Core Insights - The agricultural chemical sector experienced a slight increase of 0.38% on December 10, with Yara International leading the gains [1] - The Shanghai Composite Index closed at 3900.5, down 0.23%, while the Shenzhen Component Index closed at 13316.42, up 0.29% [1] Agricultural Chemical Sector Performance - Yara International (000893) closed at 46.94, up 2.78% with a trading volume of 90,100 shares [1] - YunTu Holdings (002539) closed at 10.86, up 2.26% with a trading volume of 136,400 shares [1] - Salt Lake Industry (000792) closed at 25.63, up 1.99% with a trading volume of 543,000 shares [1] - Other notable performers include BaTian Co. (002170) up 1.44%, Jiangshan Co. (600389) up 1.43%, and HongTaiYang (000525) up 1.39% [1] Capital Flow Analysis - The agricultural chemical sector saw a net outflow of 410 million yuan from institutional investors, while retail investors contributed a net inflow of 410 million yuan [2] - Notable net inflows from retail investors were observed in Yara International (000893) with 18.52 million yuan and New Yangfeng (000902) with 8.72 million yuan [2] - Conversely, significant net outflows from institutional investors were noted in Sichuan Meifeng (000731) and Hualu Hensheng (600426) [2]

Demand Side - The demand for phosphate rock in China is projected to be 11,320 million tons in 2024, with expectations of 11,802 million tons and 12,414 million tons in 2025 and 2026 respectively, resulting in an actual incremental demand of 482 million tons and 612 million tons [2] - Emerging demand from the energy storage sector is expected to drive the phosphate chemical industry, with the incremental demand for phosphate rock from energy storage batteries estimated at 393 million tons and 431 million tons for 2025 and 2026 respectively [2] - Traditional demand for phosphate fertilizers is expected to remain weak due to rising raw material prices, with a low likelihood of recovery in phosphate fertilizer demand in 2025 and 2026 [2] Supply Side - In 2024, China's phosphate rock capacity, effective capacity, and output are projected to be 19,447 million tons, 11,916 million tons, and 11,353 million tons respectively, with expected capacities of 21,732 million tons and 24,762 million tons in 2025 and 2026 [3] - The supply of phosphate rock is significantly affected by environmental safety incidents, leading to a large gap between planned and actual production capacities [3] - The phosphate iron industry is experiencing long-term overcapacity, with effective capacity and output for phosphate iron in 2024 estimated at 426 million tons and 205 million tons respectively, and expected to increase to 499 million tons and 540 million tons in 2025 and 2026 [3] Price Outlook - The operating rate for phosphate rock capacity in 2024 is expected to be 58%, with effective capacity operating at 95%, and projected to balance supply and demand in 2025 and 2026 [4] - Low-grade phosphate rock prices may face slight pressure, while high-grade phosphate rock prices are expected to remain elevated [4] - The phosphate iron market is anticipated to experience tight supply, with effective capacity operating rates expected to improve from 48% in 2024 to 60% and 80% in 2025 and 2026 respectively [4] Investment Recommendations - Companies with integrated phosphate rock and phosphate iron production capabilities are recommended, including Tianqi Materials, Hunan YN, and Zhongwei Co [5] - Companies with phosphate iron production and rich phosphate rock resources are expected to benefit significantly from rising phosphate iron prices, including Chuanheng Co, Xingfa Group, and Batian Co [5]

