2026 年 03 月 01 日 行业研究 评级：推荐(维持) | 研究所： | | | --- | --- | | 证券分析师： | 董伯骏 S0350521080009 | | | dongbj@ghzq.com.cn | | 证券分析师： | 李永磊 S0350521080004 | | | liyl03@ghzq.com.cn | | 证券分析师： | 李振方 S0350524080003 | | | lizf@ghzq.com.cn | [Table_Title] 关注油价上涨，关注化工旺季到来—看好全球化 工反内卷大周期+AI 需求大周期 ——基础化工行业周报 最近一年走势 2026 年 2 月 26 日，国海化工景气指数为 94.19，较 2026 年 2 月 19 日上升 0.22。 投资建议： 从全球范围看，中国化工优势企业的成本和效率优势已经非常稳固，龙 头企业已经进入了业绩长周期向上的阶段。同时，对于部分供给端受限 的行业，随着需求的回升，这部分行业的景气度有望持续提升，值得重 点关注。碳排放管控下的反内卷有望重估中国化工行业，后续措施有望 使全球以及中国化工行业产能扩张大幅放缓，并对部 ...

基础化工行业 行业研究 | 行业周报 磷化工战略重要性受到市场认知 核心观点 投资建议与投资标的 ⚫ 我们持续看好化工各子行业景气复苏机遇，如 MDI 龙头：万华化学(600309，买 入) ；PVC 行业，相关企业包括：中泰化学(002092，未评级)、新疆天业(600075， 未评级)、氯碱化工(600618，未评级)、天原股份(002386，未评级)。炼化行业我们 推荐相关龙头企业中国石化(600028，买入)、荣盛石化(002493，买入)、恒力石化 (600346，买入)。农化产业链我们看好技术服务为导向的龙头的增长机会，植调剂 龙头国光股份(002749，买入)；复合肥龙头，相关企业新洋丰(000902，买入)、史 丹利(002588，未评级)、云图控股(002539，未评级)；农药制剂出海龙头润丰股份 (301035，买入)。以及景气度持续性受储能高速增长拉动的磷化工中相关标的包 括：川恒股份(002895，未评级)、云天化(600096，未评级)等。草酸行业中，建议 关注：华鲁恒升(600426，买入)、华谊集团(600623，买入)、万凯新材(301216，买 入)。 风险提示 ⚫ 需求不及 ...

Group 1 - The core viewpoint of the article is that Guoguang Co. is gradually releasing its production capacity, which is primarily derived from its IPO fundraising projects and recent acquisitions in the industry [2] - The company is currently building new capacities focused on active pharmaceutical ingredients and water-soluble fertilizers, which are strategic decisions aimed at addressing shortcomings and strengthening the foundation [2] - The newly added capacity will ensure the self-supply of core active pharmaceutical ingredients, optimize the supply chain, and support the expansion of comprehensive crop solutions, aligning with the company's long-term growth needs [2]

Core Viewpoint - The company is expanding its production capacity despite current utilization rates of 56.15% for pesticide active ingredients and 31.15% for pesticide formulations, indicating a strategic decision to enhance its capabilities and support long-term growth [1] Group 1: Production Capacity - Current production capacity is primarily derived from IPO fundraising projects and recent acquisitions in the industry, with gradual release of this capacity [1] - The new capacity under construction focuses on active ingredient production and water-soluble fertilizer production, aimed at addressing weaknesses and strengthening the foundation of the business [1] Group 2: Strategic Decision - The addition of new capacity is intended to ensure self-supply of core active ingredients, optimize the supply chain, and support the expansion of comprehensive crop solutions [1] - This strategic move aligns with the company's long-term growth requirements [1]

证券代码：002749 证券简称：国光股份 公告编号：2026-003号 | 专利权人 | 专利号 | | 专利名称 | 申请日期 | 专利 期限 | 证书号 | 授权公告号 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 润尔科技 | ZL 1 1613122.2 | 2025 | 含对氯苯氧乙酸钠 的超低容量液剂、 制备方法和应用 | 2025年11月6日 | 20 年 | 第8711809号 | CN121058661 | B | | 润尔科技 | ZL 1 1613114.8 | 2025 | 一种嘌呤类细胞分 裂素纳米悬浮剂、 | 2025年11月6日 | 20 年 | 第8712957号 | CN121058677 | B | | 四川嘉智 | ZL 1 | 2024 | 制备方法及应用 一种除草组合物、 | 2024 年6 月7 日 | 20 年 | 第8693075号 | CN118743393 | B | | | 0744253.3 | | 除草剂及应用 | | | | | | 发明"含对氯苯氧乙酸钠的超低容量液剂、 ...

