Core Viewpoint - The article discusses the comprehensive production and market outlook for various lithium battery materials and related sectors, emphasizing the growth and strategic developments in the industry leading up to 2025 [1]. Group 1: Lithium Market Overview - The article outlines the market trends for lithium carbonate, electrolytes, copper foil, lithium cobalt oxide, ternary materials, lithium iron phosphate, and other related materials for 2025 [1]. - It highlights the increasing demand for lithium-ion batteries and the expected growth in the energy storage battery market [1]. Group 2: New Energy Material Development - Since 2021, the company has established a complete phosphate chemical industry chain from phosphate rock to phosphoric acid and iron phosphate, leveraging its 500 million tons of phosphate resource reserves [2]. - The company has built two sets of iron phosphate production facilities with a total capacity of 100,000 tons per year, with six production lines in total [2]. - The first production facility has been operating steadily since its launch, while the second facility was restarted in November 2025 and successfully launched one of its production lines [2].

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].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The macroeconomic outlook for the chemical industry indicates a stable increase in oil demand due to global economic recovery, with Brent crude oil expected to remain in the range of $55-70 per barrel [3][4]. - The report highlights the implementation of differentiated electricity pricing for high-energy-consuming industries in Shaanxi Province, which may accelerate capacity elimination in these sectors [3][4]. - The organic silicon industry is expected to see price increases, with DMC prices projected to rise to 14,000 yuan per ton due to tightening supply and pre-holiday inventory buildup [3][4]. - The commercial aerospace sector is experiencing significant growth, with a notable increase in satellite launches and approvals for new satellite constellations [3][4]. Summary by Sections Macro Economic Analysis - Oil supply is constrained due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with tariff adjustments and economic improvements [3][4]. - Coal prices are expected to stabilize at a low level, alleviating pressure on downstream industries [3][4]. - Natural gas exports from the U.S. are anticipated to increase, potentially lowering import costs [3][4]. Industry Dynamics - The report discusses the differentiated electricity pricing policy in Shaanxi, which could lead to accelerated capacity elimination in high-energy-consuming industries [3][4]. - The organic silicon sector is highlighted for its potential price increases due to supply constraints and rising demand [3][4]. - The commercial aerospace industry is set for rapid growth, with significant satellite launches expected in the coming years [3][4]. Investment Recommendations - The report suggests focusing on sectors benefiting from the "anti-involution" policies, including textiles, agriculture, and export-related chemicals [3][4]. - Specific companies to watch include: - Textile Chain: LUXI Chemical, Tongkun Co., and others [3][4]. - Agriculture Chain: Hualu Hengsheng, Baofeng Energy, and others [3][4]. - Export-related Chemicals: Juhua Co., Wanhu Chemical, and others [3][4]. - Emphasis is placed on key materials for growth, particularly in semiconductor and battery materials [3][4].

Group 1 - New Yangfeng Agricultural Technology Co., Ltd. has been approved to establish the "Key Laboratory of High-Efficiency Specialized Fertilizers" by the Ministry of Agriculture and Rural Affairs, marking a significant breakthrough in agricultural technology innovation platform construction [1][2] - The laboratory aims to address national strategic needs such as increasing grain production, improving soybean and oilseed quality, and promoting green and low-carbon agriculture, creating a comprehensive innovation system [2][8] - The establishment of the laboratory signifies New Yangfeng's deep integration into the national agricultural technology innovation system, enhancing its role in promoting high-quality agricultural development [2][8] Group 2 - New Yangfeng has transformed from a near-bankrupt local enterprise into a leading national phosphate fertilizer company, driven by a long-term commitment to innovation and substantial R&D investment [4] - The company has built a modern R&D center and pilot base exceeding 10,000 square meters, equipped with high-value instruments and a new R&D building to support a team of nearly 700 researchers [4][6] - New Yangfeng collaborates with over 20 research institutions, participating in significant national and provincial projects, achieving multiple awards for technological progress and contributing to the establishment of national and industry standards [7][8]

| 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 ...

Core Viewpoint - Nine phosphate fertilizer companies in China have jointly issued a commitment to ensure stable supply and pricing of phosphate fertilizers, responding to high sulfur prices affecting production costs [1][2]. Group 1: Companies Involved - The nine phosphate fertilizer companies include Chengdu Yuntu Holdings Co., Ltd., Deyang Haohua Qingping Phosphate Mine Co., Ltd., Guizhou Phosphate (Group) Co., Ltd., Hubei Yihua Group Co., Ltd., Sichuan Development Longmang Co., Ltd., Sichuan Hongda Co., Ltd., Shikefeng Chemical Co., Ltd., Xinyangfeng Agricultural Technology Co., Ltd., and Yunnan Yuntianhua Co., Ltd. [1] Group 2: Commitments Made - The companies have made five key commitments: 1. Stabilizing production to ensure sufficient market supply 2. Actively selling phosphate fertilizers without hoarding or limiting sales 3. Maintaining stable prices until the end of spring farming in 2026 4. Ensuring adequate reserves by prioritizing supply for storage needs 5. Providing emergency support in case of local supply shortages or price instability [2]

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].