本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 因部分货源仍处于出口集港中，国内尿素企业库存延续下降但降幅收窄，短期尿素集港尚在持续，另外部 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 分企业检修，将会一定程度降低库存水平，但内需走弱将影响整体去库幅度。UR2509合约短线建议在1730 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 -1800区间交易。 免责声明 | | | 尿素产业日报 2025-07-29 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力 ...

速度或减弱。UR2509合约短线建议在1740-1800区间交易。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1770 | 7 郑州尿素9-1价差(日,元/吨) | 34 | -6 | | | 郑州尿素主力合约持仓量(日,手) | 211186 | -3200 郑州尿素前20名净持仓 | -22356 | -212 | | | 郑州尿素交易所仓单(日,张) | 2245 | -362 | | | | 现货市场 | 河北(日,元 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1748 | 13 郑州尿素9-1价差(日,元/吨) | 36 | 3 | | | 郑州尿素主力合约持仓量(日,手) | 213258 | 2436 郑州尿素前20名净持仓 | -22993 | -991 | | | 郑州尿素交易所仓单(日,张) | 1277 | 777 | | | | 现货市场 | 河北(日,元/吨) | 1790 | 10 河南(日,元/吨) | 1810 | 10 | | | 江苏(日,元/吨) | 1820 | 10 山东(日,元/吨) | 1820 | 10 | | | 安徽(日,元/吨) | 1830 | 10 郑州尿素主力合约基差(日,元/吨) | 72 | -3 | | | FOB波罗的海(日,美元/吨) | 395 | -30 FOB中国主港(日,美元/吨) | 382.5 | -22.5 | | 产业情况 | 港口库存(周,万吨) | 44 | 5.9 企业 ...

免责声明 尿素产业日报 2025-06-30 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1712 | -5 郑州尿素9-1价差(日,元/吨) | 30 | -3 | | | 郑州尿素主力合约持仓量(日,手) | 223700 | 1164 郑州尿素前20名净持仓 | -20860 | -9903 | | | 郑州尿素交易所仓单(日,张) | 500 | 0 | | | | 现货市场 | 河北(日,元/吨) | 1800 | 0 河南(日,元/吨) | 1800 | 0 | | | 江苏(日,元/吨) | 1820 | 10 山东(日,元/吨) | 1800 | -10 | | | 安徽(日,元/吨) | 1810 | 0 郑州尿素主力合约基差(日,元/吨) | 88 | -5 | | | FOB波罗的海(日,美元/吨) | 425 | 50 FOB中国主港(日,美元/吨) | 405 | 32.5 | | 产业情况 | 港口库存(周,万 ...

