Group 1 - The A-share market experienced a contraction with major indices declining, indicating a cautious market sentiment amid reduced trading volume [3] - The REITs market showed an upward trend in secondary market prices, with the weighted REITs index closing at 139.74 and a weekly return of 1.36%, outperforming other major asset classes [4] - The copper industry is facing pressure from trade conflicts and rising domestic inventory, but prices may gradually increase with potential domestic stimulus policies and U.S. interest rate cuts [5] Group 2 - In the livestock sector, the average weight of slaughtered pigs has decreased, and the price of pigs has seen a larger decline, indicating a potential turning point in inventory levels and a long-term upward profit cycle post-deinventory [6] - Nobon Co., a leading player in the spunlace non-woven fabric industry, has shown strong performance in 2024 and Q1 2025, with advanced production lines and a focus on high-margin clients [7] - The small-cap style is currently favored in the market, with private equity research strategies showing significant excess returns [8]

Core Viewpoint - The export window for phosphate fertilizers has arrived, and the profitability of phosphate fertilizer companies is expected to be maintained due to regulatory changes and market dynamics [2][4]. Group 1: Export Regulations and Market Dynamics - In May 2023, the General Administration of Customs released inspection regulations for fertilizer exports, effective December 1, 2023, which aims to improve the quality and increase the quantity of fertilizer exports [2]. - The export of phosphate fertilizers will be phased, with the first phase requiring customs declaration by October 15, focusing on exports from May to September [2]. - The total export quota for phosphate fertilizers in 2025 is expected to decrease compared to the previous year, which may impact domestic prices as the spring farming season has ended and demand has shifted to a low season [2][4]. Group 2: Price Trends and Profitability - As of May 23, 2025, the average prices for 55% monoammonium phosphate and 64% diammonium phosphate in China were 3,330 and 3,526 RMB per ton, reflecting increases of 9.8% and 6.7% respectively since the beginning of the year [3]. - Internationally, the average prices for monoammonium phosphate and diammonium phosphate were 660 and 695 USD per ton, with increases of 14.8% and 13.0% respectively [3]. - Despite the price increases, the average gross profit margins for these products have been declining, with both currently in a loss position [3]. Group 3: Export Volume Trends - In 2024, China's export volumes for monoammonium phosphate and diammonium phosphate were 2,004,700 and 4,563,200 tons, showing declines of 1.6% and 9.4% year-on-year [4]. - In the first four months of 2025, exports dropped significantly, with monoammonium phosphate and diammonium phosphate volumes at 75,300 and 79,800 tons, down 75.7% and 85.3% year-on-year [4]. - The upcoming export window is expected to boost export volumes, which may support or uplift phosphate fertilizer prices [4]. Group 4: Raw Material Prices and Industry Position - Phosphate rock prices have remained high since 2021, with a current price of 1,020 RMB per ton as of May 23, 2025 [5]. - The majority of China's phosphate rock reserves are of medium to low grade, with only about 20% being high-grade [5]. - Leading companies in the phosphate chemical industry are securing high-grade phosphate resources, which enhances their production capabilities and cost advantages in producing high-quality phosphate products [5].

Core Viewpoint - The chemical industry is currently at the bottom of its cycle, with prices and spreads still stabilizing, while demand is expected to improve with government policies aimed at economic recovery [1] Group 1: Industry Overview - The chemical industry is experiencing a bottoming phase, with most chemical prices and spreads still in a stabilization process [1] - Domestic capacity is gradually being released, leading to a significant slowdown in supply growth [1] - The report suggests focusing on sectors with relatively certain demand, such as agricultural chemicals and the civil explosives industry benefiting from western development [1] Group 2: Key Recommendations - Emphasis on long-term value of leading companies in the chemical sector, as core assets are expected to see profit and valuation recovery [1] - Recommended leading companies include Wanhua Chemical, Hualu Hengsheng, Huafeng Chemical, Longbai Group, Yangnong Chemical, New Hecheng, Satellite Chemical, Baofeng Energy, Hengli Petrochemical, and Rongsheng Petrochemical [1] Group 3: Subsector Insights - Agricultural chemicals show rigid demand, with steady growth in grain planting area and recovery in compound fertilizer volume and profit [2] - The civil explosives industry is driven by domestic demand, particularly in regions like Xinjiang and Tibet, with increasing concentration benefiting leading companies [2] Group 4: New Material Opportunities - The domestic replacement of chemical new materials is accelerating due to trade tariffs and anti-monopoly pressures [3] - Key areas include adsorption separation materials, lubricating oil components, OLED materials, and high-end photoresists, with specific companies recommended for investment [3] Group 5: Price Recovery Potential - Certain sectors may see profit improvements as supply growth slows and policy constraints are anticipated, particularly in organic silicon and spandex industries [4] - The petrochemical sector may present strategic opportunities following a potential bottoming of oil prices, with recommendations for strategic layouts in refining and downstream polyester filament industries [4]

