"过去，这里的盐碱地上全是白花花的盐，像下了雪。"丹尼说，经过土壤改良，盐碱地长出绿油油的棉 花嫩苗。十多年间，工厂的生产基地从1个扩展到4个，年销量超过4万吨，改良的土地超过200万亩，公 司还获得了高新技术企业认证。 今年是新疆维吾尔自治区成立70周年。当前，新疆产业发展提质增效，改革开放持续深化，基础设施建 设加快推进，人民生活不断改善，社会大局持续和谐稳定。随着共建"一带一路"深入推进，新疆不再是 边远地带，而是对外开放的核心地带、枢纽地带。在共建"一带一路"推动下，新疆致力于打造向西开放 高地，深化与各方经贸合作，取得累累硕果。 新疆是开放的新疆、自信的新疆，这片热土活跃着许多外国人的身影，他们有的来参访旅游，有的来留 学深造，有的来洽谈合作，更有的扎根这片热土干事创业。本报今日起开设"国际人士看新疆"专栏，邀 请多位工作、生活在新疆或多次到访这片热土的国际人士，讲述他们眼中的新疆。敬请关注。 在新疆阿拉尔市塔门镇的一家化肥生产企业，一袋袋水溶性化肥从生产线上有序输出，工人熟练地将它 们搬运、码放，而后运往各地。 这家企业的创始人德康尔·丹尼·卡米尔穿梭在车间与办公室之间，电话铃声此起彼伏。他已经6 ...

Group 1 - The Ministry of Finance and the Ministry of Ecology and Environment of China released the "Corporate Sustainability Disclosure Standards No. 1 - Climate (Trial) (Draft for Comments)" on April 30, 2023, which consists of six chapters and 47 articles covering governance, strategy, risk and opportunity management, indicators and targets, and appendices [1][2] - The governance chapter outlines disclosure objectives related to governance structures, management information, and third-party verification requirements [1] - The indicators and targets chapter specifies general and industry-specific climate-related indicators, climate-related goals, and the basis for greenhouse gas emissions accounting [1] Group 2 - The implementation of the climate standards will initially be voluntary for companies, considering their actual disclosure capabilities, before formal requirements are established [2] - Guidelines for nine specific industries, including electricity, steel, coal, oil, fertilizer, aluminum, hydrogen, cement, and automotive, are being developed to provide guidance for the application of the basic and climate standards [2] - The overall goal is to establish a unified sustainability disclosure standard system in China by 2030, with basic and climate standards expected to be released by 2027 [1][2]

# CGS 公司深度报告 · 化工行业 复合肥主业经营稳健、优质磷矿产能释放助力业绩高增 芭田股份首次覆盖报告 2025 年 4 月 27 日 核心观点 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 3313.11 | 4941.22 | 5395.38 | 5926.05 | | 增长率% | 2.15 | 49.14 | 9.19 | 9.84 | | 归母净利润（百万元） | 409.14 | 1156.97 | 1408.35 | 1645.34 | | 增长率% | 57.67 | 182.78 | 21.73 | 16.83 | | 摊薄 EPS(元) | 0.42 | 1.20 | 1.46 | 1.71 | | PE | 23.50 | 8.31 | 6.83 | 5.84 | 资料来源：iFind，中国银河证券研究院 | 市场数据 | 2025-04-25 | | --- | --- | | 股票代码 | 002170.SZ | | A 股收盘价(元) | ...

