磷资源迎来价值重估 20260226 摘要 国防关键物资清单纳入素磷及草甘膦，叠加春耕旺季，短期内草甘膦及 其上游黄磷需求激增，利好相关企业出口，尤其是对北美地区的补库需 求。全球 70%以上的草甘膦产能集中在中国，美国对进口依赖度高，供 应链安全问题引发关注。 长期来看，行政命令提升了磷化工全产业链的战略地位，磷化工贸易品 有望受益于全球磷资源再定价。虽然磷肥出口受到严格管控，但磷酸出 口不受限制，且受益于磷肥出口管制，海外国家转而采购肥料酸再加工， 带动低浓度肥料酸出口量提升。 磷化工产业链的核心在于将磷矿石制备为磷酸，湿法磷酸工艺因成本优 势应用广泛。磷矿石终端需求中，磷肥占比约 60%，为核心基本盘；新 能源领域的需求增长迅速，磷酸铁锂的消费量大幅提升，成为重要增量 方向。 磷矿石需求增长由传统磷肥刚需和新能源增量双重驱动。2021-2024 年磷酸一铵和磷酸二铵的表观消费量复合增速约为 5%，而磷酸铁锂的 表观消费量年均复合增速超过 80%。1GWh 磷酸铁锂电池约消耗 0.9 万吨磷矿石。 Q&A 近两日磷化工板块走强的主要催化因素是什么，特朗普于 2 月 18 日签署将元 素磷及草甘膦列为国防关 ...

2月24日马年首个交易日，A股化工板块盘中持续走高，磷化工、农药等细分方向表现强势，多只个股涨停，六国化工、云图股份、云天化、湖北 宜化午后涨停，美邦股份、赤天化、金正大此前封板，司尔特、新洋丰、扬农化工等多股涨幅居前。 | 代码 | 名称 | 现价 | V | | --- | --- | --- | --- | | 300505 | 川金诺 | 31.08 c | 13.60% | | 600470 | 六国化工 | 7.13 c | 10.03% | | 600096 | 云天化 | 39.36 c | 10.01% | | 002539 | 云图控股 | 16.16 c | 10.01% | | 605033 | 美邦股份 | 31.54 c | 10.01% | | 002312 | 川发龙蟒 | 12.76 c | 10.00% | | 000422 | 湖北直化 | 16.95 c | 9.99% | | 002470 | 金正大 | 2.33 c | 9.91% | | 301665 | 泰禾股份 | 32.07 c | 9.04% | | 600389 | 江川股份 | 27.52 c | 8 ...

马年首个交易日，A股早盘三大指数集体高开。 截至9:59，上证指数上涨0.59%，深证成指上涨0.93%，创业板指上涨0.67%，科创综指下跌1.26%。 盘面上，周期股早盘领涨，受外围地缘政治事件影响，油气开采、有色金属、港口航运等板块大涨，"三桶油"集体上涨，截至9:59，中国海油（600938） 涨超7%。洛阳钼业（603993）、紫金矿业（601899）等龙头股大涨。 东方证券表示，受地缘冲突影响，市场对油气供应减少的担忧上升，导致油价回升。而全球的油气资本开支正处于较低水平，存在向上恢复的空间。但 是，考虑到油气项目的建设周期较长，预计下游业主将更重视油气服务和装备企业的长期竞争力，因此看好具有高竞争力的油服装备企业的投资机会。 港口航运板块中，中远海能（600026）、招商轮船（601872）等个股大涨。消息面上，上期所欧线集运主力合约早盘一度涨超12%。 | | 油气开采及服务 2001.96 9.75% | | G | | --- | --- | --- | --- | | 基金 成分股 | 简况(F10) | 资金 | 板块分析 | | 名称代码 | 最新 | 涨幅 ◆ | 流通市值 | | ...

2月24日，川恒股份涨5.06%，截至发稿，报40.48元/股，成交1.63亿元，换手率0.68%，总市值245.98亿 元。 资料显示，贵州川恒化工股份有限公司位于贵州省黔南布依族苗族自治州福泉市龙昌镇，成立日期2002 年11月25日，上市日期2017年8月25日，公司主营业务涉及磷酸及磷酸盐产品的生产、销售。主营业务 收入构成为：磷酸28.41%，饲料级磷酸二氢钙25.11%，磷酸一铵21.29%，磷酸铁9.46%，磷矿石 6.93%，其他产品3.56%，贸易收入1.94%，其他1.57%，铁精粉1.11%，硫酸铵0.61%。 从基金十大重仓股角度 数据显示，长安基金旗下1只基金重仓川恒股份。长安鑫禧混合A（005477）四季度持有股数18.5万股， 占基金净值比例为3.19%，位居第十大重仓股。根据测算，今日浮盈赚取约36.07万元。 长安鑫禧混合A（005477）成立日期2018年2月7日，最新规模5844.11万。今年以来收益4.87%，同类排 名3959/8994；近一年收益27.45%，同类排名3939/8199；成立以来亏损52.83%。 长安鑫禧混合A（005477）基金经理为江博文。 截 ...

