新华网北京9月26日电工业和信息化部、生态环境部、应急管理部、中国人民银行、国家市场监督管理 总局、国家金融监督管理总局、中华全国供销合作总社等七部门近日联合发布《石化化工行业稳增长工 作方案（2025—2026年）》（以下简称《工作方案》），旨在破解行业发展瓶颈，推动石化化工行业实 现平稳运行与结构优化升级的双重目标。《工作方案》围绕五大方向部署10项重点任务，构建稳增长与 促转型的双重动力体系。 本周重点产品价格跟踪点评 本周WTI油价上涨4.9%，为65.72美元/桶。 天风证券近日发布基础化工行业：电工业和信息化部、生态环境部、应急管理部、中国人民银行、国家 市场监督管理总局、国家金融监督管理总局、中华全国供销合作总社等七部门近日联合发布《石化化工 行业稳增长工作方案（2025—2026年）》（以下简称《工作方案》），旨在破解行业发展瓶颈，推动石 化化工行业实现平稳运行与结构优化升级的双重目标。 天风证券近日发布基础化工行业：电工业和信息化部、生态环境部、应急管理部、中国人民银行、国家 市场监督管理总局、国家金融监督管理总局、中华全国供销合作总社等七部门近日联合发布《石化化工 行业稳增长工作方案（20 ...

Core Viewpoint - The continuous expansion of crop planting area in China is driving the growth of the herbicide market, with increasing demand for long-lasting herbicides in non-agricultural sectors such as railways and industrial parks, leading companies to develop environmentally friendly formulations with a duration of over six months [1][9]. Summary by Sections Overview - The herbicide market is defined under the revised "Pesticide Management Regulations" by the State Council, which categorizes herbicides as substances used to suppress or kill weeds, thereby protecting crops [2]. - There are over 300 types of herbicides, classified into thirteen categories based on their chemical structure [2]. Industry Chain - The upstream of the herbicide industry includes suppliers of petrochemical raw materials, inorganic chemicals, and production equipment, while the midstream consists of glyphosate processing enterprises, and the downstream primarily serves agricultural and non-agricultural weed control markets [7][8]. Current Development - The total production of agricultural raw materials in China is projected to reach 3.3126 million tons in 2024, with herbicides accounting for 1.2719 million tons, representing 38.40% of the total [1][9]. - The demand for herbicides is expected to grow due to the continuous increase in crop planting area, which reached 173 million hectares in 2024, with various crops showing positive growth rates [8]. Import and Export Trade - In 2024, China's herbicide exports are expected to reach 2.1244 million tons, generating an export revenue of approximately $5.085 billion, with retail packaging accounting for 57.21% of the exports [10]. Competitive Landscape - The herbicide market in China is characterized by the coexistence of domestic and foreign companies, with leading firms like Bayer, Syngenta, and BASF holding significant market shares, while domestic companies such as Adama, Xingfa Group, and New Hope Group have also enhanced their market competitiveness [11]. Key Companies - Adama's revenue in 2024 is projected to exceed 29.49 billion yuan, with herbicide sales contributing 39.77% of its total revenue [11]. - New Hope Group is expected to achieve a revenue of 14.67 billion yuan in 2024, with a gross profit margin of 11.07% [12]. Future Trends - The future of the herbicide industry may see the integration of drone technology for real-time weed monitoring and targeted application, as well as a shift towards a closed-loop ecosystem that encompasses research, production, service, and recycling [13].

