Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The chlor-alkali industry is experiencing a recovery in profitability, driven by a tightening supply of glyphosate and glufosinate, leading to price increases [4][20] - The "anti-involution" policy is expected to be a key focus in 2025 and beyond, aiming to optimize the competitive landscape in the chemical industry [26] Summary by Sections Industry Trends - The chemical industry index outperformed the CSI 300 index by 1.1% this week, with 76.7% of the 545 tracked stocks showing weekly gains [17] - The average price of glyphosate increased to 26,399 CNY/ton, a rise of 0.37% from the previous week, while glufosinate also saw a price increase [21][22] Key Products Tracking - Urea and potassium chloride prices have risen, while phosphorite and phosphates remain stable [52] - The average price of urea reached 1,780 CNY/ton, up 0.62% from the previous week, driven by improved market sentiment [52][54] Recommended and Beneficiary Stocks - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [6][26] - Beneficiary stocks include companies like Jiangshan Co., Ltd. and Hebei New Chemical Materials [24][27]

Core Viewpoint - The CSI Chaoyang 88 Index has shown significant growth, with a 36.36% increase year-to-date, indicating strong market performance and investor interest [1][2]. Group 1: Index Performance - The CSI Chaoyang 88 Index experienced a decline of 0.34%, closing at 13,584.91 points with a trading volume of 79.997 billion yuan [1]. - Over the past month, the index has risen by 11.76%, and over the last three months, it has increased by 20.93% [1]. Group 2: Index Composition - The index is composed of 88 securities selected based on analyst behavior, company earnings forecasts, and research report text mining, aiming for superior risk-return characteristics [1]. - The top ten weighted stocks in the index include Ningbo Yunsen (1.39%), China Shipbuilding (1.26%), and Taotao Automotive (1.24%) among others [1]. Group 3: Market and Sector Allocation - The index's holdings are primarily from the Shanghai Stock Exchange (58.19%), followed by the Shenzhen Stock Exchange (40.70%) and the Beijing Stock Exchange (1.12%) [2]. - Sector allocations include Industrial (23.80%), Information Technology (21.41%), and Materials (17.66%), with smaller allocations in Consumer Discretionary (12.50%) and Healthcare (4.43%) [2]. Group 4: Sample Adjustment - The index samples are adjusted quarterly, with adjustments occurring on the sixth trading day of February, May, August, and November [2]. - In special circumstances, the index may undergo temporary adjustments, and companies that are delisted or undergo significant corporate changes will be removed or adjusted accordingly [2].

Group 1 - The core point of the article is that Limin Co., Ltd. has announced a price increase for its product, Mancozeb, due to rising production costs driven by high temperatures and tight raw material supply [1] - The price increase will take effect from August 6, with a 5% rise in the prices of Mancozeb raw materials and related formulations [1]

Core Viewpoint - The company announces that its convertible bonds, "Li Min Convertible Bonds," are expected to trigger redemption conditions due to the stock price being above the conversion price for 9 consecutive trading days from July 24, 2025, to August 5, 2025 [1][8]. Group 1: Convertible Bond Issuance Overview - The company issued a total of 980 million RMB in convertible bonds, with 9.8 million bonds at a face value of 100 RMB each, for a term of 6 years [1][2]. - The bonds were approved by the China Securities Regulatory Commission and began trading on March 24, 2021 [2]. Group 2: Conversion Price Adjustments - The initial conversion price was set at 14.23 RMB per share, which was adjusted to 13.98 RMB following a cash dividend distribution on June 2, 2021 [2]. - Subsequent adjustments were made to the conversion price, reducing it to 11.20 RMB on May 24, 2022, and further to 10.95 RMB on June 16, 2023 [3][4]. - The conversion price was further reduced to 10.75 RMB on June 12, 2024, and then to 8.50 RMB on July 19, 2024 [5][6]. Group 3: Redemption Conditions - The company has the right to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 out of 30 trading days or if the remaining balance of unconverted bonds is less than 30 million RMB [7]. - The redemption price will be the face value plus accrued interest, and the redemption period aligns with the conversion period [7][9].

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [4][8]. Core Viewpoints - The agricultural chemical industry is experiencing upward price trends in potassium and glyphosate, with an expanding price gap for phosphate exports [1][3]. - The supply-demand balance for potassium fertilizer is tight, with international prices continuing to rise, while domestic production is expected to decrease slightly in 2024 [1][23]. - The phosphate chemical sector is expected to maintain a high price level due to the scarcity of resources and increasing demand from new applications such as lithium iron phosphate [2][46]. - The pesticide sector is anticipated to see a recovery as the "rectification and reform" initiative progresses, with demand increasing due to rising agricultural planting areas in South America [3][4]. Summary by Sections Potassium Fertilizer - The global potassium fertilizer market is characterized by a supply-demand imbalance, with China being the largest consumer and an import dependency exceeding 60% [1][23]. - Domestic potassium chloride production is projected to be 5.5 million tons in 2024, a decrease of 2.7% year-on-year, while imports are expected to reach a record high of 12.633 million tons, up 9.1% [1][23]. - The average price of potassium chloride in July rose from 3,239 CNY/ton to 3,399 CNY/ton, stabilizing at 3,230 CNY/ton by the end of the month [1][40]. Phosphate Chemicals - The long-term price center for phosphate rock is expected to remain high due to declining grades and increasing extraction costs, with the market price for 30% grade phosphate rock remaining above 900 CNY/ton for over two years [2][46]. - As of July 31, 2025, the price for 30% grade phosphate rock in Hubei was 1,040 CNY/ton, while in Yunnan it was 970 CNY/ton, both stable compared to the previous month [2][46]. - The price gap between domestic and international phosphate fertilizers has widened, benefiting companies with export quotas [3][46]. Pesticides - The pesticide sector is entering a recovery phase, with demand driven by increased agricultural planting areas in South America [3][4]. - The pesticide price index has seen a significant decline over the past three years, but demand is expected to strengthen as inventory levels are replenished [3][4]. - Key companies in the pesticide sector include Yangnong Chemical and Lier Chemical, which are recommended for investment [4][8].

