草甘膦概念资金流入榜 截至1月15日收盘，草甘膦概念上涨2.29%，位居概念板块涨幅第5，板块内，16股上涨，江山股份涨 停，利尔化学、和邦生物、广信股份等涨幅居前，分别上涨6.42%、3.21%、3.04%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 光刻胶 | 2.83 | 小红书概念 | -5.25 | | 中芯国际概念 | 2.59 | Sora概念(文生视频) | -4.03 | | 存储芯片 | 2.33 | 拼多多概念 | -4.03 | | 国家大基金持股 | 2.30 | Web3.0 | -3.84 | | 草甘膦 | 2.29 | 军工信息化 | -3.82 | | 磷化工 | 2.14 | 快手概念 | -3.72 | | 金属锌 | 2.12 | DRG/DIP | -3.70 | | 光刻机 | 2.05 | 短剧游戏 | -3.54 | | 同花顺果指数 | 2.03 | MLOps概念 | -3.43 | | 金属钴 | 2.02 | 时空大数据 | -3.37 | 资金 ...

（记者 王瀚黎） 润丰股份（301035.SZ）1月15日在投资者互动平台表示，公司97%以上的营收来自于海外市场, 汇率波 动对于公司各项财务数据的影响还是较大的，至于对于公司财务数据的具体影响，这不仅取决于人民币 的汇率波动，还取决于主要海外子公司所在国的汇率波动。 每经AI快讯，有投资者在投资者互动平台提问：近期人民币汇率走强明显，对公司"财务费用-汇兑损 益"的影响方向是？ ...

Investment Rating - The industry investment rating is "Outperform the Market - A" and the rating is maintained [5]. Core Insights - The new pesticide export tax rebate policy is expected to drive a "reverse involution" in the industry, potentially boosting prices and accelerating long-term transformation [1]. - The cancellation of the export tax rebate for certain pesticide products will increase export costs, leading companies to have a strong willingness to maintain prices [2]. - The policy aims to accelerate the elimination of low-quality production capacity and guide the industry towards a high-quality development direction by shifting the export structure from raw materials to formulations [3]. Summary by Sections Short-term Outlook - The upcoming spring farming season and the cancellation of the export tax rebate will provide dual support for pesticide prices, as companies may increase prices to maintain profitability [2]. Long-term Outlook - The domestic pesticide industry is experiencing high growth in investment and new projects, with an expected increase in production capacity of approximately 1.4 million tons per year from 2021 to 2024 [3]. - The policy is expected to improve capacity utilization rates, which are currently low at 66% compared to the national average for large-scale industries [3]. Industry Performance - The industry has shown strong relative performance with a 1-month return of 8.2%, a 3-month return of 10.1%, and a 12-month return of 26.1% [8].

Core Viewpoint - The agricultural pesticide sector is experiencing a significant upward trend driven by multiple favorable factors, including policy incentives, the upcoming spring farming season, and a recovery in global market demand [1][2]. Group 1: Policy Changes - The "One Certificate, One Product" policy will be fully implemented on January 1, 2026, aiming to eliminate the long-standing issues of "one pesticide with multiple names" and "certificate borrowing" in the industry [1]. - This policy is expected to compel companies to shift focus from "labeling" to "research and development," fostering competition based on technology, quality, and service, thereby promoting high-quality industry development [1]. Group 2: Export Tax Adjustments - The cancellation of export tax rebates for certain pesticide raw materials starting April 1, 2026, is anticipated to pressure profit margins for related companies in the short term [2]. - However, this adjustment may accelerate the elimination of outdated production capacity and encourage companies to transition to high-end products, enhancing product value [2]. - In 2024, China's pesticide formulation export value reached 61.36 billion, surpassing raw material exports for the first time, with a share of 54.12% [2]. Group 3: Demand Dynamics - The upcoming spring farming season is expected to release strong demand for pesticides, with an estimated 3.8 billion acres of crops affected by pests, leading to direct economic losses exceeding 42 billion [3]. - The industry has maintained an operating rate of over 80% for the past eight months, with inventory levels at their lowest since the beginning of 2024, indicating a favorable supply-demand balance [3]. Group 4: Benefiting Industries - The pesticide intermediate sector is likely to benefit from the rising demand for pesticide raw materials, with companies like Lianhua Technology expected to see performance growth due to stable demand from downstream clients [4]. - The phosphorus chemical industry will also benefit, as the recovery in pesticide demand will increase the consumption of upstream raw materials like phosphate rock and phosphoric acid [4]. - The integration of precision agriculture and the pesticide industry is expected to drive growth in the plant protection service and smart pesticide machinery sectors, with significant increases in the adoption of precision application equipment projected [5].