Financial Data and Key Metrics Changes - Overall sales volumes improved by 4% quarter over quarter, driven by solid improvement in sales volumes for ammonium nitrate and UAN [6][16] - Adjusted EBITDA for Q1 2025 was $29 million, down from $33 million in Q1 2024, primarily due to higher natural gas costs [16][18] - Cash balance remains strong, and leverage ratio is in line with target levels for a mid-cycle pricing environment [19] Business Line Data and Key Metrics Changes - Demand for industrial products remains robust, with strong pricing and demand for nitric acid and ammonium nitrate solutions [11][12] - UAN prices increased significantly, with current NOLA UAN price at $350 per ton, 73% higher than the low price of fall 2024 [13] - Urea prices strengthened considerably, now above $500 per ton, driven by seasonal demand and lack of imports [13] Market Data and Key Metrics Changes - The USDA reported a significant increase in planted corn acres, expected to reach 95.3 million acres in 2025 compared to 90.6 million in 2024, driving strong fertilizer demand [15] - US corn prices are solidly above $4 per bushel, supporting favorable farmer economics [16] - Domestic pricing for urea has seen a significant uplift due to tariffs and other factors, expected to persist through the current spring planting season [8][9] Company Strategy and Development Direction - The company is focusing on improving the reliability and efficiency of its facilities, with ongoing investments in plant reliability and logistics capabilities [19][25] - The El Dorado ammonia project achieved precertification status under the Fertilizer Institute's Verified Ammonia Carbon Intensity Program, which is expected to aid in securing sales agreements for low carbon ammonia [22][23] - The company has decided to pause the Houston Ship Channel project due to uncertainties in capital costs and demand for low carbon ammonia [24][26] Management's Comments on Operating Environment and Future Outlook - Management noted that US tariffs have created uncertainty for planned spending and potential capital projects, but do not anticipate a significant impact on business [5][8] - The company expects to capitalize on pricing strength for UAN and AN sales in the upcoming months, with meaningful increases in volumes compared to the prior year [20] - Management remains optimistic about the growth of the industrial business and the stability of earnings through cost-plus contracts [18][26] Other Important Information - The company plans to participate in upcoming industry conferences, including the UBS Energy Transition and Decarbonization Conference and the Deutsche Bank Industrials Materials and Building Products Conference [26] - The company is evaluating opportunities to increase production capacity in both nitric acid and ammonium nitrate [12] Q&A Session Summary Question: Thoughts on realized pricing setup for the second quarter - Management indicated good price increases for UAN products and is well positioned to take advantage of that [30] Question: Updated capital allocation priorities after pausing the Houston Ship Channel project - Management stated there are no new projects committed, focusing on improving existing facilities and considering stock buybacks and debt reduction [31][32] Question: Impact of deregulation on permitting - Management believes the impact will be minimal, with some positive developments in conversations with the EPA regarding low carbon ammonia projects [37][38] Question: Dynamics of pent-up demand for UAN - Management noted that higher corn acreage and insufficient imports are driving demand and impacting pricing [40] Question: Potential upgrade capacity projects - Management stated it is too early to discuss specific costs or margins related to potential expansion projects [44] Question: Disparity in ammonia pricing inland versus Tampa - Management indicated pricing is consistent with seasonal expectations and not significantly out of the ordinary [55] Question: Risks of delays in carbon projects at El Dorado - Management expressed confidence in meeting timelines for carbon projects, with equipment orders being placed soon [60][62]

Financial Data and Key Metrics Changes - The company reported a 4% improvement in overall sales volumes quarter over quarter, driven by higher ammonia production and better performance from upgrading plants [5][6] - Adjusted EBITDA decreased from $33 million in Q1 2024 to $29 million in Q1 2025, attributed to improved sales volumes and higher pricing for ammonia and ammonium nitrate, offset by significantly higher natural gas costs [16][18] - The cash balance remains strong, and the leverage ratio is in line with target levels for a mid-cycle pricing environment [18] Business Line Data and Key Metrics Changes - Sales volumes for ammonium nitrate and UAN improved significantly, with UAN prices increasing to $350 per ton, a 73% rise from the low price of fall 2024 [13][15] - The company continues to ramp up ammonium nitrate solution volumes, driven by strong demand in the copper mining sector [10][12] - The industrial contracts have grown from less than 20% in 2021 to approximately 30% by the end of Q1 2025, with expectations to reach 35% by year-end [17] Market Data and Key Metrics Changes - Domestic pricing for urea has seen a significant uplift due to U.S. tariffs, with expectations for this trend to persist through the spring planting season [7][8] - The USDA reported an increase in corn planting intentions to 95.3 million acres, up from 90.6 million acres last year, driving strong fertilizer demand [15][16] - Urea prices have strengthened considerably, now above $500 per ton, influenced by seasonal demand and a lack of imports [13] Company Strategy and Development Direction - The company is focusing on improving the reliability and efficiency of its facilities, with ongoing investments in plant reliability and logistics capabilities [18][24] - The El Dorado ammonia project achieved precertification status under the Fertilizer Institute's Verified Ammonia Carbon Intensity Program, which is expected to aid in securing sales agreements for low carbon ammonia [21][22] - The Houston Ship Channel project has been paused due to uncertainties in capital costs and demand for low carbon ammonia, but the company remains open to revisiting it in the future [23][45] Management's Comments on Operating Environment and Future Outlook - Management noted that U.S. tariffs have created uncertainty for planned spending and potential capital projects, but they do not anticipate a significant impact on business [4][6] - The company expects to benefit from lower natural gas costs moving into May, which will positively impact margins [19] - Management expressed confidence in achieving production and sales volume improvements while optimizing the industrial business for stability and predictability in earnings [24] Other Important Information - The company plans to participate in upcoming industry conferences, including the UBS Energy Transition and Decarbonization Conference and the Deutsche Bank Industrials Materials and Building Products Conference [25] - The turnaround for the El Dorado site has been pushed to the first half of 2026, increasing ammonia production outlook for 2025 by approximately 30,000 tons [20] Q&A Session Summary Question: Insights on UAN pricing and ammonia trends - Management indicated strong price increases for UAN products and is positioned to capitalize on this, while ammonia prices are expected to decline [28][29] Question: Capital allocation priorities post-Houston Ship Channel project pause - Management stated there are no new projects committed currently, focusing on improving existing facilities and considering stock buybacks and debt reduction [30][31] Question: Impact of deregulation on permitting - Management believes the impact will be minimal, with some positive developments in conversations with the EPA regarding low carbon ammonia projects [34][36] Question: Dynamics of pent-up demand for UAN - The increase in corn acreage and insufficient imports are driving demand and impacting pricing [38][39] Question: Potential upgrade capacity projects - Management is exploring expansion capabilities but has not committed to any projects yet, emphasizing the need for finalized engineering studies [42][43] Question: Risks associated with carbon projects at El Dorado - Management expressed confidence in meeting timelines for carbon projects, with no expected delays [56][57] Question: Disparity in ammonia pricing inland versus Tampa - Pricing remains consistent with seasonal expectations, with no significant disparities noted [53]

