Investment Rating - The report maintains an "Outperform" rating for the chemical industry as of July 15, 2025 [1] Core Insights - The potassium fertilizer prices are experiencing a continuous recovery, benefiting companies with abundant resources [2] - Domestic production of potassium chloride has decreased year-on-year, while inventory levels remain low, indicating a tightening supply [3] - The potassium fertilizer market is characterized by an oligopoly, with geopolitical conflicts introducing uncertainties that may affect supply and pricing [4] Summary by Sections Potassium Fertilizer Price Trends - As of July 11, 2025, domestic prices for potassium chloride have risen significantly, with prices at 3339 CNY/ton and 3000 CNY/ton, marking increases of 823 CNY/ton and 450 CNY/ton since the beginning of the year [2] - In Q2 2025, the average price for domestic potassium chloride was 2993.95 CNY/ton, reflecting a quarter-on-quarter increase of 105.50 CNY/ton and a year-on-year increase of 597.50 CNY/ton [2] Domestic Production and Inventory - In the first half of 2025, China's potassium chloride production totaled 2.53 million tons, a decrease of 17.1% year-on-year, with June's production at 416,300 tons, down 27.9% year-on-year [3] - Domestic market inventory stands at 1.768 million tons, down 820,000 tons since the beginning of the year, indicating a tight supply situation [3] Market Structure and Geopolitical Risks - The global potassium fertilizer market is dominated by a few countries, primarily Canada, Russia, and Belarus, creating an oligopolistic structure [4] - Recent geopolitical tensions, such as the U.S. imposing tariffs on potassium fertilizer imports from Canada and Mexico, and conflicts involving Israel, pose risks to supply and pricing stability [4] Investment Opportunities - The report highlights that companies with rich potassium resources are likely to benefit from the ongoing market recovery, with specific companies mentioned as potential investment targets [9]

号：2025-030 青岛东方铁塔股份有限公司 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。 青岛东方铁塔股份有限公司（以下简称"公司"）于近日收到公司实际控制人韩 汇如先生的通知，获悉韩汇如先生持有的公司部分股份已解除质押，有关事项如 下： 一、本次解除质押的基本情况 证券代码：002545 证券简称：东方铁塔 公告编 是否为控股 | | | 本次解除质 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东或第一 | | | | 占其所持股 | | 占公司总股 | | 质押起 | | | 始 | 解除质押日 | | | | | | | | | | 股东名称 | | 押股份数 | | | | | | | | | 量 | | | | | | | 质权人 | | | | 大股东及其 | | | | 份比例(%) | 本比例(%) | | | | | | 日 | 期 | | | | | | | | | | 一致行动人 | | （万股） | | | | | ...

证券代码：002545 证券简称：东方铁塔 公告编号：2025-029 青岛东方铁塔股份有限公司 关于项目中标的公告 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。 近日，国家电网公司电子商务平台（http://ecp.sgcc.com.cn）公布了《国家电网 有限公司2025年第三十三批采购（输变电项目第三次线路装置性材料招标采购）中 标公告》。青岛东方铁塔股份有限公司（以下简称"公司"）合计中标约8,111.82 万元，约占公司2024年经审计的营业收入的1.93%。现将相关项目中标情况公告如 下： 一、中标项目概况 国家电网有限公司 2025 年第三十三批采购（输变电项目第三次线路装置性材 料招标采购）（招标编号：0711-250TL05521013）项目 项目单位：国家电网有限公司 中标产品：角钢塔、钢管塔 中标标包：包 4、包 53、包 12 中标金额：8,111.82 万元 详情请查看国家电网公司电子商务平台相关公告： https://ecp.sgcc.com.cn/ecp2.0/portal/#/doc/doci-win/250715996541 ...

证券代码：002545 证券简称：东方铁塔 公告编号：2025-030 青岛东方铁塔股份有限公司 | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 累计质押股 | 占其所 | 占公司 | 情况 | | 情况 | | | 股东名 | 持股数量 | 持股比 | 份数量（万 | 持股份 | 总股本 | 已质押 | 占已 | 未质押 | 占未 | | 称 | （万股） | 例(%) | 股） | 比例(%) | 比例 | 股份限 | 质押 | 股份限 | 质押 | | | | | | | (%) | 售和冻 | 股份 | 售和冻 | 股份 | | | | | | | | 结数量 | 比例 | 结数量 | 比例 | | 韩汇如 | 58,264.4964 | 46.83 | 14,000.00 | 24.03 | 11.25 | 0 | 0 | 0 | 0 | | 合计 | 58,264.4964 | 46.83 | 14,000.00 | 24.03 | 11. ...

