1月6日，海利尔涨0.86%，成交额2361.61万元。两融数据显示，当日海利尔获融资买入额214.03万元， 融资偿还444.26万元，融资净买入-230.24万元。截至1月6日，海利尔融资融券余额合计1.06亿元。 截至9月30日，海利尔股东户数1.30万，较上期减少14.70%；人均流通股26229股，较上期增加17.23%。 2025年1月-9月，海利尔实现营业收入33.91亿元，同比增长5.50%；归母净利润2.08亿元，同比增长 6.15%。 分红方面，海利尔A股上市后累计派现12.55亿元。近三年，累计派现6.80亿元。 机构持仓方面，截止2025年9月30日，海利尔十大流通股东中，招商量化精选股票发起式A（001917） 位居第七大流通股东，持股272.15万股，为新进股东。香港中央结算有限公司位居第八大流通股东，持 股225.39万股，相比上期减少182.69万股。招商成长量化选股股票A（020901）位居第十大流通股东， 持股155.19万股，为新进股东。 责任编辑：小浪快报 融资方面，海利尔当日融资买入214.03万元。当前融资余额1.06亿元，占流通市值的2.41%，融资余额 超过近一 ...

草铵膦供需格局迎来关键转折。 作者 | beyond 编辑 | 小白 沿着这条逻辑望去，一家位于中国西南、以研发驱动见长的化工企业，便进入了我们的分析视野。 它用超过二十年的时间，专注于杂环类化合物的工业化攻关，特别是在一款关键农药原药上实现了技 术突破与规模优势，从而在全球市场中占据了重要一席。 在精细化工的庞大谱系中，农药原药与新材料中间体领域犹如一片静水深流之地。这个行业的竞争， 类似于长跑。它考验企业能否在技术研发上持续投入，在环保与安全上恪守红线，并在周期性波动中 保持战略定力。 最终能够穿越周期的公司，通常并非风口上的追逐者，而是凭借深厚积累，在某一特定产品线上构筑 起难以撼动优势的"专精特新"者。 ...

（编辑 丛可心） 证券日报网讯 12月29日，海利尔在互动平台回答投资者提问时表示，公司主要从事农药制剂、农药中 间体、农药原药和功能性肥料的研发、生产和销售，未来公司持续聚焦主营业务发展，增强核心竞争能 力。 ...

Core Viewpoint - The chemical industry in China is expected to end its downward cycle in 2026, presenting structural investment opportunities due to the recovery of downstream demand, the acceleration of domestic substitution, and the ongoing implementation of anti-involution policies [1][2]. Group 1: Traditional Chemical Sector Recovery - The core opportunity in the traditional chemical sector for 2026 arises from improved supply-demand dynamics driven by anti-involution policies, leading to a rational price recovery [2][18]. - The domestic production capacity of organic silicon has peaked, with major companies leading production cuts to stabilize prices, resulting in inventory levels dropping to a three-year low [2][4]. - PTA production capacity expansion is nearing completion, with a significant reduction in inventory levels, indicating a potential recovery in the polyester chain's profitability [4]. Group 2: Agricultural Chemicals and Price Recovery - The agricultural chemical sector is poised for growth as safety incidents have disrupted global pesticide supply chains, leading to a supply contraction that catalyzes price recovery [4][8]. - The price index for raw agricultural chemicals has shown signs of bottoming out, indicating a potential rebound in prices [4]. Group 3: Acceleration of Domestic Substitution in New Materials - The domestic substitution of chemical new materials is gaining momentum, driven by government support and technological advancements, becoming a key growth engine for the industry [9][10]. - The market for lubricating oil additives has seen a decrease in imports and an increase in exports, indicating a shift towards becoming a net exporter and enhancing domestic brands' market presence [10]. - The electronic chemicals sector is benefiting from the growth of AI and semiconductor industries, with domestic manufacturers achieving technological breakthroughs and entering major supply chains [14][17]. Group 4: Demand Recovery and Policy Support - Gradual recovery in downstream demand, particularly in the real estate and automotive sectors, is expected to support the chemical industry's growth [18][19]. - Government policies aimed at stabilizing growth and stimulating consumption are expected to bolster demand for chemical products, enhancing the industry's resilience [19]. - The implementation of anti-involution policies and regulations is expected to improve market competition and guide industry profitability back to reasonable levels [19]. Group 5: Investment Recommendations - Investment in the chemical industry should focus on three core areas: capitalizing on cyclical recovery opportunities in sectors like organic silicon and PTA, investing in high-growth areas such as bio-based materials and electronic chemicals, and targeting leading chemical companies with cost and scale advantages [20]. - The industry is at a critical juncture of cyclical reversal and structural upgrade, with both cyclical and growth opportunities present [20].

