Core Insights - Yuntu Holdings announced its decision to acquire a 49% stake in Sichuan Mabianshenglong Mining Co., Ltd. through a capital increase and expansion approach, focusing on the development of the Erba Phosphate Lead-Zinc Mine in Sichuan [2] Group 1 - The acquisition was approved by the company's seventh board of directors during its third meeting [2] - Shenglong Mining successfully obtained the mining rights and related assets of the Erba Mine through judicial auction on September 16, 2025 [2] - The transfer of mining rights has been officially registered, and the company has received the mining rights certificate from the Sichuan Provincial Department of Natural Resources [2] Group 2 - Shenglong Mining will expedite the handover of the mine and related assets, and will begin the approval process for resuming operations [2] - The company aims to commence formal production at the mine as soon as possible [2]

Core Viewpoint - The company, Yuntu Holdings, has approved a capital increase to acquire a 49% stake in Sichuan Mabianshenglong Mining Co., Ltd., aiming to enhance its phosphate resource reserves and supply capacity, thereby strengthening its phosphate industry chain advantage [1] Group 1: Investment and Resource Acquisition - The company will collaborate with Shenglong Mining to develop the Erba Phosphate-Lead-Zinc Mine located in Mabiang Yi Autonomous County, Leshan, Sichuan [1] - Shenglong Mining successfully acquired the mining rights and related assets of the Erba Phosphate Mine through judicial auction on September 16, 2025 [1] - The transfer of mining rights for the Erba Phosphate Mine has been completed, and the company has received the mining rights certificate from the Sichuan Provincial Natural Resources Department [1] Group 2: Strategic Benefits - The acquisition of the Erba Phosphate Mine is a significant step for the company in integrating phosphate resources and strengthening its upstream layout in the phosphate industry chain [1] - Once operational, the Erba Phosphate Mine will complement the company's phosphate mines in Leibo, Sichuan, enhancing the overall phosphate acid utilization chain advantages in Jingzhou and Yicheng, Hubei [1] - The company aims to produce high-quality refined phosphoric acid, industrial-grade monoammonium phosphate, water-soluble monoammonium phosphate, and iron phosphate, thereby improving the comprehensive utilization rate of phosphate resources [1]

证券代码：002539 证券简称：云图控股 公告编号：2025-054 成都云图控股股份有限公司 关于参股公司晟隆矿业完成二坝磷铅锌矿采矿权过户的进展公告 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、误导性陈述或重大遗漏。 一、交易概述 采矿权人：四川马边晟隆矿业有限公司 证号：DC5100002010076210070417 矿山名称：四川马边晟隆矿业有限公司二坝磷铅锌矿 矿山地址：四川省乐山市马边彝族自治县 面积：3.0486 平方公里 1 为了进一步增加磷矿资源储备，提高磷矿石供给能力，强化磷产业链优势， 经成都云图控股股份有限公司（以下简称"公司"）第七届董事会第三次会议审 议批准，公司以增资扩股方式参股四川马边晟隆矿业有限公司（以下简称"晟隆 矿业"）49%的股权，并以晟隆矿业为实施主体，合作开发位于四川乐山市马边 彝族自治县的二坝磷铅锌矿（以下简称"二坝磷矿"），内容详见公司 2025 年 9 月 24 日刊登于《中国证券报》《证券时报》《上海证券报》和巨潮资讯网 （http://www.cninfo.com.cn）上的公告（公告编号：2025-047）。 二、二坝磷 ...

