当前，化工行业面临诸多挑战：产品同质化、价格战持续，导致不少企业利润不断收窄，行业陷入"内 卷"困局。如何破局"内卷"?化工企业需以"战略为舵、资源为基、创新为核、数字为翼"，只有全方位系 统布局，才能在激烈竞争中实现价值升级。 战略为舵，校准航向。企业需以长期价值思维重塑发展逻辑，选择不做什么、专注做什么，从而在产业 重构期抓住结构性机遇。新洋丰近年来始终坚定不移实施"三双一多""专特优强"战略，锚定方向埋头赶 路。如今看来，正是因为这份"任尔东西南北风"的战略定力，新洋丰才避开了"内卷"的漩涡。 资源为基，筑牢"家底"。企业需前瞻性布局关键原材料保障，通过循环利用、工艺优化等方式，构建难 以被复制的资源控制力与配置效率。新洋丰早在多年前就前瞻性进行资源布局，先后在湖北、四川等地 储备矿产资源。如今，磷矿资源总储量达数亿吨。随着矿山开采能力逐步形成，资源端的成本优势持续 凸显。 数字为翼，赋能增效。企业需加快数字化转型，打通生产、供应链与客户端的数字链路，从而在成本控 制、安全管控与定制服务中创造差异优势，将运营效率转化为利润空间。新洋丰历经三年破冰攻坚，一 批生产系统数字化试点项目落地见效，推动企业安全、 ...

行 业 及 产 业 基础化工 相关研究 《氨纶或迎格局重塑，欧盟对华轮胎反倾 销暂不采取措施，不改企业出海优势—— 《化工周报 25/12/15-25/12/19》》 2025/12/21 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230525090001 zhouchao@swsresearch.com 李绍程 A0230525070002 lisc@swsresearch.com 李彦宏 A0230125030002 liyh@swsresearch.com 联系人 马昕晔 A0230511090002 maxy@swsresearch.com 2026 年 01 月 11 日 陕西省或对高耗能行业实施差别化 ...

近日，新洋丰农业科技股份有限公司凭借坚实的研发基础、卓越的创新团队和丰硕的科创成果，成 功获批"农业农村部作物高效专用肥料重点实验室"。这一重大创新平台的落地，标志着新洋丰在农业科 技创新平台建设方面取得重大突破，将为我国农业绿色发展、肥料行业转型升级以及保障国家粮食安全 注入新的核心驱动力。 肩负国家使命，跻身战略布局 在全球粮食安全形势日趋复杂、耕地保护持续压力增大的背景下，农业生产方式正历经一场深刻变 革。肥料是提升土壤地力，实现作物优质高产的关键因素，2024年，农业农村部印发《全国农业科技创 新重点领域(2024-2028年)》，将新型肥料产品及其配套装备作为耕地质量提升的重点方向，对肥料领域 的科技创新提出了更高要求。 "农业农村部作物高效专用肥料重点实验室"由新洋丰牵头，联合华中农业大学、中国农科院油料所 共同组建。实验室瞄准新一轮千亿斤粮食增产行动、大豆和油料提质增产、农业绿色低碳等国家重大战 略需求，构建"前沿基础研究—核心技术攻关—重大产品创制—产业化推广"四位一体的全链条创新体 系。重点实验室的建立，使新洋丰深度融入国家农业科技创新体系，在推动农业绿色高质量发展进程中 发挥更关键的引领作 ...

| 证券代码：000902 | 证券简称：新洋丰 | 编号：2026-001 | | --- | --- | --- | | 债券代码：127031 | 债券简称：洋丰转债 | | 新洋丰农业科技股份有限公司 2025 年第四季度可转换公司债券转股情况公告 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、 误导性陈述或者重大遗漏。 特别提示： （三）可转债转股期限 根据《新洋丰农业科技股份有限公司公开发行可转换公司债券募集说明书》（以下 简称"《募集说明书》"）等有关规定，本次发行的可转换公司债券转股期限自可转债 发行结束之日（2021年3月31日）起满六个月后的第一个交易日（2021年10月8日）起至 可转债到期日（2027年3月24日）止（如该日为法定节假日或休息日，则顺延至下一个 交易日）。 | | | 根据《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监管指引 第15号——可转换公司债券》等有关规定，新洋丰农业科技股份有限公司（以下简称"公 司"）现将2025年第四季度可转换公司债券（以下简称"可转债"）转股及公司股份变 动情况公告如下： 一、可转债发行上市概况 ...

