Investment Rating - The report rates the industry as "Positive" [6] Core Insights - Potassium is one of the three essential nutrients for crop growth, often referred to as "the grain of food" [2] - The global potassium fertilizer market is projected to reach USD 28.12 billion in 2024, with a compound annual growth rate (CAGR) of 3.9% expected until 2033 [27] - The supply of potassium is dominated by a few major players, leading to a clear oligopoly in the industry [2][44] Industry Overview - Potassium is essential for crop growth, with a market size exceeding USD 100 billion [15] - The potassium resource is divided into solid potassium ores and potassium brine, with solid potassium ores being the majority [28] - Global potassium resources are unevenly distributed, with China holding only 4% of the world's reserves, leading to significant reliance on imports [2][53] Demand Analysis - Global potassium fertilizer demand is expected to grow steadily due to population increases, with an average annual growth rate of 2.67% projected from 2024 to 2030 [3] - Key regions driving demand include China, Southeast Asia, and Brazil, with specific agricultural practices increasing potassium usage [3][18] - By 2030, global potassium fertilizer demand is anticipated to reach 85.2 million tons [3] Supply Analysis - Capital expenditures for greenfield potassium projects are substantial, with development cycles typically ranging from 7 to 10 years [4] - Major projects, such as BHP's Jansen project, are expected to significantly increase global potassium production capacity [4][20] - If current projects are completed on schedule, global potassium production could reach 90.9 million tons by 2030, with a CAGR of 2.35% from 2024 to 2030 [4] Price Trends - Short-term price trends for potassium fertilizers are expected to be strong, influenced by supply constraints and high demand in key markets [5] - The price of potassium fertilizers is projected to face upward pressure until 2026, after which it may stabilize as new projects come online [5][26] - The long-term price will be supported by marginal costs, despite potential oversupply in the future [5]

《湖北振 华化学股份有限公司与华泰联合证券有限责任公司关于湖北振华化学股份有限 公司向不特定对象发行可转换公司债券之债券受托管理协议》（以下简称"受托 管理协议"）、《湖北振华化学股份有限公司向不特定对象发行可转换公司债券并 在主板上市募集说明书》 （以下简称"募集说明书"）、 《湖北振华化学股份有限公 司 2024 年年度报告》等相关公开信息披露文件、第三方中介机构出具的专业意 见等，由本期可转换公司债券受托管理人华泰联合证券有限责任公司（以下简称 "华泰联合证券"）编制。华泰联合证券对本报告中所包含的从上述文件中引述 内容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和完 整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为华泰联合证券所作的 承诺或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，华 泰联合证券不承担任何责任。 目 录 第一节 本次债券情况 一、本次债券的核准文件及核准规模 股票代码：603067 股票简称：振华股份 转债代码：113687 转债简称：振华转债 ...

Core Viewpoint - Blue Star Adisseo Co., Ltd. is seeking to raise funds through a specific stock issuance, with a total investment of 6.857 billion yuan for four projects and working capital, aiming for an internal rate of return between 13.57% and 25% [2][3]. Fundraising and Investment Projects - The total investment for the fundraising projects is 6.857 billion yuan, with a maximum of 3 billion yuan to be raised, allocated to four projects and 900 million yuan for working capital [2]. - The construction period for the four projects ranges from 15 to 26 months, with expected benefits from cost reductions and additional income from biogas [2]. Project Details - The first project is a solid methionine production project with an investment of approximately 493.23 million yuan, accounting for 100% of the total investment for this project [3][4]. - The second project involves a special feed additive with a total investment of 304.97 million yuan, with 60 million yuan sourced from the fundraising [11]. - The third project focuses on acrylic wastewater treatment and water reuse, with a total investment of 324.97 million yuan and 100 million yuan from the fundraising [15][19]. Cost Estimation and Reasonableness - The cost estimation for the solid methionine project is based on market prices and relevant cost estimation methods, ensuring its reasonableness [4][5]. - The unit construction cost for the solid methionine project is 3,593.25 yuan per square meter, which is within the range of similar projects in the region [7][12]. - The equipment costs for the projects are estimated based on supplier quotes and historical prices, ensuring that the pricing is reasonable [13][14]. Financial Justification - The financing scale is justified by the company's operational needs, cash flow, and projected funding gaps, with a future funding shortfall of approximately 5.566 billion yuan over the next three years [19].

