率或将下降。本周国内尿素企业库存继续下降，春节前下游补仓进度好于预期，工厂出货量较大。不过随 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 着春节的临近，长途物流发运减少，后期尿素工厂或逐渐出现累库。UR2605合约短线预计在1770-1820区 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 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 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1797 | 12 郑州尿 ...

| 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 | 17 郑州尿素5-9价差(日,元/吨) | 36 | 2 | | | 郑州尿素主力合约持仓量(日,手) | 228271 | -3727 郑州尿素前20名净持仓 | -17282 | -2442 | | | 郑州尿素交易所仓单(日,张) | 10969 | -212 | | | | 现货市场 | 河北(日,元/吨) | 1790 | 0 河南(日,元/吨) | 1770 | 0 | | | 江苏(日,元/吨) | 1790 | -10 山东(日,元/吨) | 1770 | 0 | | | 安徽(日,元/吨) | 1790 | 0 郑州尿素主力合约基差(日,元/吨) | -17 | -17 | | | FOB波罗的海(日,美元/吨) | 394 | 0 FOB中国主港(日,美元/吨) | 422.5 | 0 | | 产业情况 | 港口库存(周,万吨) | 14.4 | 1 企业库存( ...

| 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 | -17 郑州尿素5-9价差(日,元/吨) | 34 | 2 6320 | | | 郑州尿素主力合约持仓量(日,手) | 231998 | -8287 郑州尿素前20名净持仓 | -14840 | | | | 郑州尿素交易所仓单(日,张) | 11181 | -75 | | | | 现货市场 | 河北(日,元/吨) | 1790 | 0 河南(日,元/吨) | 1770 | 0 | | | 江苏(日,元/吨) | 1800 | 0 山东(日,元/吨) | 1770 | 0 | | | 安徽(日,元/吨) | 1790 | 0 郑州尿素主力合约基差(日,元/吨) | 0 | 17 | | | FOB波罗的海(日,美元/吨) | 394 | 0 FOB中国主港(日,美元/吨) | 422.5 | 0 | | 产业情况 | 港口库存(周,万吨) | 14.4 | 1 企业库存(周,万吨) ...

，从企业库存变化趋势来看，近期尿素工厂基本维持产销平衡，其中因局部农业需求的启动，农业流向适 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 当增加，考虑到春节前工业开工下降，春节前储备需求为主，库存仍有小幅上涨趋势。UR2605合约短线预 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 计在1770-1830区间波动。 免责声明 尿素产业日报 2026-01-28 | 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) | 1799 | 9 郑州尿素5-9价差(日,元/吨) | 29 | 7 -9977 | | | 郑州尿素主力合约持仓量(日,手) | 260290 | 15430 郑州尿素前20名净持仓 | -27038 | | | | 郑州尿素交易所仓单(日,张) | 12699 | 0 | | | | 现货市场 | 河北(日,元/吨) | 1770 | 0 河南(日,元/吨) | 1750 | ...

，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。 尿素产业日报 2026-01-26 | 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 2026-01-22 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。 | 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) | 1776 | -3 郑州尿素5-9价差(日,元/吨) | 25 ...

。 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 2026-01-21 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 | 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) | 1779 | 4 郑州尿素5-9价差(日,元/吨) | 29 | 3 | | | 郑州尿素主力合约持仓量(日,手) | 241385 | 8311 郑州尿素前20名净持仓 | -13575 | 1493 | | | 郑州尿素交易所仓单(日,张) | 13340 | -15 | | | | 现货市场 | 河北(日,元/吨) | 1750 | 0 河南(日,元/吨) | 1750 | 0 | | | 江苏(日,元/吨) | 1760 | 0 山东(日,元/吨) | 1750 | 0 | | | 安徽(日,元/吨) | 1760 | 0 ...

1. Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report. 2. Core Viewpoints of the Report - The production of urea production enterprises increased, with the production reaching 137.16 million tons, a week - on - week increase of 1.25 million tons or 0.92%. The capacity utilization rate was 83.22%, a week - on - week increase of 2.93%, and the upward trend continued. Considering short - term enterprise failures, the probability of production increase was relatively high [2]. - The current agricultural demand is in the traditional off - season, with overall trading atmosphere being tepid. Downstream buyers are resistant to high - priced goods and mostly adopt a just - in - time purchasing strategy. Industrial demand maintains rigid procurement, and the operating rate of compound fertilizer enterprises fluctuates little. Attention should be paid to weather and local environmental protection conditions [2]. - As the downstream compound fertilizer industrial demand continues to advance, local agricultural demand shows an increasing trend. Some urea enterprises achieve a balance between production and sales, and the shipment speed of some enterprises accelerates. However, as the urea price rises, the downstream's trend of chasing price increases may slow down, and the short - term de - stocking amplitude of urea enterprises is expected to be limited [2]. - The UR2605 contract is expected to fluctuate in the range of 1770 - 1830 in the short term [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the Zhengzhou urea main contract was 1814 yuan/ton, a week - on - week increase of 40 yuan/ton; the 5 - 9 spread of Zhengzhou urea was 30 yuan/ton, a week - on - week increase of 5 yuan/ton [2]. - The open interest of the Zhengzhou urea main contract was 253,756 lots, a week - on - week increase of 23,507 lots; the net position of the top 20 in Zhengzhou urea was - 21,087 lots, a week - on - week decrease of 4,047 lots [2]. - The exchange warehouse receipts of Zhengzhou urea were 13,355 lots, with no week - on - week change [2]. 3.2 Spot Market - The spot prices in Hebei, Henan, and Shandong were 1740 yuan/ton, with no week - on - week change; the prices in Jiangsu and Anhui were 1750 yuan/ton, a week - on - week increase of 10 yuan/ton [2]. - The basis of the Zhengzhou urea main contract was - 74 yuan/ton, a week - on - week decrease of 40 yuan/ton [2]. - The FOB prices in the Baltic Sea and the main Chinese ports were 367.5 dollars/ton and 402.5 dollars/ton respectively, with no week - on - week change [2]. 3.3 Industry Situation - The port inventory was 140,000 tons, a week - on - week decrease of 32,000 tons; the enterprise inventory was 1.0222 million tons, a week - on - week increase of 3,000 tons [2]. - The operating rate of urea enterprises was 83.22%, a week - on - week increase of 2.93%; the daily urea output was 195,900 tons, a week - on - week increase of 1,700 tons [2]. - The urea export volume was 600,000 tons, a week - on - week decrease of 600,000 tons; the monthly urea output was 6,000,330 tons, a month - on - month increase of 129,060 tons [2]. 3.4 Downstream Situation - The operating rate of compound fertilizer was 37.17%, a week - on - week increase of 3.28%; the operating rate of melamine was 54.35%, a week - on - week increase of 6.7% [2]. - The weekly profit of compound fertilizer in China was 244 yuan/ton, a week - on - week increase of 80 yuan/ton; the weekly profit of melamine with externally purchased urea was - 152 yuan/ton, a week - on - week decrease of 106 yuan/ton [2]. - The monthly output of compound fertilizer was 4.3825 million tons, a month - on - month increase of 753,800 tons; the weekly output of melamine was 28,300 tons, a week - on - week decrease of 1,900 tons [2]. 3.5 Industry News - As of January 14, the total inventory of Chinese urea enterprises was 986,100 tons, a week - on - week decrease of 36,100 tons or 3.53% [2]. - As of January 8, the sample inventory of Chinese urea ports was 140,000 tons, a week - on - week decrease of 32,000 tons or 18.60%. The quantity of goods leaving the ports increased this week, and some ports were loading and departing. In addition, the pace of manufacturers' goods collection at ports was slow, and most ports remained at a low level under the constraints of quotas and other conditions [2]. - As of January 8, the resumption of some previously overhauled devices drove the increase in domestic urea production. There were no plans for enterprise device shutdowns this week, and the devices of two shut - down enterprises might resume production [2]. 3.6 Suggested Attention - Pay attention to the enterprise inventory, port inventory, daily output, and operating rate data from Longzhong on Thursday [2].

