证券之星消息，8月28日农化制品板块较上一交易日上涨0.92%，红四方领涨。当日上证指数报收于 3843.6，上涨1.14%。深证成指报收于12571.37，上涨2.25%。农化制品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603395 | 红四方 | 39.16 | 10.00% | 20.60万 | | 7.88亿 | | 603360 | 百傲化学 | 25.45 | 7.38% | 34.70万 | | 8.62亿 | | 002749 | 国光股份 | 16.15 | 6.18% | 9.88万 | | 1.56亿 | | 301035 | 润丰股份 | 77.62 | 6.04% | 4.07万 | | 3.13亿 | | 600331 | 宏达股份 | 11.03 | 4.85% | 56.47万 | | 6.06亿 | | 002250 | 联化科技 | 12.13 | 4.12% | 218.70万 | | 26.95 Z | | 3 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company, Xin'an Chemical, is positioned as a dual leader in glyphosate and organosilicon, with expectations for performance improvement under the backdrop of national policies emphasizing anti-involution [5][8]. - The company has a comprehensive business model that integrates crop protection, silicon-based new materials, and new energy materials, leveraging its unique "chlorosilicon-phosphorus" circular economy model [12][5]. - The glyphosate market is expected to see a turning point due to demand recovery and supply disruptions, with the company benefiting from its global market presence and production capacity [5][18]. - The organosilicon sector is anticipated to undergo structural changes in demand, with the company poised to benefit from the end of the expansion cycle and a shift towards high-end applications [5][33]. Summary by Sections 1. Company Overview - Xin'an Chemical was established in 1965 and has developed a strong presence in the agricultural chemicals and organosilicon sectors, with a focus on a full-chain integration model in crop protection [12][5]. - The company has a complete industrial chain from upstream silicon mining to downstream product manufacturing, with applications in various industries including electronics and transportation [12][5]. 2. Glyphosate and Organosilicon Market Dynamics - Glyphosate is the world's leading herbicide, with a significant market share, and the company has a production capacity of 80,000 tons per year [5][18]. - The demand for glyphosate is expected to increase due to the growing adoption of genetically modified crops, particularly in China, which is projected to enhance market demand significantly [20][22]. - The organosilicon market is experiencing a shift in demand structure, with the company focusing on high-end applications and innovations in terminal products [5][36]. 3. Financial Projections - The company is projected to see substantial growth in net profit from 388 million yuan in 2025 to 957 million yuan by 2027, reflecting a compound annual growth rate of 653.9% and 36.7% respectively [8][7]. - Earnings per share (EPS) are expected to rise from 0.29 yuan in 2025 to 0.71 yuan in 2027, indicating strong profitability potential [8][7]. 4. Market Position and Competitive Landscape - The glyphosate industry is characterized by high concentration, with the company holding a 10% market share in China, benefiting from a favorable supply-side environment [23][26]. - The organosilicon industry is seeing a consolidation of production capacity among leading firms, with the company positioned to capitalize on this trend due to its cost advantages and integrated operations [40][43].

证券研究报告 | 2025年08月28日 亚钾国际（000893.SZ） 优于大市 受益于钾肥行业景气向上，2025 年上半年公司钾肥量价齐升 2025 年上半年公司钾肥量价齐升，归母净利润同比增长 217%。2025 年上半 年公司实现营收 25.2 亿元（同比+48.5%），归母净利润 8.5 亿元（同比 +216.6%），扣非归母净利润 8.6 亿元（同比+219.5%）。2025 年上半年公司 实现氯化钾产量101.41 万吨（同比+20.0%），销量104.54 万吨（同比+21.4%）， 平均不含税售价为 2353 元/吨（同比+22.1%），生产成本约 1025 元/吨（同 比+2.1%），毛利率为 57.5%（同比+8.4pcts），单吨利润约 910 元/吨（同 比+160.8%），净利率为 33.8%（同比+18.8pcts）。 2025 年第二季度公司归母净利润环比增长 22.4%。受益于年初至今，海外钾 肥供给减少、叠加全球需求旺盛，钾肥价格大幅上涨，第二季度港口老挝白 粉钾含税均价 3025 元/吨（环比+8.9%）。2025 年第二季度公司实现营收 13.1 亿元（同比+23.0% ...

