商务大数据显示，11月份，全国生产资料市场价格环比上涨1.3%。 从主要品种来看： 化肥价格环比下降0.7%，同比下降7.3%，其中，尿素环比下降0.8%，三元复合肥与上月基本持平。 成品油价格环比下降1.7%，同比下降6.6%，其中，95号汽油、92号汽油、0号柴油环比分别下降2.2%、 2.2%和1.3%。 煤炭价格环比上涨2.6%，同比下降8.4%，其中，动力煤、炼焦煤、二号无烟块煤环比分别上涨3.0%、 2.8%和1.0%。 有色金属价格环比上涨2.2%，同比上涨7.7%，其中，铝、铜、锌环比分别上涨2.7%、1.9%和1.9%。 钢材价格环比下降0.5%，同比下降8.8%，其中，普通中板、焊接钢管、热轧带钢环比分别下降1.3%、 1.3%和1.2%。 ...

[Table_Info1] 新洋丰(000902) 基础化工 [Table_Date] 发布时间：2025-12-18 [Table_Title] 证券研究报告 / 公司点评报告 磷复肥行业龙头，今年以来业绩快速增长 ---新洋丰公司点评 [Table_Summary] 新洋丰是国内磷复肥行业龙头企业。公司深耕农业化工领域四十余年， 构建起"磷复肥+新能源材料"双主业格局，目前在全国已建成 12 个生 产基地，具有各类高浓度磷复肥产能 1028 万吨/年，磷矿石产能 90 万吨 /年，磷酸铁产能 5 万吨/年。核心产品三元复合肥与磷酸一铵产销量连续 多年居首。依托"一院四所"研发体系，公司承担 20 余项国家级科研项 目，参与制定 7 项国家标准和 8 项行业标准、拥有 260 余件专利，农化 服务团队深入终端，拥有形成"洋丰"、"澳特尔"、"力赛诺"和"乐开 怀"四大品牌，形成"产品+服务"差异化优势。 今年以来业绩高增，磷酸一铵同比显著涨价。2025 年前三季度公司业绩 高增态势，营收 134.75 亿元，同比增长 8.96%；归母净利润 13.74 亿元， 同比激增 23.43%。25Q3 单季受北方降 ...

生产资料市场：基础化学原料价格小幅上涨，其中硫酸上涨1.7%，甲醇、纯碱、聚丙烯分别下降 0.5%、0.3%和0.3%。有色金属价格以涨为主，其中铜、锌分别上涨1.4%和0.8%，铝下降0.3%。橡胶价 格略有上涨，其中天然橡胶、合成橡胶分别上涨0.9%和0.1%。化肥价格略有波动，其中三元复合肥上 涨0.3%，尿素下降0.1%。煤炭价格略有下降，其中炼焦煤、动力煤、无烟块煤每吨1061元、783元和 1164元，分别下降0.7%、0.3%和0.2%。钢材价格总体下降，其中螺纹钢、高速线材、热轧带钢每吨 3354元、3545元和3505元，分别下降0.5%、0.4%和0.3%。成品油批发价格略有下降，其中0号柴油、92 号汽油、95号汽油分别下降0.6%、0.2%和0.2%。 商务大数据显示，12月8日至14日，全国食用农产品市场价格比前一周（环比，下同）上涨0.7%，生产 资料市场价格比前一周上涨0.1%。 食用农产品市场：30种蔬菜平均批发价格每公斤6.03元，上涨1.3%，其中茄子、西红柿、冬瓜分别上涨 8.4%、7.5%和5.8%。6种水果平均批发价格小幅上涨，其中西瓜、香蕉、葡萄分别上涨4.3%、3 ...

商务大数据显示，12月8日至14日，全国生产资料市场价格比前一周（环比，下同）上涨0.1%。 基础化学原料价格小幅上涨，其中硫酸上涨1.7%，甲醇、纯碱、聚丙烯分别下降0.5%、0.3%和0.3%。 有色金属价格以涨为主，其中铜、锌分别上涨1.4%和0.8%，铝下降0.3%。 橡胶价格略有上涨，其中天然橡胶、合成橡胶分别上涨0.9%和0.1%。 化肥价格略有波动，其中三元复合肥上涨0.3%，尿素下降0.1%。 煤炭价格略有下降，其中炼焦煤、动力煤、无烟块煤每吨1061元、783元和1164元，分别下降0.7%、 0.3%和0.2%。 钢材价格总体下降，其中螺纹钢、高速线材、热轧带钢每吨3354元、3545元和3505元，分别下降 0.5%、0.4%和0.3%。 成品油批发价格略有下降，其中0号柴油、92号汽油、95号汽油分别下降0.6%、0.2%和0.2%。 ...

