Group 1 - The company Chuanfa Longmang (SZ 002312) announced a temporary board meeting on December 18, 2025, to discuss the proposal for the investment in the harmless utilization of phosphogypsum [1] - For the first half of 2025, the company's revenue composition is as follows: phosphochemical products account for 80.81%, other segments 9.04%, trading 8.44%, and new energy materials 1.71% [1] - As of the report date, Chuanfa Longmang has a market capitalization of 20.6 billion yuan [1]

Core Viewpoint - The company plans to invest in a phosphogypsum harmless utilization project through its wholly-owned subsidiary, aiming to enhance its resource utilization and reduce environmental risks [1] Group 1: Project Details - The project consists of two phases, with the first phase involving an investment of 184 million yuan to construct a storage facility for 150,000 tons/year of dry phosphogypsum [1] - The second phase will focus on the construction of a facility for producing road materials from 200,000 tons/year of dry phosphogypsum [1] - The project is located in the industrial park of Xinshi Town, Mianzhu City, Sichuan Province, and is expected to be completed within 12 months after obtaining the construction permit [1] Group 2: Strategic Benefits - This investment is expected to improve the company's phosphogypsum utilization level and reduce environmental risks [1] - It will strengthen the resource support for the company's phosphate chemical industry development [1] - The project aims to ensure the stable and sustainable development of the company's main phosphate chemical business [1]

Core Viewpoint - The company plans to invest in a phosphogypsum harmless utilization project through its wholly-owned subsidiary, aiming to enhance its resource utilization and reduce environmental risks [1] Group 1: Project Details - The project consists of two phases, with the first phase involving an investment of 184 million yuan to construct a storage facility for 150,000 tons/year of dry phosphogypsum [1] - The second phase will focus on building a facility for producing road construction materials with a capacity of 200,000 tons/year of dry phosphogypsum [1] - The project is located in the industrial park of Xinshi Town, Mianzhu City, Sichuan Province, and is expected to be completed within 12 months after obtaining the construction permit [1] Group 2: Strategic Importance - This investment is expected to improve the company's phosphogypsum utilization level and reduce environmental risks [1] - It will strengthen the resource support for the company's phosphate chemical industry development [1] - The project is aligned with the company's goal of ensuring stable and sustainable development in its main phosphate chemical business [1]

四川发展龙蟒股份有限公司 关于拟以非公开方式向四川发展天盛矿业有限公司增资 暨关联交易的公告 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、误导性陈述或重大遗漏。 一、交易概述 证券代码：002312 证券简称：川发龙蟒 公告编号：2025-068 1、四川发展龙蟒股份有限公司（以下简称"公司"）目前持有四川发展天 盛矿业有限公司（以下简称"天盛矿业"）10%股权，为支持天盛矿业小沟磷矿 采选工程顺利推进，公司拟与四川省先进材料产业投资集团有限公司（以下简称 "先进材料集团"）、天盛矿业签署《增资扩股协议》，以2024年12月31日为基 准日，分别根据持股比例以非公开方式向天盛矿业增资5,555.5556万元，其中先 进材料集团按照90%比例出资5,000万元，公司按照10%比例出资555.5556万元。 增资完成后，天盛矿业注册资本变更为155,555.5556万元，各股东持股比例不发 生变化。本次增资不涉及合并报表范围变更。 2、公司于 2025 年 12 月 18 日召开了第七届董事会第十五次会议，审议通过 了《关于拟以非公开方式向四川发展天盛矿业有限公司增资暨关联交易项目的 ...

一、投资概述 1、四川发展龙蟒股份有限公司（以下简称"公司"）根据战略发展及生产 经营需要，为进一步推动公司磷化工产业持续稳健发展，拟通过旗下全资子公司 四川中嘉筑鼎工程建设有限公司（以下简称"中嘉筑鼎"）投资建设磷石膏无害化 利用项目（一期）。中嘉筑鼎磷石膏无害化利用项目分两期建设，一期投资建设 150 万吨/年（干基）磷石膏无害化气膜贮存场；二期建设 200 万吨/年（干基） 磷石膏筑路材料装置，建成后主要为公司新市基地磷石膏无害化利用提供支持。 现计划投资项目一期，投资金额为 1.84 亿元，项目二期后期根据情况另行决策。 2、公司于 2025 年 12 月 16 日召开第七届董事会发展规划委员会第六次会议， 于 2025 年 12 月 18 日召开第七届董事会第十五次会议，审议通过了《关于投资 建设磷石膏无害化利用项目的议案》。本次投资事项在董事会审批权限范围内， 无需提交公司股东会审议。 3、本次投资事项不构成关联交易，亦不构成《上市公司重大资产重组管理 办法》规定的重大资产重组。 证券代码：002312 证券简称：川发龙蟒 公告编号：2025-069 四川发展龙蟒股份有限公司 关于全资子公司投资建 ...

