江苏扬农化工股份有限公司 2025 年年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本公司根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》《上市公司行业信息披露指引第十三号——化工》要求， 现将 2025 年年度主要经营数据披露如下： 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 证券代码：600486 证券简称：扬农化工 编号：临 2026-011 1 一、主要产品的产量、销量及收入实现情况 主要产品 产量（吨） 销量（吨） 营业收入（万元） 原药 113,776.72 113,475.18 731,528.72 制剂（不折百） 36,713.15 36,828.54 149,761.45 | | 2025 年度 | 2024 年度 | | | --- | --- | --- | --- | | | 平均采购价格 | 平均采购价格 | 价格变动情况 | | | （元/吨） | （元/吨） | | | 甲醛 | 1,061 | 1,087 | -2.4 ...

Group 1: Report Information - Report Name: Methanol Daily Report [1] - Report Date: March 30, 2026 [1] Group 2: Market Review - Futures Market: The futures price reached a new high and then declined, closing at 3319 (+77/+2.38%) [2] - Spot Market: Different regions have different spot prices, such as Inner Mongolia南线 at 2440 yuan/ton, 北线 at 2640 yuan/ton, etc. [2] Group 3: Important Information - International Methanol Production: In the current cycle (20260321 - 20260327), the international methanol (excluding China) production was 703,419 tons, a decrease of 14,480 tons from last week. The device capacity utilization rate was 48.22%, a 0.99% decrease from the previous week [3] Group 4: Logic Analysis - Supply Side: The ex - factory price of methanol in the mainland has been rising following the sharp increase in futures prices. The profit of coal - to - methanol has expanded to around 1000 yuan/ton, and the domestic supply is continuously abundant [4] - Demand Side: The operating rate of MTO devices is low. Some MTO devices are shut down or operating at low loads, while some have restart expectations [4] - International Situation: Iranian methanol plants are still in a state of full shutdown, and the daily output has dropped from 23,000 tons to around 1200 tons. The market is worried about a significant reduction in imports [4] - Inventory: As of March 18, 2026, the total port inventory was 126.17 tons, a decrease of 5.11 tons from the previous period. The port inventory is expected to decrease by more than 30 tons [4] - Outlook: Due to the continuous conflict between the US and Iran, methanol is expected to continue its strong trend [4] Group 5: Trading Strategy - Unilateral: Operate with caution [6] - Arbitrage: Wait and see [6] - Options: Sell call options [6] Group 6: Related Charts - Charts show data on methanol port inventory, enterprise inventory, order backlog, and device operating rates from 2023 to 2026 [7][9]

Core Conclusions - Some resource products already possess strategic attributes, with resource-rich countries seeking pricing power in the industrial chain and a growing trend of resource nationalism, while consuming countries enhance strategic reserves of key resources and strengthen supply chain security [1][2] - The scarcity of strategic resource reserves, along with the high concentration of production and processing stages, forms the basis for industrial and national defense security, and is crucial for energy transition and technological development [1][3] - The market for strategic resources is driven not only by short-term shocks but also by long-term supply-demand dynamics that support price increases, with mid-term trends expected to continue upward [1][4] Strategic Attributes of Resource Products - Since 2025, prices of copper, aluminum, lithium, and cobalt have significantly increased in the global commodity market, driven by supply-demand factors and the growing concept of national security, leading to intensified competition and geopolitical struggles over strategic minerals [2][13] - Resource-rich countries are changing their policy directions, increasingly adopting resource nationalism through export controls, tax increases, and nationalization to gain more economic benefits and move up the value chain [2][15] - Major consuming countries like the US, EU, and Japan are incorporating resource security into their national and economic security frameworks, establishing strategic reserves and creating new supply chain systems through alliances [2][18] Definition of Strategic Resource Products - Strategic resource products are characterized by their scarcity, with uneven global distribution and concentration in a few countries, and long production cycles that result in slow supply growth, highlighting their importance in great power competition [3][23] - The stability of strategic resource supply is fundamental to industrial and national defense security, as high-end manufacturing and defense technologies rely heavily on the performance and stable supply of key materials [36][37] Supply-Demand Dynamics Driving Price Trends - The current market for strategic resources has seen significant returns, particularly in heavy asset and low-elimination sectors, although recent volatility has raised concerns about the sustainability of this trend [4][41] - Long-term capital expenditure shortages, rising resource nationalism, and increasing operational risks are constraining the supply of strategic resources, with exploration investments declining for two consecutive years [41][43] - The demand for strategic resources is being shaped by trends in AI and new energy industries, with significant growth expected in the demand for copper, aluminum, lithium, and cobalt [47][48]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 144.93 billion yuan in 2025, a decrease of 7.49% year-on-year, and a net profit attributable to shareholders of 8.38 billion yuan, down 43.61% year-on-year [1] - The company aims to enhance its coal production capacity and efficiency through lean management, with a target of producing 186-190 million tons of coal in 2026, an increase of 4-8 million tons year-on-year [3] - The chemical segment is expected to improve profitability, with plans to produce 9.5-11 million tons of chemical products in 2026, focusing on cost reduction [3] - The company is committed to a growth strategy that includes both internal and external development, with significant potential for future growth in both mining and chemical sectors [3][4] Financial Summary - In 2025, the company achieved a gross profit margin of 29.3%, with a projected recovery to 35.5% in 2026 [5] - The forecasted net profit for 2026 is 14.7 billion yuan, with an expected EPS of 1.47 yuan per share [6] - The company plans to distribute a total dividend of 0.50 yuan per share for 2025, representing 60% of the net profit [6]