Core Viewpoint - The report from Dongwu Securities highlights the expected growth in demand for phosphate rock driven by emerging sectors, while traditional demand is projected to decline. The overall supply and demand dynamics for phosphate rock and iron phosphate are analyzed for the years 2024 to 2026 [1][2][3]. Demand Side - Phosphate rock demand in China is projected to be 11,320 million tons in 2024, with expectations of 11,802 million tons and 12,414 million tons in 2025 and 2026 respectively. The actual increase in demand is estimated at 482 million tons and 612 million tons [1]. - Emerging sectors, particularly energy storage and power batteries, are expected to drive demand for phosphate rock, with an increase of 393 million tons and 431 million tons in 2025 and 2026 respectively. Iron phosphate is anticipated to contribute significantly to this demand [1]. - Traditional demand for phosphate fertilizers is expected to weaken due to rising raw material prices, with a forecasted decline in phosphate fertilizer production in early 2025 [1]. - Iron phosphate demand is projected to reach 214 million tons in 2024, increasing to 325 million tons and 449 million tons in 2025 and 2026, respectively, with significant contributions from energy storage [1]. Supply Side - Phosphate rock production capacity in China is expected to be 19,447 million tons in 2024, with projections of 21,732 million tons and 24,762 million tons for 2025 and 2026. Effective capacity and production are also expected to increase correspondingly [2]. - The supply of phosphate rock is significantly impacted by environmental safety incidents, leading to a gap between planned and actual production capacity [2]. - The iron phosphate industry is characterized by long-term overcapacity, with effective capacity and production expected to rise from 426 million tons and 205 million tons in 2024 to 499 million tons and 540 million tons in 2025 and 2026, respectively [2]. Price Outlook - The operating rate for phosphate rock capacity is projected to be 58% in 2024, with expectations of 57% and 54% in 2025 and 2026. High-grade phosphate rock prices are expected to remain elevated, while low-grade prices may face slight pressure [3]. - The iron phosphate market is anticipated to experience tight supply conditions, with operating rates expected to improve significantly in 2025 and 2026, indicating a potential supply gap [3]. Recommended Companies - Companies with phosphate iron and phosphate rock layouts are recommended, including Tianci Materials, Hunan YN, and Zhongwei Co. [4]. - Integrated chemical companies with phosphate iron production and phosphate rock resources are expected to benefit from rising phosphate iron prices, with suggested companies including Chuanheng Co., Xingfa Group, and others [4].

Summary of China Agriculture: Fertilizers Conference Call Industry Overview - **Industry**: Fertilizer sector in China - **Importance**: Fertilizers are essential for enhancing agricultural productivity and ensuring food security in China, which produces nearly one-third of global fertilizers while utilizing only 9% of global cropland [2][9] Key Insights 1. **Phosphate Fertilizer Outlook**: - Anticipated improvement in phosphate fertilizer pricing due to higher utilization driven by increased compound fertilizer consumption [2][17] - Expected domestic phosphate rock pricing to rise from Rmb1,000/t to Rmb1,051/t in 2026E and Rmb1,150/t by 2030E, reflecting a structural deficit in supply [9][26] 2. **Urea Market Dynamics**: - Deterioration in urea balance expected due to new supply additions, with potential easing of exports providing upside risk [2][17] - Forecasted decline in domestic urea pricing by 5% in 2026E [17] 3. **Potash Market Conditions**: - Rising surplus in the domestic potash market anticipated as Laos expansion by Chinese producers ramps up [2][17] - Potash benchmark pricing revised down by 3% for 2026E due to surplus outlook [17] 4. **Product Upgrades and Efficiency**: - Increased penetration of slow-release and water-soluble fertilizers expected to drive better growth than the industry average, enhancing absorption efficiency [3][9] - Projected growth in slow-release/water-soluble fertilizer market share from nearly 10% in 2024A to 40% by 2030E [13] Company Coverage Initiation 1. **Yuntianhua (YTH)**: - Rating: Buy - Target Price: Rmb45.0/sh, implying 43% upside - Key Strength: Integrated producer with self-sufficient phosphate rock resources [4][20] 2. **Xinlianxin (XLX)**: - Rating: Neutral - Target Price: HK$8.5/sh, implying 7% downside - Key Strength: Low-cost urea producer with differentiated slow-release fertilizer offerings [4][20] 3. **New Yonfer**: - Rating: Neutral - Target Price: Rmb16.0/sh, implying 2% upside - Key Strength: Leading high-end compound fertilizer producer with potential for upstream resource integration [4][20] 4. **Qinhai Salt Lake (QHL)**: - Rating: Sell - Target Price: Rmb16.0/sh, implying 37% downside - Key Concern: Surplus outlook in the domestic potash market [4][20] Additional Insights - **Global Trade Position**: China has historically contributed significantly to global fertilizer trade, with 29% of global urea exports and 30% of MAP/DAP exports at its peak [17] - **Environmental Considerations**: The report highlights the importance of improving absorption efficiency in fertilizers to address challenges posed by structural tightness in natural resources [9][25] Conclusion - The fertilizer sector in China is poised for changes driven by supply-demand dynamics, product upgrades, and strategic company positioning. The outlook for phosphate fertilizers appears positive, while urea and potash markets face challenges. The initiation of coverage on key players reflects a strategic approach to capitalize on these trends.

