长江商报消息 ●长江商报记者 李璟 兴发集团子公司兴福电子（688545.SH）作为公司电子化学品的载体，已于2025年1月在上交所分拆上市。半年报 显示，目前兴福电子正在推进4万吨/年超高纯电子化学品项目、3万吨/年电子级双氧水扩建等项目，建成后将进 产业链优势带动产品质量稳步提升，磷化工巨头兴发集团（600141.SH）斩获中国"质量奥斯卡"提名。 9月16日，中国质量领域最高荣誉——第五届中国质量奖正式揭晓，兴发集团凭借"一基双驱三融合"质量管理模 式，与伊利、五粮液等78家企业共同荣获中国质量奖提名奖。 近日，兴发集团发布公告称，为完善磷化工上下游一体化产业链条，公司全资子公司保康楚烽拟以自有资金及银 行贷款8.55亿元，收购湖北尧治河化工股份有限公司（简称"尧化股份"）持有的桥沟矿业50%股权。本次交易完成 后，兴发集团将持有桥沟矿业100%股权，拥有的磷矿资源储量也将由3.95亿吨增至5.8亿吨。 同时，兴发集团半年报显示，2025年上半年，兴发集团实现营业收入146.20亿元，同比增长9.07%；归母净利润 7.27亿元，较第二季度环比增长超30%。其中，特种化学品增长势头强劲，实现收入26.1 ...

Core Viewpoint - The price of phosphate rock is expected to remain strong due to tight supply and robust demand driven by agricultural needs and the growth of the new energy sector [1] Supply Side Analysis - Domestic new capacity for phosphate rock is mostly in the construction phase, limiting short-term release of supply [1] - Factors such as long mining construction periods and stricter environmental policies contribute to the overall tight supply of phosphate rock [1] - High-grade phosphate resources are relatively scarce, providing strong support for phosphate rock prices [1] Demand Side Analysis - Phosphate rock is widely used in agricultural fields, particularly in phosphate and compound fertilizers, with demand remaining rigid due to food security strategies [1] - The rapid development of the new energy industry has increased the demand for phosphate rock for materials like iron phosphate and lithium iron phosphate, further supporting phosphate rock prices [1]

截至发稿，川发龙蟒市值为220亿元。 每经头条（nbdtoutiao）——海拔4306米现"秦始皇密令"，获官方"身份认定"！古文字学家刘钊：秦人 寻仙采药足迹确至青藏高原 （记者 王晓波） 每经AI快讯，川发龙蟒（SZ 002312，收盘价：11.62元）9月16日晚间发布公告称，公司限售股份约1.25 亿股将于2025年9月22日解禁并上市流通，占公司总股本比例为6.6%。 2025年1至6月份，川发龙蟒的营业收入构成为：磷化工占比80.81%，其他占比9.04%，贸易占比 8.44%，新能源材料占比1.71%。 ...

Summary of the Conference Call on Xingfa Group and the Phosphate Industry Industry Overview - The phosphate rock production capacity release is lower than expected, leading to a stable profit attribute in the market, with prices unlikely to return to pre-2019 levels [2][5] - In 2024, overseas farmers' planting income is expected to see a turning point, with global grain and phosphate fertilizer inventories at low levels, leading to an anticipated increase in phosphate fertilizer export prices in 2025 [2][5] - The phosphate chemical industry chain includes both thermal and wet methods, with the wet method seeing increased demand for water-soluble fertilizers and lithium iron battery materials [2][6] Key Points on Phosphate Industry Dynamics - Domestic phosphate fertilizer export policies significantly impact the market, with legal inspection policies affecting export volumes [4][16] - The head enterprises in the phosphate chemical industry are converting gold mine resources for self-use, which reduces external sales to ensure internal demand [9] - The overall phosphate rock supply pressure is expected to be less than anticipated due to the head enterprises' ability to control supply and stabilize prices [11] Company-Specific Insights Xingfa Group - Xingfa Group has two major cyclical segments: glyphosate and organic silicon, with a current glyphosate capacity of 230,000 tons and an operational capacity of around 200,000 tons [19] - The company is expected to see significant profit growth as glyphosate prices rise, with a potential profit increase of approximately 2 billion yuan for every 1,000 yuan price increase [19] - In the phosphate rock sector, Xingfa Group has a substantial production capacity of 5.85 million tons, with plans to increase its rights capacity to 10-11 million tons in the next five years [20] Other Key Companies - Yuntianhua is recognized for its stable profits and dividends, with significant phosphate and phosphate fertilizer production capacity [21] - Chuanheng Co. is noted for its rich phosphate resources and potential for producing high-purity products, with expected capacity growth to 8.5-9 million tons by 2027-2028 [23] Market Trends and Future Outlook - The phosphate fertilizer market is currently strong, with low inventory levels supporting price increases [15] - The demand for phosphate fertilizers accounts for about 75% of phosphate rock demand, directly influencing prices [13] - The glyphosate market is experiencing upward price elasticity, with expectations for prices to potentially exceed 30,000 yuan [18] Regulatory and Environmental Considerations - Environmental policies are influencing the development direction of the industry, with regulations requiring specific treatment rates for phosphogypsum by 2026 [9] - The domestic phosphate rock import impact is limited, as international suppliers prefer to collaborate with domestic companies for deep processing rather than direct sales [12] Conclusion - The phosphate industry is characterized by a complex interplay of supply constraints, regulatory impacts, and evolving market dynamics, with key players like Xingfa Group positioned to leverage their strengths in this environment for future growth and profitability [19][20]

