Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View Urea's开工负荷率 has slightly decreased, and off - season reserves are being released into the market, resulting in an abundant supply. Agricultural fertilizer preparation and use, along with the increased operation rate of compound fertilizer plants, have boosted the demand for urea. The inventory level of urea enterprises is relatively low compared to the same period last year, and inventory reduction is smooth. In the short term, the price will fluctuate within a certain range [3]. 3. Summary by Directory Market Changes - Urea's futures price has declined, while the spot price has remained stable. On March 20, the closing price of the urea 2605 contract was 1841 yuan/ton, a decrease of 48 yuan/ton or 2.54% from last week. The daily average price of urea in the Henan spot market was 1838 yuan/ton, a decrease of 10 yuan/ton or 0.54% from last week [3][4]. - The main - contract basis of urea has strengthened. On March 20, the main - contract basis in the Henan market was - 3 yuan/ton, with a weekly basis operating range of (- 57) - (- 3) yuan/ton [3][7]. - The 5 - 9 spread of urea has weakened. On March 20, the 5 - 9 spread was - 53 yuan/ton, with a weekly operating range of (- 53) - (- 39) yuan/ton [3][8][9]. Fundamental Changes - **Supply**: The urea operating load rate is 92.21%, a decrease of 1.02 percentage points from last week. The operating load rate of gas - based enterprises is 77.92%, a decrease of 5.58 percentage points from last week. The daily average urea output is 21.71 tons. Some plants in Hainan, Xinjiang, Sichuan and other regions have been under maintenance or short - term shutdown, resulting in a slight decrease in the operating load. Off - season reserves are being released into the market, and the market supply is abundant [3][11]. - **Cost**: The anthracite market is tepid, and coal prices are mainly stable. As of March 19, the tax - included price of anthracite washed small pieces with S0.4 - 0.5 in Jincheng, Shanxi is 880 - 930 yuan/ton; the tax - included price of anthracite washed lumps with S1 - 1.5 in Yangquan, Shanxi is 780 - 840 yuan/ton, both of which are at the same level as the closing price of the same period last week [15]. - **Profit**: The gross profit margin of coal - based urea is 5.85%, and the gross profit margin of gas - based urea is - 2.65%. The mainstream price of the urea market is running at a high level, and the production profit of urea has recovered [15]. - **Demand**: - **Agricultural demand**: As the temperature warms up, the demand for wheat green - turning fertilizer is gradually being released. The average pre - collection of major urea production enterprises is 6.4 days, and the weekly production - sales rate of urea enterprises is 100.9% [16][17]. - **Industrial demand**: - The capacity operation rate of compound fertilizer enterprises is 49.97%, an increase of 4.41 percentage points from last week. The compound fertilizer inventory is 73.38 tons, a decrease of 1.51 percentage points from last week. The demand in the compound fertilizer market is fair, dealers are accelerating the distribution of goods, mainly to digest inventory, and fertilizer enterprises' operation has increased to a relatively high level to meet the shipping demand [21]. - The operating load rate of melamine enterprises is 62.91%, an increase of 5.91 percentage points from last week, and the weekly output is 3.395 tons. Some plants in Shanxi Fengxi Linyi, Sichuan Jinxiang Sairui D area and Shaanxi Longhua have had short - term shutdowns for maintenance, while some plants in Shanxi Fengxi, Zhongyuan Dahua, Henan Jinkong Tianqing, Hubei Huaqiang and Sichuan Jinxiang Sairui have resumed production after maintenance, and the plants of Shaanxi Longhua and Henan Junhua are in the recovery stage [24]. - The national building materials and home furnishing prosperity index and the sales volume of large - scale building materials and home furnishing stores have decreased, and the demand support in the panel market has weakened [25]. - **Inventory**: Urea enterprise inventory is 65.1 tons, a decrease of 7 tons from last week and a decrease of 44.4 tons compared to the same period last year. Urea port inventory is 23.9 tons, a decrease of 3 tons from last week. There are 8499 registered urea warehouse receipts, totaling 16.998 tons, an increase of 2371 receipts or 5.462 tons compared to the same period last year [3][28]. Key Points of Attention - The operation of compound fertilizer plants, the reduction and maintenance of urea plants, export policies, and coal price