◎记者 胡嘉树 随着上市公司半年度业绩预告陆续发布，各细分行业上半年经营图景逐渐明晰。据上海证券报记者统 计，截至7月23日晚，已有938家上市公司披露半年度业绩预告，其中496家公司实现归母净利润同比增 长（不含扭亏为盈），占比达52.88%。 从行业来看，有色金属、基础化工、生物医药等行业公司上半年业绩表现亮眼，多家公司业绩预增幅度 超过100%。从业绩驱动因素来看，供需关系改变、市场需求旺盛带动细分行业公司产品价格明显上 涨，由此大幅提振公司业绩。 量价齐升 有色金属公司业绩亮丽 农药领域上市公司业绩亮眼。先达股份预计上半年实现净利润1.30亿元至1.50亿元，同比增长2443.43% 至2834.73%。公司表示，业绩大幅增长，得益于公司主打产品烯草酮的市场售价上涨，带动产品毛利 率的增长，公司创制产品吡唑喹草酯为毛利贡献了新的增长点，以及公司不断强化成本管控等。 类似的还有苏利股份，公司预计上半年实现净利润7200万元至8600万元，同比增长1008.39%至 1223.91%。由于主要产品杀虫剂及杀菌剂量价齐升，利民股份预计上半年实现归母净利润2.60亿元至 2.80亿元，同比增长719.25%至 ...

9、中央第四指导组组长车俊近日在中国汽车工业协会调研时强调，汽车企业特别是龙头企业要依法合 规理性竞争，发挥示范带动作用。行业协会要发挥好桥梁纽带作用，引导行业加强自律，联合抵制行业 非理性竞争，共同维护公平公正的市场竞争秩序。 10、中钢协7月15日在成都组织召开钢铁工业规划部长会，提出研究建立产能治理新机制，防范钢铁行 业产能过剩风险持续加剧，着力破除"内卷式"竞争，维护钢铁行业健康有序的生存和发展环境等。 智通财经7月21日早间新闻精选 1、雅鲁藏布江下游水电工程开工仪式7月19日上午在西藏自治区林芝市举行。国务院总理李强出席开工 仪式，并宣布工程正式开工。雅鲁藏布江下游水电工程将建设5座梯级电站，总投资约1.2万亿元。工程 电力以外送消纳为主，兼顾西藏本地自用需求。 2、工业和信息化部总工程师谢少锋在7月18日国新办新闻发布会上表示，加快发展生物制造、低空产 业，推动人形机器人、元宇宙、脑机接口等未来产业创新发展，超前布局新领域新赛道；将实施新一轮 钢铁、有色金属、石化、建材等十大重点行业稳增长工作方案，具体工作方案将在近期陆续发布。 3、工信部新闻发言人陶青在7月18日国新办新闻发布会上表示，近期将 ...

Core Viewpoint - The price of Acetochlor has significantly increased this year, primarily due to supply constraints caused by the production halt at Ningxia Yifan Biological [2][5] Group 1: Price Trends - Acetochlor prices rose from approximately 75,000 yuan/ton at the beginning of the year to a peak of around 147,000 yuan/ton, nearly doubling [2] - Prior to the recent price surge, Acetochlor reached a historical high of 220,000 yuan/ton in 2022, then fell to 65,000 yuan/ton in 2023, with an average price drop of over 40% compared to 2022 [6] - As of July 18, 2025, Acetochlor prices have slightly decreased to around 130,000 yuan/ton due to new production capacity coming online [7] Group 2: Supply and Demand Dynamics - The supply tightness in the Acetochlor market is attributed to the production stoppage at Ningxia Yifan Biological, which has led to a supply-demand imbalance [3][5] - The domestic production capacity for Acetochlor is approximately 46,000 tons/year, with Ningxia Yifan Biological holding a significant share [3] - The demand for Acetochlor remains stable, particularly during the export peak season from April to August, with major markets including Argentina, Brazil, and the United States [5] Group 3: Company Performance - Xinda Co., Ltd. has projected a net profit increase of 2,443.43% to 2,834.73% for the first half of 2025, driven by the rising Acetochlor prices [2][6] - The company's stock has surged over 140% year-to-date, reflecting investor confidence amid the supply constraints [7] - In the first quarter of 2025, Xinda Co., Ltd. reported a revenue of 543 million yuan, a year-on-year increase of 10.78%, and a net profit of 21.69 million yuan, up 257.63% [6]

