Core Viewpoint - Baiao Chemical's stock has experienced fluctuations, with a recent decline of 2.01% and a total market capitalization of 22.394 billion yuan. The company is involved in the research, production, and sales of industrial biocides, primarily isothiazolinones, and has seen mixed financial performance in recent periods [1][2]. Group 1: Stock Performance - As of January 6, Baiao Chemical's stock price was 31.71 yuan per share, with a trading volume of 255 million yuan and a turnover rate of 1.13% [1]. - Year-to-date, the stock has decreased by 1.58%, with a slight increase of 1.47% over the last five trading days and a notable increase of 15.27% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Baiao Chemical reported a revenue of 1.056 billion yuan, reflecting a year-on-year growth of 17.88%. However, the net profit attributable to shareholders decreased by 50.83% to 125 million yuan [2]. - Cumulatively, since its A-share listing, Baiao Chemical has distributed a total of 1.224 billion yuan in dividends, with 722 million yuan distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of Baiao Chemical's shareholders increased by 12.51% to 24,000, while the average number of circulating shares per person decreased by 11.12% to 29,483 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 4.0587 million shares, an increase of 1.6304 million shares from the previous period, while the Southern CSI 1000 ETF reduced its holdings by 45,500 shares [3].

Group 1 - The Shanghai Composite Index broke through the previous high of 4034.08 points, reaching a new 10-year high on January 6 [1] - The CSI Petrochemical Industry Index surged over 1.3% during the session, with leading stocks including Salt Lake Potash, Wanhua Chemical, and Xingfa Group [1] - The Petrochemical ETF (159731) attracted a total of 26.21 million yuan in the last five days, indicating significant low-level capital allocation [1] Group 2 - Huaxi Securities predicts that the spring market of 2026 has started early, supported by macro policies and liquidity, with corporate profits expected to enter a mild recovery phase [1] - Market risk appetite is improving, and there is a recommendation to focus on emerging growth and opportunities related to the "anti-involution" cycle [1] - The top three industries in the CSI Petrochemical Industry Index are refining and trading (27.33%), chemical products (22.04%), and agricultural chemical products (21.98%) [1]

Core Viewpoint - The A-share market showed mixed performance with the Shanghai Composite Index rising over 1% in early trading, indicating positive investor sentiment despite some sector declines [1]. Market Performance - The Shanghai Composite Index closed at 4069.38 points, up 1.14% - The Shenzhen Component Index closed at 13940.24 points, up 0.81% - The ChiNext Index closed at 3293.18 points, down 0.04% [1]. Sector Performance Top Performing Sectors - Insurance sector increased by 4.91% with a total trading volume of 292.22 million hands and a net inflow of 15.55 billion - Small metals sector rose by 4.67% with a trading volume of 954.96 million hands and a net inflow of 37.26 billion - Energy metals sector gained 3.72% with a trading volume of 384.15 million hands and a net inflow of 18.67 billion [2]. Underperforming Sectors - Communication equipment sector decreased by 0.68% with a trading volume of 1889.06 million hands and a net outflow of 77.51 billion - Components sector fell by 0.65% with a trading volume of 929.90 million hands and a net outflow of 31.50 billion - Beauty care sector declined by 0.25% with a trading volume of 157.47 million hands and a net outflow of 0.42 billion [2].

Group 1 - The core viewpoint of the news is that Luzhou Chemical has experienced fluctuations in its stock price and financial performance, with a recent increase in stock price but a significant decline in revenue and profit [1][2]. Group 2 - As of January 6, Luzhou Chemical's stock price rose by 2.15% to 4.27 CNY per share, with a total market capitalization of 6.695 billion CNY [1]. - The company has seen a year-to-date stock price increase of 2.89%, a 5-day increase of 1.18%, a 20-day decrease of 3.17%, and a 60-day decrease of 0.93% [2]. - Luzhou Chemical's main business includes the production and sale of urea, compound fertilizers, and various chemical products, with 99.46% of its revenue coming from self-produced products [2]. - As of September 30, the number of shareholders for Luzhou Chemical was 41,500, a decrease of 0.68% from the previous period, while the average circulating shares per person increased by 0.69% to 37,806 shares [2]. - For the period from January to September 2025, Luzhou Chemical reported operating revenue of 3.423 billion CNY, a year-on-year decrease of 16.78%, and a net profit attributable to shareholders of 1.8385 million CNY, a year-on-year decrease of 98.53% [2]. - The company has distributed a total of 1.43 billion CNY in dividends since its A-share listing, with no dividends paid in the last three years [3].