Core Viewpoint - The company has approved a comprehensive credit facility of up to 2 billion RMB to support its subsidiary, Fujian Huakang Pharmaceutical Co., Ltd, through various banks and financial institutions [1][2]. Group 1: Guarantee Details - The company has provided a total guarantee amount of 15 million RMB, leaving a remaining guarantee capacity of 65 million RMB as of the announcement date [2][4]. - Fujian Huakang is a wholly-owned subsidiary of the company, with the company holding 85% of its shares [3][4]. - The guarantee is aimed at meeting the operational needs of the subsidiary and is deemed to have low risk due to the company's control over the subsidiary [4]. Group 2: Financial Information - As of December 31, 2024, Fujian Huakang reported total assets of 58.23 million RMB, total liabilities of 34.01 million RMB, and net assets of 24.23 million RMB [2]. - As of March 31, 2025, Fujian Huakang's total assets increased to 61.10 million RMB, with total liabilities of 30.74 million RMB and net assets of 30.36 million RMB [3]. Group 3: Guarantee Agreement - The company signed a maximum guarantee contract with Xiamen Bank for a guarantee amount of 15 million RMB for Fujian Huakang [3][4]. - There are no associated guarantees or overdue guarantees reported [3][4].

据南京海关统计，今年1—5月，江苏对中亚五国出口89亿元，同比增长21.4%。 从江苏到中亚，不仅是"钢铁驼队"往来驰骋，二手车出口业务也迎来了销售热潮。日前，江苏世极 星联国际贸易有限公司以全国通关一体化方式向苏州海关申报出口一批电动二手汽车，这批货值约90万 元的新能源汽车将以公路运输的方式运往乌兹别克斯坦。为助力企业驰骋中亚市场，苏州海关设立二手 车出口服务专员，对接服务辖区二手车出口企业，预先了解二手车出口的常规品牌、排气量、车型等申 报要素，指导企业做好出口申报。 近日，一列满载货物的中欧班列从中哈（连云港）物流合作基地发出，将经霍尔果斯口岸出境，驶 向哈萨克斯坦等中亚国家和地区。"货物从基地发出6天就能抵达哈萨克斯坦的阿拉木图，10天左右能到 达乌兹别克斯坦的塔什干，十几天就能到达吉尔吉斯斯坦的阿拉梅金。"中哈国际物流有限公司副总经 理孔祥伟介绍，今年以来，中哈（连云港）物流合作基地实现业务新突破，成功开拓乌兹别克斯坦硫酸 钾过境运输，与既有氯化钾、尿素、氮磷钾复合肥形成四大化肥产品矩阵，进一步服务共建"一带一 路"国家农业需求。 "我们运用信息化技术，实现全流程无纸化管理的转关作业，同时叠加应用 ...

Core Viewpoint - The Chinese potassium fertilizer import negotiation group has reached an agreement with a Dubai-based company on the 2025 annual import contract price, set at $346 per ton CFR, which reflects a significant increase from last year's price of $273 per ton CFR [1][2]. Group 1: Price Dynamics - The agreed contract price of $346 per ton CFR is $73 higher than last year's price and is $3 lower than the recent contract price signed by India [1]. - The current market price for potassium fertilizer in China is significantly higher than the agreed contract price, with domestic prices for 60% potassium chloride ranging from 3200 to 3250 yuan per ton [1]. - Recent trends show a general decline in potassium chloride prices in China, with a decrease of 50 yuan per ton this week [2]. Group 2: Market Context - The negotiation group, consisting of companies like Sinochem and China National Agricultural Development Group, has been active since 2005, with the highest historical price recorded in 2022 at $590 per ton [2]. - China is a major importer of potassium fertilizer, with a projected increase in import volume for 2024, reaching 1263 million tons, up from 1157 million tons in 2023 [2]. - In contrast, India is entirely reliant on imports for its potassium fertilizer needs, having imported 3 million tons last year [2]. Group 3: Import Statistics - According to Chinese customs data, the total import volume of potassium fertilizer in April 2025 is approximately 1.22 million tons, with a year-on-year increase of 46.9% for potassium chloride [2]. - The import of sulfate potassium has also seen a significant increase, with a year-on-year growth of 211.1% [2].

