化学化工板块盘初拉升，美邦股份4连板，澄星股份、泰禾股份、利尔化学、兴发集团、川发龙蟒跟 涨。 ...

浩浩长江水清清。 "为了保护长江生态，我们永久关闭了园区4个排口，污水处理装置扩能改造到实际需求的1.5倍，所有 废水集中处理达标后进入市政二次污水处理系统，不让污水直接进入长江。"程亚利介绍，为搬迁腾出 900多米长江岸线，集团拆除临近长江的32套总价值13.58亿元的生产装置，并累计投入超100亿元对产 业提质升级。 观念一变天地宽，坚定信念开新篇。 草甘膦、特种磷酸盐、有机硅新材料、湿电子化学品……从江边向腹地，如今的兴发集团新材料产业园 形成了一条各类原料首尾衔接、循环往复的产业链。 "这也恰是磷化工产业迭代的最好示意图。越往里走，业态越新，附加值也越高。"程亚利说，通过立规 矩，倒逼产业转型升级，企业和产业含"金、绿、科、新"量大幅提升，十多项单品位于全球和全国前 列。 "如果不是生态环境变好，这些'客人'，怕是我想请也请不来呦！"湖北兴发化工集团股份有限公司总经 理程亚利说。 兴发集团宜昌新材料产业园临江码头，清澈的江水中，成群的鱼儿循着江岸从容觅食，一团团、一簇 簇，映着粼粼波光。不远处，厂区的排污口早已永久封堵。 这片区域在虎牙山下，与荆门山隔江相望，是万里长江出峡谷、入平原的最后一道险隘。 ...

上市企业：兴发集团（600141）,湖北宜化（000422）,云天化（600096）,川发龙蟒（002312）,新洋丰 （000902）,云图控股（002539） 2020-2025年中国磷矿石(折含五氧化二磷30％)产量统计图 相关报告：智研咨询发布的《2026-2032年中国磷矿石行业市场竞争策略及未来发展潜力报告》 根据国家统计局数据显示：2025年12月中国磷矿石(折含五氧化二磷30％)产量为1230万吨，同比增长 13.4%；2025年1-12月中国磷矿石(折含五氧化二磷30％)累计产量为12146.8万吨，累计增长11.5%。 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

浩浩长江水清清。 "如果不是生态环境变好，这些'客人'，怕是我想请也请不来呦！"湖北兴发化工集团股份有限公司总经 理程亚利操着峡江特有的转音说。 兴发集团宜昌新材料产业园临江码头，清澈的江水中，成群的鱼儿循着江岸从容觅食，一团团、一簇 簇，映着粼粼波光。不远处，厂区的排污口早已永久封堵。 这片区域在虎牙山下，与荆门山隔江相望，是万里长江出峡谷、入平原的最后一道险隘。1300年前，李 白辞亲远游，船出三峡，穿过此地，面对壮阔的山水意象，写下"渡远荆门外，来从楚国游。山随平野 尽，江入大荒流……"的诗句。 江水泱泱，山川依旧。在这个当年改写吴蜀历史进程的"猇亭之战"发生地，如今，打响了一场长江生态 保护战。 2018年4月24日，习近平总书记一下飞机，就到兴发集团宜昌新材料产业园，察看化工企业搬迁、改造 以及码头复绿情况。总书记强调，要坚持把修复长江生态环境摆在推动长江经济带发展工作的重要位 置，共抓大保护，不搞大开发。不搞大开发不是不要开发，而是不搞破坏性开发，要走生态优先、绿色 发展之路。 "为了保护长江生态，我们永久关闭了园区4个排口，污水处理装置扩能改造到实际需求的1.5倍，所有 废水集中处理达标后进入市 ...

浩浩长江水清清。 "如果不是生态环境变好，这些'客人'，怕是我想请也请不来呦！"湖北兴发化工集团股份有限公司总经理程亚利操着峡江特有的转音说。 兴发集团宜昌新材料产业园临江码头，清澈的江水中，成群的鱼儿循着江岸从容觅食，一团团、一簇簇，映着粼粼波光。不远处，厂区的排污口 早已永久封堵。 这片区域在虎牙山下，与荆门山隔江相望，是万里长江出峡谷、入平原的最后一道险隘。1300年前，李白辞亲远游，船出三峡，穿过此地，面对 壮阔的山水意象，写下"渡远荆门外，来从楚国游。山随平野尽，江入大荒流……"的诗句。 江水泱泱，山川依旧。在这个当年改写吴蜀历史进程的"猇亭之战"发生地，如今，打响了一场长江生态保护战。 2018年4月24日，习近平总书记一下飞机，就到兴发集团宜昌新材料产业园，察看化工企业搬迁、改造以及码头复绿情况。总书记强调，要坚持把 修复长江生态环境摆在推动长江经济带发展工作的重要位置，共抓大保护，不搞大开发。不搞大开发不是不要开发，而是不搞破坏性开发，要走 生态优先、绿色发展之路。 "为了保护长江生态，我们永久关闭了园区4个排口，污水处理装置扩能改造到实际需求的1.5倍，所有废水集中处理达标后进入市政二次污水 ...

