证券日报网12月11日讯云图控股（002539）在12月9日至10日回答调研者提问时表示，公司湖北宜城基 地正加速推进磷化工绿色循环产业项目(一期)，投资建设15万吨纯铁法磷酸铁、20万吨磷系阻燃剂，并 配套建设上游150万吨反浮选工艺选矿、60万吨硫磺制酸、15万吨食品级精制磷酸等产能，以及15MW 厂区光伏发电、铁路专用站等设施。目前，60万吨硫磺制酸已建成投产，其他项目的审批工作正在推进 中。本项目是公司深化"磷矿—磷酸—磷酸铁/磷复肥"产业链的重要布局，有助于公司提高精制磷酸、 磷酸铁、磷系阻燃剂等精细磷化工产品规模，推动公司从传统磷复肥向高附加值领域延伸，扩大公司在 磷化工及新能源材料市场的影响力，增强盈利韧性。 ...

Group 1 - The National Bureau of Statistics reported that the effects of rectifying "involutionary" competition are becoming evident, with price declines in industries such as coal mining, photovoltaic equipment manufacturing, and lithium-ion battery manufacturing narrowing year-on-year [1] - The price decline for new energy vehicle manufacturing also narrowed by 0.6 percentage points compared to the previous month, indicating a gradual improvement in the supply-demand dynamics of the new energy industry chain [1] - This stabilization in prices is expected to enhance corporate profitability, with leading companies benefiting first due to their cost and technological advantages [1] Group 2 - Glencore has not commented on reports suggesting it may become the first cobalt exporter under the new quota system in the Democratic Republic of Congo, which could strengthen supply constraints and improve the long-term supply-demand dynamics of the cobalt industry [2] - If confirmed, this development may boost cobalt prices and market sentiment in the short term, with leading companies benefiting from resource and channel advantages [2] - The stabilization of cobalt prices in the medium to long term is anticipated to enhance the performance of mining companies, necessitating close monitoring of export dynamics and inventory changes [2] Group 3 - Yuntianhua announced plans to acquire 100% of Tianyao Chemical for 36.8858 million yuan, which will enhance its market position in the high-end phosphorus product sector [3] - The acquisition will allow Yuntianhua to create a complete industrial chain from yellow phosphorus to phosphorus-based flame retardants, significantly improving resource utilization efficiency and industry synergy [3] - This strategic move is expected to bolster the company's performance and solidify its leading position in the market [3]

Industry Overview - Phosphate rock is a key upstream raw material, with yellow phosphorus and phosphoric acid as important intermediates, and downstream products primarily used in agriculture and industry [3][4] - The phosphate chemical industry chain includes phosphate rock and sulfur as upstream materials, with phosphoric acid produced through various processes [4] Resource End - China ranks second globally in phosphate rock reserves, with significant deposits located in Yunnan, Hubei, Sichuan, and Guizhou [6] - The total phosphate rock reserves in China are approximately 3.69 billion tons, with a low average grade of 16.85%, indicating over-exploitation and resource wastage [9][10] Production Capacity - Domestic phosphate rock production is the highest globally, but there has been a trend of decreasing output since 2018 [7] - Major phosphate rock producers include Hubei, Guizhou, Yunnan, and Sichuan, with a total production capacity of 1,450 million tons by Yuntianhua and 950 million tons by Guizhou Kaipin [11] Product Demand - Approximately 60% of phosphate rock is used for producing phosphate fertilizers, with a growing demand for high-efficiency and high-value utilization [13] - The main phosphate fertilizers include monoammonium phosphate (MAP) and diammonium phosphate (DAP), which are essential for crop growth [14][15] Phosphoric Acid Production - The phosphoric acid industry in China has a low concentration of production capacity, with a total capacity of 618 million tons, including 270 million tons of thermal phosphoric acid and 348 million tons of wet phosphoric acid [25] - The wet phosphoric acid production process is gaining traction due to its lower energy consumption and environmental impact compared to thermal methods [24][27] Environmental Considerations - The production of yellow phosphorus is characterized by high energy consumption and pollution, with limited new capacity being added [18] - The treatment and utilization of by-products such as phosphogypsum and fluorosilicic acid are becoming critical for the sustainable development of the phosphate chemical industry [32] Future Outlook - The industry is expected to focus on expanding the production capacity of wet phosphoric acid and functional phosphate salts, moving towards a more refined and specialized manufacturing approach [36] - The demand for feed-grade phosphate salts is anticipated to grow due to the increasing scale of aquaculture and livestock farming in China [37]

