Group 1: Potash Industry - China is the largest potash fertilizer demand country globally, with a supply shortage and an import dependency exceeding 60% [1][2] - 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 [1][2] - As of September 2025, domestic potassium chloride port inventory stands at 1.7292 million tons, down 1.356 million tons year-on-year, a decline of 43.95% [1][2] - The domestic potassium chloride market price slightly decreased in September, with an average price of 3,237 yuan/ton, a month-on-month decline of 1.43% but a year-on-year increase of 34.82% [2] Group 2: Phosphate Industry - The phosphate chemical industry is influenced by the price of phosphate rock, which is expected to maintain a high price level due to declining grades and increasing extraction costs [3] - The market price for 30% grade phosphate rock has remained above 900 yuan/ton for over two years, with current prices at 1,040 yuan/ton in Hubei and 970 yuan/ton in Yunnan [3] - The price difference between domestic and international phosphate fertilizers remains high, with significant price disparities benefiting companies with export quotas [3] Group 3: Pesticide Industry - The pesticide sector is experiencing a downturn, but demand is increasing due to rising grain planting areas in South America, leading to strong replenishment demand [4] - The price of glyphosate has been rising since April, reaching 27,700 yuan/ton by October 14, an increase of 4,500 yuan/ton or 19.40% [4] - The pesticide industry is expected to see a recovery as demand improves and industry consolidation efforts take effect [4] Group 4: Investment Recommendations - For potash, the company recommends focusing on resource-scarce firms like Yara International, with projected production of 2.8 million tons in 2025 and 4 million tons in 2026 [4] - In the phosphate sector, companies with rich phosphate reserves such as Yuntianhua and Xingfa Group are highlighted as key investment opportunities [4] - In the pesticide sector, companies like Yangnong Chemical and Lier Chemical are recommended for their growth potential and market position [5]

Group 1: Pesticide Industry Insights - Current pesticide prices and stocks are at relatively low levels, with increasing demand driven by expanding grain planting areas in South America [1] - Strong replenishment demand is expected during the peak season due to previous low inventory strategies by downstream buyers [1] - The pesticide industry is entering the end of its second expansion phase, with capital expenditure growth having turned negative for five consecutive quarters [1] - The industry is anticipated to see an overall price increase due to demand-driven factors and actions against internal competition [1] Group 2: Potash Market Dynamics - China, as the largest potash consumer globally, faces a tight supply-demand balance, with over 60% import dependency [1] - Domestic production of potassium chloride is projected to decrease by 2.7% to 5.5 million tons in 2024, while imports are expected to rise by 9.1% to 12.633 million tons, reaching a historical high [1] - Domestic potassium chloride port inventory has decreased by 43.95% year-on-year, indicating a significant reduction in stock levels [1] - The average market price for potassium chloride in September was 3,237 RMB/ton, reflecting a 1.43% month-on-month decline but a 34.82% year-on-year increase [1] Group 3: Phosphate Industry Overview - The profitability of the phosphate chemical industry is closely linked to the price trends of phosphate rock, which is expected to maintain a high price level due to declining ore grades and increasing extraction costs [2] - The domestic supply-demand situation for phosphate rock is tightening, with the market price for 30% grade phosphate rock remaining above 900 RMB/ton for over two years [2] - As of September 29, 2025, the price for 30% grade phosphate rock in Hubei was 1,040 RMB/ton, while in Yunnan it was 970 RMB/ton, both stable compared to the previous month [2] Group 4: Phosphate Fertilizer Export Dynamics - The export policy for phosphate fertilizers in 2025 continues to emphasize domestic priority, with a reduction in export quotas compared to the previous year [3] - The price difference between domestic and international phosphate fertilizers remains significant, benefiting companies with export quotas [3] - As of September 30, the price difference for monoammonium phosphate between the Baltic FOB price and the Hubei market was approximately 1,370 RMB/ton, while for diammonium phosphate it was about 1,409 RMB/ton [3]

