Core Viewpoint - Yuntu Holdings announced its participation as a limited partner in the Jiangsu Cangqing New Energy Industry Development Fund, investing 500 million RMB and later increasing its commitment to 631.826742 million RMB, maintaining a 9.4162% share in the fund [2]. Group 1 - The company held its 28th meeting of the fifth board of directors on October 22, 2021, where it approved the investment in the Jiangsu Cangqing New Energy Industry Development Fund [2]. - The total fundraising scale of the Cangqing Fund is 5.31 billion RMB, which was registered with the Asset Management Association of China on November 9, 2021 [2]. - The fund plans to expand its fundraising by an additional 1.4 billion RMB, and the company decided to exercise its priority subscription right to invest an additional 131.826742 million RMB [2]. Group 2 - After the expansion, the total fundraising scale of the Cangqing Fund will increase from 5.31 billion RMB to 6.71 billion RMB [2]. - The company's total subscribed capital will rise from 500 million RMB to 631.826742 million RMB, while its ownership percentage in the fund remains unchanged at 9.4162% [2].

Core Viewpoint - YunTu Holdings (002539.SZ) has decided to increase its investment in the Jiangsu Cangqing New Energy Industry Development Fund by exercising its preemptive subscription rights, raising its total commitment to the fund to 631.826742 million RMB while maintaining its ownership percentage at 9.4162% [1] Group 1: Investment Details - The company approved an investment of 500 million RMB in the Jiangsu Cangqing New Energy Industry Development Fund during a board meeting on October 22, 2021 [1] - The fund is expanding its fundraising target by 1.4 billion RMB, increasing the total size from 5.31 billion RMB to 6.71 billion RMB [1] - The company's additional subscription amount is 131.826742 million RMB, which will raise its total investment in the fund to 631.826742 million RMB [1]

证券代码：002539 证券简称：云图控股 公告编号：2025-056 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暨签署合伙协议的公告 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。 一、对外投资概述 （一）成都云图控股股份有限公司（以下简称"公司"）于 2021 年 10 月 22 日召开第五届董事会第二十八次会议，审议通过了《关于参与投资江苏藏青新能 源产业发展基金的议案》，同意公司作为有限合伙人，出资 50,000 万元人民币 参与投资江苏藏青新能源产业发展基金合伙企业（有限合伙）（以下简称"藏青 基金"或"合伙企业"），持有其 9.4162%的份额。藏青基金募集规模 531,000 万元 人民币，已于 2021 年 11 月 9 日在中国证券投资基金业协会（以下简称"基金业 协会"）完成备案，内容详见公司 2021 年 10 月 26 日、2021 年 11 月 11 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.c ...

Core Insights - The chemical industry is entering a favorable phase driven by demand, value, and supply dynamics [5][6][7] - Global supply constraints and the exit of European capacities are expected to enhance the market environment for the chemical sector [7] Demand Drivers - Key opportunities identified in various sectors include: - Gas turbine upstream: companies like Zhenhua Co., Yingliu Co., Longda Co., and Wanze Co. [5] - Refrigerants and fluorinated liquids: companies such as Juhua Co., New Zhoubang, and Runhe Materials [5] - Energy storage supply chain: including Chuanheng Co., Xingfa Group, Yuntianhua, Batian Co., and others [5] - Semiconductor materials: companies like Yanggu Huatai, Wanrun Co., Dinglong Co., and others [5] Value Drivers - Potential for increased dividend yields in sectors such as: - Coal chemical: Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [6] - Oil refining: Hengli Petrochemical, Satellite Chemical, and Sinopec [6] - Phosphate fertilizers: Yuntianhua, Yuntu Holdings, and others [6] Supply Drivers - Domestic anti-involution policies and the exit of European production capacities are expected to support the chemical industry: - PTA and polyester filament: companies like Xin Fengming and Tongkun Co. [7] - Tire manufacturing: including Sailun Tire, Zhongce Rubber, and others [7] Key Companies and Profit Forecasts - Selected companies with profit forecasts include: - Zhenhua Co. (Net profit forecast for 2025: 6.04 billion, PE: 21.8) [8] - Yingliu Co. (Net profit forecast for 2025: 4.08 billion, PE: 42.7) [8] - Longda Co. (Net profit forecast for 2025: 1.06 billion, PE: 34.9) [8] - Wanze Co. (Net profit forecast for 2025: 2.37 billion, PE: 32.9) [8] - Juhua Co. (Net profit forecast for 2025: 48.14 billion, PE: 24.4) [8] Industry Cycle Insights - The chemical industry is expected to enter a new cycle, with demand recovery and supply-side reforms driving growth [14][21] - The chemical price index has shown signs of recovery, indicating a potential upturn in the market [20][21]

