国证国际此前发布研报称，25年三季度九江基地二期顺利投运，项目采用更高效、更环保、更节能的工 艺技术，在尿素满负荷生产的情况下，综合生产成本降低10%。在25年底，新乡基地的化工新材料项目 完成后，将进一步扩大尿素产能规模，助力尿素生产成本有效降低约12%。该行认为随着低成本产能的 逐步释放，心连心盈利能力会大幅提升。 中国心连心化肥(01866)涨超4%，触及历史前高9.5港元。截至发稿，涨3.96%，报9.45港元，成交额 2203.42万港元。 消息面上，伊朗局势持续升级。国联期货发布研报称，伊朗尿素产能占全球总产能的3.5%，其出口量 占全球贸易量的5%左右，"三罢"行动发生后，海外尿素报价大幅上涨。国元期货也表示，全球尿素供 应端收紧预期持续增强，推动国际尿素价格呈现回升态势。 ...

智通财经APP获悉，中国心连心化肥(01866)涨超4%，触及历史前高9.5港元。截至发稿，涨3.96%，报 9.45港元，成交额2203.42万港元。 消息面上，伊朗局势持续升级。国联期货发布研报称，伊朗尿素产能占全球总产能的3.5%，其出口量 占全球贸易量的5%左右，"三罢"行动发生后，海外尿素报价大幅上涨。国元期货也表示，全球尿素供 应端收紧预期持续增强，推动国际尿素价格呈现回升态势。 国证国际此前发布研报称，25年三季度九江基地二期顺利投运，项目采用更高效、更环保、更节能的工 艺技术，在尿素满负荷生产的情况下，综合生产成本降低10%。在25年底，新乡基地的化工新材料项目 完成后，将进一步扩大尿素产能规模，助力尿素生产成本有效降低约12%。该行认为随着低成本产能的 逐步释放，心连心盈利能力会大幅提升。 ...

Core Viewpoint - China Heartland Fertilizer (01866) has seen a significant stock price increase of over 25% in the past six trading days, with a current price of 9.4 HKD and a trading volume of 108 million HKD [1] Industry Summary - The domestic urea market in China is experiencing a fluctuating upward trend, with the main regional small particle ex-factory prices rising to the range of 1580-1680 RMB/ton [1] - Analysts predict that the domestic urea market will maintain a weak fluctuation pattern in December, with limited downside due to cost and production cuts, while the upward momentum is also constrained by supply-demand imbalances [1] Company Summary - Guozheng International recently reported that the second phase of the Jiujiang base successfully commenced operations in Q3 2025, utilizing more efficient, environmentally friendly, and energy-saving technology, resulting in a 10% reduction in comprehensive production costs at full urea production capacity [1] - By the end of 2025, the completion of the new chemical materials project at the Xinxiang base will further expand urea production capacity, effectively reducing production costs by approximately 12% [1] - With the gradual release of low-cost production capacity, the profitability of China Heartland Fertilizer is expected to significantly improve [1]