Group 1: Potash Market - Global potash supply and demand are tightly balanced, with international potash prices on the rise. China, being the largest potash consumer, has an import dependency exceeding 60%. In 2024, China's potassium chloride production is expected to be 5.5 million tons, a decrease of 2.7% year-on-year, while imports are projected to reach 12.633 million tons, an increase of 9.1%, marking a historical high [2] - As of December 2025, domestic potassium chloride port inventory is 2.4294 million tons, a decrease of 615,300 tons year-on-year, with a decline rate of 0.21%. Due to increasing emphasis on food production safety, it is anticipated that domestic potash safety stock will rise to over 4 million tons [2] - The average market price of potassium chloride in December was 3,282 yuan/ton, reflecting a month-on-month increase of 0.83% and a year-on-year increase of 30.45% [2] Group 2: Phosphate Market - The long-term price center for phosphate rock is expected to remain high due to declining extractable grades and increasing extraction costs in China, alongside growing demand from new sectors such as lithium iron phosphate. The market price for 30% grade phosphate rock has remained in the high price range of 900 yuan/ton for over three years [3] - As of December 31, 2025, the market price for 30% grade phosphate rock in Hubei is 1,040 yuan/ton, while in Yunnan it is 970 yuan/ton, both remaining stable compared to the previous month [3] Group 3: Lithium Iron Phosphate - China's lithium iron phosphate production capacity is currently 5.945 million tons per year, with a projected output of 3.82 million tons in 2025, representing a year-on-year increase of 48.59%. As of January 7, 2026, the market price for lithium iron phosphate is approximately 50,300 yuan/ton, up 57.19% from the lowest price of 32,000 yuan/ton in June 2025 [4] - The demand for lithium iron phosphate is driven by the growing energy storage and power battery sectors, leading to a significant increase in the demand for phosphorus-containing new energy materials [4] Group 4: Glyphosate Market - Glyphosate prices experienced fluctuations in 2025, rising from 23,200 yuan/ton in April to 27,700 yuan/ton in October, before declining to 23,800 yuan/ton by the end of the year. The price changes were primarily influenced by demand variations, particularly from South America [6] - The export of glyphosate from China to North America saw a significant increase of 62.89% year-on-year in the fourth quarter of 2024, but the high inventory levels in North America led to a decrease in demand towards the end of 2025 [6] Group 5: Investment Recommendations - For potash, the company recommends focusing on the resource scarcity attribute, particularly highlighting "Yara International," with expected potassium chloride production of 2.8 million tons in 2025 and 4 million tons in 2026 [7] - In the phosphate sector, the company suggests investing in leading firms with rich phosphate reserves such as "Yuntianhua" and "Xingfa Group," while also monitoring companies like "Hubei Yihua" and "Yuntu Holdings" that are improving phosphate self-sufficiency [7] - In the pesticide sector, recommended companies include "Yangnong Chemical" and "Lier Chemical," with a focus on firms like "Xingfa Group" and "Limin Co." that are expanding their product lines and market presence [7]

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [5][9]. Core Views - The potassium fertilizer supply and demand are tightly balanced, with international prices rising. China, being the largest consumer, has a high import dependency exceeding 60%. The domestic production of potassium chloride is expected to decrease by 2.7% in 2024, while imports are projected to reach a historical high of 12.633 million tons, a year-on-year increase of 9.1% [1][24]. - The long-term price of phosphate rock is expected to remain high due to declining grades and increasing extraction costs, coupled with growing demand from new applications like lithium iron phosphate [2][50]. - The price of glyphosate has shown volatility, with a significant increase during the South American planting season, followed by a decline due to high North American inventories [4][49]. Summary by Sections Potassium Fertilizer - The global potassium fertilizer market is characterized by a supply-demand imbalance, with prices expected to recover due to resource scarcity and geopolitical factors affecting supply chains [1][44]. - Domestic potassium chloride prices have shown an upward trend, with the average price at 3,282 RMB/ton by the end of December, reflecting a year-on-year increase of 30.45% [1][40]. Phosphate Chemicals - The phosphate rock market is experiencing tight supply conditions, with prices for 30% grade phosphate rock remaining high at around 1,040 RMB/ton in Hubei and 970 RMB/ton in Yunnan [2][50]. - The production capacity of lithium iron phosphate is projected to grow significantly, with a year-on-year increase of 48.59% expected in 2025 [2][51]. Pesticides - The glyphosate market is expected to see price improvements in 2026, following a period of price fluctuations influenced by seasonal demand and inventory levels [4][49]. - The report highlights several key companies in the pesticide sector, including Yangnong Chemical and Lier Chemical, which are positioned to benefit from rising prices and demand [8][49]. Investment Recommendations - Key recommendations include focusing on companies with strong potassium and phosphate resources, such as Yara International and Yun Tianhua, which are expected to benefit from the ongoing demand and supply dynamics in the agricultural chemical sector [7][9].