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - The probability of an increase in urea production is relatively high. The current agricultural demand is in the traditional off - season, the trading atmosphere is tepid, and downstream buyers are resistant to high - priced goods, mostly adopting a just - in - time purchasing strategy. Industrial demand maintains rigid procurement, and the operating rate of compound fertilizer enterprises fluctuates slightly. The inventory of domestic urea enterprises fluctuates little, and the inventory reduction amplitude is limited. With the recent increase in urea prices, the downstream trend of chasing price increases may slow down, and the short - term inventory reduction amplitude of urea enterprises is expected to be limited. The UR2605 contract is expected to fluctuate in the range of 1750 - 1800 in the short term [2]. 3. Summary According to the Directory 3.1 Futures Market - The closing price of the Zhengzhou urea main contract is 1790 yuan/ton, with a week - on - week increase of 12 yuan/ton; the 5 - 9 spread of Zhengzhou urea is 21 yuan/ton, with a week - on - week decrease of 12 yuan/ton [2]. - The position volume of the Zhengzhou urea main contract is 232,995 lots, with a week - on - week increase of 2,435 lots; the net position of the top 20 in Zhengzhou urea is - 26,928 lots, with a week - on - week decrease of 690 lots [2]. - The exchange warehouse receipts of Zhengzhou urea are 12,619 lots, with no week - on - week change [2]. 3.2 Spot Market - The spot prices in Hebei, Henan, Jiangsu, Shandong, and Anhui are 1740 yuan/ton, 1750 yuan/ton, 1750 yuan/ton, 1750 yuan/ton, and 1740 yuan/ton respectively, with week - on - week increases of 10 yuan/ton, 30 yuan/ton, 20 yuan/ton, 10 yuan/ton, and 20 yuan/ton [2]. - The basis of the Zhengzhou urea main contract is - 40 yuan/ton, with a week - on - week decrease of 2 yuan/ton [2]. - The FOB price in the Baltic Sea is 355 US dollars/ton, and the FOB price at the main Chinese port is 400 US dollars/ton, both with no week - on - week change [2]. 3.3 Industry Situation - The port inventory is 17.7 million tons, with a week - on - week increase of 3.9 million tons; the enterprise inventory is 102.22 million tons, with a week - on - week increase of 0.3 million tons [2]. - The operating rate of urea enterprises is 80.29%, with a week - on - week increase of 1.52 percentage points; the daily urea output is 194,200 tons, with a week - on - week increase of 3,700 tons [2]. - The urea export volume is 60 million tons, with a week - on - week decrease of 60 million tons; the monthly output of urea is 6,000,330 tons, with a month - on - month increase of 129,060 tons [2]. 3.4 Downstream Situation - The operating rate of compound fertilizer is 33.89%, with a week - on - week decrease of 3.86 percentage points; the operating rate of melamine is 47.65%, with a week - on - week decrease of 10.42 percentage points [2]. - The weekly profit of compound fertilizer in China is 143 yuan/ton, with a week - on - week increase of 3 yuan/ton; the weekly profit of melamine with externally purchased urea is - 108 yuan/ton, with a week - on - week decrease of 72 yuan/ton [2]. - The monthly output of compound fertilizer is 438.25 million tons, with a month - on - month increase of 75.38 million tons; the weekly output of melamine is 30,200 tons, with a week - on - week decrease of 300 tons [2]. 3.5 Industry News - As of January 7, the total inventory of Chinese urea enterprises was 102.22 million tons, an increase of 0.30 million tons from the previous week, a week - on - week increase of 0.29%. The inventory of domestic urea enterprises fluctuated little compared with the previous period, with local inventory rising and falling differently [2]. - As of December 31, the sample inventory of Chinese urea ports was 17.2 million tons, a decrease of 0.5 million tons from the previous week, a week - on - week decrease of 2.82%. The ports changed little this week. As the holiday approached, the pace of manufacturers' goods collection to ports slowed down, and most ports remained at a low level [2]. - As of December 31, the urea output in China was 359,100 tons, an increase of 25,700 tons from the previous week, a week - on - week increase of 1.93%; the average daily output was 194,200 tons, an increase of 3,700 tons from the previous week. The resumption of some previously overhauled devices drove an increase in domestic urea output. It is expected that the devices of 3 enterprises will be shut down this week, and the devices of 5 shut - down enterprises may resume production [2]. 3.6 Suggested Attention - Pay attention to the enterprise inventory, port inventory, daily output, and operating rate data from Longzhong on Thursday [2].