fluctuations [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - On March 5, 2026, the spot price of urea slightly loosened, and the compound fertilizer production continued to pick up. The new order transactions slowed down, and some quotes slightly decreased. The supply increased as some gas - based and technical - reformed enterprises resumed production, and some off - season reserves were released in March. The demand improved as the green - returning fertilizer demand started after the Spring Festival, and the compound fertilizer production increased. However, the melamine production decreased due to some temporary shutdowns, with only rigid demand. The inventory in factories decreased, while the port inventory slightly increased. The international urea price was strong due to the Iran situation, and the domestic export quota had no new news. The report suggested continuous attention to export dynamics, off - season reserve release rhythm, and the sustainability of spot purchase sentiment [1][2] 3. Summary by Directory I. Urea Basis Structure - The report presents data on Shandong and Henan urea small - particle prices, Henan basis, urea main contract closing price, 1 - 5 spread, 5 - 9 spread, and 9 - 1 spread, with data sources from Longzhong and Flush [1][5][7] II. Urea Production - It shows the urea weekly production and urea device maintenance loss volume, sourced from Longzhong [24][25] III. Urea Production Profit and Operating Rate - The report includes information on urea production cost, production profit, and capacity utilization rates of coal - based and natural - gas - based production, with data from Longzhong and Flush [22][23][30] IV. Urea Foreign Market Price and Export Profit - It provides data on urea small - particle FOB in the Baltic Sea, large - particle CFR in Southeast Asia, and the difference between them and China's FOB, as well as export profit and on - disk export profit, sourced from Longzhong [37][41][50] V. Urea Downstream Operating Rate and Orders - The report shows the capacity utilization rates of compound fertilizer and melamine, and the number of days of pending orders, with data from Longzhong [51][52] VI. Urea Inventory and Warehouse Receipts - It presents information on factory inventory, port inventory, raw material inventory of downstream urea manufacturers in Hebei, urea warehouse receipt quantity, main contract holding volume, and trading volume, with data from Longzhong and Flush [55][58][61] 4. Strategies - Unilateral: Oscillation [3] - Inter - period: Wait - and - see [3] - Inter - variety: None [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The spot price of urea followed the March guidance price increase. The market situation is complex with changes in supply, demand, and price indicators. The overall strategy suggests a sideways - to - bullish trend for the single - sided trading with a narrowing upside space, and a positive spread trading opportunity for UR05 - 09 on dips [1][2][3] 3. Summary by Relevant Catalogs I. Urea Basis Structure - On March 2, 2026, the urea main contract closed at 1,817 yuan/ton (-30). The ex - factory price of small - sized urea in Henan was 1,860 yuan/ton (unchanged), in Shandong was 1,890 yuan/ton (+30), and in Jiangsu was 1,890 yuan/ton (+30). The basis in Shandong, Henan, and Jiangsu were 73 yuan/ton (+60), 43 yuan/ton (+60), and 73 yuan/ton (+60) respectively [1] II. Urea Production - As of March 2, 2026, the enterprise capacity utilization rate was 93.16% (0.08%). The total inventory of sample enterprises was 117.60 million tons (+14.56), and the port sample inventory was 17.40 million tons (+0.80) [1] III. Urea Production Profit and Operating Rate - The urea production profit was 325 yuan/ton (+30), and the production capacity utilization rate data is as mentioned above [1] IV. Urea FOB Price and Export Profit - The export profit was 1,239 yuan/ton (+94). India's RCF issued a urea import tender on February 7, 2026, with an intention of 1.5 million tons (700,000 tons on the east coast and 800,000 tons on the west coast). The tender was opened on February 18, with a validity period until February 28 and the latest shipping date of March 31. A total of 20 suppliers submitted bids of 3.07 million tons, with the lowest east - coast bid at CFR 512 US dollars/ton and the lowest west - coast bid at CFR 508 US dollars/ton [1][2] V. Urea Down - stream Operating Rate and Orders - As of March 2, 2026, the compound fertilizer capacity utilization rate was 33.41% (+8.91%), the melamine capacity utilization rate was 55.91% (-8.26%), and the pre - received order days of urea enterprises were 7.12 days (-2.29) [1] VI. Urea Inventory and Warehouse Receipts - As mentioned before, the total inventory of sample enterprises was 117.60 million tons (+14.56), and the port sample inventory was 17.40 million tons (+0.80). The content does not mention specific information about warehouse receipts [1]

