仲夏时节，艳阳高照，山东济宁邹城市看庄镇黄湾村的土豆大棚里，一场实地劳动教学活动热火朝天地 展开。山东农业大学园艺科学与工程学院学生冯孝文和同学们在收土豆，果断下锄、抖落泥块，一颗颗 金黄的土豆便破土而出。 "别看这些娃娃年纪轻，干起活来可一点也不含糊，动作麻利又细致。"看着学生们劳动的身影，村里人 纷纷竖起大拇指。 "田间地头、村屯农家是农科生实践的广阔舞台。"冯孝文说，"在举办科普讲座、推广农业技术、解决 实际问题的过程中，我们逐渐触摸到'三农'的真实脉搏。" "发挥涉农高校学科专业特色，把乡村全面振兴作为育人主战场，引导学生在生产实践中学有所感、行 有所悟，是我们探索人才培养模式改革的方向。"山东农业大学党委书记徐剑波介绍，2023年起，学校 启动乡村振兴驿站建设，鼓励师生利用寒暑假、小长假扎根乡村开展驻村蹲点服务，目前已在山东建成 约1万个站点。 从课内到课外，走进产业一线，学生们的爱农情怀、兴农本领得到很大提升。去年毕业前夕，在山东省 普通高等学校示范性实习实训基地泰山茶溪谷，经济管理学院学生赵弈博进行了一场毕业专题汇报。 "我们研究的是缓控释肥，在导师的指导和师兄师姐的传帮带下，历经3年多持续攻关 ...

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Core Viewpoint - Guangdong Yuehai Feed Group Co., Ltd. is modifying its business scope and corresponding articles of association to align with its strategic planning and operational needs [1][2][3] Business Scope Changes - The company is changing its business scope from "feed production; veterinary drug operation; aquaculture" to include additional activities such as "sales of feed additives; fertilizer sales; import and export of goods; sales of fishery machinery; leasing of land use rights; wholesale of aquatic products; and agricultural professional and auxiliary activities" [1][2] - The changes will allow the company to operate more autonomously under its business license, provided that the activities do not require prior approval from relevant authorities [1][2] Articles of Association Revision - The company plans to revise the relevant clauses in its articles of association to reflect the changes in its business scope, ensuring that the new activities are included [2][3] - Other clauses in the articles of association will remain unchanged, and the revisions will require approval from the shareholders' meeting [3]

Investment Rating - The report maintains an "Overweight" rating for the Basic Chemicals and Oil & Gas sectors [5]. Core Insights - The overall price spread in the industry is weak, with the CCPI-oil price spread at approximately 558, below the 30% percentile since 2012, indicating a potential turning point in the industry as supply and demand begin to recover [1][14]. - Capital expenditure growth in the chemical raw materials and products industry has significantly declined, with a year-on-year increase of only 0.4% from January to May 2025, suggesting a self-adjustment phase in the supply side [2][31]. - The domestic PMI for June 2025 is reported at 49.7, indicating a slight recovery in demand, although uncertainties remain regarding tariff policies post-July 9 [2][16]. Summary by Sections Supply Side - The industry capital expenditure growth has dropped to a low level, indicating a potential turning point for supply-side adjustments, with expectations for a recovery starting in the second half of 2025 [2][31]. - The report highlights that the competitive intensity has increased, leading to a significant decline in profitability across most sub-sectors since the second half of 2022 [2][31]. Demand Side - The report notes a recovery in domestic PMI, but uncertainties regarding tariff policies may disrupt future export orders [2][16]. - The demand for chemical products is expected to improve in the medium to long term, supported by domestic economic recovery and growth in demand from regions like Asia, Africa, and Latin America [2][16]. Investment Strategy - The report suggests that the second half of 2025 may see an upward turning point, with a focus on resilient demand and improved supply dynamics [34]. - Specific recommendations include: - Oil & Gas: Favorable long-term prospects for high-dividend companies like China Petroleum [34]. - Bulk Chemicals: Attention on refrigerants and isocyanates, with recommendations for companies like Juhua Co., Luxi Chemical, and Wanhua Chemical [34]. - Downstream Products: Recommendations for companies like Meihua Biological Technology and Xinghuo Technology, anticipating recovery in downstream demand [34]. - Export-driven chemical products: Companies like Senqilin and Sailun Tire are highlighted for their competitive advantages in exports [34]. - High-dividend assets: Companies like Hengli Petrochemical are recommended for their potential to increase dividend payouts [34].

