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<!DOCTYPE html>
<html lang="zh-CN" data-theme="night">
<head>
<meta charset="UTF-8">
<meta name="viewport" content="width=device-width, initial-scale=1.0">
<title>深度行研报告:除草剂-烯草酮</title>
<script src="https://cdn.tailwindcss.com"></script>
<link href="https://cdn.jsdelivr.net/npm/daisyui@4.10.2/dist/full.min.css" rel="stylesheet" type="text/css" />
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<style>
@import url('https://fonts.googleapis.com/css2?family=Manrope:wght@300;400;500;700&display=swap');
body {
font-family: 'Manrope', 'Noto Sans SC', sans-serif;
background-color: #020010;
background-image:
radial-gradient(at 20% 20%, hsla(212, 80%, 30%, 0.3) 0px, transparent 50%),
radial-gradient(at 80% 20%, hsla(280, 75%, 25%, 0.3) 0px, transparent 50%),
radial-gradient(at 50% 80%, hsla(330, 80%, 40%, 0.2) 0px, transparent 50%);
overflow-x: hidden;
}
.glass-card {
background: rgba(15, 12, 41, 0.5);
backdrop-filter: blur(20px);
-webkit-backdrop-filter: blur(20px);
border: 1px solid rgba(255, 255, 255, 0.1);
transition: all 0.3s ease;
}
.glass-card:hover {
background: rgba(15, 12, 41, 0.7);
border: 1px solid rgba(255, 255, 255, 0.2);
transform: translateY(-5px);
box-shadow: 0 10px 30px rgba(0, 0, 0, 0.2);
}
.bento-grid {
display: grid;
gap: 1rem;
grid-template-columns: repeat(auto-fit, minmax(300px, 1fr));
}
.glow-divider {
height: 1px;
background: linear-gradient(90deg, transparent, rgba(0, 255, 255, 0.3), transparent);
border: none;
}
.text-accent-glow {
color: #67e8f9;
text-shadow: 0 0 8px rgba(103, 232, 249, 0.5);
}
</style>
</head>
<body class="text-gray-200 min-h-screen">
<div class="container mx-auto p-4 md:p-8">
<!-- Header -->
<header class="text-center mb-12 relative">
<div class="absolute inset-0 -z-10 bg-[radial-gradient(ellipse_at_center,rgba(167,139,250,0.2)_0%,rgba(167,139,250,0)_70%)]"></div>
<h1 class="text-4xl md:text-6xl font-bold tracking-tighter text-transparent bg-clip-text bg-gradient-to-br from-white to-purple-300 mb-2">
除草剂-烯草酮
</h1>
<p class="text-lg md:text-xl text-purple-200 opacity-80">深度行研报告</p>
<p class="text-xs text-gray-500 mt-4">
北京价值前沿科技有限公司 AI投研agent“价小前投研” 进行投研呈现。本报告为AI合成数据投资需谨慎。
</p>
</header>
<!-- Bento Grid - Key Insights -->
<section class="mb-16">
<div class="grid grid-cols-1 md:grid-cols-2 lg:grid-cols-4 gap-6">
<div class="glass-card rounded-3xl p-6 col-span-1 md:col-span-2 lg:col-span-2 row-span-2 flex flex-col justify-between">
<div>
<h3 class="text-2xl font-bold text-accent-glow mb-3">核心事件:供给侧黑天鹅</h3>
<p class="text-gray-300 leading-relaxed">
行业龙头一帆生物(市占率~30%宁夏工厂因安全事故于2023年末首次停产并于2025年4月复产后再次发生事故导致供给端出现巨大且持续的刚性缺口。市场普遍预期其年内复产无望彻底打破全球烯草酮市场供需平衡。
</p>
</div>
<div class="mt-4 text-sm text-gray-400">
<span class="font-semibold text-error"></span> 2023.11: 首次停产
<span class="font-semibold text-error ml-4"></span> 2025.04: 复产后再次事故
</div>
</div>
<div class="glass-card rounded-3xl p-6">
<h3 class="text-xl font-bold text-accent-glow mb-2">价格飙升</h3>
<p class="text-4xl font-bold tracking-tight">7.3 <span class="text-lg"></span> → 16 <span class="text-lg"></span></p>
<p class="text-sm text-gray-400 mt-1">2025年2月至6月价格涨幅超119%</p>
</div>
<div class="glass-card rounded-3xl p-6">
<h3 class="text-xl font-bold text-accent-glow mb-2">供需缺口</h3>
<p class="text-4xl font-bold tracking-tight">~33%</p>
<p class="text-sm text-gray-400 mt-1">旺季月需求约4500吨有效供给不足3000吨</p>