每经AI快讯，1月15日午后，农药股逆势拉升，江山股份（600389）触及涨停，联化科技（002250）、 利尔化学（002258）、钱江生化（600796）、广信股份（603599）、苏利股份（603585）跟涨。 ...

Macro and Strategy - The US December CPI data shows overall CPI at 2.7% year-on-year, with core CPI at 2.6%, indicating a stabilization in inflation [7] - China's December export growth was 6.6% year-on-year, with imports growing by 5.7%, resulting in a trade surplus of $114.14 billion [7] Industry and Company - The semiconductor industry is experiencing unexpected prosperity, with price increases across multiple segments and anticipated growth in AI glasses [3][7] - The chemical industry is facing challenges due to the cancellation of export tax rebates for certain pesticides, which may accelerate the exit of outdated production capacity [3][15] - The media sector is seeing a restructuring of traffic and content service ecosystems driven by AI applications, indicating a new growth cycle [3][19] - The mechanical industry is optimistic about growth opportunities in humanoid robots, AI infrastructure, and commercial aerospace sectors [3][28] Semiconductor Industry Insights - The semiconductor sector has seen a 3.82% increase in the Shanghai Composite Index, with electronic stocks rising by 7.74% [7] - AI-driven demand is pushing prices up in upstream electronic components, with significant shortages in storage and high-end PCB supply chains [7] - The CES 2026 showcased advancements in AR glasses, indicating a trend towards enhanced communication and computing capabilities in smart glasses [9] Chemical Industry Insights - The cancellation of export tax rebates for certain pesticides is expected to squeeze profit margins for companies like grass ammonium glyphosate, potentially leading to price increases in the short term [15][16] - The pesticide formulation export value is projected to rise, as the market shifts towards higher-value products [16] Media Industry Insights - The media sector's performance in December lagged behind the market, with a 1.60% decline in the media index [17] - The number of game licenses issued in December reached a record high, indicating a robust pipeline for new game releases [17][19] - The AI application in media is expected to enhance overall sector valuations, with a focus on AI marketing and content creation [20] Mechanical Industry Insights - The mechanical industry index rose by 8.59% in December, outperforming the Shanghai Composite Index [25] - The sales of excavators in December increased by 19.2% year-on-year, indicating strong demand in the construction sector [25] - The focus on humanoid robots and AI infrastructure is expected to drive long-term investment opportunities in the mechanical sector [28][34] Investment Recommendations - Recommended stocks in the semiconductor sector include companies like SMIC, Aojie Technology, and Demei Li [13] - In the media sector, companies such as Giant Network and Bilibili are highlighted for their growth potential [20] - The mechanical sector suggests focusing on companies involved in humanoid robots and AI infrastructure, such as Flywheel and Weichuan Technology [28][35]

Summary of Key Points Core Viewpoint - Jiangshan Co., Ltd. is in the process of issuing convertible bonds to raise up to 1.2 billion yuan for various projects, including green herbicides and chiral pesticide upgrades, with the application already accepted by the Shanghai Stock Exchange [2][3]. Group 1: Trading Information - As of January 14, 2026, Jiangshan Co., Ltd. closed at 22.93 yuan, down 0.95%, with a turnover rate of 2.22%, trading volume of 95,800 shares, and a total transaction value of 221 million yuan [1]. - On the same day, the net outflow of main funds was 4.67 million yuan, accounting for 2.11% of the total transaction value, while speculative funds saw a net inflow of 9.58 million yuan, representing 4.33% of the total transaction value [2][4]. Group 2: Company Announcements - Shenwan Hongyuan Securities issued a sponsorship letter confirming that Jiangshan Co., Ltd. meets the conditions for issuing and listing convertible bonds, with average distributable profits over the last three years sufficient to cover one year of bond interest [2]. - Beijing Wei Heng Law Firm provided a legal opinion affirming the company's eligibility to issue bonds in compliance with relevant laws and regulations, pending approval from the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission [2]. - The prospectus for the convertible bond issuance indicates that the total amount raised will not exceed 1.2 billion yuan, aimed at funding new projects and supplementing working capital, with the company's credit rating and bond rating both at AA+ [2].

