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 货顺畅，部分工厂货源偏紧。短期刚需推进以及国际市场情绪影响，尿素预计维持产销平衡，局部受检修 等影响货源偏紧，整体库存或继续下降。UR2605合约短线预计在1840-1900区间波动。 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 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 尿素产业日报 2026-03-18 | 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 | -23 郑州尿素5-9价差(日,元/吨) | -39 | 2 | | | 郑州尿素主力合约持仓量(日,手) | 227858 | -16877 郑州尿素前20名净持仓 | -39493 | 6052 | | | 郑州尿素交易所仓单(日,张) | 8 ...

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 | 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 | -8 郑州尿素5-9价差(日,元/吨) | -15 | -25 | | | 郑州尿素主力合约持仓量(日,手) | 248510 | -12723 郑州尿素前20名净持仓 | -39681 | 4716 | | | 郑州尿素交易所仓单(日,张) | 1275 | 0 | | | | 现货市场 | 河北(日,元/吨) | 1870 | 0 河南(日,元/吨) | 1860 | 0 | | | 江苏(日,元/吨) | 1890 | 0 山东(日,元/吨) | 1880 | 0 | | | 安徽(日,元/吨) | 1880 | 0 郑州尿素主力合约基差(日,元/吨) | 66 | 8 | | | FOB波罗的海(日,美元/吨) | 408 | 0 FOB中国主港(日,美元/吨) | 481 | 0 ...

中高运行负荷状态。随着春节假期结束，物流发运逐渐恢复，下游部分工业复工，以及局部农业需求的持 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 续，有利推进尿素工厂出货量增加，本周尿素企业库存呈现下降。元宵节之后，板材等工业陆续复工，物 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 流运输能力也进一步提升，尿素工厂出货或继续稳步增加。UR2605合约短线预计在1800-1850区间波动。 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。 尿素产业日报 2026-03-04 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | - ...

尿素产业日报 2026-03-02 度较大，随着物流发运恢复以及下游工业开工提升，尿素需求提升，尿素工厂出货或加快，库存或呈现一 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 定程度下降。虽然节后农业刚需释放叠加工业需求回暖，但受高供应压制影响涨幅或有限，需关注需求释 免责声明 | 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) | 1817 | -30 郑州尿素5-9价差(日,元/吨) | 25 | -14 -14350 | | | 郑州尿素主力合约持仓量(日,手) | 262781 | 2904 郑州尿素前20名净持仓 | -40687 | | | | 郑州尿素交易所仓单(日,张) | 0 | 0 | | | | 现货市场 | 河北(日,元/吨) | 1850 | 0 河南(日,元/吨) | 1830 | 0 | | | 江苏(日,元/吨) | 1860 | 0 山东(日,元/吨) | 1860 | ...

幅波动，局部受农业提货带动，部分尿素工厂仍以小幅去库为主，本周春节临近物流减少，企业库存或有 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 上涨趋势，对尿素行情支撑或减弱。UR2605合约短线预计在1750-1800区间波动。 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。 尿素产业日报 2026-02-09 | 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) | 1788 | 12 郑州尿素5-9价差(日,元/吨) | 40 | 2 | | ...

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) | 1787 | -3 郑州尿素5-9价差(日,元/吨) | 32 | 7 4032 | | | 郑州尿素主力合约持仓量(日,手) | 240285 | -6009 郑州尿素前20名净持仓 | -21160 | | | | 郑州尿素交易所仓单(日,张) | 11256 | -1434 | | | | 现货市场 | 河北(日,元/吨) | 1790 | 0 河南(日,元/吨) | 1770 | 0 | ...

