基础化工行业 行业研究 | 行业周报 磷化工战略重要性受到市场认知 核心观点 投资建议与投资标的 ⚫ 我们持续看好化工各子行业景气复苏机遇，如 MDI 龙头：万华化学(600309，买 入) ；PVC 行业，相关企业包括：中泰化学(002092，未评级)、新疆天业(600075， 未评级)、氯碱化工(600618，未评级)、天原股份(002386，未评级)。炼化行业我们 推荐相关龙头企业中国石化(600028，买入)、荣盛石化(002493，买入)、恒力石化 (600346，买入)。农化产业链我们看好技术服务为导向的龙头的增长机会，植调剂 龙头国光股份(002749，买入)；复合肥龙头，相关企业新洋丰(000902，买入)、史 丹利(002588，未评级)、云图控股(002539，未评级)；农药制剂出海龙头润丰股份 (301035，买入)。以及景气度持续性受储能高速增长拉动的磷化工中相关标的包 括：川恒股份(002895，未评级)、云天化(600096，未评级)等。草酸行业中，建议 关注：华鲁恒升(600426，买入)、华谊集团(600623，买入)、万凯新材(301216，买 入)。 风险提示 ⚫ 需求不及 ...

从田间地头到工业车间，从国防重器到民生安防，三家民营企业以科技创新为翼，既立足主业做精做 强，又勇于开拓新领域新市场。他们的经营实践印证了唯有坚守创新初心、聚焦核心能力、精准对接需 求，方能在激烈竞争中脱颖而出，为区域经济发展注入持久动力。 国光股份以"产品+技术服务"模式，将植调剂这一"增产法宝"送到田间地头，在行业低迷期实现逆势增 长；侨源股份凭借"过硬技术+诚信"的坚守，稳居气体细分行业的区域龙头地位；天微电子则以"AI+安 全"为钥，从重点装备领域向民用市场跨界突破，今年前三季度业绩实现大幅增长。 编者按 在时代浪潮中冲浪，科技创新是企业穿越周期、行稳致远的核心密码。扎根成都的国光股份、侨源股 份、天微电子三家民营上市公司，虽分属不同行业，却以同样的创新坚守与发展智慧，为民营经济高质 量发展贡献了自身力量。 ...

Group 1 - The company's overall gross margin reached 47% in the first half of 2025, with the core pesticide business gross margin at 51%, the highest level in five years, driven by the rapid sales growth of high-margin products like plant growth regulators [1] - The continuous growth in sales of plant growth regulators is attributed to the company's competitive advantages, being the largest company in terms of registered varieties and revenue in the domestic market, along with rich application experience [1] - The company achieved a net profit attributable to shareholders of 231 million yuan in the first half of 2025, representing a year-on-year growth of 6.05% [1] Group 2 - The company obtained 9 pesticide registration certificates and 11 fertilizer registration certificates in the first half of 2025, further enriching its product line [2] - R&D expenses increased by over 40% year-on-year, indicating a commitment to long-term competitiveness despite a slight slowdown in profit growth compared to revenue growth in the short term [2] - The plant growth regulator market is characterized by low usage but specific application methods, requiring a combination of different functional components, which complicates the development of single product logic [2] Group 3 - The implementation of the "one certificate, one product" policy is expected to benefit leading formulation companies by regulating the market and promoting the exit of non-compliant enterprises [3] - The company is expected to see an increase in competitive advantages due to its rich reserve of registration certificates and independent channel capabilities [3] - The profit forecasts for 2025-2027 have been adjusted to 430 million, 526 million, and 647 million yuan respectively, with a target price of 22.08 yuan based on a 24 times price-to-earnings ratio for comparable companies [3]