证券代码：000833 证券简称：粤桂股份 公告编号：2026-009 审议通过《关于聘任公司副总经理的议案》 广西粤桂广业控股股份有限公司 第九届董事会第四十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 （一）发出会议通知的时间和方式：2026 年 3 月 3 日通过书面 送达和电子邮件方式通知各位董事。 （二）召开会议的时间、方式：2026 年 3 月 13 日；通讯表决方 式。 （三）会议应参加表决董事 7 人，成员有：于怀星、卢勇滨、芦 玉强、王韶华、胡咸华、刘祎、李爱菊，实际参加表决的董事 7 人。 （四）本次会议的召集、召开和表决程序符合《公司法》和《公 司章程》的有关规定。 二、董事会会议审议情况 该事项董事会提名委员会发表了同意的审查意见。详见同日披露 在《证券时报》《证券日报》及巨潮资讯网上的《关于聘任公司副总 经理的公告》（公告编号：2026-010）。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 三、备查文件 （一）第九届董事会第四十四次会议决议； 1 （二）董事会提名委员会 2026 ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1][28]. Core Insights - The global chemical industry is entering a significant upward cycle driven by anti-involution and AI demand, with China's leading companies benefiting from solid cost and efficiency advantages. The industry is expected to see a substantial increase in free cash flow as capacity expansion slows, transforming companies from cash-consuming entities to cash-generating ones. The upcoming peak season for chemicals is anticipated to enhance profitability, making it crucial to focus on demand, value, and supply dynamics for investment opportunities [3][28]. Summary by Sections Recent Trends - As of March 5, 2026, the Guohai Chemical Prosperity Index stands at 99.35, reflecting a 5.16 increase from February 26, 2026 [1]. Performance Metrics - The basic chemical sector has shown a performance increase of 7.4% over the past month, 23.6% over the past three months, and 50.8% over the past year [4]. Investment Opportunities 1. **Value-Driven Opportunities**: Potential for increased dividend yields in sectors such as coal chemicals (e.g., Hualu Hengsheng, Luxi Chemical), oil refining (e.g., Hengli Petrochemical, Sinopec), pesticides (e.g., Yangnong Chemical), and potassium fertilizers (e.g., Salt Lake Industry) [3]. 2. **Supply-Driven Opportunities**: Focus on domestic anti-involution policies and European capacity exits, with key players including PTA/Polyester (e.g., Xinfengming, Tongkun), glyphosate and organosilicon (e.g., Xingfa Group), and industrial silicon (e.g., Hoshine Silicon) [6]. 3. **Demand-Driven Opportunities**: Highlighting sectors benefiting from large-scale opportunities, including gas turbines (e.g., Zhenhua Group), refrigerants (e.g., Juhua), and energy storage (e.g., Chuanheng) [6]. Key Companies and Earnings Forecasts - The report tracks several key companies with their respective earnings per share (EPS) forecasts for 2024 to 2026, indicating a positive outlook for many, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical [29]. Market Observations - The report notes that geopolitical tensions, particularly in the Middle East, are likely to drive oil prices higher, benefiting companies like China National Petroleum and CNOOC, while also increasing costs for petrochemical products [9][13]. Price Trends - Recent price increases have been observed in various chemical products, including MDI and TDI, with significant upward movements in raw material costs due to geopolitical events [14][18]. Conclusion - The chemical industry is positioned for a favorable outlook, driven by structural changes in supply and demand dynamics, with a focus on companies that can leverage these trends for growth and profitability [28].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The ongoing Middle East conflict is driving up oil prices and shipping risks, which may lead to an upward shift in the price center of agricultural products, amplifying price volatility [3][12] - The increase in oil prices is expected to raise production costs for agricultural inputs such as fuel, fertilizers, and pesticides, thereby pushing the cost center of agricultural products higher [4][17] - The agricultural sector outperformed the market by 3.52 percentage points during the week of March 2-6, 2026, with the agriculture index rising by 2.12% while the Shanghai Composite Index fell by 1.40% [6][27] Weekly Market Performance - The agriculture sector's index increased by 2.12%, outperforming the broader market by 3.52 percentage points [6][27] - Notable stock performances included Yasheng Group (+39.04%), Yuegui Co. (+15.09%), and COFCO Technology (+8.42%) [6][27] Price Tracking - As of March 6, 2026, the average price of live pigs was 10.32 CNY/kg, down 0.55% from the previous week; the average price of piglets was 25.30 CNY/kg, down 0.12% [39] - The average price of beef was 66.14 CNY/kg, showing a slight increase of 0.06% [45] - The futures price of corn was 2394.00 CNY/ton, reflecting a week-on-week increase of 2.00%, while soybean meal futures rose by 3.33% to 2361.00 CNY/ton [52][57] Key News - The National Storage Network announced a central reserve frozen pork storage auction on March 4, 2026, with a total of 10,000 tons available for bidding [5][35] - Experts warn that the ongoing Middle East conflict could disrupt global fertilizer supply chains, potentially leading to a food crisis [5][35]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The geopolitical situation in Iran is escalating, which may impact the supply expectations and fundamentals of related chemical products. Methanol and urea may face supply disruptions, as Iran's methanol production capacity is significant, accounting for 59.78% of the Middle East's total capacity and 22.86% of international capacity (excluding China) as of February 2026. Urea exports from Iran are projected to be around 4.5 million tons in 2024, making it the third-largest exporter globally [3][4] - Major chemical companies are raising prices for MDI and TDI products, indicating potential price increases in traditional peak seasons. For instance, Hunstman announced a price increase of $260 per ton for MDI in the U.S. market, effective immediately [3][4] - The U.S. government has signed an executive order to protect the supply of phosphorus and glyphosate, which may lead to a revaluation of phosphate resources. This strategic resource is expected to maintain high demand and price stability [3][4] - The chemical industry is anticipated to experience a cyclical recovery and industrial upgrade in 2026, driven by domestic growth policies and a potential easing of monetary policy by the Federal Reserve. This may lead to a moderate recovery in traditional chemical demand [5][6] Summary by Sections Geopolitical Impact - The Iranian geopolitical situation is causing concerns over supply disruptions for chemical products like methanol and urea, with significant production capacities in Iran [3] - Sulfur and aluminum carbonate, which have high import dependencies, may also be affected by geopolitical factors, leading to potential price increases [3] Price Trends - The price of TMP has continued to rise due to tight supply conditions, with a reported price of 12,750 RMB per ton as of February 27, 2026, reflecting a 6.3% increase week-on-week [8] - Prices for refrigerants are expected to rise due to supply constraints and increased demand post-holiday, with notable price increases reported for various refrigerants [4][8] Long-term Investment Recommendations - The chemical industry is expected to benefit from a cyclical recovery and industrial upgrades in 2026, with a focus on sectors like pesticides and tire manufacturing, which may see increased pricing opportunities due to trade barriers [5] - Emerging industries such as sustainable aviation fuel (SAF) and lithium battery materials are projected to grow significantly, driven by global decarbonization policies [5][6]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The report highlights the solid cost and efficiency advantages of leading Chinese chemical companies, which are entering a long-term upward performance phase. The recovery in demand is expected to sustain the improvement in the performance of supply-constrained sectors. The carbon emission control measures are likely to lead to a re-evaluation of the Chinese chemical industry, with capacity expansion slowing down significantly. This is expected to enhance free cash flow and potential dividend yields for companies, transforming them from cash-consuming entities to cash-generating ones. The report emphasizes the importance of demand, value, and supply in identifying investment opportunities [2][29] Summary by Sections Recent Trends - As of February 26, 2026, the Guohai Chemical Prosperity Index stands at 94.19, reflecting a slight increase of 0.22 from February 19, 2026 [1] Performance Analysis - The basic chemical sector has shown a performance increase of 6.0% over the past month, 26.1% over the past three months, and 52.2% over the past year, significantly outperforming the CSI 300 index [4] Investment Opportunities - **Value-Driven Opportunities**: Companies such as Hualu Hengsheng, Luxi Chemical, and Baofeng Energy are highlighted for their potential dividend rate increases [2] - **Supply-Driven Opportunities**: Companies like Xin Fengming and Tongkun Co. are noted for benefiting from domestic supply constraints and European capacity exits [6] - **Demand-Driven Opportunities**: The report identifies companies in sectors such as gas turbines, refrigerants, and energy storage as key beneficiaries of growing demand [6][7] Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for various companies, indicating a positive outlook for firms like Dongfang Shenghong, Hubei Yihua, and Baofeng Energy, with expected earnings per share (EPS) growth in the coming years [30] Market Dynamics - The report discusses the impact of geopolitical tensions on oil prices, which are expected to rise, benefiting companies like China Petroleum and China National Offshore Oil Corporation. It also notes potential supply shortages in methanol and urea due to disruptions in Iranian production [10][11] Price Trends - Recent price movements include a significant increase in battery-grade lithium carbonate prices, which rose by 19.18% week-on-week, driven by supply constraints and demand recovery [14] Conclusion - The report concludes that the chemical industry is entering a favorable cycle, driven by supply-side constraints and increasing demand, making it an attractive investment area [29]

