出口量同比大幅增长，尿素基本面维持宽松格局

Core Viewpoint - Urea futures prices have shown a downward trend in early September, with a weak spot market and a bearish sentiment prevailing due to a lack of significant positive drivers [1][2]. Supply Summary - Despite some maintenance leading to a temporary drop in daily production to 190,000 tons, overall domestic urea supply remains relatively high [2]. - The capacity utilization rate is at 79.34%, up 1.24 percentage points from the previous period, with expectations for further increases as maintenance decreases [2]. - Domestic urea companies' total inventory stands at 1.1327 million tons, a 50% year-on-year increase, indicating significant inventory pressure [2]. - Production profits for urea have declined significantly, with new gas flow bed production profits around 300 CNY/ton, traditional fixed bed profits at 50 CNY/ton, and natural gas process profits at 150 CNY/ton [2]. Demand Summary - Urea apparent demand from January to July was 41 million tons, an increase of 2.5 million tons or 8% year-on-year [3]. - Agricultural demand is currently in a seasonal lull, with compound fertilizer companies holding high finished goods inventory and low operating rates [3]. - Industrial demand, particularly from plywood and melamine sectors, remains weak due to sluggishness in the real estate industry, leading to lower operating rates in plywood factories [3]. - Urea futures prices have dropped below 1,700 CNY/ton, with expectations for continued weak fluctuations in prices due to the prevailing supply-demand imbalance [3].