Core Insights - The recent surge in chemical and industrial product prices, particularly sulfur, is driven by supply constraints and increased demand from the renewable energy sector [1][2] - The price of liquid sulfur in China rose from 2860 CNY/ton to 3692 CNY/ton, marking a 29.09% increase, while solid sulfur prices increased by 29.66% during the same period [1][2] - The sulfur price increase is expected to continue in the short term, supported by seasonal agricultural demand and a new procurement cycle starting in January 2026 [8] Supply Dynamics - Global sulfur supply is primarily derived from oil and gas processing by-products, which have been affected by reduced traditional energy consumption and OPEC+ production cuts [2] - Russia's recent sulfur export ban has further tightened supply, impacting imports to China [2] - Domestic sulfur production capacity is projected to grow, reaching approximately 18.11 million tons by 2024, with a year-on-year increase of 5.7% [8] Demand Trends - The renewable energy sector, particularly lithium iron phosphate battery production, is a significant driver of sulfur demand, as sulfuric acid production relies heavily on sulfur [2] - Phosphate fertilizers account for the largest share of sulfur demand, projected to represent 52.75% in 2024 [2] Price Impact on Related Products - The rise in sulfur prices has led to an increase in sulfuric acid prices, which rose from 710 CNY/ton to a range of 1050-1110 CNY/ton, reflecting a 4.00% to 4.72% increase [3] - Industries such as titanium dioxide may face cost pressures due to rising sulfur prices, potentially impacting profit margins [5] Industry Outlook - Companies like Rongsheng Petrochemical and China Petroleum are key players in the domestic sulfur supply market, with significant production capacities [8] - The ongoing price increases are expected to positively impact the sulfur business of these companies, prompting them to optimize resource allocation in response to market dynamics [8]

化工板块今日（11月24日）继续回调。反映化工板块整体走势的化工ETF（516020）全天低位震荡，盘 中场内价格一度跌超2%，截至收盘，跌0.9%。 成份股方面，锂电、磷化工、氟化工等板块部分个股跌幅居前。截至收盘，恩捷股份大跌5.83%，宏达 股份跌4.34%，川发龙蟒、天赐材料、多氟多等多股跌超3%，拖累板块走势。 | | | 分时 多日 1分 5分 15分 30分 ▼ | | | | | | F9 盘前盘后 盘加 九转 图纹 工具 密 CO | | 4. TETF O | | 516020 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.79 | | | | | 516020(4)工ETF] 15:00 价 0.766 股东 -0.008(-1.03%) 均价 0.765 服交量 0 10. | | | | | 0.76 | | -0.007 -0.90% | | | | | | | | | | | | SSE CNY 15:00:13 RIGH | | B/ 8 + | | 0 ...

证券日报网讯湖南裕能11月24日发布公告，在公司回答调研者提问时表示，向上游布局磷矿资源是公司 完善一体化布局的重要环节，公司自取得磷矿采矿许可证以来，有序推进矿山建设，目前整体进展较为 顺利，黄家坡磷矿在四季度陆续出矿。 （文章来源：证券日报） ...

Core Viewpoint - Despite significant revenue growth driven by high phosphate rock prices, the company faces serious challenges in its green development path due to environmental violations by its subsidiaries [1][4]. Group 1: Environmental Violations - The company's subsidiary, Guizhou Batian New Energy Materials Co., Ltd., was fined 390,000 yuan for operating its 50,000 tons/year phosphoric acid project without completing necessary environmental protection facilities [2]. - The total manager of the subsidiary was also fined 78,000 yuan, resulting in a "double penalty" for the same incident [2]. - This marks the second administrative penalty for the company this year, with previous fines related to significant safety hazards at its phosphate mining project [1][3]. Group 2: Financial Performance - The company anticipates a net profit attributable to shareholders between 450 million yuan and 520 million yuan for the first half of 2025, representing a substantial year-on-year increase of 199.60% to 246.20% [3]. - For the first three quarters of 2025, the company reported revenue of 3.809 billion yuan, a year-on-year increase of 56.50%, and a net profit of 687 million yuan, up 236.13% [3]. - In Q3 2025, the company achieved revenue of 1.266 billion yuan, a year-on-year increase of 43.45%, but a quarter-on-quarter decline of 11.59% [3]. Group 3: ESG Considerations - The company's environmental compliance issues come at a time when investors are increasingly focused on sustainable development and ESG (Environmental, Social, and Governance) principles [4]. - The approaching deadline for rectifying the environmental issues at the phosphoric acid project raises questions about the company's ability to balance growth and environmental responsibility [4].

