情绪推动上涨，现货价格稳定

1. Report Industry Investment Rating - Unilateral: Oscillation [3] - Inter - period: Wait - and - see [3] - Inter - variety: None [3] 2. Core Viewpoints of the Report - The urea futures strengthened significantly, mainly affected by the sharp rise in crude oil due to overseas geopolitical conflicts, driving the overall strength of the chemical sector. The spot price of urea is stable as China is in a critical period of ensuring supply and stabilizing prices during the spring plowing season. After the futures price strengthened, spot trading improved. The supply increased as some gas - based and technical - reform enterprises resumed production, and some off - season reserves were released in March. The demand improved as post - Spring Festival green - turning fertilizer use started, the compound fertilizer production resumed, and the market sentiment improved. However, the melamine plant operation decreased, and the international high price of urea could not be effectively transmitted to the domestic market due to the lack of new news on export quotas. Future attention should be paid to export dynamics, off - season reserve release rhythm, and the sustainability of spot purchase sentiment [2] 3. Summary According to the Directory 3.1 Urea Basis Structure - Related figures include the price of small - particle urea in Shandong and Henan, Henan basis, urea main contract closing price, 1 - 5 spread, 5 - 9 spread, and 9 - 1 spread [5][7][9][14][16] 3.2 Urea Production - Related figures are the weekly urea production and the urea plant maintenance loss [5][24] 3.3 Urea Production Profit and Operating Rate - Related figures cover urea production cost, production profit, on - disk production profit, urea capacity utilization rate, coal - based capacity utilization rate, and natural - gas - based capacity utilization rate [5][22][27][28] 3.4 Urea Foreign Market Price and Export Profit - Related figures involve the FOB price of small - particle urea in the Baltic Sea, the CFR price of large - particle urea in Southeast Asia, the FOB price of small - and large - particle urea in China, the price difference, export profit, and on - disk export profit [5][35][40][41][48] 3.5 Urea Downstream Operation and Orders - Related figures are the capacity utilization rate of compound fertilizer and melamine, and the number of days of pending orders [5][49][53] 3.6 Urea Inventory and Warehouse Receipts - Related figures include factory inventory, port inventory, raw material inventory of downstream urea manufacturers in Hebei, the number of urea warehouse receipts, the holding volume of the urea main contract, and the trading volume of the urea main contract [5][50][56][61]