Report Summary 1) Report Industry Investment Rating - Not provided in the report. 2) Core View of the Report - The supply pressure of urea remains high, with daily production close to 200,000 tons at a high level. Although the enterprise inventory has slightly decreased, mainly due to increased port collection, the upstream enterprise inventory is still around 800,000 tons. The top - dressing demand in July will support the price, but if domestic agricultural demand weakens and export demand cannot be supplemented, urea prices will face significant downward pressure. The subsequent turnaround still lies in exports. (View Score: 0) [1] 3) Summary by Relevant Catalogs a) Price Changes - **Futures Prices**: On July 16, compared with July 15, the closing price of UR01 in Shandong increased by 3 yuan/ton (0.18%), in Shanxi decreased by 20 yuan/ton (-1.10%), and remained unchanged in other regions. UR05 increased by 4 yuan/ton (0.23%), and UR09 increased by 2 yuan/ton (0.12%) [1]. - **Domestic Spot Prices**: On July 16, compared with July 15, the spot price in Henan decreased by 20 yuan/ton (-1.09%), in Hebei decreased by 10 yuan/ton (-0.56%), in the Northeast decreased by 40 yuan/ton (-2.21%), and in Jiangsu decreased by 30 yuan/ton (-1.65%) [1]. - **Basis and Spread**: The basis of Shandong spot - UR decreased by 24 yuan/ton, and the spread of 01 - 05 decreased by 1 yuan/ton [1]. - **Upstream and Downstream Prices**: The prices of anthracite coal in Henan and Shanxi, the prices of compound fertilizer (45%S) in Shandong and Henan, and the prices of melamine in Shandong and Jiangsu remained unchanged on July 16 compared with July 15 [1]. b) Important Information - On the previous trading day, the opening price of the main urea futures contract 2509 was 1731 yuan/ton, the highest price was 1739 yuan/ton, the lowest price was 1726 yuan/ton, the closing price was 1733 yuan/ton, the settlement price was 1734 yuan/ton, and the position was 197,633 lots [1]. c) Trading Strategy - The previous trading day, UR fluctuated within a range and closed at 1733. The subsequent turnaround of urea prices still lies in exports [1].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The supply pressure of urea remains high, with daily production close to 200,000 tons at a high level. Although enterprise inventories are slightly decreasing due to increased port collection, upstream enterprise inventories are still around 800,000 tons. The top - dressing demand in July will support prices, but if domestic agricultural demand weakens and export demand is not supplemented, urea prices will face significant downward pressure. The subsequent turnaround still lies in exports. (View score: 0) [1] 3. Summary by Relevant Catalog 3.1 Futures and Spot Prices - **Urea Futures Prices**: On July 15, UR01 closed at 1,707 yuan/ton (-1.39% compared to July 14), UR05 at 1,723 yuan/ton (-0.86%), UR09 at 1,731 yuan/ton (-1.87%), and Shandong at 1,810 yuan/ton (-0.55%). [1] - **Domestic Spot Prices**: On July 15, prices in Shanxi were 1,680 yuan/ton (-2.33%), Henan 1,830 yuan/ton (-0.54%), Hebei 1,780 yuan/ton (-0.56%), Northeast 1,810 yuan/ton (-3.72%), and Jiangsu 1,820 yuan/ton (-1.09%). [1] 3.2 Basis and Spread - **Basis**: Shandong spot - UR basis was 87 yuan/ton on July 15, an increase of 5 yuan/ton compared to July 14. [1] - **Spread**: The 01 - 05 spread was -16 yuan/ton on July 15, a decrease of 9 yuan/ton compared to July 14. [1] 3.3 Upstream and Downstream Costs and Prices - **Upstream Cost**: The prices of anthracite coal in Henan and Shanxi remained unchanged at 1,000 yuan/ton and 820 yuan/ton respectively. [1] - **Downstream Prices**: The price of compound fertilizer (45%S) in Shandong increased by 20 yuan/ton (0.68%) to 2,950 yuan/ton, and in Henan increased by 30 yuan/ton (1.19%) to 2,550 yuan/ton. The prices of melamine in Shandong and Jiangsu remained unchanged at 5,000 yuan/ton and 5,200 yuan/ton respectively. [1] 3.4 Important Information - On the previous trading day, the opening price of the main urea futures contract 2509 was 1,757 yuan/ton, the highest price was 1,757 yuan/ton, the lowest price was 1,725 yuan/ton, the closing price was 1,731 yuan/ton, the settlement price was 1,738 yuan/ton, and the position was 