Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [7][10]. Core Views - The agricultural chemical industry is expected to benefit from rising prices of potassium fertilizer and glyphosate, with supply constraints for the insecticide "Kangkuan" [2][5]. - The potassium fertilizer market is characterized by tight supply and demand, with a significant reliance on imports, which is projected to increase due to food security concerns [2][27]. - The phosphoric chemical sector is anticipated to maintain high price levels due to the scarcity of phosphate rock resources and increasing demand from new applications [3][51]. Summary by Sections Potassium Fertilizer - Global potassium fertilizer prices are expected to recover as demand increases, with China being the largest consumer and heavily reliant on imports [2][27]. - Domestic production of potassium chloride is projected to decrease slightly in 2024, while imports are expected to reach a historical high [27]. - The domestic potassium chloride price is forecasted to rise by approximately 100 yuan/ton in July due to increased port prices [2][45]. Phosphoric Chemicals - The price of phosphate rock is expected to remain high due to declining grades and increasing extraction costs, with a tight supply-demand balance [3][51]. - As of June 30, 2025, the market price for 30% grade phosphate rock in Hubei is 1,040 yuan/ton, while in Yunnan it is 970 yuan/ton, both stable compared to the previous month [3][51]. - The export policy for phosphoric fertilizers emphasizes domestic priority, with reduced export quotas expected to alleviate downward pressure in the domestic market [4]. Pesticides - The supply of "Kangkuan" has been unexpectedly restricted, leading to a potential price increase for the product [5]. - Glyphosate prices have risen by 1,300 yuan/ton in June, driven by increased demand from South America as planting areas for soybeans and corn expand [5][9]. - The report recommends focusing on leading companies in the glyphosate sector, such as "Xingfa Group," which has a significant production capacity [9]. Key Company Recommendations - The report recommends "Yaji International" for potassium fertilizer, projecting production of 2.8 million tons in 2025 and 4 million tons in 2026 [5][49]. - For phosphoric chemicals, "Yuntianhua" and "Xingfa Group" are highlighted as key players due to their rich phosphate reserves [6]. - In the pesticide sector, "Xingfa Group" is recommended for its leading position in glyphosate production [9].

Group 1 - The core viewpoint is that the prices of single fertilizers are showing a strong upward trend, which is beneficial for compound fertilizer companies during the peak season, indicating a positive outlook for annual performance [1] - In Q2, the prices of nitrogen, phosphorus, and potassium fertilizers increased compared to Q1, with urea at 1855 RMB/ton (+7.0%), diammonium phosphate at 4066 RMB/ton (+5.0%), monoammonium phosphate at 3364 RMB/ton (+6.4%), and potassium chloride at 2994 RMB/ton (+3.7%) [1] - The company has significant phosphate resources, with the Aju Luo Ga phosphate mine construction progressing smoothly, holding a total phosphate resource of approximately 549 million tons [1] Group 2 - The company’s Yingcheng base is set to produce 700,000 tons of synthetic ammonia, along with supporting production lines for 600,000 tons of water-soluble compound fertilizer, 400,000 tons of slow-release compound fertilizer, and 1.5 million tons of refined salt, with completion expected within the year [2] - The revenue forecast for the company from 2025 to 2027 is projected at 22.51 billion, 24.99 billion, and 28.06 billion RMB, with year-on-year growth rates of 10.5%, 11.0%, and 12.3% respectively [2] - The net profit forecast for the same period is expected to be 1 billion, 1.29 billion, and 1.63 billion RMB, with year-on-year growth rates of 24.9%, 27.9%, and 26.9% respectively, leading to a corresponding PE ratio of 12, 9, and 7 times [2]