华鲁恒升所属申万行业为：基础化工-农化制品-氮肥。所属概念板块包括：煤化工、化肥、社保重仓、 MSCI中国、大盘等。 8月28日，华鲁恒升盘中上涨2.05%，截至09:53，报26.94元/股，成交1.36亿元，换手率0.24%，总市值 572.00亿元。 资金流向方面，主力资金净流出495.63万元，特大单买入2831.06万元，占比20.75%，卖出5179.21万 元，占比37.96%；大单买入3938.99万元，占比28.87%，卖出2086.47万元，占比15.29%。 华鲁恒升今年以来股价涨26.42%，近5个交易日涨9.16%，近20日涨12.34%，近60日涨28.71%。 资料显示，山东华鲁恒升化工股份有限公司位于山东省德州市天衢西路24号，成立日期2000年4月26 日，上市日期2002年6月20日，公司主营业务涉及尿素、甲醇的生产和销售。主营业务收入构成为：新 能源新材料相关产品48.01%，化学肥料21.32%，醋酸及衍生品11.89%，其他产品10.18%，有机胺 7.34%，其他(补充)1.26%。 截至6月30日，华鲁恒升股东户数5.27万，较上期减少15.20%；人均流通股40 ...

Group 1 - Youyou Food achieved a net profit of 108 million yuan in the first half of 2025, a year-on-year increase of 42.47%, with a revenue of 771 million yuan, up 45.59% [1] - Keda achieved a net profit of 255 million yuan, a year-on-year increase of 16.49%, with a revenue of 2.163 billion yuan, up 14.35% [1] - North Navigation turned a profit with a net profit of 116 million yuan, achieving a revenue of 1.703 billion yuan, a year-on-year increase of 481.19% [1][2] Group 2 - China Satellite Communication reported a net profit of 181 million yuan, a year-on-year decrease of 55.59%, with a revenue of 1.221 billion yuan, up 6.33% [3] - Huqin Technology achieved a net profit of 1.889 billion yuan, a year-on-year increase of 46.3%, with a revenue of 83.939 billion yuan, up 113.06% [4] - Huasen Lithium reported a net loss of 72.739 million yuan, with a revenue of 350 million yuan, up 72.02% [4] Group 3 - Putailai achieved a net profit of 1.055 billion yuan, a year-on-year increase of 23.03%, with a revenue of 7.088 billion yuan, up 11.95% [5] - Suochen Technology reported a net loss of 45.698 million yuan, with a revenue of 57.351 million yuan, up 10.82% [5] - Canqin Technology achieved a net profit of 51.912 million yuan, a year-on-year increase of 51.94%, with a revenue of 287 million yuan, up 52.76% [6] Group 4 - Hengtong achieved a net profit of 99.3648 million yuan, a year-on-year increase of 38.86%, with a revenue of 669 million yuan, down 44.66% [6] - Sanan Optoelectronics reported a net profit of 176 million yuan, a year-on-year decrease of 4.24%, with a revenue of 8.987 billion yuan, up 17.03% [7] - New Dairy achieved a net profit of 397 million yuan, a year-on-year increase of 33.76%, with a revenue of 5.526 billion yuan, up 3.01% [8] Group 5 - Yiling Pharmaceutical achieved a net profit of 669 million yuan, a year-on-year increase of 26.03%, with a revenue of 4.040 billion yuan, down 12.26% [10] - Baosteel achieved a net profit of 4.879 billion yuan, a year-on-year increase of 7.36%, with a revenue of 151.372 billion yuan, down 7.28% [12] - Feikai Materials achieved a net profit of 217 million yuan, a year-on-year increase of 80.45%, with a revenue of 1.462 billion yuan, up 3.8% [13] Group 6 - Lier Chemical achieved a net profit of 271 million yuan, a year-on-year increase of 191.21%, with a revenue of 4.507 billion yuan, up 35.36% [15] - Shaanxi Coal achieved a net profit of 7.638 billion yuan, a year-on-year decrease of 31.18%, with a revenue of 779.83 billion yuan, down 14.19% [16] - Dongfang Materials reported a net profit of 654,400 yuan, a year-on-year decrease of 88.48%, with a revenue of 174 million yuan, down 5.06% [18] Group 7 - Blue Sky Bio achieved a net profit of 26.7163 million yuan, a year-on-year