2021年1月，四川、重庆两省市共同批复设立全国首个跨省共建新区——川渝高竹新区，这片"试验 田"成为广安融入成渝地区双城经济圈的破题之举。 从1301.6亿元到预计超过1700亿元，在"十四五"期间，位于川渝交界处的四川省广安市，地区生产总值 （GDP）连续跨越四个百亿元台阶，2024年增速达6.5%，自2018年以来重回全省第一方阵。 这一成绩的背后，是广安紧抓成渝地区双城经济圈建设的战略机遇。作为唯一全域纳入《重庆都市圈发 展规划》的四川城市，广安正加快与重庆中心城区同城化发展，着力打造重庆都市圈北部副中心。 通过设立全国首个跨省共建新区、构建"331"现代工业体系、推动传统产业"智改数转"，广安的产业版 图正在被重塑。 这座城市正从过去的"偏安一隅"走向川渝合作的"战略前沿"，其在区域经济格局中的角色与分量已然不 同。 川渝高竹新区成"试验田" 承接两省市下放权力174项 高竹新区的核心探索在于经济区与行政区的适度分离。新区承接了川渝两省市政府下放的174项行政执 法权力，这项改革经验已在全国范围内推广。得益于制度创新，截至目前，已有216家企业在此聚集， 新区的工业投资增速高达98.2%，领跑区域。 ...

时代东风来，小平故里新。 非凡"十四五"，我们以高质量发展的全新坐标，致敬这镌刻着奋斗与荣光的峥嵘岁月。 1301.6亿、1417.8亿、1425.0亿、1512.5亿、1615.5亿、1700亿＋（预计），拼出GDP五年跨越四个百亿元台阶！ 这五年，我们不负期待、无愧历史! 超乎寻常的困难挑战被逐个化解，风高浪急的重大考验被一一抵御。广安，于拼搏中蓄积拔节生长的力量，在中国式现代化进程中书写极不平凡的篇章。 这是战略笃定的坚韧五年——四大战略开启新的百年赶考路。 这是追梦圆梦的精彩五年——大事要事关键事在接续奋斗中实现新突破。 这是积厚成势的奋进五年——经济发展在量质齐升中取得新成效。 这是全域焕颜的蝶变五年——城乡融合在共兴共荣中书写新篇章。 这是民生为大的幸福五年——人民福祉在补短提质中彰显新质感。 五年砥砺奋进，广安坚定以习近平新时代中国特色社会主义思想为指导，全面贯彻落实党中央、省委决策部署，牢记小平同志"一定要把广安建设好"的殷切 期望，争做新时代小平家乡种树人，全力抢占制高点、办好关键事、拿出成绩单，加快建设川渝合作示范区、全面建设社会主义现代化广安。 今日之广安，风物长新，气象万千！ 坚韧·战 ...

Core Viewpoint - The company has established strong supply chain relationships with several well-known domestic and international agricultural chemical manufacturers and service providers regarding glyphosate and glufosinate products [1] Group 1 - The company has formed good supply chain relationships with Nufarm, Runfeng Co., Ltd., Haoshoucheng, and Jiangshan Co., Ltd. among others [1] - The company strictly adheres to information disclosure obligations and reports sales and procurement data of its top five customers and suppliers in its periodic reports [1]

Core Viewpoint - The company has announced adjustments to its production capacity in response to customer demand for glyphosate products, increasing the production scale of its Indonesian project from 200,000 tons/year to 350,000 tons/year while pausing the implementation of a sodium carbonate and ammonium chloride project due to regulatory delays [8][10][11]. Financial Data - The third-quarter financial report for 2025 has been approved by the board, confirming the accuracy and completeness of the financial information presented [2][7]. - The financial statements for the first nine months of 2025 are unaudited, with the company confirming that there are no significant changes in its financial condition or operational results [3][6]. Shareholder Information - The company has disclosed that it holds or has joint ventures in 41 mineral resources, with only 2 salt mining rights currently in production [5][11]. Investment Progress - The company has been actively communicating with potential customers to align production with market demand, leading to the decision to convert the entire 500,000 tons/year dual glyphosate production into glyphosate [10][11]. - The adjustment in production capacity is part of the company's strategy to enhance competitiveness in the glyphosate sector and is supported by ongoing technological innovations and process optimizations [11]. Project Impact - The capacity adjustment is expected to lower overall investment costs and operational risks without significantly impacting the company's financial status or core business operations [11].

