（文章来源：证券日报） 证券日报网讯 2月9日，广信股份在互动平台回答投资者提问时表示，当前行业产能过剩、海外地缘风 险加大，公司始终坚持审慎投资、稳健经营的原则，严控盲目扩张，确保现金流安全与经营质量。公司 高度重视股东回报与市场口碑，未来会积极借鉴优秀企业的治理经验，在保障持续发展的前提下，切实 维护全体股东利益，树立良好企业形象，实现稳健、可持续、高质量发展。 ...

Summary of Key Points from Conference Call Records Industry Overview - The chemical industry is expected to experience a significant decline in new supply in 2026 and 2027, leading to an upward cycle due to price synergy effects and the exit of overseas capacity [1][2] - The tightening of national carbon emission targets will impact the approval of oil and infrastructure projects, pushing chemical companies towards green transformation [1][7] Core Insights and Arguments - Major chemical companies have made substantial fixed asset investments during the 14th Five-Year Plan, which are expected to translate into profits in the coming years, with some companies potentially having P/E ratios as low as 3-4 times [1][5] - The PX market is operating at high capacity utilization, with expected profits around 1,000 CNY/ton being sustainable due to the rapid digestion of new capacity [1][9] - The olefin market is projected to improve long-term, supported by national policies, with an expected upward cycle from 2027 to 2029 [1][11] Company-Specific Insights Wanhua Chemical - Fixed assets and construction projects have significantly increased, with potential profits at the bottom of the cycle estimated at 15-16 billion CNY, and central profit levels reaching around 30 billion CNY [3][20] - The company’s market cap corresponds to a P/E ratio of 8-9 times, indicating substantial profit potential as the cycle rebounds [20] Longbai Group - Fixed assets have grown significantly, with potential profits estimated at 12 billion CNY based on historical averages [21][22] - The company’s market cap corresponds to a P/E ratio of around 9 times, suggesting a favorable valuation [22] Rongsheng Petrochemical - Fixed asset investments have been significantly higher than those of Hengli Petrochemical, with potential peak profits estimated between 20 billion to 30 billion CNY [23][24] - Future profitability will depend on the market conditions for ethylene and its downstream products [24] Hengli Petrochemical - The company is seen as stable and a key indicator of product reversals, with significant overseas expansion potential [14][13] - Expected profits could reach 60-70 billion CNY if current favorable conditions persist [13] Shenghong Petrochemical - The company has not fully benefited from industry conditions but has significant upside potential, with expected profits from new energy sectors [12] Other Important Insights - The chemical industry is currently characterized by a shorter duration from the bottom of the down cycle to the upturn, aided by price synergy effects and high industry concentration [4] - The large refining industry is at the tail end of its capacity cycle, with cash flow expected to improve significantly [8] - The agricultural chemicals sector faces oversupply issues, with key signals from agricultural product prices [28] Market Trends and Future Outlook - The oil market is expected to improve in the second half of 2026, with prices potentially fluctuating between 70-80 USD per barrel [15][16] - OPEC is likely to maintain production levels, indicating a slow growth cycle for oil supply, which could stabilize prices [17] - The refrigerant market is expected to see price increases, although the rate of increase may slow down [33][34] This summary encapsulates the key points from the conference call records, highlighting the chemical industry's dynamics, company-specific insights, and broader market trends.

证券日报网讯1月30日，广信股份（603599）在互动平台回答投资者提问时表示，银行承兑汇票等票据 结算款项未纳入经营活动现金流核算，这是导致营收与经营活动现金流存在差异的主要原因。 ...

（编辑 姚尧） 证券日报网讯 1月29日，广信股份发布公告称，公司股票价格于2026年1月27日、1月28日、1月29日连 续三个交易日内收盘价格涨幅偏离值累计超过20%，属于股票交易异常波动情形。公司目前生产经营情 况正常，内外部经营环境未发生重大调整，内部生产经营秩序正常，未发现其他可能对公司股价产生较 大影响的重大事件，不存在应披露而未披露的重大信息。 ...

证券代码：603599 证券简称：广信股份 公告编号：2026-002 安徽广信农化股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 安徽广信农化股份有限公司（以下简称"公司"）股票价格于 2026 年 1 月 27 日、1 月 28 日、1 月 29 日连续三个交易日内收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的相关规定，属于股票交易异常波动情 形。 一、股票交易异常波动的具体情况 公司股票价格于2026年1月27日、1月28日、1月29日连续三个交易日内收盘 价格涨幅偏离值累计超过20%，根据《上海证券交易所交易规则》的相关规定， 属于股票交易异常波动情形。 二、公司关注并核实的相关情况 针对公司股票交易异常波动的情况，公司对有关事项进行了核查，现将有关 情况说明如下： （一）生产经营情况 公司目前生产经营情况正常，内外部经营环境未发生重大调整，内部生产经 营秩序正常，未发现其他可能对公司股价产生较大影响的重大事件，不存在应披 露而未披露的重大信息。 ...

南财智讯1月29日电，广信股份公告，公司股票价格于2026年1月27日、1月28日、1月29日连续三个交易 日内收盘价格涨幅偏离值累计超过20%，构成股票交易异常波动。经核查，公司生产经营情况正常，内 外部经营环境未发生重大调整；公司、控股股东及实际控制人不存在并购重组、股份发行、重大交易、 债务重组、业务重组、股份回购、股权激励、资产剥离、资产注入和重大业务合作等应披露而未披露的 重大事项；公司未发现可能对公司股价产生较大影响的媒体报道、市场传闻及热点概念；公司控股股 东、实际控制人及公司董事、高级管理人员在本次异常波动期间不存在买卖公司股票的情况。 ...