集港，叠加农业需求推进，尿素去库幅度或增大。UR2509合约短线建议在1670-1760区间交易。 尿素产业日报 2025-06-24 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1698 | -13 郑州尿素9-1价差(日,元/吨) | 31 | 6 | | | 郑州尿素主力合约持仓量(日,手) | 247071 | 13911 郑州尿素前20名净持仓 | -12491 | -7863 | | | 郑州尿素交易所仓单(日,张) | 0 | 0 | | | | 现货市场 | 河北(日,元/吨) | 1800 | -10 河南(日,元/吨) | 1760 | -60 | | | 江苏(日,元/吨) | 1770 | -60 山东(日,元/吨) | 1750 | 0 | | | 安徽(日,元/吨) | 1810 | -20 郑州尿素主力合约基差(日,元/吨) | 52 | 13 | | | FOB波罗的海(日,美元/吨) | 375 | 0 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The probability of an increase in urea production is high considering the resumption of 3 - 4 shut - down enterprises, despite short - term enterprise malfunctions. [2] - Agricultural demand is lukewarm, and local agricultural demand has not formed a synergy due to pessimistic market sentiment. Domestic industrial rigid demand is weakening as the market enters the traditional off - season, and the operating rate of domestic compound fertilizer enterprises has declined. [2] - Market sentiment is weak, urea factory shipments are sluggish, and domestic urea enterprise inventories continue to increase with a short - term slight upward trend. [2] - The UR2509 contract may continue to seek support in the short term, and it is recommended to wait and see. [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the Zhengzhou urea main contract is 1646 yuan/ton, down 21 yuan; the 9 - 1 spread is 11 yuan/ton, down 9 yuan. [2] - The main contract position is 307,079 lots, an increase of 20,038 lots; the net position of the top 20 is - 25,044 lots, a decrease of 5,796 lots. [2] - The exchange warehouse receipts are 5,967 lots, a decrease of 75 lots. [2] Spot Market - In the domestic spot market, prices in Hebei are 1780 yuan/ton (unchanged), Henan 1750 yuan/ton (down 10 yuan), Jiangsu 1750 yuan/ton (down 30 yuan), Shandong 1740 yuan/ton (down 10 yuan), and Anhui 1810 yuan/ton (unchanged). [2] - The FOB prices in the Baltic and China's main ports are both 360 US dollars/ton, unchanged. [2] - The basis of the Zhengzhou urea main contract is 94 yuan/ton, an increase of 11 yuan. [2] Industry Situation - Port inventory is 20.5 tons (unchanged weekly), and enterprise inventory is 117.71 tons, an increase of 14.17 tons or 13.69% week - on - week. [2] - The urea enterprise operating rate is 89.43%, a decrease of 0.4%; the daily output is 205,600 tons, a decrease of 1,000 tons. [2] - Urea exports are 0 tons (unchanged), and the monthly output is 5,845,080 tons, a decrease of 242,000 tons. [2] Downstream Situation - The compound fertilizer operating rate is 37.13%, a decrease of 2.96%; the melamine operating rate is 64.31%, an increase of 1.33%. [2] - The weekly profit of compound fertilizer in China is 191.2 yuan/ton, an increase of 9.2 yuan; the weekly profit of melamine with externally purchased urea is - 343 yuan/ton, a decrease of 5 yuan. [2] - The monthly output of compound fertilizer is 585.07 tons, a decrease of 98.76 tons; the weekly output of melamine is 32,000 tons, an increase of 720 tons. [2] Industry News - As of June 11, the total inventory of Chinese urea enterprises was 117.71 tons, an increase of 14.17 tons or 13.69% week - on - week. [2] - As of June 12, the sample inventory of Chinese urea ports was 24.5 tons, an increase of 4.5 tons or 19.51% week - on - week. [2] - As of June 12, the output of Chinese urea production enterprises was 141.32 tons, a decrease of 2.62 tons or 1.82% compared to the previous period; the capacity utilization rate was 87.80%, a decrease of 1.63% compared to the previous period. [2] 4. Suggested Attention - Pay attention to Longzhong's enterprise inventory, port inventory, daily output, and operating rate on Thursday. [2]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1761 | -12 郑州尿素9-1价差(日,元/吨) | 65 | -5 | | | 郑州尿素主力合约持仓量(日,手) | 231078 | 5951 郑州尿素前20名净持仓 | 12090 | 371 | | | 郑州尿素交易所仓单(日,张) | 6619 | -235 | | | | 现货市场 | 河北(日,元/吨) | 1850 | 0 河南(日,元/吨) | 1850 | -10 | | | 江苏(日,元/吨) | 1900 | 0 山东(日,元/吨) | 1870 | 0 | | | 安徽(日,元/吨) | 1890 | 0 郑州尿素主力合约基差(日,元/吨) | 109 | 12 | | | FOB波罗的海(日,美元/吨) | 355 | 0 FOB中国主港(日,美元/吨) | 360 | 0 | | 产业情况 | 港口库存(周,万吨) | 20.5 | 0.2 企业库存(周,万吨 ...

尿素产业日报 2025-05-27 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1814 | -2 郑州尿素9-1价差(日,元/吨) | 78 | -1 | | | 郑州尿素主力合约持仓量(日,手) | 220848 | 1420 郑州尿素前20名净持仓 | 9220 | -1113 | | | 郑州尿素交易所仓单(日,张) | 7094 | -10 | | | | 现货市场 | 河北(日,元/吨) | 1860 | -20 河南(日,元/吨) | 1850 | -30 | | | 江苏(日,元/吨) | 1880 | -20 山东(日,元/吨) | 1860 | -410 | | | 安徽(日,元/吨) | 1890 | -10 郑州尿素主力合约基差(日,元/吨) | 46 | -408 | | | FOB波罗的海(日,美元/吨) | 352.5 | 0 FOB中国主港(日,美元/吨) | 360 | 0 | | 产业情况 | 港口库存 ...