decrease of 8.98%, with a revenue of 652 million yuan, up 7.05% [19] - Shanghai Jiubai achieved a net profit of 23.7897 million yuan, a year-on-year increase of 0.24%, with a revenue of 45.0535 million yuan, down 1.09% [20] - Two Sides Needle reported a net loss of 5.0842 million yuan, with a revenue of 522 million yuan, up 1.02% [21] Group 8 - Shanghai Yashi achieved a net profit of 20.3263 million yuan, a year-on-year increase of 42.56%, with a revenue of 2.044 billion yuan, up 56.75% [23] - Bayi Steel reported a net loss of 697 million yuan, with a revenue of 8.733 billion yuan, down 6.73% [25] - Hongrun Construction plans to repurchase shares worth between 150 million and 300 million yuan [27] Group 9 - Kaile achieved a net profit of 10.9193 million yuan, a year-on-year increase of 280.42%, with a revenue of 137 million yuan, down 17.89% [28] - Jingda achieved a net profit of 306 million yuan, a year-on-year increase of 6.03%, with a revenue of 11.856 billion yuan, up 14.28% [29] - Blue Light Marker reported a net profit of 96.4427 million yuan, a year-on-year decrease of 47.33%, with a revenue of 32.36 billion yuan, up 4.87% [30] Group 10 - KOTAI Power achieved a net profit of 23.994 million yuan, a year-on-year increase of 35.52%, with a revenue of 711 million yuan, up 49.51% [33] - Bo Rui Data reported a net loss of 26.1918 million yuan, with a revenue of 70.1997 million yuan, up 5.19% [34] - Jiuzhoutong achieved a net profit of 1.446 billion yuan, a year-on-year increase of 19.7%, with a revenue of 81.106 billion yuan, up 5.10% [37] Group 11 - Aier Eye Hospital achieved a net profit of 2.051 billion yuan, a year-on-year increase of 0.05%, with a revenue of 11.507 billion yuan, up 9.12% [39] - Nandu Property achieved a net profit of 130 million yuan, a year-on-year increase of 532.87%, with a revenue of 914 million yuan, up 2.75% [41] - Weiyuan reported a net loss of 168 million yuan, with a revenue of 4.601 billion yuan, up 1.82% [42] Group 12 - Zhongke Chuangda achieved a net profit of 158 million yuan, a year-on-year increase of 51.84%, with a revenue of 3.299 billion yuan, up 37.44% [43] - Zhongjuxin reported a net profit of 8.1377 million yuan, a year-on-year decrease of 64.57%, with a revenue of 567 million yuan, up 20.40% [44] - Inspur Information achieved a net profit of 799 million yuan, a year-on-year increase of 34.87%, with a revenue of 80.192 billion yuan, up 90.05% [45] Group 13 - Shenghong Technology achieved a net profit of 2.143 billion yuan, a year-on-year increase of 366.89%, with a revenue of 9.031 billion yuan, up 86.00% [46] - Cambrian achieved a net profit of 1.038 billion yuan, turning a profit, with a revenue of 2.881 billion yuan, up 4347.82% [48] - Longteng Optoelectronics reported a net loss of 121 million yuan, with a revenue of 1.289 billion yuan, down 27.91% [49]

证券之星消息，8月27日农化制品板块较上一交易日下跌2.26%，利民股份领跌。当日上证指数报收于 3800.35，下跌1.76%。深证成指报收于12295.07，下跌1.43%。农化制品板块个股涨跌见下表： 从资金流向上来看，当日农化制品板块主力资金净流出12.16亿元，游资资金净流入4.57亿元，散户资金 净流入7.6亿元。农化制品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002250 联化科技 | | 2.65 Z | 45.48% | -1.46 Z | -25.08% | -1.19 Z | -20.39% | | 002588 | 史丹利 | 1455.65万 | 6.54% | -563.75万 | -2.53% | -891.90万 | -4.01% | | 002999 天天股份 | | 1219.64万 | 15.06% | 76.98万 | 0.95% | -12 ...