证券代码：600731 证券简称：湖南海利 公告编号：2026-007 湖南海利化工股份有限公司 2025 年 1-12 月主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 二、主要产品和原材料的价格变动情况 1、主要产品的价格变动情况（不含税） | 主要产品 | 2025 1-12 | 年 | 月平均 | 2024 | 年 | 1-12 | 月平均 | 同比增减（%） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 售价（万元/吨） | | | 售价（万元/吨） | | | | | | 农业农药类 | | | 9.03 | | | | 9.33 | -3.26 | | 锂电材料类 | | | 5.44 | | | | 6.23 | -12.58 | 2、主要原材料的价格变动情况（不含税） | 原材料 | 2025 年 1-12 月平均 采购单价（万元/吨) | 2024 年 1-12 月平均 采购单价（万元/吨） | 同比增减（%） ...

证券代码：600426 证券简称：华鲁恒升 编号：临 2026-014 山东华鲁恒升化工股份有限公司 2025 年度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《关于做好主板上市公司 2025 年年度报告披露工作的通 知》、《上市公司自律监管指引第 3 号—行业信息披露第十三号—化工》的要求，山 东华鲁恒升化工股份有限公司（以下简称"公司"）现将 2025 年度主要经营数据披 露如下： | 本年主要产品 | 生产量（万吨） | 销售量（万吨） | 收入（亿元） | | --- | --- | --- | --- | | 新能源新材料相关产品 | 488.45 | 300.23 | 155.57 | | 化学肥料 | 590.43 | 575.15 | 73.06 | | 有机胺系列产品 | 62.62 | 58.59 | 23.61 | | 醋酸及衍生品 | 157.68 | 156.23 | 33.87 | 一、主要产品的产量、销量及收入实现情况 注：新能源新材料相关产品生产量 ...

Investment Insights - The article discusses the current volatility in the financial markets due to geopolitical tensions, particularly the ongoing conflict involving Iran and the U.S., which is expected to lead to fluctuations in market conditions until at least April 6 [1][5] - Asian countries are gradually receiving permission for their vessels to pass through the Strait of Hormuz, leading to a decrease in oil prices from a peak of $170 to around $120, which may reduce the direct economic impact on Asia [5] - The article suggests focusing on three main investment themes: sectors benefiting from domestic policy support and upward industrial cycles, long-term growth sectors with relatively low valuations in technology, and undervalued sectors such as coal, chemicals, and finance [1][5] Equity Market Review - The A-share market faced short-term pressure due to external disturbances, with the Shanghai Composite Index briefly falling below 3,800 points, but showed resilience as market sentiment improved later in the week [4] - Average daily trading volume in the A-share market was 21,093 billion, reflecting a decrease compared to the previous week [4] - Key sectors that performed well included basic chemicals, non-ferrous metals, public utilities, and biopharmaceuticals, driven by improvements in fundamentals and external events [4][5] Fixed Income Market Review - The bond market experienced a corrective phase, with 1-year government bond yields decreasing by 0.50 basis points to 1.25%, 10-year yields down by 1.27 basis points to 1.82%, and 30-year yields down by 3.84 basis points to 2.35% [2][6] - The bond market's safe-haven appeal has gained traction amid ongoing geopolitical tensions and high oil prices, leading to a slight recovery in investor sentiment [6] - The article notes that the expectation of continued loose domestic monetary policy remains, with increasing market interest in whether the reserve requirement ratio will breach the 5% lower limit [2][6] U.S. Treasury Market Insights - The U.S. Treasury yield curve steepened, with the 10-year yield rising by 5 basis points to 4.44%, while the 1-year yield fell by 3 basis points to 3.77% [7] - Market focus remains on the Middle East conflict, with traders growing weary of the ongoing situation and increasing risk aversion, leading to expectations of potential interest rate hikes within 2026 [7] REITs Performance - The China Securities REITs total return index fell by 0.83% to 1,013.34 points, with declines in sectors such as warehousing and logistics [7]

