答：公司在雷波基地拥有年产能6万吨黄磷，目前黄磷产品以外售为主。黄磷主要用于生产热法磷酸、 三氯化磷等产品，其下游产品最终应用于农药、新能源电池、磷系阻燃剂等领域。随着雷波磷矿项目陆 续建成投产，公司可使用自采的磷矿石生产黄磷，有望降低黄磷的生产成本，巩固和提升黄磷的盈利水 平。 格隆汇2月5日丨云图控股(002539.SZ)在投资者关系中表示，有被问到：公司黄磷业务及下游应用领 域？ ...

Core Viewpoint - The company, Yuntu Holdings, has established a comprehensive industrial chain for phosphoric acid production, maximizing the value of phosphorus resources through a wet phosphoric acid process [1] Group 1: Production Process - The company utilizes phosphate rock and sulfuric acid as raw materials to produce phosphoric acid, which is then classified based on concentration and purity [1] - The industrial chain includes the production of refined phosphoric acid, water-soluble monoammonium phosphate, industrial-grade monoammonium phosphate, iron phosphate, and compound fertilizers [1] Group 2: Sulfuric Acid Production - The wet phosphoric acid production is supported by upstream sulfuric acid capacity, with established production lines for sulfuric acid from both sulfur sand and sulfur [1] - The annual production capacity for sulfuric acid from sulfur sand is 1.35 million tons, while from sulfur it is 1.6 million tons, totaling an annual sulfuric acid capacity of 2.95 million tons [1]

Group 1: Company Strategy and Industry Chain - The company focuses on an integrated strategy for nitrogen and phosphorus resources to enhance cost control and risk resistance, promoting stable business development [2] - The nitrogen industry chain is based on salt mine resources, forming a "salt-alkali-fertilizer" integration, with a 700,000 tons ammonia project underway to improve self-sufficiency in nitrogen fertilizer [2] - The phosphorus industry chain leverages phosphorus ore resources, with ongoing projects to enhance comprehensive utilization and product value, including the Lei Bo phosphorus mining project and the Yicheng phosphorus chemical green cycle project [2][3] Group 2: Phosphorus Resource and Production Capacity - The company owns three phosphorus mines in Leibo County, with a total resource reserve of approximately 549 million tons [4] - Aju Luogya mine: 139 million tons, with a 2.9 million tons/year mining project under construction [4] - Niuniuzhai East section: 181 million tons, with a 4 million tons/year mining project in progress [4] - Niuniuzhai West section: 229 million tons, currently in the exploration-to-production phase [4] - The company also holds a 49% stake in the Sichuan Mabi Erba lead-zinc mine, with a phosphorus reserve of 29.27 million tons [4] Group 3: Phosphoric Acid and Related Projects - The company utilizes wet-process phosphoric acid technology, producing various grades of phosphoric acid and related products, with an annual sulfuric acid production capacity of 2.95 million tons [5] - The Yicheng base green cycle project aims to enhance the phosphorus industry chain, with a 600,000 tons/year sulfuric acid project already operational and several other projects in progress [5] Group 4: Yellow Phosphorus Business and Applications - The company has an annual production capacity of 60,000 tons of yellow phosphorus, primarily sold externally [6] - Yellow phosphorus is used in the production of thermal phosphoric acid and phosphorus trichloride, with applications in pesticides, new energy batteries, and phosphorus-based flame retardants [6][7] - The use of self-mined phosphorus ore for yellow phosphorus production is expected to reduce costs and enhance profitability [7]

Market Performance - The agricultural chemical sector increased by 0.17% on February 4, with Jinzhengdai leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - Jinzhengdai (002470) closed at 2.03, up 5.73% with a trading volume of 1.79 million shares and a transaction value of 361 million yuan [1] - Hongtaiyang (000525) closed at 5.89, up 4.43% with a trading volume of 393,200 shares and a transaction value of 233 million yuan [1] - Hongda Co. (600331) closed at 16.43, up 2.88% with a trading volume of 761,800 shares and a transaction value of 1.236 billion yuan [1] - Yabeng Chemical (300261) closed at 7.10, up 2.60% with a trading volume of 285,200 shares and a transaction value of 203 million yuan [1] - Other notable stocks include Chitianhua (600227), Yuntu Holdings (002539), and Sichuan Meifeng (000731), all showing positive gains [1] Capital Flow Analysis - The agricultural chemical sector experienced a net outflow of 192 million yuan from institutional investors, while retail investors saw a net inflow of 212 million yuan [2] - The overall net outflow from retail investors was 20.05 million yuan [2] Detailed Capital Flow for Selected Stocks - Salt Lake Co. (000792) had a net inflow of 89.5 million yuan from institutional investors, while retail investors experienced a net outflow of 54.6 million yuan [3] - Jinzhengdai (002470) saw a net inflow of 35.3 million yuan from institutional investors, with retail investors facing a net outflow of 24.0 million yuan [3] - Other stocks like Yuntu Holdings (002539) and Hongtaiyang (000525) also showed varying capital flows, with significant net outflows from retail investors [3]

