基础化工行业 行业研究 | 行业周报 草酸需求预期再次提升 核心观点 投资建议与投资标的 ⚫ 我们持续看好化工各子行业景气复苏机遇，如 MDI 龙头：万华化学(600309，买 入) ；PVC 行业，相关企业包括：中泰化学(002092，未评级)、新疆天业(600075， 未评级)、氯碱化工(600618，未评级)、天原股份(002386，未评级)。炼化行业我们 推荐相关龙头企业中国石化(600028，买入)、荣盛石化(002493，买入)、恒力石化 (600346，买入)。农化产业链我们看好技术服务为导向的龙头的增长机会，植调剂 龙头国光股份(002749，买入)；复合肥龙头，相关企业新洋丰(000902，买入)、史 丹利(002588，未评级)、云图控股(002539，未评级)；农药制剂出海龙头润丰股份 (301035，买入)。以及景气度持续性受储能高速增长拉动的磷化工中相关标的包 括：川恒股份(002895，未评级)、云天化(600096，未评级)等。草酸行业中，建议 关注：华鲁恒升(600426，买入)、华谊集团(600623，买入)、万凯新材(301216，买 入)。 风险提示 ⚫ 需求不及预期；海 ...

时值国家"十五五"开局之年，作为同时服务于粮食安全与能源安全两大国家战略的实体企业，新洋丰深 感责任重大。面对发展新质生产力、构建现代化产业体系的时代要求，我们将以"三双四柱"战略为核 心，坚守定力、聚焦路径、夯实举措，全面融入国家发展大局，开启高质量发展新篇章。 锚定"三双"服务国家战略布局 新洋丰将"三双"战略始终立足国家发展大局。 在加快矿山建设方面，新洋丰将全面推进绿色智慧矿山建设，加快保康竹园沟等重点矿山建设进度，探 索资源开发与环境保护协同新模式，在进一步提升企业磷矿资源自给率的同时，为国家战略性资源安全 贡献力量。 在软实力提升方面，新洋丰将通过创建高级别研发平台，承担国家、省、市重点科研项目，制定国家或 行业标准，申报发明专利等一系列措施确立行业科技创新引领者地位，以品牌升级夯实"磷复肥行业领 导者"形象，靠文化建设增强内部凝聚力，用社会责任履行提升公司公信力与品牌价值，打造与行业龙 头地位相匹配的综合软实力。 聚焦突破项目提速服务升级 其中，"双主业"即深耕磷复肥主业，筑牢国家粮食安全根基；布局磷系新能源新材料，服务国家能源安 全转型。二者协同，是新洋丰履行双重使命的产业实践。 "双核心"即 ...

在耕地资源约束趋紧、绿色发展成为时代主旋律的背景下，化工行业正处于提质增效与绿色转型的关键 阶段。《石化化工行业稳增长工作方案(2025—2026年)》(以下简称《方案》)明确提出，要以质量效益 为中心，强化科技创新与产业创新深度融合，以智能化、绿色化、安全化改造促转型，因地制宜发展新 质生产力。《方案》的发布不仅为行业深化转型升级指明了方向，更与新洋丰农业科技股份有限公司 (以下简称新洋丰)多年的战略实践深度共鸣。新洋丰积极响应国家战略部署，将《方案》要求转化为具 体行动计划，全面推进科研体系建设、产业链协同、智能化生产与资源循环利用等重点任务，全面加快 新质生产力培育步伐，力求打造化工行业绿色高质量发展的示范标杆。 强科技——夯实稳增长基础 生产端的智能化成效显著。2025年，新洋丰扎实推进数字化转型，聚焦生产与营运系统协同升级，安全 平台、实时数据库、智能决策系统等全面落地。如新洋丰第一个数字化转型试点——新合成氨厂，通过 实施先进过程控制系统，自控率提升至99%以上，装置运行平稳率达到99%以上，管理效率实现质的飞 跃。未来，新洋丰将持续深化生产流程智能化，打造集生产管理、运营分析和应急指挥于一体的" ...

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, Juhua, Yangnong Chemical, CNOOC, Tongkun, Daotong Technology, and others [10]. Core Views - The report highlights significant price increases in products such as p-nitrochlorobenzene (up 27.91%) and LLDPE (up 24.72%), while products like natural gas and LDPE saw substantial declines [6][18]. - It suggests focusing on investment opportunities in areas such as import substitution, domestic demand, and high dividend stocks, particularly in light of fluctuating international oil prices [6][19]. - The report anticipates that international oil prices will stabilize around $65 per barrel in 2026, influenced by geopolitical uncertainties and expectations of price declines [19]. Summary by Sections Product Price Movements - Notable price increases this week include p-nitrochlorobenzene (27.91%), LLDPE (24.72%), and liquid chlorine (20.90) [18]. - Conversely, significant declines were observed in natural gas (-22.34%) and LDPE (-18.02%) [5][21]. Industry Performance - The chemical industry remains in a weak position overall, with mixed performance across sub-sectors due to past capacity expansions and weak demand [21]. - Specific sectors like the glyphosate industry are showing signs of potential recovery, with decreasing inventories and rising prices, suggesting a possible entry into a favorable cycle [21]. Investment Recommendations - The report recommends focusing on companies with strong competitive positions and growth potential, such as Ruifeng New Materials and Baofeng Energy [21]. - It emphasizes the importance of domestic chemical fertilizer and pesticide sectors, which are expected to maintain stable demand due to self-sufficiency [21]. - The report also highlights the benefits for major oil companies like Sinopec, which are expected to gain from lower raw material costs due to declining oil prices [21].