1551家A股上市公司发布上半年业绩预告 26家净利同比预增上限超10倍 智通财经7月19日电，据Choice数据统计，截至发稿，共有1551家A股上市公司发布2025年上半年业绩预告。其中，包括华银电力、三和管桩、华宏科技、 万年青、先达股份、锋龙股份、天保基建、航天科技、深深房A、北方稀土、中晟高科、亚太药业、索通发展、千方科技、华西证券、特一药业、杉杉股 份、海象新材、苏利股份、游族网络、尖峰集团、牧原股份、国联民生、国城矿业、硕贝德、华夏航空在内的26只个股净利同比预增上限超1000%。小财 注：截至周五收盘，华宏科技录得6天5板，柳钢股份4天3板。 | | | | | 2025年上半年亚绩预告同比增长超1000%个股 | | --- | --- | --- | --- | --- | | 证券名称 | 归母净利上限 (亿元) | 同比上限(%) | 甲万行业 | 业绩变 | | 华银电力 | 2. 20 | 4423.07 | 电力 | 受发电量增加和燃料成本下降等因素影响,预计2025年半 | | | | | | 计),与上年同期相比将增加1.75亿-2.15亿元。 | | 三和管桩 | 0.75 ...

Core Viewpoint - The A-share listed companies are entering a peak period for mid-year performance forecasts, with a significant increase in the number of companies announcing their forecasts compared to the previous week [1] Group 1: Performance Forecasts - A total of 455 listed companies in Shanghai, Shenzhen, and Beijing announced mid-year performance forecasts from July 7 to July 13, a substantial increase from 32 companies in the previous week [1] - Among these, 210 companies are from the Shanghai main board, 8 from the Shanghai STAR Market, 214 from the Shenzhen main board, 22 from the Shenzhen Growth Enterprise Market, and 1 from the Beijing Stock Exchange [1] Group 2: Companies with Significant Profit Growth - Ten companies forecasted a mid-year net profit growth lower limit exceeding 1000%, with Sanhe Pile leading at a net profit growth rate of 3090.81% to 3888.51% [2] - Other notable companies include Muyuan Foods, which expects a net profit of 1.02 billion to 1.07 billion yuan, and Northern Rare Earth, anticipating a net profit of 900 million to 960 million yuan [4][5] Group 3: Factors Influencing Performance - Sanhe Pile attributes its performance improvement to market demand, focusing on core businesses in emerging fields such as photovoltaics, wind power, and water conservancy, alongside effective cost control and product structure improvement [3] - Muyuan Foods reported a significant increase in operating performance due to higher pig sales and lower breeding costs compared to the same period last year [5] - Northern Rare Earth expects a non-GAAP net profit growth of 5538.33% to 5922.76%, driven by a full order book and an optimistic outlook on future rare earth prices [5] Group 4: Overall Market Sentiment - Among the 455 companies that released forecasts, 139 predicted losses, and 152 anticipated a decline in net profit, indicating a notable increase in the proportion of companies forecasting negative performance compared to the previous week [5]

Group 1 - The pesticide industry is experiencing a continuous recovery, with significant improvement in profitability. Several pesticide companies have reported substantial profit increases for the first half of 2025, with Xinda Co. achieving a net profit of approximately 130 million to 150 million yuan, a year-on-year increase of 2443.43% to 2834.73%, and Limin Co. reporting a net profit of about 260 million to 280 million yuan, a year-on-year growth of 719.25% to 782.27% [1][9][10] - The main reasons for the profit growth in the pesticide sector include increases in both product sales and prices. Although pesticide prices are currently at historical lows, improvements in domestic and international supply and steady growth in end-user demand may lead to price turning points for certain pesticide varieties [1][9][13] - The global pesticide market is projected to grow steadily, with an estimated market size of 1,582.375 billion yuan in 2024, expected to reach 1,998.533 billion yuan by 2030, reflecting a compound annual growth rate of 3.97% [13] Group 2 - The chemical new materials sector on the North Exchange has seen a weekly increase of 2.60%, ranking second among five major industries, only behind the consumer services sector, which rose by 3.59% [2][21] - The performance of sub-sectors within the chemical new materials industry has been mixed, with notable increases in metal new materials (+4.21%), non-metal materials (+6.65%), and rubber and plastic products (+1.03%), while textile manufacturing and professional technical services experienced declines [2][22][23] - Key companies in the chemical new materials sector have shown significant stock performance, with Benlang New Materials rising by 35.14%, Silane Technology by 11.74%, and Kaida Catalysis by 9.26% [2][23][27] Group 3 - Jiashan Co. plans to establish a new electronic materials intermediate project with an annual production capacity of 1,000 tons, focusing on photolithography raw materials, with an estimated total investment of approximately 80 million yuan [3][47] - The company aims to enhance its product variety and strengthen its market position in the high-end photolithography raw materials sector, which is experiencing significant growth opportunities [3][47]

