Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The current urea price bottom may gradually become clear. Urea's rebound from the bottom is limited, and its valuation remains relatively low, reflecting the current pattern of strong supply and weak demand. A new round of export quotas will alleviate the supply pressure in the fourth quarter, and winter reserve demand will support the price. Low prices may stimulate storage enterprises to enter the market. Strategically, pay attention to opportunities to go long at low prices in the medium and long term [1] Group 3: Summary by Related Catalogs 1. Price Changes - Urea futures prices: UR01 in Shanxi decreased by 16 yuan/ton (-0.97%), UR05 decreased by 17 yuan/ton (-0.98%), UR09 decreased by 12 yuan/ton (-0.69%), and in Shandong decreased by 10 yuan/ton (-0.61%) [1] - Domestic spot prices (small - granular): Shandong decreased by 10 yuan/ton (-0.61%), Jiangsu decreased by 10 yuan/ton (-0.61%), while prices in Henan, Hebei, and Northeast remained unchanged [1] - Upstream costs: Anthracite prices in Henan and Shanxi remained unchanged [1] - Downstream prices: The price of compound fertilizer (45%S) in Shandong remained unchanged, while the melamine price in Shandong increased by 33 yuan/ton (0.64%) [1] 2. Important Information - The opening price of the urea futures main contract 2601 was 1647 yuan/ton, the highest price was 1652 yuan/ton, the lowest price was 1626 yuan/ton, the closing price was 1638 yuan/ton, and the settlement price was 1637 yuan/ton. The position of 2601 was 232,305 lots [1] 3. Trading Strategy - Pay attention to opportunities to go long at low prices in the medium and long term [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On November 24, the main contract of lithium carbonate futures fluctuated at a low level. The current market trading warmed up, and the spot premium expanded. Considering the current strong supply and demand, the repeated news of the resumption of production of Jiangnan lithium mines, the record - high weekly production of lithium carbonate, the strong wait - and - see sentiment of downstream, the warming up of the spot market trading, the weakening of power demand, and the exchange's move to cool down the market, it is expected that lithium prices will fluctuate weakly. Production enterprises can conduct sell - hedging at high levels, and speculators can go short on rallies [1] Summary by Related Catalogs Futures Market Data - On November 24, 2025, the closing prices of near - month, continuous - one, continuous - two, and continuous - three contracts of lithium carbonate futures were 90200 yuan/ton, 90480 yuan/ton, 90780 yuan/ton, and 90780 yuan/ton respectively, with decreases of 760 yuan/ton, 540 yuan/ton, and 380 yuan/ton compared to the previous trading day. The trading volume was 454612 hands (-683212), and the open interest was 365078 hands (-46249) [1] Spot Market Data - The average price of battery - grade lithium carbonate (99.5% domestic) was 92150 yuan/ton (-150), and the average price of industrial - grade lithium carbonate (99.2% domestic) was 89750 yuan/ton (-150). The average price of lithium spodumene concentrate (6%, CIF China) was 1071 US dollars/ton (-18), and the average prices of different types of lithium mica and phospho - lithium - aluminum stone also decreased to varying degrees [1] Inventory Data - The registered warehouse receipts were 26510 tons (-338). The social inventory decreased. The inventories of smelters and downstream decreased, while other inventories increased. The total SMM lithium carbonate inventory decreased by 2052 tons compared to the previous week [1] Supply and Demand Data - Supply side: Last week, the production of lithium carbonate increased, and the production of lithium carbonate from various raw materials increased. Demand side: Last week, the production of lithium iron phosphate and ternary materials increased. In November, the production schedule of lithium cobalt oxide increased, and that of lithium manganate decreased. Last week, the production of power batteries decreased. In October, the year - on - year and month - on - month growth rates of new energy vehicle production and sales slowed down, the 3C shipments weakened, and the production schedule of energy - storage batteries increased in November [1] Industry News - Shengxin Lithium Energy plans to sign a "2026 - 2030 Cooperation Framework Agreement" with Huayou Holding Group on lithium salt product business cooperation. Huayou Holding Group is expected to purchase 221400 tons of lithium salt products from the company between 2026 and 2030 [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - **Lead Market**: The lead price oscillated and declined. The raw material support weakened, and the supply tightness improved, putting pressure on the lead price. The terminal market improved, and the demand for lead batteries increased. It is recommended to hold previous short positions [1]. - **Zinc Market**: The fundamentals of the zinc market remained weak, and the short - term zinc price might be under pressure. In the medium term, the ore supply would tighten in the fourth quarter, providing some support to the zinc price. It is recommended to hold previous short positions [1]. 