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has shown better performance than the market, with a year-to-date increase of 8.9%, outperforming the Shanghai Composite Index by 4.2 percentage points [4][16] - The global potash market is characterized by oligopoly, with major producers controlling supply and prices. Recent production cuts by key players are expected to sustain potash market conditions [5][27] - Phosphate supply remains tight, with stable prices and potential improvements in export opportunities as demand increases [5][27] Summary by Sections 1. Core Viewpoints - Policies are expected to improve supply-demand dynamics in the chemical sector, with a focus on cyclical investment opportunities [13] - The chemical industry is entering a new long-term prosperity cycle, driven by improved fundamentals and reduced risks [13][14] 2. Overall Performance of the Chemical Sector - The basic chemical industry index increased by 1.5% during the week, outperforming the Shanghai Composite Index by 0.4 percentage points [16] - Year-to-date, the basic chemical industry index has increased by 8.9%, significantly outperforming both the Shanghai Composite and ChiNext indices [16][18] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 298 stocks rose while 123 fell during the week [25] - The top performers included companies like Shangwei New Materials (+72.9%) and Hongbo New Materials (+24.7%) [25][26] 4. Key News and Company Announcements - The autumn fertilizer preparation has begun, with a focus on investment opportunities in potash and phosphate fertilizers [27] - Major potash producers have announced production cuts, which are expected to tighten supply and support prices [5][27] - Phosphate prices remain stable, with potential for improved export conditions as demand increases [5][27] 5. Product Price Changes - The report highlights significant price increases in various chemical products, with notable gains in dimethylamine (+16.7%) and fatty alcohol (+8.2%) [6] - Conversely, urea prices have seen a significant decline (-15%) [6]

Group 1 - The company, Qingdao Oriental Tower Co., Ltd., expects a significant increase in net profit for the first half of 2025, projecting a profit of 451 million to 495 million yuan, representing a year-on-year growth of 62.04% to 78.35% [2] - The basic earnings per share are estimated to be between 0.3625 yuan and 0.3978 yuan, compared to 0.2213 yuan in the same period last year [2] - The increase in profitability is attributed to the rise in market prices for potassium chloride products, which is expected to boost the company's potassium fertilizer business [2] Group 2 - The performance forecast period is from January 1, 2025, to June 30, 2025, and the financial data has not yet been audited by the accounting firm [2] - The company has communicated with the auditing firm regarding the performance forecast, and there are no discrepancies between the two parties [2]

[Performance Forecast](index=1&type=section&id=I.%20Expected%20Performance%20for%20the%20Current%20Period) The company anticipates significant growth in H1 2025, with net profit attributable to shareholders projected to increase by **63.8% to 79.78%**, reaching **RMB 451 million to RMB 495 million** Performance Overview | Item | Current Reporting Period (Jan 1 - Jun 30, 2025) | Prior Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | Profit: RMB 451 million - RMB 495 million | Profit: RMB 275.3343 million | | Year-on-Year Growth | 63.8% - 79.78% | - | | **Net Profit Excluding Non-Recurring Gains/Losses** | Profit: RMB 437 million - RMB 481 million | Profit: RMB 269.6880 million | | Year-on-Year Growth | 62.04% - 78.35% | - | | **Basic Earnings Per Share** | Profit: RMB 0.3625/share - RMB 0.3978/share | Profit: RMB 0.2213/share | [Communication with Accounting Firm](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The company has pre-communicated with its auditing accounting firm regarding the performance forecast, with no disagreements, though the data remains unaudited - The financial data related to this performance forecast has not been pre-audited by the accounting firm[3](index=3&type=chunk) - The company has pre-communicated with its auditing accounting firm regarding the performance forecast, and there are no disagreements[3](index=3&type=chunk) [Reasons for Performance Change](index=1&type=section&id=III.%20Explanation%20of%20Reasons%20for%20Performance%20Change) The significant performance improvement in the current period is primarily due to the increased market price of the company's core product, potassium chloride, driving profitability in its potash fertilizer business - During the reporting period, the market price of the company's potassium chloride products increased compared to the prior year[4](index=4&type=chunk) - Benefiting from price increases, the company's potash fertilizer business is expected to grow, thereby enhancing overall profitability[4](index=4&type=chunk) [Risk Warning](index=1&type=section&id=IV.%20Risk%20Warning) This performance forecast is a preliminary, unaudited estimate, and investors should refer to the 2025 semi-annual report for final financial data and exercise caution regarding investment risks - This performance forecast is a preliminary estimate by the company's finance department and has not been audited by an auditing institution[5](index=5&type=chunk) - Specific financial data will be detailed in the 2025 semi-annual report; investors are advised to make prudent decisions and be aware of investment risks[5](index=5&type=chunk)