10月16日，丰山集团盘中上涨2.23%，截至09:37，报16.06元/股，成交1710.48万元，换手率0.65%，总 市值26.55亿元。 资金流向方面，主力资金净流入7.66万元，大单买入96.84万元，占比5.66%，卖出89.18万元，占比 5.21%。 丰山集团今年以来股价涨77.65%，近5个交易日跌1.77%，近20日涨4.49%，近60日跌3.08%。 今年以来丰山集团已经2次登上龙虎榜，最近一次登上龙虎榜为9月30日。 丰山集团所属申万行业为：基础化工-农化制品-农药。所属概念板块包括：生物农药、锂电池、固态电 池、钠电池、微盘股等。 截至6月30日，丰山集团股东户数1.01万，较上期减少12.41%；人均流通股16331股，较上期增加 14.17%。2025年1月-6月，丰山集团实现营业收入6.19亿元，同比增长18.74%；归母净利润3031.39万 元，同比增长235.40%。 分红方面，丰山集团A股上市后累计派现1.51亿元。近三年，累计派现1136.06万元。 责任编辑：小浪快报 资料显示，江苏丰山集团股份有限公司位于江苏省盐城市大丰区西康南路1号，成立日期1996年9月12 ...

资料显示，南通泰禾化工股份有限公司位于上海市长宁区临虹路365号北5座，成立日期2004年4月29 日，上市日期2025年4月11日，公司主营业务涉及农药产品以及功能化学品的研发、生产和销售。主营 业务收入构成为：除草剂43.14%，杀菌剂37.30%，功能化学品9.98%，其他9.57%。 截至10月10日，泰禾股份股东户数1.66万，较上期减少0.29%；人均流通股2161股，较上期增加0.29%。 2025年1月-6月，泰禾股份实现营业收入24.13亿元，同比增长23.15%；归母净利润1.82亿元，同比增长 72.20%。 10月15日，泰禾股份涨0.52%，成交额2589.74万元。两融数据显示，当日泰禾股份获融资买入额130.10 万元，融资偿还253.95万元，融资净买入-123.84万元。截至10月15日，泰禾股份融资融券余额合计 7541.51万元。 融资方面，泰禾股份当日融资买入130.10万元。当前融资余额7541.51万元，占流通市值的7.19%。 融券方面，泰禾股份10月15日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额 ...

Core Insights - The CITIC Basic Chemical Industry Index increased by 5.02% in September 2025, ranking 7th among 30 CITIC primary industries [1][2] - Sub-industries such as lithium chemical products, electronic chemicals, and modified plastics showed strong performance [1][2] - Chemical product prices continued to decline in September 2025 [1][2] Market Review - The CITIC Basic Chemical Industry Index outperformed the Shanghai Composite Index by 4.38 percentage points and the CSI 300 Index by 1.82 percentage points in September 2025 [2] - Over the past year, the index rose by 28.23%, surpassing the Shanghai Composite Index by 11.86 percentage points and the CSI 300 Index by 12.73 percentage points [2] Sub-industry and Stock Performance - In September 2025, 16 out of 33 CITIC tertiary sub-industries rose, while 17 declined [3] - Lithium chemical products, electronic chemicals, and modified plastics increased by 32.82%, 12.09%, and 11.91% respectively [3] - Among 524 stocks in the basic chemical sector, 215 rose and 309 fell, with the top gainers including Lanfeng Biochemical and Tianji Co., with increases of 103.92% and 84.82% respectively [3] Product Price Tracking - International oil prices continued to decline in September 2025, with WTI crude oil down by 2.56% and Brent crude oil down by 1.61% [4] - Among 319 tracked products, 93 saw price increases, while 175 experienced declines, indicating an overall downward trend in basic chemical product prices [4] Industry Investment Recommendations - The industry maintains a "market perform" investment rating, with expectations for improved supply and demand dynamics due to the implementation of growth plans [5] - For October 2025, the investment strategy suggests focusing on the pesticide, polyester filament, coal chemical, phosphate, and potassium fertilizer sectors [5]