Core Viewpoint - The cancellation of export tax rebates for certain pesticide raw materials, including glyphosate, starting April 1, 2026, will initially squeeze profits for related companies and increase product prices, but will ultimately drive industry upgrades and enhance product value [1][2]. Group 1: Policy Impact - The Ministry of Finance and the State Taxation Administration announced the cancellation of export tax rebates for several pesticide raw materials, including glyphosate, effective April 1, 2026 [2]. - The removal of export tax rebates is expected to pressure profit margins for glyphosate and other pesticide companies in the short term, while also leading to price increases due to heightened export demand and domestic spring planting preparations [3]. Group 2: Industry Dynamics - The cancellation of export tax rebates will force the elimination of outdated production capacity and encourage domestic glyphosate companies to upgrade to refined glyphosate and extend into downstream formulations, thereby increasing product value [3]. - The glyphosate market is currently experiencing tight supply and demand, with production expected to grow from 18,300 tons in 2020 to 120,400 tons by 2025, representing a 658.38% increase and an annual compound growth rate of 45.78% [3]. - The export rebate rate for pesticide formulations remains at 9%, and in 2024, China's pesticide formulation export value reached 61.36 billion yuan, surpassing raw material exports for the first time, with a share of 54.12% [3].

Group 1 - Jiangshan Co., Ltd. (600389) closed at 23.15 yuan on January 13, 2026, down 0.26% with a turnover rate of 2.42% and a trading volume of 104,100 shares, amounting to a transaction value of 243 million yuan [1] - On January 13, the net outflow of main funds was 2.14 million yuan, accounting for 0.88% of the total transaction value, while retail investors had a net inflow of 2.75 million yuan, representing 1.13% of the total transaction value [1][3] - Jiangshan Co., Ltd. has received approval from the Shanghai Stock Exchange for its application to issue convertible bonds to unspecified objects, with a total fundraising amount not exceeding 1.2 billion yuan [2][3] Group 2 - The funds raised from the issuance of convertible bonds will be used for new green herbicide projects, chiral pesticide technological upgrades, and to supplement working capital [2] - The company’s credit rating and the rating for the convertible bonds are both AA+, and no guarantees have been provided for the issuance [2] - The issuance is subject to further review by the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission, indicating that the final implementation remains uncertain [2]

Core Viewpoint - The company, Shandong Zhongnong United Biotechnology Co., Ltd., is providing a guarantee for its wholly-owned subsidiary's financing lease business, which involves a total guarantee amount exceeding 50% of the company's latest audited net assets [1][13]. Group 1: Financing Lease and Guarantee Overview - The company’s wholly-owned subsidiary, Shandong United Pesticide Industry Co., Ltd., has signed a financing lease contract with Supply and Marketing Group (Tianjin) International Financing Leasing Co., Ltd., for an amount of RMB 10 million, with a lease term of 36 months [4]. - The company provides a joint liability guarantee for the financing lease business [4]. - The total guarantee amount approved for the subsidiary is RMB 220 million, while the subsidiary can provide a guarantee of RMB 770 million to the company, totaling RMB 990 million [5]. Group 2: Approval and Contract Details - The company held board and shareholder meetings to approve the guarantee matters, with the financing amount for the subsidiary not exceeding RMB 100 million and an annual interest rate not exceeding 3.4% [6]. - The guarantee provided by the company falls within the previously approved guarantee limits, thus no additional approval procedures are required [6]. - The financing lease contract specifies that the lessee is Shandong United Pesticide Industry Co., Ltd., and the lessor is Supply and Marketing Group (Tianjin) International Financing Leasing Co., Ltd., with a total lease cost of RMB 10 million [12]. Group 3: Financial Data and Risk Status - As of the announcement date, the total guarantee amount for the company and its subsidiaries is RMB 990 million, with a total outstanding guarantee balance of RMB 607.64 million, accounting for 44.85% of the company's latest audited net assets [13]. - The company and its subsidiaries have not experienced any overdue guarantees or legal disputes related to guarantees [3][13].