Investment Rating - The industry investment rating is maintained as "Overweight" [2] Core Viewpoints - The demand for yellow phosphorus is expected to improve due to growth in downstream phosphoric acid and terminal materials for new energy, electronic-grade phosphoric acid, and fine phosphates. The high prices of sulfur and sulfuric acid are enhancing the cost competitiveness of thermal phosphoric acid over wet phosphoric acid, which may further boost the demand for thermal process phosphoric acid and yellow phosphorus [5][6] - The supply of yellow phosphorus is strictly controlled in China due to high energy consumption and environmental safety concerns, with only limited new capacity being added through capacity replacement. The dual carbon policy may lead to the elimination of high-energy-consuming existing capacity, which is expected to optimize the supply side [6][7] - The average operating rate of the domestic yellow phosphorus industry is projected to reach approximately 63% in 2025, the highest level since 2017, driven by favorable supply and demand dynamics. The price of yellow phosphorus is showing an upward trend, with a reference price of around 23,000 yuan per ton as of January 19, 2025, reflecting a 2.4% increase from the end of 2025 [7][5] Summary by Sections Demand and Supply Dynamics - The demand for yellow phosphorus is projected to grow by 26% year-on-year in 2024, reaching 850,000 tons, while phosphoric acid consumption is expected to increase by 19% to 2.96 million tons. The five-year CAGR for yellow phosphorus and phosphoric acid is estimated at 5% and 12%, respectively [5][6] - The high prices of sulfur and sulfuric acid, which have reached nearly a decade high, are expected to drive the demand for thermal phosphoric acid and yellow phosphorus. The cost advantage of thermal phosphoric acid over wet phosphoric acid is becoming more pronounced, especially considering the offset from by-products [5][6] Supply Constraints - The domestic yellow phosphorus capacity has decreased from 1.9 million tons in 2013 to 1.41 million tons in 2020, with a slight recovery to 1.58 million tons by the end of 2025, primarily due to capacity replacement. Only ten companies have a capacity of 50,000 tons or more, indicating a highly concentrated industry [6][39] - The dual carbon policy is expected to continue limiting new supply, with high-energy-consuming and inefficient capacities facing elimination pressure [6][7] Price Trends and Market Outlook - The average operating rate for yellow phosphorus is expected to improve, with a projected increase in monthly operating rates throughout 2025. The price of yellow phosphorus is anticipated to be supported by potential supply disruptions and increasing demand from new energy and electronic chemical sectors [7][5] - Companies with integrated operations in the yellow phosphorus value chain, including mining, yellow phosphorus production, and phosphoric acid, are expected to benefit significantly from the favorable market conditions [5][7]

（文章来源：证券日报） 证券日报网讯 1月20日，云图控股发布公告称，公司于2025年12月22日召开的第七届董事会第五次会议 和2026年1月8日召开的2026年第一次临时股东会，审议通过了《关于变更经营范围并修订的议案》，同 意增加经营范围"塑料制品销售"并对《公司章程》中的相应条款进行修订。近日，公司完成了上述工商 变更登记和备案手续，并取得了成都市市场监督管理局换发的《营业执照》。 ...

证券代码：002539 证券简称：云图控股 公告编号：2026-003 关于完成工商变更登记的公告 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、误导性陈述或重大遗漏。 成都云图控股股份有限公司（以下简称"公司"）于 2025 年 12 月 22 日召开 的第七届董事会第五次会议和2026年1月8日召开的2026年第一次临时股东会， 审议通过了《关于变更经营范围并修订<公司章程>的议案》，同意增加经营范围 "塑料制品销售"并对《公司章程》中的相应条款进行修订，具体内容详见公司 2025 年 12 月 24 日、2026 年 1 月 9 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）上的相关公告。 近日，公司完成了上述工商变更登记和备案手续，并取得了成都市市场监督 管理局换发的《营业执照》，变更后的信息如下： 一、新取得营业执照的基本信息 公司名称：成都云图控股股份有限公司 统一社会信用代码：91510100202593801A 注册资本：壹拾贰亿零柒佰柒拾贰万叁仟柒佰陆拾贰元整 类型：股份有限公司（上市、自然人投资 ...

