2月25日，化肥农药板块再度拉升。化肥农药指数盘中一度涨超4%。川金诺"20CM"涨停，赤天化、云 天化、六国化工、司尔特、金正大等涨停。 消息面上，尿素、硫酸钾复合肥、磷酸一铵等主流品种价格上涨。其中，数据显示，2月24日，磷酸一 铵（55%粉状）市场价达到3850元/吨，同比上涨16.67%。 业绩亏损的上市公司，主要面临原材料涨价等问题。六国化工预计，2025年度实现归属于母公司所有者 的净利润为-4.8亿元至-4.1亿元。对于业绩预亏的主要原因，六国化工在2025年业绩预告中提到，公司 生产所需大宗原材料以外购为主，主要原料采购价格同比显著上涨。其中，磷矿价格维持高位；国际硫 磺价格持续攀升，带动国内硫磺、硫酸采购成本同比大幅上涨；钾肥采购价格同比明显上涨，导致公司 磷肥产品成本同比大幅上升。 金正大证券部工作人员回应中国证券报记者称，春夏两季是化肥行业传统销售旺季。目前，行业整体处 于季节性景气周期。从现在开始，未来100天左右都是行业的销售旺季。除了旺季影响外，本轮涨价和 原材料价格上涨有一定关系。化肥行业的原材料主要包括磷矿、磷酸、硫酸、尿素等。公司有磷矿，但 是目前还没有开采。原材料主要靠外购 ...

消息面上，尿素、硫酸钾复合肥、磷酸一铵等主流品种价格上涨。其中，数据显示，2月24日，磷酸一 铵（55%粉状）市场价达到3850元/吨，同比上涨16.67%。 2月25日，化肥农药板块再度拉升。化肥农药指数盘中一度涨超4%。川金诺（300505）"20CM"涨停， 赤天化（600227）、云天化（600096）、六国化工（600470）、司尔特（002538）、金正大（002470） 等涨停。 另有头部化肥上市公司高管回应中国证券报记者，硫磺、硫铁矿、硫酸都属于化肥常规原材料，原材料 上涨对企业有一定影响，未来是否涨价需要看终端销量等情况。 业绩分化明显 从2025年业绩预告看，化工板块上市公司业绩分化较为明显。 业绩大幅预喜的上市公司，2025年产品量价齐升。利民股份（002734）预计，2025年全年实现归属于母 公司所有者的净利润为4.65亿元至5亿元，同比增长471.55%至514.57%。业绩变动的主要原因是，公司 主要产品销量和价格同比上涨、毛利率提升以及参股公司业绩上涨带来投资收益增加。 业绩亏损的上市公司，主要面临原材料涨价等问题。六国化工预计，2025年度实现归属于母公司所有者 的净利润为- ...

消息面上，尿素、硫酸钾复合肥、磷酸一铵等主流品种价格大涨。其中，数据显示，2月24日磷酸一铵 （55%粉状）市场价达到3850元/吨，同比上涨16.67%。 2月25日早盘，化肥农药板块再度拉升。化肥农药指数一度大涨超4%。川金诺（300505）"20CM"涨 停，赤天化（600227）、云天化（600096）、六国化工（600470）、司尔特（002538）、金正大 （002470）等个股涨停。 "公司销量最好的是常规复合肥。此外，类似液态肥、叶面肥等新型肥料销量也可以，磷肥卖得也不 错。公司在贵州、新疆、河南、广东、辽宁都设置了工厂，全国各地都有经销商。目前，公司在东部沿 海地区销量比较好。预计2026年行业整体景气度会比2025年有一定的回升。"上述金正大证券部工作人 员表示。 另有头部化肥上市公司高管回应中国证券报记者称，硫磺、硫铁矿、硫酸都属于化肥常规原材料，原材 料价格上涨对企业有一定影响，产品未来是否涨价还需要看终端销量等情况。 对此，金正大证券部工作人员独家回应中国证券报记者表示，春夏两季是化肥行业传统销售旺季，目前 行业整体处于季节性景气周期。从现在开始，未来100天左右都是行业的销售旺季。 ...

