Core Viewpoint - The European market will completely stop importing fertilizers from Russia and Belarus by July 1, 2028, due to the EU's tariff policy, marking a significant achievement for Poland as the rotating presidency of the EU [1] Group 1: Tariff Implementation - The European Parliament approved a new tariff law on May 22, which imposes a 6.5% basic tariff on fertilizers imported from Russia and Belarus [1] - From 2025 to 2026, an additional tax of 40 to 45 euros per ton will be levied on these fertilizers [1] - A 50% tariff will be applied to Russian and Belarusian agricultural products that have not yet been subject to additional tariffs [1] Group 2: Timeline and Leadership - The new tariffs took effect on July 1 of this year [1] - Poland assumed the rotating presidency of the EU on January 1, replacing Hungary, for a six-month term [1]

Core Viewpoint - The legal opinion confirms that the procedures for the second extraordinary general meeting of shareholders held by Zhongyan Anhui Hongsifang Fertilizer Co., Ltd. on July 10, 2025, comply with relevant laws, regulations, and the company's articles of association [1][5]. Group 1: Meeting Procedures - The meeting was convened by the company's board of directors, with proper announcements made in various financial publications and on the company's designated information disclosure website [1]. - The meeting was held on July 10, 2025, with specific voting times set for both on-site and online participation [2]. Group 2: Attendance and Voting - A total of 288 participants attended the meeting, representing 196,057,363 valid voting shares, which is 75.4066% of the total voting shares [2][3]. - The voting process combined on-site and online methods, with results being monitored and recorded according to the company's articles of association [3][4]. Group 3: Voting Results - The meeting approved several resolutions, including the election of non-independent and independent directors, with approval rates exceeding 99.69% for most resolutions [4][5]. - The legal opinion asserts that the voting results are legitimate and valid, adhering to all legal and regulatory requirements [5].

Report Industry Investment Rating - The investment rating for the urea industry is neutral [4] Core Viewpoints - The announcement of India's tender import price and volume has boosted the futures and spot prices of urea. The urea production remains at a high level, with the downstream in the peak agricultural demand season and the industrial demand falling short of expectations. The export quota is gradually released, leading to an increase in port inventory and a decrease in upstream enterprise inventory [2][3] Summary by Directory 1. Urea Basis Structure - The report presents data on the market prices of small - sized urea in Shandong and Henan, the basis of Shandong and Henan main - continuous contracts, the price of the urea main - continuous contract, and the 1 - 5, 5 - 9, and 9 - 1 spreads [8][9][15] 2. Urea Production - It shows the weekly urea production and the loss of urea plant maintenance [17] 3. Urea Production Profit and Operating Rate - The report includes information on production costs, spot production profit, disk production profit, national capacity utilization rate, coal - based capacity utilization rate, and gas - based capacity utilization rate [17][20][21] 4. Urea Foreign Market Price and Export Profit - Data on the FOB price of small - sized urea in the Baltic Sea, the CFR price of large - sized urea in Southeast Asia, the FOB price of small - sized urea in China, the CFR price of large - sized urea in China, the difference between the FOB price of small - sized urea in the Baltic Sea and the FOB price of China minus 30, the difference between the CFR price of large - sized urea in Southeast Asia and the FOB price of China, urea export profit, and disk export profit are provided [25][30][39] 5. Urea Downstream Operation and Orders - It contains data on the operating rates of compound fertilizers and melamine, the number of days of pending orders, and the number of days of raw material inventory of downstream urea manufacturers in Hebei [45][40][46] 6. Urea Inventory and Warehouse Receipts - Information on upstream in - plant inventory, port inventory, futures warehouse receipts, the position volume of the main contract, and the trading volume of the main contract is presented [43][46][49]

