Core Viewpoint - The chemical sector experienced a significant rebound on February 3, with the chemical ETF (516020) rising by 3.97% by the end of the trading day, reflecting a broader positive trend in the industry [1][5]. Group 1: Market Performance - The chemical ETF (516020) saw a maximum intraday increase of 4.3% [1][5]. - Key stocks in the sector, such as Hongda Co., Ltd., surged by 9.16%, while Cangge Mining and Hualu Hengsheng both increased by over 6% [1][5]. Group 2: Price Trends and Analysis - Recent price increases in various basic chemical products, including dyes and para-nitrochlorobenzene, have been noted, attributed to the cancellation of export tax rebates, which has accelerated exports [1][5]. - Guojin Securities continues to be optimistic about investment opportunities in the basic chemical sector, recommending a focus on leading companies and those with price increases from a low base [1][5]. Group 3: Future Outlook - According to Guosheng Securities, since the "anti-involution" trend began in July 2025, the chemical sector has seen sustained growth, with investment and supply-side logic strengthening since the fourth quarter of 2025 [1][5]. - Huafu Securities anticipates a recovery in profitability for the chemical industry in 2026, suggesting that the sector is at a new starting point for supply-demand rebalancing [1][5][7]. Group 4: Investment Strategies - The chemical ETF (516020) tracks the CSI sub-industry theme index, covering popular topics such as AI computing power, anti-involution, robotics, and new energy, making it a potentially efficient way to invest in the sector [7][8].

Group 1 - The core point of the article highlights the performance of the Agricultural and Animal Husbandry ETF managed by Jianxin Fund, which opened at 0.904 yuan and experienced a slight decline of 0.33% [1] - The ETF's major holdings include Cangge Mining, which rose by 3.34%, and Yilake Co., which increased by 2.82%, while other stocks like Muyuan Foods and New Hope saw minor declines [1] - Since its inception on July 21, 2022, the ETF has reported a return of -9.46%, with a recent one-month return of 3.27% [1] Group 2 - The ETF's performance benchmark is the CSI Agricultural and Animal Husbandry Theme Index return [1] - The fund manager is Jianxin Fund Management Co., Ltd., and the fund manager is Gong Jiajia [1]

Core Viewpoint - As of February 2, 2026, Yara International (000893) closed at 52.16 yuan, down 6.89%, with a trading volume of 195,500 lots and a transaction amount of 1.047 billion yuan [1] Group 1: Financial Performance - For the first three quarters of 2025, the company's main revenue reached 3.867 billion yuan, a year-on-year increase of 55.76% [5] - The net profit attributable to shareholders was 1.363 billion yuan, up 163.01% year-on-year [5] - The gross profit margin stood at 58.91%, significantly higher than the industry average of 19.95% [5] Group 2: Market Activity - On February 2, 2026, the net outflow of main funds was 13.33 million yuan, accounting for 1.27% of the total transaction amount [2] - Retail investors saw a net inflow of 76.68 million yuan, representing 7.33% of the total transaction amount on the same day [1][2] - Over the past five days, the stock has experienced a consistent net outflow from main funds, totaling 51.72 million yuan [2] Group 3: Financing and Margin Trading - On February 2, 2026, the financing balance was 6.91 billion yuan, with a net financing purchase of 31.94 million yuan [3] - The margin trading balance stood at 703 million yuan, indicating active trading behavior [3] - The company has seen a cumulative net purchase of 41.12 million yuan over the past three days [3] Group 4: Industry Comparison - Yara International's total market value is 48.513 billion yuan, ranking 4th in the fertilizer industry [5] - The company's price-to-earnings ratio (P/E) is 26.7, significantly lower than the industry average of 93.3, ranking 12th [5] - The return on equity (ROE) is 10.97%, outperforming the industry average of 6.37% [5]

Core Viewpoints - The petrochemical industry is currently facing significant "involution" competition, leading to a situation where increased production does not result in increased profits, with the industry's operating income profit margin declining from 8.03% in 2021 to 4.85% in 2024 [2][17] - The report recommends investment directions in oil and gas, refining and chemical, potash fertilizer, and phosphorus chemicals, anticipating a gradual recovery in profitability as supply-side reforms take effect [4][21] Supply Side - Fixed asset investment in the chemical raw materials and products manufacturing sector turned negative starting June 2025, indicating the end of the current expansion cycle, with the "anti-involution" policy introduced in July aimed at curbing low-price competition and promoting the orderly exit of outdated capacity [2][19] - The report expects stricter approval for new chemical product capacities and accelerated clearance of outdated capacities, effectively alleviating the oversupply issue in the petrochemical industry [19][20] Demand Side - Traditional demand is expected to recover moderately due to global central banks entering a rate-cutting cycle and fiscal stimulus, while emerging demands from sectors like renewable energy and AI will drive the need for key chemical materials [3][19] - The report highlights that China's chemical products account for over 40% of global sales, and with overseas capacity being cleared, Chinese chemical companies are expected to gain market share globally [20] Oil Price Outlook - Geopolitical risks have led to fluctuations in international oil prices, with Brent and WTI prices rising by 16.17% and 13.57% respectively by the end of January 2026 [4][21] - The report forecasts Brent oil prices to stabilize between $55-65 per barrel and WTI prices between $52-62 per barrel in 2026, influenced by OPEC+ production decisions and high operational costs in the U.S. shale oil sector [22][30] Key Industry Research - The refining and chemical sector is expected to see improvements in supply-demand dynamics, with the report suggesting a focus on companies like China Petroleum and Rongsheng Petrochemical for potential recovery in refining profits [7][22] - In the potash fertilizer sector, the report recommends Yara International, which has significant potash reserves and is expected to increase production capacity significantly by 2026 [8][22] - The phosphorus chemical sector is anticipated to benefit from increased demand driven by energy storage applications, with a recommendation for Chuanheng Co. due to its strong resource base [23][24] Investment Portfolio - The recommended investment portfolio includes China Petroleum, China National Offshore Oil Corporation, Rongsheng Petrochemical, Yara International, and Chuanheng Co., highlighting their competitive advantages and growth potential in the current market environment [24][25]