Group 1 - The report highlights the mixed impact of tailing factors on CPI and PPI, with CPI showing a decline of 0.4% year-on-year in August 2025, while PPI decreased by 2.9% year-on-year, indicating a potential recovery in PPI due to reduced base pressure [6][11]. - In August, CPI's month-on-month change was 0.0%, lower than the five-year average of 0.2%, with food prices underperforming seasonally and non-food prices showing stability [7][8]. - Core CPI continued its upward trend, reaching a year-on-year increase of 0.9%, supported by rising service prices and gold prices [9]. Group 2 - The agricultural pesticide industry is experiencing a continuous destocking phase, with total inventory as of June 30, 2025, at 13.94% of total assets, down from the previous quarter, indicating a potential recovery in industry sentiment [12]. - Prices for certain pesticide products have risen significantly, with glyphosate up 14.81%, paraquat up 39.13%, and other key products showing similar increases, suggesting a positive trend for the agricultural pesticide sector [12]. - The report suggests that supply-side structural optimization is expected, with a focus on sectors with significant elasticity and advantages, such as organic silicon and dye industries, as well as leading companies in these sectors [14][15]. Group 3 - The report notes that the European Central Bank maintained its key interest rates, aligning with market expectations, while the U.S. CPI for August 2025 showed a year-on-year increase of 2.9%, consistent with forecasts [17][18]. - The Chinese government has approved a comprehensive reform pilot plan for market-oriented allocation of factors in several regions, aiming to enhance the efficiency of resource allocation and stimulate market potential [20]. - The A-share market showed a significant rebound, with the Shanghai Composite Index rising by 1.65% to close at 3875 points, indicating a positive market sentiment [22][23].

Group 1 - The report highlights the mixed impact of tailing factors on CPI and PPI, with CPI being dragged down while PPI shows support [6][11] - In August 2025, CPI decreased by 0.4% year-on-year, while PPI decreased by 2.9% year-on-year, indicating a slight recovery in PPI compared to previous months [6][11] - The agricultural chemical industry is experiencing a continuous destocking phase, with some product prices starting to rise, indicating potential recovery in industry sentiment [12][14] Group 2 - The report notes that food prices are under pressure due to high base effects, particularly for pork prices, which are expected to continue dragging down CPI until November [8][9] - Non-food prices remain relatively stable, with a year-on-year increase of 0.5% in August, supported by service prices and potential policy measures to boost consumption [9][10] - The agricultural chemical sector shows signs of recovery, with significant price increases for key products such as glyphosate and paraquat, indicating a positive trend for the industry [12][14] Group 3 - The report discusses the performance of the A-share market, noting a slight increase in the Shanghai Composite Index, while large funds continue to show net outflows [20][21] - The report emphasizes the importance of monitoring short-term technical conditions in the market, as indicators suggest a cautious approach is warranted [20][21] - The report provides insights into sector performance, highlighting strong gains in the oil and gas sector, while other sectors like non-metal materials and energy metals have shown declines [22][25]

Group 1 - The core viewpoint of the report highlights that by the end of 2024, China's new energy storage capacity will reach 73.76 million kilowatts / 168 million kilowatt-hours, accounting for over 40% of the global total, making China the world's largest in this sector [1][3]. - As of June 30 this year, the installed capacity of new energy storage in China reached 94.91 million kilowatts / 222 million kilowatt-hours, representing an approximate growth of 29% compared to the end of 2024 [1][3]. - Key regions contributing to this growth include Inner Mongolia and Xinjiang, each exceeding 10 million kilowatts, while Shandong, Jiangsu, and Ningxia have all surpassed 5 million kilowatts [1][3]. Group 2 - The basic chemical sector saw a weekly increase of 0.62%, outperforming the CSI 300 index, which declined by 0.81%, resulting in a relative outperformance of 1.43 percentage points [7]. - The top five chemical products with price increases this week include methyl maltose (+8%), paraquat (+6.7%), and epoxy chloropropane (+5.5%) [4][7]. - The report indicates that the market for paraquat is experiencing strong performance, with prices rising due to tight supply and robust demand, particularly from overseas markets [4][8]. Group 3 - The report emphasizes the importance of monitoring supply and demand changes in various sub-industries, particularly those driven by domestic demand to counteract tariff impacts [8]. - Recommendations for specific companies include Jinhe Industrial for sucralose, Yangnong Chemical and Runfeng Shares for pesticides, and Wanhua Chemical for MDI [8]. - The report also suggests that industries with potential for recovery in capacity include organic silicon and spandex, with specific companies highlighted for investment opportunities [8][9].