据悉，近段时间以来，磷肥原料硫黄价格高位运行，不利于冬储春耕备肥用肥。在此背景下，相关中央 企业统筹自产硫黄资源，向长期合作的重点磷肥生产企业平价销售硫黄，以有效降低磷肥生产成本，夯 实磷肥保供稳价基础。 在此基础上，这些磷肥企业联合提出5点承诺：一是稳定生产。统筹推进生产经营各项工作，加强生产 组织调度，坚决完成最低生产计划任务，确保市场供应充足。二是积极销售。本着"应售即售"的原则， 将所产磷肥快速足量投入市场，坚决不出现囤积惜售、限售搭售等行为，将销售情况全面及时提供给有 关部门。三是稳定价格。当前至2026年春耕结束，保持磷肥售价稳定，坚决不出现哄抬价格、串通涨 价、明稳暗涨等扰乱市场秩序的行为。四是保障储备。加强与相关储备企业的业务合作，所产磷肥优先 供应建储需求，支持相关储备企业以较低成本有序建储，以保障2026年春耕用肥集中需求。五是服务应 急。如出现局部地区磷肥供应紧张、价格不稳情况，立即全力调集本企业资源定向供应，确保全行业保 供稳价工作落到实处。 中化新网讯近日，记者从中国磷复肥工业协会获悉，已有9家磷肥生产企业联合发布承诺书并表示坚决 落实磷肥保供稳价责任，积极践行化肥行业使命担当。 这 ...

Report Summary 1. Industry Investment Rating The report does not provide an investment rating for the agrochemical products industry. 2. Core Viewpoints The agrochemical products industry has stable demand supported by the "stable grain supply" policy and the growth of fertilizer and pesticide exports. The supply - side ecosystem is expected to optimize under the "anti - involution" policy, and the industry's profitability is expected to increase. Policy support for food security has strengthened the demand for agrochemical products, and multi - dimensional factors such as domestic consumption and exports have further boosted the demand. Meanwhile, the supply - side reform in the fertilizer and pesticide sectors is promoting industry concentration and high - quality development [1][12]. 3. Summary by Directory 3.1 Agrochemical Products Industry Overview - **Policy Support and Demand Foundation**: The government has continuously strengthened food security policies. In 2025, the national grain output reached 14297.5 billion jin, an increase of 1.2% year - on - year, providing core support for agrochemical product demand. Domestic food consumption is rigid, and the demand for agrochemical products is driven by multiple factors such as domestic food, feed consumption, and exports. In 2025, from January to November, the export volume of fertilizers increased by 45.52% year - on - year, and the export volume of pesticides also increased significantly [12][13]. - **Supply - side Optimization**: The government and the industry are jointly promoting "anti - involution." The Chinese Pesticide Industry Association launched a three - year "Rectifying Involution" action, and the Chinese Phosphate and Compound Fertilizer Industry Association issued an initiative to strengthen industry self - discipline. As backward production capacity exits and new capacity is limited, the industry ecosystem is expected to improve [14]. 3.2 Fertilizer Industry - **Industry Chain and Supply - side Reform**: The fertilizer industry includes phosphate fertilizers, nitrogen fertilizers, potassium fertilizers, and compound fertilizers. In recent years, the supply - side reform has advanced, with an increase in fertilizer production but a decrease in application and an improvement in utilization efficiency. In 2025, from January to November, the export volume of fertilizers increased by 45.52% year - on - year, mainly driven by nitrogen fertilizers and compound fertilizers, while the import volume decreased by 1.22% year - on - year [15][20]. - **Phosphate Fertilizer Sub - sector**: The supply of phosphate fertilizers is restricted by phosphate rock resources. In 2025, from January to November, the production of monoammonium phosphate and diammonium phosphate decreased year - on - year. The price of phosphate fertilizers has been rising due to the tight balance of phosphate rock supply and demand and strict policies on new phosphate ammonium capacity [32][54]. 3.3 Pesticide Industry - **Industry Structure and Policy - driven Supply Improvement**: Pesticides are used for pest control and plant growth regulation. China is the world's largest producer of pesticide technicals, but there is a problem of over - capacity. In 2025, the Chinese Pesticide Industry Association proposed a three - year "Rectifying Involution" action plan, and new policies such as the revised "Pesticide Registration Management Method" will optimize the industry's competition pattern [61][62]. - **Production, Demand, and Price Trends**: In 2025, from January to November, the growth rate of China's pesticide technical production decreased, but the export volume increased. The global demand for pesticides is rigid, and pesticide prices are expected to recover as over - capacity is alleviated [63][71]. - **Glyphosate Sub - sector**: Glyphosate is the most widely used single - product pesticide globally. Policy restricts new capacity, and the inventory has been decreasing since 2025. The growth of global transgenic crop planting area drives the demand and export of glyphosate, and the price is expected to rise, and the industry's prosperity is expected to increase [75][90]. 3.4 Agrochemical Products Industry Convertible Bonds Basic Situation - **General Information**: As of December 26, 2025, the outstanding balance of convertible bonds in the agrochemical products industry totaled 9.767 billion yuan, accounting for 25.27% of the convertible bond balance in the basic chemical industry. The un - converted ratio of all convertible bonds is over 90%, and the credit ratings range from AA - to AA + [91][94]. - **Trading and Valuation**: The trading volume of Hebang Convertible Bonds is the highest, with an annual trading volume exceeding 24 billion yuan. Since 2025, both the prices of agrochemical convertible bonds and their underlying stocks have risen, and the price increase of underlying stocks is generally stronger than that of convertible bonds. All agrochemical convertible bonds are balanced - type, with Yangfeng Convertible Bonds having a relatively high conversion premium rate of over 40% [95][99]. - **Financial Performance**: From Q1 to Q3 in 2025, the profitability of most issuers of agrochemical convertible bonds has recovered. The operating net cash flow of most issuers has shown continuous inflow or improvement, and the asset - liability ratio at the end of Q3 in 2025 is generally controllable [3][103]. 3.5 Individual Bond Situations - **Xingfa Convertible Bonds**: The issuer, Xingfa Group, is a leading enterprise in the phosphate chemical industry, with advantages in phosphate rock mining rights and power costs. It has a complete phosphate chemical industry chain, and its new energy materials business is advancing. In 2025, from Q1 to Q3, its profitability was stable, and the net profit increased year - on - year [108][110]. - **Suli Convertible Bonds**: The issuer, Suli Co., Ltd., is engaged in pesticides, flame retardants, and other fine chemical products. In 2025, the demand in the agrochemical market recovered, and the quantity and price of its products such as chlorothalonil and decabromodiphenylethane increased, driving the growth of the company's performance [111][112]. - **Fengshan Convertible Bonds**: The issuer, Fengshan Group, is involved in pesticides, new energy electronic chemicals, and fine chemical new materials. In 2025, the company's net profit turned from loss to profit in the first three quarters, and its operating performance improved [113][115]. - **Hebang Convertible Bonds**: The issuer, Hebang Biotech, is engaged in mining, chemicals, photovoltaic glass, etc. The company has strengthened its mining layout, and the phosphate rock business has been prosperous. Since the second quarter of 2025, the quantity and price of glyphosate have increased [116][117]. - **Yangfeng Convertible Bonds**: The issuer, New Yangfeng, is a leading enterprise in phosphate compound fertilizers. It has a complete industrial chain layout, and its new fertilizer business is developing. In 2025, from Q1 to Q3, its profitability was stable, and the net profit increased year - on - year [118][119].