证券代码：600389 证券简称：江山股份 公告编号：临 2025-053 主要产品 2025 年 1-9 月产量 （吨） 2025 年 1-9 月销量 （吨） 2025 年 1-9 月销 售金额（万元） 除草剂产品 69,186.61 77,570.04 203,389.99 杀虫剂产品 18,147.73 20,846.32 55,354.20 氯碱产品 700,266.70 470,554.83 42,082.32 阻燃剂（磷系） 产品 45,280.33 50,604.57 37,999.77 一、主要产品的产量、销量及收入实现情况 主要产品 2025 年 1-9 月平 均售价（元/吨） 2024 年 1-9 月平 均售价（元/吨） 同期变动 比率（%） 第二季度环比 变动比率（%） 除草剂产品 26,220.17 30,010.43 -12.63 6.93 杀虫剂产品 26,553.46 27,147.14 -2.19 -0.62 氯碱产品 894.31 893.18 0.13 -3.69 二、主要产品的价格变动情况（不含税） 南通江山农药化工股份有限公司 2025 年三季度主要经营数据公告 本公司 ...

Group 1 - The core viewpoint of the article highlights the reasons behind the stock surge of Hebang Biotechnology, including its strategic shift towards mineral resources, strong performance in methionine business, and successful convertible bond issuance [1] Group 2 - The company is transitioning from traditional chemicals to a dual-driven model of "chemicals + resources," having acquired 40 mining rights, including 22 lithium exploration rights, which is expected to contribute to future profit growth [1] - The methionine business has shown impressive performance with a year-on-year sales increase of 72.58%, maintaining high sales prices, which positively impacts the overall company performance [1] - The successful issuance of 4.6 billion yuan in convertible bonds provides sufficient funding for the annual production of 500,000 tons of glyphosate, supporting the company's business development [1] - The chemical sector has seen active performance from certain stocks, with Hebang Biotechnology experiencing capital inflow in its specific sub-sector [1] - Technical indicators, such as the MACD showing a golden cross, suggest a positive short-term technical outlook, attracting technical investors [1]

Group 1 - The report highlights the top ten convertible bonds for October, emphasizing companies like Zhengfan Technology, Wentai Technology, and Huanxu Electronics, which are positioned for growth in their respective sectors [1][2][57]. - Zhengfan Technology's non-equipment business is a key driver of its continuous performance growth, focusing on high-tech industries such as integrated circuits and biopharmaceuticals [8][9]. - Wentai Technology is recognized as a global leader in automotive semiconductors, with a strong focus on high ASP products that support its future growth [38][39]. Group 2 - Huanxu Electronics provides comprehensive manufacturing services for electronic products, with a strong presence in cloud computing and data centers, indicating robust demand in these sectors [46][48]. - The report suggests that the "反内卷" (anti-involution) trend may create opportunities for midstream sectors like new energy and steel, which could see price recoveries [2][58]. - The report anticipates that the inflow of fixed-income funds into the convertible bond market will continue, supporting valuations and reducing the likelihood of significant declines in October [2][58]. Group 3 - The report identifies specific convertible bonds to watch, including those from companies like TianNeng Heavy Industry, which is a domestic leader in wind power tower manufacturing, and is expected to benefit from increasing demand in the renewable energy sector [42][43]. - The agricultural chemical sector is highlighted through Hebang Biological, which is experiencing improved profitability due to favorable supply-demand dynamics in glyphosate products [24][27]. - The report also notes that companies like Youfa Group are poised to benefit from the new round of supply-side reforms, enhancing their national and international market presence [19][20].