Investment Rating - The report maintains a positive outlook on the chemical industry, with specific buy and hold recommendations for various companies [2][20]. Core Insights - The report highlights the closure of Dow's organic silicon production capacity in Barry, UK, which is expected to increase domestic export demand and support the upstream industrial silicon costs, indicating a potential reversal in the organic silicon industry [4][5]. - The demand for high-end AI PCBs is projected to surge due to the continuous growth in computing power requirements, driven by GPU, ASIC, and 800G switch technologies [4]. - The report notes that the recent tariff announcements from the US on imports from Southeast Asia are lower than expected, stabilizing pessimistic market sentiments [4]. Industry Dynamics - The macroeconomic outlook for the chemical industry indicates a significant increase in oil supply led by non-OPEC countries, with a stable global GDP growth rate of 2.8% [5]. - The report mentions that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream sectors [5]. - Natural gas exports from the US are anticipated to accelerate, potentially lowering import costs [5]. Company Recommendations - Companies to watch in the organic silicon sector include Dongyue Silicon Materials, Xin'an Chemical, and Xingfa Group [4]. - In the PCB sector, recommended companies include Shengquan Group, Dongcai Technology, Lianrui New Materials, Yake Technology, Tiancheng Technology, and Jiuri New Materials [4]. - For traditional cyclical stocks, the report suggests focusing on leading companies in various segments such as Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy [4]. Price Trends - The report provides specific price movements for various chemical products, such as PTA prices decreasing by 2.8% to 4715 RMB/ton, while MEG prices increased by 0.7% to 4409 RMB/ton [11]. - Urea prices rose by 2.9% to 1800 RMB/ton, while phosphate prices remained stable [12]. - The report notes that the price of DMC increased by 1.9% to 11000 RMB/ton, indicating a recovery in the organic silicon market [15].

Core Viewpoint - Shandong Xianda Agricultural Chemical Co., Ltd. (referred to as "Xianda") expects significant growth in its half-year performance for 2025, with net profit projected to increase by approximately 2,443.43% to 2,834.73% compared to the same period last year [2] Financial Performance - Xianda anticipates a net profit attributable to shareholders of 130 million to 150 million yuan for the first half of 2025, an increase of 124.89 million to 144.89 million yuan year-on-year [2] - The company expects a net profit excluding non-recurring gains and losses to be between 124.7 million and 144.7 million yuan, representing a year-on-year increase of 15,239.01% to 17,667.08% [2] - In the first half of 2024, Xianda reported a total profit of 13.19 million yuan and a net profit of 5.11 million yuan [2] Growth Drivers - The significant growth in Xianda's performance is attributed to several factors: 1. The market price increase of its main product, Acetochlor, which has boosted the company's gross profit margin [3] 2. The launch of the new product, Pyrazosulfuron, which has contributed to gross profit [3] 3. Enhanced cost control measures and improved operational efficiency [3] Market Trends - Acetochlor prices have been rising, with raw material prices reaching approximately 120,000 to 160,000 yuan per ton as of June 2025, and some orders exceeding 160,000 yuan per ton [3] - Xianda's monthly production capacity for Acetochlor is around 1,000 tons, primarily serving overseas markets [3] - In 2024, the export volume of Acetochlor formulations increased by 88% due to the recovery of overseas market inventories and adjustments in sales strategies [3] Product Development - Xianda is focusing on innovation and has stopped expanding homogeneous products, instead developing a matrix of innovative products including Quinclorac, Pyrazosulfuron, and Benzobicyclon [4] - The innovative product matrix addresses significant safety issues related to traditional HPPD herbicides for indica rice, filling an international gap [4] - The company aims to achieve a sales target of 5 million acres by 2025, which is expected to yield substantial profits [4] - Xianda's third innovative herbicide, Benzobicyclon, is currently under review by the Ministry of Agriculture and Rural Affairs [4]