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [5][8]. Core Views - The potassium fertilizer market is experiencing a tight supply-demand balance, with contract prices rising due to increased demand and limited domestic production [1][5]. - The long-term price of phosphate rock is expected to remain high due to declining ore grades and increasing demand from new applications such as lithium iron phosphate [2][3][7]. - The cancellation of export tax rebates for certain pesticides, including glyphosate, is anticipated to accelerate the elimination of outdated production capacity in the pesticide industry [4][7]. Summary by Sections Potassium Fertilizer - Potassium fertilizer prices are recovering due to strong demand, with domestic production expected to decrease by 2.7% to 5.5 million tons in 2024, while imports are projected to reach a record high of 12.633 million tons, up 9.1% year-on-year [1][25]. - As of January 2026, the average market price for potassium chloride was 3,295 CNY/ton, reflecting a 27.52% increase year-on-year [1][41]. - Key companies recommended for investment include Yara International, with projected potassium chloride production of 2.8 million tons in 2025 and 4 million tons in 2026 [5][8]. Phosphate Chemicals - The phosphate rock market is characterized by tight supply, with prices for 30% grade phosphate rock remaining above 900 CNY/ton for over two years [2][50]. - As of January 30, 2026, the price for 30% grade phosphate rock was 1,040 CNY/ton in Hubei and 970 CNY/ton in Yunnan, stable compared to the previous month [2][50]. - Companies with clear expansion plans such as Chuanheng Co., Yuntianhua, and Xingfa Group are recommended for investment [7]. Pesticides - The cancellation of export tax rebates is expected to increase production costs for pesticide companies, leading to a potential rise in prices for glyphosate and other products [4][7]. - The production of glyphosate in China is projected to grow significantly from 18,300 tons in 2020 to 120,400 tons by 2025, with an annual compound growth rate of 45.78% [4][7]. - Recommended companies in the pesticide sector include Lier Chemical and Liming Chemical, which are expected to benefit from price increases and improved margins [7].

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [5][8]. Core Views - The potassium fertilizer market is experiencing a tight supply-demand balance, with contract prices rising due to increased demand and limited domestic production [1][5]. - The long-term price of phosphate rock is expected to remain high due to declining ore grades and increasing demand from new applications such as lithium iron phosphate [2][3]. - The cancellation of export tax rebates for certain pesticides, including glyphosate, is anticipated to accelerate the elimination of outdated production capacity in the industry [4][5]. Summary by Sections Potassium Fertilizer - Potassium fertilizer prices are recovering due to strong demand, with domestic production expected to decrease slightly in 2024 while imports reach a historical high [1][25]. - As of January 2026, the average market price for potassium chloride was 3,295 CNY/ton, reflecting a year-on-year increase of 27.52% [1][41]. - Key companies recommended include Yara International, with projected potassium chloride production of 280 million tons in 2025 and 400 million tons in 2026 [5][8]. Phosphate Chemicals - The phosphate rock market is characterized by tight supply, with prices for 30% grade phosphate rock remaining high at around 1,040 CNY/ton in Hubei [2][50]. - The demand for lithium iron phosphate is driving the growth of phosphate rock consumption, with significant price increases observed in related products [2][3]. - Recommended companies include Chuanheng Co., which has clear expansion plans, and Yuntianhua, a leading player in the phosphate chemical sector [5][7]. Pesticides - The cancellation of export tax rebates is expected to increase production costs for pesticide companies, leading to a potential rise in prices for glyphosate and other products [4][5]. - The market for glyphosate is projected to grow significantly, with production expected to increase from 18,300 tons in 2020 to 120,400 tons by 2025, reflecting a compound annual growth rate of 45.78% [4][5]. - Companies recommended in this sector include Lier Chemical and Liming Chemical, which are well-positioned to benefit from the changing market dynamics [5][7].