投资者关系活动记录表 编号：2025-003 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 ☑业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 及人员姓名 全景网"投资者关系互动平台"（https://ir.p5w.net）参 与"2024 年度云南辖区上市公司投资者网上集体接待日"的 全体投资者 时间 2025 年 5 月 16 日 16:00-17:00 地点 全景网"投资者关系互动平台"（https://ir.p5w.net） 上市公司接待 人员姓名 董事、财务总监黄海先生 副总经理、董事会秘书黄秋涵先生 独立董事田俊先生 投资者关系活 动主要内容介 绍 1、对于二季报的业绩有哪些亮点，埃及项目进展如何， 20 亿资金缺口如何解决，是通过发行股份幕资吗，产品有无 涨价预期？ 答：尊敬的投资者，您好。第一，目前公司盈利能力已 恢复至正常水平，整体运营态势良好。关于二季度业绩情况， 请关注公司相关公告。第二，在埃及项目推进方面，公司埃 及项目正按既定计划稳步有序地向前推进。前期，公司已在 公告中详细阐明了该项目的资金来源，确保项目顺利实施。 后续，一旦项目进展达到相关 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a potential increase in stock price relative to the market index over the next six months [1][6]. Core Insights - The company has shown significant improvement in its financial performance for 2024, with a revenue of 3.21 billion yuan, representing an 18.3% year-on-year increase, and a net profit of 176 million yuan, marking a turnaround from losses [3][4]. - In Q1 2025, the company reported a revenue of 721 million yuan, a 24% increase year-on-year, and a net profit of approximately 72 million yuan, reflecting a substantial growth of 253.41% [3][4]. - The company benefits from flexible production capabilities and advantageous geographical positioning, with its operations centered around wet phosphoric acid processes and a strong supply of phosphate resources in the vicinity of its facilities [4][6]. Financial Performance Summary - For 2024, the company achieved a revenue of 3.21 billion yuan, with a net profit of 176 million yuan, and a significant increase in operating cash flow, which reached 143 million yuan, up 419.67% year-on-year [3][4][6]. - The projected revenues for 2025, 2026, and 2027 are estimated at 3.30 billion yuan, 3.36 billion yuan, and 3.43 billion yuan respectively, with net profits expected to be 255 million yuan, 286 million yuan, and 312 million yuan [7][6]. - The company’s gross margin improved to 16.5% in Q1 2025, up from 13.33% in 2024, indicating enhanced profitability [4][6]. Strategic Initiatives - The company is actively pursuing international expansion with the planned establishment of a phosphate chemical project in Egypt, which is expected to produce various phosphate products and optimize its supply chain [5][6]. - The project in Egypt is projected to have a production capacity of 800,000 tons of sulfuric acid and 300,000 tons of industrial-grade phosphoric acid, among other products, with a construction period of approximately three years [5][6]. Market Position - The company is recognized as one of the largest importers of phosphate rock in China, with significant imports from Egypt, which has abundant phosphate reserves [6]. - Approximately 50% of the company’s products are exported to various regions, including Southeast Asia, South Asia, the Middle East, and South America, benefiting from Egypt's strategic location for shipping [6].

