（来源：饲料行业信息网） 一、主要副食品价格 (一)原粮价格有涨有跌。12月份，小麦每50公斤平均价为117.67元，环比下降0.84%，同比上涨0.57%。 玉米每50公斤平均价为105.67元，环比上涨0.64%，同比上涨6.02%。 (二)成品粮、食用油价格稳定。12月份，面粉(特一粉)每500克平均价为1.65元，环比持平，同比下降 5.71%。 大米每500克平均价为2.90元，环比持平，较同期持平。绿豆每500克平均价为7.00元，环比持平，同比 上涨16.67%。 来源：饲料行业信息网 价格监测数据显示：12月份，我市部分重要商品价格与11月份相比，原粮价格有涨有跌;米、面、油价 格总体稳定;肉禽蛋鱼价格稳中有降;蔬菜价格涨幅明显;农资价格涨跌互现;建材价格稳中有涨;煤炭价格 基本平稳。与去年同期相比仍以降多涨少为主。 (四)牛、羊肉、禽、蛋、鱼价格稳中有降。12月份，牛肉(牛腩)平均价格每500克为30.00元，环比持 平，同比上涨15.38%;羊肉(剔骨)价格平均每500克为37.00元，环比持平，同比上涨5.71%。白条鸡价格 平均500克为13.00元，环比持平，同比持平。鸡蛋价格平均每 ...