Core Viewpoint - The chemical industry is experiencing a significant upward trend, driven by a combination of cost support, demand recovery, and supply optimization, leading to a tighter supply-demand balance [4][12]. Group 1: Industry Performance - As of January 19, the Shenwan Basic Chemical Index rose by 2.70%, reaching 4758.50 points, with leading stocks like Xinxiang Chemical Fiber and Letong Co. hitting the daily limit [1][8]. - Multiple chemical products have seen collective price increases, including propylene, ammonium sulfate, acetone, and lithium hydroxide, driven by upstream oil price stabilization and pre-holiday stocking demand [3][11]. Group 2: Market Dynamics - The current price increase in chemical products is attributed to three main factors: cost support from stable oil prices, reduced effective capacity due to pre-holiday maintenance, and concentrated demand from downstream sectors [4][12]. - The industry is witnessing a trend of mergers and acquisitions as companies seek to expand into high-value sectors, such as integrated circuit materials and high-end electronic chemicals [5][13]. Group 3: Policy and Future Outlook - The Ministry of Industry and Information Technology and other departments have issued a plan aiming for an annual growth of over 5% in the petrochemical industry from 2025 to 2026, focusing on technological innovation and high-quality development [5][14]. - The Shandong Provincial Government has set a target for the petrochemical industry to achieve over 5% year-on-year growth by 2026, emphasizing the importance of high-end chemical products [6][14]. - The industry is transitioning from chaotic expansion to a phase of stable growth and transformation, supported by both national and local policies [7][15].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002496 | *ST辉丰 | 2.01 | -0.50% | 17.17万 | 3433.88万 | | 301035 | 润丰股份 | 70.99 | 0.00% | 1.40万 | 9921.22万 | | 920866 | 绿亨科技 | 8.54 | 0.12% | 1.29万 | 1097.38万 | | 603395 | 红四方 | 31.03 | 0.39% | 2.70万 | 8326.07万 | | 600227 | 赤大化 | 2.45 | 0.41% | 20.32万 | 4938.09万 | | 300261 | 雅本化学 | 7.17 | 0.56% | 15.54万 | 1.11亿 | | 600331 | 宏达股份 | 13.44 | 0.60% | 63.11万 | 8.51亿 | | 002250 | 联化科技 | 17.64 | 0.86% | 37.62万 | 6.60亿 | | 000792 | 盐湖股份 ...

2020-2025年1-11月中国纯碱(碳酸钠)产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：远兴能源（000683）,三友化工（600409）,山东海化（000822）,双环科技（000707）,氯碱化 工（600618）,金晶科技（600586）,湖北宜化（000422）,云图控股（002539）,和邦生物（603077） 相关报告：智研咨询发布的《2026-2032年中国纯碱行业市场专项调研及竞争战略分析报告》 根据国家统计局数据显示：2025年11月中国纯碱(碳酸钠)产量为324万吨，同比下降0.5%；2025年1-11 月中国纯碱(碳酸钠)累计产量为3625.6万吨，累计增长4.7%。 ...

Core Viewpoint - The lithium mining stocks in the A-share market experienced a significant increase on January 15, with notable gains in several companies, driven by a sharp rise in lithium carbonate prices [1][2]. Group 1: Market Performance - On January 15, lithium mining stocks rose against the market trend, with Huayou Cobalt up over 8%, Ganfeng Lithium and Tibet City Investment up over 5%, and Zhongmin Resources up over 4% [1]. - Other companies such as Tianqi Lithium, Western Mining, Tibet Summit, Yuntu Holdings, Weiling Shares, Yahua Group, Tibet Mining, and Salt Lake Shares saw increases of over 3% [1]. Group 2: Price Movement - As of January 15, the benchmark price for industrial-grade lithium carbonate was 160,000.00 CNY per ton, marking a 36.71% increase compared to the beginning of the month when it was 117,033.33 CNY per ton [1]. Group 3: Company Specifics - Huayou Cobalt (603799) saw an increase of 8.15% with a total market value of 151.8 billion CNY and a year-to-date increase of 17.21% [2]. - Ganfeng Lithium (002460) increased by 5.97% with a market value of 153.4 billion CNY and a year-to-date increase of 16.36% [2]. - Tibet City Investment (600773) rose by 5.00% with a market value of 14 billion CNY and a year-to-date increase of 18.56% [2]. - Zhongmin Resources (002738) increased by 4.10% with a market value of 62.3 billion CNY and a year-to-date increase of 9.99% [2]. - Tianqi Lithium (002466) rose by 3.98% with a market value of 102.1 billion CNY and a year-to-date increase of 12.31% [2].

