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].

Core Insights - The article discusses the growth of China's phosphate rock industry, highlighting a significant increase in production and future market potential [1] Industry Overview - According to the National Bureau of Statistics, China's phosphate rock production (calculated as P2O5 content of 30%) reached 13.06 million tons in September 2025, representing a year-on-year growth of 13.2% [1] - Cumulative production from January to September 2025 was 93.132 million tons, with a cumulative growth of 12.5% [1] Market Research - The report titled "2025-2031 China Phosphate Rock Industry Market Competition Strategy and Future Development Potential" by Zhiyan Consulting provides insights into the competitive strategies and growth potential of the phosphate rock market in China [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [1]

Core Viewpoint - Sichuan Development Longmang Co., Ltd. has experienced fluctuations in stock performance, with a year-to-date decline of 15.97% and a recent increase in revenue and profit, indicating potential growth opportunities in the agricultural chemical sector [1][2]. Company Overview - Sichuan Development Longmang Co., Ltd. was established on May 20, 1997, and listed on December 3, 2009. The company is located in Chengdu, Sichuan Province, and its main business includes financial service outsourcing, express delivery services, and phosphate fertilizers [1]. - The company's revenue composition includes: fertilizer products (45.58%), industrial-grade monoammonium phosphate (22.61%), feed-grade dicalcium phosphate (12.62%), other products (9.04%), trading products (8.44%), and new energy materials (1.71%) [1]. Financial Performance - For the period from January to September 2025, Sichuan Development Longmang achieved a revenue of 7.387 billion yuan, representing a year-on-year growth of 22.06%. The net profit attributable to shareholders was 437 million yuan, reflecting a year-on-year increase of 2.81% [2]. - The company has distributed a total of 1.027 billion yuan in dividends since its A-share listing, with 853 million yuan distributed over the past three years [3]. Shareholder Information - As of November 20, 2025, the number of shareholders for Sichuan Development Longmang was 171,400, a decrease of 0.35% from the previous period. The average circulating shares per person increased by 0.35% to 10,988 shares [2]. - The top ten circulating shareholders include new entrants and changes in holdings, with notable positions held by various ETFs [3].

Group 1 - The chemical sector has regained momentum, with the chemical ETF (516020) experiencing a maximum intraday price increase of 1.43%, closing up 1.04% as of the report [1] - Key stocks in the lithium battery, fluorine chemical, and phosphate chemical sectors have shown significant gains, with companies like Duofluoride rising over 7% and Tianci Materials increasing over 4% [1] - The overall market sentiment indicates a positive outlook for the chemical industry, driven by recent developments and investments in advanced materials and technologies [3][4] Group 2 - Citic Securities anticipates an improvement in the supply-demand structure of the lithium battery industry by 2026, with accelerated industrialization of solid-state batteries creating investment opportunities across various segments [3] - The current valuation of the chemical sector is considered attractive, with the chemical ETF's underlying index trading at a price-to-book ratio of 2.26, which is relatively low compared to historical levels [3] - The chemical industry is expected to benefit from a new round of supply-side reforms, enhancing the market share of leading companies through better management and energy control [3][4] Group 3 - Dongguan Securities highlights the government's focus on high-end, intelligent, and green transformation in the chemical sector, supported by various policies aimed at upgrading key industries [4] - The chemical ETF (516020) is recommended as an efficient way to gain exposure to the chemical sector, with nearly 50% of its holdings in large-cap leading stocks [4] - The report emphasizes the importance of monitoring developments in the new materials and fine chemicals sectors as part of the investment strategy [4]

Group 1 - The chemical sector experienced a decline on November 24, with the chemical ETF (516020) showing a drop of 0.9% by the end of the trading day, after hitting a low of over 2% during the session [1] - Key stocks in the lithium battery, phosphate, and fluorine chemical sectors saw significant declines, with Enjie Co. down 5.83% and Hongda Co. down 4.34%, among others [1][3] - Despite the recent pullback in popular sectors like lithium batteries, institutions remain optimistic about the long-term trends in these sectors, with expectations of improved supply-demand dynamics by 2026 [1][3] Group 2 - The chemical ETF (516020) has shown a year-to-date increase of 23.73%, outperforming major indices such as the Shanghai Composite Index (14.47%) and the CSI 300 Index (13.04%) [3][4] - Recent trading data indicates that the chemical ETF has seen net subscriptions in 7 out of the last 10 trading days, with a total net subscription amount exceeding 500 million [5] - As of November 21, the price-to-book ratio of the chemical ETF's underlying index was 2.28, indicating a relatively low valuation compared to the past decade [6] Group 3 - Analysts suggest that the chemical industry is poised for further optimization in supply-demand dynamics, with leading companies expected to gain market share due to better management and energy control [7] - The chemical ETF (516020) tracks the CSI Sub-Industry Chemical Index, covering various sub-sectors, with nearly 50% of its holdings in large-cap leading stocks [7] - The report emphasizes the potential for investment opportunities in high-quality supply chain companies with strong cost control and technological differentiation [1][7]