Summary of Key Points from the Conference Call Industry: Yellow Phosphorus Sector Core Insights and Arguments 1. Current high prices of sulfur/sulfuric acid are impacting the cost of wet-process phosphoric acid, leading to wet-process phosphoric acid costs exceeding those of thermal phosphoric acid. This may result in some wet-process phosphoric acid companies temporarily shifting to the lower-cost thermal phosphoric acid, thereby increasing the usage of yellow phosphorus [1][3] 2. Following the Spring Festival, the demand for phosphoric acid is expected to surge due to the seasonal peak, but the production of yellow phosphorus may not keep pace with the increased demand, leading to a supply-demand mismatch [2][4] 3. The supply of yellow phosphorus has been constrained in recent years due to high energy consumption and safety concerns, making significant capacity expansion difficult in the short term [5] 4. The combination of a slight increase in demand and limited supply may lead to a price increase for yellow phosphorus after the Spring Festival [6] Notable Companies in the Yellow Phosphorus Sector 1. Recommended companies include: - Chengxing Co., Ltd. (the purest yellow phosphorus stock) - Yuntu Holdings - Yuntianhua - Xingfa Group [7]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The agricultural chemical industry is entering a period of layout opportunities, driven by the increasing importance of food security amid geopolitical fluctuations. The focus is on enhancing planting efficiency through technological empowerment [8] - The report emphasizes the growth potential of leading companies in the agricultural chemical sector, particularly those focused on technology services, including plant growth regulators, compound fertilizers, and pesticide formulations [3][8] - The report highlights the recovery opportunities in various sub-sectors of the chemical industry, including MDI, PVC, and refining, with specific companies recommended for investment [3][8] Summary by Relevant Sections Agricultural Chemical Sector - The report identifies growth opportunities in the agricultural chemical sector, particularly for companies that provide technology-driven services. Key areas include: 1. Plant growth regulators, which are characterized by low usage, high effectiveness, and cost efficiency, are seen as essential for modern agriculture [8] 2. Compound fertilizers are crucial for providing precise nutrient ratios to crops, with room for growth in China's compound fertilizer application rates compared to developed countries [8] 3. The potential for Chinese pesticide formulation companies to expand internationally, breaking the monopoly of traditional multinational corporations [8] Chemical Industry Recovery - The report notes a positive outlook for the recovery of various chemical sub-sectors, including: - MDI leader Wanhua Chemical (600309, Buy) [3] - PVC industry players such as Zhongtai Chemical (002092, Not Rated) and Xinjiang Tianye (600075, Not Rated) [3] - Refining sector leaders like Sinopec (600028, Buy) and Rongsheng Petrochemical (002493, Buy) [3] - The report anticipates continued price increases for high-energy products, particularly in the PVC sector, due to supply constraints and structural demand shifts [8]

Investment Rating - The report maintains an "Outperform" rating for the phosphate chemical industry [1][4][5] Core Insights - The phosphate rock supply and demand are in a tight balance, with new energy contributing to incremental growth [1][2] - The wet-process phosphoric acid is the core preparation route in the phosphate chemical industry, gradually replacing the high-energy-consuming thermal process due to its lower energy consumption and simpler equipment [1][16] - Stricter safety and environmental policies are accelerating the exit of outdated production capacity, leading to a continuous optimization of the supply-demand structure in the industry [1][18] - The domestic supply of phosphate rock is tightening due to limited resources and strong environmental constraints, with the price expected to remain high in the long term [1][26][33] Summary by Sections Phosphate Chemical Industry Overview - The phosphate chemical industry includes both wet and thermal processes, with wet-process phosphoric acid being favored due to its lower energy consumption and cost advantages [1][13][16] - The industry is facing increasing pressure from environmental regulations, leading to the closure of many outdated production facilities [1][18] Supply and Demand Dynamics - China's phosphate rock resources are characterized by scarcity and low quality, with the country holding about 5% of global reserves while contributing nearly half of the world's production [1][26] - The demand for phosphate rock is expected to increase, particularly driven by the growth in new energy applications, which is projected to account for a significant portion of phosphate consumption by 2024 [2][31] Key Companies and Investment Recommendations - Recommended companies include: - Chuanheng Co., a leading integrated phosphate chemical company with high profit margins supported by self-sufficient high-grade phosphate rock [3][4] - Yuntianhua, a dual leader in phosphate rock and fertilizer with significant resource reserves and stable growth [3][4] - Xingfa Group, a leader in fine phosphate chemicals with a diversified business model [3][4] - Yuntu Holdings, a leader in the phosphate compound fertilizer industry benefiting from tight sulfur supply [3][4] Profit Forecast and Valuation - The report provides profit forecasts and investment ratings for key companies, indicating a favorable outlook for their earnings per share (EPS) and price-to-earnings (PE) ratios [4][5]

南财智讯1月30日电，云图控股在投资者关系活动中表示，公司应城基地改扩建70万吨合成氨项目装置 进入调试阶段。该项目采用先进的水煤浆气化技术，在碳转化率、综合能效、环保等方面具有优势，不 仅能保障复合肥氮肥原料的自给能力，还能通过技术升级与产业协同，提升公司氮产业链的成本竞争力 和抗风险能力，驱动复合肥主业稳健发展。 ...