Group 1: Fertilizer Industry - The international and domestic fertilizer price gap is widening due to increased global planting area, particularly in South America and India, while new industry capacity is limited [1] - Geopolitical conflicts have impacted overseas supply and fertilizer transportation, further supported by high industry concentration and domestic leading companies reducing production to maintain prices [1] - The growth in crop planting area driven by food security concerns is expected to continue boosting fertilizer demand, benefiting domestic leading companies with improved profitability [1] Group 2: Healthcare Industry - The healthcare industry is expected to see a clear trend of performance and valuation recovery in the second half of 2025, with increasing differentiation among companies [2] - Emphasis on innovation-driven strategies, internationalization, self-control, and outpatient marketing model reforms will be key focus areas for investment in the second half of the year [2] - The innovative drug sector is anticipated to benefit from strong domestic policy support and overseas achievements, leading to steady growth in the sector [2] Group 3: Coconut Water Market - The terminal market size for coconut water is projected to reach approximately 7 billion yuan in 2024 and nearly 20 billion yuan by 2029, indicating a CAGR of about 20% over the next five years [3] - China's per capita coconut water consumption in 2024 is expected to be 0.08 liters per person, significantly lower than that of the US, UK, and Thailand [3] - Supply chain and distribution channels are identified as core competitive barriers, with companies possessing relevant advantages likely to succeed in the long term [3]

华泰证券研报称，国际—国内肥料价格差呈扩大趋势，主因全球种植面积增长带动需求(尤其南美、印 度等)，但行业新增产能有限(近年来海外企业扩产较少、中国氮、磷肥受内需及扩产缓慢限制，钾肥则 受资源端约束等)，年初以来地缘冲突影响海外供给和肥料运输，叠加行业集中度较高下国内外头部企 业减产挺价等因素进一步助力供给侧。粮食安全背景下作物种植面积增长有望持续带动肥料需求，国内 头部企业有望受益于肥料需求改善及盈利提升。 ...

Core Viewpoint - The article emphasizes the Chinese government's commitment to combat "involution" competition by strictly enforcing product quality regulations and holding companies accountable for safety standards [1] Group 1: Regulatory Actions - The State Administration for Market Regulation has compiled and published six typical cases to warn production and sales units about the importance of adhering to quality safety responsibilities [1] - The cases include violations such as selling non-compliant electric cables, substandard diesel engine fuel, and fertilizers using unauthorized brand names [1] Group 2: Specific Cases - Case 1: Hainan Province's market regulator penalized Hainan Huancheng Cable Co., Ltd. for selling electric cables that did not meet national standards [1] - Case 2: Zhejiang Province's market regulator took action against Shaoxing Hongguan New Energy Co., Ltd. for selling quality-deficient liquid wax alcohol ether composite diesel engine fuel [1] - Case 3: Hainan Kangxifeng Crop Technology Co., Ltd. was penalized for selling fertilizers that misused another company's brand name [1] - Case 4: Shanghai Jing'an District's market regulator penalized a car dealership for selling electric bicycles that did not meet health and safety standards [1] - Case 5: Shanghai Yangpu District's market regulator took action against a car dealership for selling non-compliant electric bicycles [1] - Case 6: Shanghai Songjiang District's market regulator acted on a police tip to penalize Shanghai Lehe Electric Vehicle Sales Co., Ltd. for illegally modifying non-motor vehicles [1]