Core Viewpoint - The recent surge in sulfur prices has reached a nearly ten-year high, significantly increasing cost pressures for downstream industries such as phosphate fertilizers, which are crucial for food security in China [1][2]. Group 1: Sulfur Price Trends - Sulfur prices have been on the rise since last year, with a notable spike in October 2023. As of December 5, the price of granular sulfur at the Yangtze River port reached 4,115 RMB/ton, marking a nearly 200% year-on-year increase [1]. - The average import price of sulfur in China rose from $175.79/ton in January to $314.94/ton in October, reflecting a 79.21% increase [2]. - Recent contracts from Qatar, Kuwait, and the UAE for December sulfur have reached FOB $495/ton, surpassing historical highs [3]. Group 2: Impact on Downstream Industries - Sulfur is primarily used to produce sulfuric acid, with phosphate fertilizers being the largest consumer, accounting for over half of sulfur consumption [3]. - The price of industrial-grade monoammonium phosphate (MAP) has surged since November, with an increase of approximately 500 RMB/ton, leading to a current average price of around 6,500 RMB/ton, a year-on-year increase of 12.07% [3]. - The domestic sulfuric acid market average price reached 930 RMB/ton by the end of November, up 124% from the beginning of the year [3]. Group 3: Company Responses and Market Adjustments - Yuntianhua has called for measures to mitigate the impact of rising sulfur costs, ensuring sufficient supply of phosphate fertilizers and stabilizing market prices [1]. - The phosphate fertilizer industry is expected to see a reduction in production capacity utilization, projected to drop to 50.86%, a decrease of 5.8 percentage points year-on-year [3]. - The rising sulfur prices have prompted the titanium dioxide industry to initiate its sixth round of price increases this year, with leading companies raising prices by up to 700 RMB/ton [4]. Group 4: Future Market Outlook - The domestic sulfur market is anticipated to experience a volatile upward trend, with no new domestic sulfur production facilities planned and tight import conditions expected to persist [4]. - The demand for sulfur is likely to remain strong as phosphate fertilizer production resumes and winter storage needs increase [4]. - Global sulfur production is expected to grow slowly due to supply constraints, particularly in high-sulfur crude oil regions like the Middle East [5].

Core Viewpoint - The company has indicated that rising sulfur raw material costs are being passed on to end prices, reflecting an upward trend in the prices of major phosphate chemical products [1] Group 1: Price Trends - The average market price for 73% industrial-grade monoammonium phosphate is currently 6553 yuan/ton [1] - The average market price for calcium hydrogen phosphate is 3842 yuan/ton [1] - The average market price for 55% fertilizer-grade monoammonium phosphate is 3614 yuan/ton [1] Group 2: Company Operations - The company possesses an integrated industrial chain advantage, from phosphate mining to product production [1] - Overall production and operation remain stable [1]

Core Viewpoint - The company has a solid foundation in the calcium phosphate feed additive sector, with stable production capacity and management efficiency, leading to increased market competitiveness and risk resilience after the acquisition [1] Production Capacity - The company currently has a production capacity of 450,000 tons/year for feed-grade dicalcium phosphate, 250,000 tons/year for monocalcium phosphate, 350,000 tons/year for fertilizer-grade dicalcium phosphate, 250,000 tons/year for iron concentrate, and 500,000 tons/year for sulfur iron ore acid production [1] - After the acquisition, the total production capacity for traditional phosphate chemical products will increase to 3.15 million tons/year [1] Production Growth - The company expects to produce a total of 2.3723 million tons of various phosphate chemical products in 2024, representing a year-on-year growth of 16.89% [1]

Core Viewpoint - The company is enhancing its business layout in the new energy materials sector by investing 366 million yuan in a project to produce 100,000 tons per year of lithium dihydrogen phosphate in Sichuan Province, aiming to leverage its advantages in phosphochemical and new materials fields [1] Investment Strategy - The company's future capital expenditures will focus on the development strategy of "scarce resources + core technology + industrial integration + advanced mechanisms" [1] - The company plans to strengthen its competitive advantage in the industry chain through a combination of "internal growth + external acquisitions" [1] Industry Positioning - The company aims to maintain its leading position in the phosphochemical sector while actively expanding into upstream high-quality mineral resources and downstream new energy materials [1] - The strategy includes optimizing the asset structure to enhance profitability [1]

