行 华福证券 基础化工 2026 年 03 月 01 日 业 研 究 行 业 定 期 报 告 基础化工 行业周报：乐天百万吨级乙烯装置将关停，巴斯 夫再度调高 MDI 报价 投资要点： 本周板块行情：本周，上证综合指数上涨 1.98%，创业板指数上涨 1.05%， 沪深 300 上涨 1.08%，中信基础化工指数上涨 6.21%，申万化工指数上涨 7.15%。 化工各子行业板块涨跌幅：本周，化工板块涨跌幅前五的子行业分别为磷 肥及磷化工(18.51%)、纯碱(14.02%)、复合肥(13.17%)、钛白粉(10.63%)、有机 硅(9.76%)；化工板块涨跌幅后五的子行业分别为印染化学品(1.39%)、涂料油 墨颜料(1.81%)、改性塑料(2.13%)、轮胎(2.63%)、涤纶(2.75%)。 本周行业主要动态： 乐天百万吨级乙烯装置将关停。韩国政府 2 月 25 日宣布提供 2.1 万亿韩 元(约合人民币 100 亿元)的财政和税收支持，用于乐天化学公司和 HD 现代 化学公司在大山工业园区的重组项目。这是韩国石化行业大规模自救计划 中首个获批的重组项目。根据重组计划，乐天化学将把位于韩国忠清南道 的大仙 ...

消息面上，农业农村部等四部门近日发布的《关于统筹建立常态化金融支持机制助力防止返贫致贫和乡村全面振兴的意见》提出，加大农村 地区企业上市辅导培育力度，帮助更多企业利用多层次资本市场进行融资。 今日农化板块的强势表现，既是资金对政策利好的即时响应，也是行业基本面边际改善的集中体现。作为农业生产的核心配套领域，农化行 业直接关联粮食安全与农业现代化进程，其发展高度受益于农业产业扶持政策的密集落地。 2月24日，A股农化板块上涨，带动成分股川金诺（300505.SZ）涨超13%，和邦生物（603077.SH）、美邦股份（605033.SH）、兴发集团 （600141.SH）、云图控股（002539.SZ）、云天化（600096.SH）、川发龙蟒（002312.SZ）、湖北宜化（000422.SZ）、川恒股份 （002895.SZ）、澄星股份（600078.SH）、金正大（002470.SZ）实现10CM涨停。 对新洋丰、云天化等具备全产业链布局的农化龙头而言，政策支持将进一步巩固其行业优势地位。 以磷复肥龙头新洋丰为例，公司正推进"磷矿开采－选矿－精深加工"一体化全产业链布局，2025年5月开工建设的夷陵磷系新材料 ...

Core Viewpoint - The A-share agricultural sector experienced a strong performance on the first trading day after the holiday, with various sub-sectors such as agrochemical products, planting and forestry, breeding, agricultural product processing, and phosphate chemicals showing significant gains [1] Group 1: Market Performance - As of 13:33, the agricultural ETF Huaxia (516810) rose over 1.5%, with holdings like Taihe Co. increasing by over 9% and several other stocks such as Yangnong Chemical, Batian Co., New Yangfeng, Hainan Rubber, Lier Chemical, and Stanley rising over 5% [1] - The price of urea in India reached a new high, with East Coast CFR at $512/ton and West Coast CFR at $508/ton, reflecting an increase of approximately $85/ton compared to January, equivalent to about 3,500 RMB/ton [1] Group 2: Future Outlook - Dongfang Securities anticipates that with the end of the bulk leverage issues since the beginning of the year, the original upward path of cyclical sectors is expected to re-emerge, with chemicals and agriculture being key focuses within the cyclical sector [1] - The chemical sector is viewed as the beginning of a return to a prosperous cycle for the industry and a re-evaluation of China's strong chemical industry value [1] - The extremely pessimistic expectations for live pig prices highlight the potential for value in allocations [1] Group 3: Investment Opportunities - The agricultural ETF (516810.SH) holds leading stocks in pig farming, agricultural chemicals, and planting sectors, benefiting from multiple factors such as anti-involution, pig cycle reversal, chemical cycle, and seed safety [1] - Investors can utilize the ETF to capitalize on low-point rebound opportunities in agriculture, as ETFs offer low entry barriers, risk diversification, and transparent holdings that passively track indices without style drift [1]

Core Viewpoint - The company has made significant advancements in AI agriculture, implementing smart planting and agricultural technology services in recent years [1] Group 1 - The company has engaged in AI smart agriculture initiatives [1] - Achievements include the implementation of intelligent planting solutions [1] - The company also provides agricultural technology services as part of its AI agriculture strategy [1]

Core Viewpoint - The company has received approval for the expansion project of the Xiaogaozai phosphate mine, which aims to increase its capacity to 2.9 million tons per year, with completion expected by mid-2026 [2] Group 1: Project Details - The expansion project will depend on multiple factors including construction progress, equipment installation and debugging, and the handling of related procedures [2] - The company plans to advance the project steadily according to the project plan to achieve higher production capacity as soon as possible [2]

