Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [5][9]. Core Views - The potassium fertilizer supply and demand are tightly balanced, with international prices rising. China, being the largest consumer, has a high import dependency exceeding 60%. The domestic production of potassium chloride is expected to decrease by 2.7% in 2024, while imports are projected to reach a historical high of 12.633 million tons, a year-on-year increase of 9.1% [1][24]. - The long-term price of phosphate rock is expected to remain high due to declining grades and increasing extraction costs, coupled with growing demand from new applications like lithium iron phosphate [2][50]. - The price of glyphosate has shown volatility, with a significant increase during the South American planting season, followed by a decline due to high North American inventories [4][49]. Summary by Sections Potassium Fertilizer - The global potassium fertilizer market is characterized by a supply-demand imbalance, with prices expected to recover due to resource scarcity and geopolitical factors affecting supply chains [1][44]. - Domestic potassium chloride prices have shown an upward trend, with the average price at 3,282 RMB/ton by the end of December, reflecting a year-on-year increase of 30.45% [1][40]. Phosphate Chemicals - The phosphate rock market is experiencing tight supply conditions, with prices for 30% grade phosphate rock remaining high at around 1,040 RMB/ton in Hubei and 970 RMB/ton in Yunnan [2][50]. - The production capacity of lithium iron phosphate is projected to grow significantly, with a year-on-year increase of 48.59% expected in 2025 [2][51]. Pesticides - The glyphosate market is expected to see price improvements in 2026, following a period of price fluctuations influenced by seasonal demand and inventory levels [4][49]. - The report highlights several key companies in the pesticide sector, including Yangnong Chemical and Lier Chemical, which are positioned to benefit from rising prices and demand [8][49]. Investment Recommendations - Key recommendations include focusing on companies with strong potassium and phosphate resources, such as Yara International and Yun Tianhua, which are expected to benefit from the ongoing demand and supply dynamics in the agricultural chemical sector [7][9].

| 第八章 | 通知和公告 44 | | | --- | --- | --- | | 第一节 | 通知 44 | | | 第二节 | 公告 44 | | | 第九章 | 合并、分立、增资、减资、解散和清算 44 | | | 第一节 | 合并、分立、增资和减资 44 | | | 第二节 | 解散和清算 46 | | | 第十章 | 修改章程 | 48 | | 第十一章 | 附则 | 48 | 第一章 总则 | 第一章 | 总则 3 | | --- | --- | | 第二章 | 经营宗旨和范围 4 | | 第三章 | 股份 5 | | 第一节 | 股份发行 5 | | 第二节 | 股份增减和回购 6 | | 第三节 | 股份转让 7 | | 第四章 | 股东和股东会 8 | | 第一节 | 股东的一般规定 8 | | 第二节 | 控股股东和实际控制人 11 | | 第三节 | 股东会的一般规定 12 | | 第四节 | 股东会的召集 14 | | 第五节 | 股东会的提案与通知 16 | | 第六节 | 股东会的召开 17 | | 第七节 | 股东会的表决和决议 20 | | 第五章 | 董事和董事会 24 | ...

四川省成都市高新区天府大道北段 966 号天府国际金融中心南塔 25 层-26 层 邮编：610041 25-26/F, South Tower of Tianfu International Finance Center, 966 North Tianfu Avenue, High-tech Zone, Chengdu, Sichuan 610041, P. R. China 电话/Tel : +86 28 6208 8001 传真/Fax : +86 28 6208 8111 www.zhonglun.com 北京中伦（成都）律师事务所 关于成都云图控股股份有限公司 2026 年第一次临时股东会的 法律意见书 致：成都云图控股股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）及《上市公司股东会规则》等法律、 法规及规范性文件的规定，北京中伦（成都）律师事务所（以下简称"本所"） 指派律师出席了成都云图控股股份有限公司（以下简称"公司"）2026 年第一 次临时股东会（以下简称"本次股东会"），并对本次股东会的相关事项进行见 证。 本所 ...

2026年第一次临时股东会决议公告 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。 证券代码：002539 证券简称：云图控股 公告编号：2026-002 成都云图控股股份有限公司 特别提示： 一、本次股东会未出现否决提案的情形。 二、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、召开日期和时间 现场会议召开时间：2026年1月8日（星期四）下午14:30 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为 2026年1月8日9:15—9:25，9:30—11:30，13:00—15:00；通过深圳证券交易所互 联网投票系统投票的具体时间为2026年1月8日9:15至15:00的任意时间。 2、现场会议召开地点：四川省成都市新都区蓉都大道南二段98号云图控股 办公楼9楼会议室 3、召开方式：采取现场投票表决与网络投票表决相结合的方式。 4、召集人：成都云图控股股份有限公司（以下简称"公司"）董事会 5、现场会议主持人：董事长牟嘉云女士 6、本次会议的召开经公司第七届董事会第五次会议审议通过，符合《中 ...