Group 1 - The A-share market saw lithium mining stocks rise against the trend, with Huayou Cobalt up over 8%, Ganfeng Lithium and Tibet City Investment up over 5%, and Zhongmin Resources up over 4% [1] - The benchmark price for industrial-grade lithium carbonate was reported at 160,000.00 CNY per ton on January 15, which represents a 36.71% increase compared to the beginning of the month when it was 117,033.33 CNY per ton [1] Group 2 - The following companies experienced notable stock price increases: - Huayou Cobalt: 8.15% increase, market cap of 151.8 billion CNY, year-to-date increase of 17.21% [2] - Ganfeng Lithium: 5.97% increase, market cap of 153.4 billion CNY, year-to-date increase of 16.36% [2] - Tibet City Investment: 5.00% increase, market cap of 14 billion CNY, year-to-date increase of 18.56% [2] - Zhongmin Resources: 4.10% increase, market cap of 62.3 billion CNY, year-to-date increase of 9.99% [2] - Tianqi Lithium: 3.98% increase, market cap of 102.1 billion CNY, year-to-date increase of 12.31% [2] - Western Mining: 3.73% increase, market cap of 74.3 billion CNY, year-to-date increase of 12.81% [2] - Tibet Summit: 3.48% increase, market cap of 18 billion CNY, year-to-date increase of 30.59% [2] - Yuntuo Holdings: 3.38% increase, market cap of 14.8 billion CNY, year-to-date increase of 3.64% [2] - Weiling Shares: 3.37% increase, market cap of 3.836 billion CNY, year-to-date increase of 12.45% [2] - Yahua Group: 3.31% increase, market cap of 28 billion CNY, year-to-date decrease of 1.74% [2] - Tibet Mining: 3.17% increase, market cap of 15.1 billion CNY, year-to-date increase of 10.39% [2] - Salt Lake Shares: 3.01% increase, market cap of 181.1 billion CNY, year-to-date increase of 21.52% [2]

Group 1 - The core viewpoint of the article is that Yuntu Holdings (002539.SZ) is progressing with the construction of the Niuniuzhai East Section phosphate mine, which has a reserve of 181 million tons and a designed mining scale of 4 million tons per year, but the complex geological conditions are leading to a longer construction period [1] - Since the start of construction in August 2023, the company has completed part of the shaft construction, equipment transportation system setup, and power supply system, and is currently advancing the tunnel excavation project in an orderly manner [1] - To enhance the comprehensive utilization level of the phosphate mine, the company plans to optimize the mining scheme in the first half of 2025 and will invest funds according to the actual engineering milestones [1] Group 2 - The total planned investment for the Niuniuzhai East Section phosphate mine is 2.528 billion, and since the start of construction, approximately 28.81% of the total investment has been made, with 0.1 million expected to be invested in the first half of 2025 [3] - There are concerns regarding the pace of project construction, with questions raised about whether the project will be completed by 2030 based on the current investment ratio [3] - The company is urged to provide updates on the investment progress and production timeline in future announcements [1]

Core Viewpoint - Yuntu Holdings has established a strategic cooperation consensus with China Agricultural University to enhance soil health and promote collaborative development in industry and academia [1] Group 1: Strategic Collaboration - The meeting held on January 9 at Yuntu Holdings' headquarters in Chengdu focused on key areas such as center co-construction, technological innovation, industry empowerment, and school-enterprise collaboration [1] - Both parties discussed the importance of soil conservation and its role in empowering agricultural practices [1] Group 2: Future Directions - The collaboration aims to foster synergies between research and practical applications in the field of soil health [1] - The strategic partnership is expected to drive advancements in agricultural sustainability and innovation [1]