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [5][9]. Core Views - The potassium fertilizer supply and demand are tightly balanced, with international prices rising. China, being the largest consumer, has a high import dependency exceeding 60%. The domestic production of potassium chloride is expected to decrease by 2.7% in 2024, while imports are projected to reach a historical high of 12.633 million tons, a year-on-year increase of 9.1% [1][24]. - The long-term price center for phosphate rock is expected to remain high due to declining grades and increasing extraction costs, alongside growing demand from new applications like lithium iron phosphate. The domestic supply-demand situation for phosphate rock is tightening, with prices for 30% grade phosphate rock remaining elevated [2][50]. - The price of glyphosate has shown volatility, with a peak during the South American planting season and a subsequent decline due to high North American inventories. The report anticipates a recovery in glyphosate prices in 2026 [4][49]. Summary by Sections Potassium Fertilizer - The global potassium fertilizer market is characterized by a supply-demand imbalance, with prices expected to recover due to resource scarcity and geopolitical factors affecting supply chains [1][44]. - Domestic potassium chloride prices are projected to stabilize around 3,100-3,200 CNY/ton, with expectations of maintaining high inventory levels for food security [24][40]. Phosphate Chemicals - The phosphate rock market is experiencing a tightening supply-demand balance, with prices for 30% grade phosphate rock remaining above 900 CNY/ton for over three years. The report highlights the increasing demand from lithium battery applications [2][50]. - Phosphate chemical prices have shown upward trends for products like lithium iron phosphate, while glyphosate prices have decreased significantly [49][51]. Pesticides - The report suggests a potential recovery in the pesticide sector, particularly for glyphosate and its derivatives, as the industry undergoes restructuring to improve profitability [4][8]. - Companies such as Yangnong Chemical and Lier Chemical are highlighted as key players in the pesticide market, with recommendations for investment [7][8].

Summary of Xingfa Group's Conference Call Company Overview - **Company**: Xingfa Group - **Industry**: Phosphate and Specialty Chemicals Key Points Phosphate Mining and Production - Xingfa Group plans to enhance phosphate rock production capacity to 10 million tons through acquiring mining rights from Qiaogou Mining and purchasing the remaining 30% stake in Bai Shui He Phosphate Mine, ensuring future phosphate resource supply [2][3] - Qiaogou Mining is expected to start construction in Q2 2026, with a mining rights certificate for 2.8 million tons anticipated by March 2026 [3] Specialty Chemicals Segment - The specialty chemicals segment focuses on phosphates, with high-value products like "Xinf A" and ethyl mercaptan contributing to profit growth [2] - In 2026, the specialty segment is expected to launch new products including BCD series phosphate additives and battery-grade pentasulfide, further enhancing profitability [2][3] New Energy Sector - The new energy segment is projected to achieve a profit of 200 million yuan in 2026, adding 150,000 tons of iron phosphate capacity [2] - Collaboration with BYD for contract manufacturing and controlling Linfu Lithium to supply battery-grade lithium dihydrogen phosphate to CATL [2][3] Organic Silicon Industry - The organic silicon industry is experiencing price recovery due to coordinated production cuts, with prices expected to rise to 15,000-16,000 yuan/ton post-Chinese New Year [2][5] - A price fluctuation of 1,000 yuan/ton impacts the company's profit by 200-300 million yuan [2][5] Collaboration with CATL - Deepening cooperation with CATL in lithium dihydrogen phosphate, with a monthly supply of no less than 6,000 tons and plans to expand capacity to 150,000 tons post-Chinese New Year [2][8] Black Phosphorus Research - Significant breakthroughs in black phosphorus research for applications in aerospace materials and catalysts, with ongoing collaborations with companies like Huawei [4][12] Agricultural Chemicals - The glyphosate sector faces uncertainty, with current prices around 23,000-24,000 yuan, while the company aims to secure export quotas [5][13] Price Control and Market Dynamics - The company is actively engaging with other firms for price control measures to enhance profitability, especially in the glyphosate market [14][22] Future Market Outlook - The demand for lithium iron phosphate is expected to increase by 100,000-150,000 tons in 2026, with ongoing partnerships with BYD and CATL to meet this demand [15][18] - The phosphate rock resource reserves are projected to double in the next 3-5 years, ensuring ample development potential [19] Fertilizer Sector Challenges - The fertilizer sector is impacted by reduced export quotas and rising sulfur prices, which could lead to increased domestic fertilizer prices [20][22] New Product Developments - Introduction of new high-value products in specialty chemicals, including sodium hypophosphite and sodium ethyl mercaptan, with significant profit margins [23][24] Downstream Demand - Strong downstream demand for specialty chemicals, particularly from mining sectors, is driving price increases for key products [25] Mining Rights and Capacity Expansion - The company has made progress in obtaining mining rights, with total equity capacity reaching 640,000 tons [26] Overall Performance Outlook - The company maintains a positive outlook for 2026, with expected growth across various segments, particularly in black phosphorus, specialty chemicals, new energy, and organic silicon [5][28]