Report Summary 1. Industry Investment Rating The report does not provide an investment rating for the agrochemical products industry. 2. Core Viewpoints The agrochemical products industry has stable demand supported by the "stable grain supply" policy and the growth of fertilizer and pesticide exports. The supply - side ecosystem is expected to optimize under the "anti - involution" policy, and the industry's profitability is expected to increase. Policy support for food security has strengthened the demand for agrochemical products, and multi - dimensional factors such as domestic consumption and exports have further boosted the demand. Meanwhile, the supply - side reform in the fertilizer and pesticide sectors is promoting industry concentration and high - quality development [1][12]. 3. Summary by Directory 3.1 Agrochemical Products Industry Overview - **Policy Support and Demand Foundation**: The government has continuously strengthened food security policies. In 2025, the national grain output reached 14297.5 billion jin, an increase of 1.2% year - on - year, providing core support for agrochemical product demand. Domestic food consumption is rigid, and the demand for agrochemical products is driven by multiple factors such as domestic food, feed consumption, and exports. In 2025, from January to November, the export volume of fertilizers increased by 45.52% year - on - year, and the export volume of pesticides also increased significantly [12][13]. - **Supply - side Optimization**: The government and the industry are jointly promoting "anti - involution." The Chinese Pesticide Industry Association launched a three - year "Rectifying Involution" action, and the Chinese Phosphate and Compound Fertilizer Industry Association issued an initiative to strengthen industry self - discipline. As backward production capacity exits and new capacity is limited, the industry ecosystem is expected to improve [14]. 3.2 Fertilizer Industry - **Industry Chain and Supply - side Reform**: The fertilizer industry includes phosphate fertilizers, nitrogen fertilizers, potassium fertilizers, and compound fertilizers. In recent years, the supply - side reform has advanced, with an increase in fertilizer production but a decrease in application and an improvement in utilization efficiency. In 2025, from January to November, the export volume of fertilizers increased by 45.52% year - on - year, mainly driven by nitrogen fertilizers and compound fertilizers, while the import volume decreased by 1.22% year - on - year [15][20]. - **Phosphate Fertilizer Sub - sector**: The supply of phosphate fertilizers is restricted by phosphate rock resources. In 2025, from January to November, the production of monoammonium phosphate and diammonium phosphate decreased year - on - year. The price of phosphate fertilizers has been rising due to the tight balance of phosphate rock supply and demand and strict policies on new phosphate ammonium capacity [32][54]. 3.3 Pesticide Industry - **Industry Structure and Policy - driven Supply Improvement**: Pesticides are used for pest control and plant growth regulation. China is the world's largest producer of pesticide technicals, but there is a problem of over - capacity. In 2025, the Chinese Pesticide Industry Association proposed a three - year "Rectifying Involution" action plan, and new policies such as the revised "Pesticide Registration Management Method" will optimize the industry's competition pattern [61][62]. - **Production, Demand, and Price Trends**: In 2025, from January to November, the growth rate of China's pesticide technical production decreased, but the export volume increased. The global demand for pesticides is rigid, and pesticide prices are expected to recover as over - capacity is alleviated [63][71]. - **Glyphosate Sub - sector**: Glyphosate is the most widely used single - product pesticide globally. Policy restricts new capacity, and the inventory has been decreasing since 2025. The growth of global transgenic crop planting area drives the demand and export of glyphosate, and the price is expected to rise, and the industry's prosperity is expected to increase [75][90]. 3.4 Agrochemical Products Industry Convertible Bonds Basic Situation - **General Information**: As of December 26, 2025, the outstanding balance of convertible bonds in the agrochemical products industry totaled 9.767 billion yuan, accounting for 25.27% of the convertible bond balance in the basic chemical industry. The un - converted ratio of all convertible bonds is over 90%, and the credit ratings range from AA - to AA + [91][94]. - **Trading and Valuation**: The trading volume of Hebang Convertible Bonds is the highest, with an annual trading volume exceeding 24 billion yuan. Since 2025, both the prices of agrochemical convertible bonds and their underlying stocks have risen, and the price increase of underlying stocks is generally stronger than that of convertible bonds. All agrochemical convertible bonds are balanced - type, with Yangfeng Convertible Bonds having a relatively high conversion premium rate of over 40% [95][99]. - **Financial Performance**: From Q1 to Q3 in 2025, the profitability of most issuers of agrochemical convertible bonds has recovered. The operating net cash flow of most issuers has shown continuous inflow or improvement, and the asset - liability ratio at the end of Q3 in 2025 is generally controllable [3][103]. 3.5 Individual Bond Situations - **Xingfa Convertible Bonds**: The issuer, Xingfa Group, is a leading enterprise in the phosphate chemical industry, with advantages in phosphate rock mining rights and power costs. It has a complete phosphate chemical industry chain, and its new energy materials business is advancing. In 2025, from Q1 to Q3, its profitability was stable, and the net profit increased year - on - year [108][110]. - **Suli Convertible Bonds**: The issuer, Suli Co., Ltd., is engaged in pesticides, flame retardants, and other fine chemical products. In 2025, the demand in the agrochemical market recovered, and the quantity and price of its products such as chlorothalonil and decabromodiphenylethane increased, driving the growth of the company's performance [111][112]. - **Fengshan Convertible Bonds**: The issuer, Fengshan Group, is involved in pesticides, new energy electronic chemicals, and fine chemical new materials. In 2025, the company's net profit turned from loss to profit in the first three quarters, and its operating performance improved [113][115]. - **Hebang Convertible Bonds**: The issuer, Hebang Biotech, is engaged in mining, chemicals, photovoltaic glass, etc. The company has strengthened its mining layout, and the phosphate rock business has been prosperous. Since the second quarter of 2025, the quantity and price of glyphosate have increased [116][117]. - **Yangfeng Convertible Bonds**: The issuer, New Yangfeng, is a leading enterprise in phosphate compound fertilizers. It has a complete industrial chain layout, and its new fertilizer business is developing. In 2025, from Q1 to Q3, its profitability was stable, and the net profit increased year - on - year [118][119].

报告导读： 中观景气延续分化，受供给受限影响，化工 / 有色等资源品价格出现明显上 涨， AI 产业趋势下，电子产业景气偏强；旅游景气边际改善，内需消费复苏仍待观察。 周期资源品价格上涨，科技硬件景气延续。 上周（ 12.22-12.28 ）中观景气表现分化，值得关注： 1 ）周期行业局部出现供需紧张，基础化工、电新原料 以及工业金属价格大幅上涨，主因供给受限，下游需求则表现较强。 2 ） AI 产业趋势延续，国内电子产业需求仍受到明显拉动，存储价格环比继续上涨， 11 月 PCB 出口增速延续高位。 3 ）服务消费景气边际改善，上海迪士尼拥挤度延续高位，受封关影响，海南旅游价格指数环比提升；年末生猪价格环比企 稳上涨。中央经济工作会议提出"深入实施提振消费专项行动"，展望 2026 ，消费在供给端和需求端的政策空间存在超预期可能。 下游消费：旅游景气延续高位，生猪价格上涨。 1 ）服务消费： 上海迪士尼乐园拥挤度指数环比 -0.2% ，同比 +29.4% ，游乐场拥挤度延续高位 ； 12.15-12.21 海南旅游价格指数环比 +2.5% ，封关带动海南旅游景气环比显著提升。 2 ）地产： 30 大中城市商 ...