中天国富证券有限公司 2025 年度持续督导培训工作报告 1、培训时间：2026 年 2 月 4 日 2、培训地点：芭田股份会议室 3、培训形式：现场会议+视频会议 4、培训对象：芭田股份主要董事、高级管理人员、中层以上管理人员以及 公司控股股东和实际控制人 5、培训机构：中天国富证券 6、主讲人：黄倩 二、培训的主要内容 关于深圳市芭田生态工程股份有限公司 中天国富证券有限公司（以下简称"中天国富、"保荐人"）作为深圳市芭 田生态工程股份有限公司（以下简称"芭田股份"、"公司"）向特定对象发行 股票（以下简称"本次发行"）的保荐人，根据《深圳证券交易所股票上市规则》 《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》《深圳证券交 易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等有关规定等法 律法规的规定，对芭田股份的相关人员进行了培训，具体如下： 一、培训的基本情况 保荐代表人： _____________ ______________ 黄 倩 李高超 中天国富证券有限公司 2026 年 2 月 10 日 本次培训的主要内容为：主要围绕《深圳证券交易所股票上市规则》《上市 公司募集资 ...

关于深圳市芭田生态工程股份有限公司 2025 年度定期现场检查报告 中天国富证券有限公司 （以下无正文） （本页无正文，为《中天国富证券有限公司关于深圳市芭田生态工程股份有 限公司 2025 年度定期现场检查报告》之签章页） 保荐代表人： _____________ ______________ 保荐机构名称：中天国富证券有限公司 被保荐公司简称：芭田股份 保荐代表人姓名：黄倩 联系电话：0755-28777980 保荐代表人姓名：李高超 联系电话：0755-28777980 现场检查人员姓名：黄倩 现场检查对应期间：2025年1月1日至2025年12月31日 现场检查时间：2026年2月4日 是 否 不适用 现场检查手段：查阅公司章程、历次董事会、股东会文件、公开信息披露文件等；实地查看公司 的主要经营场所。 1.公司章程和公司治理制度是否完备、合规 √ 2.公司章程和三会规则是否得到有效执行 √ 3.三会会议记录是否完整，时间、地点、出席人员及会议内容等要 件是否齐备，会议资料是否保存完整 √ 4.三会会议决议是否由出席会议的相关人员签名确认 √ 5.公司董监高是否按照有关法律法规和本所相关业务规则履行职 ...

Core Viewpoint - The project investment progress exceeds 80%, with over 200 workers currently on site and expected to increase to over 400 after the Spring Festival, aiming to complete the civil construction by March [1] Group 1: Project Overview - The first phase of the project by Guizhou Likao New Materials Technology Co., Ltd. has an annual production capacity of 100,000 tons of nitric acid, 40,000 tons of concentrated nitric acid, 120,000 tons of various specifications of potassium nitrate, and 20,000 tons of various nitrate products, with an expected annual output value of approximately 1 billion yuan upon reaching full capacity [1] - The second phase of the project is planned to produce 250,000 tons of industrial and food-grade phosphoric acid, 300,000 tons of phosphate products, and 20,000 tons of water-soluble fertilizers, with production expected to start in 2027, adding an estimated annual output value of 3 billion yuan [1] Group 2: Strategic Location and Supply Chain - The project is strategically located in Weng'an County due to its complete industrial cluster, which effectively reduces transportation costs and enhances collaborative efficiency [1] - The upstream company, Qixin, has a production line for synthetic ammonia with an annual capacity of 200,000 tons, which has already been put into operation, allowing Guizhou Likao to directly procure the required 40,000 tons of synthetic ammonia annually from local enterprises, significantly saving logistics costs [1] Group 3: Market Demand and Future Plans - Downstream companies such as Batian and Jinzhengda have actively engaged with Guizhou Likao, expressing strong anticipation for the project's production [1] - The company has also planned a third phase project, intending to build 600,000 tons of sulfuric acid and 300,000 tons of PPA capacity, expected to commence after the second phase is operational, further enhancing the industrial chain layout and releasing greater development efficiency [2]

Investment Rating - The report maintains an investment rating of "Outperform the Market" [3] Core Insights - The fertilizer market is entering a traditional demand peak with structural price increases expected due to the spring farming season, which accounts for approximately 45%-50% of annual fertilizer usage [1][7] - The chemical fiber industry is approaching its peak demand season, with low inventory varieties likely to show price elasticity [9][11] Summary by Sections Fertilizer Sector - Urea prices are expected to stabilize and potentially rise due to increased demand from delayed planting and government policies aimed at boosting grain yields [7] - Phosphate fertilizer prices are supported by strong cost factors, with a forecast of continued high prices due to supply constraints and stable demand [8] - Potash fertilizer prices are anticipated to rise as supply remains tight, with a contract price of $348 per ton for 2026, reflecting a slight increase from the previous year [8] Chemical Fiber Sector - The "golden March and silver April" period is a traditional peak for the chemical fiber industry, with downstream textile companies expected to increase procurement to meet seasonal demand [9] - Polyester filament production is being managed through coordinated reductions to improve profitability, with current inventory levels at historical lows [11] - Viscose staple fiber is experiencing high operating rates and low inventory, suggesting strong upward price potential [11] Overall Chemical Industry Performance - The chemical sector has seen a significant increase in attention due to a rebound in PPI and capital expenditure trends, with the industry valuation at a historical low [18][19] - The report suggests focusing on four main investment themes, including upstream resource assets, supply-side optimization, low valuation leading companies, and new productivity investments [19][20][21][22]

证券日报网讯2月3日，芭田股份（002170）在互动平台回答投资者提问时表示，公司2025年11月10日股 东人数为72444户。 ...