Core Viewpoint - The Ministry of Ecology and Environment and the National Health Commission have jointly issued the "Priority Control Chemical List (Third Batch)," which includes 23 chemical substances such as 1,1,2,2-tetrachloroethane and bisphenol A, focusing on high-risk chemicals with significant environmental and health impacts [1][2]. Group 1: Chemical Substances and Their Risks - The list includes 23 chemical substances, particularly those with persistent, bioaccumulative, and aquatic chronic toxicity properties, as well as carcinogenic, mutagenic, reproductive toxicity, and endocrine-disrupting characteristics [1][2]. - Notable substances in the list include 1,1,2,2-tetrachloroethane, bisphenol A, and various perfluoroalkyl and polyfluoroalkyl substances, which are linked to industries such as petrochemicals, plastics, pharmaceuticals, textiles, and pesticides [1][2]. Group 2: Regulatory Measures and Industry Response - The management of the chemicals listed is primarily based on environmental impact assessments for construction projects, pollution discharge permits, and soil and groundwater pollution prevention measures [1]. - Companies are encouraged to recognize the potential environmental and health risks associated with these chemicals and to proactively upgrade processes, enhance waste treatment, and develop environmentally friendly alternatives to minimize risks [2].

Group 1 - The core viewpoint of the article is the issuance of the "Priority Control Chemical List (Third Batch)" by the Ministry of Ecology and Environment and the National Health Commission, emphasizing the importance of managing new pollutants to protect ecological and public health [1][2] - The list aims to prioritize the management of chemical substances that pose significant environmental and health risks, serving as a foundational support for managing toxic pollutants in water, air, and soil [2][3] - The compilation of the list involved a comprehensive assessment of chemical substances based on their inherent hazards, potential exposure levels, and international control measures, focusing on high-risk chemicals such as persistent, bioaccumulative, and toxic substances [2][3] Group 2 - The list includes 23 categories of chemical substances, such as 1,1,2,2-tetrachloroethane and bisphenol A, which are recognized as carcinogens and endocrine disruptors, affecting various industries including petrochemicals, plastics, and pharmaceuticals [3][4] - Companies producing or using the listed chemicals are encouraged to enhance their environmental risk management practices, including upgrading processes and controlling emissions, to mitigate potential risks [4][5] - Current management of the chemicals in the list is based on existing regulations regarding environmental impact assessments, pollution permits, and soil and groundwater pollution prevention [5]

Core Viewpoint - The Ministry of Ecology and Environment and the National Health Commission have jointly issued the "Priority Control Chemical List (Third Batch)" to enhance the management of new pollutants and protect ecological and public health [2][5]. Group 1: Background and Purpose - The issuance of the list is part of a broader initiative by the Chinese government to address new pollutant management, as emphasized in various party meetings and documents, aiming for effective environmental risk control by 2035 [2]. - The list aims to provide foundational support for managing environmental risks associated with toxic pollutants in water, air, and soil, while also raising awareness among the public and enterprises regarding the environmental and health hazards of chemical substances [3]. Group 2: Compilation Process - The compilation of the list involved a comprehensive assessment of chemical substances based on their inherent hazards, potential exposure levels, and international control measures, focusing on high-risk chemicals such as persistent, bioaccumulative, and toxic substances [3][4]. - The process adhered to an "openness" principle, soliciting public opinions and conducting expert consultations to ensure a wide range of inputs were considered [4]. Group 3: Included Chemicals - The list includes 23 categories of chemical substances, such as carcinogens and endocrine disruptors, affecting various industries including petrochemicals, plastics, pharmaceuticals, and textiles [5]. - Notably, some high-concern persistent organic pollutants were not included in the list, indicating a need for compliance with existing environmental management regulations for new chemical substances [5]. Group 4: Management Requirements - The issuance of the list provides a framework for companies to proactively manage environmental risks associated with the listed chemicals, encouraging practices such as process upgrades and the development of environmentally friendly alternatives [6]. - Current management of the listed chemicals is guided by various regulations, including environmental impact assessments and pollution discharge permits [6][7].