Report Industry Investment Rating - The report does not provide an industry investment rating [1][2][3] Core Viewpoints - The urea market is affected by news, with the futures market showing a strong trend. The current urea guidance price remains unchanged, and manufacturers have no pressure in pre - holiday orders. It is expected that the price will remain firm before the Spring Festival [2] - In January, some gas - based and technical - reform enterprises resumed production, increasing the supply. On the demand side, agricultural demand for winter and spring fertilizers is ongoing, and manufacturers' pre - holiday orders are mostly completed. Some off - season reserve supplies will be released in February. Near the Spring Festival, the compound fertilizer production rate decreased, while the melamine production rate increased, with rigid demand for procurement. Overall, the inventory in urea factories decreased, and the port inventory increased slightly [2] - Due to the situation in Iran, the international urea price has risen. India's RCF issued a urea import tender on February 7, with an intention of 150,000 tons. The follow - up needs to focus on export dynamics, off - season reserve release rhythm, and the sustainability of spot procurement sentiment [2] Summary by Directory 1. Urea Basis Structure - On February 12, 2026, the closing price of the urea main contract was 1,843 yuan/ton (+46). The ex - factory price of small - particle urea in Henan was 1,810 yuan/ton (0), in Shandong was 1,800 yuan/ton (+0), and in Jiangsu was 1,810 yuan/ton (+0). The basis in Shandong was - 43 yuan/ton (-46), in Henan was - 33 yuan/ton (-36), and in Jiangsu was - 33 yuan/ton (-46) [1] 2. Urea Production - As of February 12, 2026, the enterprise capacity utilization rate was 90.59% (0.08%), and the total inventory of sample enterprises was 834,700 tons (-83,800 tons), while the port sample inventory was 166,000 tons (+1,000 tons) [1] 3. Urea Production Profit and Operating Rate - The urea production profit was 235 yuan/ton (+0), and the export profit was 1,049 yuan/ton (+1) [1] 4. Urea Foreign Market Price and Export Profit - The report does not provide specific information on foreign market prices and export profit other than the export profit data mentioned above [1] 5. Urea Downstream Operating Rate and Orders - As of February 12, 2026, the capacity utilization rate of compound fertilizers was 36.19% (-5.60%), the capacity utilization rate of melamine was 60.77% (+2.82%), and the pre - received order days of urea enterprises were 11.12 days (+2.30) [1] 6. Urea Inventory and Warehouse Receipts - The total inventory of sample enterprises was 834,700 tons (-83,800 tons), and the port sample inventory was 166,000 tons (+1,000 tons) [1] Strategies - Unilateral: Oscillation [3] - Inter - period: Go long on UR05 - 09 when the spread is low [3] - Inter - variety: None [3]

1. Report's Industry Investment Rating - Unilateral: Volatile [3] - Inter - period: Go long on UR05 - 09 spread when it's at a low level [3] - Inter - variety: None [3] 2. Core View of the Report - Some manufacturers' price cuts have improved order collection, and agricultural demand is following up. The price is expected to remain firm before the Spring Festival. On the supply side, some gas - based and technical - renovation enterprises resumed production in January, increasing the supply. On the demand side, agricultural demand for winter and spring fertilizers is ongoing, and manufacturers are conducting Spring Festival order collection. The off - season storage procurement is in the later stage, and 10% of off - season storage supplies are expected to be released in February. The compound fertilizer operation rate increased slightly this week, at a relatively high level. The downstream fertilizer demand is approaching, and the sales are improving. There is an expected decline in operation rate before the Spring Festival. The melamine operation rate decreased due to more temporary shutdowns this week, with only rigid demand. The overall inventory in urea factories decreased slightly, while the port inventory increased slightly. Affected by the Iranian situation, international urea prices rose. India is expected to tender again. There is no new information