Investment Rating - The report maintains a positive outlook on the chemical industry, particularly highlighting undervalued and high-growth opportunities [1]. Core Insights - The anti-dumping duties on chlorpyrifos are expected to benefit domestic companies, with a recommendation to focus on Yangnong Chemical [3][4]. - The report emphasizes the importance of orderly exports of nitrogen fertilizers, suggesting that leading domestic companies should adopt a proactive pricing strategy to avoid excessive competition [3]. - The chemical sector is experiencing a gradual recovery in PPI, with a focus on investment opportunities in cyclical products due to low inventory levels [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a mixed outlook for oil, coal, and natural gas prices, with oil prices supported by shale oil production costs [3][4]. - The report notes a significant price increase in PTA and MEG, driven by supply constraints and optimistic market sentiment [9][10]. Fertilizer and Pesticide Market - Domestic urea prices have risen by 2.8% to 1830 CNY/ton, influenced by export policy expectations [11]. - The report highlights the stable pricing of various pesticides, with specific price points for glyphosate and other herbicides remaining unchanged [11]. Chemical Products Pricing - The report provides detailed pricing trends for various chemical products, including a 1.6% decrease in PVC prices and stable pricing for other chemicals like DMC and silicone [12][13]. - The report indicates a cautious market sentiment in the dye industry, with prices remaining stable despite cost support from raw materials [15]. Key Company Valuations - The report includes a valuation table for key companies, with recommendations for stocks such as Yangnong Chemical (buy) and Hualu Chemical (increase) based on their projected earnings and market performance [17][18].

Core Viewpoint - The company New Yangfeng Agricultural Technology Co., Ltd. will suspend the conversion of its convertible bonds during the implementation of the 2024 annual equity distribution, with the resumption of conversion set for the first trading day after the equity registration date [1][2]. Group 1: Equity Distribution and Bond Conversion - The company will implement the 2024 annual equity distribution soon, leading to the suspension of the conversion of its convertible bonds (code: 127031) starting from May 2025 [1]. - The conversion of the bonds will resume on the first trading day following the equity registration date [1]. - During the suspension period, the convertible bonds will continue to trade normally [1]. Group 2: Adjustment of Conversion Price - The adjustment of the conversion price will occur in the event of changes in the company's shares or equity, such as stock dividends, capital increases, or cash dividends [2]. - Specific formulas for adjusting the conversion price are provided, including scenarios for stock dividends, capital increases, and cash dividends [1][2]. - The company will announce the adjustment details, including the adjustment date and method, through official channels [2].

鉴于新洋丰农业科技股份有限公司（以下简称"公司"）将于近日实施公司 2024 年 年度权益分派，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》中"转股价格的调整方式及计算公式"（详见附件）条款的规定，自 2025 年 5 月 12 日起至本次权益分派股权登记日止，公司可转换公司债券（债券简称：洋丰转债；债 券代码：127031）将暂停转股，本次权益分派股权登记日后的第一个交易日起恢复转股。 在上述期间，公司可转换公司债券正常交易，敬请公司可转换公司债券持有人注意。 特此公告。 | 证券代码：000902 | 证券简称：新洋丰 | 编号：2025-028 | | --- | --- | --- | | 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 关于实施权益分派期间"洋丰转债"暂停转股的公告 本公司及董事会全体成员保证信息披露内容的真实、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： 增发新股或配股：P1＝（P0+A×k）/（1+k）； 上述两项同时进行：P1＝（P0+A×k）/（1+n+k）； 派送现金股利：P1＝P0-D； 上述 ...

证券代码：000902 证券简称：新洋丰 编号：2025-027 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 2024 年年度股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、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: 一、会议召开情况 （一）现场会议时间：2025 年 5 月 9 日（星期五）14：00 （二）网络投票时间：通过深圳证券交易所交易系统投票时间为：2025 年 5 月 9 日 9:15—9:25、9：30—11：30、13：00—15：00；通过互联网投票系统投票时间为：2025 年 5 月 9 日 9：15 至 15：00 期间的任意时间。 （三）现场会议召开地点：湖北省荆门市月亮湖北路附 7 号洋丰培训中心五楼会议 室。 （四）召开方式：现场表决与网络投票相结合的方式。 （五）召集人：新洋丰农业科技股份有限公司董事会。 （六）主持人：董事长杨才学先生。 （七）本次股东会会议的召集、召开程序、出席会议人员的资格和表决程序均符合 《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司股东会规则》、 《深圳证券交易所股票上市规 ...

