农药行业：全球农化去库+出口需求良好，部分农药量价齐升助力盈利修复 2022Q4以来，全球农药市场进入去库周期，国内规模化产能释放，供需错配导致多数农药产品价格自 2021年的高点震荡走低。截至7月27日，中农立华原药价格指数报75.35点，同比下跌0.44%，环比6月上 涨0.33%；跟踪的上百个产品中，同比63%产品下跌；环比6月57%产品持平，3%产品上涨。 据海关总署数据，2025年1-6月，中国除草剂、杀虫剂、杀菌剂出口数量分别为122.9、26.1、13.2万 吨，同比分别+14%、+32%、+24%；主要出口至巴西、美国、泰国、澳大利亚、尼日利亚、加纳等， 由于南北半球春耕开始时间存在差异，春耕之时制剂使用量较大，制剂企业需提前采购原药，一般每年 年末至次年4月为国内农药出口至美国的旺季，6-8月为出口到南美的旺季。 重点任务包括：(一)严禁在产品中添加或以助剂名义销售隐性成分或未登记的活性成分；(二)严厉打击 非法生产行为；(三)严禁销售或采购非法母药加工制剂；(四)抵制企业低价无序竞争行为：(1)加强自律 意识，不得以低于成本的价格倾销，扰乱正常的生产经营秩序。(2)鼓励企业创新，以提高产品 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the pesticide industry [2]. Core Viewpoints - The "Rectifying Internal Competition" three-year action plan initiated by the China Pesticide Industry Association aims to address issues such as hidden additives, illegal production, and disorderly competition within the pesticide industry, potentially marking a turning point for industry prosperity [3][4]. - The demand for pesticides is expected to remain strong, with Chinese pesticide companies capturing a significant share of the global market for pesticide growth. The report highlights a notable increase in pesticide imports in Brazil and the United States, while exports from India and the U.S. have not kept pace, indicating China's growing role as a key supplier [4][25]. - The report anticipates that the pesticide industry's capital expenditure growth has been negative for four consecutive quarters, suggesting that prices have bottomed out. The "Rectifying Internal Competition" initiative is expected to enhance industry self-discipline and lead to a rebound in industry prosperity [4][9]. Summary by Sections Action Plan Overview - The "Rectifying Internal Competition" action plan outlines three main objectives: improving market order, curbing internal competition, and enhancing product quality by 2027 [5]. - Key tasks include prohibiting the addition of unregistered active ingredients, cracking down on illegal production, and resisting low-price competition among companies [5]. Industry Dynamics - The pesticide industry is currently facing intense competition and frequent safety incidents, necessitating the "Rectifying Internal Competition" initiative. The report notes that safety incidents have increased due to reduced safety investments amid competitive pressures [4][13]. - The report indicates that the global pesticide industry is transitioning from a de-inventory phase to a de-capacity phase, with China's pesticide exports expected to exceed 2.05 million tons in 2024, accounting for 89.5% of total production [6][9]. Market Trends - The report highlights that several pesticide prices have begun to rise due to improved demand and supply constraints. For instance, the price of glyphosate has increased by 12.93% since April 2025 [18][29]. - The overall pesticide market is showing signs of recovery from a downturn, with some companies experiencing significant improvements in profitability due to favorable industry conditions [29]. Investment Recommendations - The report recommends focusing on companies such as Yangnong Chemical, Lier Chemical, Xingfa Group, Limin Co., and Guoguang Co., which are well-positioned in the pesticide market and expected to benefit from the ongoing industry changes [32].

Industry Investment Rating - The industry investment rating is "Outperform" and is maintained [2] Core Viewpoints - The report emphasizes the importance of preventing inward competition and focuses on leading chemical companies, particularly in sectors like silicon materials and pesticides. Key companies to watch include Wanhua Chemical, Yangnong Chemical, and Hualu Hengsheng, with a focus on Li Min Co., Ltd. in the pesticide sector [5][6] Summary by Relevant Sections Industry Overview - The closing index for the basic chemical industry is 3782.32, with a weekly high of 3782.32 and a low of 2687.54 [2] - The basic chemical sector has outperformed the CSI 300 index by 2.34 percentage points this week, with a weekly increase of 4.03% compared to the CSI 300's 1.69% [6][19] Stock Performance - Notable stock performances include significant increases for companies such as: - Shangwei New Materials (up 97.37%) - Henghe Precision (up 64.42%) - Poly United (up 52.73%) [7][20] - Conversely, companies like Pioneer New Materials and Dazhongnan experienced declines of 11.67% and 9.90%, respectively [8][22] Commodity Price Movements - Key commodities that saw price increases include: - Chick seedlings (up 53.38%) - Industrial-grade lithium carbonate (up 15.38%) - Battery-grade lithium carbonate (up 15.15%) [9][25] - On the other hand, commodities such as PVDF powder and acrylic acid methyl ester saw declines of 10.34% and 9.47%, respectively [10][27] Key Company Earnings Forecasts and Investment Ratings - Selected companies and their investment ratings include: - Wanhua Chemical: Buy, closing price 63.0, market cap 197.16 billion, 2025E EPS 139.4, PE 14.1 [12] - Yangnong Chemical: Buy, closing price 68.2, market cap 27.63 billion, 2025E EPS 13.8, PE 20.0 [12] - Hualu Hengsheng: Buy, closing price 24.1, market cap 51.06 billion, 2025E EPS 40.5, PE 12.6 [12]