石化化工行业 2026 年 2 月投资策略 优于大市 推荐油气、炼油炼化、钾肥、磷化工的投资方向 证券研究报告 | 2026年02月02日 石化化工行业 2026 年 2 月投资观点： 石化化工是周期性行业，现阶段石化化工行业"内卷式"竞争问题突出， 低质量、同质化的无序竞争导致企业普遍面临增产不增利困境，全行业 营业收入利润率从 2021 年的 8.03%持续降至 2024 年的 4.85%，2025 年 以来部分子行业率先复苏，前三季度行业归母净利润同比增长 10.56%， 行业盈利逐渐企稳复苏。 供给端：化学原料及化学制品制造业投资固定资产累计投资额于 2025 年 6 月开始转负，SW 基础化工行业及多个细分子行业的资本开支连续多 个季度转负，此轮行业扩产周期接近尾声；7 月"反内卷"政策正式出 台，旨在治理企业低价无序竞争、推动落后产能有序退出，农药、石化、 有机硅、PTA 聚酯等子行业相继响应"反内卷"出台或正在制定行业指 导文件。我们认为，后续将会看到更多化工产品新产能审批趋严、落后 产能（如规模小、能耗高、污染大）将加速出清，石化化工行业供给过 剩问题将得到有效缓解。 需求端：传统需求方面，伴 ...

Core Viewpoint - The fertilizer industry in China is experiencing significant performance disparities across different segments due to fluctuating raw material prices, ongoing policy adjustments, and structural changes in downstream demand. Nitrogen fertilizer companies are under pressure from low prices, while potash fertilizer companies are seeing both volume and price increases, and phosphate compound fertilizer companies are facing performance divergence based on resource endowments, cost control, and product structure [1][8]. Group 1: Nitrogen Fertilizer Companies - The nitrogen fertilizer market remains depressed in 2025, with the average ex-factory price of urea in Shandong at 1694 yuan/ton, down 352 yuan/ton from 2024, leading to widespread operational pressure on nitrogen fertilizer companies [2][8]. - Lu Hua Technology expects a net profit attributable to shareholders of -863 million to -638 million yuan in 2025, citing low prices for urea and PVC, along with asset impairment provisions as contributing factors [2][8]. - Sichuan Meifeng anticipates a net profit of -129 million to -98 million yuan in 2025, affected by declining market prices for key products and rising costs of raw materials [9][8]. - Luzhou Chemical, while still profitable, expects a significant drop in net profit to 25 million to 35 million yuan, a decrease of 54.10% to 67.22% year-on-year, primarily due to falling urea prices [3][9]. Group 2: Potash Fertilizer Companies - In 2025, potash fertilizer companies are experiencing a surge in performance driven by recovering prices, steady production and sales, and resource endowment advantages [4][10]. - Leading company Salt Lake Co. is projected to achieve a net profit of 8.29 billion to 8.89 billion yuan, a year-on-year increase of 77.78% to 90.65%, maintaining its position at the top of the sector [11][10]. - Zangge Mining expects a net profit of 3.7 billion to 3.95 billion yuan in 2025, reflecting a growth of 43.41% to 53.10% due to improved profitability from product price increases and cost optimization [11][10]. - Yaji International anticipates a net profit of 1.66 billion to 1.97 billion yuan, a significant increase of 75% to 107%, aided by improved gross margins from rising domestic and international potash prices [11][10]. - Dongfang Iron Tower is expected to achieve a net profit of 1.08 billion to 1.27 billion yuan, reflecting a growth of 91.4% to 125.07% [5][10]. Group 3: Phosphate Compound Fertilizer Companies - In 2025, phosphate prices remain high, and rising international sulfur prices are significantly increasing domestic procurement costs for sulfur and sulfuric acid, leading to notable performance divergence among compound fertilizer companies [6][12]. - Chuanjinnuo is expected to achieve a net profit of 430 million to 480 million yuan, a year-on-year increase of 144.24% to 172.64%, by optimizing production plans and enhancing the proportion of high-margin products [12][6]. - Batian Co. anticipates a record net profit of 890 million to 980 million yuan, reflecting a growth of 117.53% to 139.53%, driven by increased sales revenue from phosphate rock and its processed products [12][6]. - Tianhe Co. expects a net profit of 41 million to 60 million yuan, an increase of 84.35% to 169.78%, by enhancing operational efficiency and effectively managing market opportunities [12][7]. - Six Nations Chemical forecasts a net profit of -480 million to -410 million yuan, impacted by rising prices of major raw materials and macroeconomic conditions [13][7].