"十四五"期间，新洋丰农业科技股份有限公司(以下简称新洋丰)以战略定力破局，以创新动能领航，完成了从单 一磷复肥主业向"磷复肥+新能源材料及精细化工"双主业的历史性跨越；从过去单纯靠规模和资源转向靠产品力和 服务力，形成了差异化的竞争新优势。5年来，新洋丰在产业链布局、科技创新、绿色转型等领域取得突破性成 就，不仅巩固了在磷复肥行业领军地位，更构建起可持续发展的坚实底座，为"十五五"期间的价值跃升积蓄了强 大势能。 新洋丰荆门总部生产基地 稳增长 全链协同筑牢发展"压舱石" "十四五"期间，新洋丰保持了高质量发展态势，营收与净利润保持稳健增长。其中，新洋丰主导产品复合肥产销 量始终位居行业第一，磷酸一铵产销量位居行业前三。数据显示，2024年新洋丰营收155.63亿元，净利润13.15亿 元，较2020年分别增长35.3%、27.38%。这组亮眼数据的背后是新洋丰"资源供应—高效制造—市场服务"全产业 链协同发力的坚实支撑。 "十四五"期间，新洋丰还通过建设一系列项目，实现纵向"强链补链"。例如，30万吨/年合成氨技改项目在湖北荆 门总部建成，实现湖北荆门、湖北钟祥、湖北宜都3个基地合成氨原料自给自足；曼海姆 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the compound fertilizer industry is experiencing a favorable supply-demand dynamic, with expectations for leading companies to see volume and profit recovery, as well as increased dividends [5][7][28] - The compound fertilizer market is transitioning towards new types of fertilizers that are more efficient, specialized, functional, and precise, driven by changes in agricultural practices and consumer demand [28] Summary by Sections 1. Demand Side - The consumption of compound fertilizers has a strong necessity attribute, with the compound fertilizer application rate in China expected to continue rising. From 2000 to 2023, the application of compound fertilizers increased from 9.18 million tons to 24.01 million tons, with a CAGR of 4.3%, while the overall fertilizer application rate reached 47.8% in 2023 [20][24][22] 2. Supply Side - The compound fertilizer industry operates on a sales-based production model, with a low operating rate. As of November 2025, the domestic compound fertilizer capacity was 134.14 million tons, with an annualized operating rate of 38.8% [27][39][36] - The industry is characterized by a seasonal demand pattern, with production concentrated in resource-rich areas or sales locations, leading to a fragmented capacity distribution [28][39] 3. Price Review and Competitive Landscape - The pricing of compound fertilizers is primarily based on a cost-plus model, with raw material costs accounting for over 80% of total costs. The report notes that fluctuations in raw material prices significantly impact the profitability of compound fertilizers [43][42] - Leading companies are enhancing their competitive advantages through comprehensive strategies involving cost management, product development, branding, and distribution channels [6][7][28] 4. Company Analysis - Key players in the compound fertilizer industry include New Yangfeng, Yuntu Holdings, and Stanley, all of which have demonstrated significant advantages in terms of production capacity and integrated supply chains [6][7][28] - New Yangfeng has a production capacity of 7.98 million tons of compound fertilizers and has maintained a leading position in sales volume for several years [6][7] - Yuntu Holdings focuses on developing a nitrogen-phosphorus fertilizer industry chain and has a production capacity of 7.45 million tons [6][7] - Stanley employs a comprehensive business model that integrates branding, channels, products, and services, with a production capacity of 5.90 million tons [6][7]