内容概况：杀菌剂作为一种用于防治植物病害的重要药剂，通过杀死或抑制病原物来保障作物健康与产 量。近年来，随着公众健康意识的提高和环保政策的推动，杀菌剂在多个领域的应用需求不断增长。农 业领域是杀菌剂的主要消费市场，随着农业现代化进程的加快，对高效、低毒、环保的杀菌剂需求日益 增加。同时，工业杀菌剂在食品加工、水处理等领域的应用也逐渐扩大。在此背景下，中国杀菌剂行业 快速发展，市场规模持续扩大。数据显示，中国杀菌剂行业市场规模从2019年的236.7亿元增长至2024 年的405亿元，年复合增长率为11.34%。随着国内公共卫生意识的提高和环保政策的加强，预计中国杀 菌剂市场将持续扩大，特别是环保型、生物型杀菌剂的市场需求将快速增长。 相关上市企业：新安股份（600596）、联化科技（002250）、利民股份（002734）、安道麦A （000553）、*ST辉丰（002496）、诺普信（002215）、扬农化工（600486）、中旗股份（300575）、 海利尔（603639）、长青股份（002391）等。 相关企业：安徽华星化工有限公司、常州中南化工有限公司等。 关键词：杀菌剂行业相关政策、杀菌剂行业产业链 ...

Group 1: Quarterly Reports Overview - The third quarter report season for A-share listed companies has begun, with 126 companies having released performance forecasts by October 15, 2025, primarily indicating positive expectations [1] - Historically, companies with better-than-expected performance tend to disclose their results earlier, while those with potential risks may delay their disclosures [1] Group 2: Gold and Rare Earth Sector Performance - Gold companies have reported significant profit increases due to rising gold prices, with Shandong Gold forecasting a net profit of 3.8 billion to 4.1 billion yuan for the first three quarters of 2025, a year-on-year increase of 83.9% to 98.5% [2] - The rise in gold prices has been notable, with international spot gold prices surpassing 4,000 USD per ounce recently [2] - Rare earth companies, such as Northern Rare Earth, have also seen substantial profit growth, with forecasts indicating a net profit of 1.51 billion to 1.57 billion yuan, a year-on-year increase of 272.54% to 287.34% [3] Group 3: Chemical Industry Performance - The chemical sector has experienced robust growth, with 21 companies in the basic chemical industry releasing forecasts, of which 15 reported positive expectations [4] - Xinda Co. expects a net profit of 180 million to 205 million yuan for the first three quarters, a year-on-year increase of 2807.87% to 3211.74%, driven by rising product prices [4] - Limin Co. anticipates a net profit of 383.85 million to 393.85 million yuan, reflecting a year-on-year increase of 649.71% to 669.25% due to higher sales and prices [5] Group 4: Official Quarterly Reports Released - Companies such as Xiaoshangcheng, Daoshi Technology, and Qifeng New Materials have released their third-quarter reports, showing varied performance [6] - Xiaoshangcheng reported total revenue of 13.061 billion yuan for the first three quarters, a year-on-year increase of 23.07%, with a net profit of 3.457 billion yuan, up 48.45% [6] - Daoshi Technology's report indicated total revenue of 6.001 billion yuan, a slight decline of 1.79%, but a net profit increase of 182.45% to 415 million yuan [6]