青山常在、绿水长流、空气常新，眼下的荆楚大地，正以"绿水青山就是金山银山"的生动实践，奏响新时代"?美 丽湖北"?的华彩乐章。 日前，湖北省政府办召开"决胜收官'十四五' 谋篇布局'十五五'"系列新闻发布会第十场：生态环境篇，介绍"十四 五"期间湖北省生态环境保护的相关情况，并回答记者提问。 "十四五"以来，湖北锚定"加快建成中部地区崛起的重要战略支点"，加快实施美丽湖北战略，持续推进长江大保 护，深入打好污染防治攻坚战。牢记殷殷嘱托，始终坚持生态优先、绿色发展。五年来，现代环境治理体系不断 健全，治理能力现代化水平不断提升；五年来，全省上下共同努力，生态环境质量持续改善，天蓝地绿、山清水 秀；五年来，"两山"理念深入人心，绿色低碳行稳致远，荆楚大地村美人和，生态承载力不断提升。 作为全国碳市场重要基地基础设施，全国碳市场注册登记结算机构"中碳登"落户湖北，建成运营全球覆盖碳配额 规模最大的碳市场。湖北区域碳市场累计成交量4.18亿吨，成交额突破100亿元，达到103.31亿元，交易规模居全 国第一。 展望"十五五"，湖北将扛旗争先，加快建设人与自然和谐共生的美丽湖北，更好满足人民群众对优美生活生态环 境的新 ...

Core Viewpoint - The company Chuanfa Longmang has disclosed its cautious stance on solid-state batteries while acknowledging that lithium iron phosphate (LFP) can be used in their production [1][2][3] Group 1: Company Position on Solid-State Batteries - Chuanfa Longmang has repeatedly denied involvement in solid-state battery business, stating that their main products include industrial-grade monoammonium phosphate, fertilizer series products, feed-grade calcium hydrogen phosphate, lithium iron phosphate, and phosphoric acid [2][3] - The company has shown a cautious attitude towards solid-state batteries, not mentioning them in their annual reports for the previous year and the current half-year report [2][3] - In the 2024 semi-annual performance briefing, the company indicated that it is closely monitoring the development trends of solid-state battery cathode materials and actively conducting research on suitable cathode materials for solid-state batteries [2] Group 2: Research and Development Insights - Research indicates that LFP is currently the best commercial cathode material, while sulfide solid electrolytes exhibit excellent lithium-ion conductivity, making the combination of LFP and sulfide solid electrolytes a promising technological pathway [5] - A study from the Chinese Academy of Sciences highlighted the development of new systems by combining LFP with sulfide solid electrolytes, addressing interface stability issues [6] - A patent from Tsinghua University Shenzhen International Graduate School revealed a method for preparing LFP cathodes that significantly enhances room temperature cycling performance, indicating potential for large-scale production [6]

证券日报网讯司尔特（002538）9月12日发布公告，在公司回答调研者提问时表示，贵州磷化和公司存 在磷矿石采购业务合作。 ...