Group 1 - The company is expected to achieve significant profit recovery in 2024, with a projected revenue of 29.76 billion yuan (up 17.4% year-on-year) and a net profit attributable to shareholders of 2.03 billion yuan (up 147.8% year-on-year) [1] - In Q1 2025, the company anticipates a revenue of 7.29 billion yuan (up 8.0% year-on-year, down 10.9% quarter-on-quarter) and a net profit of 410 million yuan (down 27.3% year-on-year, down 9.0% quarter-on-quarter) [1] Group 2 - The chemical new materials segment generated a revenue of 20.366 billion yuan in 2024 (accounting for 68% of total revenue, up 27% year-on-year) with a gross margin of 16% (up 1 percentage point year-on-year) [2] - The polycarbonate market is experiencing supply-demand imbalance and low prices, while the nylon 6 industry is growing rapidly but facing intense competition [2] - The company successfully launched its caprolactam and nylon 6 phase I project, and the organic silicon project was smoothly put into production [2] Group 3 - The basic chemicals segment reported a revenue of 5.795 billion yuan in 2024 (accounting for 19% of total revenue, down 7% year-on-year) with a gross margin of 17% (up 3 percentage points year-on-year) [3] - The fertilizer segment achieved a revenue of 3.065 billion yuan (accounting for 10% of total revenue, up 18% year-on-year) with a gross margin of 6% (down 1 percentage point year-on-year) [3] - The increase in fertilizer revenue was driven by new projects and improved market conditions, although profitability slightly declined [3]

Core Viewpoint - Fubon Technology reported a strong performance in 2024, achieving a revenue of 1.235 billion yuan, a year-on-year increase of 17.79%, and a net profit of 93.59 million yuan, up 30.81% from the previous year [1][3][5] Financial Performance - The company achieved a total revenue of 123,507.48 million yuan in 2024, with domestic revenue at 67,331.80 million yuan (up 19.21%) and international revenue at 56,175.68 million yuan (up 16.13%) [1][3] - The net profit attributable to shareholders was 9,359.03 million yuan, with a basic earnings per share of 0.32 yuan, reflecting a 28.00% increase year-on-year [1][3] Business Strategy - The company has shifted its focus to a dual-driven strategy of "biotechnology and digital technology," aiming to enhance its core competitiveness in modern agriculture [1][3] - The name change from "Fubon Shares" to "Fubon Technology" signifies a strategic adjustment towards modern agricultural technology [1][3] Market Position and Growth - Fubon Technology is positioned as a leading enterprise in the global fertilizer additive and fertilizer industry, with a comprehensive product line and strong R&D capabilities [1][3] - The modern agriculture sector, particularly in biological agriculture and digital agriculture, is identified as a key growth area, with significant market potential [3][5] Digital Agriculture Development - The company is developing a digital agriculture service model that includes soil testing, scientific planting planning, and online management, aiming to enhance agricultural productivity and efficiency [2][3] - The digital agriculture sector is expected to grow rapidly, driven by the integration of information technology and agriculture [2][3] R&D and Innovation - In 2024, the company invested 46.85 million yuan in R&D, focusing on energy-saving and carbon-neutral additives, and has a strong team of 169 R&D personnel [7][3] - New products such as phosphorus cadmium removal agents and urea granulation agents have been successfully developed, enhancing market competitiveness [7][3] Future Outlook - The company plans to continue expanding its market presence in Southeast Asia, the former CIS countries, and Africa, leveraging its core technology advantages in agricultural additives and biological products [5][3] - The focus will remain on integrating resources and creating value in the modern agricultural ecosystem through a comprehensive solution model combining seeds, fertilizers, and digital technology [3][5]