Core Insights - The chemical industry is at the beginning of a new prosperity cycle globally, with Chinese chemical companies showing stronger profit foundations and elasticity due to past expansions and capital expenditures [5][11][29] - Focus on cyclical chemical products, particularly those with resource attributes and potential in the real estate chain [4][5] - The demand from major economies like China and the US is expected to improve, with China's GDP projected to exceed 140 trillion yuan, growing at 5.0% year-on-year [5][22] Group 1: Global and Domestic Chemical Landscape - The global chemical landscape is improving, with China's chemical sector becoming more resilient [9][12] - China's share of the global chemical market has significantly increased from 13% in 2004 to 47% in 2024, indicating its growing importance in the global chemical industry [14][29] - The capital expenditure in the global chemical sector has paused, with many overseas chemical companies reducing production, which may benefit Chinese companies [14][16] Group 2: Resource Attributes in Chemical Products - Three main resource directions are emphasized: mineral resources (like phosphate and potash), indicator resources (such as pesticides and refrigerants), and channel resources (like compound fertilizers) [5][33] - China's phosphate reserves rank second globally, with a steady increase in demand driven by both traditional fertilizer needs and emerging sectors like lithium iron phosphate for batteries [33][36] - The supply of fertilizers is expected to contract in 2025, with production of monoammonium phosphate and diammonium phosphate projected to decrease by 6.73% and 6.86% respectively [39] Group 3: Real Estate Chain Chemical Products - The market currently has low expectations for the recovery of demand in the real estate chain, but there is potential for significant improvement due to government stimulus policies [5][22] - The supply concentration of chemical products related to the real estate chain is gradually increasing, which may lead to faster and easier supply-demand improvements [5] Group 4: New Materials and Domestic Substitution - The report highlights the importance of domestic substitution and the development of new materials in line with China's strategic plans for emerging industries [7][8] - Key areas of focus include lubricating oil additives, semiconductor materials, and bio-based materials [7] Group 5: Investment Recommendations - Suggested companies for investment include Hualu Chemical, Xin Fengming, Yuntianhua, and others, focusing on those with strong market positions and innovative capabilities [7][8]

Core Viewpoint - The company announces the early redemption and delisting of its convertible bonds, "Xingfa Convertible Bonds," with specific dates and conditions for investors to be aware of [1][4][13]. Redemption Details - The last trading day for "Xingfa Convertible Bonds" is February 26, 2026, and the last conversion day is March 3, 2026 [2][3]. - The redemption price is set at 100.6699 CNY per bond, which includes the face value and accrued interest [6][9]. - The redemption registration date is March 3, 2026, and the redemption payment date is March 4, 2026 [6][11]. Conditions for Redemption - The company has triggered the conditional redemption clause as the stock price was above 130% of the conversion price for 15 out of 16 trading days from January 6 to January 27, 2026 [5][8]. - The company reserves the right to redeem all or part of the unconverted bonds if certain conditions are met, including stock price performance and remaining bond balance [7]. Investor Actions - Investors are advised to convert or sell their bonds within the specified time frame to avoid forced redemption at a lower price [4][12]. - The company emphasizes the importance of taking action before the last trading and conversion dates to mitigate potential losses [18]. Tax Implications - Individual investors are subject to a 20% tax on interest income from the bonds, affecting the net redemption amount [14]. - Resident enterprises are responsible for their own tax payments on bond interest income [15]. - Non-resident enterprises will not be taxed on bond interest income until the end of 2027, provided they meet certain criteria [16].