华泰研报称，受益于储能需求快速增长及下游磷酸铁锂持续扩产，磷酸铁需求有望持续增长，且受 成本端硫酸亚铁、磷酸等原料涨价共同驱动下，2025年下半年以来磷酸铁价格步入上行。预计国内磷酸 铁企业伴随开工率上行，盈利有望逐步改善，尤其采用铁法工艺的企业，由于原料铁粉跌价，价差扩张 或更为显著。同时，伴随磷酸铁需求持续提升下，磷矿石、黄磷、磷酸和工业一铵等磷酸铁产业链上游 产品，由于能耗较高、磷矿资源属性、磷石膏处理条件受限等因素，新增产能受政策约束，景气有望逐 步改善，具备磷矿石资源一体化配套的企业或将充分受益。 ...

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry, indicating an expectation that the industry stock index will outperform the benchmark [2]. Core Insights - The demand for iron phosphate is expected to continue growing due to rapid increases in energy storage needs and ongoing expansions in downstream lithium iron phosphate production. This growth is anticipated to improve profitability for domestic iron phosphate companies as operating rates increase [4][6]. - The price of iron phosphate has entered an upward trend since the second half of 2025, driven by rising raw material costs such as ferrous sulfate and phosphoric acid, alongside increased demand from energy storage [5]. - The report highlights that companies utilizing the iron method for production will benefit significantly from the declining prices of iron powder, leading to expanded profit margins [5]. Summary by Sections Demand and Supply Dynamics - Domestic iron phosphate production capacity reached 4.82 million tons in 2025, a year-on-year increase of 5.7%, with production estimated at 2.96 million tons, up 56% year-on-year. The demand for lithium iron phosphate is projected to grow to 5.95 million tons in 2026 and 7.67 million tons in 2027, reflecting increases of 49% and 29% respectively [4]. - New production capacities for iron phosphate are planned at 1.88 million tons and 2.58 million tons for 2026 and 2027 respectively, indicating a positive outlook for terminal demand [4]. Price Trends and Cost Factors - As of February 6, 2026, the price of iron phosphate was reported at 11,630 CNY per ton, an 11% increase from the low of 10,500 CNY per ton in September 2025. This price increase is attributed to both rising storage demand and higher raw material costs [5]. - The production methods for iron phosphate include ammonium method, sodium method, and iron method, with the iron method expected to benefit more from the current market conditions due to its lower reliance on expensive raw materials [5]. Industry Outlook - The report anticipates that the growth in iron phosphate demand will positively impact the entire phosphate industry chain, particularly for upstream products like phosphate rock, yellow phosphorus, phosphoric acid, and industrial monoammonium phosphate, which are constrained by high energy consumption and resource attributes [6]. - Companies with integrated phosphate rock resources are expected to benefit significantly from the improving market conditions as new supply is limited by policy constraints [6].

Core Viewpoint - Anhui Liuguo Chemical Co., Ltd. has implemented a strategic organizational adjustment to enhance management resource integration, strengthen production operation control, and improve overall management efficiency in the sulfur-phosphorus chemical sector [1] Group 1: Organizational Changes - The company has officially abolished the establishment of five workshops under the original phosphate fertilizer plant and established five core operational systems: phosphate ammonium unit, compound fertilizer unit, phosphoric acid unit, public utility unit, and storage department [1] - This restructuring aims to align with the organizational changes and enhance operational efficiency [1] Group 2: Cost Management System - The company has developed and implemented a restructured cost accounting system for the phosphate chemical sector to optimize the operational cost accounting framework [1] - This initiative aims to improve the rationality and accuracy of cost collection at the unit level and strengthen production process control capabilities [1] - The production management is transitioning from a "factory-based" model to a "unit-based" refined management model [1]