2025年，涨价题材成为市场核心主线之一。 受供需格局重构、产业升级、政策引导等多重因素影响，国内产业呈现"结构性涨价"特征。 一方面，高景气赛道涨幅突出：锂电池产业链核心材料价格飙升数倍，存储芯片市场迈入超级景气周 期，有色金属板块指数年内累计涨幅突破85%...... 与此同时，化工、煤炭、建材等行业以"反内卷"破局，通过自律减产、主动调价等举措优化供需结构。 多个细分品种厂商联合推进价格修复，以期实现量利双升。 锂电池产业链：供需紧平衡引爆涨价潮 2025年，受储能需求爆发等多重因素催化，锂电池产业链核心产品价格强势上涨。 作为电解液核心溶质的六氟磷酸锂表现尤为抢眼，价格从2025年7月底不超过5万元/吨一度飙升至12月 的17万元/吨。12月30日，上海有色数据显示，电池级碳酸锂价格已触及11.8万元/吨的高点；12月26 日，碳酸锂市场在连涨多日后迎来标志性突破，主力合约盘中站上13万元/吨关口。 不仅如此，另一重要材料磷酸铁锂在多日价格高企后，出现了头部厂商减产检修与集体挺价的现象。锂 电池电解液关键溶剂碳酸乙烯酯（EC）、添加剂VC（碳酸亚乙烯酯）、FEC（氟代碳酸乙烯酯）价格 也纷纷回暖，保持 ...

中国发展网讯 山东省济宁市价格事务服务中心最新监测数据显示，2025年12月上旬济宁市主要商品价 格呈现以下特点：粮油价格以稳为主；肉禽蛋价格涨跌互现；蔬菜价格季节性上涨；农业生产资料价格 小幅变动。 一、主要副食品价格 肉禽蛋价格涨跌互现。12月上旬，济宁市场五花肉和精瘦肉的平均零售价格分别为10.68元/斤和11.82 元/斤，环比分别下降3.52%和3.19%。牛肉和羊肉的平均零售价格分别为32.00元/斤和35.21元/斤，其中 牛肉价格下降0.47%，羊肉价格环比持平。鸡肉和鸡蛋的平均零售价格为7.99元/斤和3.34元/斤，环比分 别下降0.62%和上涨3.09%。 粮油价格以稳为主。12月上旬小麦和玉米的平均零售价格分别为1.21元/斤和1.07元/斤，环比均持平； 粳米和特一粉的平均零售价格分别为2.55元/斤和1.88元/斤，其中粳米价格环比持平，特一粉价格环比 上涨0.53%；食用油方面，超市鲁花花生油（5升桶装）和大豆油（5升桶装）的平均零售价格分别为 159.34元/桶和60.76元/桶，环比均持平。 猪肉方面：12月份上旬，猪肉价格震荡回落。从供应端来看，目前生猪存栏量仍保持高位，加 ...

责任编辑：董翔宇 数字工厂驾驶舱电子屏上显示的"硫酸装置连续稳定运行673天"，创造了行业纪录，彰显了公司以精益 运维树立行业标杆的坚实步伐。工作人员介绍，公司着力构建"纵向到底、横向到边"的精细化运维体 系，纵向形成班组快速响应、技术精准支撑、管理强力保障的三级联动机制，横向执行关键设备精检、 重要设备详检、一般设备尽检的全覆盖巡检策略，全面提升装置运行的稳定性与可靠性，主要生产装置 运行管理处于行业领先水平。 磷酸一铵、磷酸二铵各条生产线上，机器开足马力生产。生产技术部部长董贵宁介绍，作为国内单体规 模最大的高浓度磷复肥制造企业，天安化工着力以技术突破驱动产业升级。面对全球化工产业技术竞争 新态势，公司系统梳理现有技术流程中的可改进环节，推进工艺优化与技术改造，煤气化装置试烧高热 值无烟煤、锅炉装置试烧低硫低热值燃料煤，进一步拓宽煤种适应性，降低生产成本。面对国内工业级 磷酸产能激增、同质化竞争激烈的现状，公司精制磷酸团队依托现有装置，通过自主研发逆向脱氟技 术、萃取剂无碱再生技术、萃洗液平衡除铁技术和高效冷却与弱氧化脱砷技术，成功试生产食品级精制 磷酸，构建了"工业级+食品级"双模式驱动、"75%+85 ...