about the domestic export quota, and follow - up attention should be paid to export dynamics, off - season storage release rhythm, and the sustainability of spot procurement sentiment [2] 3. Summary According to the Directory 3.1 Urea Basis Structure - On February 5, 2026, the urea main contract closed at 1778 yuan/ton (- 9); the ex - factory price of small - particle urea in Henan was quoted at 1760 yuan/ton (0); the small - particle urea price in Shandong was 1780 yuan/ton (+ 10); the small - particle urea price in Jiangsu was 1800 yuan/ton (+ 10); the price of small - block anthracite was 800 yuan/ton (+ 0). The basis in Shandong was 2 yuan/ton (+ 19); the basis in Henan was - 18 yuan/ton (+ 9); the basis in Jiangsu was 22 yuan/ton (+ 19) [1] 3.2 Urea Production - As of February 5, 2026, the enterprise capacity utilization rate was 89.14% (0.08%). The total inventory of sample enterprises was 91.85 million tons (- 2.64), and the port sample inventory was 16.50 million tons (+ 2.10) [1] 3.3 Urea Production Profit and Operation Rate - On February 5, 2026, the urea production profit was 215 yuan/ton (+ 10) [1] 3.4 Urea FOB Price and Export Profit - On February 5, 2026, the export profit was 943 yuan/ton (- 2) [1] 3.5 Urea Downstream Operation and Orders - As of February 5, 2026, the compound fertilizer capacity utilization rate was 41.79% (+ 0.45%); the melamine capacity utilization rate was 57.95% (- 8.50%); the pre - received order days of urea enterprises were 8.82 days (+ 2.23) [1] 3.6 Urea Inventory and Warehouse Receipts - As of February 5, 2026, the total inventory of sample enterprises was 91.85 million tons (- 2.64), and the port sample inventory was 16.50 million tons (+ 2.10) [1]

Report Summary 1. Investment Rating - The unilateral strategy is bullish with a sideways trend, suggesting a "Long" rating for the urea market [3]. - The cross - period strategy recommends a long position on the UR05 - 09 spread when it is low, implying a positive outlook for this spread [3]. - There is no cross - variety strategy recommended [3]. 2. Core View - Urea production and sales have improved. In the first half of the week, snow and rain in some areas affected logistics, cooling the market trading atmosphere and causing spot prices to stabilize or decline. Manufacturers lowered prices to attract orders, and production and sales improved. The supply increased as some gas - based and technical - reformed enterprises resumed production in January. On the demand side, there was some procurement for winter and spring fertilizers, and off - season storage procurement was ongoing. The resumption of production in the compound fertilizer and melamine industries led to increased demand. Overall, urea inventories in factories and ports decreased slightly. International urea prices rose due to the situation in Iran, but there is no new news on domestic export quotas. Continued attention should be paid to export dynamics, the national off - season storage rhythm, and the sustainability of spot procurement sentiment [1][2]. 3. Summary by Directory I. Urea Basis Structure - On January 22, 2026, the closing price of the urea main contract was 1776 yuan/ton (- 3). The ex - factory price of small - particle urea in Henan was 1740 yuan/ton (unchanged), in Shandong was 1750 yuan/ton (unchanged), and in Jiangsu was 1750 yuan/ton (unchanged). The basis in Shandong was - 26 yuan/ton (+ 3), in Henan was - 36 yuan/ton (+ 3), and in Jiangsu was - 26 yuan/ton (+ 3) [1]. II. Urea Production - As of January 22, 2026, the enterprise capacity utilization rate was 86.39% (a change of 0.08%). The sample enterprise total inventory was 94.60 million tons (- 4.01 million tons), and the port sample inventory was 13.40 million tons (unchanged) [1]. III. Urea Production Profit and Operating Rate - The urea production profit was 185 yuan/ton (unchanged), and the export profit was 871 yuan/ton (+ 12) [1]. IV. Urea FOB Price and Export Profit - International urea prices have increased due to the situation in Iran, and the export profit has increased by 12 yuan/ton to 871 yuan/ton [1][2]. V. Urea Downstream Operating Rate and Orders - As of January 22, 2026, the compound fertilizer capacity utilization rate was 42.96% (+ 2.88%), the melamine capacity utilization rate was 63.65% (+ 1.47%), and the pre - received order days of urea enterprises were 5.88 days (- 0.18) [1]. VI. Urea Inventory and Warehouse Receipts - The total inventory of sample enterprises decreased by 4.01 million tons to 94.60 million tons, and the port sample inventory remained unchanged at 13.40 million tons [1].

