环保问题部分上游减产

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The price of urea shows a trend of interval shock and strengthening, and it is recommended to conduct positive arbitrage on UR05 - 09 when the price is low [2] Summary by Directory 1. Urea Basis Structure - On December 18, 2025, the closing price of the urea main contract was 1708 yuan/ton (+62). The ex - factory price of small - particle urea in Henan was 1680 yuan/ton (0), in Shandong it was 1710 yuan/ton (+20), and in Jiangsu it was 1700 yuan/ton (+20). The price of small - block anthracite was 750 yuan/ton (+0). The basis in Shandong was 2 yuan/ton (-42), in Henan was - 28 yuan/ton (-52), and in Jiangsu was - 8 yuan/ton (-42) [1] 2. Urea Production - As of December 18, 2025, the enterprise capacity utilization rate was 80.69% (0.08%). Due to environmental protection issues, some enterprises in Henan and Anhui reduced their loads, and the daily urea output decreased slightly [1] 3. Urea Production Profit and Operating Rate - The urea production profit was 180 yuan/ton (+20) [1] 4. Urea Foreign - Market Price and Export Profit - The export profit was 849 yuan/ton (+1) [1] 5. Urea Downstream Operating Rate and Orders - As of December 18, 2025, the capacity utilization rate of compound fertilizers was 39.37% (-1.25%); the capacity utilization rate of melamine was 58.55% (-3.31%); the number of advance - order days for urea enterprises was 6.24 days (-0.70). The Indian NFL issued a new round of urea import tenders, intending to purchase 1.5 million tons [1][3] 6. Urea Inventory and Warehouse Receipts - As of December 18, 2025, the total inventory of sample enterprises was 1.1797 million tons (-54,500 tons), and the inventory of port samples was 138,000 tons (+15,000 tons) [1]