上市企业：扬农化工（600486）,安道麦Ａ（000553）,先达股份（603086）,ST红太阳（000525）,诺普 信（002215）,利尔化学（002258）,润丰股份（301035）,新安股份（600596） 相关报告：智研咨询发布的《2025-2031年中国农药行业市场全景调研及前景战略研判报告》 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。 根据国家统计局数据显示：2025年7月中国化学农药原药(折有效成分100％)产量为34.1万吨，同比增长 13.7%；2025年1-7月中国化学农药原药(折有效成分100％)累计产量为249万吨，累计增长9.3%。 2020-2025年1-7月中国化学农药原药(折有效成分100％)产量统计图 ...

格隆汇9月30日丨丰山集团(603810.SH)公布股票交易异常波动暨风险提示公告，公司关注到近期部分媒 体报道称公司涉及"固态电池"热点概念。公司目前主营业务仍以原药及制剂的生产、研发、销售为主， 公司主营业务未发生变化，且丰山全诺目前主要销售锂离子电解液，钠离子电解液占比相对较小，且销 售不涉及固态电池电解质材料。截至2025年上半年，钠离子电解液销售额占公司合并报表营业收入的比 例为0.01%。此外，关于清华大学张强教授团队近期发表的重要研究成果，与我公司委托其开展的研究 开发项目并非同一项研发项目。目前，公司与清华大学合作处于初步研究开发启动阶段，合同金额较 小，技术开发项目周期至2028年12月31日，项目周期较长，后续研发成果及成果的商业化存在较大的不 确定性。请广大投资者在决策时务必谨慎，并注意防范潜在的投资风险。 ...

Core Viewpoint - Fengshan Group (603810.SH) clarifies that its main business remains focused on the production, research, and sales of raw medicines and formulations, despite media reports linking the company to the "solid-state battery" concept [1] Business Operations - The company emphasizes that its main operations have not changed, and its subsidiary Fengshan Quannuo primarily sells lithium-ion electrolytes, with sodium-ion electrolytes accounting for a relatively small proportion of sales [1] - As of the first half of 2025, sodium-ion electrolyte sales are projected to represent only 0.01% of the company's consolidated revenue [1] Research and Development - The recent important research results published by Professor Zhang Qiang's team from Tsinghua University are not related to the research and development project commissioned by the company [1] - The collaboration with Tsinghua University is still in the preliminary research and development phase, with a small contract amount, and the technical development project is expected to last until December 31, 2028, indicating significant uncertainty regarding future research outcomes and commercialization [1]

丰山集团9月30日公告，公司关注到近期部分媒体报道称公司涉及"固态电池"热点概念。公司目前主营 业务仍以原药及制剂的生产、研发、销售为主，公司主营业务未发生变化，且公司控股子公司丰山全诺 目前主要销售锂离子电解液，钠离子电解液占比相对较小，且销售不涉及固态电池电解质材料。截至 2025年上半年，钠离子电解液销售额占公司合并报表营业收入的比例为0.01%。此外，关于清华大学张 强教授团队近期发表的重要研究成果，与我公司委托其开展的研究开发项目并非同一项研发项目。目 前，公司与清华大学合作处于初步研究开发启动阶段，合同金额较小，技术开发项目周期至2028年12月 31日，后续研发成果及成果的商业化存在较大的不确定性。敬请广大投资者关注相关风险，理性决策， 审慎投资。 ...

每经AI快讯，9月30日，丰山集团(603810.SH)发布股票交易异常波动暨风险提示公告称，公司关注到近 期部分媒体报道称公司涉及"固态电池"热点概念。公司目前主营业务仍以原药及制剂的生产、研发、销 售为主，公司主营业务未发生变化，且公司控股子公司丰山全诺目前主要销售锂离子电解液，钠离子电 解液占比相对较小，且销售不涉及固态电池电解质材料。截至2025年上半年，钠离子电解液销售额占公 司合并报表营业收入的比例为0.01%。此外，关于清华大学张强教授团队近期发表的重要研究成果，与 我公司委托其开展的研究开发项目并非同一项研发项目。目前，公司与清华大学合作处于初步研究开发 启动阶段，合同金额较小，技术开发项目周期至2028年12月31日，后续研发成果及成果的商业化存在较 大的不确定性。敬请广大投资者关注相关风险，理性决策，审慎投资。 ...