Investment Rating - The report gives the company an "Accumulate" rating with a target price of 14.24 RMB based on a 30x PE for 2026 [3]. Core Views - The company is a dual leader in the silicone and glyphosate industries, with performance expected to recover against a backdrop of reduced competition [1]. - The company has pioneered a circular economy model utilizing chlorine, phosphorus, and silicon, achieving over 90% utilization rates for these elements [1][21]. - The company has a 7% market share in the domestic silicone market, ranking fifth, and a 10% share in glyphosate, ranking third [1]. Summary by Sections 1. Business Overview - The company operates in three main sectors: crop protection, silicone materials, and new energy materials, with a focus on integrating phosphorus and silicon materials [14]. - The crop protection segment has developed a comprehensive system covering intermediates, active ingredients, and formulations, contributing to food security [14]. - The silicone materials segment has a complete industrial chain from upstream silicon mining to downstream product manufacturing, with products sold in over 130 countries [14]. 2. Silicone Materials - The supply-demand dynamics are improving, leading to a price recovery for silicone products, with DMC prices rising from 11,000 RMB/ton to 14,000 RMB/ton [1]. - The company has a silicone monomer capacity of 500,000 tons, with about 80% used for self-produced downstream products [1]. - The company’s downstream silicone capacity exceeds 200,000 tons, with a conversion rate above 45% [1]. 3. Agricultural Chemicals - Glyphosate prices are expected to improve due to the promotion of genetically modified crops, with domestic capacity at 813,000 tons, accounting for nearly 70% of global capacity [2]. - The company has an existing glyphosate capacity of 80,000 tons, with a formulation conversion rate above 70% [2]. - The product portfolio includes over 100 varieties of herbicides, insecticides, fungicides, and growth regulators, supporting an integrated development model [2]. 4. Profit Forecast and Valuation - Revenue projections for 2025-2027 are 147 billion, 171 billion, and 186 billion RMB, with corresponding net profits of 1.1 billion, 6.4 billion, and 9.1 billion RMB [3]. - The company is expected to see a significant profit recovery, with net profit growth rates of 113%, 484%, and 42% for the respective years [3]. - The report highlights the cyclical nature of the company's earnings, with a current focus on recovery from recent performance lows [3][24].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 14.24 RMB based on a 30x PE for 2026 [3]. Core Views - The company is a dual leader in the silicone and glyphosate industries, with performance expected to recover against a backdrop of reduced competition [1]. - The company has pioneered a circular economy model utilizing chlorine, phosphorus, and silicon, achieving over 90% utilization rates for these elements [1][21]. - The company’s revenue and profit have been under pressure due to price declines in recent years, but improvements in supply and demand dynamics are anticipated to drive performance recovery [1][2]. Summary by Sections 1. Business Overview - The company operates in three main sectors: crop protection, silicone materials, and new energy materials, with a focus on integrating phosphorus and silicon materials [14]. - The crop protection segment has developed a comprehensive system covering intermediates, active ingredients, and formulations, contributing to food security [14]. - The silicone materials segment has a complete industrial chain from upstream silicon mining to downstream product manufacturing, with applications in over 130 countries [14]. 2. Silicone Materials - The company’s silicone segment is expected to benefit from improving supply-demand dynamics, with prices showing signs of recovery [1][54]. - The domestic market for silicone has a strong demand base, with a compound annual growth rate of over 10% in recent years [54]. - The company has a silicone monomer capacity of 500,000 tons, with approximately 80% used for self-produced downstream products [1]. 3. Glyphosate Sector - Glyphosate prices are expected to improve due to the promotion of genetically modified crops, with domestic production capacity constrained by policy [2]. - The company has a glyphosate active ingredient capacity of 80,000 tons, with a formulation conversion rate exceeding 70% [2]. - The company has developed a diverse product portfolio in the agricultural sector, including over 100 varieties of herbicides, insecticides, and fungicides [2]. 4. Financial Forecast and Valuation - The company is projected to achieve revenues of 147 billion RMB in 2025, with a net profit of 1.1 billion RMB, reflecting a significant recovery from previous lows [3]. - The earnings per share (EPS) are expected to grow from 0.081 RMB in 2025 to 0.673 RMB by 2027 [3]. - The report anticipates a recovery in profitability, with net profit expected to increase by 484% in 2026 [3]. 5. Market Position and Competitive Landscape - The company holds a 7% market share in the domestic silicone market, ranking fifth, and a 10% share in glyphosate, ranking third [1]. - The company’s revenue structure has shifted, with the agricultural segment's contribution increasing from 41% in 2020 to 49% in the first half of 2025 [24]. - The company’s profitability has shown volatility, particularly in the silicone materials segment, which has experienced significant fluctuations in gross margins [24].

| 证券代码：600141 | 证券简称：兴发集团 | 公告编号：临 2026-022 | | --- | --- | --- | | 转债代码：110089 | 转债简称：兴发转债 | | 湖北兴发化工集团股份有限公司 关于实施"兴发转债"赎回暨摘牌的第八次提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 截至 2026 年 2 月 13 日收市后，距离 2026 年 2 月 26 日（"兴发转债"最后 交易日）仅剩 3 个交易日，2026 年 2 月 26 日为"兴发转债"最后一个交易日。 最后转股日：2026 年 3 月 3 日 截至 2026 年 2 月 13 日收市后，距离 2026 年 3 月 3 日（"兴发转债"最后转 股日）仅剩 6 个交易日，2026 年 3 月 3 日为"兴发转债"最后一个转股日。 本次提前赎回完成后，"兴发转债"将自 2026 年 3 月 4 日起在上海证券交易 所摘牌。 投资者所持可转债除在规定时限内通过二级市场继续交易或按照 28.40 元/股 的转股价格进行 ...