3. Summary by Related Catalogs Lead - **Price and Market Indicators**: On November 25, 2025, the average price of SMM1 lead ingots was 17,075 yuan/ton with no change. The closing price of the main futures contract of Shanghai lead was 17,135 yuan/ton, down 0.17%. The LME3 - month lead futures closing price (electronic disk) was 1,992 dollars/ton, up 0.15%. The Shanghai - London lead price ratio was 22,310, down 0.27% [1]. - **Supply and Demand**: There was no expected increase in lead concentrate imports, and the processing fee was likely to rise. Some refineries had maintenance plans, and the operation rate of primary lead fluctuated slightly. The operation rate of secondary lead in Anhui increased after the refinery resumed production, while that in Henan decreased due to environmental protection. The demand for lead batteries improved, and the demand side increased [1]. - **Inventory**: The LME lead inventory was 265,275 tons with no change, and the Shanghai lead warehouse receipt inventory was 29,556 tons, down 1.33% [1]. Zinc - **Price and Market Indicators**: On November 25, 2025, the closing price of the main futures contract of Shanghai zinc was 22,390 yuan/ton, down 0.02%. The LME3 - month zinc futures closing price (electronic disk) was 3,003 dollars/ton, up 0.37%. The Shanghai - London zinc price ratio was 7.46, down 0.39% [1]. - **Supply and Demand**: Refineries actively purchased domestic zinc ore, and the processing fee was expected to decline. The refinery profit and production enthusiasm improved, and the monthly output was expected to be around 600,000 tons. The demand side was weak, and the operation rate of some downstream enterprises decreased due to environmental protection and cold weather [1]. - **Inventory**: The LME zinc inventory was 47,425 tons with no change, and the Shanghai zinc warehouse receipt inventory was 74,641 tons, up 2.39%. As of November 24, the total inventory of SMM seven - region zinc ingots was 151,000 tons, a decrease compared to previous periods [1].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The silicon market maintains a pattern of weak supply and demand, and there is still pressure on the upside of silicon prices. For industrial silicon, the production in November is expected to fall below 400,000 tons, and the overall downstream demand is weak. For polysilicon, downstream restocking willingness is limited, and there is pressure on the upside of spot prices [1]. - The investment strategy for industrial silicon is interval operation, and for polysilicon, it is to temporarily wait and see [1]. Summary by Relevant Catalogs Industrial Silicon - **Price Changes**: The average price of industrial silicon non-oxygenated 553 (East China) remained flat at 9,350 yuan/ton, and the average price of 421 (East China) decreased by 0.51% to 9,750 yuan/ton. The closing price of the futures main contract decreased by 0.22% to 8,940 yuan/ton [1]. - **Supply Side**: The southwest production area has entered the high-cost period of the dry season, with some silicon enterprises shutting down furnaces and production in late October. The silicon enterprise starting rate has significantly declined. It is expected that the industrial silicon output in November will fall below 400,000 tons [1]. - **Demand Side**: Polysilicon enterprises continue to reduce production, silicone enterprises have reached a joint production reduction mechanism, and silicon-aluminum alloy enterprises purchase on demand. The overall downstream willingness to stock up at low levels is limited [1]. - **Investment Strategy**: Interval operation [1]. Polysilicon - **Price Changes**: The price of N-type dense material remained flat at 51 yuan/kg, the price of N-type reclaimed material decreased by 0.10% to 52.25 yuan/kg. The closing price of the futures main contract decreased by 0.08% to 53,315 yuan/ton [1]. - **Supply Side**: Polysilicon enterprises maintain a production reduction trend, and some polysilicon factories may have new production capacity put into operation. It is expected that the output in November will decrease to about 120,000 tons [1]. - **Demand Side**: The polysilicon market trading is light, new transactions are few, and downstream resistance to high-priced resources is strong. The market is waiting for industry policy guidance [1]. - **Investment Strategy**: Temporarily wait and see [1]. Market Information - As of the end of October, the cumulative installed power generation capacity in the country was 3.75 billion kilowatts, a year-on-year increase of 17.3%. Among them, the installed capacity of solar power generation was 1.14 billion kilowatts, a year-on-year increase of 43.8%; the installed capacity of wind power was 0.59 billion kilowatts, a year-on-year increase of 21.4%. In the first ten months of 2025, the total new photovoltaic installation was 253GW [1]. - Recently, a 100,000-kilowatt thermal storage-type concentrated solar power project with a 900,000-kilowatt new energy photovoltaic project in Jinghe County, Bortala Mongol Autonomous Prefecture, Xinjiang is approaching full production [1].