Production Capacity and Distribution - The company has a total compound fertilizer production capacity of 7.55 million tons, with an additional 1.3 million tons under construction [2][3] - The production bases are strategically located across various regions in China and Malaysia, including Hubei, Shandong, Henan, Sichuan, and Xinjiang [2][3] - The company has nearly 6,000 primary distributors and over 100,000 retail outlets nationwide, with ongoing expansion into Southeast Asian markets [2][3] New Fertilizer Demand and Development - The new fertilizer segment is becoming a key growth driver, supported by agricultural green transformation and policy backing [3][4] - The company is developing 1.3 million tons of new fertilizer capacity in Hubei and Shandong, expected to enhance production scale and profit margins [3][4] - Recent innovations include new products such as water-soluble monoammonium phosphate and high-concentration liquid potassium-phosphorus fertilizers [3][4] Phosphate Fertilizer Composition and Profitability - The phosphate fertilizer products mainly consist of fertilizer-grade and industrial-grade monoammonium phosphate, with the latter entirely sold externally [4] - The company’s phosphate fertilizer business is projected to grow significantly due to increasing demand in agriculture, fire safety, and new energy materials [4] Phosphate Mining Progress and Impact - The company owns three phosphate mines in Sichuan, with ongoing construction of a 2.9 million tons/year mining project [5] - The mining projects aim to ensure stable raw material supply and reduce production costs, enhancing market competitiveness [5] Synthetic Ammonia Project Development - The company is constructing a 700,000 tons synthetic ammonia project, which is expected to meet nitrogen fertilizer raw material needs and lower overall costs [5] - The project will also expand production capacity and optimize the industrial structure, providing strong support for sustainable development [5]

Core Viewpoint - The article emphasizes the role of futures in supporting high-quality development within the agricultural sector, particularly through the innovative models adopted by enterprises in the futures market to stabilize operations and enhance supply chain security [1]. Group 1: Company Insights - Yuntu Holdings, a leading compound fertilizer company, has established a comprehensive risk management system that integrates futures trading into its procurement, production, and sales processes, allowing it to stabilize costs and ensure supply during price fluctuations [2][3]. - Sichuan Agricultural Fertilizer has seen its urea trading volume increase from 1.2 million tons in 2021 to approximately 2.45 million tons in 2024, demonstrating its proactive approach to risk management through futures [3][4]. - Huailong Group has actively participated in the urea futures market since its launch in 2019, recognizing the importance of futures tools for managing price volatility and enhancing operational efficiency [4][5]. Group 2: Risk Management Strategies - Yuntu Holdings employs a risk management matrix that includes buying hedges to lock in costs, production guidance based on futures prices, and selling hedges to mitigate inventory devaluation risks [3]. - Sichuan Agricultural Fertilizer has innovated its business model by utilizing urea options and implementing strategies such as selling options to enhance sales profits and control procurement costs [4]. - Huailong Group has utilized futures to create virtual inventories, effectively managing procurement costs during periods of price fluctuations [5]. Group 3: Industry Collaboration - The article highlights the increasing adoption of basis trading models among enterprises, which not only stabilizes their operations but also supports upstream and downstream partners in managing costs and securing supply [6][7]. - Sichuan Agricultural Fertilizer has successfully assisted downstream clients in locking in raw material costs through basis pricing, resulting in significant cost savings [6][7]. - The collaboration among enterprises in the futures market has led to the establishment of a new ecosystem that integrates futures trading with operational strategies, enhancing overall industry resilience [8][10]. Group 4: Future Directions - The Zhengzhou Commodity Exchange continues to support the development of production and finance bases, aiming to enhance the understanding and utilization of futures among industry players [8][9]. - Yuntu Holdings plans to further promote the application of urea futures and assist clients in designing risk management strategies, fostering long-term cooperative ecosystems [8][10]. - Sichuan Agricultural Fertilizer aims to improve service quality by collecting feedback from upstream and downstream enterprises, enhancing the customization of risk management solutions [10].

证券代码：002539 证券简称：云图控股 公告编号：2025-039 成都云图控股股份有限公司 关于公司提供担保的进展公告 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。 特别风险提示： 截至本公告日，成都云图控股股份有限公司（以下简称"公司"）及子公司对 外担保余额占 2024 年度经审计净资产的 142.97%，均为公司及子公司之间相互 提供的融资担保，财务风险处于公司可控范围内，敬请投资者充分关注担保风险。 单位：万元 | | | 1 | 1 | 应城市新都化工有限 | 693,000 | 593,100 | 31,000 | 624,100 | 68,900 | | --- | --- | --- | --- | --- | --- | --- | | | 责任公司 | | | | | | | 2 | 嘉施利（宜城）化肥有 | 80,000 | 45,000 | 17,000 | 62,000 | 18,000 | | | 限公司 | | | | | | | 3 | 嘉施利（平原）化肥有 限公司 | 9,500 | 0.00 | 4,500 | 4, ...