Group 1 - The company YunTu Holdings (002539) reported that the 700,000-ton synthetic ammonia and its supporting projects at the Yingcheng base are progressing smoothly, with core equipment installation completed and supporting facilities under construction [1] - The 1.5 million-ton refined salt production line, part of the supporting projects, has been completed and is currently in the debugging phase, while other supporting production lines are also advancing simultaneously [1] Group 2 - The LeiBo base has three phosphate mine resources with a total resource reserve of approximately 549 million tons, with the following project progress: (1) The 2.9 million-ton Aju Luo Xia phosphate mine selection project is steadily advancing, with underground infrastructure, surface construction, and slope protection work being carried out in an orderly manner [1] - (2) The 4 million-ton Niu Niu Zhai East section phosphate mine selection project is progressing smoothly [1] - (3) The Niu Niu Zhai West section phosphate mine is currently in the "exploration to production" phase [1] - The company aims to focus on resources and accelerate the construction of various projects to establish a solid foundation for enhancing market competitiveness [1]

Group 1 - The company currently does not have any lithium hexafluorophosphate products [1] - There is no existing production capacity for lithium hexafluorophosphate under construction [1]

Core Viewpoint - The company is making significant progress on its projects, including the Yingcheng chemical project and the Leibo phosphate mining project, which are expected to enhance its market competitiveness. Group 1: Yingcheng Chemical Project - The Yingcheng base's 700,000 tons of synthetic ammonia and its supporting projects are progressing smoothly, with core equipment installation completed and supporting facilities under construction [2] - The 1.5 million tons of refined salt production line, part of the project, has been completed and is currently in the debugging phase, while other supporting production lines are also advancing simultaneously [2] Group 2: Leibo Phosphate Mining Project - The Leibo base has three phosphate mine resources with a total resource reserve of approximately 549 million tons, with the following project updates: [2] - The Aju Luo Xia phosphate mine's 2.9 million tons mining and selection project is steadily progressing, with underground infrastructure, surface construction, and slope protection work being carried out in an orderly manner [2] - The Niu Niu Zhai East section phosphate mine's 4 million tons mining and selection project is also advancing smoothly [2] - The Niu Niu Zhai West section phosphate mine is currently in the "exploration to mining" phase [2] - The company aims to focus on resources and accelerate project construction to establish a solid foundation for enhancing market competitiveness [2]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to benefit from the ongoing "anti-involution" measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift is anticipated to enhance cash flow and dividend yields for companies in the sector, transforming them from cash-consuming entities to cash-generating ones [7][27] - The report highlights the potential for domestic substitutes for Japanese semiconductor materials due to rising tensions in Sino-Japanese relations, which could accelerate the domestic market's growth in this area [6] Summary by Sections Recent Trends - The chemical industry has shown a relative performance increase of 16.1% over the past 12 months, outperforming the CSI 300 index, which increased by 11.6% [4] Key Price Movements - DMC (Dimethyl Carbonate) prices rose to 4400 CNY/ton, up 14.29% week-on-week, driven by strong demand from the electrolyte sector [14] - Lithium battery electrolyte prices increased to 27000 CNY/ton, up 8.00% week-on-week, although profit margins for manufacturers are under pressure due to rising raw material costs [14] - Diammonium phosphate prices in East China reached 3850 CNY/ton, up 5.48% week-on-week, amid rising production costs [14] Investment Opportunities - The report identifies four key opportunities in the chemical sector: 1. Low-cost expansion, focusing on companies like Wanhua Chemical and Hualu Hengsheng [9] 2. Improved industry conditions, particularly in chromium salts and phosphate rock [10] 3. New materials with high growth potential, such as electronic chemicals and aerospace materials [11] 4. High dividend yields from state-owned enterprises in the chemical sector, including China Petroleum and China National Chemical [11] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with many rated as "Buy" [28]

