北交所策略专题报告 2026 年 01 月 25 日 农药落后产能出清加速，聚焦合规龙头集中度与盈利修复 北交所研究团队 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2026 年 1 月 8 日，财政部、税务总局联合发布《关于调整光伏等产品出口退税 政策的公告》，公告指出自 2026 年 4 月 1 日起，取消光伏等部分产品的出口退税， 产品清单中包括草铵膦、精草铵膦、敌敌畏和烯禾啶等多款农药原药品种；本次 调整主要针对农药原药及中间体，而农药制剂的出口退税政策并未变动。本次政 策精准指向产能过剩和高毒禁限用品种，旨在整治长期存在的"内卷外化"顽疾， 倒逼产业转向以技术、品牌和全球价值链为核心的高质量发展轨道。2026 年 1 月 1 日开始施行的"一证一品"政策，将推动大量违规低价产品退出市场，行业 集中度将进一步提升，拥有丰富登记证资源的头部企业将获得绝对优势，登记证 从"准入许可证"变为核心战略资源；"一证一品"助力农药价格脱离"成本线"， 价格体系有望向更合理的方向修复。随着农药行业景气回暖，北交所公司颖泰生 物业绩也得到改善 ...

Industry Overview - The plant growth regulator industry is expected to experience explosive growth driven by policy benefits, market demand, and technological innovation, with leading companies innovating products and upgrading models to transition towards high-quality development [1] - The market size of the plant growth regulator sector is projected to exceed 20 billion yuan by 2030, with an annual compound growth rate of 8% to 10%, and the proportion of high-end products is expected to increase from 20% to 40% [1] Company Insights - Xibang Biochemical is focusing on product innovation and strategic layout, promoting its brassinosteroid products which have shown stable yield-increasing effects in rice, wheat, and vegetables [1] - The company aims to optimize its product structure around slow-release nitrogen fertilizers, dual-plant growth biopesticides, and new biological soil conditioners, while enhancing its promotional system and focusing on core targets for high-quality development [2] Regulatory Environment - China is the world's largest producer and exporter of pesticides, accounting for 60% of global production, and the industry is entering a new phase of high-quality development due to stricter regulatory management [2] - The implementation of the "one certificate, same standard" policy is pushing companies to choose quality products and reliable manufacturers, emphasizing the need for continuous innovation and precise solutions to agricultural challenges [2]