Market Overview - The phosphate chemical sector declined by 0.88%, ranking among the top losers in the concept sector, with notable declines in companies such as Qing Shui Yuan, Ju Shi Chemical, and Chuan Neng Power [1] - In contrast, 21 stocks within the sector experienced price increases, with Wei Ling Co., Tian Ji Co., and Ya Ke Technology leading the gains at 10.03%, 4.18%, and 3.00% respectively [1] Capital Flow - The phosphate chemical sector saw a net outflow of 860 million yuan from major funds, with 33 stocks experiencing net outflows, and 8 stocks seeing outflows exceeding 50 million yuan [1] - The largest net outflow was from Huayou Cobalt, which recorded a net outflow of 361 million yuan, followed by Chuan Fa Long Mang, Hubei Yihua, and Chengxing Co. with net outflows of 144 million yuan, 109 million yuan, and 91.7 million yuan respectively [1] Top Gainers and Losers - The top gainers in the phosphate chemical sector included Wei Ling Co. with a 10.03% increase, while the largest declines were seen in Qing Shui Yuan, which dropped by 18.42% [1][2] - Other notable declines included Chuan Neng Power at -7.11% and Chengxing Co. at -6.22% [1][2] Fund Inflows - The stocks with the highest net inflows included Yun Tian Hua, China Chemical, and Wei Ling Co., with net inflows of 85.76 million yuan, 70.21 million yuan, and 62.52 million yuan respectively [3]

证券研究报告 | 策略报告 2025 年 11 月 24 日 12 月行业配置关注：产能出清与景气改善的线索 ——行业比较与配置系列（2025 年 12 月） 过去一个月市场在美联储降息预期降温、AI 泡沫担忧、涨价行情持续演绎等多重 因素影响下震荡下行，周期板块及防御行业表现较好，TMT、机械等行业跌幅居 前。展望 12 月份，行业配置重点关注"库存低位企稳+产能结构优化+景气持续 改善"的领域。结合中观景气、盈利能力、筹码分布、估值、交易、周期阶段和 赛道价值等多个维度，本期推荐关注非银、电力设备（电池、逆变器、风电设备）、 国防军工、煤炭、基础化工、钢铁等。 【本期关注】产能出清与景气改善的线索 风险提示：产业扶持度不及预期，宏观经济波动。 定期报告 相关报告 《11 月行业配置关注：三季报 业绩与"十五五"规划指引》 《10 月行业配置关注：高景气 持续与困境反转的线索》 《9 月行业配置关注：美联储降 息与 PPI 止跌的交易线索》 《8 月行业配置关注：反内卷与 中报业绩改善的线索》 《7 月行业配置关注：哪些领域 中报业绩有望高增或边际改善》 《A 股盈利有望止跌回升，配置 聚焦三条线索——A ...

11月24日，宏达股份跌5.43%，截至发稿，报10.45元/股，成交5.23亿元，换手率2.39%，总市值276.05 亿元。 资料显示，四川宏达股份有限公司位于四川省成都市高新区交子大道499号中海国际中心H座14楼，成 立日期1994年6月30日，上市日期2001年12月20日，公司主营业务涉及矿山开采、有色金属冶炼、磷化 工产品的生产和销售。主营业务收入构成为：锌金属及副产品45.55%，磷铵盐系列产品33.44%，复肥 产品11.82%，合成氨5.16%，其他(补充)3.27%，其他产品及服务0.76%。 从基金十大重仓股角度 数据显示，创金合信基金旗下1只基金重仓宏达股份。创金合信中证1000增强A（003646）三季度持有 股数10.83万股，占基金净值比例为1.28%，位居第二大重仓股。根据测算，今日浮亏损失约6.5万元。 创金合信中证1000增强A（003646）成立日期2016年12月22日，最新规模3955.41万。今年以来收益 25.84%，同类排名1429/4208；近一年收益23.31%，同类排名1304/3981；成立以来收益94.06%。 创金合信中证1000增强A（00364 ...