基础化工行业 行业研究 | 行业周报 农化产业链迎布局机遇期 核心观点 投资建议与投资标的 ⚫ 我们看好农化产业链技术服务为导向的龙头的增长机会，植调剂龙头国光股份 (002749，买入)；复合肥龙头，相关企业新洋丰(000902，买入)、史丹利(002588， 未评级)、云图控股(002539，未评级)；农药制剂出海龙头润丰股份(301035，买 入)。我们持续看好化工各子行业景气复苏机遇，如 MDI 龙头：万华化学(600309， 买入) ；PVC 行业，相关企业包括：中泰化学(002092，未评级)、新疆天业 (600075，未评级)、氯碱化工(600618，未评级)、天原股份(002386，未评级)。炼 化行业我们推荐相关龙头企业中国石化(600028，买入)、荣盛石化(002493，买 入)、恒力石化(600346，买入)。以及景气度持续性受储能高速增长拉动的磷化工中 相关标的包括：川恒股份(002895，未评级)、云天化(600096，未评级)等。草酸行 业中，建议关注：华鲁恒升(600426，买入)、华谊集团(600623，买入)、万凯新材 (301216，买入)。 风险提示 ⚫ 需求不及预期； ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：新洋丰 ICC 鑫椤资讯年终盘点： 2025年碳酸锂市场盘点： 2025年电解液市场盘点： 2025年铜箔市场盘点： 2025年钴酸锂市场盘点： 2025年三元材料市场盘点： 2025年磷酸铁锂市场盘点： 2025年三元前驱体市场盘点： 2025年六氟磷酸锂市场盘点： 2025年添加剂VC市场盘点： 2025年钠离子电池市场盘点： 2025年新型锂盐LIFSI市场盘点： 2025年隔膜市场盘点： 2025年锂电池市场盘点： 2025年磷酸铁市场盘点： 2025年铝箔市场盘点： 2025年储能电池市场盘点： 2025年储能系统市场盘点： 2025年磷酸锰铁锂市场盘点： 2025年负极材料市场盘点： 近日，随着最后一条产线干燥窑炉产出淡黄色磷酸铁成品，经包装计量系统精准注入吨包袋，新洋丰第二套磷酸铁装 置三条产线宣告全面投产。 据介绍，新洋丰自2021年布局新能源材料板块以来， 依托母公司5亿吨磷矿资源储备及多年行业运营积累，搭建起一 条完整的"磷矿—磷酸—磷酸铁"磷化工产业链，先后建成两套共10万吨/年磷酸铁装 ...

Group 1 - The soybean concept sector experienced a decline of 0.10%, ranking among the top losers in the concept sector, with notable declines from companies such as Weiweiyuan, Beidahuang, and Jiahua [1] - Among the soybean concept stocks, six stocks saw price increases, with the top gainers being Wuchan Zhongda, Ruimaotong, and Nongfa Zhongye, which rose by 1.36%, 1.34%, and 0.44% respectively [1] - The main capital outflow from the soybean concept sector today was 107 million yuan, with eight stocks experiencing net outflows, and five stocks seeing outflows exceeding 10 million yuan [2] Group 2 - The leading stock in terms of capital outflow was Beidahuang, with a net outflow of 28.21 million yuan, followed by Wuchan Zhongda, Dabeinong, and Quanyin Gaoke, with net outflows of 25.58 million yuan, 12.99 million yuan, and 12.69 million yuan respectively [2] - The stocks with the highest net capital inflow included Xinyangfeng, Xianda Co., and Ruimaotong, with net inflows of 2.85 million yuan, 2.82 million yuan, and 1.90 million yuan respectively [2] - The detailed capital outflow data for soybean concept stocks shows that Beidahuang had a price decline of 1.52% with a turnover rate of 1.64%, while Wuchan Zhongda increased by 1.36% with a turnover rate of 1.39% [2]

