Core Viewpoint - On November 17, 19 A-share listed companies disclosed shareholding reductions, while Huangtai Liquor Industry announced a plan for share repurchase ranging from 70 million to 140 million yuan [1][2]. Group 1: Shareholding Increases - Huangtai Liquor Industry's controlling shareholder plans to increase its stake in the company by 70 million to 140 million yuan [2]. Group 2: Shareholding Reductions - Fubon Technology's specific shareholder, Zhenghong Development, intends to reduce its stake by no more than 0.59% [2]. - Huijie Co., Ltd.'s shareholder Lin Shengzhi plans to reduce his stake by no more than 2% [2]. - Chengdu Huamei's shareholders plan to reduce their stakes [2]. - Dexin Technology's shareholder Xinjiang Guotou plans to reduce by no more than 1% [2]. - Gokai Technology's major shareholder plans to reduce by no more than 0.7% [2]. - Fulin Precision's second-largest shareholder, An Zhifu, plans to reduce by no more than 1% [2]. - Zhouming Technology's controlling shareholder Lin Zhaofeng plans to reduce by no more than 1.99% [2]. - Keheng Co., Ltd.'s shareholder Wang Guojiang plans to reduce by no more than 2% [2]. - Yijiahe's shareholder Zhejiang Junhong plans to reduce by no more than 2% [2]. - Tianqi Co., Ltd.'s director Shen Baowei plans to reduce by no more than 0.0631% [2]. - Jiankai Technology's controlling shareholder is transferring 1.8195 million shares [2]. - Huizhiwei's shareholder GZPA plans to reduce by no more than 2.25% [2]. - Xingli Food's shareholder Shanghai Houxu plans to reduce by no more than 3% [2]. - Tiejie Technology's largest shareholder Alibaba Network reduced its stake by 4.2392 million shares from November 6 to November 17 [2]. - Shengke Communication's second-largest shareholder, the National Fund, reduced its stake by 10.1891 million shares from August 25 to November 17 [2]. - Yayi International's shareholder Zhongnong Group plans to reduce by no more than 1% [2]. - Yatai Co., Ltd.'s controlling shareholder Yatai Group plans to reduce by no more than 1% [2]. - Guangge Technology's shareholders, Jishi Chuangtou and Fangguang No. 2, plan to reduce their stakes by no more than 3.99% [2]. - Kaichuang International's Xiaojian Technology and its concerted actions reduced their stakes by 2.9321 million shares from November 7 to November 17 [2].

Core Viewpoint - China Agricultural Materials Group Co., Ltd. plans to reduce its stake in Yara International by selling up to 9,135,071 shares, representing 1% of the total share capital, within three months starting from 15 trading days after the announcement [1]. Summary by Categories Shareholder Actions - China Agricultural Materials Group holds 98,711,233 shares, accounting for 10.81% of the total share capital of the company [1]. - The planned reduction of shares will be executed through centralized bidding or block trading methods [1].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company's performance met expectations, with potassium fertilizer market conditions continuing to improve, and ongoing projects expected to be completed within the year [1][2] - The company reported a significant increase in revenue and net profit for Q1-Q3 2025, with a year-on-year revenue growth of 55.76% and net profit growth of 163.01% [7] - The company is expected to achieve a net profit of 18.87 billion, 31.14 billion, and 43.59 billion for the years 2025, 2026, and 2027 respectively, with corresponding PE valuations of 21X, 13X, and 9X [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are 6,550 million, with a year-on-year growth rate of 84.6% [3] - The net profit forecast for 2025 is 1,887 million, reflecting a year-on-year increase of 98.5% [3] - The company’s gross margin is expected to be 54.7% in 2025, with a return on equity (ROE) of 13.7% [3] Market Data - As of November 17, 2025, the closing price of the stock is 42.44 yuan, with a market capitalization of 34,453 million [4] - The stock has a price-to-book ratio of 3.0 and a net asset value per share of 14.13 yuan [4] Recent Developments - The company has seen a rise in potassium fertilizer demand driven by domestic agricultural policies and changes in consumer dietary habits [7] - The company’s major shareholder, Huineng Group, has increased its stake to 14.05%, providing financial support for future growth [7] - The company is on track to achieve a production capacity of 5 million tons of potassium fertilizer annually, with plans to expand further based on market demand [7]

格隆汇11月17日丨亚钾国际(000893.SZ)公布，今日收到持有公司98,711,233股（占公司总股本比例 10.81%）的股东中国农业生产资料集团有限公司（简称"中农集团"）出具的《股份减持计划告知函》， 中农集团计划自本公告披露之日起15个交易日后的3个月内通过集中竞价或大宗交易方式减持公司股份 合计不超过9,135,071股，即不超过公司总股本的1%。 ...

智通财经APP讯，亚钾国际(000893.SZ)公告，公司股东中国农业生产资料集团有限公司(简称"中农集 团")计划自本公告披露之日起15个交易日后的3个月内通过集中竞价或大宗交易方式减持公司股份合计 不超过913.51万股，即不超过公司总股本的1%。 ...

