消息面上，农业农村部等四部门近日发布的《关于统筹建立常态化金融支持机制助力防止返贫致贫和乡村全面振兴的意见》提出，加大农村 地区企业上市辅导培育力度，帮助更多企业利用多层次资本市场进行融资。 今日农化板块的强势表现，既是资金对政策利好的即时响应，也是行业基本面边际改善的集中体现。作为农业生产的核心配套领域，农化行 业直接关联粮食安全与农业现代化进程，其发展高度受益于农业产业扶持政策的密集落地。 2月24日，A股农化板块上涨，带动成分股川金诺（300505.SZ）涨超13%，和邦生物（603077.SH）、美邦股份（605033.SH）、兴发集团 （600141.SH）、云图控股（002539.SZ）、云天化（600096.SH）、川发龙蟒（002312.SZ）、湖北宜化（000422.SZ）、川恒股份 （002895.SZ）、澄星股份（600078.SH）、金正大（002470.SZ）实现10CM涨停。 对新洋丰、云天化等具备全产业链布局的农化龙头而言，政策支持将进一步巩固其行业优势地位。 以磷复肥龙头新洋丰为例，公司正推进"磷矿开采－选矿－精深加工"一体化全产业链布局，2025年5月开工建设的夷陵磷系新材料 ...

Investment Rating - The report maintains a "Positive" rating for the chemical industry [4][3]. Core Insights - The macroeconomic outlook for the chemical industry indicates a stable increase in oil demand due to global economic recovery and tariff adjustments, with Brent crude oil expected to remain in the range of $60-75 per barrel [4][5]. - The report highlights a potential spring boom in the chemical sector, driven by the success of domestic robotics showcased during the Spring Festival and favorable export conditions following tariff reductions [4][3]. - Investment opportunities are identified in various chains, including textiles, agricultural chemicals, and overseas real estate, with specific companies recommended for investment [4][3]. Industry Dynamics - Oil supply is tightening due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with improved global economic conditions [5]. - The chemical industry is at a cyclical turning point, with downstream operations gradually resuming post-holiday, indicating a positive demand outlook for the year [4][3]. - The report notes that the Producer Price Index (PPI) for industrial products decreased by 1.4% year-on-year in January, while the manufacturing PMI recorded 49.3, indicating some volatility in manufacturing activity [7][4]. Investment Analysis - The report suggests a diversified investment strategy focusing on four key areas: textiles, agricultural chemicals, export chains, and beneficiaries of "anti-involution" policies [4][3]. - Specific companies to watch include those in the textile chain like Lu Xi Chemical and Tongkun Co., and in the agricultural chain like Hualu Hengsheng and Baofeng Energy [4][3]. - The report emphasizes the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, recommending companies such as Yake Technology and Ruilian New Materials [4][3].

2月24日，新洋丰涨5.22%，截至发稿，报17.53元/股，成交6179.93万元，换手率0.31%，总市值219.95 亿元。 资料显示，新洋丰农业科技股份有限公司位于湖北省荆门市月亮湖北路附7号，成立日期1986年10月20 日，上市日期1999年4月8日，公司主营业务涉及磷复肥、磷酸铁、磷石膏产品的研发、生产和销售,以 及现代农业产业解决方案提供业务。主营业务收入构成为：常规复合肥40.71%，新型复合肥30.32%， 磷肥24.59%，其他业务2.37%，精细化工2.01%。 从新洋丰十大流通股东角度 数据显示，鹏华基金旗下1只基金位居新洋丰十大流通股东。鹏华中证细分化工产业主题ETF联接A （014942）三季度新进十大流通股东，持有股数943.12万股，占流通股的比例为0.83%。根据测算，今 日浮盈赚取约820.51万元。 鹏华中证细分化工产业主题ETF联接A（014942）成立日期2022年3月8日，最新规模1.16亿。今年以来 收益9.61%，同类排名1182/5580；近一年收益49.39%，同类排名877/4297；成立以来收益1.3%。 鹏华中证细分化工产业主题ETF联接A（0149 ...