Market Overview - The phosphate chemical sector declined by 0.88%, ranking among the top losers in the concept sector, with notable declines in companies such as Qing Shui Yuan, Ju Shi Chemical, and Chuan Neng Power [1] - In contrast, 21 stocks within the sector experienced price increases, with Wei Ling Co., Tian Ji Co., and Ya Ke Technology leading the gains at 10.03%, 4.18%, and 3.00% respectively [1] Capital Flow - The phosphate chemical sector saw a net outflow of 860 million yuan from major funds, with 33 stocks experiencing net outflows, and 8 stocks seeing outflows exceeding 50 million yuan [1] - The largest net outflow was from Huayou Cobalt, which recorded a net outflow of 361 million yuan, followed by Chuan Fa Long Mang, Hubei Yihua, and Chengxing Co. with net outflows of 144 million yuan, 109 million yuan, and 91.7 million yuan respectively [1] Top Gainers and Losers - The top gainers in the phosphate chemical sector included Wei Ling Co. with a 10.03% increase, while the largest declines were seen in Qing Shui Yuan, which dropped by 18.42% [1][2] - Other notable declines included Chuan Neng Power at -7.11% and Chengxing Co. at -6.22% [1][2] Fund Inflows - The stocks with the highest net inflows included Yun Tian Hua, China Chemical, and Wei Ling Co., with net inflows of 85.76 million yuan, 70.21 million yuan, and 62.52 million yuan respectively [3]

Group 1 - The chemical sector continues to experience a downward trend, with the Chemical ETF (516020) showing a decline of 0.39% as of the latest update, after a drop of over 2% during the day [1] - Key stocks in the lithium battery and phosphate chemical sectors have seen significant declines, with Enjie Co. down over 4%, and Hongda Co. and Chuanfa Longmang both down over 3% [1] - The Chemical ETF has shown a year-to-date increase of 24.89%, outperforming major A-share indices such as the Shanghai Composite Index (14.41%) and the CSI 300 Index (13.18%) [1][3] Group 2 - The basic chemical industry is expected to benefit from supply-side reforms driven by "anti-involution" policies, leading to an improved supply-demand balance and increased market share for leading companies [4] - The phosphoric and potash sectors are experiencing high demand, with stable prices for phosphate rock and steady growth in potash demand [4] - The valuation of the Chemical ETF is relatively low, with a price-to-book ratio of 2.28, indicating a favorable long-term investment opportunity [4] Group 3 - The Chemical ETF (516020) tracks the sub-sector chemical industry index, covering various segments of the chemical industry, with nearly 50% of its holdings in large-cap leading stocks [5] - Investors can also access the chemical sector through linked funds of the Chemical ETF, enhancing investment efficiency [5]

Market Overview - The agricultural chemical sector experienced a decline of 0.46% on November 20, with Lanfeng Biochemical leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Notable gainers included Hongda Co. with a closing price of 11.96, up 7.84%, and Chuanjinno with a closing price of 23.53, up 2.39% [1] - Lan Feng Biochemical saw a significant decline of 7.36%, closing at 8.94, with a trading volume of 886,000 shares and a turnover of 808 million yuan [2] Capital Flow - The agricultural chemical sector saw a net outflow of 234 million yuan from major funds, while retail investors contributed a net inflow of 179 million yuan [2] - Salt Lake Co. had a major net inflow of 173 million yuan from institutional investors, despite a net outflow from retail investors [3] Individual Stock Analysis - Salt Lake Co. had a net inflow of 173 million yuan from major funds, but a net outflow of 73 million yuan from retail investors [3] - Chuanfa Longmang experienced a net inflow of 149 million yuan from major funds, but a significant net outflow of 162 million yuan from retail investors [3]

Core Viewpoint - The chemical sector is experiencing significant gains, with the Chemical ETF (516020) showing a notable increase in value, driven by strong performances in lithium battery materials, phosphate chemicals, rubber additives, and potassium fertilizers [1][3]. Group 1: Market Performance - The Chemical ETF (516020) opened with a rapid rise, reaching a maximum intraday increase of 1.83%, and is currently up by 1.1% [1]. - Key stocks in the sector include Hongda Co., which surged over 9%, Tongcheng New Materials with a rise exceeding 6%, and Salt Lake Co. increasing by over 5% [1]. - The basic chemical sector has attracted significant capital inflow, with a net inflow of 72.2 billion yuan, leading among 30 sectors tracked by Citic [3]. Group 2: Price Trends - The price of battery-grade lithium carbonate has risen by 3,500 yuan per ton, reaching an average of 97,550 yuan per ton, marking a new high for the year [3]. - The continuous increase in lithium carbonate prices is expected to benefit the salt lake lithium extraction industry, enhancing its value [3]. Group 3: Valuation Insights - As of November 19, the Chemical ETF (516020) has a price-to-book ratio of 2.41, which is relatively low compared to the past decade, indicating a favorable long-term investment opportunity [4]. Group 4: Future Outlook - The chemical industry is undergoing a transformation with the implementation of "anti-involution" measures, which may provide a model for other sub-industries [5]. - The supply-side reform is anticipated to optimize the supply-demand dynamics in the chemical sector, benefiting leading companies with better management and energy control [5]. - The chemical sector has been in a long-term bottoming phase, and with the economic outlook improving, profitability in the sector is expected to rise [6].

川发龙蟒在互动平台表示，截至目前，公司新能源材料板块项目进展情况如下：一是磷酸铁锂项目，其 中德阿项目6万吨/年磷酸铁锂装置已全面建成并投产使用；同时公司全资子公司德阳川发龙蟒拟与富临 精工控股子公司江西升华合作建设17.5万吨/年高压密磷酸铁锂项目，并共同设立合资公司富临龙蟒新 材料有限公司（名称以市场监督管理部门最终核准后的内容为准）。二是磷酸铁项目，其中德阿项目10 万吨/年磷酸铁装置单线正在进行设备水试、联机调试；攀枝花项目5万吨/年磷酸铁产线部分装置已实 现平稳运行。三是磷酸二氢锂项目，公司全资子公司德阳川发龙蟒拟在四川省绵竹市德阳—阿坝生态经 济产业园投资3.66亿元建设10万吨/年磷酸二氢锂项目，为草酸亚铁路线制备高压实密度磷酸铁锂提供 原材料。 ...