Core Viewpoint - The performance of various industries in the first half of the year has shown significant improvement, with 52.88% of the 938 listed companies reporting a year-on-year increase in net profit attributable to shareholders [1] Group 1: Non-ferrous Metals Industry - The non-ferrous metals sector has experienced substantial profit growth, driven by rising prices of raw materials such as copper and gold [2] - 20 companies in the non-ferrous metals industry reported a year-on-year profit increase of over 50%, with 6 companies achieving a profit doubling [2] - For instance, Jincheng Mining expects a net profit of 1.07 billion to 1.12 billion yuan, a year-on-year increase of 74.62% to 82.78%, attributed to increased sales volume and prices of mineral products [2] - Luoyang Molybdenum anticipates a net profit of 8.2 billion to 9.1 billion yuan, reflecting a growth of 51.37% to 67.98% due to rising copper and cobalt prices [2] - Huayou Cobalt's profit is expected to rise by 55.62% to 67.59%, with a projected net profit of 2.6 billion to 2.8 billion yuan, driven by increased cobalt prices [2] Group 2: Gold Industry - The gold sector has also reported strong performance, with companies like Western Gold expecting a net profit of 130 million to 160 million yuan, a year-on-year increase of 96.35% to 141.66% [3] - Shandong Gold anticipates a net profit of 2.55 billion to 3.05 billion yuan, reflecting an increase of 84.30% to 120.50% due to higher gold sales prices and increased sales volume [3] - Other gold companies, including Chifeng Gold and Zhongjin Gold, also expect net profit increases exceeding 50% [3] Group 3: Agricultural Chemicals Industry - The agricultural chemicals sector has seen significant profit growth, with 49 out of 89 companies reporting increases, representing 55.1% [4] - Xian Da Co. expects a net profit of 130 million to 150 million yuan, a staggering year-on-year increase of 2443.43% to 2834.73%, driven by rising market prices of its main product [4] - Su Li Co. anticipates a net profit of 72 million to 86 million yuan, reflecting a growth of 1008.39% to 1223.91% due to increased sales of pesticides [4] - Li Min Co. expects a net profit of 260 million to 280 million yuan, a year-on-year increase of 719.25% to 782.27% [4] Group 4: Fertilizer Industry - Fertilizer companies like Yara International and Dongfang Iron Tower are also forecasting over 50% profit growth due to increased product demand [5] - Yara International expects a net profit of 730 million to 930 million yuan, a year-on-year increase of 170% to 244%, driven by higher production and sales volumes [5] - Dongfang Iron Tower anticipates a net profit of 451 million to 495 million yuan, reflecting a growth of 63.80% to 79.78% [5] Group 5: Fluorochemical Industry - The fluorochemical sector has benefited from rising market prices, with companies like Sanmei Co. expecting a net profit of 948 million to 1.042 billion yuan, a year-on-year increase of 146.97% to 171.67% [6] - Juhua Co. anticipates a net profit of 1.97 billion to 2.13 billion yuan, reflecting a growth of 136% to 155% due to rising prices of fluorinated refrigerants [6] - Yonghe Co. expects a net profit of 255 million to 280 million yuan, a year-on-year increase of 126.30% to 148.49% [6]

股票代码：002734 股票简称：利民股份 公告编号：2025-065 利民控股集团股份有限公司关于公司 部分董事、高级管理人员股份减持计划实施完成的公告 2、股东本次减持前后持股情况 | | | | 名称 | | | 股数（股） 占总股本比例 股数（股） | | 占总股本比例 | | --- | --- | --- | --- | --- | --- | | 陈新 | 合计持有数量 | 1,049,246 | 0.24% | 849,246 | 0.19% | | 安 | 其中：有限售条件股份 | 786,934 | 0.18% | 786,934 | 0.18% | | | 无限售流通股 | 262,312 | 0.06% | 62,312 | 0.01% | | 沈书 | 合计持有数量 | 1,046,040 | 0.24% | 786,040 | 0.18% | | 艳 | 其中：有限售条件股份 | 784,530 | 0.18% | 784,530 | 0.18% | | | 无限售流通股 | 261,510 | 0.06% | 1,510 | 0.0003% | 公司董事、高级管理人员陈新安先生、 ...

