.61%, and 14.35% respectively, indicating strong investor interest [3] Group 2 - The top stocks in the Low-E glass sector based on net inflow included Hainan Development, Hebang Biology, Qibin Group, and Nanbo A, with respective net inflows of 2038.49 million yuan, 715.68 million yuan, 633.98 million yuan, and 238.91 million yuan [3][4] - The trading volume and turnover rates for these stocks were notable, with Hainan Development showing a turnover rate of 13.86% and a daily increase of 10.01% [3]

截止 2025 年 7 月 24 日，本员工持股计划所持有的公司股票已经通过集中竞 一、本员工持股计划的基本情况 公司于 2024 年 1 月 24 日召开第六届董事会第十一次会议，并于 2024 年 2 月 19 日召开 2024 年第一次临时股东大会，均审议通过了《<四川和邦生物科技 股份有限公司第三期员工持股计划（草案）>及其摘要的议案》，具体内容详见公 司在上海证券交易所网站（http://www.sse.com.cn）及指定媒体披露的相关公 告。 2024 年 4 月 25 日，公司收到中国证券登记结算有限责任公司出具的《过户 登记确认书》，确认公司回购专用证券账户所持有的 106,086,829 股公司股票已 于 2024 年 4 月 24 日通过非交易过户至四川和邦生物科技股份有限公司-第三期 员工持股计划账户，公司第三期员工持股计划的锁定期为 12 个月，自公司公告 最后一笔标的股票过户至员工持股计划名下之日起计算，具体内容详见公司在上 海证券交易所网站（http://www.sse.com.cn）及指定媒体披露的相关公告。 二、本员工持股计划股票出售情况及后续安排 证券代码：603077 证 ...

Group 1 - The chemical sector continues to rise, with the chemical ETF (516020) showing a significant opening increase before stabilizing, currently up by 0.3% [1][2] - Key stocks in the sector include Yipuli, which hit the daily limit, and other companies like Hebang Bio and Hongda shares, which rose over 2% and 1% respectively [1][2] - Recent inflows into the chemical ETF indicate strong market interest, with a net subscription of 122 million yuan on July 22 and a total of 146 million yuan over the past five trading days [1][2] Group 2 - The overall profit level in China's chemical industry is currently low, prompting many companies to seek improvements in the competitive landscape, necessitating a new round of supply-side reforms [4] - The supply growth rate in the chemical sector has significantly declined, with institutional holdings at a low point, enhancing market expectations for supply-side reforms [5] - The chemical industry is expected to enter a new long-term prosperity cycle, driven by recent policy changes aimed at boosting economic confidence and improving supply-side conditions [6] Group 3 - The chemical ETF (516020) is currently at a low valuation point, with a price-to-book ratio of 2.08, indicating a favorable time for long-term investment [5] - The potential for industry-wide production cuts and environmental regulations could lead to a significant impact on supply-demand dynamics, particularly for high-concentration chemical products [6]