Report Industry Investment Rating - Unilateral: Neutral - Inter - period: UR05 - 09 buy low for positive spread arbitrage - Inter - variety: None [3] Core Viewpoints - Partially affected by snow and rain, logistics was hindered, market trading cooled, and spot prices were stable with a slight decline. Manufacturers cut prices to attract orders, and some trading improved. In January, some gas - based and technical - reformed enterprises resumed production, increasing supply. On the demand side, some winter and spring fertilizers started to be purchased, and off - season storage procurement was in progress. The environmental protection restrictions in some areas for compound fertilizers were lifted, leading to increased production and better procurement. Melamine plants resumed production, with increased operation rates and rigid - demand procurement. Affected by weather and logistics, new order trading was average this week, but the demand in the Northeast drove inventory reduction in Inner Mongolia. Overall, the in - factory inventory of urea decreased, and port inventory decreased slightly. Affected by the situation in Iran, international urea prices rose, but there was no new news about domestic export quotas. Continued attention should be paid to export dynamics, the national off - season storage rhythm, and the sustainability of spot procurement sentiment [2] Summary by Directory 1. Urea Basis Structure - On January 21, 2026, the closing price of the urea main contract was 1779 yuan/ton (+4). The ex - factory price of small - particle urea in Henan was 1740 yuan/ton (unchanged), in Shandong was 1750 yuan/ton (unchanged), and in Jiangsu was 1750 yuan/ton (- 10). The price of small - block anthracite was 800 yuan/ton (unchanged). The basis in Shandong was - 29 yuan/ton (- 4), in Henan was - 39 yuan/ton (- 14), and in Jiangsu was - 29 yuan/ton (- 14) [1] 2. Urea Production - As of January 21, 2026, the enterprise capacity utilization rate was 85.25% (0.08%) [1] 3. Urea Production Profit and Operation Rate - The urea production profit was 185 yuan/ton (unchanged) [1] 4. Urea FOB Price and Export Profit - The export profit was 859 yuan/ton (- 1) [1] 5. Urea Downstream Operation and Orders - As of January 21, 2026, the capacity utilization rate of compound fertilizers was 42.96% (+2.88%), the capacity utilization rate of melamine was 62.18% (+7.83%), and the pre - received order days of urea enterprises were 5.88 days (- 0.18) [1] 6. Urea Inventory and Warehouse Receipts - As of January 21, 2026, the total inventory of sample enterprises was 94.60 tons (- 4.01), and the port sample inventory was 12.90 tons (- 0.60) [1]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The downstream procurement and fertilizer preparation cannot keep up with the continuous upward movement of the futures market. The spot market drags down the futures price. Although the snow and rain weather affects the fertilizer preparation process in North China, the approaching spring plowing limits the downward adjustment of the futures price. It is recommended to go long on dips [2]. - Currently, the supply and demand of urea are both strong, and the overall trend of urea is expected to be bullish [7]. 3. Summary by Directory 3.1. Spot Market Dynamics - The market trading atmosphere has weakened. Factories are mainly fulfilling previous orders, and some factories have started to reduce prices to attract orders after digesting their orders. The ex - factory prices of small - particle urea from factories in Shandong, Henan, and Hebei range from 1690 to 1730 yuan/ton [2][4][5]. 