Investment Rating - The report maintains an investment rating of "Strong Buy" for the basic chemical industry, indicating a positive outlook compared to the broader market [3]. Core Insights - The report emphasizes that both the European CBAM (Carbon Border Adjustment Mechanism) and China's "dual carbon" goals are fundamentally aimed at promoting carbon reduction in high-emission industries. It suggests that companies can achieve carbon reduction through various methods, including carbon trading and energy recovery technologies [2][49]. - The report highlights the potential for leading companies in high-carbon industries to achieve superior profits due to their advanced technologies and cost advantages, thereby widening the competitive gap with smaller firms [2][49]. Summary by Sections 1. European CBAM Policy Implementation - The CBAM policy officially launched in May 2023, targeting high-carbon industries such as steel, aluminum, cement, fertilizers, electricity, and hydrogen. It aims to equalize carbon costs for imported goods with those produced within the EU [17][18]. - The initial phase of the CBAM allows for completely free quotas, which will gradually decrease over eight years, with the first paid phase starting in January 2026 [23][24]. - The report notes that the CBAM's coverage will dynamically expand to include more industries, potentially encompassing organic chemicals, plastics, and other sectors by 2030 [33][34]. 2. Domestic "Dual Carbon" Policy - China's "14th Five-Year Plan" sets a target to reduce carbon emissions per unit of GDP by 17% during the "15th Five-Year Plan" period (2026-2030), with a focus on green low-carbon transformation in key sectors [50][51]. - The report outlines several initiatives under the dual carbon policy, including the establishment of a national low-carbon transition fund and the promotion of zero-carbon parks and factories [49][51]. 3. Relevant Companies - The report identifies several companies as key players in the transition to a low-carbon economy: - **Yueyang Forest & Paper**: A leading domestic pulp company with significant forestry carbon sink reserves [3]. - **China National Materials Energy**: Specializes in energy recovery from waste heat and pressure [3]. - **Fujian Clean Technology**: Focuses on green methanol production with substantial growth potential [3]. - **Zhuoyue New Energy**: A leader in biodiesel production, extending its supply chain into bio-aviation fuel [3]. - **Haineng Technology**: A leading domestic bio-aviation fuel company, currently exporting products to Europe [3].