Market Overview - On February 25, A-shares saw all three major indices rise by over 1%, with the Sci-Tech Innovation Index increasing by nearly 0.7%, and nearly 4,000 stocks in the market experiencing gains [9][10] - The total trading volume reached 1.45 trillion yuan, with a significant increase of 102.9 billion yuan compared to the previous day [10] Sector Performance - The fertilizer and pesticide sector experienced a surge, with stocks like Chuanjinnuo hitting the daily limit, and other companies such as Chitianhua and Yuntianhua also seeing significant gains due to rising prices of urea, potassium sulfate compound fertilizer, and monoammonium phosphate [10][11] - Shipping stocks collectively strengthened, with China Merchants Energy achieving a historical high, and other companies like COSCO Shipping Energy and COSCO Shipping Development also rising, driven by a spike in oil tanker spot freight rates reaching a nearly six-year high [11][12] - Lithium battery concept stocks saw substantial increases, with Hanrui Cobalt rising over 11%, and other companies like Wenkang New Energy and Nord Shares also performing well, as lithium carbonate futures broke through the 170,000 yuan mark, marking a significant daily increase of over 10% [12] International Market Trends - The Nikkei 225 index in Japan rose by 1.4%, reaching a historical high, while the Korean Composite Stock Price Index expanded its gains to 2%, also hitting a historical high, with automotive stocks like Kia and Hyundai seeing significant increases [14] - International gold and silver prices surged, with spot silver rising over 3% and spot gold briefly surpassing 5,190 USD per ounce [14][15]

一、行情 2月25日，磷化工、稀土、化工等大宗商品板块集体持续大涨。澄星股份、金正大、六国化工、和邦生物、云天化、金浦钛业等集体2连板，清水源 （20CM）、司尔特、中色股份、包钢股份、中铝国际等纷纷涨停。 二、事件 1）百川盈孚数据显示，稀土产品价格加速上涨。氧化镨钕等主要稀土产品价格近期持续走高，现货供应紧张，下游磁材企业存在备货采购需求。 2）2月18日，美国签署行政命令，将磷元素及草甘膦除草剂提升至国家安全优先事项，指出这两种物资的短缺将对国家安全构成直接威胁。 1）美国针对中国的芬太尼关税及对等关税（合计20%）将取消，同时，特朗普将针对全球征收15%临时进口关税，这意味着合计关税将下降5%。 叠加去年贸易摩擦下，海外库存低位，26年出口链景气有望修复。节后化工下游开工陆续恢复，全年维度需求端景气向上，供给端资本开支进入尾声，化工 行业周期拐点已现，春旺下基本面与市值有望共振向上。（申万宏源） 2）美国将元素磷和草甘膦类除草剂列为国防关键物资，磷的战略地位在美国政策体系中被明确抬升。此举或意味着磷矿的价值重估将增加一层具备地缘政 治属性的战略物资意义。中国作为拥有完备磷化工产业链和全球最高磷矿石/磷 ...

Industry News - The Guangxi Market Supervision Administration and the Guangxi Consumer Rights Protection Committee held a warning meeting regarding common issues in fertilizer. It was reported that several companies violated national standards related to fertilizer labeling, leading to misleading advertising and potential crop yield reduction [1][2] - The Ministry of Agriculture and Rural Affairs issued implementation opinions to promote the modernization of agriculture and rural areas, focusing on quality improvement in the fertilizer industry by 2026 [1][2] - The National Development and Reform Commission announced measures to ensure fertilizer supply for the 2026 spring plowing season, emphasizing the importance of stabilizing production and promoting smooth circulation [2][3] Market Analysis - The global agricultural input market is experiencing significant changes due to geopolitical conflicts and supply chain restructuring, leading to increased volatility in fertilizer prices. Analysts predict that fertilizer prices will remain high in 2026 [7][23] - Recent data indicates that the price of ammonium phosphate raw material sulfur has been declining, with a decrease of 220 yuan per ton, while the market price for ammonium phosphate remains stable [9][25] - The potassium fertilizer market is expected to see improved demand in early 2026, with major markets like China and Brazil initiating active purchasing [9][25] Corporate Dynamics - The "Red Bull New Pioneer" trademark was declared invalid by the National Intellectual Property Administration, following a request from a subsidiary of the German potassium salt group, highlighting the importance of trademark protection in the agricultural sector [10][26] - China Agricultural Technology Promotion Association held its eighth member representative conference, electing a new leadership team and discussing future development strategies [19][28] - A new innovative agricultural input distribution model called "Zhonglu Huinong" has emerged, focusing on maximizing benefits for manufacturers, distributors, and farmers [12][29]