11月24日，宏达股份跌5.43%，截至发稿，报10.45元/股，成交5.21亿元，换手率2.38%，总市值276.05 亿元。 资料显示，四川宏达股份有限公司位于四川省成都市高新区交子大道499号中海国际中心H座14楼，成 立日期1994年6月30日，上市日期2001年12月20日，公司主营业务涉及矿山开采、有色金属冶炼、磷化 工产品的生产和销售。主营业务收入构成为：锌金属及副产品45.55%，磷铵盐系列产品33.44%，复肥 产品11.82%，合成氨5.16%，其他(补充)3.27%，其他产品及服务0.76%。 从宏达股份十大流通股东角度 截至发稿，闫冬累计任职时间6年253天，现任基金资产总规模221.18亿元，任职期间最佳基金回报 456.3%， 任职期间最差基金回报-40.23%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，鹏华基金旗下1只基金位居宏达股份十大流通股东。鹏华中证细分化工产业主题ETF联接A （014942）三季 ...

芭田股份（002170）旗下小高寨磷矿扩建项目取得重大进展。 磷矿石是水溶肥、新能源、消防等领域重要的上游原料，根据百川盈孚数据，自2023年年末以来，国内 30%品位磷矿石价格始终维持在1000元/吨以上的高位水平，同时呈现出缓慢小幅增长的态势。券商普 遍认为，后续磷矿石新增产能的投放进度将有所延后，中短期内高品位磷矿石的高景气程度仍有望延 续。 最新公告显示，芭田股份旗下小高寨磷矿290万吨/年扩建项目安全设施设计审查正式获得批复。芭田股 份表示，小高寨磷矿获批生产建设规模从200万吨/年增加至290万吨/年，获批建设、开采规模的扩大， 有利于公司增大磷矿的产量并实现扩大和优化上下游产业链，进一步实现磷化工一体化战略，扩大磷矿 产能，至磷精矿、高纯磷酸(盐)的磷化工新能源电池材料的产业链的总体提升，实现富矿多开采和磷资 源的高效利用。 芭田股份旗下小高寨磷矿于2024年10月实现200万吨产能达产，2025年2月10日获得贵州省应急管理厅下 发的《安全生产许可证》，这标志着该矿从建设期进入生产期，生产磷矿量得到极大的提升，产能效益 实现跨越式增长。 今年3月，芭田股份公告旗下小高寨磷矿启动扩建升级项目，公 ...

磷化工行业专家电话会 20251120 摘要 工信部推动反内卷政策，但磷化工行业供大于求局面难改，预计 2028 年后市场或好转，期间缺乏竞争力的企业或将退出，行业整合加速。 磷肥行业经历供给侧改革后，总产能于 2024 年底达 2,350 万吨。受出 口法检和配额制影响，二元肥和三元肥出口受限，行业面临有价无市的 困境。 中国磷矿石储量分布不均，开采成本上升，叠加国内外市场波动，导致 部分地区供应紧张，推高生产成本，加剧下游企业经营压力。 磷复肥作为农业刚需，消费需求稳定。2025 至 2026 年行业整体预计 保持稳定，但需关注出口政策调整，如出口放开时间和配额量变化。 国内磷矿石开采产能逐年增长，预计 2027 年总产能达 1.8 亿吨以上。 高品位矿属于战略资源，开采审批严格，倾向于国有企业开发，且要求 就地转化率不低于 80%。 高品位磷矿石价格自 2022 年以来稳步上涨，供应紧张局面难改，预计 价格将维持稳定。中低品位磷矿石价格受季节性影响波动较大。 工业级磷酸一铵（公安）受益于新能源需求增长，市场前景乐观。预计 到 2027 年国内公安总产能将达 600 万吨以上，价格受成本上涨影响有 所提升 ...