广信股份公告称，公司股票于2026年1月27 - 29日连续三个交易日内收盘价格涨幅偏离值累计超20%， 属于异常波动情形。经核查，公司目前生产经营正常，内外部环境未重大调整；公司、控股股东及实控 人均无影响股价异常波动的重大事项，无应披露未披露信息；未发现影响股价的媒体报道、市场传闻、 热点概念及其他敏感信息；相关人员在此期间无买卖公司股票情况。公司提醒投资者注意交易风险。 ...

Core Viewpoint - The agricultural chemical sector experienced a notable increase of 2.01% on January 28, with N Nongda leading the gains, reflecting positive market sentiment in this industry [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4151.24, up by 0.27%, while the Shenzhen Component Index closed at 14342.9, up by 0.09% [1]. - N Nongda's stock price surged to 52.89, marking an impressive increase of 111.56%, with a trading volume of 136,800 shares and a transaction value of 703 million yuan [1]. - Other notable performers included Hebang Biotechnology, which rose by 10.16% to 2.82, and Zhongnong United, which increased by 10.00% to 25.41 [1]. Group 2: Capital Flow - The agricultural chemical sector saw a net inflow of 818 million yuan from institutional investors, while retail investors experienced a net outflow of 163 million yuan [2]. - The main capital inflow was observed in Hebang Biotechnology, with a net inflow of 330 million yuan, while N Nongda had a net inflow of 71.85 million yuan [3]. - Conversely, ST Huifeng experienced a decline of 5.05% to 1.88, with a trading volume of 381,700 shares and a transaction value of approximately 72.16 million yuan [2].

Group 1 - Guangxin Co., Ltd. experienced a stock price increase of 5.44%, reaching 13.18 CNY per share, with a trading volume of 1.93 billion CNY and a turnover rate of 1.65%, resulting in a total market capitalization of 11.997 billion CNY [1] - The company, established on March 15, 2000, and listed on May 13, 2015, specializes in the research, production, and sales of pesticides and intermediates using phosgene as a raw material, with pesticide sales contributing 62.60% to revenue and intermediates and other products accounting for 37.13% [1] Group 2 - Huaxia Fund's Huaxia Industry Prosperity Mixed A Fund (003567) holds 18.4923 million shares of Guangxin Co., representing 2.03% of the circulating shares, with an estimated floating profit of approximately 12.5748 million CNY [2] - The fund, established on February 4, 2017, has a current scale of 6.958 billion CNY, with a year-to-date return of 9.08% and a one-year return of 72.03%, ranking 599 out of 8096 in its category [2] - The fund manager, Zhong Shuai, has a tenure of 5 years and 180 days, with the best fund return during this period being 212.68% and the worst being 9.85% [2]

Core Viewpoint - The article discusses the impact of the upcoming export tax rebate cancellation on various companies in the glyphosate industry, highlighting their strategies to mitigate cost pressures and capitalize on market opportunities. Group 1: Company Strategies and Advantages - Xingfa Group, a leading player in the phosphate chemical industry, benefits from a complete supply chain and cost control, allowing it to quickly pass on cost pressures post-export tax rebate cancellation [1][19] - Yangnong Chemical, a leader in the biorational pesticide sector, plans to shift towards high-value formulation exports, leveraging its strong overseas registration and channel networks [2][20] - Hebang Biotechnology has a high self-sufficiency rate in raw materials, which helps it mitigate cost increases and capture orders during overseas inventory replenishment cycles [3][19] - Runfeng Co., a prominent pesticide exporter, can quickly adjust its product structure to high-value formulations, benefiting from its global partnerships and supply chain flexibility [4][20] - Xin'an Chemical, known for its integrated production model, significantly reduces costs and enhances flexibility in price transmission through its dual production of organic silicon and glyphosate [5][21] Group 2: Market Position and Growth Potential - Taihe Co. focuses on raw material production and aims to expand its market share by optimizing production costs and enhancing its domestic formulation market presence [6][22] - Andermatt Biocontrol, a global leader in pesticide formulations, plans to leverage its strong R&D capabilities and global network to maintain market leadership post-tax rebate changes [7][24] - Lier Chemical, with a complete R&D and production system, aims to enhance its market position through technological upgrades and a stable raw material supply chain [8][25] - Nopson, a leading pesticide formulation company, is expected to strengthen its domestic market position by quickly adapting to changes in export pressures [9][26] - Jiangshan Co., a top glyphosate producer, is positioned to benefit from its scale and technological advantages, allowing it to consolidate market share amid industry restructuring [10][28] Group 3: Industry Trends and Challenges - The glyphosate industry is experiencing consolidation, with companies poised to capture market share from smaller players exiting the market due to increased competition and regulatory pressures [11][29] - Companies are focusing on technological advancements and product iterations to address challenges such as glyphosate resistance and to enhance their competitive edge [12][30] - The shift towards high-value formulations and domestic market focus is a common strategy among companies to mitigate the impact of the export tax rebate cancellation [13][34]