Report Title - Black Metal Weekly Report - Steel Products [1] Report Date - November 24, 2025 [3] Report Author - Bai Jing [3] Industry Investment Rating - Not provided Core Viewpoints - Currently, the investment - end data is still weak, and domestic demand is underperforming. High - frequency data shows that exports maintain strong resilience, and the advantage of trading at lower prices for higher volumes still exists. The steel industry is in a production - cut stage, but due to the lack of significant losses in ton - steel profits, production reduction is not smooth. The current fundamentals lack driving force, with intense long - short game. The main contract is in the roll - over stage, short - term positive spreads are widening and volatility has increased. Attention should be paid to the integer thresholds and off - peak electricity costs for the unilateral fluctuation range of rebar, and operations should be cautious [7] Summary by Directory 1. Supply and Demand Fundamentals - **Price**: Last week, domestic steel spot prices showed mixed trends. As of Friday, the price of rebar in East China's Shanghai was 3190 yuan (+30), and the price of hot - rolled coil was 3200 yuan (-60) [6] - **Production and Inventory**: On November 20, the overall output of five major steel products increased by 15.53 tons. The factory inventory of the five major products decreased by 12.27 tons week - on - week, and the social inventory decreased by 31.98 tons. The apparent demand was 894.16 tons, a week - on - week increase of 33.56 tons [6] - **Profit**: As of November 21, in the long - process spot market in East China, the cash - inclusive cost of rebar was 3212 yuan, with a point - to - point profit of about - 22 yuan, and the profit of hot - rolled coil was about - 6 yuan. For electric furnaces in East China, the flat - rate electricity cost was about 3253 yuan, and the off - peak electricity cost was about 3122 yuan. The flat - rate electricity profit of rebar was about - 153 yuan, and the off - peak electricity profit was about - 22 yuan [6] - **Scrap Steel**: As of November 20, the price of scrap steel in Zhangjiagang was 2130 yuan/ton, unchanged from the previous week. The capacity utilization rate of 89 independent electric arc furnace enterprises was 34%, a 0.2 - percentage - point decrease. The daily consumption of 255 sample steel mills was 50.8 tons, a 0.11 - ton decrease. Among them, the daily consumption of 132 long - process steel mills was 23.5 tons/day, a 0.19 - ton increase, and the daily consumption of short - process steel mills was 16.8 tons, a 7.1% increase. The average daily arrival of 255 steel mills was 49.5 tons, a 1.5% increase. The total scrap steel inventory of 255 steel enterprises was 502.9 tons, a 2.1% increase. Overall, the iron - scrap price difference continued to strengthen, short - process steelmaking remained in a loss state, and the overall demand was still weak. Scrap steel prices may fluctuate slightly following steel prices [7] 2. Macroeconomic Data - **Steel Production**: In 2024, the national crude steel output was 1.005 billion tons, a 1.7% decrease from 2023; the pig iron output was 852 million tons, a 2.3% decrease. From January to October 2025, the cumulative pig iron output was 711 million tons, a 1.8% decrease from the same period in 2024, and the cumulative crude steel output was 818 million tons, a 3.9% decrease [17] - **PMI**: In October 2025, the PMI was 49%, indicating a slowdown in manufacturing expansion [21] - **Investment Data**: From January to October 2025, the national fixed - asset investment (excluding rural households) was 4.08914 trillion yuan, a 1.7% year - on - year decrease. In October, infrastructure investment (excluding electricity, heat, gas, and