Core Insights - The 2025 Hubei Brand Value Evaluation results were officially released, with Xinyangfeng Agricultural Technology Co., Ltd. awarded the "China·Hubei Province Brand Value Certificate" for its strong brand strength of 855 and brand value of 8.966 billion yuan [1] Group 1: Brand Growth - Xinyangfeng has transformed from a small township phosphate fertilizer factory to a leading national phosphate fertilizer enterprise with total assets exceeding 19 billion yuan and over 8,000 employees [3] - The company has established 14 modern production bases across 10 provinces in China, with its main product, compound fertilizer, maintaining the highest industry sales for several consecutive years [3] Group 2: Brand Innovation - Xinyangfeng adheres to a "dual main business" development strategy, focusing on integrated competitive advantages [3] - In the phosphate fertilizer sector, the company has launched a range of environmentally friendly innovative products, including specialized fertilizers, controlled-release fertilizers, and organic fertilizers, aimed at improving crop yield and quality [3] - The company is also focusing on green development of phosphate resources, particularly in the area of lithium iron phosphate for new energy battery materials [3] Group 3: Brand Service - Xinyangfeng has formed a professional technical service team of over 200 people and a promotion team of more than 1,000, providing comprehensive technical services throughout the crop growth cycle [4] - The company has established a nationwide sales network with over 6,000 primary distributors and more than 70,000 retail outlets, exporting products to nearly 40 countries and regions [4] - In 2025, Xinyangfeng conducted 28,900 technical training and demonstration events, training over 1 million people and establishing over 600 high-standard demonstration fields [4]

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, Jiangshan Co., and others [10]. Core Insights - Domestic gasoline and natural gas prices have seen significant increases, while products like hydrochloric acid and liquid chlorine have experienced substantial declines. The report suggests focusing on import substitution, pure domestic demand, and high-dividend opportunities [6][19]. - The international oil prices are expected to stabilize around $65 per barrel in 2026, influenced by geopolitical uncertainties. Companies with high dividend characteristics, such as Sinopec, are expected to benefit from declining raw material costs [6][19]. - The chemical industry is currently in a weak state, with mixed performance across sub-sectors. However, certain sectors like lubricants are performing better than expected, indicating potential investment opportunities [22]. Summary by Sections Chemical Industry Investment Recommendations - The report highlights significant price increases for domestic gasoline (11.38%) and natural gas (8.68%), while products like liquid chlorine (-18.02%) and hydrochloric acid (-13.79%) have seen notable declines [19][20]. - It emphasizes the importance of focusing on sectors that may enter a recovery phase, such as glyphosate, and suggests specific companies for investment [22]. Market Performance - The report notes that the chemical industry is currently facing a weak overall performance, with varying results across different sub-sectors due to past capacity expansions and weak demand [22]. - It recommends monitoring companies with strong competitive positions and growth potential, particularly in the lubricant additives and coal-to-olefins sectors [22]. Price Trends - The report provides insights into the price trends of various chemical products, indicating a mixed performance with some products rebounding while others continue to decline [20][22]. - It also discusses the impact of geopolitical factors on oil prices, which in turn affect the chemical industry [23][24]. Key Companies and Earnings Forecast - The report lists several companies with strong earnings forecasts, including Sinopec, Jiangshan Co., and others, all rated as "Buy" [10][11].

Core Viewpoint - The chemical industry is facing significant challenges such as product homogeneity and ongoing price wars, leading to shrinking profits and a state of "involution." To break this cycle, companies need a comprehensive strategy focusing on long-term value, resource optimization, innovation, and digital transformation [1][2]. Group 1: Strategic Direction - Companies should recalibrate their development logic with a long-term value mindset, determining what to focus on and what to avoid, thus seizing structural opportunities during industry restructuring. New Yangfeng has consistently implemented its "three doubles, one more" and "special, excellent, strong" strategies, allowing it to navigate away from the "involution" vortex [1]. Group 2: Resource Optimization - Companies need to proactively secure key raw material resources through recycling and process optimization, establishing unique resource control and allocation efficiency. New Yangfeng has strategically reserved mineral resources in regions like Hubei and Sichuan, achieving a total phosphate resource reserve of several hundred million tons, which enhances its cost advantage as mining capabilities develop [1]. Group 3: Innovation and Collaboration - Companies should strengthen industry-academia-research cooperation to create an open and collaborative innovation ecosystem, linking market demands with R&D. New Yangfeng has established specialized research institutes for its two main businesses, increased R&D investment, and built high-level research teams, facilitating rapid conversion of research outcomes into productivity [2]. Group 4: Digital Transformation - Companies must accelerate digital transformation to connect production, supply chains, and client interfaces, creating differential advantages in cost control, safety management, and customized services. New Yangfeng has implemented digital pilot projects over three years, enhancing overall management levels in safety, environmental protection, quality, and sales, which directly translates into economic benefits. In the first three quarters of 2025, despite adverse conditions, New Yangfeng achieved a net profit of 1.374 billion yuan, a year-on-year increase of 23.43% [2]. Conclusion - Breaking the cycle of "involution" requires a long-term strategic vision, resource optimization, technological innovation, and digital transformation. Only through these measures can chemical companies achieve high-quality development [2].