201,365 lots. [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The supply pressure of urea remains high, with daily production close to 200,000 tons at a high level. Although enterprise inventories are slightly decreasing due to increased port collection, upstream enterprise inventories are still around 800,000 tons. The top - dressing demand in July will support the price, and low - buying opportunities can be noted. However, if domestic agricultural demand weakens and export demand cannot be supplemented, urea prices will face significant downward pressure, and the subsequent turnaround still lies in exports. (View Score: 0) [1] 3. Summary by Relevant Content 3.1 Price Changes - **Futures Prices**: UR01 decreased by 3 yuan/ton (-0.17%) to 1731 yuan/ton, UR05 remained unchanged at 1738 yuan/ton, UR09 decreased by 9 yuan/ton (-0.51%) to 1764 yuan/ton. Shandong decreased by 40 yuan/ton (-2.15%) to 1820 yuan/ton, and Shanxi remained unchanged at 1720 yuan/ton [1]. - **Domestic Spot Prices (Small and Large Grains)**: Henan decreased by 10 yuan/ton (-0.54%) to 1840 yuan/ton, Hebei decreased by 20 yuan/ton (-1.10%) to 1790 yuan/ton, Northeast remained unchanged at 1880 yuan/ton, and Jiangsu decreased by 20 yuan/ton (-1.08%) to 1840 yuan/ton [1]. - **Basis and Spreads**: The basis of Shandong spot - UR decreased by 40 yuan/ton, and the 01 - 05 spread decreased by 3 yuan/ton [1]. - **Upstream Costs**: The anthracite prices in Henan and Shanxi remained unchanged at 1000 yuan/ton and 820 yuan/ton respectively [1]. - **Downstream Prices**: The prices of compound fertilizer (45%S) in Shandong and Henan remained unchanged at 2930 yuan/ton and 2520 yuan/ton respectively. The melamine price in Shandong increased by 10 yuan/ton (0.20%) to 5000 yuan/ton, and in Jiangsu it remained unchanged at 5200 yuan/ton [1]. 3.2 Important Information The previous trading day, the opening price of the urea futures main contract 2509 was 1765 yuan/ton, the highest price was 1768 yuan/ton, the lowest price was 1750 yuan/ton, the closing price was 1764 yuan/ton, the settlement price was 1761 yuan/ton, and the持仓 volume was 197,992 thousand [1]. 3.3 Trading Strategy Pay attention to low - buying opportunities considering the support from July's top - dressing demand. But be aware of the significant downward pressure on urea prices if domestic agricultural demand weakens and export demand is insufficient [1].

Report Summary 1) Report Industry Investment Rating No investment rating is provided in the report. 2) Core View The supply pressure of urea remains high, with daily production close to 200,000 tons at a high level. The inventory of upstream enterprises is still around 800,000 tons. In July, the top - dressing demand will support the price, and low - buying opportunities can be considered. However, if domestic agricultural demand weakens and export demand is not supplemented, urea prices will face significant downward pressure, and the subsequent turning point lies in exports. (View score: 0) [1] 3) Summary According to Relevant Catalogs Urea Futures and Spot Prices - **Futures Prices**: On July 11, UR01 was 1,734 yuan/ton (up 1 yuan or 0.06% from July 10), UR05 was 1,738 yuan/ton (up 1 yuan or 0.06% from July 10), and UR09 was 1,773 yuan/ton (down 4 yuan or - 0.23% from July 10). [1] - **Spot Prices**: Among domestic small - particle urea spot prices, the price in Hebei increased by 10 yuan/ton (0.56%) to 1,810 yuan/ton on July 11, while prices in other regions remained unchanged. [1] Basis and Spread - The basis of Shandong spot - UR was 122 yuan/ton on July 11, down 1 yuan from July 10. The 01 - 05 spread remained unchanged at - 4 yuan/ton. [1] Upstream and Downstream Prices - **Upstream**: The prices of anthracite coal in Henan and Shanxi remained unchanged at 1,000 yuan/ton and 820 yuan/ton respectively on July 11. [1] - **Downstream**: The prices of compound fertilizer (45%S) in Shandong and Henan, and the prices of melamine in Shandong and Jiangsu remained unchanged on July 11. [1] Important Information On the previous trading day, the opening price of the main urea futures contract 2509 was 1,776 yuan/ton, the highest price was 1,787 yuan/ton, the lowest price was 1,767 yuan/ton, the closing price was 1,773 yuan/ton, and the settlement price was 1,776 yuan/ton. The trading volume of 2509 was 197,786 lots. [1] Trading Strategy Pay attention to low - buying opportunities due to the support of top - dressing demand in July. But be aware of the significant downward pressure on prices if domestic agricultural demand weakens and export demand is not supplemented. [1]