Investment Rating - The report rates the industry as "Positive" [6] Core Insights - Potassium is one of the three essential nutrients for crop growth, often referred to as "the grain of food" [2] - The global potassium fertilizer market is projected to reach USD 28.12 billion in 2024, with a compound annual growth rate (CAGR) of 3.9% expected until 2033 [27] - The supply of potassium is dominated by a few major players, leading to a clear oligopoly in the industry [2][44] Industry Overview - Potassium is essential for crop growth, with a market size exceeding USD 100 billion [15] - The potassium resource is divided into solid potassium ores and potassium brine, with solid potassium ores being the majority [28] - Global potassium resources are unevenly distributed, with China holding only 4% of the world's reserves, leading to significant reliance on imports [2][53] Demand Analysis - Global potassium fertilizer demand is expected to grow steadily due to population increases, with an average annual growth rate of 2.67% projected from 2024 to 2030 [3] - Key regions driving demand include China, Southeast Asia, and Brazil, with specific agricultural practices increasing potassium usage [3][18] - By 2030, global potassium fertilizer demand is anticipated to reach 85.2 million tons [3] Supply Analysis - Capital expenditures for greenfield potassium projects are substantial, with development cycles typically ranging from 7 to 10 years [4] - Major projects, such as BHP's Jansen project, are expected to significantly increase global potassium production capacity [4][20] - If current projects are completed on schedule, global potassium production could reach 90.9 million tons by 2030, with a CAGR of 2.35% from 2024 to 2030 [4] Price Trends - Short-term price trends for potassium fertilizers are expected to be strong, influenced by supply constraints and high demand in key markets [5] - The price of potassium fertilizers is projected to face upward pressure until 2026, after which it may stabilize as new projects come online [5][26] - The long-term price will be supported by marginal costs, despite potential oversupply in the future [5]

Group 1 - A total of 31 buy ratings were issued by institutions today, covering 20 stocks, with Yanjing Beer receiving the highest attention, garnering 8 buy ratings [1][2] - Among the stocks rated, 6 have an upside potential exceeding 20%, with Longxin General leading at 50.76% based on a target price of 19.96 yuan [1][2] - The average increase for stocks with buy ratings today was 2.13%, outperforming the Shanghai Composite Index, with notable gainers including Lexin Technology and Pengding Holdings [1][2] Group 2 - Seven stocks among those rated have released their half-year performance forecasts, with Lier Chemical expecting a net profit growth of 190.62%, followed by Zongshen Power and Longxin General with expected growths of 85.00% and 80.28% respectively [2] - The electronics sector is the most favored, with five stocks including Industrial Fulian and Allwinner Technology making the buy rating list, while machinery and basic chemicals also received attention with four and two stocks respectively [2][3] - The buy ratings include various institutions, with notable mentions such as Softcom Power and Yanjing Beer, which have received multiple buy ratings from different firms [3]

证券代码：002545 证券简称：东方铁塔 公告编号：2025-027 青岛东方铁塔股份有限公司 2024年年度权益分派实施公告 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、股东大会审议通过利润分配方案的情况 1．青岛东方铁塔股份有限公司（以下简称"本公司"或"公司"）2024 年年度权益 分派方案已获 2025 年 5 月 21 日召开的公司 2024 年年度股东大会审议通过，分配方 案的具体内容为：以公司 2024 年 12 月 31 日总股本 1,244,062,083 股为基数，以未分 配利润向全体股东每 10 股派发现金红利 3.00 元（含税），合计派送现金股利 373,218,624.90 元。剩余未分配利润结转入下一年度。本年度不送红股，不进行公积 金转增股本。若分配方案披露后至权益分派实施前，公司股本基数由于可转债转股、 股份回购、股权激励行权、再融资新增股份上市等原因而发生变化时，公司将根据分 配比例固定不变的原则实施权益分派。 2．自分配方案披露至实施期间，公司股本总额未发生变化。 本次权益分派股权登记日为：2025年7月15日， ...