Investment Rating - Investment rating for the basic chemical industry is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes that the price of phosphate rock remains high, and the supply-demand dynamics are expected to continue to support this trend. The performance of listed companies in the phosphate chemical sector, such as Yuntianhua and Chuanheng Co., has been strong, with significant dividends expected [4][14] - The report maintains the view that barriers to phosphate mining and selection are increasing, which may lead to lower-than-expected supply growth, keeping price levels elevated. The optimization of the product structure in the phosphate chemical sector is expected to help companies maintain stable operations and enhance cash dividend capabilities [4][14] Resource Side - In 2024, China's phosphate rock reserves are approximately 3.7 billion tons, a decrease of 1 million tons year-on-year, representing a decline of 2.6%. The domestic phosphate rock production in 2024 is projected to be 113.52 million tons, an increase of 8.2% year-on-year [5][16] - The report forecasts limited new supply of phosphate rock from 2025 to 2026, with domestic production expected to reach 120.38 million tons in 2025, 136.33 million tons in 2026, and 151.73 million tons in 2027 [5][32] Product Side - The supply of phosphate ammonium and feed-grade calcium phosphate is optimizing, with wet-process phosphoric acid production continuing to increase. The demand for wet-process phosphoric acid is expected to rise steadily, reaching a 17.3% share of phosphate rock demand in 2024, up from previous years [5][36] - The report highlights that the domestic phosphate ammonium market is experiencing limited new capacity, with the CR5 capacity shares for various types of phosphate ammonium being 71%, 30%, and 44% respectively [5][35] Supply-Demand Matching - The report anticipates that the supply-demand balance for phosphate rock will remain tight in 2025, with consumption expected to be 98.3% of production. The supply-demand situation is expected to ease slightly in 2026 and 2027 [6][32] Profit Forecast and Investment Recommendations - The report recommends companies with integrated mining and processing capabilities, such as Xingfa Group and Yuntianhua, as potential investment targets due to their strong operational performance and dividend potential [4][14]

证券代码：002539 证券简称：云图控股 公告编号：2025-038 成都云图控股股份有限公司 2024 年年度权益分派实施公告 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。 成都云图控股股份有限公司（以下简称"公司"或"本公司"）2024 年年度 权益分派方案已获 2025 年 5 月 6 日召开的 2024 年年度股东大会审议通过，现将 权益分派事宜公告如下： 一、股东大会审议通过利润分配方案等情况 （一）经公司 2024 年年度股东大会审议通过的利润分配方案为：以公司现 有总股本 1,207,723,762 股为基数，向全体股东每 10 股派发现金红利 1.00 元（含 税），本年度不送红股，不以公积金转增股本，剩余未分配利润结转下一年度。 若利润分配预案披露至实施前，公司总股本或可参与分配的股本基数发生变动的， 则以未来实施分配方案时股权登记日享有利润分配权的总股本为基数，按照分配 比例不变的原则调整分配总额。 （二）自本次分配方案披露至实施期间公司股本总额未发生变化。 （三）本次实施的分配方案与股东大会审议通过的分配方案及其调整原则一 致。 （四 ...