Investment Rating - The report maintains an investment rating of "In line with the market" for the basic chemical industry [8] Core Insights - The basic chemical industry experienced a slight revenue and profit growth in the first half of 2025, indicating a bottom recovery trend in industry prosperity [4][11] - The industry saw a total revenue of 1,300.467 billion yuan, a year-on-year increase of 4.70%, and a net profit of 77.050 billion yuan, a year-on-year increase of 0.40% [11][12] - The profitability of the industry remains stable, with a continuous improvement in gross margin [8][20] Summary by Sections 1. Industry Profitability and Recovery - In the first half of 2025, the basic chemical industry showed a slight increase in profits, with a quarter-on-quarter improvement in Q2 [11][12] - Among 33 sub-industries, 19 reported revenue growth, while 15 saw declines, indicating significant differentiation in performance [14][17] 2. Financial Indicators - The overall gross margin for the basic chemical industry was 17.97% in Q2 2025, showing a quarter-on-quarter increase [20][26] - The net profit margin was 6.16%, reflecting a quarter-on-quarter improvement [20][26] - The industry maintained stable financial indicators, with a decrease in construction projects indicating reduced capacity pressure [8][19] 3. Sub-Industry Performance - Sub-industries such as fluorochemicals, potassium fertilizers, and synthetic resins showed significant profit growth, while others like organic silicon and nylon faced substantial declines [14][24] - The report highlights that the profitability of certain sectors is benefiting from improved supply-demand dynamics and demand recovery [15][24] 4. Investment Recommendations - The report suggests focusing on sectors benefiting from anti-involution policies, such as pesticides, organic silicon, and polyester filament [8][19] - It also recommends monitoring potassium and phosphorus chemical industries, which have strong resource attributes, especially in the context of potential interest rate cuts by the Federal Reserve [8][19]

Core Insights - The introduction of the "Stabilizing Growth Work Plan for the Petrochemical Industry (2025-2026)" aims to guide this pillar industry of the national economy to maintain reasonable growth while achieving high-quality development, focusing on "stabilizing growth, adjusting structure, and promoting innovation" [1][17][18] - The plan sets a target for an average annual growth of over 5% in industry value added from 2025 to 2026, while also pursuing improvements in economic efficiency and innovation capabilities [1][17] Industry Analysis Petrochemical Industry - The plan is expected to promote the elimination of outdated production capacity and lead to healthier industry development, optimizing the supply side of the chemical industry [2][18] - The plan emphasizes the need to strengthen the planning and layout of major petrochemical and modern coal chemical projects, strictly control new refining capacity, and reasonably determine the scale and pace of new ethylene and paraxylene capacity [2][18] Fertilizer Industry - The plan aims to strengthen raw material supply security and stabilize production foundations for the fertilizer industry, requiring long-term agreements with suppliers of coal, phosphate rock, and natural gas [19] - The plan also encourages the optimization of product structure and the development of new fertilizers [19] Chemical Products Pricing - As of September 28, 2025, the China Chemical Product Price Index (CCPI) was reported at 3969 points, down 8.4% from January 2, 2025 [20] - The manufacturing PMI slightly rose to 49.4%, indicating limited improvement in the economic environment, with the production index at 50.8% [20] Investment Recommendations Potash Fertilizer - The global potash fertilizer industry is characterized by oligopoly, with a tight supply-demand balance, and prices are expected to remain high [21] - The company "Yaqi International" is highlighted for its significant potash resources and ongoing capacity expansion, with a projected production capacity of 5 million tons by 2025 [21] Pesticides - The pesticide industry is expected to see a recovery in prices due to increased demand from South America and limited export growth from India and the US [22] - "Lier Chemical" is recommended as a leading company in the chlorinated pyridine herbicide and glyphosate sectors [22] Fluorochemicals - The fluorochemical sector is anticipated to benefit from the implementation of quota systems for refrigerants starting in 2024, with a focus on the long-term price increase of refrigerants [23] - Companies such as "Juhua Co., Ltd." and "Dongyue Group" are recommended for their strong market positions in refrigerants and fluorinated liquids [23] Sustainable Aviation Fuel (SAF) - The European Union's mandatory addition of 2% SAF in 2025 is expected to drive up prices for bio-jet fuel products, with "Zhuoyue New Energy" recommended for its competitive advantages in production capacity [24][9]

