1. Report Industry Investment Rating - No relevant information provided 2. Report's Core View - The domestic agricultural demand for urea is in a seasonal off - season with only sporadic local demand. The compound fertilizer industrial demand makes appropriate low - price purchases during the autumn fertilizer production stage, but the increase in the compound fertilizer enterprise's operating rate is slow, resulting in limited rigid demand for urea. The domestic demand progresses slowly, and the downstream factories mainly make small - quantity low - price purchases. Although some export - oriented enterprises can balance production and sales, some enterprises are affected by the weakening domestic demand. The inventory of domestic urea enterprises continues to increase, and it is expected to keep rising in the short term. The short - term trading range for the UR2601 contract is recommended to be between 1740 - 1800 [3] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the Zhengzhou urea main contract is 1754 yuan/ton, with a week - on - week increase of 17; the 9 - 1 spread is - 23 yuan/ton, down 7 week - on - week. The main contract's open interest is 183,795 lots, an increase of 1,188; the net position of the top 20 is - 24,127, a decrease of 2,210. The exchange warehouse receipts are 3,573, unchanged week - on - week [3] 3.2 Spot Market - In the domestic spot market, the price in Hebei is 1730 yuan/ton, down 10; in Henan it is 1720 yuan/ton, down 20; in Jiangsu it is 1710 yuan/ton, down 20; in Shandong it is 1730 yuan/ton, up 30; in Anhui it is 1740 yuan/ton, unchanged. The FOB price in the Baltic is 450 US dollars/ton, down 5; the FOB price at the main Chinese port is 450 US dollars/ton, down 10. The basis of the Zhengzhou urea main contract is - 24 yuan/ton, up 13 [3] 3.3 Industry Situation - The port inventory is 46.4 tons, a decrease of 1.9 tons week - on - week; the enterprise inventory is 95.74 tons, an increase of 6.98 tons week - on - week. The urea enterprise operating rate is 83.22%, up 1.24%; the daily urea output is 192,700 tons, an increase of 2,900 tons. The urea export volume is 57 tons, an increase of 50 tons; the monthly urea output is 6,052,080 tons, an increase of 20,740 tons [3] 3.4 Downstream Situation - The compound fertilizer operating rate is 43.48%, up 1.98%; the melamine operating rate is 49.82%, down 11.28%. The weekly profit of compound fertilizer in China is 116 yuan/ton, up 18; the weekly profit of melamine with externally - purchased urea is - 78 yuan/ton, up 266. The monthly output of compound fertilizer is 422.12 tons, an increase of 5.3 tons; the weekly output of melamine is 24,800 tons, a decrease of 5,500 tons [3] 3.5 Industry News - As of August 13, the total inventory of Chinese urea enterprises was 95.74 tons, an increase of 6.98 tons week - on - week, a 7.86% increase. As of August 14, the sample inventory of Chinese urea ports was 46.4 tons, a decrease of 1.9 tons week - on - week, a 3.93% decrease. As of August 14, the output of Chinese urea production enterprises was 134.86 tons, an increase of 2.01 tons week - on - week, a 1.51% increase; the capacity utilization rate was 83.22%, up 1.24%, with the trend turning from decline to increase. Recently, some plants have restarted, and the domestic daily urea output has increased slightly. This week, 1 - 2 enterprises are planned to stop production, and 3 - 5 stopped enterprises will resume production. Considering short - term enterprise failures, the probability of output increase is high [3]

| 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) | 1726 | -31 郑州尿素9-1价差(日,元/吨) | -11 | 10 360 | | | 郑州尿素主力合约持仓量(日,手) | 174742 | 99834 郑州尿素前20名净持仓 | -24077 | | | | 郑州尿素交易所仓单(日,张) | 3823 | 0 | | | | 现货市场 | 河北(日,元/吨) | 1750 | 0 河南(日,元/吨) | 1740 | 10 | | | 江苏(日,元/吨) | 1730 | 0 山东(日,元/吨) | 1720 | -10 | | | 安徽(日,元/吨) | 1740 | 0 郑州尿素主力合约基差(日,元/吨) | -6 | -10 | | | FOB波罗的海(日,美元/吨) | 455 | 0 FOB中国主港(日,美元/吨) | 460 | 0 | | 产业情况 | 港口库存(周,万吨) | 48.3 | -1 企业库存(周,万吨 ...

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - Domestic agricultural demand for urea is in a seasonal off - peak, and demand continues to weaken. Although it's entering the autumn fertilizer production stage, the increase in the compound fertilizer industry's demand for urea is slow, and downstream factories mainly make small - quantity purchases at low prices. - The export of urea fails to meet expectations, new orders for factories slow down, and the inventory of domestic urea enterprises still has a tendency to accumulate in the short term. - It is recommended to trade the UR2509 contract in the range of 1680 - 1760 yuan/ton [2]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the Zhengzhou urea main contract is 1733 yuan/ton, up 24 yuan; the 9 - 1 spread is - 21 yuan/ton, up 12 yuan. - The main contract's open interest is 142,211 lots, down 489 lots; the net position of the top 20 is - 21,151 lots, down 3849 lots. - The exchange warehouse receipts are 3373 lots, unchanged [2]. 3.2现货市场 - In the domestic spot market, prices in Hebei remain unchanged at 1750 yuan/ton, in Henan and Jiangsu are down 10 yuan/ton to 1770 yuan/ton, in Shandong remain unchanged at 1760 yuan/ton, and in Anhui are down 10 yuan/ton to 1780 yuan/ton. - The main contract basis is 27 yuan/ton, down 24 yuan. - FOB Baltic is 435 dollars/ton, up 5 dollars; FOB China's main port is 410 dollars/ton, down 15 dollars [2]. 3.3 Industry Situation - Port inventory is 49.3 million tons, down 5 million tons; enterprise inventory is 91.73 million tons, up 5.85 million tons. - The urea enterprise operating rate is 83.6%, up 0.01%; the daily output is 193,500 tons, unchanged. - The urea export volume is 7 million tons, up 7 million tons; the monthly output is 6,031,340 tons, down 261,890 tons [2]. 3.4下游情况 - The compound fertilizer operating rate is 38.68%, up 5.1%; the melamine operating rate is 63.5%, down 1.7%. - The weekly profit of compound fertilizer is 101 yuan/ton, down 3 yuan; the weekly profit of melamine with purchased urea is - 395 yuan/ton, up 104 yuan. - The monthly output of compound fertilizer is 4.1682 million tons, down 0.6408 million tons; the weekly output of melamine is 31,500 tons, down 900 tons [2]. 3.5 Industry News - As of July 30, the total inventory of Chinese urea enterprises was 91.73 million tons, up 5.85 million tons from last week, a 6.81% increase. - As of July 31, the sample inventory of Chinese urea ports was 49.3 million tons, down 5 million tons from last week, a 9.21% decrease. - As of July 31, the output of Chinese urea production enterprises was 1.3548 million tons, up 0.01 million tons from the previous period, a 0.01% increase; the capacity utilization rate was 83.60%, up 0.01% from the previous period [2].

尿素产业日报 2025-07-30 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 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 09合约短线建议在1730-1800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 | 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) | 1742 | -2 郑州尿素9-1价差(日,元/吨) | -28 | -2 | | | 郑州尿素主力合约持仓量(日,手) | 147157 | -5823 郑州尿素前20名净持仓 | -22228 | 3865 | | | 郑州尿素交易所仓单(日,张) | 2900 | 0 | | | ...

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]