Group 1 - The core viewpoint of the news is that Yuntu Holdings has shown a positive stock performance with a 3.21% increase year-to-date and a significant rise in the last 60 days by 11.93% [1] - As of January 6, Yuntu Holdings' stock price reached 12.20 CNY per share, with a total market capitalization of 14.734 billion CNY [1] - The company reported a net outflow of 7.0011 million CNY in main funds, with large orders showing a buy of 20.4517 million CNY and a sell of 24.1252 million CNY [1] Group 2 - For the period from January to September 2025, Yuntu Holdings achieved an operating revenue of 15.870 billion CNY, reflecting a year-on-year growth of 1.10%, and a net profit attributable to shareholders of 0.675 billion CNY, up by 0.86% [2] - The company has distributed a total of 2.352 billion CNY in dividends since its A-share listing, with 0.845 billion CNY distributed in the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 7.05% to 46,200, while the average circulating shares per person increased by 7.58% to 19,093 shares [2][3]

证券之星消息，1月5日农化制品板块较上一交易日上涨3.01%，盐湖股份领涨。当日上证指数报收于 4023.42，上涨1.38%。深证成指报收于13828.63，上涨2.24%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 000792 | 盐湖股份 | 30.98 | 10.01% | 163.23万 | | 50.05 Z | | 001231 | 农心科技 | 27.43 | 9.98% | 9.95万 | | 2.71亿 | | 002545 | 东方铁塔 | 19.77 | 7.15% | 18.21万 | | 3.57亿 | | 002734 | 利民股份 | 16.91 | 6.09% | - 36.53万 | | 6.06亿 | | 002496 | *ST辉丰 | 1.93 | 4.89% | 42.64万 | 8216.51万 | | | 002942 | 新农股份 | 20.03 | 4.21% | 4.21万 | 8368.7 ...

分红方面，苏利股份A股上市后累计派现5.85亿元。近三年，累计派现1.08亿元。 资料显示，江苏苏利精细化工股份有限公司位于江苏省江阴市临港街道润华路7号-1，成立日期1994年 12月22日，上市日期2016年12月14日，公司主营业务涉及农药、阻燃剂及其他精细化工产品的研发、生 产和销售。主营业务收入构成为：农药及农药中间体59.86%，阻燃剂及中间体30.84%，其他精细化工 产品8.19%，其他(补充)1.11%。 苏利股份所属申万行业为：基础化工-农化制品-农药。所属概念板块包括：生物农药、小盘等。 截至9月30日，苏利股份股东户数1.21万，较上期减少16.74%；人均流通股15101股，较上期增加 20.11%。2025年1月-9月，苏利股份实现营业收入20.64亿元，同比增长25.39%；归母净利润1.39亿元， 同比增长1522.38%。 1月5日，苏利股份盘中上涨2.01%，截至09:53，报19.24元/股，成交2628.29万元，换手率0.75%，总市 值35.96亿元。 资金流向方面，主力资金净流入39.23万元，大单买入360.48万元，占比13.72%，卖出321.26万元，占比 ...

Core Viewpoint - The company, Chuanheng Co., Ltd. (002895), has reported a slight decline in stock price and is actively engaging in various financial activities, including guarantees for subsidiaries and foreign exchange hedging to manage risks and enhance financial stability [1][2][4]. Company Announcements Summary - Chuanheng Co., Ltd. signed a guarantee contract with Agricultural Bank of China for a subsidiary's loan of 100 million yuan, with a guarantee period of three years [1]. - The company plans to conduct daily related party transactions in 2026, including sales to Xinjiang Boshi and purchases from Weng'an County Tianyi Mining, with estimated transaction amounts of 190 million yuan and 65 million yuan respectively [2][4]. - The company intends to apply for a total financing amount of up to 3.5 billion yuan from banks in 2026 [2][3]. - The company will hold its first extraordinary shareholders' meeting for 2026 on January 19, 2026, to discuss various financial proposals [3]. Financial Management and Risk Mitigation - The company plans to engage in foreign exchange hedging activities with a limit of up to 2.5 billion yuan, primarily involving USD, to mitigate currency fluctuation risks [2][5]. - The company aims to use temporarily idle raised funds for cash management, with a total limit of 600 million yuan, investing in safe financial products [6]. - The board has approved the use of idle funds for cash management, ensuring that it does not affect ongoing project investments [6].

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].

多重正向逻辑产生共振，驱动化工行业基本面长期向好。 说一个在2025年闷声发大财，2026年仍具看点的板块！ 那就是化工，年内资金在疯狂流入，以被动ETF基金为例，2024年末全市场化工类ETF总规模仅为 25.1亿，2025年12月30日这一数值直接飙升至257亿，扩大十倍！ 化工行业在经历三年多的景气下行周期后，正迎来供需格局的实质性改善。在二级市场上也可以得到 一些印证，同花顺数据细分化工指数在2022年跌26.8%，2023年继续跌23.1%，2024年再下探3.8% 后，年内终于实现逆袭，上涨41.4%。 | 历年年度回报明细 指數名称 | 指数类型 | 2020 ÷ | 2021 ÷ | 2022 * | 2023 * | 2024 ÷ | YTD : | | --- | --- | --- | --- | --- | --- | --- | --- | | 细分化工 | 股票指数 | 51.68% | 15.72% | -26.89% | -23.17% | -3.83% | 41.40% | 作者 | Los 编辑 | 小白 （来源：Choice数据） 那是什么样的底层逻辑来推动化工行业持续上 ...