汇丰：中国化工_2Q25 展望_农用化工上行；磷酸盐领涨

10 July 2025 Equity Research Report China Chemicals Equities 2Q25 preview: Argochem up; phosphate leads China Phosphate names lead the way amid sector-wide strength in argochem. We expect argochem companies to deliver solid interim earnings growth, supported by resilient agricultural demand and rising prices. NHU's (002001 CH, RMB21.93, Buy) 1H25 profit guidance (up 50-70%) reflects the overall strength of the sector. Within the sector, we maintain our preference for Chanhen (002895 CH, RMB23.06, Buy) and Y ...