一、董事会会议召开情况 四川发展龙蟒股份有限公司（以下简称"公司"）第七届董事会第十五次会议 通知于 2025 年 12 月 16 日以邮件形式发出，会议于 2025 年 12 月 18 日上午 10:00 以通讯表决的方式召开。会议应出席董事 9 名，实际出席董事 9 名。本次会议由 董事长朱全芳先生主持，公司全体高级管理人员列席了本次会议。本次会议系临 时紧急会议，会议的召集、召开程序符合《公司法》和《公司章程》的有关规定， 会议表决合法有效。 二、董事会会议审议情况 证券代码：002312 证券简称：川发龙蟒 公告编号：2025-067 四川发展龙蟒股份有限公司 第七届董事会第十五次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 本项议案已经公司第七届董事会发展规划委员会第六次会议审议通过。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 经与会董事审议并记名投票表决，会议通过了如下议案： （一）审议通过了《关于拟以非公开方式向四川发展天盛矿业有限公司增 资暨关联交易项目的议案》 四川发展天盛矿业有限公司（以下简称"天盛矿业"）为公司参 ...

Core Insights - The chemical industry is entering a favorable phase driven by demand, value, and supply dynamics [5][6][7] - Global supply constraints and the exit of European capacities are expected to enhance the market environment for the chemical sector [7] Demand Drivers - Key opportunities identified in various sectors include: - Gas turbine upstream: companies like Zhenhua Co., Yingliu Co., Longda Co., and Wanze Co. [5] - Refrigerants and fluorinated liquids: companies such as Juhua Co., New Zhoubang, and Runhe Materials [5] - Energy storage supply chain: including Chuanheng Co., Xingfa Group, Yuntianhua, Batian Co., and others [5] - Semiconductor materials: companies like Yanggu Huatai, Wanrun Co., Dinglong Co., and others [5] Value Drivers - Potential for increased dividend yields in sectors such as: - Coal chemical: Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [6] - Oil refining: Hengli Petrochemical, Satellite Chemical, and Sinopec [6] - Phosphate fertilizers: Yuntianhua, Yuntu Holdings, and others [6] Supply Drivers - Domestic anti-involution policies and the exit of European production capacities are expected to support the chemical industry: - PTA and polyester filament: companies like Xin Fengming and Tongkun Co. [7] - Tire manufacturing: including Sailun Tire, Zhongce Rubber, and others [7] Key Companies and Profit Forecasts - Selected companies with profit forecasts include: - Zhenhua Co. (Net profit forecast for 2025: 6.04 billion, PE: 21.8) [8] - Yingliu Co. (Net profit forecast for 2025: 4.08 billion, PE: 42.7) [8] - Longda Co. (Net profit forecast for 2025: 1.06 billion, PE: 34.9) [8] - Wanze Co. (Net profit forecast for 2025: 2.37 billion, PE: 32.9) [8] - Juhua Co. (Net profit forecast for 2025: 48.14 billion, PE: 24.4) [8] Industry Cycle Insights - The chemical industry is expected to enter a new cycle, with demand recovery and supply-side reforms driving growth [14][21] - The chemical price index has shown signs of recovery, indicating a potential upturn in the market [20][21]