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 Viewpoints - The report highlights significant price increases in battery-grade lithium carbonate (up 10.79%) and industrial-grade lithium carbonate (up 10.78%), while sulfur and liquid chlorine experienced notable declines [4][7]. - It suggests focusing on investment opportunities in areas such as import substitution, pure domestic demand, and high dividend stocks, particularly in light of the current geopolitical tensions affecting oil prices [6][18]. - The overall chemical industry remains under pressure, with mixed performance across sub-sectors due to past capacity expansions and weak demand, although some sectors like lubricants are performing better than expected [21]. Summary by Sections Chemical Industry Investment Suggestions - The report recommends paying attention to the glyphosate industry, which is showing signs of recovery with decreasing inventory and rising prices, suggesting potential investment in companies like Jiangshan Co., Xingfa Group, and Yangnong Chemical [21]. - It also emphasizes selecting stocks with strong competitive positions and growth potential, particularly in the lubricant additive sector and coal-to-olefins industry [21]. - The report notes that domestic demand for chemical fertilizers and certain pesticide sub-products remains robust, with companies like Hualu Hengsheng and China Heartlink Fertilizer being highlighted for investment [21]. Price Trends of Chemical Products - The report details recent price movements, with significant increases in battery-grade lithium carbonate and PTA, while products like sulfur and liquid chlorine saw declines [4][5][19]. - It mentions that the international oil price is expected to stabilize around $65 per barrel, which could benefit companies with high dividend yields and those that are sensitive to raw material cost reductions [6][18]. Market Dynamics - The report discusses the impact of geopolitical tensions on oil prices, particularly the situation in Venezuela and the EU's sanctions on Russia, which have contributed to recent price fluctuations [22][23]. - It highlights the weak trading atmosphere in the coal market, with prices declining due to limited demand and cautious market sentiment [29][30]. - The report notes that the polypropylene market is experiencing downward pressure due to weak demand and increased supply, while the PTA market is expected to remain strong due to ongoing inventory reduction [31][35].

12月28日，总部位于荆门的洋丰集团股份有限公司举行2025年总结表彰大会。会上，新洋丰中磷总 经理李万和等三人获"董事长特别奖"，奖金分别达160万元、30万元和30万元。 洋丰集团年度总结表彰大会除总结工作外，关注度最高的就是年终奖发放，包括目标考核责任兑现 奖和单项奖。 当天，洋丰集团股份有限公司共发放奖金2000多万元，涉及300多人。除颁发"董事长特别奖"外， 还为先进单位、优秀管理干部、劳动模范、先进工作者、技改创新奖、合理化建议奖、科技荣誉奖、知 识产权奖、制定标准奖等奖项获得者和考核优秀单位颁发证书和奖金。 今年获"董事长特别奖"的三人分别为新洋丰中磷总经理李万和、新洋丰研究院副院长梁富忠和湖北 丰锂新能源科技公司总经理胡明峰。李万和今年担任新洋丰中磷总经理以来，果断推进实施35项技术改 造，覆盖磷化工从选矿到产品终端的全产业链，获得160万元奖金，同时还被表彰为优秀管理干部。 梁富忠和胡明峰通过技改和数字化改革，大幅降低磷酸铁生产成本，分别获得奖金30万元。 "获得'董事长特别奖'非常高兴，感谢董事长和总部的支持肯定，新洋丰中磷将继续深化改革，为 公司长远发展贡献力量。"李万和激动地说。 洋 ...