Core Insights - The report by Zhiyan Consulting highlights the market trends and strategic outlook for the pesticide industry in China from 2025 to 2031 [1] Price Trends - As of mid-September 2025, the market price for glyphosate (95% active ingredient) is reported at 27,321.4 yuan per ton, reflecting a year-on-year increase of 7.85% and a month-on-month increase of 0.17% [1] - The highest recorded price in the past five years for glyphosate was 59,000 yuan per ton in mid-September 2022 [1]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company is a leading enterprise in the production of glyphosate and chlorinated pyridine herbicides, with a robust technological moat built through continuous process improvements and cost advantages [6][7]. - The agricultural chemical industry is expected to recover as inventory levels normalize, leading to improved pricing and profitability for the company [6][7]. - The demand for glyphosate is projected to grow due to factors such as the penetration of genetically modified crops and the ban on paraquat, which creates a market vacuum for glyphosate [6]. - The company is focusing on L-glyphosate as a key development area, which is expected to become a new leader in the herbicide market due to its superior efficacy and cost advantages [6]. - The company is also consolidating its leading position in chlorinated pyridine herbicides while actively developing new products to open up future growth opportunities [6]. Summary by Sections Company Overview - The company is the largest domestic producer of chlorinated pyridine herbicides and has a leading position in glyphosate production, with a comprehensive production base across seven locations [6][17]. - It has established long-term partnerships with major global agricultural companies, ensuring stable supply chains and market presence [17][20]. Industry Outlook - The agricultural chemical industry is experiencing a recovery phase after a period of destocking, with signs of demand returning and prices stabilizing [6][28]. - The global market for crop protection products has shown steady growth, with an expected increase in demand driven by population growth and agricultural needs [46]. Financial Performance and Forecast - The company reported a significant recovery in financial performance, with a projected revenue of 73.11 billion yuan in 2024, despite a decline in 2023 [5][28]. - The forecast for net profit shows a substantial increase from 2.15 billion yuan in 2024 to 4.95 billion yuan by 2025, indicating a strong recovery trajectory [5][7]. Product Development and Market Position - The company is enhancing its product offerings, particularly in L-glyphosate, which is expected to capture a larger market share due to its competitive pricing and effectiveness [6][7]. - Continuous improvements in production processes and the introduction of new products are expected to strengthen the company's market position and profitability [6][7].

每经头条（nbdtoutiao）——重磅解读！中国将不寻求WTO新的特殊和差别待遇，意味着什么？ （记者 曾健辉） 2024年1至12月份，海利尔的营业收入构成为：农药占比97.46%，肥料占比1.71%，农业及服务占比 0.71%，其他占比0.12%。 截至发稿，海利尔市值为49亿元。 每经AI快讯，海利尔（SH 603639，收盘价：14.41元）9月29日晚间发布公告称，截至本公告披露日， 本次减持计划时间区间届满，青岛合意投资中心（有限合伙）通过集中竞价交易方式累计减持公司股份 约45万股，占公司当前总股本的0.1317%。本次减持计划实施完毕。 ...