water production and supply) decreased by 8.91% year - on - year, manufacturing investment decreased by 6.67%, and real estate development investment decreased by 23.22% [25] - **Real Estate Data**: From January to October, the floor area under construction of real estate development enterprises was 6.52939 billion square meters, a 9.4% year - on - year decrease; the new construction area was 490.61 million square meters, a 19.8% decrease; the completed area was 348.61 million square meters, a 16.9% decrease [28] 3. Arbitrage Strategy Tracking - **Spread between Hot - Rolled Coil and Rebar**: The spread between hot - rolled coil and rebar narrowed this week [37] 4. Supply - Side Data - **Long - Process Supply**: As of November 21, the blast furnace capacity utilization rate of 247 steel enterprises was 88.6%, a 0.25% decrease from the previous week; the average daily pig iron output was 236.3 tons, a 0.25% decrease [41] - **Short - Process Supply**: As of November 20, the capacity utilization rate of 89 domestic electric arc furnace plants was 34%, a 0.2 - percentage - point decrease. As of November 21, the iron - scrap price difference was 66.02 yuan, a 30.39 - yuan increase [44] - **Rebar Production**: This week, the original sample rebar output was 207.96 tons, an increase of 7.96 tons. Among them, the long - process output was 181.17 tons, an increase of 9.26 tons, and the short - process output was 26.79 tons, a decrease of 1.3 tons [56] 5. Demand - Side Data - **Building Materials Transactions**: Data on building materials transactions in different regions are presented, but specific demand trends are not clearly summarized [58] - **Cement Mill Operating Rate**: The average operating load of cement mills this period was 38.55%, a 0.62 - percentage - point increase from the previous week, turning from a decline to an increase. Although the market has entered the off - season, there is some rush - construction demand in some provinces, driving up the mill operating rate [67] - **Real Estate Sales**: High - frequency sales data of 30 major cities in the real estate market are presented, but specific demand trends are not clearly summarized [68] 6. Inventory Data - **Rebar Inventory**: The original sample rebar factory inventory was 153.32 tons, a decrease of 7.1 tons; the social inventory was 400.02 tons, a decrease of 15.73 tons; the total inventory was 553.34 tons, a decrease of 22.83 tons [73] - **Hot - Rolled Coil Inventory**: This week, the hot - rolled coil output was 316.01 tons, a 2.35 - ton increase. The apparent demand was 324.42 tons, a 10.83 - ton increase. The factory inventory increased by 0.5 tons, the social inventory decreased by 8.91 tons, and the overall inventory decreased by 8.41 tons [76] 7. Export Data - As of November 21, the FOB export price of China was 445 US dollars, a 5 - dollar increase; the export profit was - 19.1 US dollars, a 4.2 - dollar increase. The outbound volume from 32 major domestic ports was 305.3 tons, an 8% decrease [87]

有色金属周报——碳酸锂 仍具回调空间 2025年11月24日 研究所 吴金恒 从业资格号：F03100418 投资咨询从业证书号：Z0021125 TEL：010-8229 3229 投资策略 ⚫ 逻辑： ⚫ 风险提示：供应端扰动、"反内卷"情绪变化 ⚫ 策略:逢高沽空 ⚫ 运行区间：71000-100000 ⚫ 资源端，江西锂云母矿供应仍处低位，锂辉石产量增加；锂矿进口量上升。 ⚫ 供给端，上周碳酸锂周度产量再创新高，各原料产碳酸锂均上升；进口锂盐量 上升，智利出口锂盐量上升，回收端保持稳定增长。 ⚫ 需求端，新能源汽车产销增速有所放缓，周度动力电芯产量下滑，上周磷酸铁 锂去库、三元材料累库；储能电池排产保持增长，储能中标规模下滑。 ⚫ 成本端，锂辉石精矿与锂云母价格上涨。 ⚫ 库存上，总体去库，冶炼厂与下游去库，其他累库。 ⚫ 综上，江西矿端扰动反复，周度产量创新高，短期碳酸锂基本面仍呈供需双强 格局，但动力电芯周度产量走弱，下游持观望态度，现货市场成交恢复有限， 交易所采取措施为情绪降温，预计碳酸锂价格仍具回调空间。 