截至2026年2月2日收盘，亚钾国际（000893）报收于52.16元，较前一交易日下跌6.89%，最新总市值为 481.99亿元。该股当日开盘55.33元，最高55.74元，最低52.0元，成交额达10.47亿元，换手率为2.41%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 《简式权益变动报告书（中农集团）》 《第九届董事会第一次会议决议公告》 近日，公司披露《简式权益变动报告书（中农集团）》。中国农业生产资料集团有限公司因经营需要， 通过集中竞价方式减持亚钾国际投资（广州）股份有限公司股份。减持期间为2025年12月12日至2026年 1月30日，累计减持6,306,200股，占总股本的0.68%。减持后持股数量为92,405,033股，持股比例由 10.68%降至10.00%。其中18,797,440股仅享有收益权和股份转让权，放弃表决权等相关权利。信息披露 义务人不排除未来12个月内继续增持或减持上市公司股份。 最新公告列表 ...

Group 1: Metal Sector - Shandong Gold - Shandong Gold's net profit forecast for 2026 is projected to reach CNY 108.14 billion, with a PE ratio of 25.21[10] - The company has a resource reserve of 2,058 tons and an equity reserve of 787 tons, indicating significant undervaluation potential[14] - The recovery of the Jiaoji Gold Mine is expected to contribute 10 tons of gold annually once fully operational[14] Group 2: Building Materials Sector - Oriental Yuhong - Oriental Yuhong's operating performance is expected to bottom out, with net profits projected at CNY 18 billion in 2025, increasing to CNY 29 billion by 2027[21] - The company plans to increase revenue through retail price hikes of 3-4% and overseas expansion, potentially adding CNY 25 billion in revenue from international operations[21] - The domestic construction materials market is expected to see a 47% decline in sales area compared to 2021, leading to significant supply exit in the sector[18] Group 3: Transportation Sector - ZTO Express - ZTO Express is expected to achieve a net profit of CNY 104.45 billion in 2026, with a PE ratio of 11.80[10] - The company has improved its cash flow, with cash reserves exceeding CNY 300 billion and a debt ratio below 30%[44] - The competitive landscape in the express delivery sector is stabilizing, with a focus on improving profitability and operational efficiency[43]

证券代码：000893 证券简称：亚钾国际 公告编号：2026-011 亚钾国际投资（广州）股份有限公司 第九届董事会第一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 亚钾国际投资（广州）股份有限公司（以下简称"公司"）第九届董事会第一 次会议的会议通知于 2026 年 1 月 29 日以邮件方式送达，会议于 2026 年 1 月 29 日下午在公司会议室以现场会议结合通讯方式召开。本次会议应出席董事 9 人， 实际出席董事 9 人。本次会议由过半数董事推选杨锁先生主持。本次会议的召集、 召开和表决程序符合《公司法》、《公司章程》的有关规定。 经全体与会董事认真审议和表决，审议通过了下列议案： 一、关于选举公司第九届董事会董事长的议案 为有效组织董事会的正常运作，公司董事会同意选举杨锁先生为公司第九届 董事会董事长，任期自本次董事会审议通过之日起至本届董事会届满为止。杨锁 先生的任职资格已经公司董事会提名委员会审核通过。 表决结果：9 票同意、0 票反对、0 票弃权。 杨锁先生的简历详见公司于 2026 年 1 月 14 日在《证券时报》、《 ...

亚钾国际投资（广州）股份有限公司 简式权益变动报告书 上市公司名称：亚钾国际投资（广州）股份有限公司 股票上市地点：深圳证券交易所 股票简称：亚钾国际 股票代码：000893.SZ 住所：北京市西城区宣武门外大街甲 1 号 1512 号 通讯地址：北京市西城区宣武门外大街甲 1 号环球财讯中心 C 座 15 层 股份变动性质：股份减少（持股比例降至 10%） 签署日期：2026 年 1 月 30 日 简式权益变动报告书 信息披露义务人声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、本报告书系信息披露义务人依据《中华人民共和国公司法》、《中华人 民共和国证券法》、《上市公司收购管理办法》和《公开发行证券的公司信息披 露内容与格式准则第 15 号—权益变动报告书》等法律、法规、部门规章及规范 性文件编制。 二、依据《中华人民共和国证券法》、《上市公司收购管理办法》和《公开 发行证券的公司信息披露内容与格式准则第 15 号—权益变动报告书》的规定， 本报告书已全面披露了信息披露义务人在亚钾国际投资（广州）股份有限公司拥 有权益的变动情况；截至本报告书签署日，除本报告书披露的信息外，上述 ...