Group 1 - The national production material market prices increased by 1.0% from the previous week [1] - Non-ferrous metal prices saw slight increases, with copper, aluminum, and zinc rising by 4.1%, 1.9%, and 1.1% respectively [2] - Basic chemical raw material prices mainly increased, with sulfuric acid, methanol, and soda ash rising by 3.4%, 0.1%, and 0.1%, while polypropylene decreased by 0.2% [2] Group 2 - Steel prices generally increased, with rebar, high-speed wire, and hot-rolled strip steel priced at 3371 yuan, 3560 yuan, and 3517 yuan per ton, all up by 0.7% [2] - Fertilizer prices saw slight increases, with compound fertilizer and urea rising by 0.3% and 0.2% respectively [2] - Wholesale prices of finished oil remained stable, with 0 diesel decreasing by 0.2%, while 92 gasoline and 95 gasoline increased by 0.2% and 0.1% respectively [2] Group 3 - Rubber prices experienced slight fluctuations, with natural rubber decreasing by 0.3% and synthetic rubber increasing by 0.1% [2] - Coal prices showed a slight decline, with thermal coal, anthracite, and coking coal priced at 785 yuan, 1166 yuan, and 1068 yuan per ton, decreasing by 0.5%, 0.2%, and 0.1% respectively [2]

Group 1 - The national production material market prices remained stable from November 24 to 30, showing little change compared to the previous week [1] - Basic chemical raw material prices generally increased, with sulfuric acid, methanol, and soda ash rising by 2.6%, 0.9%, and 0.1% respectively, while polypropylene decreased by 0.7% [2] - Steel prices saw slight increases, with rebar, high-speed wire, and hot-rolled strip steel priced at 3349 yuan, 3535 yuan, and 3493 yuan per ton, rising by 0.4%, 0.3%, and 0.1% respectively [2] Group 2 - Fertilizer prices remained stable with a slight increase, as urea prices were flat compared to the previous week, while compound fertilizer rose by 0.3% [3] - Non-ferrous metal prices experienced minor fluctuations, with zinc and copper increasing by 0.3% and 0.2%, while aluminum decreased by 0.4% [4] - Rubber prices saw a slight decline, with natural rubber and synthetic rubber dropping by 0.4% and 0.2% respectively [5] Group 3 - Coal prices experienced a slight decrease, with thermal coal and coking coal priced at 789 yuan and 1069 yuan per ton, declining by 0.5% and 0.4% respectively, while smokeless lump coal increased by 0.1% [5] - Wholesale prices of finished oil products slightly decreased, with 0 diesel, 92 gasoline, and 95 gasoline dropping by 0.6%, 0.6%, and 0.5% respectively [6]

Group 1: Agricultural Products Market - The national market price of edible agricultural products increased by 0.6% from the previous week [1] - The average wholesale price of 30 types of vegetables was 5.72 yuan per kilogram, rising by 1.8%, with cauliflower, cabbage, and zucchini increasing by 11.3%, 7.6%, and 6.6% respectively [1] - The average wholesale price of 6 types of fruits saw a slight increase, with watermelon, grapes, and bananas rising by 3.8%, 1.2%, and 0.7% respectively [1] - Wholesale prices of aquatic products slightly increased, with silver carp, grass carp, and yellow croaker rising by 1.2%, 0.7%, and 0.3% respectively [1] - Poultry product wholesale prices remained stable, with eggs increasing by 0.1% and broiler chickens decreasing by 0.1% [1] - Grain and oil wholesale prices experienced slight fluctuations, with peanut oil and rapeseed oil increasing by 0.2% and 0.1%, while rice and flour remained stable, and soybean oil decreased by 0.2% [1] - Meat wholesale prices showed slight fluctuations, with pork priced at 18.21 yuan per kilogram, decreasing by 0.4%, while lamb and beef increased by 0.5% and 0.2% respectively [1] Group 2: Production Materials Market - The prices of basic chemical raw materials predominantly increased, with sulfuric acid, methanol, and soda ash rising by 2.6%, 0.9%, and 0.1% respectively, while polypropylene decreased by 0.7% [2] - Steel prices slightly increased, with rebar, high-speed wire, and hot-rolled strip steel priced at 3349 yuan, 3535 yuan, and 3493 yuan per ton, rising by 0.4%, 0.3%, and 0.1% respectively [2] - Fertilizer prices remained stable with a slight increase, as urea remained unchanged while compound fertilizer rose by 0.3% [2] - Prices of non-ferrous metals showed slight fluctuations, with zinc and copper increasing by 0.3% and 0.2%, while aluminum decreased by 0.4% [2] - Rubber prices slightly declined, with natural rubber and synthetic rubber decreasing by 0.4% and 0.2% respectively [2] - Coal prices slightly decreased, with thermal coal and coking coal priced at 789 yuan and 1069 yuan per ton, decreasing by 0.5% and 0.4%, while anthracite coal increased by 0.1% to 1168 yuan per ton [2] - Wholesale prices of refined oil slightly decreased, with 0 diesel, 92 gasoline, and 95 gasoline decreasing by 0.6%, 0.6%, and 0.5% respectively [2]