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [6][9]. Core Views - The potassium fertilizer supply and demand remain tight, with international prices staying high. China's potassium chloride production 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 phosphoric chemical industry is expected to maintain a high price level due to the scarcity of resources and increasing demand from new applications such as lithium iron phosphate [2][5]. - The pesticide sector is anticipated to see a recovery in demand, driven by increased agricultural planting areas in South America and a rebound in inventory replenishment [4][8]. Summary by Sections Potassium Fertilizer - The domestic potassium chloride port inventory as of September 2025 is 1.7292 million tons, a decrease of 135.6 thousand tons year-on-year, representing a decline of 43.95% [1][26]. - The average market price for potassium chloride in China at the end of September is 3,237 yuan/ton, a month-on-month decrease of 1.43% but a year-on-year increase of 34.82% [1][41]. - Key recommendation includes focusing on "Yaji International," with expected potassium chloride production of 2.8 million tons in 2025 and 4 million tons in 2026 [4][48]. Phosphoric Chemicals - The domestic supply-demand balance for phosphate rock is tight, with the market price for 30% grade phosphate rock in Hubei at 1,040 yuan/ton and in Yunnan at 970 yuan/ton, both stable month-on-month [2][50]. - The report highlights the long-term price stability of phosphate rock due to declining grades and increasing extraction costs, with a market price of 900 yuan/ton maintained for over two years [2][5]. - Recommended companies include "Yuntianhua" and "Xingfa Group," which have rich phosphate reserves [5]. Pesticides - The pesticide sector is expected to recover as the "Zhengfeng Zhijuan" three-year action plan is initiated, with a significant increase in demand due to rising agricultural planting areas in South America [4][8]. - The price of glyphosate has been on the rise, reaching 27,700 yuan/ton by October 14, an increase of 4,500 yuan/ton since April, representing a 19.40% rise [4][8]. - Key recommendations include "Yangnong Chemical" and "Lier Chemical," which are positioned to benefit from the recovery in pesticide prices [8].

Core Points - Zhejiang Qianjiang Biochemical Co., Ltd. (referred to as "Qianjiang Biochemical") held its 10th Board of Directors' sixth extraordinary meeting on October 15, 2023, where several important resolutions were passed, including the expansion of business scope, the cancellation of the supervisory board, and amendments to the Articles of Association and its attachments [1]. Group 1 - Qianjiang Biochemical will absorb and merge its wholly-owned subsidiary Haining Jiahui Property Management Co., Ltd., inheriting all assets, liabilities, businesses, and personnel from the subsidiary. The company will expand its business scope to include "property management; non-residential real estate leasing," while other business areas will remain unchanged [2]. - The company plans to amend its Articles of Association and related documents, eliminating the supervisory board and transferring its functions to the audit committee of the board of directors. The positions of supervisors Yu Qiang and Zhu Xiaofang will be terminated, and relevant supervisory rules will be abolished [3]. Group 2 - The rules for shareholder meetings and board meetings have been revised. Changes in the shareholder meeting rules include adjustments to the purpose, powers, conditions for convening, and proposal requirements. The board meeting rules have been modified regarding director nominations, responsibilities, board composition, powers, and meeting procedures [4]. - These measures aim to optimize the corporate governance structure, adapt to business development needs, and enhance operational efficiency and competitiveness. The company will proceed with the necessary business registration procedures after the resolutions are approved at the shareholders' meeting, with the final amendments subject to approval by the business registration management department [4].

中国农药工业协会常务副会长兼秘书长李钟华、副秘书长郭卫、中国农技推广协会会长陈生斗、中国农药发展与应用协会会长周普国、中国农业机械流通 协会秘书长陈涛、中国磷复肥工业协会理事长修学峰、中国种子贸易协会秘书长田伟红、植保中国协会主席吴朝晖、巴西农业和畜牧业部农药司司长José Victor Torres Alves Costa、巴西国家卫生监督局局长Cássia de Fátima Rangel Fernandes、越南农药协会副会长Hoang Hai、土耳其农药协会会长Ben Harun Kipge，协办单位海利尔药业集团股份有限公司董事长葛家成、多维医药集团高级董事王义、江苏中旗科技股份有限公司董事长吴耀军、浙江新安化工集 团股份有限公司作物事业部总经理张柏青等出席了巡展活动和开幕仪式。 2025年10月13日 2025国际农化产品展览会 AgroChemEx2025 在上海世博展览馆H1、H2、H3、H4馆 盛大开幕！ 本次展会总展出面积近80000平方米，参展企业近1000家，首日参观观众超50000人次，展会盛况空前。 01 中国农化全产业链企业参与 作为行业极具影响力的盛会，ACE以更加积极、进取、 ...