Summary of Conference Call for Xianda Co., Ltd. Company Overview - **Company**: Xianda Co., Ltd. - **Date**: July 10, 2025 Key Points Financial Performance - **Q2 Gross Profit**: Approximately 300 million CNY, with bath barrels contributing over 100 million CNY, accounting for about 30% of total gross profit [2][4] - **Expected Q3 Gross Profit Increase**: Anticipated to increase by over 100 million CNY [2][20] - **Revenue from New Product**: The new innovative drug, Bitokui, has significantly boosted sales, contributing to the overall performance increase [3][27] Product Pricing and Market Dynamics - **Bath Barrel Pricing**: Prices fluctuated between April and June, stabilizing at 130,000 to 140,000 CNY for large clients and close to 140,000 CNY for small clients. A potential price drop is expected post-peak season in Q4 [2][5][31] - **Western Herbicide Pricing**: Average transaction price ranged from 90,000 to 100,000 CNY in Q2 [8] - **Cost Control Improvements**: Enhanced through the operation of new incineration furnaces, placing the company in an upper-middle position within the industry [9][27] Product Development and Market Expansion - **Herbicide Market Potential**: Pyrazosulfuron-ethyl has a larger market potential compared to other herbicides, with a target revenue of 500-600 million CNY expected to be achieved in 3-4 years [10] - **International Market Strategy**: Ongoing trials and overseas registrations to expand market share [10][26] - **Innovative Drug Collaboration**: Collaboration with multinational companies is in progress, with confidentiality agreements signed and awaiting registration certificates [11] Future Outlook - **2026 and 2027 Profit Projections**: Expected profit contribution from the innovative drug, if successfully registered, is projected to be 140-150 million CNY in 2026, potentially increasing to 200-300 million CNY in 2027 [26] - **Focus on Innovation**: Long-term focus on the development, registration, and promotion of innovative drugs, alongside cost reduction strategies for existing products [27] Market Conditions - **Impact of Indian Market**: No production recovery plans in India, limiting market price impacts [6] - **US Market Dynamics**: Orders for the US market concluded in June 2025, with new orders for 2026 expected to begin processing in September [21][22] Sales and Distribution - **Sales Team Structure**: Comprises approximately 320 personnel, including over 200 sales staff, with a focus on market penetration and customer solutions [29] Additional Insights - **Traditional Raw Materials Contribution**: Traditional raw materials contributed over 300 million CNY in gross profit in the first half of the year [30] - **Future Pricing Strategy**: The company aims to maintain reasonable profit margins for bath barrels, with prices expected to stabilize around 100,000 to 110,000 CNY [31] This summary encapsulates the key insights and projections from the conference call, highlighting the company's financial performance, market strategies, and future outlook.

Core Viewpoint - The company, Xian Da Co., Ltd. (603086.SH), is experiencing significant growth in its performance due to rising product prices and a strategic shift towards innovative product development, with a projected net profit increase of 24.43 to 28.35 times year-on-year for the first half of 2025 [1][2]. Group 1: Financial Performance - For the first half of 2025, the company expects a net profit between 130 million to 150 million yuan, marking a substantial increase compared to previous periods [1][2]. - In 2024, the company reported an operating income of 2.419 billion yuan, with a net loss of 25.8755 million yuan, which was a significant reduction in losses compared to 2023 [2]. - In Q1 2025, the company achieved an operating income of 543 million yuan, a year-on-year increase of 10.8%, and a net profit of 21.69 million yuan, successfully turning a profit [2]. Group 2: Product and Market Development - The main product, Acetochlor, has seen a price increase, with current market prices ranging from 120,000 to 160,000 yuan per ton, contributing to improved gross margins [3][4]. - The company has halted the expansion of homogeneous products and is focusing on innovative products, establishing a product matrix centered around Quinclorac, Pyrazosulfuron, and Benzoylpropionic acid [1][4]. - The company’s innovative herbicide Quinclorac has been promoted on over 2 million acres in 2024, with expectations to expand to 5 million acres in 2025 [4]. Group 3: Research and Development - The company has committed to a strategy of innovation-driven development, with total R&D expenses amounting to 559 million yuan from 2020 to 2024 [1][4]. - The company has developed a comprehensive innovation system covering synthesis, screening, pilot testing, and industrialization, with over 2,000 new compounds screened annually [4]. - The company plans to accelerate the global registration process for products like Pyrazosulfuron to strengthen its market position [6]. Group 4: Global Market Presence - The company’s products are sold in over 60 countries and regions, with overseas revenue accounting for 45% of total revenue [5]. - In 2024, the export volume of Acetochlor formulations increased by 88%, indicating strong competitive advantages in international markets [5].