云图控股（002539.SZ）11月25日在投资者互动平台表示， 1、应城基地70万吨合成氨及其配套项目推 进顺利，目前已完成核心设备安装，正有序推进配套设施建设。其中，项目配套的150万吨的精制盐产 线已率先建成，进入调试阶段，其他配套产线也在同步推进中。 2、雷波基地拥有三宗磷矿资源，资源 总储量约5.49亿吨，各磷矿项目推进情况如下：（1）阿居洛呷磷矿290万吨采选工程稳步推进，井下基 建、地表建设及边坡防护等各项工作有序开展。（2）牛牛寨东段磷矿400万吨采选工程建设正有序推 进。（3）牛牛寨西段磷矿正处于"探转采"阶段。 公司将聚焦资源，加紧推进各项目建设，力争早日建 成投产，为公司提升市场竞争力奠定坚实基础。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：贵司能介绍一下应城化工项目和雷波磷矿开采项目的 最新进展情况吗？ ...

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]

Core Viewpoint - YunTu Holdings experienced a 5.23% increase in stock price, reaching 12.28 CNY per share, with a trading volume of 2.32 billion CNY and a total market capitalization of 148.31 billion CNY [1] Company Overview - Chengdu YunTu Holdings Co., Ltd. is located in Xindu District, Chengdu, Sichuan Province, and was established on August 31, 1995, with its listing date on January 18, 2011 [1] - The company's main business involves the production and sales of a variety of compound fertilizers, along with in-depth development around the compound fertilizer industry chain [1] - The revenue composition of the main business includes: - New compound fertilizers and phosphate fertilizers: 34.92% - Conventional compound fertilizers: 28.43% - Trade: 18.85% - Other products: 9.53% - Yellow phosphorus: 5.43% - Soda ash: 2.84% [1] Fund Holdings - A fund under Guolian Fund holds a significant position in YunTu Holdings, specifically the Guolian Smart Selection Pioneer Stock A (020748), which held 113,600 shares in the third quarter, accounting for 0.44% of the fund's net value, ranking as the tenth largest holding [2] - The fund has a current size of 145 million CNY and has achieved a year-to-date return of 36.44%, ranking 1252 out of 4216 in its category [2] - The fund manager, Wang Zhe, has a tenure of 7 years, with a total asset size of 2.519 billion CNY, achieving a best return of 106.32% during his tenure [2] - Co-manager Chen Xinyu has a tenure of 6 years and 107 days, managing assets of 1.211 billion CNY, with a best return of 68.98% during his tenure [2]

Investment Rating - The report maintains a "Positive" investment rating for the basic chemical industry, particularly focusing on the phosphate sector due to the anticipated growth in energy storage demand [5]. Core Viewpoints - The report highlights the potential for an upward adjustment in the phosphate industry chain's prosperity expectations, driven by rapid growth in energy storage demand [2][3]. - The phosphate rock segment is identified as having the strongest supply rigidity, making it a key focus for investment opportunities [3][46]. - The report emphasizes that the demand for phosphate rock is expected to increase significantly due to the growth of energy storage applications, particularly lithium iron phosphate batteries [8][12]. Summary by Sections 1. Energy Storage Demand Impact - The growth in energy storage is expected to enhance the demand for phosphate, with global energy storage battery shipments projected to exceed 500 GWh in 2025, a year-on-year increase of approximately 60% [8][12]. - It is estimated that the demand for lithium iron phosphate will lead to a requirement of about 1.2 million tons of lithium iron phosphate and approximately 4.4 million tons of phosphate rock in 2025 [15][39]. 2. Supply Side Dynamics - Concerns about a potential collapse in phosphate market prices due to new supply releases are addressed, with the report suggesting that the supply-demand balance will remain tight in the coming years [17][37]. - The report notes that the pricing power of phosphate rock suppliers is increasing, supported by steady demand from traditional agricultural needs and the rapid growth of new energy materials [25][37]. 3. Investment Recommendations - The report recommends focusing on companies with significant phosphate rock production capacity, such as Xin Yang Feng, Yun Tu Holdings, and Xing Fa Group, which also have lithium iron phosphate production capabilities [3][46]. - It also highlights potential recovery opportunities in the lithium iron phosphate segment due to mismatches between demand growth and supply expansion [3][46].

Core Insights - The agricultural chemical sector experienced a decline of 0.94% on November 12, with Chengxing Co. leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance Summary - Baiao Chemical (603360) saw a closing price of 34.59, with an increase of 4.22% and a trading volume of 182,100 shares, totaling a transaction value of 613 million yuan [1] - Chengxing Co. (600078) reported a significant decline of 10.00%, closing at 12.06 with a trading volume of 807,000 shares and a transaction value of 979 million yuan [2] - The overall agricultural chemical sector had a net outflow of 1.573 billion yuan from major funds, while retail investors contributed a net inflow of 1.245 billion yuan [2][3] Fund Flow Analysis - Major funds showed a net inflow of 34.63 million yuan into Luohua Technology (600691), while retail investors had a net outflow of 28.86 million yuan [3] - Li Min Co. (002734) experienced a net inflow of 26.16 million yuan from major funds, but a net outflow of 34.85 million yuan from retail investors [3] - Baiao Chemical (603360) had a net inflow of 11.19 million yuan from major funds, with retail investors showing a net outflow of 8.34 million yuan [3]

Core Insights - The agricultural chemical sector experienced a slight increase of 0.24% on November 11, with Lanfeng Biochemical leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Lanfeng Biochemical (002513) closed at 9.50, up 7.22% with a trading volume of 965,400 shares [1] - Baiao Chemical (603360) closed at 33.19, up 4.90% with a trading volume of 201,500 shares [1] - Other notable performers include: - Lianhua Technology (002250) at 13.40, up 3.40% [1] - Chuanjinno (300505) at 25.35, up 2.84% [1] - Yuntu Holdings (002539) at 12.06, up 2.73% [1] Capital Flow - The agricultural chemical sector saw a net outflow of 1.155 billion yuan from institutional investors, while retail investors contributed a net inflow of 713 million yuan [2] - Notable capital flows include: - Lianhua Technology (002250) with a net inflow of 101 million yuan from institutional investors [3] - Lanfeng Biochemical (002513) with a net outflow of 74 million yuan from retail investors [3] - Chuanjinno (300505) with a net inflow of 15.7 million yuan from institutional investors [3]

Group 1 - The fertilizer sector experienced a short-term rebound on November 11, with companies such as Hong Sifang and Chuanfa Longmang seeing gains of over 2% [1] - Other stocks in the sector, including Yuntu Holdings, Yara International, Hubei Yihua, and Liuguo Chemical, also followed the upward trend [1]