| 股票代码：002734 | 股票简称：利民股份 | 公告编号：2025-066 | | --- | --- | --- | | 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 关于利民转债预计触发赎回条件的提示性公告 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。 特别提示： （三）可转债转股期限 根据《利民控股集团股份有限公司公开发行可转换公司债券募集说明书》（以 下简称"《募集说明书》"）相关约定，本次发行的可转债转股期限自可转债发行结 自 2025 年 7 月 24 日至 2025 年 8 月 5 日，利民控股集团股份有限公司（以下 简称"公司"）股票已有 9 个交易日的收盘价不低于 "利民转债"当期转股价格（即 8.10 元/股）的 130%（即 10.53 元/股），预计后续可能触发"利民转债"有条件 赎回条款。根据《公司公开发行可转换公司债券募集说明书》（以下简称《募集说 明书》）中有条件赎回条款的相关规定，届时公司董事会有权决定是否按照债券面 值加当期应计利息的价格赎回全部或部分未转股的"利民转债"。敬请广大 ...

证券之星消息，8月5日农化制品板块较上一交易日上涨0.34%，丰山集团领涨。当日上证指数报收于 3617.6，上涨0.96%。深证成指报收于11106.96，上涨0.59%。农化制品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603810 | 丰山集团 | 17.27 | 3.85% | 3.14万 | 5362.57万 | | 002734 | 利民股份 | 21.88 | 2.87% | 59.84万 | 12.96ZZI | | 000422 | 湖北宣化 | 13.54 | 2.19% | 27.13万 | 3.63亿 | | 000902 | 新洋丰 | 14.40 | 1.91% | 10.80万 | 1.55亿 | | 300387 | 富邦科技 | 9.54 | 1.81% | 9.53万 | 9061.10万 | | 002545 | 东方铁塔 | 9.86 | 1.75% | 11.65万 | 1.15亿 | | 002470 | 金正大 | 1.7 ...

8月4日，沪深两融数据显示，利民股份获融资买入额1.41亿元，居两市第153位，当日融资偿还额0.75亿 元，净买入6635.76万元。 融券方面，当日融券卖出0.00万股，净卖出0.00万股。 最近三个交易日，31日-4日，利民股份分别获融资买入1.18亿元、1.02亿元、1.41亿元。 ...

Market Performance - The agricultural chemical sector increased by 0.36% on August 4, with Bai'ao Chemical leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Top Gainers in Agricultural Chemicals - Bai'ao Chemical (603360) closed at 21.09, up 5.24% with a trading volume of 217,900 shares and a turnover of 457 million [1] - Limin Co., Ltd. (002734) closed at 21.27, up 4.93% with a trading volume of 578,200 shares and a turnover of 1.204 billion [1] - Other notable gainers include ST Huifeng (002496) at 1.70 (+2.41%), Guomi Co., Ltd. (002749) at 15.51 (+2.38%), and Stanley (002588) at 9.17 (+2.34%) [1] Top Losers in Agricultural Chemicals - Yab Chemical (300261) closed at 8.42, down 2.66% with a trading volume of 758,800 shares and a turnover of 631 million [2] - Hongtaiyang (000525) closed at 7.03, down 1.68% with a trading volume of 269,200 shares and a turnover of 189 million [2] - Other notable losers include Hualu Hengsheng (600426) at 23.48 (-1.51%) and Xin'an Chemical (600596) at 9.87 (-1.30%) [2] Capital Flow Analysis - The agricultural chemical sector saw a net inflow of 37.9765 million from institutional investors, while retail investors experienced a net outflow of 4.3928 million [2] - Limin Co., Ltd. (002734) had a significant net inflow of 98.972 million from institutional investors, but a net outflow of 78.3473 million from retail investors [3] - Bai'ao Chemical (603360) also experienced a net inflow of 58.5788 million from institutional investors, with a net outflow of 12.7147 million from retail investors [3]

资金流向方面，今日主力资金净流入9897.20万元，占比成交额8.22%。其中，超大单净流入7479.79万 元、占成交额6.21%，大单净流入2417.42万元、占成交额2.01%，中单净流出流出2062.47万元、占成交 额1.71%，小单净流出7834.73万元、占成交额6.51%。 金融界消息 截至2025年8月4日收盘，利民股份（002734）报收于21.27元，上涨4.93%，换手率 14.47%，成交量57.82万手，成交金额12.04亿元。 利民股份最新一期业绩显示，截至2025一季报，公司营业总收入12.11亿元、同比增长22.28%，归属净 利润1.08亿元，同比增长1373.23%，扣非净利润9550.30万元，同比增长1072.59%，流动比率0.957、速 动比率0.659、资产负债率56.14%。 天眼查商业履历信息显示，利民控股集团股份有限公司，成立于1996年，位于徐州市，是一家以从事其 他金融业为主的企业。企业注册资本37121.5844万人民币，实缴资本5635.08万人民币。公司法定代表人 为李新生。 通过天眼查大数据分析，利民控股集团股份有限公司共对外投资了21家企业， ...