1.1碳酸锂行情回顾 碳酸锂主力期货价格 碳酸锂主力期货成交量与持仓量 0 20000 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Macro sentiment is weak, LME inventory is gradually recovering, and the domestic demand side is in the off - season. Zinc prices are under pressure and may remain weakly consolidated in the short term. Considering the continuous decline of TC, the support from the raw material end is strong, and there is a certain production cut expectation for smelters in the future. It is expected that the downside space of zinc prices is limited. Attention should be paid to the support level of 22,000 - 22,200 yuan/ton. Previous short positions can consider step - by - step stop - profit, and wait for opportunities to participate in long positions after the callback [3]. 3. Summary by Relevant Catalogs 3.1 Market Review - SMM1 zinc ingot average price decreased by 0.22% to 22,370 yuan/ton; Shanghai zinc main contract closing price dropped by 0.13% to 22,395 yuan/ton; London zinc closing price (electronic trading) declined by 0.75% to 2,992 US dollars/ton [13]. 3.2 TC Continues to Decline, Pay Attention to Ingot - End Start - up 3.2.1 Zinc Concentrate - As of November 21, the inventory of imported zinc ore in Lianyungang was 150,000 tons, a decrease of 10,000 tons compared with the previous period. The total inventory of 7 ports was 274,200 tons, a decrease of 32,000 tons compared with the previous period. The CZSPT's latest quarterly meeting announced that the guidance price range for the purchase of imported zinc concentrate in US dollars before the end of the first quarter of 2026 is 105 - 120 US dollars/dry ton (average) [30][32]. - As of November 20, the production profit of zinc concentrate enterprises was 5,288 yuan/metal ton. In October, the import volume of zinc concentrate was 340,900 tons, a month - on - month decrease of 32.56% and a year - on - year increase of 2.97%. From January to October, the cumulative import volume was 4.3489 million tons, a cumulative year - on - year increase of 36.59% [39]. - Domestic TC and imported TC continued to decline. On November 21, 2025, the domestic zinc concentrate processing fee was 2,350 yuan/metal ton, and the imported index was 73.05 US dollars/dry ton [40][43]. 3.2.2 Refined Zinc - Zinc prices fluctuated and declined, and TC decreased. The production profit of refined zinc enterprises continued to decline. As of November 20, the production profit of refined zinc enterprises was - 1,428 yuan/ton. Due to the pressure of raw material stockpiling and the continuous decline of processing fees, it is expected that the zinc ingot output in November will slightly decline to about 610,000 tons [44][49]. - The import profit window of refined zinc was closed. As of November 21, the import profit of refined zinc was - 4,164.59 yuan/ton. From January to October 2025, the cumulative import volume of refined zinc was 277,100 tons, a cumulative year - on - year decrease of 100,600 tons [50][54]. 3.3 Orders are Light, Galvanizing Start - up Declines 3.3.1 Galvanizing - The galvanizing enterprise start - up rate decreased by 0.42 percentage points to 57.17%. In the off - season of consumption, demand declined, and the black prices were always low, so the downstream's willingness to stock up was low. Some galvanizing enterprises reduced their start - up to avoid excessive finished product inventory [60][62]. - The raw material inventory of galvanizing enterprises increased. At the beginning of the week, zinc prices declined, and galvanizing enterprises picked up goods at the spot price more frequently, resulting in an obvious accumulation of raw material inventory. The finished product inventory of galvanizing enterprises also increased. Due to poor demand and general downstream purchases, the finished product inventory accumulated [63][65]. 