Report Summary 1. Industry Investment Rating The report does not provide an investment rating for the agrochemical products industry. 2. Core Viewpoints The agrochemical products industry has stable demand supported by the "stable grain supply" policy and the growth of fertilizer and pesticide exports. The supply - side ecosystem is expected to optimize under the "anti - involution" policy, and the industry's profitability is expected to increase. Policy support for food security has strengthened the demand for agrochemical products, and multi - dimensional factors such as domestic consumption and exports have further boosted the demand. Meanwhile, the supply - side reform in the fertilizer and pesticide sectors is promoting industry concentration and high - quality development [1][12]. 3. Summary by Directory 3.1 Agrochemical Products Industry Overview - **Policy Support and Demand Foundation**: The government has continuously strengthened food security policies. In 2025, the national grain output reached 14297.5 billion jin, an increase of 1.2% year - on - year, providing core support for agrochemical product demand. Domestic food consumption is rigid, and the demand for agrochemical products is driven by multiple factors such as domestic food, feed consumption, and exports. In 2025, from January to November, the export volume of fertilizers increased by 45.52% year - on - year, and the export volume of pesticides also increased significantly [12][13]. - **Supply - side Optimization**: The government and the industry are jointly promoting "anti - involution." The Chinese Pesticide Industry Association launched a three - year "Rectifying Involution" action, and the Chinese Phosphate and Compound Fertilizer Industry Association issued an initiative to strengthen industry self - discipline. As backward production capacity exits and new capacity is limited, the industry ecosystem is expected to improve [14]. 3.2 Fertilizer Industry - **Industry Chain and Supply - side Reform**: The fertilizer industry includes phosphate fertilizers, nitrogen fertilizers, potassium fertilizers, and compound fertilizers. In recent years, the supply - side reform has advanced, with an increase in fertilizer production but a decrease in application and an improvement in utilization efficiency. In 2025, from January to November, the export volume of fertilizers increased by 45.52% year - on - year, mainly driven by nitrogen fertilizers and compound fertilizers, while the import volume decreased by 1.22% year - on - year [15][20]. - **Phosphate Fertilizer Sub - sector**: The supply of phosphate fertilizers is restricted by phosphate rock resources. In 2025, from January to November, the production of monoammonium phosphate and diammonium phosphate decreased year - on - year. The price of phosphate fertilizers has been rising due to the tight balance of phosphate rock supply and demand and strict policies on new phosphate ammonium capacity [32][54]. 3.3 Pesticide Industry - **Industry Structure and Policy - driven Supply Improvement**: Pesticides are used for pest control and plant growth regulation. China is the world's largest producer of pesticide technicals, but there is a problem of over - capacity. In 2025, the Chinese Pesticide Industry Association proposed a three - year "Rectifying Involution" action plan, and new policies such as the revised "Pesticide Registration Management Method" will optimize the industry's competition pattern [61][62]. - **Production, Demand, and Price Trends**: In 2025, from January to November, the growth rate of China's pesticide technical production decreased, but the export volume increased. The global demand for pesticides is rigid, and pesticide prices are expected to recover as over - capacity is alleviated [63][71]. - **Glyphosate Sub - sector**: Glyphosate is the most widely used single - product pesticide globally. Policy restricts new capacity, and the inventory has been decreasing since 2025. The growth of global transgenic crop planting area drives the demand and export of glyphosate, and the price is expected to rise, and the industry's prosperity is expected to increase [75][90]. 3.4 Agrochemical Products Industry Convertible Bonds Basic Situation - **General Information**: As of December 26, 2025, the outstanding balance of convertible bonds in the agrochemical products industry totaled 9.767 billion yuan, accounting for 25.27% of the convertible bond balance in the basic chemical industry. The un - converted ratio of all convertible bonds is over 90%, and the credit ratings range from AA - to AA + [91][94]. - **Trading and Valuation**: The trading volume of Hebang Convertible Bonds is the highest, with an annual trading volume exceeding 24 billion yuan. Since 2025, both the prices of agrochemical convertible bonds and their underlying stocks have risen, and the price increase of underlying stocks is generally stronger than that of convertible bonds. All agrochemical convertible bonds are balanced - type, with Yangfeng Convertible Bonds having a relatively high conversion premium rate of over 40% [95][99]. - **Financial Performance**: From Q1 to Q3 in 2025, the profitability of most issuers of agrochemical convertible bonds has recovered. The operating net cash flow of most issuers has shown continuous inflow or improvement, and the asset - liability ratio at the end of Q3 in 2025 is generally controllable [3][103]. 3.5 Individual Bond Situations - **Xingfa Convertible Bonds**: The issuer, Xingfa Group, is a leading enterprise in the phosphate chemical industry, with advantages in phosphate rock mining rights and power costs. It has a complete phosphate chemical industry chain, and its new energy materials business is advancing. In 2025, from Q1 to Q3, its profitability was stable, and the net profit increased year - on - year [108][110]. - **Suli Convertible Bonds**: The issuer, Suli Co., Ltd., is engaged in pesticides, flame retardants, and other fine chemical products. In 2025, the demand in the agrochemical market recovered, and the quantity and price of its products such as chlorothalonil and decabromodiphenylethane increased, driving the growth of the company's performance [111][112]. - **Fengshan Convertible Bonds**: The issuer, Fengshan Group, is involved in pesticides, new energy electronic chemicals, and fine chemical new materials. In 2025, the company's net profit turned from loss to profit in the first three quarters, and its operating performance improved [113][115]. - **Hebang Convertible Bonds**: The issuer, Hebang Biotech, is engaged in mining, chemicals, photovoltaic glass, etc. The company has strengthened its mining layout, and the phosphate rock business has been prosperous. Since the second quarter of 2025, the quantity and price of glyphosate have increased [116][117]. - **Yangfeng Convertible Bonds**: The issuer, New Yangfeng, is a leading enterprise in phosphate compound fertilizers. It has a complete industrial chain layout, and its new fertilizer business is developing. In 2025, from Q1 to Q3, its profitability was stable, and the net profit increased year - on - year [118][119].