以尿素为例，2023年5月至7月的平均价格上涨了26.5%，达到了每吨496美元。磷酸二铵的价格也从5月的每吨550美元上升到了736美元。这些价格波动直接 导致了欧洲农民承受的生产成本急剧增加。更具讽刺性的是，尽管西方国家对俄罗斯实施了制裁，俄罗斯对欧洲的化肥出口不但没有减少，反而有所增加。 根据挪威化肥生产商雅苒国际的数据，2023至2024年间，俄罗斯对欧洲的尿素出口比战前五个季度的平均水平增加了48%。 当欧盟官员在2025年5月通过对俄罗斯化肥加征关税的法案时，他们认为这是制裁俄罗斯的新途径。然而，六个月后，欧洲的农民们站在田间地头，看着不 断上涨的生产成本，只能无奈叹息。 法国小麦农民工会副秘书长塞德里克·贝诺瓦斯特毫不掩饰地表示：我们这是搬起石头砸自己的脚。制裁本应针对俄罗 斯，却最终反弹到欧洲农民身上。欧盟对俄罗斯化肥的制裁看似十分严厉。法案规定，俄罗斯和白俄罗斯进口的化肥要征收6.5%的基本关税，并且在2025 至2026年间每吨加收40至45欧元的税费。然而，尽管法案出台，俄罗斯的化肥出口依旧没有停止，反而导致全球市场化肥价格大幅上涨。 欧盟各国也早早为即将实施的进口关税做了准备。在202 ...

贵州省是拥有137种已发现矿种、106种矿产已查明资源量的"资源沃土"，其中探明磷矿储量居全国前 列，是支撑全国磷肥及磷化工产业发展的重要原材料基地。 作为全国磷化工行业的领军者和贵州新型工业化的排头兵，"十四五"时期，贵州磷化集团交出一份亮眼 答卷：磷矿采选、磷复肥产能等方面全国领先，是全国农作物磷素养分的重要供给企业，是保障粮食安 全的"压舱石"。2024年，集团销售收入首破600亿元、利润总额达34.16亿元，连续5年领跑中国化肥企 业百强榜，在守护能源资源安全、培育新质生产力的征程中，彰显国企使命担当。 2023年，贵州省委、省政府立足资源禀赋、锚定高质量发展，提出大力推进"富矿精开"，以深化产业 链、优化价值链、提升创新链为抓手，推动资源优势转化为实实在在的产业优势、经济优势和竞争优 势，闯出一条发挥能矿优势、推动实体经济高质量发展的新路。以"解题人"姿态锚定方向，贵州磷化集 团将"富矿精开"内化为发展逻辑，沿着"高端提价值、创新挖潜力、绿色谋未来"的路径稳步前行，努力 让每一块磷矿石都实现"价值最大化"。 产业精细化 从"规模领先"到"价值跃升" 从"精准开采"到"数字赋能" 从"引进吸收"到"自 ...

证券日报网讯 12月15日，云天化在互动平台回答投资者提问时表示，公司磷肥产品出口按照行业政策 执行，10月已完成今年磷酸一铵、磷酸二铵产品出口报关收尾工作，11-12月无磷酸一铵、磷酸二铵产 品出口报关。当前至明年春季，公司将全力保障国内春耕用肥需求。 （文章来源：证券日报） ...

云天化（600096.SH）12月15日在投资者互动平台表示，公司磷肥产品出口按照行业政策执行，10月份 已完成今年磷酸一铵、磷酸二铵产品出口报关收尾工作，11~12月份无磷酸一铵、磷酸二铵产品出口报 关。当前至明年春季，公司将全力保障国内春耕用肥需求。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司磷肥在今年4季度，尤其12月还在出口吗？明 年一季度还有额度出口吗？ ...