本报记者 李如是 1月7日晚间，昆明川金诺化工股份有限公司（以下简称"川金诺"）发布2025年度业绩预告，公司预计 2025年实现营收38亿元至42亿元，同比增长18.47%至30.94%；归属于上市公司股东的净利润4.3亿元至 4.8亿元，同比增长144.24%至172.64%。 川金诺相关负责人对《证券日报》记者表示："2025年上半年受硫磺、硫酸等主要原料价格上涨影响， 成本压力向中下游传导，推动下游产品价格有所上调。" 此外，鉴于磷矿资源的稀缺性，川金诺也在积极挖掘海外磷矿资源。2025年11月27日，川金诺与埃及土 地供应商签署了项目土地《用益权转让协议》。公司计划在埃及建设年产80万吨硫磺制酸、30万吨工业 湿法粗磷酸、15万吨52%磷酸、30万吨磷酸一铵、2万吨氟硅酸钠项目。项目总投资19.34亿元，建设周 期为三年。 上述川金诺负责人表示："此次合作达成的背后，是埃及的磷矿资源禀赋与川金诺的技术实力形成精准 互补。在资源方面，埃及已探明磷矿储量约30亿吨，位居全球第三，仅次于摩洛哥和中国，资源禀赋极 为优越。该项目已成为公司目前的发展重心及资源优先配置核心。" 隆众资讯磷化工分析师李霞对《证券 ...

Core Viewpoint - The Guizhou Provincial Economic Work Conference has outlined a strategic deployment for the province's economic work in 2026, emphasizing the implementation of a "Comparative Advantage Strategy" to support high-quality development and align with national development goals [1][2]. Group 1: Strategic Importance - The "Comparative Advantage Strategy" is crucial for Guizhou to find its strategic position in the national development landscape and to pursue a unique path of high-quality development distinct from other provinces [1][2]. - Guizhou's rich mineral resources, including coal, phosphorus, aluminum, and manganese, play a significant role in supporting national strategic security, particularly in terms of industrial and energy supply chains [2][3]. Group 2: Economic Development Goals - Guizhou aims to achieve a regional GDP of over 2.27 trillion yuan by 2024, with industrial contributions to economic growth increasing from 17.1% in 2020 to 36.7% in 2024 [2]. - The province's six major industrial clusters are expected to account for 82.1% of the total industrial output value, indicating a strong focus on industrial transformation and high-quality growth [2]. Group 3: Resource Development Focus - The strategy emphasizes the development of ecological, mineral, cultural tourism, digital intelligence, and human resources to convert resource advantages into industrial and competitive advantages [3][4][5]. - Guizhou's ecological resources are highlighted as foundational for development, with air quality and water quality metrics indicating a strong environmental performance [3]. Group 4: Integration and Innovation - The integration of various comparative advantages is essential, with a focus on collaborative development among ecological, mineral, cultural, digital, and human resources [6]. - The province aims to break through institutional barriers to maximize the potential of its advantages through reforms and innovations in key sectors [6][7]. Group 5: National Strategy Alignment - Guizhou is positioned to integrate into national strategic frameworks, such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Chengdu-Chongqing Economic Circle, enhancing its manufacturing and export capabilities [7][8]. - The province's export of electric vehicles, lithium batteries, and solar cells is projected to grow by 85.8% in 2024, reflecting its strong integration into global supply chains [7]. Group 6: Implementation and Action - The focus is on translating strategic plans into actionable projects that drive industrial growth and enhance competitiveness, with an emphasis on both attracting external investments and supporting local enterprises [8]. - The "14th Five-Year Plan" period is seen as a critical phase for Guizhou to achieve substantial breakthroughs in industrial collaboration, innovation, and open cooperation [8].