Investment Direction 1: Dividend Strategy - Recommended companies include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) with an expected Brent oil price range of $60-70 per barrel in 2026 [2][3] - CNOOC is committed to maintaining a dividend payout ratio of no less than 45% from 2025 to 2027, while PetroChina benefits from domestic natural gas market reforms [2][3] Investment Direction 2: Capital Allocation to Undervalued Chemical Leaders - Recommended companies include Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng, which are expected to benefit from industry barriers related to cost, technology, and market [2][3] - The report suggests prioritizing capital allocation to chemical ETFs and leading companies as their performance is expected to stabilize [2][3] Investment Direction 3: Price Increases Driven by Downstream Demand - Traditional demand sectors such as food additives, pesticides, and fertilizers are highlighted, with companies like New Hope Liuhe and Jiangshan Chemical expected to benefit from stable growth in demand [2][3] - Emerging demand in phosphorous and fluorine chemicals is driven by the needs of new energy battery and AI cooling applications, with companies like Chuanheng Chemical and Juhua Co. being key players [2][3] Investment Direction 4: Domestic Anti-Competition Driving Price Increases - The report emphasizes the focus on large refining and chemical companies such as Hengli Petrochemical and Rongsheng Petrochemical, which are expected to benefit from anti-competitive measures in the domestic market [2][3] - The organic silicon sector is entering the end of its expansion cycle, with major companies like Sinan Silicon Material adjusting industry operating rates [2][3] - The soda ash industry is facing capacity controls and the need to phase out outdated production, with companies like Boyuan Chemical under observation [2][3] Oil Price Analysis - The report anticipates a Brent oil price range of $60-70 per barrel in 2026, with a slight oversupply expected [11][12] - OPEC+ has postponed production increases for Q1 2026, indicating a cautious approach to market conditions [11][12] - The report highlights geopolitical factors, including the ongoing Russia-Ukraine conflict and U.S.-Venezuela relations, which may impact oil supply dynamics [12][13] Three Major Oil Companies Insights - CNOOC is focused on increasing reserves and production while reducing costs, while PetroChina is benefiting from natural gas market reforms [34][36] - Sinopec is concentrating on domestic refining and chemical anti-competition developments [34][36] - The overall profitability of the three major oil companies is expected to be supported by the anticipated oil price stabilization [34][36]

（编辑 任世碧） 证券日报网12月11日讯 云图控股在12月9日至10日回答调研者提问时表示，公司磷复肥年产能近800万 吨，在建复合肥产能190万吨。遵循"靠近资源，靠近市场"原则，公司已在湖北应城、荆州、宜城，四 川眉山，河南宁陵，山东平原，辽宁铁岭，黑龙江肇东、佳木斯，新疆昌吉等地布局复合肥生产基地， 并推进广西贵港和新疆阿克苏基地的建设，形成了覆盖粮食主产区与核心市场的生产网络。此外，公司 还在马来西亚建有年产15万吨复合肥的生产基地，保障东南亚市场的供应。随着在建产能逐步投产释 放，公司依托完整的氮磷产业链及辐射国内外的生产网络，有效保障主要原料稳定供应，持续提升成本 竞争力，并快速响应不同区域的市场需求，为磷复肥主业发展提供稳固支撑。 ...

（文章来源：证券日报） 证券日报网12月11日讯云图控股在12月9日至10日回答调研者提问时表示，公司已形成完整的磷酸铁产 业链布局，目前拥有磷酸铁年产能5万吨，并配套拥有上游15万吨精制磷酸和30万吨折纯湿法磷酸原料 产能，能够稳定供应锂电池正极材料所需前驱体。公司采用铁法制备磷酸铁工艺，具备生产成本优势， 同时能确保产品的稳定性和高品质，目前已与蜂巢能源、当升蜀道、中创新航等建立合作关系。未来， 公司将加强与优质客户的战略合作，推动公司新能源材料业务的持续发展。 ...

证券日报网12月11日讯云图控股在12月9日至10日回答调研者提问时表示，公司将在保障自身产业链需 求的基础上，统筹安排磷矿石的使用。一方面，公司将使用自采的磷矿石生产黄磷、磷复肥、磷系阻燃 剂及磷酸铁等产品，保障生产所需磷矿石的稳定供应，并降低生产成本。另一方面，公司将结合市场情 况和自身需求，动态调整自用和外售的比例，力求效益最大化，增强公司盈利能力。 （文章来源：证券日报） ...

证券日报网12月11日讯云图控股在12月9日至10日回答调研者提问时表示，公司在四川省雷波县拥有三 宗磷矿资源，合计资源量约5.49亿吨，各项目有序推进中。（1）阿居洛呷磷矿290万吨/年采选工程进 展顺利，井下工程、地表设施建设及边坡治理等工作稳步开展。（2）牛牛寨东段磷矿400万吨/年采选 工程建设推进中，正在进行巷道建设等工作。（3）牛牛寨西段磷矿处于"探转采"阶段。公司将稳步推 进各磷矿项目建设，为磷复肥及磷化工业务提供原料保障，增强产业链协同效应，提升市场竞争力。 （文章来源：证券日报） ...

Core Viewpoint - Yuntu Holdings (002539) is accelerating the development of its green circular phosphate chemical industry project in Hubei Yicheng, which includes significant investments in various phosphate-related products and facilities [1] Group 1: Project Details - The project involves the construction of 150,000 tons of pure iron phosphate, 200,000 tons of phosphate flame retardants, and supporting facilities including 1.5 million tons of upstream reverse flotation ore dressing, 600,000 tons of sulfuric acid production, and 150,000 tons of food-grade refined phosphoric acid [1] - A 15 MW photovoltaic power generation facility and a dedicated railway station are also part of the project [1] Group 2: Current Status and Future Plans - Currently, the 600,000 tons of sulfuric acid production has been completed and is in operation, while the approval process for other projects is ongoing [1] - This project is a key part of the company's strategy to deepen its phosphate industry chain from "phosphate rock - phosphoric acid - iron phosphate/phosphate fertilizer," which will enhance the scale of refined phosphoric acid, iron phosphate, and phosphate flame retardants [1] Group 3: Strategic Implications - The initiative aims to transition the company from traditional phosphate fertilizers to high-value-added sectors, thereby expanding its influence in the phosphate chemical and new energy materials markets and enhancing its profitability resilience [1]