尿素产业日报 2026-01-27 ，降库主要集中在内蒙古区域，主产销区尿素企业维持弱平衡，部分企业出现小幅累库，但因东北局域需 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 求推动周边企业出货，整体带动国内尿素企业库存下降，随着春节临近，尿素企业逐渐启动收单计划，清 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 库催发货为主，尿素企业库存或仍有继续小幅去库。UR2605合约短线预计在1770-1830区间波动。 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 | | --- | --- | --- | --- ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The inventory of domestic urea enterprises decreased this week, but as the urea price rises, the downstream trend of chasing up the price may slow down, and the short - term de - stocking range of urea enterprises is expected to be limited. The UR2605 contract is expected to fluctuate in the range of 1770 - 1830 in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Zhengzhou urea main contract was 1801 yuan/ton, a decrease of 13 yuan; the 5 - 9 price difference was 29 yuan/ton, a decrease of 1 yuan [2] - The position volume of the Zhengzhou urea main contract was 250303 lots, a decrease of 3453 lots; the net position of the top 20 was - 19065, an increase of 2022 [2] - The number of Zhengzhou urea exchange warehouse receipts was 13355, with no change [2] 3.2 Spot Market - In the domestic spot market, the prices in Hebei, Henan, Jiangsu, Shandong, and Anhui were 1740, 1750, 1760, 1760, and 1760 yuan/ton respectively. The prices in Henan, Jiangsu, Shandong, and Anhui increased by 10, 10, 20, and 10 yuan respectively, while the price in Hebei remained unchanged [2] - The FOB price in the Baltic Sea was 367.5 US dollars/ton, and the FOB price at the main Chinese port was 402.5 US dollars/ton, both with no change [2] - The basis of the Zhengzhou urea main contract was - 41 yuan/ton, an increase of 33 yuan [2] 3.3 Industry Situation - The port inventory was 140,000 tons, a decrease of 32,000 tons; the enterprise inventory was 986,100 tons, a decrease of 36,100 tons [2] - The urea enterprise operating rate was 83.22%, an increase of 2.93 percentage points; the daily urea output was 195,900 tons, an increase of 1700 tons [2] - The urea export volume was 600,000 tons, a decrease of 600,000 tons; the monthly output of urea was 6,000,330 tons, an increase of 129,060 tons [2] 3.4 Downstream Situation - The compound fertilizer operating rate was 37.17%, an increase of 3.28 percentage points; the melamine operating rate was 54.35%, an increase of 6.7 percentage points [2] - The weekly profit of compound fertilizer in China was 244 yuan/ton, an increase of 80 yuan; the weekly profit of melamine with externally - purchased urea was - 152 yuan/ton, a decrease of 106 yuan [2] - The monthly output of compound fertilizer was 4.3825 million tons, an increase of 753,800 tons; the weekly output of melamine was 28,300 tons, a decrease of 1900 tons [2] 3.5 Industry News - As of January 14, the total inventory of Chinese urea enterprises was 986,100 tons, a decrease of 36,100 tons from last week, a month - on - month decrease of 3.53%. The inventory of domestic urea enterprises decreased slightly this cycle [2] - As of January 15, the sample inventory of Chinese urea ports was 134,000 tons, a decrease of 6000 tons month - on - month, a decline of 4.29%. The overall port goods fluctuated little this week, with both departure and collection of goods [2] - As of January 15, the output of Chinese urea production enterprises was 1.4051 million tons, an increase of 33,500 tons from the previous period, a month - on - month increase of 2.44%; the capacity utilization rate of Chinese urea production enterprises was 85.25%, an increase of 2.03 percentage points from the previous period, and the trend continued to rise [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The probability of an increase in urea production is relatively high in the short - term considering potential enterprise malfunctions. Although it's the off - season for agricultural demand, there may be a slight increase in local agricultural reserves in Jiangsu and Anhui, while commercial reserve demand may slow down due to price constraints. The short - term enterprise device operating rate may fluctuate slightly, and attention should be paid to weather and local environmental protection situations. Affected by market sentiment, urea factory orders are progressing, and factory shipments are improving. Domestic urea enterprise inventories continue to decline. After the end of the environmental protection warning, urea production is expected to rebound, and inventories may rise. The UR2605 contract is expected to fluctuate in the range of 1710 - 1760 yuan/ton [3][4]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Zhengzhou urea main contract is 1735 yuan/ton, with no change; the 5 - 9 spread is 34 yuan/ton, with no change. The main contract's open interest is 194,803 lots, an increase of 1,149 lots; the net position of the top 20 is - 25,071 lots, a decrease of 1,392 lots. The exchange warehouse receipts are 10,750 lots, with no change [3]. 3.2 Spot Market - In the domestic spot market, prices in Hebei, Shandong are 1730 yuan/ton, in Henan is 1710 yuan/ton, in Jiangsu and Anhui are 1720 yuan/ton, all with no change. The basis of the Zhengzhou urea main contract is - 5 yuan/ton, an increase of 5 yuan/ton. FOB Baltic is 350 US dollars/ton, and FOB China Main Port is 390 US dollars/ton, both with no change [3]. 