1. 艾罗能源(688717.SH)：公司及多名董监高因个人资金需求，计划在15个交易日后3个月内通过集中竞价或大宗交易方式减持股 份，减持数量不超过公司总股本的0.78%。 2. 奥普光电(002338.SZ)：控股股东长春光机所计划在15个交易日后90日内，以集中竞价方式减持公司股份不超过240万股，占公 司总股本的1%。 3. 铂科新材(300811.SZ)：股东铂科天成及其一致行动人合计减持1.01%股份，减持计划实施完毕，同时股东梅建军合计减持8134 股，占总股本的0.0476%。 4. 博迁新材(605376.SH)：股东新辉投资计划在15个交易日后3个月内通过大宗交易减持公司股份不超过261.6万股，占公司总股本 的1%。 5. 博盈特焊(301468.SZ)：股东前海股权基金和中原前海基金减持计划实施完成，合计减持394.48万股，占公司总股本的2.99%。 6. 测绘股份(300826.SZ)：高级管理人员刘键计划在15个交易日后3个月内通过集中竞价方式减持公司股份不超过5万股，占公司总 股本的0.03%。 13. 红宝丽(002165.SZ)：控股股东宝源投资及实际控制人芮敬功计划在15 ...

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has outperformed the market, with the industry index rising by 1.8% from July 11 to July 18, compared to a 0.7% increase in the Shanghai Composite Index [9][20] - The report highlights significant price increases in TDI, glyphosate, and glufosinate due to supply disruptions and rising demand, particularly in South America [6][31][33] Summary by Sections 1. Core Viewpoints - The basic chemical sector is expected to benefit from supply-side reforms and improved demand due to recent government policies aimed at stabilizing the economy [17] - The report emphasizes the potential for long-term investment in core assets as the profitability of chemical products has likely bottomed out, suggesting a recovery in valuations [17][18] 2. Overall Performance of the Chemical Sector - The basic chemical industry index has shown a year-to-date increase of 10.8%, outperforming both the Shanghai Composite and ChiNext indices by 5.4% and 4.5%, respectively [20][26] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 251 stocks rose while 162 fell during the reporting week, with notable gainers including Shangwei New Materials (+148.8%) and Dongcai Technology (+33.2%) [29][30] 4. Key News and Company Announcements - A fire at Covestro's TDI plant in Germany has led to significant supply disruptions, creating opportunities for price increases in TDI [31][32] - Glyphosate prices have increased to 25,500 CNY per ton, reflecting a 7.16% month-over-month rise, driven by reduced inventory levels [33] - New regulations on glufosinate are expected to constrain supply, potentially leading to price increases as the market adjusts [34]

股票代码：002734 股票简称：利民股份 公告编号：2025-064 利民控股集团股份有限公司关于公司 部分董事、高级管理人员股份减持计划实施完成的公告 公司董事、高级管理人员孙敬权先生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。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 利民控股集团股份有限公司（以下简称"公司"）于 2025 年 6 月 7 日在公司指 定信息披露媒体《证券时报》《中国证券报》及巨潮资讯网刊登了《关于公司部分 董事、高级管理人员减持计划的预披露公告》（公告编号：2025-051），对公司部分 董事、高级管理人员的股份减持进行了预披露。其中公司董事、总工程师孙敬权先 生计划自 2025 年 6 月 30 日后的 3 个月内，通过二级市场集中竞价交易或大宗交易 方式，减持公司股份不超过 1,500,000 股。 近日，收到公司部分董事、高级管理人员孙敬权先生《股份减持进展告知函》， 孙敬权先生减持计划已全部实施完毕。现将具体情况披露如下： 一、股东股份减持情况 | | 集中竞价 | 2025.07.02 2025.07.04 | 20. ...

Group 1 - The company announced that several directors and senior management personnel have completed the purchase of its convertible bonds, reflecting their confidence in the company's future development and intrinsic value [1] - The total amount invested by the directors and senior management in the convertible bonds is 2.2 million yuan, with individual contributions ranging from 400,000 to 500,000 yuan [1] - The completion of the bond purchase includes specific details such as the number of bonds acquired and the total amount spent, amounting to approximately 2.216 million yuan for 9,850 bonds [1] Group 2 - The company previously disclosed the intention of its directors and senior management to purchase convertible bonds on August 10, 2024, to protect the interests of bond investors and stabilize market expectations [1] - The announcement includes a detailed table listing the names, positions, and amounts invested by each participating director and senior management member [1] - The completion date for the bond purchases was reported as July 17, 2025, confirming that all commitments were fulfilled [1]

| 股票代码：002734 | 股票简称：利民股份 | 公告编号：2025-063 | | --- | --- | --- | | 债券代码：128144 | 债券简称：利民转债 | | 利民控股集团股份有限公司（以下简称"公司"）于 2024 年 8 月 10 日在巨潮 资讯网（www.cninfo.com.cn）等指定信息披露媒体上发布了《公司关于部分董事、 高级管理人员拟购买公司可转换债券的提示性公告》（公告编号：2024-070），基于 对公司未来发展前景的信心以及对公司内在价值的认可，结合公司可转债及股票二 级市场表现，为切实保护可转债投资人和公司全体股东的利益，维护可转债市场价 值，稳定市场预期，公司部分董监高拟购买公司在二级市场流通的可转换公司债券， 具体内容如下： | 姓名 | 职务 | 出资金额（万元） | | --- | --- | --- | | 张 庆 | 副董事长、董事会秘书 | 50 | | 范朝辉 | 董事、总裁 | 50 | | 许惠朝 | 董事 | 40 | | 陈新安 | 董事 | 40 | | 沈书艳 | 副总裁、财务总监 | 40 | | | 合计 | 220 | 二、 ...