Group 1 - The national production material market prices increased by 0.2% from the previous week [1] - Basic chemical raw material prices mainly rose, with sulfuric acid and soda ash increasing by 4.1% and 0.3% respectively, while polypropylene and methanol decreased by 2.1% and 1.3% [1] Group 2 - Rubber prices continued to rise, with natural rubber and synthetic rubber increasing by 0.9% and 0.8% respectively [2] - Coal prices showed slight fluctuations, with thermal coal and anthracite coal priced at 793 yuan and 1167 yuan per ton, increasing by 0.6% and 0.2% respectively, while coking coal decreased by 0.3% to 1073 yuan per ton [2] - Steel prices saw a slight increase, with rebar, hot-rolled strip steel, and high-speed wire rod priced at 3337 yuan, 3490 yuan, and 3523 yuan per ton, rising by 0.5%, 0.4%, and 0.2% respectively [2] Group 3 - Fertilizer prices remained stable with a slight increase, as urea prices were basically unchanged while compound fertilizer rose by 0.4% [3] Group 4 - Wholesale prices of finished oil remained stable, with 92 gasoline and 95 gasoline unchanged from the previous week, while 0 diesel increased by 0.1% [4] Group 5 - Non-ferrous metal prices experienced a slight decline, with aluminum, zinc, and copper decreasing by 0.9%, 0.9%, and 0.3% respectively [5]

Group 1: Agricultural Products Market - The national market price of edible agricultural products decreased by 0.1% from the previous week [1] - The average wholesale price of 30 types of vegetables was 5.62 yuan per kilogram, down 0.9%, with specific declines in lettuce, broccoli, and spinach of 8.0%, 7.7%, and 3.8% respectively [1] - Poultry product wholesale prices saw slight declines, with eggs and white-feathered chickens decreasing by 1.1% and 0.2% respectively [1] - The average wholesale price of six types of fruits increased slightly, with watermelon, grapes, pears, and bananas rising by 4.0%, 1.1%, and 0.6% respectively [1] Group 2: Production Materials Market - The prices of basic chemical raw materials generally increased, with sulfuric acid and soda ash rising by 4.1% and 0.3% respectively [2] - Rubber prices continued to rise, with natural rubber and synthetic rubber increasing by 0.9% and 0.8% respectively [2] - Coal prices showed slight fluctuations, with thermal coal and smokeless lump coal priced at 793 yuan and 1167 yuan per ton, increasing by 0.6% and 0.2% respectively [2] - Steel prices experienced slight increases, with rebar, hot-rolled strip steel, and high-speed wire rod rising by 0.5%, 0.4%, and 0.2% respectively [2] - Fertilizer prices remained stable with a slight increase, as compound fertilizer rose by 0.4% [2]

Core Viewpoint - The stock of Si Er Te has shown a mixed performance in recent trading sessions, with a year-to-date increase of 18.55% but a slight decline of 1.06% over the past five trading days [2]. Company Overview - Si Er Te, officially known as Anhui Si Er Te Fertilizer Co., Ltd., is located in the Wangxi Industrial Park of Ningguo Economic and Technological Development Zone, established on November 5, 1997, and listed on January 18, 2011 [2]. - The company specializes in the research, production, sales, and service of various fertilizers, including compound fertilizers, ammonium phosphate, and ecological fertilizers [2]. - The revenue composition of Si Er Te includes: 51.84% from compound fertilizers, 30.78% from ammonium phosphate, 11.52% from mineral resources, 5.58% from other products, and 0.28% from medical services [2]. Financial Performance - For the period from January to September 2025, Si Er Te achieved a revenue of 3.225 billion yuan, representing a year-on-year growth of 5.27%. However, the net profit attributable to shareholders decreased by 36.49% to 155 million yuan [2]. - The company has distributed a total of 1.459 billion yuan in dividends since its A-share listing, with 529 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Si Er Te was 41,000, a decrease of 8.55% from the previous period, while the average circulating shares per person increased by 9.36% to 20,837 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 7.8954 million shares, an increase of 28,500 shares compared to the previous period [3].