Group 1 - Guizhou Moutai announced a mid-term profit distribution plan for 2025, with a total cash dividend of 300.01 billion yuan, distributing 23.957 yuan per share [1] - CATL plans to register and issue bonds not exceeding 10 billion yuan, with a maturity of up to 5 years, primarily for project construction and working capital [2] - Yonghui Supermarket disclosed a risk warning regarding its stock, indicating potential overheating market sentiment and high speculation risks due to significant price increases [3] Group 2 - Yuntianhua intends to acquire 100% equity of Tianyao Chemical for 36.8858 million yuan, enhancing its fine phosphorus chemical product synergy and market competitiveness [4] - Muxi Co. reported that online investors abandoned the subscription of 20,349 shares, with a total value of approximately 212.97 million yuan [5] - Ningbo Huaxiang plans to acquire 40% equity of Fengmei Power, promoting its transformation in the new energy battery and intelligent chassis sectors [6] Group 3 - Wuhan Tianyuan's subsidiary plans to invest approximately 600 million yuan in two energy storage projects [7] - Wanshun New Materials' subsidiary intends to acquire 100% equity of Eurofoil Luxembourg for 12.3889 million euros, enhancing its market presence in the aluminum foil and sheet industry [9] - Medike plans to introduce strategic investors for its subsidiary, raising 200 million yuan for business expansion [10] Group 4 - Century Huatong's subsidiary holds 7.3121% of Guosheng Capital, which owns 1,958,887 shares of Moer Thread, potentially impacting the company's net profit significantly [11] - Dingyang Technology launched the SPB3000X series of simulators, aiming for large-scale sales while facing market promotion challenges [12] - Baiyun Airport reported a passenger throughput of 7.3228 million in November, a year-on-year increase of 12.58% [13] Group 5 - ST Yigou's subsidiary sold eight subsidiaries, expecting to increase net profit by approximately 992 million yuan [14] - Shennong Development reported a sales revenue of 1.81 billion yuan in November, a year-on-year increase of 15.77% [15][16] - Minhe's sales revenue from broiler chicks increased by 7.75% month-on-month, despite a year-on-year decline [17] Group 6 - Xiaoming's sales revenue from chicken products decreased by 49.73% year-on-year, influenced by market supply and demand dynamics [18] - Hefei China reported a consolidated revenue of 628 million yuan from January to November, a year-on-year decline of 26.02% [19] - Xiantan's chicken product sales revenue increased by 11.63% year-on-year, supported by ongoing project developments [20] Group 7 - Tian Nai Technology's major shareholders plan to reduce their holdings by up to 2.5% [21] - Xingyu Co. intends to repurchase shares worth 200 to 300 million yuan for employee stock ownership plans [22] - Baiao Chemical adjusted its share repurchase price ceiling to not exceed 48.95 yuan per share [23] Group 8 - Jicheng Electronics won contracts totaling approximately 215 million yuan from the State Grid [25] - Ruikemi received a development notice from a well-known flying car company for core component supply [26]

截至发稿，云天化市值为558亿元。 每经头条（nbdtoutiao）——白金信用卡权益大缩水：贵宾厅限次、酒店减量⋯⋯银行吐槽没赚头，"羊 毛党"薅了个寂寞 每经AI快讯，云天化（SH 600096，收盘价：30.61元）12月10日晚间发布公告称，为纵深推进产业布 局，强化公司精细磷化工产业链协同，实现一体化高效运营，公司收购云天化集团持有的云南天耀化工 有限公司61.13%股权和云南鑫煌投资开发有限公司持有的天耀化工38.87%股权。本次收购以2025年6月 30日为评估基准日的评估价值为定价依据，收购股权评估价格为 3,688.58万元（以经有权的有权国有资 产管理机构备案价格为准）。公司于2025年12月10日分别与云天化集团、云南鑫煌投资开发有限公司签 订了《股权转让协议》。收购完成后，公司持有天耀化工100%股权，天耀化工成为公司的全资子公 司。 2025年1至6月份，云天化的营业收入构成为：化肥占比50.88%，商贸占比32.25%，磷化工占比5.73%， 其他占比3.41%，工程材料行业占比2.81%。 （记者 张明双） ...

每经头条（nbdtoutiao）——白金信用卡权益大缩水：贵宾厅限次、酒店减量⋯⋯银行吐槽没赚头，"羊 毛党"薅了个寂寞 （记者 王晓波） 每经AI快讯，云天化（SH 600096，收盘价：30.61元）12月10日晚间发布公告称，公司第十届第七次董 事会临时会议于2025年12月10日以通讯表决的方式召开。会议审议了《关于申请公司及子公司2026年度 综合授信额度的议案》等文件。 2025年1至6月份，云天化的营业收入构成为：化肥占比50.88%，商贸占比32.25%，磷化工占比5.73%， 其他占比3.41%，工程材料行业占比2.81%。 截至发稿，云天化市值为558亿元。 ...