"1.4万亿斤到1.5万亿斤，多出的1000亿斤粮食必须依靠科技力量！"针对"十五五"规划建议中的粮 食产能提升目标，新洋丰农业科技股份有限公司执行总裁杨磊如是说。近日，中国经济网记者就"十五 五"规划建议中提出的"千亿斤粮食产能提升行动""发展壮大民营经济"等话题专访了新洋丰执行总裁杨 磊。 中国经济网："十五五"规划建议中明确提出"加力实施新一轮千亿斤粮食产能提升行动，增强粮食 等重要农产品供给保障能力"。也就是说我们的粮食产量要从1.4万亿斤增加到1.5万亿斤，作为重要农资 企业，新洋丰未来将为我们粮食增产要做出哪些努力？在科技和产品创新方面有哪些布局和举措？ 杨磊：粮食安全是"国之大者"，从1.4万亿斤迈向1.5万亿斤，这新增的千亿斤产能，必须依靠科技 的力量。作为磷复肥行业龙头，新洋丰在"十五五"期间将着力推进由传统的"肥料制造商"转型为"作物 营养解决方案提供者"，通过"产品+服务"双核驱动，为粮食增产保驾护航。 在产品与服务创新上，我们重点做好两件事： 第一，以科技创新为引擎，推动产品从"用肥多"向"用肥精"跨越。我们深知，未来的增产不能再依 赖化肥的过量投入，而要靠利用率的提升和土壤健康的恢复 ...

Core Viewpoint - The company emphasizes the necessity of leveraging technology to achieve the goal of increasing grain production from 1.4 trillion jin to 1.5 trillion jin during the 14th Five-Year Plan, highlighting its commitment to transforming from a traditional fertilizer manufacturer to a provider of crop nutrition solutions [1] Group 1: Technological and Product Innovations - The company aims to enhance fertilizer efficiency and soil health by transitioning from excessive fertilizer use to precision application, supported by a robust R&D system that includes over 260 patents and participation in more than 20 national and provincial research projects [2] - Collaboration with academic institutions, such as the team led by Academician Li Peiwu, has led to innovative solutions like integrating ARC technology into fertilizers, addressing global challenges like aflatoxin while improving crop yields [2] Group 2: Digital Services and Agricultural Support - The establishment of a professional agronomy service team of over 200 members, with an annual investment exceeding 40 million yuan, provides customized fertilization plans and comprehensive technical guidance to farmers [3] - The company has developed the "Yangfeng Shennonghui" digital platform, utilizing big data and crop growth models to offer tailored nutritional solutions, thereby enhancing fertilizer utilization and protecting arable land quality [3] Group 3: Future Investments and Strategic Directions - The company plans to invest in supply chain resilience by establishing a "dual main business" model, focusing on both its core phosphate fertilizer business and exploring new growth areas in renewable materials and fine chemicals [4] - Regional optimization efforts include the construction of 14 production bases across various provinces, with a new 1 million-ton specialized fertilizer project in Anhui aimed at strengthening market competitiveness in key agricultural regions [4] - Digital transformation initiatives are underway to enhance internal capabilities, with automation in ammonia synthesis increasing from 75% to 99%, aiming to replace demographic advantages with technological benefits [4] Group 4: Green Transition and Sustainability Efforts - The company is committed to a green transition during the 14th Five-Year Plan, focusing on the comprehensive utilization of phosphogypsum, with a processing capacity exceeding 7 million tons annually and a leading utilization rate in the industry [5] - Innovative solutions for phosphogypsum include its application in ecological restoration projects and the production of high-value products like gypsum building materials and soil conditioners, promoting resource recycling [5] - Efforts to reduce energy consumption and material waste throughout the production process are being implemented, alongside the introduction of new efficient fertilizers designed for soil improvement [5]