Economic Development - Wutongqiao District has achieved significant economic growth, crossing two hundred billion thresholds in three years, and is recognized as one of the first circular economy demonstration zones in Sichuan Province [1] - The industrial added value of Wutongqiao District has consistently accounted for over 70% of the regional GDP, with the total industrial output value exceeding 100 billion yuan for two consecutive years from 2022 to 2023 [2] Salt Industry - The district's economic strength is heavily based on its salt industry, which has led to the establishment of the first invention in New China, the "Hou's Alkali Method," and the first listed company in Southwest China, "Chuan Salt Chemical" [1] - Multiple salt chemical and phosphate chemical projects are being developed in the area, contributing to the formation of two trillion-yuan industrial clusters in crystalline silicon photovoltaic and green chemicals [1] Green Silicon Valley - Wutongqiao District is positioned as the core area of "China's Green Silicon Valley," hosting five of the top ten global photovoltaic companies, with high-purity crystalline silicon production capacity and quality ranking among the world's best [1] - The district is focusing on key technological advancements, supporting enterprises in upgrading production processes, such as the eighth generation of the "Yongxiang Method" for high-purity crystalline silicon production [1] Cultural Development - Salt culture has not only supported industrial growth but also enriched local culinary traditions, leading to the development of a diverse food culture [2] - The district is enhancing cultural spaces by creating a salt culture museum and art galleries, while also promoting local food IPs, which have generated over 300 million yuan in annual revenue from the food industry [2] Tourism Growth - A dragon boat festival themed around well salt culture is set to take place, highlighting the historical significance of the area as a dragon boat hometown [2] - During the recent May Day holiday, a food event in Wutongqiao attracted nearly 200,000 visitors, marking a 40% increase year-on-year, with sales of intangible cultural heritage foods growing by 210% [2]

Investment Rating - The report maintains an investment rating of "Synchronize with the Market" for the basic chemical industry [5][8]. Core Insights - The basic chemical industry index fell by 3.61% in April 2025, ranking 20th among 30 major industries, with a year-on-year decline of 0.37% [5][11]. - The report emphasizes the importance of focusing on potassium fertilizer and phosphorus chemical industries, which are expected to see price recovery due to tightening supply and strong demand [5][8]. Market Review - In April 2025, 12 out of 33 sub-industries in the basic chemical sector saw price increases, with daily chemical products, inorganic salts, and fluorine chemicals leading the gains at 8.56%, 4.37%, and 3.46% respectively [12]. - The overall performance of the basic chemical sector was characterized by a significant price drop in chemical products, influenced by falling international oil prices [5][8]. Industry and Company News - The report highlights that the chemical raw materials and products manufacturing industry achieved a total profit of 78.76 billion yuan in Q1 2025, a slight year-on-year decline of 0.4% [16]. - The report notes that the potassium fertilizer sector is characterized by strong resource attributes and a concentrated supply structure, which is expected to drive price recovery [5][8]. Product Price Tracking - In April 2025, the prices of chemical raw materials and products saw a year-on-year decline of 4.1%, with significant impacts from the drop in oil prices [20][21]. - The report tracks the price movements of various chemical products, indicating a general downward trend due to external market pressures [5][8]. Investment Strategy - The investment strategy for May 2025 suggests continued focus on potassium fertilizer and phosphorus chemical industries, which are expected to benefit from tightening supply and robust demand [5][8].

Group 1: Banking and Financial Services - Several banks in China, including Bank of China, Bank of Communications, and Citic Bank, have launched credit card installment interest rate promotions, with Citic Bank offering a minimum annualized interest rate of 2.77% for loans up to 50,000 yuan [1] - The shift towards credit card installment services comes as consumer loan products with annualized rates below 3% are required to exit the market, indicating a strategic pivot by banks to increase business volume [1] - In the digital economy, data is becoming a core strategic asset for commercial banks, leading to increased competition for data talent and investments in data platforms [1] Group 2: Commodities and Materials - The price of battery-grade lithium carbonate has dropped to 65,050 yuan per ton, falling below the breakeven point for many lithium producers, with a year-to-date decline exceeding 10,000 yuan [2] - The tight supply-demand balance in the domestic phosphate rock market continues, with prices for 30% grade phosphate rock averaging 1,020 yuan per ton, reflecting a slight year-on-year increase [2] - Phosphate chemical companies are integrating vertically to optimize cost structures and support performance growth amid rising demand from downstream industries [2] Group 3: Logistics and Trade - Following recent adjustments in US-China tariff policies, logistics companies in China are experiencing increased demand, with a reported 40% rise in shipping volumes since May 12 [3] - US clients are urging Chinese logistics firms to expedite shipments due to shortages, leading to a surge in shipping activity to major US ports [3] Group 4: Technology and Innovation - Xiaomi is set to launch its self-developed mobile SoC chip named "Xuanjie O1" by the end of May [4] - Meta Platforms is delaying the release of its flagship AI model "Behemoth," raising concerns about the direction of its significant AI investments [4] Group 5: Market Movements - The US stock market showed mixed results, with the Dow Jones rising by 0.65% and the S&P 500 increasing by 0.41%, while the Nasdaq fell by 0.18% [9] - The decline in the Nasdaq was influenced by Meta's postponement of its AI model release, which ended a six-day rally for the index [9] - Gold prices reached a one-month low before rebounding nearly 2%, while oil prices experienced a drop of over 4% amid easing tensions in the Middle East [9]