Core Insights - The chemical industry is at the beginning of a new prosperity cycle globally, with Chinese chemical companies showing stronger profit foundations and elasticity due to past expansions and capital expenditures [5][11][29] - Focus on cyclical chemical products, particularly those with resource attributes and potential in the real estate chain [4][5] - The demand from major economies like China and the US is expected to improve, with China's GDP projected to exceed 140 trillion yuan, growing at 5.0% year-on-year [5][22] Group 1: Global and Domestic Chemical Landscape - The global chemical landscape is improving, with China's chemical sector becoming more resilient [9][12] - China's share of the global chemical market has significantly increased from 13% in 2004 to 47% in 2024, indicating its growing importance in the global chemical industry [14][29] - The capital expenditure in the global chemical sector has paused, with many overseas chemical companies reducing production, which may benefit Chinese companies [14][16] Group 2: Resource Attributes in Chemical Products - Three main resource directions are emphasized: mineral resources (like phosphate and potash), indicator resources (such as pesticides and refrigerants), and channel resources (like compound fertilizers) [5][33] - China's phosphate reserves rank second globally, with a steady increase in demand driven by both traditional fertilizer needs and emerging sectors like lithium iron phosphate for batteries [33][36] - The supply of fertilizers is expected to contract in 2025, with production of monoammonium phosphate and diammonium phosphate projected to decrease by 6.73% and 6.86% respectively [39] Group 3: Real Estate Chain Chemical Products - The market currently has low expectations for the recovery of demand in the real estate chain, but there is potential for significant improvement due to government stimulus policies [5][22] - The supply concentration of chemical products related to the real estate chain is gradually increasing, which may lead to faster and easier supply-demand improvements [5] Group 4: New Materials and Domestic Substitution - The report highlights the importance of domestic substitution and the development of new materials in line with China's strategic plans for emerging industries [7][8] - Key areas of focus include lubricating oil additives, semiconductor materials, and bio-based materials [7] Group 5: Investment Recommendations - Suggested companies for investment include Hualu Chemical, Xin Fengming, Yuntianhua, and others, focusing on those with strong market positions and innovative capabilities [7][8]