3.4 Poor Demand, Slight Fluctuation in Die - Casting Zinc Alloy Start - up 3.4.1 Die - Casting Zinc Alloy - The prices of zinc alloys declined. The average price of Zamak3 zinc alloy decreased by 0.22% to 23,115 yuan/ton, and the average price of Zamak5 zinc alloy dropped by 0.21% to 23,665 yuan/ton [71][73]. - The start - up rate of die - casting zinc alloy enterprises increased by 0.72 percentage points to 51.02%. The resumption of production of some enterprises during the week drove a slight increase in start - up. However, the terminal market was generally dull, and it is expected that the start - up may decline in the future [74][76]. - The raw material inventory of die - casting zinc alloy enterprises increased. The decline of the zinc price center during the week led alloy factories to replenish inventory at low prices, driving an increase in raw material inventory. The finished product inventory of die - casting zinc alloy enterprises decreased. Downstream enterprises replenished inventory at low prices, resulting in a slight reduction of finished product inventory [77][79]. 3.5 Some Enterprises Increase Production, Slight Increase in Zinc Oxide Start - up 3.5.1 Zinc Oxide - The price of zinc oxide remained flat compared with the previous period. The average price of zinc oxide ≥99.7% was 21,500 yuan/ton [85]. - The start - up rate of zinc oxide enterprises increased by 0.94 percentage points to 57.25%. The increase in production of some enterprises drove an increase in start - up. However, from the current demand side, the demand for rubber - grade and electronic - grade products slowed down, and it is expected that the start - up will be difficult to increase significantly in the future [86][88]. - The raw material inventory of zinc oxide enterprises decreased. Some raw material prices were still high, and enterprises maintained just - in - time purchases, resulting in a slight fluctuation of raw material inventory. The finished product inventory of zinc oxide enterprises slightly decreased. The accelerated delivery rhythm of some terminal customers drove the reduction of finished product inventory, but there are still certain risks on the demand side in the future [89][91]. 3.6 Purchase at Low Prices, Decline in Zinc Ingot Social Inventory 3.6.1 Inventory - As of November 20, the three - place inventory of SMM zinc ingots was 144,500 tons, and the inventory continued to decline. The decline of the zinc price center during the week led downstream enterprises to replenish inventory at low prices, resulting in a decline in zinc ingot social inventory. As of November 20, the inventory in the SMM zinc ingot bonded area was 36,000 tons, a decrease of 2,000 tons compared with the previous period [97][99]. - As of November 21, the SHFE inventory was 100,300 tons, and the inventory decreased. As of November 20, the LME inventory was 47,300 tons, and the inventory continued to increase [100][102]. 3.6.2 Monthly Supply - Demand Balance Sheet - The monthly supply - demand balance sheet shows the production, import, export, apparent consumption, actual consumption, and monthly supply - demand balance of zinc from January 2024 to September 2025. For example, in September 2025, the production was 600,000 tons, the import volume was 22,700 tons, the export volume was 2,500 tons, the apparent consumption was 620,000 tons, the actual consumption was 623,000 tons, and the monthly supply - demand balance was - 2,000 tons [108].

| 碳酸锂日评20251124:仍具回调空间 | | | | | | | --- | --- | --- | --- | --- | --- | | 交易日期(日) | 2025-11-21 | 2025-11-20 | 2025-11-14 | 较昨日变化 | 近两周走势 | | 近月合约 收盘价 | 90960.00 | 98880.00 | 85720.00 | -7,920.00 | -5- | | 连一合约 收盘价 | 91020.00 | 98980.00 | 87220.00 | -7,960.00 | | | 连二合约 收盘价 | 91160.00 | 99160.00 | 87360.00 | -8,000.00 | | | 连三合约 收盘价 | 91160.00 | 99160.00 | 87060.00 | -8,000.00 | | | 收盘价 | 91020.00 | 98980.00 | 87360.00 | -7,960.00 | 11 | | 碳酸锂期货 成交堂(手) 活跃合约 (元/吨) | 1137824.00 | 1595646.00 | 757432.00 | -457 ...