Group 1 - The company is currently in the promotion and development stage for its innovative product, Pyrazolylbutyric acid, in both domestic and international markets [2] - The company is actively working on overseas market registration and layout, indicating a strategic approach to expand its market presence [2] - Future market prospects for the product are considered broad due to the enhancement of relevant registration documents and collaboration plans with multinational companies [2]

Group 1 - The core point of the article is that the company has successfully obtained the registration certificate for Pyrazole Acetate and is currently in the promotion phase [2] Group 2 - An investor inquired about the registration status of Pyrazole Acetate and expressed concerns about the delay after public announcement [2] - The company responded on the investor interaction platform, confirming the registration and outlining the current promotional efforts [2]

投资者提问： 公司扩产35万吨/年的草甘膦产能，虽然公司嘴上很硬一直强调做过多少调查多少分析，实际上这部分 产能的消化难度非常大，公司并没有为这35万吨全部产能的销路和下游客户得到任何销售确认，是吧？ 董秘回答(和邦生物SH603077)： 尊敬的投资者您好，您说得对！难度是挺大的。但任何市场经营主体，若想实现良好的经营效益，不做 上难度的事情，其实也不可能实现。当然，尽管难度在面前，但我们的团队我们对自身技术工艺水平和 产品竞争力有着坚定的信心。查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 ...

Group 1 - The company implements a "one order, one negotiation" pricing policy for its product, isocarbophos, meaning prices vary for different customers [1] - For specific pricing information, it is recommended to refer to the Zhongnong Lihua original drug price index [1]

Group 1 - During the "14th Five-Year Plan" period, China's petrochemical industry has entered a low growth phase after a concentrated release of basic product capacity, with a focus on policy support for sustainable development by 2026 [1] - The central economic work conference emphasized a more proactive fiscal policy and moderately loose monetary policy, aiming to promote domestic demand and build a large domestic market [1] - Multiple institutions, including Guosen Securities and Everbright Securities, predict that the petrochemical industry will see a cyclical turning point in 2026, with gradual recovery in industry prosperity [1] Group 2 - The domestic policy continues to guide structural optimization in the industry, including strict control of new refining capacity and promoting the elimination of outdated refining capacity [1] - On the international front, the Federal Reserve is expected to restart its interest rate cut cycle in 2025, while OPEC+ continues to adjust its production plans, reflecting a cautious attitude towards short-term energy demand [1] - The petrochemical sector is expected to benefit from a stable oil price environment in 2026, with core domestic petrochemical companies likely to see improved profit elasticity [2] Group 3 - China National Petroleum Corporation is expected to benefit from natural gas market reforms, leading to stable performance improvements [2] - Sinopec is focusing on domestic refining and chemical sectors, enhancing cost control and market share [2] - CNOOC is advancing its reserve and production increase while reducing costs and improving efficiency [2] Group 4 - The chemical industry is anticipated to experience profit restructuring opportunities in 2026, with specific sectors like fluorochemicals and potash fertilizers expected to see improved market conditions [2] - The implementation of the "one certificate, one product" policy in the pesticide sector is expected to reshape market competition [2] - Breakthroughs in catalyst technology and biobased chemical production are crucial for enhancing competitiveness in high-end materials [2]

"近2年市场主动抢证的背后，既反映出一些企业合规化发展的诉求，也折射出农药行业长期存在的畸形 生态——业内60%的企业都依赖借证、贴牌、代工的模式生存。此前，市场上登记证仅4万张左右，但 流通的品牌却多达几十万个。"安徽中农纵横农化信息咨询有限公司总经理杨益军说。 四川国光农化股份有限公司董事会秘书颜铭表示，政策既有利于保障农药质量、维护公平竞争的农药市 场秩序，也有利于保障广大种植户的合法权益、促进农药产业健康持续发展。拥有优质登记证件的农药 企业将更具竞争优势。随着"一证一品"政策的实施，未来农药行业市场集中度也有望进一步提升。 监管部门已明确表态，将加大对"借证贴牌""一证多品"等违法行为的查处力度，一经查实的，直接吊销 相关登记证。 "一证一品"新规靴子落地 中化新网讯 农业农村部"一证一品"新规将于2026年1月1日起实施，明确"同一登记证号的农药产品应当 标注同样的商标"。12月24日，农业农村部农药检定所已在中国农药信息网开通填报专栏，要求农药登 记证持有人如实、及时填报农药标签标注商标及变更信息。农药行业合规化洗牌正式拉开帷幕。 数据显示，截至2025年11月，本年度新增农药登记证超4800个 ...