Group 1: Macro Strategy and Market Overview - The report emphasizes the importance of coordinated fiscal and monetary policies to support economic recovery amid a complex market environment [3] - In the equity market, major indices experienced slight adjustments, with the ChiNext Index rising by 2.35% in the first week of September [3] - The central bank maintained a loose liquidity environment, with the DR007 rate staying below 1.5% [3] Group 2: Pharmaceutical Industry Insights - The weight loss market is rapidly growing, with over 2.6 billion people affected by overweight/obesity globally as of 2020, projected to exceed 4 billion by 2035 [5] - Novo Nordisk's oral version of semaglutide has been accepted for FDA review, marking a significant advancement in the oral GLP-1 weight loss drug market [5] - Data underperformance in oral GLP-1 pipelines may accelerate domestic BD opportunities, with potential for local drug companies to achieve significant results [5] Group 3: Energy Sector Analysis - U.S. shale oil companies have reduced capital expenditure and production guidance for 2025, indicating a cautious outlook [6][8] - The report predicts that if WTI prices remain below $60 per barrel, shale oil production may decline significantly [8] - OPEC+ is expected to increase production, potentially leading to oversupply and price corrections in the fourth quarter [9] Group 4: Chemical Industry Developments - China has become the world's largest new energy storage market, with installed capacity reaching 73.76 million kilowatts by the end of 2024 [11] - Prices for paraquat have risen due to strong demand and tight supply, while epoxy chloropropane market transactions have increased [11] Group 5: Retail Sector Performance - Chongqing Department Store reported a revenue of 8 billion yuan in H1 2025, a 10% year-on-year decline, but net profit increased by 8.7% [12] - The company has successfully adjusted 32 stores, resulting in a 53% increase in customer traffic [12] Group 6: Company-Specific Insights - Milky Way's net profit is expected to grow from 6.6 billion to 9.3 billion yuan from 2025 to 2027, with a target price of 81.49 yuan based on a PE of 16 [42][43] - China Ruyi's revenue for H1 2025 reached 2.206 billion yuan, a 19.93% increase, with a net profit turnaround to 1.228 billion yuan [36][37]

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The pesticide industry is experiencing continuous destocking, with some products starting to see price increases, indicating a potential recovery in industry sentiment [5][11] - The overall performance of the chemical industry is showing signs of recovery in H1 2025, driven by supply elasticity and domestic demand for localization under new technological trends [5] - Supply-side structural optimization is expected, with a focus on sectors with significant elasticity and competitive advantages [5][16] - New consumption trends and technological self-circulation are driving demand for health additives and sugar substitutes, leading to potential growth in the food additive sector [5][17] Summary by Sections 1. Industry News and Events - The pesticide sector's total inventory as of June 30, 2025, accounted for 13.94% of total assets, down 0.12 percentage points from March 31, 2025, indicating ongoing destocking since the peak in September 2023 [11] - Prices for certain pesticide products have risen since the beginning of 2025, with glyphosate, paraquat, and mancozeb increasing by 14.81%, 39.13%, and 12.50% respectively [13] 2. Chemical Sector Performance - For the week of September 1-5, 2025, the CSI 300 index fell by 0.81%, while the Shenwan Basic Chemical Index dropped by 1.36%, underperforming the market [18][21] - The top five performing sub-sectors included modified plastics (2.52%) and inorganic salts (1.03%), while the worst performers included oil and petrochemical trading (-4.08%) and synthetic resins (-3.74%) [21] 3. Price Tracking of Key Products - Notable price increases for the week included hydrochloric acid (27.27%) and NYMEX natural gas (4.65%), while TDI saw a decrease of 5.56% [30][31] - The price spread for carbon black against coal tar increased by 93.63%, indicating significant market dynamics [32][33] 4. Investment Recommendations - Focus on sectors with significant supply-side reform potential, such as organic silicon and membrane materials, and consider leading companies like Hoshine Silicon Industry and Zhejiang Longsheng [5][16] - Emphasize companies with relative advantages in weak supply-demand conditions, such as Baofeng Energy in coal chemical and Juhua Co. in fluorochemical refrigerants [5][16]