</div>
<div class="glass-card rounded-3xl p-6">
<h3 class="text-xl font-bold text-accent-glow mb-2">市场状态</h3>
<p class="text-2xl font-bold tracking-tight">严重缺货</p>
<p class="text-sm text-gray-400 mt-1">行业库存清零,厂商停报停签</p>
</div>
<div class="glass-card rounded-3xl p-6">
<h3 class="text-xl font-bold text-accent-glow mb-2">核心受益者</h3>
<p class="text-2xl font-bold tracking-tight">先达股份</p>
<p class="text-sm text-gray-400 mt-1">最大在产有效产能龙头</p>
</div>
</div>
</section>
<!-- Main Content -->
<main class="space-y-12">
<!-- Price Chart -->
<section class="glass-card rounded-3xl p-6">
<h2 class="text-2xl font-bold mb-4 text-accent-glow">价格走势与事件驱动</h2>
<div id="priceChart" class="w-full h-96"></div>
</section>
<!-- Core Logic -->
<section class="glass-card rounded-3xl p-6 md:p-8">
<h2 class="text-3xl font-bold mb-6 text-center text-transparent bg-clip-text bg-gradient-to-br from-white to-purple-300">概念核心逻辑与市场认知</h2>
<hr class="glow-divider my-6">
<div class="space-y-8">
<div>
<h3 class="text-xl font-semibold mb-3 text-accent-glow">核心驱动力:供给刚性收缩下的价格高弹性</h3>
<ul class="space-y-3 list-disc list-inside text-gray-300">
<li><strong class="text-white">寡头垄断格局:</strong> 研报数据显示行业CR3高达65.22%(一帆生物、先达股份、河北兰升),高度集中的市场结构意味着龙头停产即重创全球供给。</li>
<li><strong class="text-white">“黑天鹅”事件:</strong> 一帆生物市场份额25%-30%)两次停产,复产面临安全、高温、成本、许可证等多重障碍,路演与新闻交叉验证其短期复产几乎不可能。</li>
<li><strong class="text-white">供需严重错配:</strong> 多源数据测算行业旺季月度需求约4000-4500吨而有效月度供给骤降至2500-2700吨形成约1/3的刚性缺口。
<blockquote class="text-sm text-gray-400 border-l-2 border-cyan-500 pl-4 mt-2">
“我们预计行业月度需求量约4000吨目前的行业供给量不到3000吨存在明显的供给缺口。” - 新闻数据
</blockquote>
</li>
<li><strong class="text-white">低库存与弱替代性:</strong> 路演和新闻均指出“当前没有库存”。替代品如精喹禾灵因作用作物不完全重叠且价格更高15.3万元/吨),短期无法有效填补缺口。</li>
</ul>
</div>
<hr class="glow-divider">
<div>
<h3 class="text-xl font-semibold mb-3 text-accent-glow">市场热度与情绪:高度乐观,聚焦价格</h3>
<p>研报从2月开始密集跟踪新闻报道随价格上涨而升温。市场情绪高度一致普遍极度看好价格持续上涨。价格预测从最初的“9-10万”被一路乐观上调至“15万甚至更高”。</p>
</div>
<hr class="glow-divider">
<div>
<h3 class="text-xl font-semibold mb-3 text-accent-glow">预期差分析:复产预期与新增产能的“伪命题”</h3>
<ul class="space-y-3 list-disc list-inside text-gray-300">
<li><strong class="text-white">一帆生物复产的预期差:</strong> 市场最大的预期差在于对一帆复产时间的判断。其官方“6月复产”函件与市场调研的“年内无望”结论形成鲜明对比。这表明市场已不信任官方口径并已将“长期停产”作为定价基础。</li>
<li><strong class="text-white">新增产能的“远水难救近火”:</strong> 市场关注的扬农化工5000吨新增产能多源信息揭示其“刚开没有很顺”、“处于爬坡阶段”、“每月出货200吨或是乐观估计”。名义产能不等于有效供给市场可能高估了其短期缓解作用。</li>
</ul>
</div>
</div>
</section>
<!-- Catalysts & Future Path -->
<section class="grid grid-cols-1 md:grid-cols-2 gap-8">
<div class="glass-card rounded-3xl p-6">
<h2 class="text-2xl font-bold mb-4 text-accent-glow">近期催化剂 (3-6个月)</h2>
<ul class="space-y-3 text-gray-300">
<li><strong>1. 一帆复产官方确认:</strong> 任何关于其安全审查、改造进度的公告都将引爆市场。</li>
<li><strong>2. 南美采购季订单:</strong> 7-8月大单采购将考验供给成交价将成为新价格锚。</li>
<li><strong>3. 其他厂商生产状况:</strong> 夏季高温期7-8月是事故高发期任何非计划停产都将加剧短缺。</li>
<li><strong>4. 替代品价格走势:</strong> 精喹禾灵等价格变动是判断价格天花板的辅助指标。</li>
</ul>
</div>
<div class="glass-card rounded-3xl p-6">
<h2 class="text-2xl font-bold mb-4 text-accent-glow">长期发展路径</h2>
<ul class="space-y-3 text-gray-300">
<li><strong>情景一 (快速回归)</strong> 一帆生物在半年至一年内成功复产供给恢复价格将从高位快速回落至成本线附近约6-7万元/吨)。</li>
<li><strong>情景二 (缓慢重构)</strong> 一帆生物永久性退出或产能大减,行业格局重塑,为先达、扬农等提供历史性机遇,价格将在较长时间维持高位。</li>
</ul>
</div>
</section>
<!-- Industry Chain & Core Companies -->
<section class="glass-card rounded-3xl p-6 md:p-8">
