重回基本面交易，尿素窄幅整理

Report Industry Investment Rating - The investment rating for the urea industry is neutral, with the expectation that the urea market will continue to fluctuate within a narrow range [3] Core Viewpoints - Urea has returned to fundamental trading, with the futures market showing narrow fluctuations. The downstream's enthusiasm for purchasing has increased, leading to a rise in factory orders. As a result, upstream factory inventories have gradually decreased, while port inventories have significantly increased. Currently in the peak agricultural demand season, there is an expected start of fertilizer preparation for northern corn in the near future. The industrial demand for compound fertilizers has seen a slight rebound, while the rigid demand in the panel industry has weakened. The overall operating rate has shown narrow fluctuations, and the supply side remains at a high level [2] Summary by Relevant Catalogs Urea Basis Structure - The report includes figures on the market prices of small - sized urea in Shandong and Henan, the basis of Shandong and Henan main - continuous contracts, the price of the urea main - continuous contract, and the 1 - 5, 5 - 9, and 9 - 1 spreads [7][8][12] Urea Production - Figures on weekly urea production and urea plant maintenance losses are presented [17] Urea Production Profit and Operating Rate - The report shows figures on production costs, spot production profit, futures production profit, national capacity utilization, coal - based capacity utilization, and gas - based capacity utilization [19][26][27] Urea Offshore Prices and Export Profits - It includes figures on the FOB price of small - sized urea in the Baltic Sea, the CFR price of large - sized urea in Southeast Asia, the FOB price of small - sized urea in China, the CFR price of large - sized urea in China, the price differences, and export profits (both actual and on the futures market) [30][35][43] Urea Downstream Operating Rates and Orders - Figures on the operating rates of compound fertilizers and melamine, as well as the number of days of pending orders are provided [50][46] Urea Inventory and Warehouse Receipts - It contains figures on upstream factory inventories, port inventories, the number of days of raw material inventory for downstream urea manufacturers in Hebei, futures warehouse receipts, the holding volume of the main contract, and the trading volume of the main contract [49][51][54]