Financial Performance - The company reported a total revenue of 1.46 billion yuan for the first half of 2025, a decrease of 11.08% year-on-year [1] - The net profit attributable to shareholders was -208 million yuan, representing a decline of 1081.73% compared to the previous year [1] - In Q2 2025, the total revenue was 613 million yuan, down 23.09% year-on-year, with a net profit of -238 million yuan, a decrease of 20678.09% [1] - The gross margin fell to 6.02%, down 76.69% year-on-year, while the net margin was -14.67%, a drop of 1310.07% [1] Financial Ratios - The current ratio increased to 0.64, indicating rising short-term debt pressure [1] - Total expenses (selling, administrative, and financial) amounted to 307 million yuan, accounting for 21.02% of revenue, an increase of 2.23% year-on-year [1] - The earnings per share (EPS) was -0.16 yuan, a significant decline of 1185.14% year-on-year [1] Cash Flow and Debt - Cash flow per share was 0.1 yuan, down 49.52% year-on-year [1] - The company’s cash and cash equivalents decreased by 47.98% to 163 million yuan [1] - The ratio of financial expenses to the average operating cash flow over the past three years reached 64.51% [3] Product and Capacity Overview - The company produces various intermediates with capacities including 75,000 tons/year of pyridine alkaloids and 15,000 tons/year of 2,2'-bipyridine [4] - Herbicide production includes 32,000 tons/year of paraquat and 5,000 tons/year of dichloropropene [4] - The company is developing new insecticide technologies and has ongoing projects in Yunnan with significant production capacities planned [4]

Group 1 - The core viewpoint of the article highlights the financial performance and strategic initiatives of Zhongnong Lihua Bio-Tech Co., Ltd. in the first half of 2025, amidst challenging market conditions in the pesticide industry [2][3] - In the first half of 2025, Zhongnong Lihua reported total assets of 6.753 billion yuan, operating revenue of 6.745 billion yuan, and a net profit of 159 million yuan, with net profit attributable to shareholders reaching 142 million yuan [2] - The company continued to advance the construction of agricultural service centers, establishing 5 new service centers in key regions such as Zhejiang, Henan, Sichuan, and Hunan, focusing on local key crops [2] Group 2 - Zhongnong Lihua launched 11 new products in the first half of 2025, enhancing its product line and solutions for key crops, with significant sales growth driven by the "Zhongnong Dingliangzhu" disease prevention and yield increase program [2] - The company strengthened its overseas product registration, obtaining 40 new registrations in the first half of 2025, bringing the total to 2,081 registrations by June 2025, with increasing sales of self-registered products in countries like Argentina and Brazil [3] - To address fluctuations in raw material prices, Zhongnong Lihua adjusted its product structure, optimized the proportion of high-value-added products, and improved inventory turnover, while also enhancing logistics and warehouse management to ensure timely delivery [3]

Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, specifically recommending Shengquan Group, Hailide, Zhuoyue New Energy, and Ruile New Materials [4][5]. Core Insights - The report emphasizes the importance of focusing on companies with strong performance in the first half of the year, particularly those that are less correlated with macroeconomic fluctuations and benefit from ongoing AI capital investments [1][2]. - The phosphate fertilizer export window is expected to remain open, with high demand anticipated to continue, benefiting large phosphate chemical companies like Yuntianhua [2]. - The report highlights the potential for the pesticide industry to improve due to increased safety regulations following recent chemical accidents, which may lead to the elimination of non-compliant production capacities [3]. Summary by Sections Key Companies and Performance - Shengquan Group is identified as a major domestic supplier of electronic resins for AI servers, with expected performance improvements due to rising server shipments [1]. - Hailide is noted for benefiting from U.S. tariff conflicts, being a leading company in the polyester industrial yarn sector [1]. - Zhuoyue New Energy is expected to see performance upgrades with new projects and products coming online [1]. - Ruile New Materials anticipates a 69.93% year-on-year increase in net profit for the first half of 2025, driven by significant growth in its pharmaceutical segment [1]. Market Trends - The chemical industry index rose by 2.86% this week, underperforming the CSI 300 index by 1.32% [11]. - Among 462 stocks in the chemical sector, 53% saw weekly gains, while 45% experienced declines [17]. - Key chemical products such as liquid chlorine, lithium carbonate, synthetic ammonia, and organic silicon saw significant price increases this week [20]. Sub-industry Insights - The polyester filament market is experiencing price increases, with average prices for POY, FDY, and DTY rising by 50-55 CNY per ton [24]. - The tire industry shows an increase in operating rates, with full steel tire rates at 64.97% and semi-steel tire rates at 71.87% [29]. - The refrigerant market remains strong, with R22 and R134a prices holding steady at high levels due to stable demand and limited supply [35][37].