尿素产业日报 2025-05-21 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1855 | 6 郑州尿素9-1价差(日,元/吨) | 82 | 5 | | | 郑州尿素主力合约持仓量(日,手) | 224598 | 5429 郑州尿素前20名净持仓 | -1319 | -1487 | | | 郑州尿素交易所仓单(日,张) | 7548 | -24 | | | | 现货市场 | 河北(日,元/吨) | 1900 | 0 河南(日,元/吨) | 1900 | -10 | | | 江苏(日,元/吨) | 1910 | 0 山东(日,元/吨) | 1880 | -10 | | | 安徽(日,元/吨) | 1900 | -10 郑州尿素主力合约基差(日,元/吨) | 25 | -16 | | | FOB波罗的海(日,美元/吨) | 350 | 0 FOB中国主港(日,美元/吨) | 355 | 0 | | 产业情况 | 港口库存(周,万吨) | ...

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - Due to some domestic urea plants shutting down recently, daily production has decreased. With no plant scheduled to shut down this week and three shutdown plants resuming production, the probability of an increase in production is high considering short - term enterprise malfunctions [2]. - Agricultural demand is gradually rising, and port - collection demand will increase under the influence of export news. Industrial demand is mainly for rigid procurement. Some areas' summer fertilizer production will gradually end, and the short - term start - up rate of compound fertilizer enterprises may remain stable or decline slightly [2]. - Last week, urea enterprise inventories decreased significantly. Recently, influenced by export news, downstream purchasing enthusiasm has increased, and some domestic industrial and agricultural downstream sectors have increased procurement. Some goods have flowed to ports, helping factory inventories decline gradually. It is recommended to trade the UR2509 contract in the range of 1840 - 1900 yuan [2]. 3. Summary by Directory 3.1 Futures Market - Zhengzhou urea main contract closing price: 1849 yuan/ton, up 2 yuan; 9 - 1 spread: 77 yuan/ton, up 1 yuan [2]. - Zhengzhou urea main contract open interest: 219,169 lots, down 2,566 lots; top 20 net open interest: 168 lots, up 549 lots [2]. - Zhengzhou urea exchange warehouse receipts: 7,572 lots, down 127 lots [2]. 3.2 Spot Market - Domestic spot prices in various regions have declined. For example, in Hebei it is 1900 yuan/ton, down 30 yuan; in Henan it is 1910 yuan/ton, down 10 yuan [2]. - FOB prices in the Baltic and Chinese main ports remain unchanged at 350 and 355 US dollars/ton respectively [2]. - Zhengzhou urea main contract basis: 41 yuan/ton, down 12 yuan [2]. 3.3 Industry Situation - Port inventory: 16.3 million tons, up 3 million tons; enterprise inventory: 81.72 million tons, down 24.84 million tons, a 23.31% decrease [2]. - Urea enterprise start - up rate: 86.4%, down 0.95%; daily urea production: 199,200 tons [2]. - Urea export volume: 0 tons; monthly urea production: 6,087,080 tons, up 610,930 tons [2]. 3.4 Downstream Situation - Compound fertilizer start - up rate: 40.26%, up 2.36%; melamine start - up rate: 74.82%, down 0.42% [2]. - Weekly profit of compound fertilizer: 191 yuan/ton; monthly compound fertilizer production: 6.8383 million tons, down 1.13 million tons [2]. - Weekly profit of melamine with externally - purchased urea: - 370 yuan/ton; weekly melamine production: 37,160 tons, down 210 tons [2]. 3.5 Industry News - As of May 14, China's total urea enterprise inventory was 81.72 million tons, a 23.31% decrease from last week [2]. - As of May 15, China's urea port sample inventory was 16.3 million tons, a 22.56% increase from last week [2]. - As of May 15, China's urea production was 1.3947 million tons, a 1.09% decrease from the previous period; the weekly average daily production was 199,200 tons, a decrease of 22,000 tons from last week; the capacity utilization rate was 86.40%, a 0.95% decrease from the previous period [2]. 3.6 Suggestions - Pay attention to Longzhong enterprise inventory, port inventory, daily production, and start - up rate on Thursday [2]. - For the UR2509 contract, short - term trading is recommended in the range of 1840 - 1900 yuan [2].