| 证券代码：000902 | 证券简称：新洋丰 | 公告编号：2025－057 | | --- | --- | --- | | 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 （一）非独立董事、副总裁宋帆先生的《辞职报告》； （二）职工代表大会决议。 关于非独立董事、高管辞任暨选举职工代表董事的公告 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。 一、非独立董事辞任情况 新洋丰农业科技股份有限公司（以下简称"公司"）董事会于近日收到公司非独立 董事、副总裁宋帆先生递交的书面辞职报告。因公司治理结构调整，宋帆先生申请辞去 公司第九届董事会非独立董事、副总裁职务，辞去上述职务后，宋帆先生仍在公司担任 其他职务。根据《中华人民共和国公司法》（以下简称《公司法》）、《公司章程》等 相关规定，宋帆先生的辞职不会导致公司董事会人数低于法定最低人数，不会影响董事 会的正常运行，亦不会对公司的日常经营及未来发展产生不利影响，宋帆先生的辞职报 告自送达董事会之日起生效。 宋帆先生原定任期自 2023 年 12 月 22 日至 2026 年 ...

证券之星消息，12月5日苹果期货板块较上一交易日上涨0.96%，长城电工领涨。当日上证指数报收于 3902.81，上涨0.7%。深证成指报收于13147.68，上涨1.08%。苹果期货板块个股涨跌见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300175 | ST朗源 | -67.33万 | -2.74% | 66.59万 | 2.71% | 7304.00 | 0.03% | | 605198 | 安德利 | -214.39万 | -3.34% | 341.59万 | 5.32% | -127.20万 | -1.98% | | 000902 | 新洋丰 | -280.33万 | -2.95% | -302.89万 | -3.19% | 583.23万 | 6.14% | | 600962 国投中鲁 | | -700.85万 | -18.00% | 358.80万 | 9.21% | 342.05万 ...

万物土中生，有土斯有粮。12月5日是第12个"世界土壤日"。当前，全球约40%的土壤面临退化风险， 耕地酸化、板结、盐渍化等"隐形之痛"正成为制约农业可持续发展的瓶颈。在这一严峻挑战下，如何让 疲惫的耕地重焕生机？ 为了验证肥效，王盛锋和同事们反复进行助剂复配与淋溶试验，并从室内"转战"室外，在田间地头实测 养分迁移数据。无数次的叩问与求索，终将构想变为现实。当看到应用了新产品的小麦籽粒饱满、长势 喜人时，王盛锋站在田埂上感慨："真正的科研是将技术化作土地的力量。" 作为中国磷复肥行业的领军企业，新洋丰（000902）农业科技股份有限公司（以下简称"新洋丰"）给出 了"系统性方案"：以"土壤健康"为核心，通过"服务诊断、科技攻关、产品对症"的三维驱动，构建起一 套从田间体检到精准施治的全链条闭环，打响了一场守护"大国粮仓"的土壤健康保卫战。 服务创新：把脉问诊进田间 治理土壤，诊断先行。长期以来，农户"凭经验施肥"导致的养分失衡，是造成土壤"亚健康"的重要诱 因。在新洋丰看来，守护土壤的第一步，必须是精准的"体检"和科学的"陪伴"。 为此，新洋丰打破传统农资销售壁垒，在行业内首创"3+1"农化服务模式（即1名 ...

消费是经济增长的持久动力，而供应链的稳健是这一切的基础。面对"十五五"即将开启的新机遇，如何 进一步端牢"中国饭碗"？新洋丰给出的答案是：保持战略定力，筑牢"保供压舱石"。 新洋丰持续深化"创新驱动，绿色发展"。2025年，从新疆阿克苏基地辐射西北，到湖北宜昌循环经济产 业园掌控核心资源，再到安徽蚌埠新型肥料项目深耕华东市场，这一系列重大项目在全国范围内形成了 一张响应迅速的保供网，以强大的供应链韧性，确保第一时间将优质农资输送到最需要的地方，为国家 粮食安全保驾护航。 南海之滨，潮起博鳌。12月2日至5日，2025（第十届）企业家博鳌论坛在海南盛大举行。在"链接全 球，引领未来：'十五五'新机遇"的主题下，政府人士、专家学者、企业代表齐聚一堂，探寻中国经济 高质量发展的新路径。 磷复肥领军企业新洋丰（000902）应邀参会，并在3日举办的"国民共'拾'光——2025新消费发展论 坛"获得了"为国民仓廪实而生"殊荣，凭借四十余年对农业根基的坚守，新洋丰再立行业标杆。 荣誉加持：连接田间与餐桌的品质纽带 新华网（603888）党委书记、董事长储学军在论坛致辞中指出，中国消费市场正经历由品质升级驱动的 深刻变革， ...