Group 1: Moutai Group's Social Responsibility and Philanthropy - Moutai Group is focusing on building a four-part public welfare matrix, emphasizing ecological protection, education, cultural heritage, and industry support [2] - The company has invested over 1.3 billion yuan in the "China Moutai · National Pillar" public welfare initiative, helping over 250,000 students achieve their university dreams [2] - Moutai's distributors are encouraged to take on social responsibilities alongside the company, as demonstrated by the success of a distributor who transformed a poverty-stricken village through significant financial contributions [1][2] Group 2: China Export Credit Insurance Corporation's Support for Foreign Trade - China Export Credit Insurance Corporation plans to exceed $800 billion in short-term export credit insurance coverage in 2024, supporting new business models and service trade exports [3] - The corporation has committed $281.57 billion to support exports and investments in Belt and Road Initiative countries, with a claims payout of $2 billion [3] - Significant growth in exports to Latin America, ASEAN, and Africa was reported, with increases of 25.6%, 17.4%, and 35.9% respectively [3][4] Group 3: Hisense Group's Brand Development and Innovation - Hisense Group is enhancing its brand through high-end positioning, smart upgrades, and green transformation, aiming to provide a deep consumer experience [5][6] - The company has introduced innovative products like foldable screen laser TVs and multi-tub washing machines, addressing consumer pain points and enhancing user experience [6] - Hisense's sales of high-end televisions and refrigerators priced over $1,000 have seen significant growth, with increases of 94% and 79% respectively in overseas markets [6] Group 4: Guizhou Phosphate Group's Technological Innovations - Guizhou Phosphate Group has developed ecological restoration technology for phosphogypsum, significantly increasing its utilization rate from 53% in 2018 to 78.62% in 2024 [12][13] - The company has established the world's first production line for anhydrous gypsum mother particles and packaging boxes, showcasing rapid development in green building materials [12] - New products introduced include high-precision interlocking modules and self-leveling materials, which improve construction efficiency and reduce environmental impact [12]

国内30%品位磷矿石市场均价走势（元/吨） ◎记者 刘立 今年以来，国内磷矿石市场供需延续偏紧格局。据百川盈孚消息，截至今年5月14日，国内30%品位磷 矿石均价为1020元/吨，年内涨幅为0.2%，同比上涨1.09%。 "随着新能源、节水农业等产业链下游需求的快速增长，市场对磷矿石的需求扩张迅速。为了优化成本 结构，近年来，多家磷化工企业在积极向产业链上游布局，谋求磷矿资源，从而形成上游磷矿石生产， 下游高精磷化工协同发展的一体化产业布局，以更好地支撑业绩增长。"近日，有磷化工上市公司相关 负责人对上海证券报记者表示。 国信证券在近期研报中表示，磷化工行业的景气度取决于磷矿石价格的景气度，看好磷矿石长期价格中 枢维持较高水平。 为何近两年虽然有新增产能投产，磷矿石供需仍持续偏紧？有业内人士告诉记者，近两年来，我国可开 采磷矿品位下降，开采难度和成本提升，而新增产能投放时间周期较长。截至目前，30%品位磷矿石市 场价格在900元/吨的高价区间已运行近两年。从下游应用领域和消费构成上看，超过70%的磷矿用于生 产磷肥（包括磷酸一铵、磷酸二铵以及重过磷酸钙等）。而近年来，锂电成为磷矿石消费最大的增量需 求。中国化 ...