Core Viewpoint - Meibang Co., Ltd. has made significant progress in the Indonesian market by obtaining five drug registration certificates, enhancing its presence in Southeast Asia [1] Group 1 - Meibang Co., Ltd. has received approval for five original drug registration certificates in Indonesia [1] - The company is actively registering multiple products in Indonesia, with expectations for more approvals in the next two years [1]

兴发集团 20251128 摘要 兴发集团计划未来五年内将磷矿产能翻倍至 1,000 万吨，同时在草甘膦 （23 万吨产能）和有机硅（60 万吨粗单体，30 万吨 DMC）领域均有 布局，并向下游衍生产品延伸。 新建磷矿项目预计 2026 年投产，初期产能利用率 80%，宜安矿业预计 增加 50 万吨增量。乔沟磷矿和兴顺矿业也将扩建，但预计到 2028 年 才能推进。2026 年和 2027 年预计分别新增 60 万吨和 100 万吨产量。 磷矿需求稳定增长，预计未来五年净增量 3,000-4,000 万吨，但审批缓 慢，短期内供需平衡影响不大。2027 年新增 450 万吨增量预计被新能 源行业需求对冲，价格压力不大。 有机硅行业计划减产协同，开工率降至 70%，价格已涨至 13,000 元/ 吨，有望涨至 14,000-15,000 元/吨，实现约 10%利润率。需求每年增 速 15%-20%，市场前景积极。 草甘膦下半年价格上涨带来可观利润，目前维持在 26,500 元/吨。南美 和非洲需求旺季及枯水期成本上升支撑涨价预期，价格有望继续上涨。 Q&A 兴发集团的主要业务和未来发展规划是什么？ 兴发集团是 ...

行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230525090001 zhouchao@swsresearch.com 李绍程 A0230525070002 lisc@swsresearch.com 联系人 马昕晔 A0230511090002 maxy@swsresearch.com 2025 年 11 月 30 日 发改委持续推进"反内卷"进程， 多地 MDI 停车检修致价格上涨， 钾肥进口大合同同比持稳 看好 ——《化工周报 25/11/24-25/11/28》 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Views - The chemical sector has shown positive performance with the Shanghai Composite Index rising by 1.4%, the ChiNext Index by 4.54%, and the CSI 300 by 1.64% during the week. The CITIC Basic Chemical Index increased by 3.49%, and the Shenwan Chemical Index rose by 2.98% [2][14] - Key sub-industries within the chemical sector have experienced varied performance, with membrane materials leading at 7.48% growth, followed by titanium dioxide at 5.85% and chlor-alkali at 4.57% [2][17] Summary by Sections Industry Dynamics - Wanhua Chemical announced a price increase of $200/ton for MDI products in Southeast Asia and South Asia starting December 1, 2025, due to market conditions and supply stability [3] - South Korea raised anti-dumping duties on PET film imports from China, significantly increasing the tax rate on Tianjin Wanhua's products from 3.84% to 36.98% [3] Investment Themes - **Tire Sector**: Domestic tire companies are becoming increasingly competitive, with a focus on scarce growth targets. Recommended companies include Sailun Tire, Senqcia, General Motors, and Linglong Tire [4] - **Consumer Electronics**: A gradual recovery in consumer electronics is anticipated, benefiting upstream material companies. Key players in the panel supply chain include Dongcai Technology, Stik, Light Optoelectronics, and Ruile New Materials [4] - **Phosphate Chemicals**: Supply constraints due to environmental policies and increasing demand from the new energy sector are tightening the supply-demand balance. Recommended companies include Yuntianhua, Chuanheng Co., Xingfa Group, and Batian Co. [5] - **Fluorochemicals**: The reduction of production quotas for second-generation refrigerants is stabilizing profitability, with a focus on companies like Jinshi Resources and Juhua Co. [5] - **Economic Recovery**: As the economy improves, leading chemical companies are expected to benefit significantly from price and demand recovery. Recommended companies include Wanhua Chemical, Hualu Hengsheng, and Baofeng Energy [9] - **Vitamin Supply Disruptions**: BASF's supply issues with vitamins A and E are expected to create market imbalances, with companies like Zhejiang Medicine and New Hecheng recommended for attention [9] Sub-Industry Reviews - **Polyurethane**: Pure MDI prices in East China rose to 19,700 RMB/ton, a 1.55% increase week-on-week, with operating rates stable at 68% [30] - **Tire Industry**: Full steel tire operating rates increased to 63.91%, while semi-steel tire rates decreased to 72.37% [54] - **Fertilizers**: Urea prices rose to 1,679.1 RMB/ton, with operating rates for urea at 86.4% [67][68] - **Vitamins**: Vitamin A prices remained stable at 63 RMB/kg, while Vitamin E prices fell by 2.88% to 50.5 RMB/kg [86][87] - **Fluorochemicals**: Fluorspar prices decreased to 3,350 RMB/ton, with a decline in operating rates to 34.12% [91]