Core Viewpoint - The chemical industry is expected to end its downward cycle in 2026, presenting structural investment opportunities driven by anti-involution policies, accelerated domestic substitution, and gradually recovering downstream demand [4][19]. Group 1: Traditional Chemical Industry Opportunities - The core opportunity in the traditional chemical sector arises from improved supply-demand dynamics due to anti-involution policies, leading to a rational price recovery after years of capacity expansion [5][19]. - The domestic production capacity of organic silicon has peaked, with leading companies reducing output to stabilize prices, resulting in inventory levels dropping to a three-year low and prices showing signs of recovery [5][10]. - PTA production capacity expansion is nearing completion, with a significant reduction in inventory levels, indicating a potential recovery in the polyester chain's profitability [7][19]. Group 2: New Materials and Domestic Substitution - The domestic substitution of new chemical materials is accelerating, driven by government support and technological breakthroughs, becoming a core growth engine for the industry [11][12]. - The market for bio-based materials is expanding, supported by policies promoting green and low-carbon transitions, with domestic companies advancing in technology and production [12]. - The lubricating oil additive sector has seen a decrease in imports to 203,000 tons in 2023, while exports rose to 208,000 tons, indicating a shift towards becoming a net exporter [12]. Group 3: Downstream Demand Recovery - Gradual recovery in downstream demand is providing solid support for the chemical industry, with the real estate market expected to rebound, boosting demand for construction materials and coatings [19]. - The automotive sector is experiencing stable growth, with a 10.99% year-on-year increase in production in October 2025, further driving the demand for chemical materials [19]. - Policies aimed at stabilizing growth, including those targeting real estate and consumer spending, are expected to enhance downstream demand, while stricter energy and carbon emission regulations are leading to increased industry concentration [19][20]. Group 4: Investment Recommendations - Investment in the chemical industry in 2026 should focus on three core areas: capturing cyclical recovery opportunities from anti-involution, investing in high-growth sectors like bio-based materials and electronic chemicals, and identifying leading companies with cost and scale advantages [21][22]. - The industry is at a critical juncture of cyclical reversal and structural upgrade, with both cyclical and growth opportunities present [22].

| 序号 | 姓名 | 职务 | 任职期限 | | --- | --- | --- | --- | | | 戴直雄 | 董事长、总经理 | 2024 11.29-2027 11.28 | | 2 | 吴勇 | 董事、副总经理兼董事会秘书、财务总监 | 2024.11.29-2027.11.28 | | 3 | 宫庭 | 董事、副总经理 | 2024.11.29-2027.11.28 | | 4 | 张建广 | 职工董事、副总经理 | 2025.9.25-2027.11.28 | | ર | 徐善武 | 副总经理 | 2024.11.29-2027.11.28 | | 6 | 熊传宗 | 副总经理 | 2024.11.29-2027.11.28 | 吴勇，1973 年生，本科学历，会计师。2001 年 9 月 至 2003 年 12 月，历任随州活化石生物保健工程有限公司财务经 理、副总经理;2004 年 1 月至 2013 年 1 月，任犇星有限副总经理;2013 年 2 月至 2017 年 12 月，任齐星车身总经理助 理;2018 年 1 月至今，历任犇星有限及公司副总经理、董事会秘书兼财务总监;2022 ...

南方宝昌混合A（010230）基金经理为林乐峰。 截至发稿，林乐峰累计任职时间9年266天，现任基金资产总规模154.72亿元，任职期间最佳基金回报 151.43%， 任职期间最差基金回报-3.45%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 12月18日，扬农化工涨5.26%，截至发稿，报68.42元/股，成交8893.08万元，换手率0.33%，总市值 277.37亿元。 资料显示，江苏扬农化工股份有限公司位于江苏省扬州市邗江区开发西路203号扬农大厦，成立日期 1999年12月10日，上市日期2002年4月25日，公司主营业务涉及农药产品的研发、生产和销售。主营业 务收入构成为：原药58.64%，贸易20.65%，制剂18.78%，其他1.93%。 从基金十大重仓股角度 数据显示，南方基金旗下1只基金重仓扬农化工。南方宝昌混合A（010230）三季度持有股数5万股，占 基金净值比例为1.36%，位居第八大重仓股。根据测算，今日浮盈赚取约17.1万元。 南方宝 ...

三、常见问题解答 文/梧桐小编 全国股转公司于近期发布了2025年第1期（总第2期）《新三板挂牌发行审核动态》。《动态》包括审核概 况、政策动态、常见问题解答、案例分析、主办券商执业质量等5大部分。小编将常见问题解答（6个问 题）、案例分析（5个案例）、主办券商执业质量（3个案例）搬上来供有兴趣的朋友学习参考。 常见问题解答的6个问题为：1、申请挂牌业务、挂牌公司定向发行及重大资产重组业务对于资产评估机构 备案有什么要求。2、在申请挂牌、定向发行、并购重组项目审核通过后，特殊投资条款是否可以变更？ 3、公司从事互联网平台经营业务有何注意事项？4、收购人收购挂牌公司时，关于同业竞争需注意哪些事 项？5、要约收购应注意哪些事项？6、收购无实际经营业务的挂牌公司，相关资产注入计划需注意哪些事 项？ 案例分析的5个案例为：1、未盈利科技型企业挂牌；2、特殊投资条款；3、超产能生产；4、寄售模式； 5、上市公司收购挂牌公司。 主办券商执业质量的3个案例分别为：1、审核期间未核查资金占用；2、未按要求核查股东资产真实性； 3、在建工程转固时点有误。 问题 1.申请挂牌业务、挂牌公司定向发行及重大资产重 组业务对于资产评估 ...