Core Viewpoint - Yuegui Co., Ltd. is benefiting from rising mineral prices, leading to a significant recovery in performance and is actively pursuing refinancing to accelerate industrial transformation and upgrades [1]. Group 1: Fundraising and Investment Projects - The company plans to issue up to 156 million shares to specific investors, raising a total of no more than 900 million yuan, which will be allocated to three major projects, including a 100,000 tons/year refined wet phosphoric acid project [2][3]. - The total investment for the three projects is approximately 1.077 billion yuan, 866 million yuan, and 317 million yuan, with the company intending to invest 600 million yuan, 200 million yuan, and 100 million yuan from the raised funds respectively [2]. Group 2: Project Details and Expected Outcomes - The refined wet phosphoric acid project aims to produce 36,200 tons/year of purified phosphoric acid, 5,000 tons/year of sodium fluorosilicate, and other products, with an expected profit of 154 million yuan and a net profit of 115 million yuan after tax [3]. - The Xiaotai quartz sand project is expected to achieve an annual output of 4.2 million tons, generating an estimated revenue of 279 million yuan and a profit of approximately 96.79 million yuan [3]. - The grinding system project will upgrade existing equipment but will not add new capacity or directly generate economic benefits [3]. Group 3: Financial Performance and Projections - Yuegui Co., Ltd. anticipates a net profit attributable to shareholders of 443 million to 503 million yuan in 2025, representing a year-on-year increase of 59.03% to 80.57% [6]. - The company reported fluctuating performance in recent years, with revenues of 2.705 billion yuan, 3.36 billion yuan, and 2.796 billion yuan from 2022 to 2024, and net profits of 295 million yuan, 66.32 million yuan, and 279 million yuan during the same period [5]. - The company has maintained a good relationship with banks and has signed a long-term loan agreement to cover the remaining funding gap for the investment projects [7].