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [5][9]. Core Views - The potassium fertilizer supply and demand are tightly balanced, with international prices rising. China, being the largest consumer, has a high import dependency exceeding 60%. The domestic production of potassium chloride is expected to decrease by 2.7% in 2024, while imports are projected to reach a historical high of 12.633 million tons, a year-on-year increase of 9.1% [1][24]. - The long-term price center for phosphate rock is expected to remain high due to declining grades and increasing extraction costs, alongside growing demand from new applications like lithium iron phosphate. The domestic supply-demand situation for phosphate rock is tightening, with prices for 30% grade phosphate rock remaining elevated [2][50]. - The price of glyphosate has shown volatility, with a peak during the South American planting season and a subsequent decline due to high North American inventories. The report anticipates a recovery in glyphosate prices in 2026 [4][49]. Summary by Sections Potassium Fertilizer - The global potassium fertilizer market is characterized by a supply-demand imbalance, with prices expected to recover due to resource scarcity and geopolitical factors affecting supply chains [1][44]. - Domestic potassium chloride prices are projected to stabilize around 3,100-3,200 CNY/ton, with expectations of maintaining high inventory levels for food security [24][40]. Phosphate Chemicals - The phosphate rock market is experiencing a tightening supply-demand balance, with prices for 30% grade phosphate rock remaining above 900 CNY/ton for over three years. The report highlights the increasing demand from lithium battery applications [2][50]. - Phosphate chemical prices have shown upward trends for products like lithium iron phosphate, while glyphosate prices have decreased significantly [49][51]. Pesticides - The report suggests a potential recovery in the pesticide sector, particularly for glyphosate and its derivatives, as the industry undergoes restructuring to improve profitability [4][8]. - Companies such as Yangnong Chemical and Lier Chemical are highlighted as key players in the pesticide market, with recommendations for investment [7][8].

Core Viewpoint - The company is focused on expanding its compound fertilizer production capacity to optimize national production layout and enhance regional market competitiveness, while preparing for future growth in the compound fertilizer sector [2] Group 1: Production Capacity Expansion - The company is currently constructing a total of 1.9 million tons of compound fertilizer capacity, located in Hubei Yingcheng, Hubei Jingzhou, Shandong Pingyuan, Xinjiang Akesu, and Guangxi Guigang [2] - This expansion aims to cover major agricultural production areas in China and Southeast Asian markets, facilitating quicker response to customer needs [2] Group 2: Market Strategy - The company is actively enhancing its market presence through channel refinement, brand upgrades, and product structure adjustments to boost compound fertilizer sales and production utilization rates [2] - Future strategies will leverage the compound fertilizer capacity layout to improve the integration of nitrogen and phosphorus supply chains, aiming to reduce overall costs and enhance profitability [2]

Core Viewpoint - The company is currently constructing a total of 1.9 million tons of compound fertilizer production capacity, which is strategically located in key agricultural regions in China and Southeast Asia, enhancing its ability to respond quickly to customer demands [1] Group 1 - The company's in-progress compound fertilizer production capacity is 1.9 million tons [1] - The production facilities are located in Hubei (Yicheng and Jingzhou), Shandong (Pingyuan), Xinjiang (Aksu), and Guangxi (Guigang) [1] - The strategic locations allow the company to serve major agricultural production areas in China and international markets in Southeast Asia [1]

Group 1 - The core viewpoint of the news is that Yuntu Holdings has shown a positive stock performance with a 3.21% increase year-to-date and a significant rise in the last 60 days by 11.93% [1] - As of January 6, Yuntu Holdings' stock price reached 12.20 CNY per share, with a total market capitalization of 14.734 billion CNY [1] - The company reported a net outflow of 7.0011 million CNY in main funds, with large orders showing a buy of 20.4517 million CNY and a sell of 24.1252 million CNY [1] Group 2 - For the period from January to September 2025, Yuntu Holdings achieved an operating revenue of 15.870 billion CNY, reflecting a year-on-year growth of 1.10%, and a net profit attributable to shareholders of 0.675 billion CNY, up by 0.86% [2] - The company has distributed a total of 2.352 billion CNY in dividends since its A-share listing, with 0.845 billion CNY distributed in the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 7.05% to 46,200, while the average circulating shares per person increased by 7.58% to 19,093 shares [2][3]

证券代码：002539 证券简称：云图控股 公告编号：2026-001 成都云图控股股份有限公司 关于参与江苏藏青新能源产业发展基金扩募的进展公告 近日，公司接到基金管理人通知，藏青基金已根据《中华人民共和国证券投 资基金法》等法律法规的要求，完成了基金业协会的私募投资基金变更备案手续， 藏青基金规模由 531,000 万元变更为 671,000 万元，原合伙人宁波青出于蓝股权 投资合伙企业（有限合伙）将所持藏青基金份额全部转让给江苏沙钢集团有限公 司并退伙。本次变更前后全体合伙人认缴出资情况如下： | | | | 出资 | 变更前 | | 变更后 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 合伙人名称 | 合伙人类型 | 方式 | 认缴金额 | 认缴比例 | 认缴金额 | 认缴比例 | | | | | | （万元） | （%） | （万元） | （%） | 1 | 1 | 无锡拓海股权投资基金 | 普通合伙人 | 货币 | 1,000.0000 | 0.1883% | 9,173.2580 | 1.3671% | | | --- ...

云图控股公告称，2021年10月，公司出资5亿元参与藏青基金，占比9.4162%。2025年12月，藏青基金 计划扩募14亿元，公司行使优先认缴权，追加1.32亿元认购份额，比例不变。近日，藏青基金完成变更 备案，规模由53.1亿元增至67.1亿元，原合伙人宁波青出于蓝将份额转让给江苏沙钢并退伙。变更后， 公司认缴金额增至6.32亿元，占比9.4162%。 ...