Core Viewpoint - Guoguang Co., Ltd. announced that its subsidiary Runer Technology received two invention patent certificates, while its secondary subsidiary Sichuan Jiazhi received one invention patent certificate. The patents are expected to enhance intellectual property protection, although their conversion will take time and will not have a significant impact on recent performance [1] Summary by Category Patents Received - Runer Technology obtained two patents: "Ultra-low capacity liquid agent containing sodium 2,4-dichlorophenoxyacetate, preparation method and application" and "Purine-type cytokinin nano-suspension agent, preparation method and application" with application dates of November 6, 2025 [1] - Sichuan Jiazhi received one patent for "A herbicidal composition, herbicide and application" with an application date of June 7, 2024 [1] Patent Duration - All three patents have a duration of 20 years, which will strengthen the company's intellectual property portfolio [1] Impact on Performance - The acquisition of these patents is expected to enhance knowledge protection but will not significantly affect the company's recent performance [1]

机构对农化行业中长期前景保持乐观。光大证券指出，磷肥、钾肥等细分领域资源壁垒稳固，一体化龙 头企业有望通过成本控制维持盈利优势。针对国光股份，多家机构预测2026年净利润同比增长 13.38%，目标价中枢为22.08元，较当前股价存在58.28%的潜在空间。其植物生长调节剂龙头地位及"全 程方案"推广模式被视作核心竞争力，政策洗牌后市场份额有望进一步扩大。 经济观察网 近期，农业政策利好持续释放，对国光股份（002749）所在农药行业形成支撑。2026年2月 3日，中央一号文件《关于锚定农业农村现代化 扎实推进乡村全面振兴的意见》正式发布，强调稳定粮 油生产并提升农业综合生产能力，为化肥、农药行业提供长期发展动力。同时，自2026年1月1日起实施 的"一品一证"政策进一步规范农药登记证管理，淘汰非合规产品，拥有丰富登记证资源的头部企业如国 光股份竞争优势凸显，行业集中度加速提升。 股票近期走势 近7个交易日，国光股份股价小幅震荡下行，区间累计跌幅1.53%，振幅2.99%。2月12日最新收盘价为 13.49元，当日下跌1.96%，成交金额2854万元，换手率0.46%。资金面显示主力净流入100.2万元，但整 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The chemical industry is experiencing a recovery opportunity across various sub-sectors, with specific recommendations for leading companies such as Wanhua Chemical (600309, Buy) in the MDI sector, and China Petroleum & Chemical Corporation (600028, Buy) in the refining sector [3][5] - The demand for oxalic acid is expected to rise, driven by investments in the iron-lithium supply chain, indicating a tightening supply-demand situation that may elevate market conditions [3][8] Summary by Relevant Sections Investment Suggestions and Targets - The report continues to favor recovery opportunities in the chemical sub-sectors, recommending leading companies such as: - MDI leader: Wanhua Chemical (600309, Buy) - PVC industry: Zhongtai Chemical (002092, Not Rated), Xinjiang Tianye (600075, Not Rated), Chlor-alkali Chemical (600618, Not Rated), Tianyuan Co., Ltd. (002386, Not Rated) - Refining sector: China Petroleum & Chemical Corporation (600028, Buy), Rongsheng Petrochemical (002493, Buy), Hengli Petrochemical (600346, Buy) - Agricultural chemical chain: Guoguang Co., Ltd. (002749, Buy), Xinyangfeng (000902, Buy), Shidanli (002588, Not Rated), Yuntu Holdings (002539, Not Rated), Runfeng Co., Ltd. (301035, Buy) - Phosphate chemical sector: Chuanheng Co., Ltd. (002895, Not Rated), Yuntianhua (600096, Not Rated) - Oxalic acid sector: Hualu Hengsheng (600426, Buy), Huayi Group (600623, Buy), Wankai New Materials (301216, Buy) [3] Market Dynamics - The chemical industry has seen increased attention, with a recovery in stock prices following a dip influenced by precious metals and crude oil futures. This indicates a shift away from previous narratives tied to external market influences [8] - The report highlights that the current chemical market rally is primarily driven by policy guidance and strategic adjustments within the industry, suggesting a return to a favorable economic cycle for the chemical sector [8]

证券研究报告 | 2026年02月04日 农化行业：2026 年 1 月月度观察 优于大市 钾肥合同价上涨，储能拉动磷矿需求，草铵膦将取消出口退税 储能需求持续向好，磷酸铁锂价格持续上涨。据百川盈孚，目前我国磷 酸铁锂产能达 594.5 万吨/年，2025 年产量 382 万吨，同比增长 48.59%， 截至 2026 年 1 月底，磷酸铁锂市场价格约 5.6 万元/吨，环比+7%，较 2025 年 6 月底最低价 3.2 万元/吨上涨 75%。受下游储能及动力电池需 求向好拉动，磷酸铁/锂、六氟磷酸锂等含磷新能源材料需求显著提升， 叠加供给端行业反内卷工作推进，产品价格持续上涨。 在全球储能产业加速扩张的背景下，磷酸铁锂对上游磷资源的需求持续 提升。假设全球储能电池出货量在 2025-2027 年分别增至 600/800/983 GWh，对应磷矿石需求将升至 600/800/983 万吨，占我国磷矿石预测产 量比重分别达到 4.7%/5.9%/7.0%；储能级磷酸铁对原料纯度要求高（低 铁、低镁、低重金属），实际可适配的高品位磷矿资源远比总量稀缺， 叠加动力电池的持续贡献，磷资源在新能源电池领域的消费比重将 ...

Group 1 - The core point of the article is that Guoguang Co., Ltd. (002749.SZ) announced that its subsidiary, Sichuan Jiazhi Ecological Technology Co., Ltd., has received an invention patent certificate from the National Intellectual Property Administration for a herbicide composition and its application [1] - The patent number is ZL 2023 1 0740083.7, and the invention involves the combined use of two active ingredients, metsulfuron-methyl and dichloroacetic acid, which demonstrate additive or synergistic effects [1] - This herbicide is reported to be very safe for warm-season turfgrass, specifically for the control of Poa annua, and shows good efficacy in removing monocotyledonous weeds with minimal environmental pollution, making it suitable for large-scale application [1]