转自：贵州日报 纵向比，进步巨大；横向比，差距明显。 2025年，经济大省广东、江苏的经营主体分别超过2000万户和1452万户，周边的四川、湖南、广西也分 别突破941万户、777万户和462万户。 细细拆解，每一条都立足贵州实际，具有极强的指向性，既明确了方向，又解决了桥和船的问题。 民营企业是贵州现代化建设的生力军。目前，全省民营经营主体占全部经营主体的96%，贡献了近30% 的税收、85%以上的新增城镇就业、70%以上的创新成果。可以看出，民营的经营主体数量多、就业和 创新贡献大，但整体实力偏弱，迫切需要培育壮大。 当前，民营经济预期偏弱、困难多，各地各部门都要齐心协力创造更多公平竞争机会，拓展民营企业发 展空间，完善机制及时解决困难问题，加大力度扶持个体工商户和中小微企业发展。 差距就是潜力，"新年第一会"旗帜鲜明地指出： 经营主体生机勃勃，贵州发展就会兴旺发达。大抓产业、大抓项目、大抓招商，必须大抓经营主体；夯 实实体经济的根基，必须大抓经营主体；巩固经济稳中向好的势头、稳就业保民生，必须大抓经营主 体。 民谚讲"牵牛要牵牛鼻子"，这启示我们，干工作要抓根本、抓重点、抓关键。大抓经营主体，就是抓住 ...

转自：贵州日报 本报讯（记者 陈毓钊）1月5日至6日，省委副书记、省长李炳军到黔南州瓮安县、福泉市、龙里县调 研。他强调，要深入贯彻习近平总书记在贵州考察时的重要讲话精神，全面落实中央和省委经济工作会 议部署，全力大抓产业、大抓项目、大抓招商、大抓经营主体，奋力实现"十五五"良好开局。副省长罗 强参加。 李炳军来到贵州天美锂能新材料有限公司、贵州芭田生态工程有限公司，深入了解企业生产经营和困难 问题，希望加强与行业龙头企业合作，促进协同配套、融通发展。在贵州磷化集团穿岩洞磷矿，李炳军 要求优化矿产资源配置方式，精准满足企业发展需求，提高资源利用效益。在贵州川恒化工股份有限公 司、福泉鼎盛新材料有限责任公司，李炳军强调，要引导行业企业加强协作，构建良好产业生态。在贵 州珂立复合材料科技有限公司，李炳军勉励企业加快技术研发创新，提升竞争力。在龙里县云从朵花温 泉度假中心，李炳军要求做好旅居康养文章，吸引更多省内外游客入住。在贵州高金食品有限公司，李 炳军要求支持企业发展壮大，促进屠宰加工产业规范化、规模化发展，提升畜禽产品质量安全保障水 平。 在瓮安县，李炳军与贵州磷化集团、南通江山等企业负责人座谈，听取江山—瓮 ...

日前，国务院印发《固体废物综合治理行动计划》(以下简称《行动计划》)。 《行动计划》要求，各地区各有关部门在党中央集中统一领导下，结合实际抓好贯彻落实。地方各级政 府切实履行主体责任，完善工作制度，细化目标任务，确保落地见效。各有关部门按照职责分工，落实 重点任务，形成工作合力。坚持"谁污染、谁治理"，压实固体废物污染主体的防治责任。 固体废物综合治理行动计划 为加强固体废物综合治理，推进美丽中国建设，加快经济社会发展全面绿色转型，制定本行动计划。 《行动计划》提出，到2030年，重点领域固体废物专项整治取得明显成效，固体废物历史堆存量得到有 效管控，非法倾倒处置高发态势得到遏制，大宗固体废弃物年综合利用量达到45亿吨，主要再生资源年 循环利用量达到5.1亿吨，固体废物综合治理能力和水平显著提升。 在工业领域，《行动计划》要求，加强工业固体废物源头减量。严格落实产业、环保、节能等政策，依 法依规淘汰落后产能。强化工业园区固体废物源头管控。大力推行绿色设计，支持企业改进生产工艺和 装备，强化工业生产精细化管控，降低固体废物产生强度。推动重点行业固体废物产生量与综合消纳量 逐步实现动态平衡。 《行动计划》还要求， ...

| 600096 | 云天化 | 5.65 | 4.23 | 6879.05 | 2.54 | | --- | --- | --- | --- | --- | --- | | 000422 | 湖北宜 | 3.85 | 5.83 | 4722.63 | 5.13 | | | 化 | | | | | | 002145 | 钛能化 | 4.88 | 2.77 | 4322.91 | 8.22 | | | 学 | | | | | | 603906 | 龙蟠科 | 2.70 | 7.54 | 3482.90 | 3.93 | | | 技 | | | | | | 300505 | 川金诺 | 4.23 | 11.64 | 3298.14 | 5.51 | | 002237 | 恒邦股 | 2.61 | 4.59 | 3040.19 | 3.95 | | | 份 | | | | | | 603993 | 洛阳钼 业 | 6.07 | 1.56 | 2625.44 | 0.45 | | | 鲁西化 | | | | | | 000830 | 工 | 7.63 | 2.18 | 2244.90 | 3.12 | | 60038 ...