Core Insights - New Yangfeng's innovative products "Yangfeng Dual Control" and "Gaofu Special ARC" have been officially recognized in Hubei Province's scientific fertilization product directory, contributing to the goal of reducing fertilizer use while increasing efficiency in agriculture [1][5][12] Group 1: Scientific Fertilization and Technology - The Ministry of Agriculture and Rural Affairs has been promoting the reduction and efficiency of chemical fertilizers since the 14th Five-Year Plan, aiming for over 95% coverage of soil testing and formula fertilization technology for major grain crops by 2025, with a chemical fertilizer utilization rate of 43.3%, an increase of 3.1 percentage points from 2020 [2] - New Yangfeng focuses on "high efficiency, specialization, environmental protection, and functionality" in its scientific fertilization technology, addressing traditional agricultural challenges through innovative solutions [5][12] Group 2: Product Innovations - The "Yangfeng Dual Control" fertilizer utilizes DCR dual control technology to extend nutrient effectiveness and meet the balanced nutritional needs of crops throughout their growth cycle, while the "Gaofu Special ARC" fertilizer, developed in collaboration with the Chinese Academy of Agricultural Sciences, effectively combines microbial agents with high-quality compound fertilizers to enhance oilseed crop yields [7][12] - The "Yangfeng Dual Control" fertilizer has demonstrated significant results in various regions, with rice yields increasing by 60 kg per mu in Heilongjiang and corn yields increasing by 98 kg per mu in Inner Mongolia, showcasing its effectiveness in improving nutrient utilization and crop resilience [11] Group 3: Agricultural Impact and Future Directions - New Yangfeng's innovative technologies have led to an average yield increase of 8%-10% for field crops and over 10% for economic crops, with new fertilizers improving utilization rates by 10-20% [13] - The company aims to continue its "innovation-driven, green development" strategy, focusing on the promotion and application of green fertilizers to enhance soil health and agricultural productivity, contributing to food security and rural revitalization [13]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The chemical industry is experiencing a recovery opportunity across various sub-sectors, with specific recommendations for leading companies such as Wanhua Chemical (600309, Buy) in the MDI sector, and China Petroleum & Chemical Corporation (600028, Buy) in the refining sector [3][5] - The demand for oxalic acid is expected to rise, driven by investments in the iron-lithium supply chain, indicating a tightening supply-demand situation that may elevate market conditions [3][8] Summary by Relevant Sections Investment Suggestions and Targets - The report continues to favor recovery opportunities in the chemical sub-sectors, recommending leading companies such as: - MDI leader: Wanhua Chemical (600309, Buy) - PVC industry: Zhongtai Chemical (002092, Not Rated), Xinjiang Tianye (600075, Not Rated), Chlor-alkali Chemical (600618, Not Rated), Tianyuan Co., Ltd. (002386, Not Rated) - Refining sector: China Petroleum & Chemical Corporation (600028, Buy), Rongsheng Petrochemical (002493, Buy), Hengli Petrochemical (600346, Buy) - Agricultural chemical chain: Guoguang Co., Ltd. (002749, Buy), Xinyangfeng (000902, Buy), Shidanli (002588, Not Rated), Yuntu Holdings (002539, Not Rated), Runfeng Co., Ltd. (301035, Buy) - Phosphate chemical sector: Chuanheng Co., Ltd. (002895, Not Rated), Yuntianhua (600096, Not Rated) - Oxalic acid sector: Hualu Hengsheng (600426, Buy), Huayi Group (600623, Buy), Wankai New Materials (301216, Buy) [3] Market Dynamics - The chemical industry has seen increased attention, with a recovery in stock prices following a dip influenced by precious metals and crude oil futures. This indicates a shift away from previous narratives tied to external market influences [8] - The report highlights that the current chemical market rally is primarily driven by policy guidance and strategic adjustments within the industry, suggesting a return to a favorable economic cycle for the chemical sector [8]

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].

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The agricultural chemical industry is entering a period of layout opportunities, driven by the increasing importance of food security amid geopolitical fluctuations. The focus is on enhancing planting efficiency through technological empowerment [8] - The report emphasizes the growth potential of leading companies in the agricultural chemical sector, particularly those focused on technology services, including plant growth regulators, compound fertilizers, and pesticide formulations [3][8] - The report highlights the recovery opportunities in various sub-sectors of the chemical industry, including MDI, PVC, and refining, with specific companies recommended for investment [3][8] Summary by Relevant Sections Agricultural Chemical Sector - The report identifies growth opportunities in the agricultural chemical sector, particularly for companies that provide technology-driven services. Key areas include: 1. Plant growth regulators, which are characterized by low usage, high effectiveness, and cost efficiency, are seen as essential for modern agriculture [8] 2. Compound fertilizers are crucial for providing precise nutrient ratios to crops, with room for growth in China's compound fertilizer application rates compared to developed countries [8] 3. The potential for Chinese pesticide formulation companies to expand internationally, breaking the monopoly of traditional multinational corporations [8] Chemical Industry Recovery - The report notes a positive outlook for the recovery of various chemical sub-sectors, including: - MDI leader Wanhua Chemical (600309, Buy) [3] - PVC industry players such as Zhongtai Chemical (002092, Not Rated) and Xinjiang Tianye (600075, Not Rated) [3] - Refining sector leaders like Sinopec (600028, Buy) and Rongsheng Petrochemical (002493, Buy) [3] - The report anticipates continued price increases for high-energy products, particularly in the PVC sector, due to supply constraints and structural demand shifts [8]