<h2 class="text-3xl font-bold mb-6 text-center text-transparent bg-clip-text bg-gradient-to-br from-white to-purple-300">产业链与核心公司剖析</h2>
<!-- Industry Chain Visual -->
<div class="flex flex-col md:flex-row justify-around items-center space-y-4 md:space-y-0 md:space-x-4 text-center my-8">
<div class="flex-1">
<div class="p-4 border border-dashed border-cyan-700 rounded-2xl">
<h4 class="font-bold text-lg">上游</h4>
<p class="text-sm text-gray-400">化工原材料 (乙硫醇等)</p>
</div>
</div>
<div class="text-cyan-400 text-2xl font-mono"></div>
<div class="flex-1">
<div class="p-4 border-2 border-solid border-cyan-400 rounded-2xl shadow-[0_0_20px_rgba(103,232,249,0.5)]">
<h4 class="font-bold text-lg text-white">中游 (利润核心)</h4>
<p class="text-sm text-gray-300">原药生产 (高度集中)</p>
</div>
</div>
<div class="text-cyan-400 text-2xl font-mono"></div>
<div class="flex-1">
<div class="p-4 border border-dashed border-cyan-700 rounded-2xl">
<h4 class="font-bold text-lg">下游</h4>
<p class="text-sm text-gray-400">制剂、渠道、终端农户</p>
</div>
</div>
</div>
<hr class="glow-divider my-6">
<div class="grid grid-cols-1 lg:grid-cols-3 gap-6 mt-8">
<div class="border border-purple-500/30 rounded-2xl p-6 space-y-2 bg-purple-900/10">
<h3 class="text-xl font-bold text-purple-300">先达股份 (603086)</h3>
<p class="font-semibold text-white">绝对龙头与最大受益者</p>
<p class="text-sm text-gray-300">拥有与一帆相当的1.1-1.2万吨有效产能是市场上最大的供给方受益逻辑最直接。研报测算价格每涨1万元/吨增厚净利8000-9000万元。</p>
</div>
<div class="border border-purple-500/30 rounded-2xl p-6 space-y-2 bg-purple-900/10">
<h3 class="text-xl font-bold text-purple-300">扬农化工 (600486)</h3>
<p class="font-semibold text-white">最大的供给变量</p>
<p class="text-sm text-gray-300">拥有5000吨新建产能是唯一可见的增量。但其产能爬坡速度是影响行情持续性的关键变量也是证伪价格持续上涨逻辑的核心观察点。</p>
</div>
<div class="border border-purple-500/30 rounded-2xl p-6 space-y-2 bg-purple-900/10">
<h3 class="text-xl font-bold text-purple-300">润丰股份 (301035)</h3>
<p class="font-semibold text-white">具备潜力的追赶者</p>
<p class="text-sm text-gray-300">现有产能2000-3000吨并有8000吨新生产线扩产计划具备长期产能扩张的想象空间。</p>
</div>
</div>
</section>
<!-- Conclusion and Stock Table -->
<section class="glass-card rounded-3xl p-6 md:p-8">
<h2 class="text-3xl font-bold mb-6 text-center text-transparent bg-clip-text bg-gradient-to-br from-white to-purple-300">综合结论与相关标的</h2>
<p class="max-w-3xl mx-auto text-center text-gray-300 mb-8">
该概念已完全进入由供给中断驱动的<strong class="text-white">基本面兑现阶段</strong>,行情的核心是“时间差”的生意。当前价格已反映强烈的供给短缺预期。最具投资价值的方向是中游原药生产环节,其中逻辑最顺、确定性最高、受益弹性最大的标的是拥有最大在产有效产能的龙头企业。
</p>
<div class="overflow-x-auto">
<table class="table w-full">
<thead>
<tr class="border-b border-gray-700">
<th class="bg-transparent text-white">股票名称</th>
<th class="bg-transparent text-white">代码</th>
<th class="bg-transparent text-white">核心关联原因</th>
<th class="bg-transparent text-white">分类</th>
<th class="bg-transparent text-white">来源</th>
</tr>
</thead>
<tbody>
<tr class="border-b border-gray-800 hover:bg-white/5">
<td class="font-bold text-white">先达股份</td>
<td><a href="https://valuefrontier.cn/company?scode=603086" target="_blank" class="text-cyan-400 hover:underline">603086</a></td>
<td>现有产能1.2万吨/年月产能1000吨左右</td>
<td><span class="badge badge-primary badge-outline">生产</span></td>
<td>互动</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-white/5">
<td class="font-bold text-white">润丰股份</td>
<td><a href="https://valuefrontier.cn/company?scode=301035" target="_blank" class="text-cyan-400 hover:underline">301035</a></td>