3.3 Industry Situation - Port inventory is 17.7 million tons, a week - on - week increase of 3.9 million tons (28.26%); enterprise inventory is 106.89 million tons, a week - on - week decrease of 11.08 million tons (9.39%). The urea enterprise operating rate is 78.77%, a week - on - week decrease of 1.92%; the daily urea output is 190,500 tons, a week - on - week decrease of 4,600 tons. Urea export volume is 60 million tons, a decrease of 60 million tons. The monthly urea output is 6,000,330 tons, an increase of 129,060 tons [3]. 3.4 Downstream Situation - The compound fertilizer operating rate is 37.75%, a week - on - week decrease of 1.62%; the melamine operating rate is 58.07%, a week - on - week decrease of 0.48%. The weekly profit of compound fertilizer in China is 143 yuan/ton, an increase of 3 yuan/ton; the weekly profit of melamine with externally - purchased urea is - 108 yuan/ton, a decrease of 72 yuan/ton. The monthly output of compound fertilizer is 4.3825 billion tons, an increase of 753.8 million tons; the weekly output of melamine is 30,200 tons, a decrease of 300 tons [3]. 3.5 Industry News - As of December 24, the total inventory of Chinese urea enterprises was 106.89 million tons, a week - on - week decrease of 11.08 million tons (9.39%). As of December 25, the sample inventory of Chinese urea ports was 17.7 million tons, a week - on - week increase of 3.9 million tons (28.26%), and exports were being shipped to ports steadily. As of December 25, the output of Chinese urea production enterprises was 1.3334 billion tons, a decrease of 325 million tons (2.38%) from the previous period; the capacity utilization rate was 78.77%, a decrease of 1.92% from the previous period. There were new device overhauls, and the output continued to decline. There were no planned device shutdowns this week, and 3 - 5 shutdown devices were expected to resume production [3]. 3.6 Suggested Attention - Pay attention to Longzhong's enterprise inventory, port inventory, daily output, and operating rate on Thursday [3].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - New partial plant overhauls led to a slight decline in domestic urea production. With no planned plant shutdowns next week and 2 - 4 shut - down plants possibly resuming production, considering short - term faults, production is expected to increase slightly [2] - Agriculture is in a short - term rigid demand off - season, with recent reserve demand for phased replenishment, and there is still reserve demand expectation in the Northeast. Environmental warnings in Hebei, Henan, Jiangsu and other places led to a slight decline in compound fertilizer production, and the capacity utilization rate of compound fertilizer is expected to decline steadily or slightly [2] - Main urea factories in major production and sales areas had a slight inventory build - up this week. However, Xinjiang and Inner Mongolia showed obvious inventory reduction due to reserve demand from the Northwest and Northeast. The short - term receipt of orders by urea factories improved, and there may be further inventory reduction. The UR2605 contract is expected to fluctuate in the range of 1670 - 1720 in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of Zhengzhou urea's main contract was 1708 yuan/ton, up 62 yuan/ton; the 1 - 5 spread of Zhengzhou urea was - 51 yuan/ton, down 14 yuan/ton; the trading volume of Zhengzhou urea's main contract was 162,527 lots, up 97,688 lots; the net position of the top 20 in Zhengzhou urea was - 13,481; the exchange warehouse receipts of Zhengzhou urea were 11,177, down 25 [2] 3.2 Spot Market - In the domestic spot market, the prices in Hebei, Henan, Jiangsu and Shandong remained unchanged, while the price in Anhui increased by 10 yuan/ton to 1670 yuan/ton. The basis of Zhengzhou urea's main contract was - 8 yuan/ton, up 2 yuan/ton. The FOB prices in the Baltic and China's main ports remained unchanged at 347.5 and 387.5 US dollars/ton respectively [2] 3.3 Industry Situation - Port inventory was 12.3 million tons, up 1.8 million tons; enterprise inventory was 117.97 million tons, down 5.45 million tons. The urea enterprise operating rate was 81.85%, up 0.02 percentage points; the daily urea output was 197,900 tons, unchanged. Urea exports were 1.2 billion tons, down 17%; the monthly urea output was 6.00033 billion tons, up 129,060 tons [2] 3.4 Downstream Situation - The compound fertilizer operating rate was 40.62%, up 0.09 percentage points; the melamine operating rate was 61.86%, up 0.2 percentage points. The weekly profit of compound fertilizer in China was 137 yuan/ton, up 81 yuan/ton; the weekly profit of melamine with externally purchased urea was - 13 yuan/ton, up 16 yuan/ton. The monthly output of compound fertilizer was 4.3825 billion tons, up 753,800 tons; the weekly output of melamine was 32,200 tons, up 100 tons [2] 3.5 Industry News - As of December 17, the total inventory of Chinese urea enterprises was 117.97 million tons, a week - on - week decrease of 5.45 million tons or 4.42%. The inventory reduction was mainly concentrated in North, Northeast and Northwest China [2] - As of December 18, the sample inventory of Chinese urea ports was 13.8 million tons, a week - on - week increase of 1.5 million tons or 12.20%. The current export land - to - port collection is in progress smoothly, and some ports have received goods successively [2] 3.6 Suggested Attention - Pay attention to the enterprise inventory, port inventory, daily output and operating rate data from Longzhong on Thursday [2]