Core Conclusions - Certain resource commodities have already acquired strategic attributes, with resource-rich countries seeking pricing power in the industrial chain and a tendency towards resource nationalism, while consuming countries strengthen strategic reserves of key resources and enhance supply chain security [1][2] - The scarcity of strategic resource reserves, along with the high concentration of production and processing stages, forms the basis for industrial and national defense security, and is crucial for energy transition and technological development [1][3] - The market for strategic resources is driven not only by short-term shocks but also by long-term supply-demand dynamics that support price increases, with mid-term trends expected to continue upward [1][4] Group 1: Strategic Resource Attributes - Since 2025, prices of commodities such as copper, aluminum, lithium, and cobalt have significantly increased, driven by supply-demand factors and the growing concept of national security, which has intensified competition and geopolitical struggles over strategic minerals [2][13] - Resource-rich countries are changing their policy directions, increasingly adopting resource nationalism through export controls, tax increases, and nationalization to gain more economic benefits and move up the value chain [2][15] - Major consuming countries like the US, EU, and Japan are incorporating resource security into their national and economic security frameworks, establishing strategic reserves and creating new supply chain systems through alliances [2][18] Group 2: Definition of Strategic Resources - Strategic resources are defined by their scarcity, with reserves unevenly distributed globally and concentrated in a few countries, leading to their significant role in great power competition [3][23] - The production and processing stages of strategic resources exhibit high concentration, with countries like China dominating the processing of many strategic resources, thus influencing global resource governance [3][25] Group 3: Supply-Demand Dynamics and Price Trends - The current market for strategic resources has seen a "HALO trading" trend, with significant excess returns in heavy asset sectors represented by strategic resources, despite recent market volatility [4][39] - Long-term capital expenditure shortages, rising resource nationalism, and operational risks are constraining the supply of strategic resources, while the demand for these resources is being driven by trends in AI and renewable energy [4][39][45] - The demand for strategic resources is expected to grow due to the expansion of AI infrastructure and the transition to green energy, with significant increases in demand for copper, lithium, and cobalt anticipated [4][45][36]

Report Summary 1. Report Industry Investment Rating - The investment rating for the urea in the energy and chemical industry is "oscillating bullish" [1] 2. Core View - The urea price is expected to oscillate strongly within the range of 1830 - 1950 yuan/ton due to complex geopolitical situation in the Middle East, high - volatility of international crude oil, temporary shutdown of some urea production facilities overseas, cautious mid - downstream high - price purchasing, low pressure on upstream factories, suspension of exports and release of reserve supplies [1] 3. Summary by Relevant Catalogs **Market Review** - On Friday, the price of the main urea contract 2605 rose 8 yuan to 1877 yuan/ton, and the spot price in the central China mainstream area was 1860 yuan/ton. Long - position holdings decreased by 124 lots to 271,000 lots, and short - position holdings decreased by 266 lots to 306,000 lots [1] **Important Information** - **Supply**: The daily urea production in the industry is 20.9 tons, 0.1 tons less than the previous working day and 1.2 tons more than the same period last year. The operating rate is 88.9%, 1.2% higher than 87.7% in the same period last year [1] - **Inventory**: The total inventory of Chinese urea enterprises is 70.05 tons, 10.84 tons less than the previous period, a 13.40% month - on - month decrease. The sample inventory at urea ports is 16.9 tons, a 0.2 - ton month - on - month increase [1] - **Demand**: The operating rate of compound fertilizer is 51.2%, a 1.2% month - on - month increase, and the operating rate of melamine is 59.3%, a 5.9% month - on - month increase [1] - **Tender**: India's RCF urea import tender received 20 suppliers with a total bid volume of over 3.07 million tons. The lowest offer on the east coast is CFR512 dollars/ton, and on the west coast is CFR508 dollars/ton. India intends to purchase 1.5 million tons [1] - **Export**: In January 2026, urea exports were 307,900 tons, a 10.61% month - on - month increase, with an average export price of 397.50 dollars/ton, a 0.19% month - on - month decrease. In February 2026, exports were 111,500 tons, a 63.78% month - on - month decrease, with an average export price of 398.52 dollars/ton, a 0.26% month - on - month increase [1] - **Oil Price**: Due to the continuous blockage of the Strait of Hormuz and market doubts about the prospect of US - Iran peace talks, international oil prices rose. NYMEX crude oil futures contract 05 rose 5.16 dollars/barrel to 99.64 dollars/barrel, a 5.46% month - on - month increase; ICE Brent crude oil futures contract 05 rose 4.56 dollars/barrel to 112.57 dollars/barrel, a 4.22% month - on - month increase. China's INE crude oil futures contract 2605 rose 12.1 to 740.5 yuan/barrel and 19.8 to 760.3 yuan/barrel in night trading [1] **Market Logic** - Complex geopolitical situation in the Middle East leads to high - volatility of international crude oil. Temporary shutdown of some urea production facilities overseas causes a sharp rise in overseas urea prices. Mid - downstream buyers are cautious about high - price purchases, while upstream factories face low pressure. Exports are suspended, and reserve supplies are released to the market [1] **Trading Strategy** - Suggestion is to wait and see or go short - term long at low prices [1]