尿素：价格中枢上移，日内关注库存情况

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The fundamental driving force of urea is currently neutral, with the subsequent upward driving force depending on the continuity of mid - stream restocking. The continuous destocking of visible inventory supports the price. [2][3] - In the short term, the urea valuation range has shifted upward. The upper static valuation pressure for futures is around 1700 - 1710 yuan/ton, while the lower support for the 01 contract is expected to be between 1580 - 1600 yuan/ton. [3] Summary by Relevant Catalogs Fundamental Tracking Futures Market - The closing price of the urea main contract was 1687 yuan/ton, up 12 yuan from the previous day; the settlement price remained unchanged at 1682 yuan/ton. [1] - The trading volume was 86,067 lots, a decrease from 109,007 lots the previous day; the open interest of the 01 contract was 219,302 lots, a decrease of 426 lots. [1] - The number of warehouse receipts was 7,887 tons, a decrease of 50 tons; the trading volume was 289.568 million yuan, a decrease of 77.098 million yuan. [1] - The basis in Shandong region was -7 yuan, a decrease of 22 yuan; the basis of Fengxi - disk was -137 yuan, a decrease of 12 yuan; the basis of Dongguang - disk was 3 yuan, a decrease of 12 yuan. [1] - The spread between UR01 - UR05 was -65, an increase of 4. [1] Spot Market - The factory prices of some urea manufacturers changed, with the price of Yankuang Xinjiang decreasing by 15 yuan to 1320 yuan/ton, Shandong Ruixing increasing by 20 yuan to 1700 yuan/ton, and Jiangsu Linggu increasing by 20 yuan to 1710 yuan/ton. [1] - The prices of traders in Shandong and Shanxi regions both decreased by 10 yuan, to 1680 yuan/ton and 1540 yuan/ton respectively. [1] Supply - side Important Indicators - The operating rate was 84.10%, an increase of 0.99 percentage points; the daily output was 203,380 tons, an increase of 2400 tons. [1] Industry News - As of November 26, 2025, the total inventory of Chinese urea enterprises was 1.3639 million tons, a decrease of 73,300 tons from the previous week, a month - on - month decrease of 5.10%. [2] - The inventory of enterprises in some provinces decreased, while that in some provinces increased. The overall inventory showed a stable decline due to reserve demand and downstream restocking. [2]