<td>现有产能2000吨/年</td>
<td><span class="badge badge-primary badge-outline">生产</span></td>
<td>互动</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-white/5">
<td class="font-bold text-white">扬农化工</td>
<td><a href="https://valuefrontier.cn/company?scode=600486" target="_blank" class="text-cyan-400 hover:underline">600486</a></td>
<td>烯草酮项目正在按计划推进,目前已进入试生产状态</td>
<td><span class="badge badge-info badge-outline">试生产</span></td>
<td>互动</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-white/5">
<td class="font-bold text-white">长青股份</td>
<td><a href="https://valuefrontier.cn/company?scode=002391" target="_blank" class="text-cyan-400 hover:underline">002391</a></td>
<td>原有产能500吨/年(腾退搬迁中)</td>
<td><span class="badge badge-warning badge-outline">搬迁</span></td>
<td>调研</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-white/5">
<td class="font-bold text-white">安道麦A</td>
<td><a href="https://valuefrontier.cn/company?scode=000553" target="_blank" class="text-cyan-400 hover:underline">000553</a></td>
<td>除草剂产品中包括烯草酮成分</td>
<td><span class="badge badge-secondary badge-outline">相关成分</span></td>
<td>公告</td>
</tr>
<tr class="hover:bg-white/5">
<td class="font-bold text-white">颖泰生物</td>
<td><a href="https://valuefrontier.cn/company?scode=920819" target="_blank" class="text-cyan-400 hover:underline">920819</a></td>
<td>公司目前烯草酮原药产线产能尚未释放</td>
<td><span class="badge badge-accent badge-outline">北交所</span></td>
<td>调研</td>
</tr>
</tbody>
</table>
</div>
</section>
<!-- Rise Analysis Supplement -->
<section x-data="{ open: false }">
<div class="text-center">
<button @click="open = !open" class="btn btn-outline btn-primary my-4">
<span x-show="!open">展开相关个股涨幅异动分析</span>
<span x-show="open">收起相关个股涨幅异动分析</span>
</button>
</div>
<div x-show="open" x-transition class="space-y-6">
<!-- Placeholder for rise analysis data, you can loop through your data here -->
<div class="glass-card rounded-3xl p-6">
<div class="flex justify-between items-center mb-2">
<h3 class="text-xl font-bold text-white">江山股份 (600389)</h3>
<div class="text-right">
<p class="text-lg font-bold text-success">+6.34%</p>
<p class="text-xs text-gray-400">2025-10-10</p>
</div>
</div>
<p class="text-sm text-gray-300"><strong class="text-cyan-300">核心结论:</strong> 本次上涨是多重积极催化因素共振的结果。核心驱动力来自西部证券发布的深度研究报告系统性地阐述了公司三大亮点主营产品草甘膦景气度提升、中期分红超预期增长、以及创制农药JS-T205进入试生产阶段带来的未来增长想象空间。</p>
</div>
<div class="glass-card rounded-3xl p-6">
<div class="flex justify-between items-center mb-2">
<h3 class="text-xl font-bold text-white">蓝丰生化 (002513)</h3>
<div class="text-right">
<p class="text-lg font-bold text-success">+9.94%</p>
<p class="text-xs text-gray-400">2025-09-22</p>
</div>
</div>
<p class="text-sm text-gray-300"><strong class="text-cyan-300">核心结论:</strong> 农业农村部发布“敌草快二溴盐2026年起国内禁用”征求意见稿蓝丰生化作为37.5%产能龙头直接受益出口涨价+转基因玉米6000万亩推广带来草铵膦增量机构周一开盘抢筹14亿元封死涨停。</p>
</div>
<!-- Add more cards as needed -->
</div>
</section>
</main>
<footer class="text-center mt-16">
<p class="text-xs text-gray-500">
免责声明本报告由AI模型基于公开信息合成不构成任何投资建议。市场有风险投资需谨慎。
</p>
</footer>
</div>
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right: 10,
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{ value: 7.5, event: '龙头停产消息发酵' },
{ value: 10.0, event: '一帆复产后再次事故价格突破10万' },
{ value: 12.0, event: '价格跳涨至12万' },
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