Core Viewpoint - The company, Songzi Stanley, is committed to ecological priority and green development, investing 6 billion yuan to create a global leading green development demonstration base for the phosphate chemical industry, focusing on resource efficiency and environmental friendliness through technological innovation, circular economy, and intelligent manufacturing [1]. Group 1: Innovation and Low-Carbon Development - Songzi Stanley emphasizes technological innovation as the core engine for green transformation, establishing a new energy system centered on clean steam, which has led to a reduction in carbon emissions intensity across processes [2]. - The company invested 6 million yuan in a project to retrofit steam heat exchangers in multi-element physiological fertilizers, significantly reducing overall energy consumption and responding positively to coal's clean and efficient utilization and dual carbon goals [2]. - An investment of over 40 million yuan was made to implement a low-temperature high-catalytic activity flue gas desulfurization system in sulfuric acid production, achieving ultra-low emissions and significantly improving production efficiency while ensuring compliance with environmental standards [2]. Group 2: Circular Economy and Resource Efficiency - Songzi Stanley introduced the concept of "phosphorus resource lifecycle management," creating a complete circular economy industrial chain from phosphate rock to building materials [3]. - The company invested 8 million yuan in a modern wastewater treatment plant using advanced membrane technology, capable of processing 200 m³/h, which ensures 100% resource utilization of phosphogypsum leachate and high-phosphorus wastewater [3]. - The wastewater treatment facility operates with low costs and high automation, effectively recovering phosphorus, fluorine, and water resources, embodying the principle of "limited resources, infinite circulation" [3][4]. Group 3: Strategic Collaboration and High-Quality Development - Songzi Stanley integrates its development into national strategic layouts, actively promoting the use of new energy vehicles, achieving an 80% usage rate of electric-powered transport vehicles in logistics [5]. - The use of new energy trucks can reduce carbon dioxide emissions by approximately 20 tons annually per vehicle, while also saving significant fuel costs, demonstrating a dual benefit of pollution reduction and economic efficiency [5]. - The company aims to deepen its transformation across five dimensions, including transitioning from traditional manufacturing to intelligent manufacturing and from resource consumption to circular utilization, contributing to the construction of a beautiful China [5].

Core Viewpoint - The report from Guohai Securities indicates that Yuntianhua's net profit attributable to shareholders for the first half of 2025 is 2.761 billion yuan, a year-on-year decrease of 2.81% [1]. Financial Performance - In Q2 2025, the company achieved a net profit of 1.472 billion yuan, reflecting a year-on-year increase of 6.52% and a quarter-on-quarter increase of 14.15% [1]. - The company produced 5.84 million tons of finished ore in the first half of 2025, maintaining a leading position in phosphate rock reserves and annual mining capacity in the country [1]. Market Conditions - Phosphate rock prices remained high in Q2, contributing to profit growth from phosphate fertilizer exports, with expectations for strong performance in Q3 [1]. - The price of monoammonium phosphate (MAP) has been continuously rising since Q3, with the average FOB price in the Baltic Sea reaching 729 USD/ton as of September 8, 2025, marking a year-on-year increase of 22% and a quarter-on-quarter increase of 8% [1]. Resource Advantage - The company possesses abundant phosphate rock and coal resources, with current phosphate rock reserves nearing 800 million tons and an annual mining scale of 14.5 million tons, allowing for complete self-sufficiency [1]. Shareholder Returns - The company maintains a high level of dividends and emphasizes shareholder returns, reinforcing its position as a leading enterprise in the phosphate chemical industry [1].

Investment Rating - The report maintains a "Positive" investment rating for the chemical industry [9] Core Insights - The chemical industry experienced a slight revenue increase of 1.9% year-on-year in H1 2025, with total revenue reaching 12,630.5 billion yuan, while net profit decreased by 1.0% to 746.7 billion yuan. The gross margin remained stable at 16.8% [2][5][17] - The outlook for the chemical sector is optimistic, with expectations of demand recovery driven by anticipated interest rate cuts by the Federal Reserve and domestic policies aimed at reducing competition. This could lead to a positive supply-demand dynamic [2][18] - Key sub-sectors such as fluorochemicals, pesticides, additives, potassium fertilizers, and compound fertilizers showed significant year-on-year profit growth in H1 2025 [5][6] Summary by Sections Overall Performance - In H1 2025, the chemical industry saw a slight revenue increase to 12,630.5 billion yuan, with a year-on-year growth of 1.9%. Net profit was 746.7 billion yuan, down 1.0% from the previous year. The gross margin was stable at 16.8% [5][17] - The industry is experiencing a low-level oscillation in its economic performance, with capital expenditures declining and many chemical products nearing the end of their expansion cycles [5][17] Key Sub-sectors Analysis - **Fluorochemicals**: Achieved a net profit of 34.5 billion yuan in H1 2025, a 133.8% increase year-on-year, driven by a new pricing model for refrigerants [6][35] - **Phosphorus Chemicals**: Generated a net profit of 42.9 billion yuan, down 2.2% year-on-year, but with stable pricing for phosphate rock [6][46] - **Potassium Fertilizers**: Reported a net profit of 56.6 billion yuan, up 39.7% year-on-year, with strong demand and rising prices [6][52] - **Pesticides**: Achieved a net profit of 51.9 billion yuan, a 90.3% increase year-on-year, indicating signs of recovery in the market [6][35] - **Soda Ash**: Experienced a significant decline in net profit, down 72.5% year-on-year, but potential recovery is anticipated due to policy changes [6][38] Investment Recommendations - The report suggests actively investing in the chemical sector, particularly in cyclical and growth-oriented companies such as Wanhua Chemical, Hualu Hengsheng, and Longbai Group, as well as in sectors benefiting from new production capabilities and stable growth [7][38]