Company Overview - Zhejiang Yongtai Technology Co., Ltd. was established in 1999 and listed in 2009, headquartered in Taizhou, Zhejiang Province, specializing in fluorine fine chemical manufacturing [2][3] - The company operates multiple production bases across Zhejiang, Inner Mongolia, Fujian, and Guangdong, ensuring sufficient capacity to support future growth [3] Financial Performance - In the first three quarters of 2025, the company achieved revenue of CNY 402,835.11 million, a year-on-year increase of 20.65% [4] - The net profit attributable to shareholders was CNY 3,255.39 million, marking a return to profitability [4] Business Segments and Strategies Lithium Battery Materials - The company has established a vertically integrated supply chain for lithium materials, with production capacities as follows: - Solid lithium hexafluorophosphate: approximately 18,000 tons/year - Liquid lithium bis(fluorosulfonyl)imide: 67,000 tons/year (equivalent to 20,000 tons/year in solid form) - Additives: VC at 10,000 tons/year; FEC at 3,000 tons/year - Electrolyte: 150,000 tons/year [5] - Future plans include enhancing R&D and product offerings to meet diverse customer needs [5] Pharmaceutical Sector - The pharmaceutical segment covers key therapeutic areas including cardiovascular, diabetes, central nervous system, anti-infection, and antiviral, with a vertically integrated supply chain for fluorinated intermediates and active pharmaceutical ingredients [6][7] - The company aims to leverage advanced technologies for deeper development in these areas [7] Agricultural Protection - Focused on fluorinated herbicides, fungicides, and insecticides, the agricultural segment is expanding its global market presence through vertical integration and leveraging overseas registration resources [8] - Plans include enhancing production processes and promoting sustainable agricultural solutions [8] Market Dynamics and Pricing - The price fluctuations of key materials like lithium hexafluorophosphate are influenced by supply-demand dynamics, industry competition, and raw material costs [9] - The company employs a market-driven pricing mechanism for lithium materials, adjusting based on market conditions and customer strategies [12] Production Capacity and Utilization - Current VC production capacity stands at 10,000 tons, with 5,000 tons added in November 2025, expected to be gradually released [10] - The company maintains a high capacity utilization rate to ensure timely order fulfillment [10] Segment Performance - In the first three quarters of 2025, the agricultural protection segment saw a revenue increase of 39.77%, while the lithium materials segment experienced a significant growth of 112.09% [17] - The pharmaceutical segment faced challenges with a revenue decline of 30.62% due to patent expirations and increased competition [18] Future Financing Plans - The company maintains stable relationships with banks and financial institutions, planning to assess and pursue financing opportunities aligned with its strategic needs [18]

Company Overview - Lier Chemical Co., Ltd. is located at No. 58, Huasheng Road, Chenghua District, Chengdu, Sichuan Province, established on July 26, 2000, and listed on July 8, 2008. The company primarily engages in the research, production, and sales of efficient, low-toxicity, low-residue safe pesticides, including chloropyridine, organophosphorus, sulfonylurea, and substituted urea [1][2]. Financial Performance - For the period from January to September 2025, Lier Chemical achieved operating revenue of 6.709 billion yuan, representing a year-on-year growth of 29.31%. The net profit attributable to the parent company was 381 million yuan, showing a significant increase of 189.07% year-on-year [2]. - The company has cumulatively distributed 1.496 billion yuan in dividends since its A-share listing, with 720 million yuan distributed over the past three years [3]. Stock Performance - As of November 24, Lier Chemical's stock price decreased by 2.07%, trading at 12.78 yuan per share, with a total market capitalization of 10.230 billion yuan. The stock has increased by 62.39% year-to-date, but has seen a decline of 4.77% over the last five trading days [1]. - The stock's trading volume on November 24 was 154 million yuan, with a turnover rate of 1.48%. The net outflow of main funds was 12.1278 million yuan, with large orders showing a buy of 27.7502 million yuan and a sell of 29.6346 million yuan [1]. Shareholder Structure - As of October 31, the number of shareholders for Lier Chemical was 42,000, a decrease of 2.35% from the previous period. The average circulating shares per person increased by 2.40% to 19,008 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the fifth largest with 13.308 million shares, an increase of 5.8814 million shares from the previous period. New shareholder Penghua China 50 Mixed Fund holds 5.256 million shares, while Southern CSI 1000 ETF reduced its holdings by 60,900 shares [3].