Group 1 - The core issue involves the company Sierte facing allegations of information disclosure violations, leading to an investigation by the China Securities Regulatory Commission (CSRC) [1][4] - The company’s wholly-owned subsidiary, Guizhou Lufa Industrial Co., Ltd., was found to have engaged in false business practices and improper cost accounting from 2021 to 2023, resulting in inaccurate financial reporting [2][4] - Investors who suffered losses are being invited to participate in a compensation claim, with eligibility criteria set for those who bought shares within specific date ranges [1][4] Group 2 - The company management had previously identified instances of former personnel fabricating costs and misappropriating funds, leading to a criminal report for embezzlement [2][4] - Initial disclosures regarding the issue were made on January 18, 2024, and subsequent regulatory inspections revealed more severe violations, prompting corrective measures in April [5] - The legal framework allows affected investors to seek civil compensation based on actual losses incurred due to false statements [5]

Group 1 - The agricultural chemical sector increased by 1.05% on January 23, with Zhongqi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] - Notable stock performances included Zhongqi Co., Ltd. with a closing price of 6.98, up 10.97%, and Zhongnong United with a closing price of 60.61, up 10.03% [1] Group 2 - The agricultural chemical sector experienced a net outflow of 258 million yuan from institutional investors, while retail investors saw a net inflow of 254 million yuan [2] - The top stocks by net inflow from retail investors included Chuanfa Longmang with a net inflow of 1.32 billion yuan and Chengxing Co., Ltd. with a net inflow of 8.44 million yuan [3] - The overall trading volume for the agricultural chemical sector was significant, with stocks like Chengxing Co., Ltd. and Dongfang Iron Tower recording high transaction amounts of 12.32 billion yuan and 11.16 billion yuan respectively [1][2]

Core Viewpoint - The company, Si Er Te (司尔特), has received a non-prosecution decision from the People's Procuratorate of Xuanzhou District, Anhui Province, indicating that it will not face criminal charges related to alleged unit crimes and is considered a victim in a separate case involving embezzlement [1][2]. Group 1 - The company was previously involved in a case where its former chairman, Jin Guoqing, allegedly arranged for false procurement contracts to siphon funds into a private account, which involved transactions with several agricultural trading companies [2]. - The court found that the company did not engage in fraudulent activities aimed at evading state taxes through the issuance of false VAT invoices, leading to the decision of non-prosecution [2]. - The company disclosed potential criminal allegations in a prior announcement dated September 30, 2025, regarding its involvement in the case [1].

Core Viewpoint - The company, Si Er Te (002538.SZ), has received a non-prosecution decision from the Xuanzhou District People's Procuratorate in Anhui Province, indicating that it will not face criminal charges related to alleged unit crimes and is considered a victim in a separate case involving embezzlement [1][2]. Group 1 - The company was previously involved in a case where its former chairman, Jin Guoqing, allegedly arranged for false procurement contracts to siphon funds into a private account, without actual transactions taking place [2]. - The company was implicated in a scheme where it allegedly created false sales records of organic fertilizers to fraudulently obtain government subsidies between January 2020 and February 2022 [2]. - The court determined that the company did not intend to defraud the state through the issuance of false VAT invoices, leading to the decision of non-prosecution [2].