Report Industry Investment Rating - Not provided Core Viewpoints - In July, urea prices are still supported, and low - buying opportunities can be considered. However, if domestic agricultural demand weakens and export demand does not increase, urea prices will face significant downward pressure, and the subsequent turnaround lies in exports [1] Summary by Relevant Catalogs 1. Price Changes - **Futures Prices**: On July 10, compared with July 9, UR01 in Shanxi decreased by 3 yuan/ton (-0.17%), UR01 in Shandong increased by 20 yuan/ton (1.18%), UR05 increased by 1 yuan/ton (0.06%), and UR09 increased by 7 yuan/ton (0.40%) [1] - **Domestic Spot Prices**: On July 10, compared with July 9, prices in Shandong increased by 20 yuan/ton (1.09%), in Henan increased by 10 yuan/ton (0.54%), in Hebei remained unchanged (0.00%), in Northeast remained unchanged (0.00%), and in Jiangsu increased by 10 yuan/ton (0.54%) [1] - **Upstream Costs**: On July 10, compared with July 9, the anthracite price in Henan decreased by 80 yuan/ton (-7.41%), and in Shanxi remained unchanged (0.00%); the compound fertilizer (45%S) price in Shandong and Henan remained unchanged (0.00%) [1] - **Downstream Prices**: On July 10, compared with July 9, the melamine price in Shandong decreased by 16 yuan/ton (-0.32%), and in Jiangsu remained unchanged (0.00%) [1] 2. Basis and Spread - On July 10, compared with July 9, the basis of Shandong spot - UR increased by 19 yuan/ton, and the spread of 01 - 05 decreased by 4 yuan/ton [1] 3. Market Conditions - On the previous trading day, the opening price of the main urea futures contract 2509 was 1780 yuan/ton, the highest price was 1790 yuan/ton, the lowest price was 1759 yuan/ton, the closing price was 1777 yuan/ton, the settlement price was 1777 yuan/ton, and the trading volume was 208,229 lots [1] 4. Fundamental Analysis - The supply pressure of urea remains high, with daily production approaching 200,000 tons. The enterprise inventory is slightly decreasing, mainly due to increased port collection, and the upstream enterprise inventory is still around 800,000 tons. The top - dressing demand in July will support the price [1]

Group 1: Report Overview - The investment rating for the urea industry is not explicitly stated in the report [1] - The core view is that urea prices in July are still supported, and low - buying opportunities can be focused on, but the subsequent turnaround still depends on exports [1] Group 2: Futures Price - UR01 closed at 1712, up 10 or 0.59% from the previous day; UR05 closed at 1716, up 7 or 0.41%; UR09 closed at 1748, up 13 or 0.75% [1] Group 3: Spot Price - Domestic spot prices in Shandong, Henan, Hebei, Northeast, and Jiangsu showed different changes. Shandong rose by 10 to 1820, Henan remained unchanged at 1810, Hebei decreased by 10 to 1780, Northeast remained unchanged at 1880, and Jiangsu rose by 20 to 1840 [1] Group 4: Basis and Spread - The basis of Shandong spot - UR was 104, up 3 from the previous day; the spread of 01 - 05 was - 4, up 3 [1] Group 5: Upstream Cost - Anthracite prices in Henan and Shanxi remained unchanged at 1080 and 820 respectively [1] Group 6: Downstream Price - The prices of compound fertilizer (45%S) in Shandong and Henan, and melamine in Shandong and Jiangsu remained unchanged [1] Group 7: Trading Strategy - Urea supply pressure is still large with high daily production. Last week, enterprise inventory decreased slightly due to increased port - bound volume, but upstream enterprise inventory is still around 880,000 tons. July's top - dressing demand supports prices, but if domestic agricultural demand weakens and export demand is not supplemented, urea prices will face significant downward pressure. So, it is believed that urea prices in July are still supported, and low - buying opportunities can be focused on, with the subsequent turnaround depending on exports [1]