3.2. Futures Dynamics - Last week, the urea futures market had fluctuations. As of January 19, the main May contract of urea closed at 1772 yuan/ton, down 4 yuan/ton from the settlement price on January 12. The weekly trading volume was 1461.39 million tons, a week - on - week decrease of 8.04 million tons, and the open interest was 759.64 million tons, a week - on - week increase of 26.73 million tons [7]. - Since mid - December, due to off - season storage, exports, and gas - head production cuts, the futures price has continuously risen. After reaching a high of 1820 yuan/ton last Thursday, it is in a technical correction. The basis has strengthened, and as of January 19, the 05 - contract basis was - 22 yuan/ton, a weekly increase of 21 yuan/ton. The number of urea warehouse receipts was 13,355, a week - on - week increase of 155 [7][9]. 3.3. Urea Supply End - Last week, the weekly urea production increased. From January 8 to January 14, the weekly urea production was 1.4051 billion tons, an increase of 33.5 million tons from the previous period, a week - on - week increase of 2.44%. The average daily production was 200,700 tons. Coal - based production increased by 1.66%, and gas - based production increased by 7.96%. Small - particle production increased by 3.59%, and large - particle production decreased by 1.87%. It is expected that 3 - 5 enterprises will resume production in the next cycle. As of January 19, the national daily urea production was 202,800 tons, an increase of 37,000 tons from the previous day, and the operating rate was 83.57% [14]. - In the raw material market, the cold air in the northern region is expected to increase coal consumption, strengthening cost support. As of January 12, the price of Qinhuangdao thermal coal Q5500 was 704 yuan/ton, a weekly increase of 2 yuan/ton; the price of washed small anthracite in Jincheng was 900 yuan/ton, a weekly increase of 10 yuan/ton. The price of domestic liquefied natural gas increased by 5.18% week - on - week. The price of synthetic ammonia increased, and the price of methanol remained flat [16][17]. 3.4. Urea Demand End - As of January 19, the price of 45% sulfur - based compound fertilizer was 3200 yuan/ton, unchanged week - on - week. The cost of compound fertilizer is strongly supported. The operating rate and finished - product inventory of compound fertilizer factories have increased simultaneously, but the actual downstream purchases are small. It is expected that the pre - holiday operating load will have limited growth, and most factories produce based on sales. As of January 16, the operating rate of compound fertilizer factories was 40.08%, a month - on - month increase of 2.91% and a year - on - year increase of 1.16% [20]. - From January 10 to January 16, the average weekly capacity utilization rate of melamine in China was 62.18%, an increase of 7.83 percentage points from the previous period and 3.95 percentage points higher than the same period last year. It is expected that the melamine operating rate will continue to rise [20]. - As of January 16, 2025, the total inventory of Chinese urea enterprises was 986,100 tons, a decrease of 36,100 tons from the previous week, a week - on - week decrease of 3.53% and 643,400 tons lower than the same period last year. The port sample inventory was 129,000 tons, a decrease of 6,000 tons from the previous week. It is expected that the inventory will continue to decline [21]. 3.5. International Market - International urea prices continue to rise due to the Iran geopolitical conflict. The market is skeptical about the resumption of plant production, and China is expected not to over - open exports under the background of ensuring supply and stabilizing prices in the first quarter. As the global urea demand period approaches, international urea prices are bullish [23]. - As of January 19, the FOB prices of small - particle and large - particle urea in different regions have increased to varying degrees, with some prices remaining unchanged [23][25].