Core Insights - The 2025 China (Leshan) Green Chemical Industry High-Quality Development Conference was held from September 16 to 18, 2023, focusing on opportunities and future prospects for the green chemical industry [1][2] - Leshan aims to develop a trillion-yuan green chemical industry by 2030, following the success of its trillion-yuan crystalline silicon photovoltaic industry [1][2] Group 1: Industry Development Goals - Leshan has identified green chemicals as its second trillion-yuan industry, following crystalline silicon photovoltaics, to leverage its resource advantages into industrial strengths [2] - The city plans to achieve a total output value of 500 billion yuan for the green chemical industry by 2027 and exceed 1 trillion yuan by 2030 [6] Group 2: Current Industry Status - In 2024, Leshan's chemical industry is projected to reach an annual output value of approximately 28 billion yuan, reflecting an 11.18% year-on-year growth [2] - From January to July 2023, the output value reached 14.13 billion yuan [2] Group 3: Investment and Projects - The conference facilitated the signing of 11 projects with a total investment of 26.05 billion yuan, covering various fields such as semiconductor materials and electronic-grade sulfuric acid [3] - Leshan has 33 large-scale enterprises in the green chemical sector and has reserved 36 green chemical projects with a total investment exceeding 60 billion yuan, which could generate an additional output value of over 100 billion yuan [2] Group 4: Strategic Planning and Collaboration - Leshan's "15th Five-Year" green chemical industry development plan was approved, focusing on creating six major industrial clusters based on regional resource advantages [4] - The city is promoting collaborative development among its districts and counties, optimizing industrial layout and enhancing supply chain cooperation [5]

南通江山农药化工股份有限公司 2025 年半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。 根据上海证券交易所《上市公司自律监管指引第 3 号行业信息披露：第十三 号—化工》、《关于做好主板上市公司 2025 年半年度报告披露工作的重要提醒》 的要求，南通江山农药化工股份有限公司（以下简称"公司"）现将 2025 年半年 度主要经营数据披露如下： 注 1：上述产量含自用量、农药按含量折原药计算（下同）。 注 2：除草剂产品包括草甘膦、酰胺类等产品；杀虫剂产品包括敌百虫、敌敌畏、二嗪 磷等产品；氯碱产品包括烧碱、盐酸、液氯、次氯酸钠等产品，其中烧碱产销量 按 32%、48%烧碱实物量计算（下同）。 证券代码：600389 证券简称：江山股份 公告编号：临 2025-044 注 3：阻燃剂（磷系）产品包含 TCPP、BDP 产品（下同）。 | 主要产品 | 2025 | 年 | 1-6 月平 | 2024 月平 | 年 | 1-6 | 同期变动 | 第二季度环比 | | --- | --- | --- | - ...

Core Viewpoint - The company is facing significant challenges in its chemical business, with a notable decline in revenue and profit, while attempting to pivot towards mining resources as a counterbalance to its losses in the chemical sector [1][2][3]. Financial Performance - The company reported a revenue of 3.92 billion yuan in the first half of 2025, a year-on-year decrease of 19.13% [4] - Net profit attributable to shareholders was only 0.52 billion yuan, down 73.07% year-on-year, with a non-recurring net profit decline of 74.88% [1][4] - The gross margin for the first half of 2025 was 9.45%, a decrease of 1.72 percentage points compared to the previous year [3][4] Mining Sector Development - The mining segment has become a crucial support for the company's performance, contributing over 1.42 billion yuan in profit during the reporting period [2] - The company holds a total of 40 mining rights across various resource types, including salt, phosphorus, gold, silver, lead-zinc, copper, lithium, tin, and silicon [2] - The company is actively recruiting mining professionals, having hired 265 new employees, including 20 experts, to support its mining expansion [5] Chemical Business Challenges - The chemical segment is under pressure, with a mixed performance: methionine sales surged by 72.58%, while the product linked to the company's revenue (linked to nearly 24% of total revenue) continues to incur losses [3] - Sales expenses increased by 27.18% year-on-year, indicating rising costs in market expansion efforts [3][4] - Research and development expenses decreased by 43.83%, raising concerns about the company's competitive edge in innovation [3][4] Strategic Investments and Cash Flow - The company is investing heavily in a 500,000-ton/year glyphosate project, with total contract amounts reaching 1.56 billion yuan [5] - Cash outflow from investment activities was 423 million yuan, although this was an improvement compared to the previous year [5] - The financing environment is tightening, as indicated by a 48.92% decrease in cash inflow from financing activities [5] Industry Context - The photovoltaic glass sector shows signs of recovery, but the overall industry remains in an adjustment phase, with significant market volatility affecting product performance [6][7] - The company's ability to successfully implement its dual development strategy and achieve sustained growth remains uncertain in the current market environment [7]