鲁西化工集团股份有限公司 公 司 章 程 二〇二五年七月 目 录 第九章 财务会计制度、利润分配和审计......... - 59 - - 1 - 第十一章 合并、分立、增资、减资、解散和清算 . - 66 - 第一章 总 则 第一条 为维护鲁西化工集团股份有限公司(以下简称 "公司")、股东和债权人的合法权益，规范公司的组织和 行为，充分发挥党委的领导作用，根据《中华人民共和国公 司法》(以下简称《公司法》)、《中华人民共和国证券法》 (以下简称《证券法》)、《中国共产党章程》 (以下简称《党 章》)、《上市公司治理准则》和其他有关规定，制订本章 程。 第二条 公司系依照《公司法》和其他有关规定设立的 股份有限公司(以下简称"公司")。 公司是经山东省人民政府以(鲁政字199795 号)文批 准，以向社会公众公开募集的方式设立的股份有限公司；在 山东省工商行政管理局注册登记，取得营业执照，统一社会 信用代码为 91370000614071479T。 第三条 公司于一九九八年五月十八日经中国证券监 督管理委员会（以下简称"中国证监会"）批准，首次向社 会公众发行人民币普通股 5000 万股，于一九九八年八月七 ...

Core Viewpoint - The company, Xin Yang Feng, emphasizes the importance of international cooperation and technological innovation in transforming from a traditional fertilizer manufacturer to a leader in both phosphate fertilizers and new energy materials, contributing to sustainable agricultural development and food security [1][2][8]. Group 1: International Cooperation - Xin Yang Feng has established strategic partnerships with international fertilizer giants, such as Germany's Compo Expert and the U.S. company Brandt, to enhance product offerings and technological capabilities [2][3]. - The collaboration with Compo Expert has led to the introduction of DMPP stabilized fertilizers in China, while the partnership with Brandt has resulted in the launch of the "Weibolang" specialty fertilizer series, which has shown significant improvements in crop quality and yield [2][5]. - The company is also working with Israel's chemical group to advance its international strategy, focusing on product, technology, and promotion [3]. Group 2: Research and Development - Xin Yang Feng has developed a comprehensive innovation system that integrates basic research and results transformation, significantly contributing to national food security [4]. - The collaboration with China Agricultural University has resulted in the development of specialized fertilizers, achieving an average yield increase of 8.6% across various crops [4]. - The company has also partnered with the National Agricultural Technology Promotion Service Center to promote new fertilizer technologies, leading to an average yield increase of 8% to 10% for field crops [4]. Group 3: Technological Advancements - Since 2016, Xin Yang Feng has focused on digital transformation and automation in production, implementing numerous projects to enhance efficiency and reduce energy consumption [6][7]. - The company is collaborating with leading agricultural technology firms to develop a smart agriculture platform, which has already shown promising results in wheat production [7]. Group 4: Green Industry Layout - Xin Yang Feng has recognized the opportunities in the new energy revolution and is transitioning from traditional phosphate fertilizers to new energy materials and fine chemicals [8][9]. - The partnerships with companies like Changzhou Lithium Source and GreeenMei have enabled Xin Yang Feng to establish a strong industrial chain in lithium iron phosphate materials, enhancing its market position [8][9]. - This strategic shift not only opens a new growth avenue for the company but also supports its green and sustainable development goals [9].

证券代码：002539 证券简称：云图控股 成都云图控股股份有限公司 投资者关系活动记录表 编号：2025-009 投资者关系活 动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 活动参与人员 银河证券、山西证券、华安基金人员 上市公司接待 人员姓名 董事会秘书 陈银 时间 2025 年 7 月 2 日下午 15:00—17:00 地点 云图控股会议室 形式 现场调研 交流内容及具 体问答记录 1、公司复合肥的产能分布和渠道情况如何？ 答：（1）产能方面，公司以"靠近资源、靠近市场"为原则，不断完 善全国产能布局，目前生产基地覆盖湖北应城、湖北荆州、湖北宜城、 山东平原、河南宁陵、四川眉山、辽宁铁岭、黑龙江肇东、黑龙江佳木 斯、新疆昌吉等地区，并在马来西亚设有生产基地。近期，公司还在新 疆阿克苏投资新设公司，布局新型肥料项目。公司现有复合肥年产能 755 万吨，在建产能 130 万吨。未来随着产能释放，公司复合肥的规模 优势将更加突出，支撑主业长期稳定发展。 （2）渠道方面，公司营销网络遍布全国，目前拥有一级经销商近 6,000 家、镇村级零售终端网点 ...