Summary of Key Points from Conference Call Records Industry Overview Aviation Industry - Boeing's aircraft delivery suspension has a limited impact on the Chinese aviation industry, with three previously suspended aircraft set to be delivered to Xiamen Airlines and China Southern Airlines. China Eastern Airlines plans to introduce 46 Boeing aircraft by 2025, with about 10 already delivered in Q1. These new aircraft represent less than 1% of the total industry fleet of 4,300 aircraft [2][4] - Market expectations suggest that tax rebates may compensate airlines for the delivery suspension, which has not significantly affected stock prices [4] - The summer 2025 aviation market is expected to see good pre-sales, with non-fuel ticket prices projected to achieve double-digit growth, although current seat occupancy rates are lower than last year [5] Express Delivery Industry - The express delivery sector is experiencing price increases, particularly in Yiwu, while intense price wars among major companies have not yielded expected results. The growth rate for Zhongtong's parcel volume in Q1 was only 19%, compared to the industry average of 22% [6] - The price war may reach a temporary bottom if price increases continue, presenting a good opportunity for investment in companies like Zhongtong, Jitu, YTO, and Shentong [6] - The application of unmanned vehicles in the last-mile delivery is rapidly advancing, with SF Express increasing its investment in unmanned vehicles, significantly reducing per-package costs [7][8] Chemical Industry - The CCPI price index has decreased due to oil price fluctuations and the seasonal decline in consumption. The index currently stands at 44,033 points, down one percentage point from the previous week [9] - U.S. inventory growth in March was 3.47%, indicating potential future demand decline, which may affect chemical product exports [10] - OPEC's decision to increase production may impact the chemical industry, with a focus on supply-constrained products [11] Fertilizer Market - Potash fertilizer contract prices have risen, with ongoing tight supply and demand conditions expected to maintain high prices. The price for potash contracts in India is $349 per ton, up $70 year-on-year [13][14] Refrigerant and Vitamin Markets - Refrigerant prices are rising due to increased downstream demand, with R32 reaching 51,000 yuan per ton. Vitamin E prices are expected to rise due to low inventory levels and production halts among leading companies [15] Precious Metals Market - Silver prices are rising due to increased tariffs on copper and aluminum, while platinum and palladium prices are influenced by industrial demand fluctuations. The gold market is currently volatile, with attention on potential risks to the U.S. dollar's credibility [18][19] Oil Market - Brent crude oil prices have risen to $66.65 per barrel, with expectations of fluctuations between $63 and $67 in June. Despite OPEC's production increase, global demand remains tight [20]

Group 1 - A total of 34 companies were investigated by institutions on June 4, with 25 companies being surveyed by funds, indicating strong interest in specific firms [1] - The most popular company among funds was Cuihua Jewelry, which had 25 participating funds, followed by Yuxin Technology with 20 funds and Sunshine Nuohuo with 11 funds [1] - The surveyed companies were categorized into various sectors, with the machinery and equipment, and computer industries having the highest representation, each with 5 stocks [1] Group 2 - Among the surveyed stocks, 18 experienced price increases over the past 5 days, with notable gains from Zhongli Co., Chaojie Co., and Cuihua Jewelry, which rose by 25.56%, 24.41%, and 21.99% respectively [1] - Conversely, 7 stocks saw declines, with Haichuang Pharmaceutical, Yuntu Holdings, and New Times falling by 9.05%, 3.03%, and 2.64% respectively [1] - In terms of net capital inflow over the past 5 days, 13 stocks recorded positive inflows, with Zhongli Co. leading at 255 million yuan, followed by Jingbeifang and Chaojie Co. with inflows of 211 million yuan and 184 million yuan respectively [2]

Group 1: Industry Chain Layout and Core Advantages - The company focuses on compound fertilizer business, with an integrated industry chain that includes upstream nitrogen and phosphorus resources, enhancing cost control and resource ownership [1] - Nitrogen fertilizer chain includes a "salt-alkali-fertilizer" integration, with projects in Hubei and Guangxi totaling 2.7 million tons of synthetic ammonia, aiming for self-sufficiency in nitrogen raw materials [1][2] - Phosphorus fertilizer chain utilizes graded phosphorus acid technology, with a future mining project in Leibo expected to produce 6.9 million tons/year, ensuring stable supply of phosphate rock [2] Group 2: Future Development Outlook - The company is optimistic about the future of compound fertilizers, supported by national food security strategies and a projected grain output of 1.4 trillion jin in 2024 [3] - Agricultural modernization and scientific fertilization techniques are expected to drive demand for compound fertilizers, enhancing market competitiveness [3] Group 3: Production Capacity and Market Dynamics - The company currently has an annual production capacity of 350,000 tons for industrial-grade monoammonium phosphate, fully sold externally [3] - The demand for industrial phosphates is anticipated to grow due to the booming new energy sector and increasing penetration of water-soluble fertilizers [3] Group 4: Project Developments in Synthetic Ammonia - The Hubei base is constructing a capacity of 700,000 tons of synthetic ammonia, with additional production lines for various fertilizers and refined salt [4][5] - The Guangxi base plans to build a capacity of 2 million tons of synthetic ammonia and 3 million tons of urea, filling production gaps in southern China and enhancing market responsiveness [5] Group 5: Phosphate Mining Resources - The company owns three phosphate mines in Leibo, with a total resource reserve of approximately 549 million tons [5] - The mining projects are progressing, with the Aju Luo Xia mine starting construction for a capacity of 2.9 million tons/year, while optimization designs are underway for the Niu Niu Zhai East mine [5]