聚烯烃产业期现日报 投资咨询业务资格:证监许可【2011】1292号 2025年4月30日 张晓珍 Z0003135 PE PP价格及价差 | 品种 | 4月29日 7322 | 4月28日 7353 | 涨跌 | 涨跌幅 -0.42% | 单位 | | --- | --- | --- | --- | --- | --- | | L2505 收盘价 L2509 收盘价 | 7122 | 7164 | -31 -42 | -0.59% | | | PP2505 收盘价 | 7170 | 7195 | -25 | -0.35% | | | PP2509 收盘价 | 7092 | 7112 | -20 | -0.28% | | | L2505-2509 | 200 | 189 | 11 | 5.82% | | | PP2505-2509 | 78 | 83 | -5 | -6.02% | 元/吨 | | 华东PP拉丝现货 | 7230 | 7250 | -20 | -0.28% | | | 华北LLDPE膜料现货 | 7300 | 7350 | -50 | -0.68% | | | 华北 L05基差 | 200 | ...

智通财经APP获悉，2025年以来，国内钾肥价格持续上涨，春节后涨势加大，据Wind和盐湖云声数 据，截至3月7日，国内钾肥现货价格从2565元/吨涨至3310元/吨，涨幅达29%。进口老挝氯化钾价格从 去年底2430元/吨涨至3150元/吨，涨幅达29.6%。 湘财证券发布研报称，全球钾肥主要生产地和需求地错配，需要通过贸易调节。加拿大、俄罗斯和白俄 罗斯是全球钾肥主要生产国和出口国。 供给端，2025年白俄罗斯、俄罗斯共同减产，且全球钾肥预计新增产能有限。 由于俄乌冲突、红海危机等地缘事件增加了钾肥的运输成本，叠加钾盐矿山开采成本上升，导致钾肥供 应商的成本中枢上移。但鉴于2023-2024年钾肥价格回落至较低水平，钾肥盈利能力承压，因此两俄选 择减产挺价。需求端，随着全球农作物种植面积的增加，钾肥需求或有望稳健增长。钾肥行业供需格局 有望向好。 五矿证券认为，钾肥有望迎来新一轮周期的上涨，价格有望在波动中上行。短期看，国内春耕阶段下钾 肥需求旺盛，国内库存低位叠加俄罗斯和白俄罗斯钾肥巨头减产，全球钾肥价格触底反弹，需求温和复 苏，中期价格拐点显现。 五矿证券发布研报称，长期来看，全球钾肥市场维持寡头垄断 ...

并且，考虑到气候准则在不同行业应用存在诸多差异，财政部已着手开展了电力、钢铁、煤炭、石油、 化肥、铝、氢、水泥、汽车等 9 个行业应用指南的制定工作，拟在气候准则出台后适时发布，为特定行 业应用基本准则和气候准则提供指引。 文/刘诗萌 编辑：徐芸茜 继去年年底《企业可持续披露准则——基本准则(试行)》正式发布后，中国国家统一的可持续披露准则 体系中又一重要的组成部分——气候准则也将面世。 在具体气候指标上，要求企业披露温室气体、气候相关物理风险、气候相关转型风险、气候相关机遇、 资本配置、内部碳定价和薪酬指标。其中对于范围三温室气体排放量的计算，要求企业应当基于其价值 链以及范围三温室气体排放的类别，确定并披露其范围三温室气体排放计量中所包含的类别。极少数情 况下确定估计范围三温室气体排放是不切实可行的，企业应当披露其对范围三温室气体排放的管理方 式。 财政部在起草说明中表示，《征求意见稿》在气候相关风险和机遇信息的披露方面与《国际财务报告可 持续披露准则第2号——气候相关披露》（S2）总体保持衔接。一方面，在准则内容上，对于企业范围 三温室气体排放、融资排放、情景分析等重要但披露难度相对较高的信息，基于S2 ...