Report Summary - **Report Date**: January 5, 2026 [2] - **Report Type**: Urea Industry Daily Report 1. Industry Investment Rating - No investment rating is provided in the report 2. Core View - The resumption of some previously overhauled plants has led to an increase in domestic urea production. With 3 plants planning to stop production and 5 shut - down plants possibly resuming production this week, the probability of an increase in production is high. Agricultural demand is in the traditional off - season, trading atmosphere is tepid, and downstream buyers are resistant to high - price goods, mostly adopting a just - in - time purchasing strategy. Industrial sectors maintain rigid procurement. Considering some plant restarts, urea enterprise inventory may increase slightly this week. The UR2605 contract is expected to fluctuate in the range of 1730 - 1790 yuan/ton [3] 3. Summary by Category 3.1 Futures Market - **Closing Price**: The closing price of the Zhengzhou urea main contract is 1768 yuan/ton, up 19 yuan/ton [3] - **Spread**: The 5 - 9 spread of Zhengzhou urea is 38 yuan/ton, up 4 yuan/ton [3] - **Position**: The position of the Zhengzhou urea main contract is 218,596 lots, up 16,774 lots; the net position of the top 20 is - 30,527 [3] - **Warehouse Receipts**: The number of Zhengzhou urea exchange warehouse receipts is 12,376, down 5 [3] 3.2 Spot Market - **Domestic Prices**: Prices in Hebei are 1720 yuan/ton (unchanged); in Henan 1710 yuan/ton (up 10 yuan/ton); in Jiangsu 1710 yuan/ton (unchanged); in Shandong 1710 yuan/ton (unchanged); in Anhui 1710 yuan/ton (down 10 yuan/ton) [3] - **International Prices**: FOB Baltic is 355 US dollars/ton (up 5 US dollars/ton); FOB China's main port is 400 US dollars/ton (up 10 US dollars/ton) [3] - **Basis**: The basis of the Zhengzhou urea main contract is - 58 yuan/ton, up 15 yuan/ton [3] 3.3 Industry Situation - **Inventory**: Port inventory is 17.7 million tons, up 3.9 million tons; enterprise inventory is 101.92 million tons, down 4.97 million tons [3] - **Operating Rate**: The operating rate of urea enterprises is 80.29%, up 1.52 percentage points; the daily output of urea is 194,200 tons, up 3,700 tons [3] - **Export Volume**: Urea export volume is 60 million tons, down 60 million tons; the monthly output of urea is 6,000,330 tons, up 129,060 tons [3] 3.4 Downstream Situation - **Operating Rate**: The operating rate of compound fertilizer is 33.89%, down 3.86 percentage points; the operating rate of melamine is 47.65%, down 10.42 percentage points [3] - **Profit**: The weekly profit of compound fertilizer in China is 143 yuan/ton, up 3 yuan/ton; the weekly profit of melamine with externally - purchased urea is - 108 yuan/ton, down 72 yuan/ton [3] - **Output**: The monthly output of compound fertilizer is 438.25 million tons, up 75.38 million tons; the weekly output of melamine is 30,200 tons, down 300 tons [3] 3.5 Industry News - As of December 31, China's total urea enterprise inventory was 101.92 million tons, down 4.97 million tons from last week, a 4.65% decrease. The decline rate narrowed. The overall inventory is still in a downward trend due to some plant overhauls, reserves, and appropriate promotion of rigid demand [3] - As of December 31, the sample inventory of China's urea ports was 17.2 million tons, down 0.5 million tons, a 2.82% decrease. Port changes were small, and the pace of manufacturers' goods collection to ports slowed down approaching the holiday [3] - As of December 31, China's urea output was 1.3591 billion tons, up 25.7 million tons from last week, a 1.93% increase; the weekly average daily output was 194,200 tons, up 3,700 tons. The capacity utilization rate was 80.29%, up 1.52 percentage points [3] 3.6 Suggested Attention - The operating rate of enterprises fluctuates little. Pay attention to the weather and local environmental protection conditions. Also, pay attention to Longzhong's enterprise inventory, port inventory, daily output, and operating rate on Thursday [3]