Investment Direction 1: Dividend Strategy - Recommended companies include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) with an expected Brent oil price range of $60-70 per barrel in 2026 [2][3] - CNOOC is committed to maintaining a dividend payout ratio of no less than 45% from 2025 to 2027, while PetroChina benefits from domestic natural gas market reforms [2][3] Investment Direction 2: Capital Allocation to Undervalued Chemical Leaders - Recommended companies include Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng, which are expected to benefit from industry barriers related to cost, technology, and market [2][3] - The report suggests prioritizing capital allocation to chemical ETFs and leading companies as their performance is expected to stabilize [2][3] Investment Direction 3: Price Increases Driven by Downstream Demand - Traditional demand sectors such as food additives, pesticides, and fertilizers are highlighted, with companies like New Hope Liuhe and Jiangshan Chemical expected to benefit from stable growth in demand [2][3] - Emerging demand in phosphorous and fluorine chemicals is driven by the needs of new energy battery and AI cooling applications, with companies like Chuanheng Chemical and Juhua Co. being key players [2][3] Investment Direction 4: Domestic Anti-Competition Driving Price Increases - The report emphasizes the focus on large refining and chemical companies such as Hengli Petrochemical and Rongsheng Petrochemical, which are expected to benefit from anti-competitive measures in the domestic market [2][3] - The organic silicon sector is entering the end of its expansion cycle, with major companies like Sinan Silicon Material adjusting industry operating rates [2][3] - The soda ash industry is facing capacity controls and the need to phase out outdated production, with companies like Boyuan Chemical under observation [2][3] Oil Price Analysis - The report anticipates a Brent oil price range of $60-70 per barrel in 2026, with a slight oversupply expected [11][12] - OPEC+ has postponed production increases for Q1 2026, indicating a cautious approach to market conditions [11][12] - The report highlights geopolitical factors, including the ongoing Russia-Ukraine conflict and U.S.-Venezuela relations, which may impact oil supply dynamics [12][13] Three Major Oil Companies Insights - CNOOC is focused on increasing reserves and production while reducing costs, while PetroChina is benefiting from natural gas market reforms [34][36] - Sinopec is concentrating on domestic refining and chemical anti-competition developments [34][36] - The overall profitability of the three major oil companies is expected to be supported by the anticipated oil price stabilization [34][36]

Industry Overview - Phosphate rock is a key upstream raw material, with yellow phosphorus and phosphoric acid as important intermediates, and downstream products primarily used in agriculture and industry [3][4] - The phosphate chemical industry chain includes phosphate rock and sulfur as upstream materials, with phosphoric acid produced through various processes [4] Resource End - China ranks second globally in phosphate rock reserves, with significant deposits located in Yunnan, Hubei, Sichuan, and Guizhou [6] - The total phosphate rock reserves in China are approximately 3.69 billion tons, with a low average grade of 16.85%, indicating over-exploitation and resource wastage [9][10] Production Capacity - Domestic phosphate rock production is the highest globally, but there has been a trend of decreasing output since 2018 [7] - Major phosphate rock producers include Hubei, Guizhou, Yunnan, and Sichuan, with a total production capacity of 1,450 million tons by Yuntianhua and 950 million tons by Guizhou Kaipin [11] Product Demand - Approximately 60% of phosphate rock is used for producing phosphate fertilizers, with a growing demand for high-efficiency and high-value utilization [13] - The main phosphate fertilizers include monoammonium phosphate (MAP) and diammonium phosphate (DAP), which are essential for crop growth [14][15] Phosphoric Acid Production - The phosphoric acid industry in China has a low concentration of production capacity, with a total capacity of 618 million tons, including 270 million tons of thermal phosphoric acid and 348 million tons of wet phosphoric acid [25] - The wet phosphoric acid production process is gaining traction due to its lower energy consumption and environmental impact compared to thermal methods [24][27] Environmental Considerations - The production of yellow phosphorus is characterized by high energy consumption and pollution, with limited new capacity being added [18] - The treatment and utilization of by-products such as phosphogypsum and fluorosilicic acid are becoming critical for the sustainable development of the phosphate chemical industry [32] Future Outlook - The industry is expected to focus on expanding the production capacity of wet phosphoric acid and functional phosphate salts, moving towards a more refined and specialized manufacturing approach [36] - The demand for feed-grade phosphate salts is anticipated to grow due to the increasing scale of aquaculture and livestock farming in China [37]

Core Viewpoint - The company has indicated that rising sulfur raw material costs are being passed on to end prices, reflecting an upward trend in the prices of major phosphate chemical products [1] Group 1: Price Trends - The average market price for 73% industrial-grade monoammonium phosphate is currently 6553 yuan/ton [1] - The average market price for calcium hydrogen phosphate is 3842 yuan/ton [1] - The average market price for 55% fertilizer-grade monoammonium phosphate is 3614 yuan/ton [1] Group 2: Company Operations - The company possesses an integrated industrial chain advantage, from phosphate mining to product production [1] - Overall production and operation remain stable [1]