复合肥行业周度报告 [2025年6月5日] 市场逻辑： ① 夏季肥市场收尾阶段，复合肥新接单有限，生产积极性下降，供应下降3.3%。 ② 原料中磷钾暂稳，而尿素偏弱，影响复合肥成交重心，局部交投下滑。 ③ 扫尾阶段，市场操作心态较为谨慎。 表1 复合肥及相关产品周度价格一览表 | 产品 | 区域/类别 | 本期均值 | 上期均值 | 涨跌值 | 涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | --- | | 尿素 | 山东临沂 | 1866 | 1869 | -3 | -0.16% | 元/吨 | | 磷酸一铵 | 湖北55%粉 | 3391 | 3400 | -9 | -0.26% | 元/吨 | | 氯化钾 | 国产 | 2900 | 2900 | 0 | 0.00% | 元/吨 | | 硫酸钾 | 曼海姆52%粉 | 3700 | 3700 | 0 | 0.00% | 元/吨 | | 复合肥 | 45%S(3*15) | 2930 | 2940 | -10 | -0.34% | 元/吨 | | | 45%Cl(3*15) | 2511 | 2513 | ...

[Table_Title] 研究报告 Research Report 8 May 2025 米高集团 Migao Group (9879 HK) xh.sun@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translation of the disclaimer) 公司是中国钾肥行业领先企业，通过进口途径采购氯化钾。米高集团成立于 2003 年 6 月，于 2024 年 3 月在 港交所主板上市。 公司主要从事钾肥产品的生产、加工和销售，具体产品包括氯化钾、硫 ...

[Table_Title] 研究报告 Research Report 8 May 2025 米高集团 Migao Group (9879 HK) 中国钾肥领先企业，积极拓展海外市场 The leading potash fertilizer enterprise in China, actively expanding overseas markets 孙小涵 Xiaohan Sun xh.sun@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translati ...

这里是《21健讯Daily》，欢迎与21世纪经济报道新健康团队共同关注医药健康行业最新事件！ 政策动向 4月29日，《海南省全面深化药品医疗器械化妆品监管改革促进医药产业高质量发展实施方案》对外发 布。其中提出，促进仿制药质量提升。一是支持首仿品种加快注册上市。对首仿品种实施专人负责、主 动对接、加强指导、全程服务，在审评审批、注册核查、产品检验等方面给予支持。二是加强委托生产 监管。支持跨省协同监管检查结果互认，支持质量保证和风险防控能力较强的企业接受委托生产。制定 委托生产管理指南，规范委托生产行为。三是支持开展仿制药质量与疗效一致性评价。对符合条件的品 种，给予一定的资金支持。 21点评：仿制药替代原研药在国内外是总趋势。支持首仿品种加快注册上市，尤其是支持那些临床急 需、原研药价格高昂或供应不足的药品加快注册上市，可缓解患者用药难题，提高药品的可及性。同 时，支持企业开展一致性评价，有利于提升仿制药的整体质量，保障公众用药安全。 药械审批 华神科技三七通舒胶囊获批国家首家中药二级保护品种 4月29日，华神科技(000790.SZ)公告称，公司分公司成都华神科技集团股份有限公司制药厂的三七通舒 胶囊获国 ...