人民财讯11月17日电，亚钾国际(000893)11月17日公告，持股10.81%的股东中国农业生产资料集团有限 公司计划通过集中竞价或大宗交易方式减持公司股份合计不超过913.51万股，即不超过公司总股本的 1%。 转自：证券时报 ...

每经AI快讯，亚钾国际（SZ 000893，收盘价：42.44元）11月17日晚间发布公告称，亚钾国际投资（广 州）股份有限公司于今日收到持有公司约9871万股（占公司总股本1比例10.81%）的股东中国农业生产 资料集团有限公司出具的《股份减持计划告知函》，中农集团计划自本公告披露之日起15个交易日后的 3个月内通过集中竞价或大宗交易方式减持公司股份合计不超过约914万股，即不超过公司总股本的 1%。 （记者 曾健辉） 每经头条（nbdtoutiao）——展望"十五五" | 专访尹艳林：让有钱且愿消费的人顺利消费；个税起征点可 提高，最高边际税率可下调，让有关群体少缴税、多收入 2025年1至6月份，亚钾国际的营业收入构成为：钾肥占比100.0%。 截至发稿，亚钾国际市值为392亿元。 ...

持有公司 5%以上股份的股东中国农业生产资料集团有限公司保证向本公 司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 亚钾国际投资（广州）股份有限公司（以下简称"公司"）于今日收到持有 公司98,711,233股（占公司总股本1比例10.81%）的股东中国农业生产资料集团有 限公司（以下简称"中农集团"）出具的《股份减持计划告知函》，中农集团计 划自本公告披露之日起15个交易日后的3个月内通过集中竞价或大宗交易方式减 持公司股份合计不超过9,135,071股，即不超过公司总股本的1%。 证券代码：000893 证券简称：亚钾国际 公告编号：2025-046 亚钾国际投资（广州）股份有限公司 关于持股 5%以上股东股份减持预披露的公告 二、本次减持计划的主要内容 1、减持原因：经营需要。 现将相关情况公告如下： 一、股东的基本情况 1、股东名称：中国农业生产资料集团有限公司 2、股东持有股份的总数量、占公司总股本的比例：截至本公告披露日，中 农集团持有公司股份 98,711,233股，占公司总股本的10.81%。 2、股份来源：非公开发行股份。 3、减持方式：集中竞价或大宗交易方式 ...

亚钾国际公告，中农集团持有公司9871.12万股，占公司总股本10.81%；计划自公告披露之日起15个交 易日后的3个月内，通过集中竞价或大宗交易方式减持不超过913.51万股，不超过公司总股本的1%。减 持股份来源为非公开发行股份，减持原因为经营需要，减持价格将根据市场价格确定。 ...

Core Insights - The petrochemical industry is expected to recover in 2026, with a focus on resource products, anti-involution policies, and emerging industries as investment opportunities [3][27] - The industry has shown signs of stabilization and recovery since 2025, with a year-on-year increase of 10.56% in net profit attributable to shareholders in the first three quarters of 2025 [3] - Key sectors identified for investment include oil and gas, potassium fertilizer, phosphorus chemicals, fluorochemicals, sustainable aviation fuel (SAF), electronic resins, and certain anti-involution sectors [3] Industry Overview - The petrochemical industry is cyclical, with net profits in the SW basic chemical sector reaching a historical high in 2021, followed by a downturn, with 2024 profits expected to be only 52% of 2021 levels [3] - The supply side has seen a decline in fixed asset investment since June 2025, indicating the end of the current expansion cycle [3] - The "anti-involution" policy aims to address low-price competition and promote the orderly exit of outdated capacities, which is expected to alleviate the oversupply issue in the petrochemical sector [3] Demand Dynamics - Traditional demand is anticipated to recover moderately due to global central banks entering a rate-cutting cycle and fiscal stimulus [3] - Emerging demands from sectors such as new energy and AI are expected to drive growth in key chemical materials [3] - The domestic chemical industry is projected to increase its global market share as overseas capacities are cleared out [3] Investment Recommendations - Recommended companies for investment in 2026 include China Petroleum, China National Offshore Oil Corporation, Yara International, Yuntianhua, Juhua Co., Sanmei Co., Jiaao Environmental Protection, Zhuoyue New Energy, Shengquan Group, Wanhua Chemical, Baofeng Energy, and Xinhecheng [3] Sector Performance - The petrochemical sector's revenue decreased by 7.1% year-on-year in the first three quarters of 2025, while net profit fell by 11.1% [24] - The basic chemical sector showed a recovery with a 1.9% increase in revenue and an 8.9% increase in net profit [24] - The oilfield services sector was the only sub-sector to achieve growth in both revenue and net profit during this period [24] Price Trends - The China Chemical Product Price Index (CCPI) has shown a downward trend, with a reported decline of 11.5% from the beginning of the year [13] - The PPI for the chemical industry is expected to show marginal improvement in the second half of 2025, although it remains in a downward trend overall [16] Policy Impact - The "anti-involution" initiative is expected to promote a rebalancing of supply and demand in traditional chemical products, with various sectors responding positively to this policy [27] - Key meetings and documents from government bodies indicate a focus on maintaining growth and regulating new capacity in the petrochemical sector [27]