国泰君安期货·能源化工尿素周度报告-20251214

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The short - term outlook for urea is weak, while the medium - term outlook is volatile. The driving force is currently neutral. With the suppression of speculative activities in the fertilizer sector by sulfur and phosphate policies, spot trading has weakened, and the price is expected to experience a short - term weak correction. As the 01 contract approaches delivery, the increase in warehouse receipts is significant, and the futures price is expected to face downward pressure in a volatile manner. The subsequent driving force depends on the continuity of mid - stream inventory replenishment. The fundamental situation provides support for the price due to the continuous reduction of explicit inventory. The upper resistance level for the 01 contract is 1700 - 1720 yuan/ton, and the lower static support level is 1580 - 1600 yuan/ton [2]. 3. Summary by Relevant Catalogs Supply - Production: In the week from December 4th to 10th, 2025, China's urea production was 1385,400 tons, a 0.02% increase from the previous period. Two new plants stopped production, and five restarted. Next week, the production is expected to be around 1.39 million tons, with limited fluctuations. In the next cycle, two plants are expected to stop production, and one may restart. The production capacity expansion pattern of urea in 2025 continues, with 664 million tons of new production capacity added in 2025 [2][23]. - Production Cost: Raw material prices have stabilized, and the cash - flow cost line of factories has risen. The cash - flow cost of urea production currently corresponds to a profitable state [29][34]. - Import and Export: In the reserve period, export policies have tightened. As of December 11, the 50th week of 2025, the sample inventory at Chinese urea ports was 123,000 tons, a 17.14% increase from the previous week. The impact of urea exports on the market is weakening [2][40]. Demand - Agricultural Demand: Agricultural demand is seasonally strong. The construction of high - standard farmland has increased the demand for urea from corn. The production cost, inventory, and production profit of compound fertilizers show certain trends, and the capacity utilization rate also has fluctuations [46][49]. - Industrial Demand: The fundamentals of compound fertilizers, melamine, and the demand for panels in the real estate industry have different characteristics. The demand for panels in the real estate industry has limited support, but panel exports are resilient [55][56][61]. Inventory - Factory Inventory: On December 10th, 2025, the total inventory of Chinese urea enterprises was 1.2342 million tons, a 4.36% decrease from the previous week. The inventory decreased in some provinces and increased in others [2][67]. - Port Inventory: The sample inventory at Chinese urea ports was 123,000 tons, a 17.14% increase from the previous week. The ports with increased inventory are Tianjin Port and Longkou Port for small - particle urea [2][67]. International Market - International Urea Prices: The report presents the price trends of Chinese large - particle urea FOB, Baltic large - particle urea FOB, Middle East large - particle urea FOB, and Brazilian large - particle urea CFR from 2018 to 2025 [70][71][72][73][74].