| | | 甲醇日评20251124:短期供需压力难解,关注预期变动 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 指标 单位 | 2025/11/21 | 2025/11/20 | 变化值 | 变化值 | | | | | | | (绝对值) | (相对值) | | | | MA01 元/吨 | 2004.00 | 2016.00 | -12.00 | -0.60% | | | 甲醇期货价格 | MA05 元/吨 | 2138.00 | 2153.00 | -15.00 | -0.70% | | | (收盘价) | MA09 元/吨 | 2201.00 | 2210.00 | -9.00 | -0.41% | | | | 太仓 元/吨 | 1995.00 | 2002.50 | -7.50 | -0.37% | | | | 山东 元/吨 | 2150.00 | 2155.00 | -5.00 | -0.23% | | 期现价格 | | 元/吨 广东 | 1995.00 | 1995.00 | 0.00 | 0.00% | | 及基差 | ...

Group 1: Report Industry Investment Rating - Not provided [1] Group 2: Report's Core View - The current urea price bottom may gradually become clear. Urea's recent rebound is limited, and its valuation remains relatively low, reflecting the current situation of strong supply and weak demand. The new round of export quotas will alleviate the supply pressure in the fourth quarter to some extent, and the winter reserve demand will support the price. The low price may stimulate storage - enterprises to enter the market. Strategically, pay attention to the opportunity of buying on dips in the medium - to - long term [1] Group 3: Summary by Related Catalogs Urea Futures Price - UR01 decreased from 1665.00 yuan/ton to 1654.00 yuan/ton, a decrease of 11.00 yuan or - 0.66%. UR05 decreased from 1735.00 yuan/ton to 1728.00 yuan/ton, a decrease of 7.00 yuan or - 0.40%. UR09 decreased from 1739.00 yuan/ton to 1734.00 yuan/ton, a decrease of 5.00 yuan or - 0.29% [1] Domestic Spot Price - Shandong increased from 1640.00 yuan/ton to 1650.00 yuan/ton, an increase of 10.00 yuan or 0.61%. Shanxi remained unchanged at 1510.00 yuan/ton. Henan increased from 1630.00 yuan/ton to 1650.00 yuan/ton, an increase of 20.00 yuan or 1.23%. Hebei remained unchanged at 1650.00 yuan/ton. Northeast increased from 1690.00 yuan/ton to 1700.00 yuan/ton, an increase of 10.00 yuan or 0.59%. Jiangsu increased from 1620.00 yuan/ton to 1640.00 yuan/ton, an increase of 20.00 yuan or 1.23% [1] Basis and Spread - Shandong spot - UR decreased from 17.00 yuan/ton to - 78.00 yuan/ton, a decrease of 95.00 yuan. The 01 - 05 spread decreased from - 74.00 yuan/ton to - 70.00 yuan/ton, a decrease of 4.00 yuan [1] Upstream Cost - The anthracite price in Henan remained unchanged at 1030.00 yuan/ton, in Shanxi remained unchanged at 930.00 yuan/ton [1] Downstream Price - The price of compound fertilizer (45%S) in Shandong remained unchanged at 3000.00 yuan/ton, in Henan remained unchanged at 2550.00 yuan/ton. The melamine price in Shandong remained unchanged at 5134.00 yuan/ton, in Jiangsu remained unchanged at 5200.00 yuan/ton [1] Important Information - The opening price of the urea futures main contract 2601 was 1666 yuan/ton, the highest price was 1669 yuan/ton, the lowest price was 1651 yuan/ton, the closing price was 1654 yuan/ton, the settlement price was 1657 yuan/ton, and the position was 243238 lots [1]