地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于新洋丰农业科技股份有限公司 2024 年年度股东会的 法律意见书 上海市锦天城律师事务所 关于新洋丰农业科技股份有限公司 2024 年年度股东会的 法律意见书 致：新洋丰农业科技股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受新洋丰农业科技股份有 限公司（以下简称"公司"）的委托，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》"）《上市公司股 东会规则》（以下简称"《股东会规则》"）等法律、法规、规范性文件和《新洋丰 农业科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定，指派律师 列席公司 2024 年年度股东会（以下简称"本次股东会"），对本次股东会相关事 项进行见证，并依法出具本法律意见书。 本法律意见书仅就本次股东会的召集和召开程序、出席本次股东会人员的资 格、召集人资格、表决程序及表决结果发表意见，而不对 ...

Core Insights - New Yangfeng Agricultural Technology Co., Ltd. has achieved core technological breakthroughs in sulfuric acid production, establishing a replicable benchmark solution for digital transformation in process industries [1] Group 1: Technological Breakthroughs - The company has developed a "New Yangfeng Model" that emphasizes dual responsibility in digital projects, positioning itself as the action主体 and technology service providers as consultants [1] - Three core technologies have been successfully implemented in the digitalization of sulfuric acid production, providing solutions for the industry [2] Group 2: Specific Innovations - Sulfuric acid power generation control has been improved through a "single-point breakthrough—experience replication" strategy, utilizing decoupling control algorithms to establish mathematical models for key parameters [2] - A "dual-mode control system" has been created for sulfuric acid tail gas management, addressing issues with SO2 concentration fluctuations and monitoring data distortion during desulfurization [2] - Precise control in sulfur iron ore roasting has been achieved by developing a "multi-variable decoupling control algorithm," significantly reducing sulfur residue and enhancing operational stability [2]

Investment Rating - The report does not explicitly state an investment rating for the chemical industry Core Insights - In April 2025, the basic chemical index decreased by 3.61%, ranking 20th among primary industries, with 12 sub-industries showing growth and 20 experiencing declines [11][16][20] - The apparent consumption of methanol in China has surpassed 100 million tons for the first time [1] Market Overview - Major indices in April 2025 showed the following changes: Shanghai Composite Index -1.70%, Shenzhen Component Index -5.75%, ChiNext Index -7.40%, and North Securities 50 Index +4.72% [11] - The basic chemical sector's performance was mixed, with significant declines in rubber and related products, while daily chemical products and inorganic salts showed positive growth [16][20] Product Price Movements - The top ten products with price increases in April 2025 included Trichloroethylene (+16.28%), Ammonium Sulfate (+12.20%), and H Acid (+10.96%) [24][25] - Trichloroethylene prices rose significantly due to reduced production and strong demand in the refrigerant market [25][26] Sub-Industry Performance - Among the basic chemical sub-industries, the top five performers were daily chemicals (+8.56%), inorganic salts (+4.37%), and fluorochemicals (+3.46%), while polyurethane and tires saw the largest declines of -17.59% and -14.68%, respectively [16][19] - In April 2025, 221 companies in the basic chemical sector reported positive returns, while 319 reported negative returns [20] Company Performance - The top ten companies by monthly growth included United Chemical (+159.09%), Hongbaoli (+104.27%), and Zhongxin Fluorine Materials (+65.92%) [21][22] - Conversely, the bottom ten companies included Hunan YN (-22.18%), Dingjide (-22.54%), and Hengxing New Materials (-23.21%) [23][24] Industry News - In the first quarter of 2025, the chemical raw materials and products manufacturing industry achieved a total profit of 78.76 billion yuan, a slight decrease of 0.4% year-on-year [32] - Shandong province continues to enhance its chemical industry advantages, with 3,682 large-scale chemical enterprises and a revenue of 2.86 trillion yuan by the end of 2024 [32]