Report Industry Investment Rating - The unilateral strategy is to be oscillating and bullish, the UR05 - 09 is recommended to conduct long - short arbitrage at low prices, and there is no cross - variety strategy [3] Core View - After the New Year's Day in 2026, the environmental protection restrictions in some areas of urea were lifted, the transaction improved, the futures market was oscillating and bullish, which further boosted the spot purchasing sentiment, and the spot price increased slightly. The mainstream producers continued the limited - purchase policy, and the pending orders increased. The supply increased as some gas - based and technical - reform enterprises resumed production in January after the gas - based maintenance in the fourth quarter started in December. The off - season storage procurement was in progress. The sentiment in the compound fertilizer market cooled down due to the raw material supply - guarantee policies, but the start - up rate rebounded and the procurement improved after the environmental protection restrictions were lifted in some areas after New Year's Day. Melamine had rigid demand for procurement. The inventory in urea plants and ports decreased slightly. The Indian NFL urea import tender on January 2nd received 3.62 million tons of bids from 26 suppliers, with the lowest quotes rising by $5 - 8 per ton compared to the previous tender, which boosted the international urea market sentiment. The domestic export quota has no new news, and the export dynamics, compound fertilizer raw material procurement rhythm, national off - season storage rhythm, and the sustainability of spot purchasing sentiment need continuous attention [2] Summary by Directory 1. Urea Basis Structure - It includes charts of Shandong and Henan urea small - particle market prices, Shandong and Henan main - contract basis, urea main continuous contract price, and 1 - 5, 5 - 9, 9 - 1 spreads [6][7][9][14][16] 2. Urea Output - It contains charts of urea weekly output and urea plant maintenance loss [18][19] 3. Urea Production Profit and Operating Rate - It involves charts of production cost, spot production profit, disk production profit, national capacity utilization rate, coal - based capacity utilization rate, and gas - based capacity utilization rate [25][27][29] 4. Urea Foreign Market Price and Export Profit - It includes charts of urea small - particle FOB in the Baltic Sea, urea large - particle CFR in Southeast Asia, urea small - particle FOB in China, urea large - particle CFR in China, price differences, urea export profit, and disk export profit [34][36][39][42][48] 5. Urea Downstream Operating Rate and Orders - It has charts of compound fertilizer operating rate, melamine operating rate, and pending order days [49][50] 6. Urea Inventory and Warehouse Receipts - It contains charts of upstream in - plant inventory, port inventory, raw material inventory days of Hebei urea downstream manufacturers, futures warehouse receipts, main - contract open interest, and main - contract trading volume [53][56][60]

Report Industry Investment Rating - The unilateral strategy is bullish with oscillations, and the UR05 - 09 calendar spread strategy is to go long on the spread when it is low [3] Core View - After the New Year's Day holiday, the trading atmosphere of urea improved. The futures market was bullish, driving up spot prices. The supply increased as some gas - based and technical - reformed enterprises resumed production in January. The off - season storage procurement was ongoing. The compound fertilizer market's sentiment cooled due to raw material supply policies but improved after the lifting of environmental restrictions in some areas. Melamine had rigid demand. Both factory and port inventories decreased. Attention should be paid to environmental restrictions, compound fertilizer raw material procurement rhythm, national off - season storage rhythm, and the sustainability of spot procurement sentiment [2] Summary by Directory I. Urea Basis Structure - The report includes figures on Shandong and Henan urea small - particle market prices, Shandong and Henan main - contract basis, urea main continuous contract price, and 1 - 5, 5 - 9, 9 - 1 spreads [4][5] II. Urea Production - The report presents figures on urea weekly production and urea plant maintenance loss volume [4][5] III. Urea Production Profit and Operating Rate - The report shows figures on production cost, spot production profit, on - paper production profit, national capacity utilization rate, coal - based capacity utilization rate, and gas - based capacity utilization rate [4][5] IV. Urea Foreign Market Prices and Export Profits - The report contains figures on urea small - particle FOB in the Baltic Sea, urea large - particle CFR in Southeast Asia, urea small - particle FOB in China, urea large - particle CFR in China, the price difference between urea small - particle FOB in the Baltic Sea and China FOB minus 30, the price difference between urea large - particle CFR in Southeast Asia and China FOB, urea export profit, and on - paper export profit [4][5] V. Urea Downstream Operating Rate and Orders - The report provides figures on compound fertilizer operating rate, melamine operating rate, and pending order days [4][5] VI. Urea Inventory and Warehouse Receipts - The report includes figures on upstream factory inventory, port inventory, raw material inventory days of downstream urea manufacturers in Hebei, futures warehouse receipts, main - contract open interest, and main - contract trading volume [4][5]