Market Overview - The agricultural chemical sector experienced a decline of 5.39% on November 21, with Chengxing Co. leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Individual Stock Performance - Chengxing Co. (600078) closed at 11.42, down 10.01% with a trading volume of 815,900 shares [1] - Lianhua Technology (002250) closed at 11.84, down 9.96% with a trading volume of 846,200 shares [1] - Bluefeng Biochemical (002513) closed at 8.05, down 9.96% with a trading volume of 438,000 shares [1] - Liuguo Chemical (600470) closed at 6.09, down 9.78% with a trading volume of 362,100 shares [1] - Chuanjinno (300505) closed at 21.57, down 8.33% with a trading volume of 246,600 shares [1] - Hebang Bio (603077) closed at 2.13, down 7.79% with a trading volume of 3,585,900 shares [1] - Chuanheng Co. (002895) closed at 34.45, down 7.64% with a trading volume of 216,400 shares [1] - Hongda Co. (600331) closed at 11.05, down 7.61% with a trading volume of 1,041,300 shares [1] - Yantu Holdings (002539) closed at 11.03, down 7.47% with a trading volume of 475,800 shares [1] - Salt Lake Co. (000792) closed at 26.04, down 7.20% with a trading volume of 2,051,800 shares [1] Capital Flow Analysis - The agricultural chemical sector saw a net outflow of 1.435 billion yuan from institutional investors, while retail investors had a net inflow of 1.383 billion yuan [1] - The table of capital flow for individual stocks indicates varying levels of net inflow and outflow among different companies [2] Individual Stock Capital Flow - Hongda Co. (600331) had a net inflow of 56.76 million yuan from institutional investors, but a net outflow from retail investors [2] - Guangxin Co. (603599) saw a net inflow of 27.20 million yuan from institutional investors, with a net outflow from retail investors [2] - Zhongqi Co. (300575) had a net inflow of 18.06 million yuan from institutional investors, with a net outflow from retail investors [2] - Andamite A (000553) experienced a net inflow of 15.01 million yuan from institutional investors, but a significant net outflow from retail investors [2] - Sichuan Meifeng (000731) had a net inflow of 13.36 million yuan from institutional investors, with a net outflow from retail investors [2]

Group 1 - On November 17, Yuntu Holdings saw a stock increase of 1.59% with a trading volume of 533 million yuan, and a net financing purchase of 15.60 million yuan [1] - As of November 17, the total margin balance for Yuntu Holdings was 469 million yuan, with a financing balance of 467 million yuan, representing 3.18% of the circulating market value, which is above the 90th percentile level over the past year [1] - The company specializes in the production and sales of various types of compound fertilizers, with revenue contributions from new compound fertilizers and phosphate fertilizers at 34.92%, conventional compound fertilizers at 28.43%, and trading at 18.85% [1] Group 2 - As of September 30, the number of shareholders for Yuntu Holdings was 46,200, a decrease of 7.05%, while the average circulating shares per person increased by 7.58% to 19,093 shares [2] - For the period from January to September 2025, Yuntu Holdings reported a revenue of 15.87 billion yuan, a year-on-year increase of 1.10%, and a net profit attributable to shareholders of 675 million yuan, up 0.86% year-on-year [2] Group 3 - Since its A-share listing, Yuntu Holdings has distributed a total of 2.35 billion yuan in dividends, with 845 million yuan distributed over the past three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh largest circulating shareholder of Yuntu Holdings, holding 12.32 million shares, an increase of 3.16 million shares compared to the previous period [3]

Core Insights - The agricultural chemical sector experienced a significant increase of 3.69% on November 13, with Xin'an Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Agricultural Chemical Sector Performance - Xin'an Co., Ltd. (600596) closed at 12.39, with a rise of 10.04% and a trading volume of 807,400 shares, amounting to a transaction value of 991 million [1] - Salt Lake Co., Ltd. (000792) saw a closing price of 26.89, increasing by 7.95% with a trading volume of 1,840,800 shares, totaling 4.88 billion [1] - Hebang Bio (603077) closed at 2.41, up 7.11%, with a trading volume of 7,137,700 shares, resulting in a transaction value of 1.71 billion [1] - Other notable performers included Yuntu Holdings (002539) with a 6.68% increase, and Xingfa Group (600141) with a 6.54% rise [1] Capital Flow Analysis - The agricultural chemical sector saw a net inflow of 1.425 billion in main funds, while retail investors experienced a net outflow of 1.31 billion [2] - The main funds' net inflow for Xin'an Co., Ltd. was 182 million, representing 18.35% of its trading volume [3] - Salt Lake Co., Ltd. had a net inflow of 197 million, accounting for 4.04% of its trading volume [3] - In contrast, retail investors withdrew 1.12 billion from Xin'an Co., Ltd., indicating a significant divergence in investor sentiment [3]