价格坚挺，新单跟进放缓

Report Industry Investment Rating - The unilateral investment rating for urea is "interval shock and bullish", the cross - period rating is "wait - and - see", and the cross - variety rating is "none" [3] Core View - Urea spot prices are firm, but new order transactions are slowing down. With the restart of some production facilities in the compound fertilizer industry and the entry of off - season storage, the shipment of urea enterprises has improved, and factory inventories have decreased. The export quota news at the end of the year improves the export expectation and is expected to support the spot market. In the long - term, due to the release of new production capacity, the supply - demand of urea remains relatively loose [2] Summary by Related Catalog 1. Urea Basis Structure - On December 2, 2025, the closing price of the urea main contract was 1687 yuan/ton (+12). The ex - factory price of small - granular urea in Henan was 1680 yuan/ton (0), in Shandong was 1680 yuan/ton (-10), and in Jiangsu was 1680 yuan/ton (+0). The basis in Shandong was - 7 yuan/ton (-22), in Henan was - 7 yuan/ton (-12), and in Jiangsu was - 7 yuan/ton (-12) [1] 2. Urea Production - As of December 2, 2025, the enterprise capacity utilization rate was 83.71% (0.08%). The total inventory of sample enterprises was 136.39 million tons (-7.33), and the port sample inventory was 10.00 million tons (+0.00) [1] 3. Urea Production Profit and Operating Rate - As of December 2, 2025, the urea production profit was 150 yuan/ton (-10). The compound fertilizer capacity utilization rate was 37.06% (+2.45%), and the melamine capacity utilization rate was 60.80% (-1.40%) [1] 4. Urea FOB Price and Export Profit - In October, 1.2 million tons of urea were exported, and the cumulative export this year exceeded 4 million tons. Urea producers have obtained a fourth - batch export quota of 600,000 tons. The export profit was 931 yuan/ton (-21) [1][2] 5. Urea Downstream Operating Rate and Orders - As of December 2, 2025, the number of pre - received order days of urea enterprises was 6.65 days (-0.47) [1] 6. Urea Inventory and Warehouse Receipts - As of December 2, 2025, the total inventory of sample enterprises was 136.39 million tons (-7.33), and the port sample inventory was 10.00 million tons (+0.00) [1]