兴业证券发布研报称，今年所有A股中报业绩将于8月29日披露完毕，近期进入披露高峰期。从已披露中报业绩的公司来看，25H1全A/全A非金融/主板以 整体法计算的净利润同比增速分别为9.85%/6.74%/9.23%，二季度景气延续。一级行业看，Q2业绩高增的行业主要集中在周期、券商、农林牧渔、电力设 备。二级行业看，除以上一级行业外，TMT、消费、制造等板块中也具备业绩α。结合6月23日以来涨跌幅，当前低位绩优的方向主要集中在消费板块， 以及部分周期和制造板块。 兴业证券主要观点如下： A股进入中报业绩披露高峰期，市场对业绩的关注度明显提升。今年所有A股中报业绩将于8月29日披露完毕，近期进入披露高峰期。截至8月26日15点， 已有3233家上市公司披露中报业绩(含业绩预告/快报，剔除次新股，下同)，披露率60.85%。 从"股价-业绩相关性"的季节效应看，随着业绩陆续披露，8月下半月市场对业绩的关注度明显提升。 从已披露中报业绩的公司来看，25H1全A/全A非金融/主板以整体法计算的净利润同比增速分别为9.85%/6.74%/9.23%，二季度景气延续。 一级行业看，Q2业绩高增的行业主要集中在周期、券商、农 ...

证券研究报告 基础化工 | 农化制品 北交所|首次覆盖报告 hyzqdatemark 2025 年 08 月 26 日 | 基本数据 | 2025 | 年 08 | 月 | 25 日 | | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 4.48 | | 一 年 内 最 高 / 最 | 低 | | | 5.09/4.02 | | （元） | | | | | | 总市值（百万元） | | | | 5,491.58 | | 流通市值（百万元） | | | | 5,409.63 | | 总股本（百万股） | | | | 1,225.80 | | 资产负债率（%） | | | | 56.02 | | 每股净资产（元/股） | | | | 4.16 | 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： 颖泰生物(920819.BJ) 投资评级： 增持（首次） ——全产业链农药领先企业，静待行业周期反转 投 ...

Group 1 - The agricultural chemical sector increased by 2.34% on August 26, with Bai'ao Chemical leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] - Bai'ao Chemical's stock price rose by 10.02% to 23.16, with a trading volume of 321,000 shares and a transaction value of 718 million [1] Group 2 - The agricultural chemical sector experienced a net outflow of 78.12 million from main funds, while retail funds saw a net outflow of 91.58 million [2] - The main funds net inflow for Bai'ao Chemical was 15.4 million, accounting for 21.41% of its trading volume [3] - Cloud Map Holdings had a main funds net inflow of 5.2 million, representing 4.58% of its trading volume [3]

基础化工/农化制品 华鲁恒升（600426.SH） Q2 归母净利润环比增长，投建技改项目或提高效益 2025 年 08 月 26 日 投资评级：买入（维持） | 日期 | 2025/8/26 | | --- | --- | | 当前股价(元) | 26.66 | | 一年最高最低(元) | 28.78/19.73 | | 总市值(亿元) | 566.05 | | 流通市值(亿元) | 564.97 | | 总股本(亿股) | 21.23 | | 流通股本(亿股) | 21.19 | | 近 3 个月换手率(%) | 58.26 | 股价走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-08 2024-12 2025-04 2025-08 华鲁恒升 沪深300 相关研究报告 半年度拟分红，同时拟投建煤气化平台改造项目，增加公司规模效益 公司拟以 2025 年半年度权益分派实施时股权登记日的总股本扣减公司回购专 用证券账户中股份为基数，向全体股东每 10 股派发现金红利 2.50 元（含税）， 不送红股，不进行公积金转增股本，与股东共享发展成果。目前公司德州本部部 分气化炉的气化 ...