Core Viewpoint - Zhonghua Fuling Chemical Co., Ltd. is advancing its production processes and environmental sustainability through innovative technologies and digital transformation, aiming for a dual win in economic and environmental benefits [1][2][3] Group 1: Production and Technology Innovations - The company focuses on producing high-concentration phosphate fertilizers and fine phosphates, implementing a "green, low-carbon, and energy-efficient" development philosophy [1] - New production processes have increased phosphate extraction rates to over 98% and reduced overall energy consumption by 73.7% [1] - Zhonghua Fuling has developed new technologies for the comprehensive utilization of phosphogypsum, significantly improving its stability and addressing environmental concerns [1][2] Group 2: Research and Development - The company holds over 400 patents and is accelerating the conversion of research results into production, including a facility for producing 1.5 million tons of cement retarders annually [2] - By 2025, the company plans to consume 111.2 million tons of phosphogypsum, a year-on-year increase of 239.84%, with a comprehensive utilization rate of 67.85% [2] Group 3: Energy Efficiency and Environmental Impact - Zhonghua Fuling has established a resource recycling and energy recovery system, achieving zero wastewater discharge and efficient water resource management [2] - The company has built a 30 MW waste heat power generation system, producing approximately 249 million kWh annually, equivalent to saving 30,600 tons of standard coal and reducing CO2 emissions by 133,500 tons [2] Group 4: Digital Transformation - The company has implemented an "Industrial Internet platform + Industrial Intelligent APP" architecture for automation, fault pre-control, and management visualization [3] - By 2025, the total output value is expected to exceed 4.1 billion yuan, with a year-on-year growth of 14.52%, while energy consumption per unit of GDP and industrial added value is projected to decrease by 16.03% and 8.35%, respectively [3]

Core Viewpoint - Zhonghua Fuling Chemical Co., Ltd. is committed to green, low-carbon, and energy-efficient development, focusing on the utilization of industrial solid waste and digital transformation to achieve economic and environmental benefits [1][2]. Group 1: Production and Technology - The company specializes in producing high-concentration phosphate fertilizers and fine phosphates, utilizing advanced technologies to enhance production efficiency and reduce energy consumption [1]. - New processes have increased phosphate extraction rates to over 98% and reduced overall energy consumption by 73.7% [1]. - Zhonghua Fuling has over 400 patented technologies and has invested in a production facility for 1.5 million tons of cement retarders, promoting the utilization of solid waste [2]. Group 2: Environmental Impact and Resource Utilization - The company aims to achieve a cumulative consumption of 111.2 million tons of phosphogypsum by 2025, representing a year-on-year increase of 239.84%, with a comprehensive utilization rate of 67.85% [2]. - A zero discharge mechanism for wastewater has been established, along with a resource recycling and energy recovery system [2]. Group 3: Digital Transformation and Efficiency - The company has implemented an industrial internet platform and smart applications for real-time monitoring and control of production data [3]. - By 2025, the total output value is expected to exceed 4.1 billion yuan, with a year-on-year growth of 14.52% [3]. - Energy consumption per unit of GDP and industrial added value has decreased by 16.03% and 8.35%, respectively [3].

Core Viewpoint - Zhonghua Fuling Chemical Co., Ltd. is focusing on green, low-carbon, and energy-efficient development while enhancing the utilization of industrial solid waste and advancing digital transformation to achieve both economic and environmental benefits [1][2]. Group 1: Production and Technology - The company produces high-concentration phosphate fertilizers and fine phosphates, utilizing advanced technologies to improve production efficiency and reduce energy consumption [1]. - New processes have increased phosphate extraction rates to over 98% and reduced overall energy consumption by 73.7% [1]. - Zhonghua Fuling has over 400 patented technologies and has invested in a production facility for 1.5 million tons of cement retarders, promoting the resource utilization of phosphogypsum [2]. Group 2: Environmental Impact and Resource Utilization - The company aims to achieve a cumulative consumption of 111.2 million tons of phosphogypsum by 2025, representing a year-on-year increase of 239.84%, with a comprehensive utilization rate of 67.85% [2]. - A zero wastewater discharge system and a resource recycling and energy recovery system have been established, maximizing energy utilization [2]. Group 3: Digital Transformation and Economic Performance - The company has built an industrial internet platform and smart applications for automated operations and management visualization [3]. - By 2025, the total output value is expected to exceed 4.1 billion yuan, with a year-on-year growth of 14.52%, while energy consumption per unit of GDP and industrial added value has decreased by 16.03% and 8.35%, respectively [3].