证券代码：000833 证券简称：粤桂股份 广西粤桂广业控 股股份有限公司 2025 年度向特定对象发行 A 股股票 募集说明书 （修订稿） 保荐人（主承销商） （广东省深圳市福田区福田街道福华一路 111 号） 二〇二六年二月 粤桂股份向特定对象发行 A 股股票 募集说明书 声明 本公司及全体董事、高级管理人员、审计委员会委员承诺募集说明书及其他 信息披露资料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准 确性及完整性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、准确、完整。 中国证监会、深交所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 粤桂股份 ...

关于向特定对象发行股票的审核问询函回复 及募集说明书等申请文件修订的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 广西粤桂广业控股股份有限公司（以下简称"公司"）于 2026 年 1 月 27 日收到深圳证券交易所（以下简称"深交所"）出具的《关 于广西粤桂广业控股股份有限公司申请向特定对象发行股票的审核 问询函》（审核函〔2026〕120008 号）（以下简称《审核问询函》）， 深交所上市审核中心对公司向特定对象发行股票的申请文件进行了 审核，并形成了审核问询问题。 公司收到《审核问询函》后，会同相关中介机构对《审核问询函》 所列问题进行逐项回复和说明，同时对募集说明书等申请文件进行补 充和更新，并根据相关要求对《审核问询函》相关问题的回复予以披 露，具体内容详见公司在巨潮资讯网（http://www.cninfo.com.cn） 披露的相关公告文件。 公司本次向特定对象发行股票事项尚需通过深交所审核，并获得 中国证券监督管理委员会（以下简称"中国证监会"）作出同意注册 的决定后方可实施。本次向特定对象发行股票事项最终能否通过深交 所审核，并获 ...

关于广西粤桂广业控股股份有限公司 申请向特定对象发行股票的审核问询 函的回复 众环专字(2026)0500347号 目 录 起始页码 问题2 109 问题 1 2 关于广西粤桂广业控股股份有限公司 申请向特定对象发行股票的审核问询函的回复 众环专字(2026)0500347 号 深圳证券交易所： 根据贵所于 2026 年 1 月 27 日出具的《关于广西粤桂广业控股股份有限公司 申请向特定对象发行股票的审核问询函》（审核函〔2026〕120008 号）（以下简 称"审核问询函"）的要求，中审众环会计师事务所（特殊普通合伙）（以下简 称"本所"、"会计师"或"我们"）作为广西粤桂广业控股股份有限公司（以 下简称"发行人""公司""上市公司"或"粤桂股份"）向特定对象发行股票 的审计机构，本着勤勉尽责、诚实守信的原则，就审核问询函所提问题逐项进行 了认真落实、核查，并完成了《关于广西粤桂广业控股股份有限公司申请向特定 对象发行股票的审核问询函的回复》（以下简称"本问询函回复"或"本回复"）。 如无特殊说明，本问询函回复中的简称或名词释义与募集说明书具有相同含义。 在问询函回复中，若合计数与各分项数值相加之和在尾数 ...

招商证券股份有限公司 关于广西粤桂广业控股股份有限公司 向特定对象发行股票 之 发行保荐书 保荐人（主承销商） 住所：深圳市福田区福田街道福华一路 111 号 二〇二六年二月 保荐机构关于本次发行的申请文件 发行保荐书 声明 招商证券股份有限公司（以下简称"招商证券"或"保荐人"）接受广西粤 桂广业控股股份有限公司（以下简称"发行人"、"公司"或"粤桂股份"）的委 托，担任发行人 2025 年向特定对象发行股票的保荐人。 保荐人及其保荐代表人已根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）等法律法规和中国证 监会及本所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和 行业自律规范出具发行保荐书，并保证所出具文件真实性、准确性和完整性。 本发行保荐书中所有简称和释义，如无特别说明，均与《广西粤桂广业控股 股份有限公司 2025 年度向特定对象发行 A 股股票募集说明书》一致。 3-1-1 | | | 保荐机构关于本次发行的申请文件 发行保荐书 第一节 本次证券发行基本情况 一、保荐代表人、项目协办人及其他项目组成员 招商证券指定刘畅、王璐 ...