Group 1 - The company Zhongqi Co., Ltd. (SZ 300575) announced the convening of its fourth board meeting on November 27, 2025, to discuss the election of an independent director [1] - For the first half of 2025, the company's revenue composition was 98.95% from the pesticide industry and 1.05% from other businesses [1] - As of the report date, Zhongqi Co., Ltd. has a market capitalization of 2.9 billion yuan [1]

证券日报网讯11月28日，利民股份（002734）在互动平台回答投资者提问时表示，公司董事会高度重视 信息披露合规性，不存在应披露而未披露的事项。公司2025年业绩表现良好，生产经营正常，财务情况 稳健；二级市场股价受企业经营业绩、宏观经济环境、股市资金流动等多种因素共同影响，请投资者理 性看待股价波动。 ...

格隆汇11月28日丨广信股份(603599.SH)公布，公司拟将公司本部农药及中间体等相关资产、负债、人 员等业务整体注入全资子公司成辰科技。以2025年8月31日为基准日，经审计，公司拟整合进入成辰科 技资产总计人民币43.83亿元，负债总计人民币1.65亿元，净资产总计人民币42.18亿元，并将以现金和 实物的方式为成辰科技增加实收资本，增资完成后，成辰科技实收资本由1,000万元增加至20,000万元。 本次增资事项将根据实际情况进行调整，最终增资的资产、负债情况请以实施结果为准。 ...

格隆汇11月28日丨广信股份(603599.SH)公布，公司拟将公司本部农药及中间体等相关资产、负债、人 员等业务整体注入全资子公司成辰科技。以2025年8月31日为基准日，经审计，公司拟整合进入成辰科 技资产总计人民币43.83亿元，负债总计人民币1.65亿元，净资产总计人民币42.18亿元，并将以现金和 实物的方式为成辰科技增加实收资本，增资完成后，成辰科技实收资本由1,000万元增加至20,000万元。 本次增资事项将根据实际情况进行调整，最终增资的资产、负债情况请以实施结果为准。 ...

格隆汇11月28日丨海利尔(603639.SH)在投资者互动平台表示，公司暂无四氟醚菊酯原药，公司原药产 品吡虫啉、呋虫胺对蚊子有一定的灭杀效果，2024年12月青岛恒宁年产1500吨呋虫胺项目进入试生产， 2024年吡虫啉原药、呋虫胺原药合计销售收入占公司营收比重不到10%，公司暂时没有专门消杀蚊子的 制剂产品。 ...

通讯员 于龙 李亚宁 近日，山东省发展和改革委员会公布《2025年新认定（第32批）山东省企业技术中心名单》，山东蓬勃 生物科技有限公司凭借过硬的研发实力与创新能力成功入选，标志着该公司科技创新平台建设迈入新阶 段。 据了解，山东省企业技术中心是山东省创新体系的重要组成部分，需承担制定企业创新规划、凝聚高层 次科研人才、实施技术研发项目、构建自主知识产权体系等核心任务，是衡量企业技术创新水平的重要 标杆。此次获批，是主管部门对山东蓬勃生物研发体系完整性、技术创新能力及行业贡献度的高度认 可，为该公司持续引领行业技术发展筑牢基础。 山东蓬勃生物成立于2014年，是集研发、生产、销售于一体的国家级高新技术企业、山东省"专精特 新"中小企业，核心业务聚焦内生菌源农用新化合物创制，服务全球农药、肥料领域龙头企业。该公司 长期深耕技术创新，近5年平均研发投入强度超20%，拥有4000㎡研发中心，已组建山东省"一企一技 术"研发中心、山东省博士后创新实践基地等8个省市级科研平台。 依托"野生植物与内生真菌互惠共生"理论，该公司构建起国际领先的内生菌源超高活性农用新化合物研 发体系，年均筛选十余个新型农用化合物（多个为国际 ...