Core Viewpoint - The Supreme People's Court has allowed Shenzhen Quanwei Intellectual Property Operation Co., Ltd. to withdraw its patent infringement lawsuits against Yingcheng Xindu Chemical Co., Ltd. and Xin Yangfeng Agricultural Technology Co., Ltd., marking the end of the "high tower patent infringement" dispute, which has raised discussions on patent circulation and industry health in the compound fertilizer sector [1] Case Background - The patent infringement dispute involved multiple lawsuits filed by Quanwei against various companies, including Xin Yangfeng and Yingcheng Xindu, with all claims dismissed by the Wuhan Intermediate People's Court [2] - The court found that the production methods used by the defendants did not fall within the scope of the patent protection, thus not constituting infringement [2] - The National Intellectual Property Administration declared the relevant patent invalid, which significantly impacted the basis for Quanwei's infringement claims [2][3] Patent Validity and Industry Impact - The patent in question was deemed not to possess inventiveness as it combined existing technologies known in the field, leading to its invalidation [3] - The high tower granulation technology has been widely recognized and utilized in the industry for decades, further complicating the claims of originality by Quanwei [4][5] Legal and Economic Consequences - The litigation strategy employed by Quanwei has created a ripple effect within the industry, leading to increased legal complexities and potential financial liabilities for numerous companies involved in high tower fertilizer production [9] - Companies facing lawsuits may incur significant compensation costs or be forced to dismantle production facilities, disrupting their operational stability and market activities [9][10] Industry Development and Regulatory Response - The ongoing disputes have raised concerns about the stability of the supply chain and the overall health of the compound fertilizer industry, particularly given the importance of high tower technology in food security [10] - The judicial system's handling of the case reflects a commitment to balancing patent rights with industry innovation and market order, providing a framework for fair competition and technological advancement [10][11]

Investment Rating - The report maintains a "Positive" outlook on the chemical industry, highlighting the recovery at the bottom of the cycle and the focus on undervalued high-growth stocks [1]. Core Insights - The macroeconomic assessment of the chemical industry indicates a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium to long term. Natural gas prices are fluctuating at the bottom [3][4]. - The report forecasts a gradual recovery in profitability for the chemical sector in Q1 2025, driven by terminal inventory replenishment and improved demand, despite ongoing construction projects peaking and declining [3]. - The overall revenue for the chemical sector in 2024 is projected to reach 2.0601 trillion yuan, a 3% year-on-year increase, while net profit is expected to decline by 3% to 109.8 billion yuan, aligning with market expectations [3]. Summary by Sections Industry Dynamics - Current oil prices are influenced by the easing of the Russia-Ukraine conflict and U.S. tariff policies, with Brent crude averaging $80.93 per barrel in 2024, down 2% year-on-year. NYMEX natural gas futures are expected to average $2.41 per million British thermal units, down 10% year-on-year [3][4]. - The chemical industry is experiencing a "V"-shaped recovery in market conditions, with Q1 2025 revenue reaching 496.9 billion yuan, a 6% increase year-on-year, and net profit rising by 9% year-on-year to 32.8 billion yuan [3]. Investment Analysis - The report suggests focusing on traditional cyclical stocks with strong fundamentals, such as Wanhua Chemical and Hualu Chemical, as well as growth stocks in semiconductor materials and OLED technologies [3]. - The tire industry is expected to benefit from domestic demand recovery and cost reductions, with companies like Sailun Tire and Linglong Tire highlighted for potential investment [3]. - The report emphasizes the importance of identifying undervalued stocks with growth potential in the chemical sector, particularly in segments like agricultural chemicals and specialty chemicals [3]. Price and Inventory Changes - The report notes that the chemical industry is experiencing a gradual recovery in price differentials, with PPI data showing a slow recovery from negative values towards zero [3][4]. - The report highlights the importance of monitoring inventory levels and price movements in key chemical products, as these factors will influence future profitability and investment opportunities [3][4].

内容概况：农产品加工业是农业产业提质增效的最大空间，是统筹脱贫攻坚和乡村振兴的重要抓手，是 农业产业效益提升的重要途径。近年来，随着脱贫攻坚战取得全面胜利，贫困地区的交通条件、招商引 资、产业建设、民生保障等都发生了巨大变化。目前我国已经进入全面推进乡村振兴阶段，产业振兴是 乡村振兴的重要一环，乡村产业中农产品加工业是体量最大、产业关联度最高的产业。数据显示，2024 年全国规模以上农产品加工企业营业收入超18万亿元。农产品加工业的蓬勃发展，将成为推动乡村产业 振兴、促进农民增收致富的重要引擎，为乡村振兴战略的深入实施注入持久动力。 相关上市企业：苏垦农发（601952）、星光农机（603789）、敦煌种业（600354）、隆平高科 （000998）、梅安森（300275）、芭田股份（002170）、新洋丰（000902）、新希望（000876）、登海 种业（002041）、牧原股份（002714）等。 相关企业：浙江天顺控股集团有限公司、运鸿集团股份有限公司等。 关键词：乡村振兴战略、返乡入乡、国家农村产业融合发展示范园批准创建数量、国家现代农业产业 园、国家级农业产业强镇批准创建数量、规模以上农产品加工业 ...