Report Industry Investment Ratings No relevant information provided. Core Views of the Reports Polyolefin Industry - PP and PE both show a supply contraction trend. PP's maintenance losses continue to increase, PE's domestic maintenance has peaked, and PE's import is expected to be low. The weighted valuation has recovered significantly, and the July balance sheet shows a de - stocking expectation, but there is still overall pressure. Short - term attention can be paid to the support brought by de - stocking. For PP, it is recommended to short when the price rebounds to the 7200 - 7300 range [1]. Crude Oil Industry - Oil prices are oscillating strongly, mainly due to a large increase in US crude oil inventories and new sanctions on Iranian oil exports. Although the increase in US EIA inventory data is bearish, it is temporarily overshadowed by geopolitical risks and peak - season demand. Geopolitical risks have limited continuity in disturbing the market, and oil prices are likely to enter a wide - range oscillation after rising. It is recommended to adopt a short - term trading strategy [6]. Methanol Industry - The inland methanol market is supported by centralized maintenance in July, with limited short - term downside. The port market faces dual pressures: the resumption of Iranian plants and planned maintenance of coastal MTO units, which is expected to lead to a slight inventory build - up in July and stronger price suppression [31]. Urea Industry - The core drivers of the fundamentals and macro - news are the market confidence boost from the Indian tender price. Although there is no follow - up substantial news on exports, the market has short - term expectations of export benefits. The short - term market shows an oscillating upward trend, but the sustainability of demand needs to be observed, and long positions should not be overly chased [36]. Polyester Industry Chain - **PX**: Under the influence of PXN repair, domestic plant maintenance delays, and overseas supply recovery, PX is under pressure, but considering new PTA plant commissioning and other factors, the supply - demand is still expected to be tight. Short - term long positions can be considered around 6600 for PX09. - **PTA**: The supply - demand is expected to weaken, but cost support is strong. TA is expected to oscillate between 4600 - 4900, and short - term long positions can be considered below 4700. - **MEG**: Supply is increasing, and demand is weakening. It is expected to be in balance in July and build up inventory from August to September. Short - term attention should be paid to the 4400 resistance level for EG09. - **Short - fiber**: The supply - demand is weak on both sides, and the absolute price fluctuates with raw materials. It is recommended to expand the processing margin when it is low. - **Bottle - chip**: There is an expectation of supply - demand improvement, and the processing margin is gradually recovering. The absolute price follows the cost. [41] Pure Benzene and Styrene Industry - **Pure Benzene**: It has rebounded recently, supported by crude oil and styrene prices. However, due to high import expectations and high port inventories, its upward potential is limited. It is recommended to wait and see for single - side trading and adopt a reverse spread strategy for the monthly spread. - **Styrene**: Supply is expected to increase, and demand is expected to weaken, with increasing port inventories. Although the absolute price is supported by strong oil prices and a favorable commodity atmosphere, the increase is limited. Short positions can be considered around 7500 for EB08 [45]. Summaries According to Relevant Catalogs Polyolefin Industry Futures Prices - L2601 closed at 7254, up 29 (0.40%); L2509 at 7278, up 33 (0.46%); PP2601 at 7034, up 28 (0.40%); PP2509 at 7078, up 33 (0.47%) [1]. Spreads - L2509 - 2601 spread increased by 4 (20.00%); PP2509 - 2601 spread increased by 5 (12.82%) [1]. Spot Prices - East China PP wire drawing spot was 7100, up 10 (0.14%); North China LDPE film material spot was 7170, unchanged [1]. Inventory and Operating Rates - PE enterprise inventory increased by 5.47 million tons (12.48%); PE social inventory increased by 1.04 million tons (2.05%). PP enterprise inventory increased by 1.11 million tons (1.95%); PP trader inventory increased by 0.48 million tons (3.21%) [1]. Crude Oil Industry Oil Prices and Spreads - Brent crude was at $70.19, up $0.04 (0.06%); WTI was at $68.15, down $0.23 (- 0.34%). Brent - WTI spread increased by $0.23 (12.71%) [6]. Refined Oil Prices and Spreads - NYM RBOB was at 219.05 cents/gallon, up 0.26 cents (0.12%); NYM ULSD was at 241.14 cents/gallon, up 0.22 cents (0.09%) [6]. Refined Oil Crack Spreads - US gasoline crack spread was at $23.85, up $0.34 (1.44%); European gasoline crack spread was unchanged at $14.13 [6]. Methanol Industry Prices and Spreads - MA2601 closed at 2434, up 14 (0.58%); MA2509 at 2372, down 1 (- 0.04%). MA91 spread decreased by 15 (31.91%) [31]. Inventory - Methanol enterprise inventory increased by 0.5% (1.31%); methanol port inventory increased by 4.5 million tons (6.72%); methanol social inventory increased by 5.0% (4.86%) [31]. Operating Rates - Domestic upstream enterprise operating rate decreased by 2.5% (- 3.19%); overseas upstream enterprise operating rate increased by 10.7% (20.19%) [31]. Urea Industry Futures Prices and Spreads - 01 contract closed at 1736, up 13 (0.75%); 05 contract at 1736, up 9 (0.52%); 09 contract at 1770, up 7 (0.40%) [33]. Spot Prices - Shandong (small - grain) urea was at 1840 yuan/ton, up 20 (1.10%); Henan (small - grain) was at 1840 yuan/ton, up 30 (1.66%) [37]. Supply and Demand - Domestic urea daily production increased by 0.20 million tons (1.03%); urea production plant operating rate increased by 0.86% (1.03%) [37]. Polyester Industry Chain Product Prices and Cash Flows - POY150/48 price was 6700 yuan/ton, down 60 (- 0.9%); FDY150/96 price was 6975 yuan/ton, unchanged [41]. PX - related - CFR China PX was at $10610/ton, unchanged; PX spot price (in RMB) decreased by 0.8% [41]. PTA - related - PTA East China spot price was 4750 yuan/ton, down 50 (- 1.0%); TA2509 closed at 4718 yuan/ton, up 0.2% [41]. MEG - related - MEG port inventory was 58.0 million tons, down 3.5 million tons (6.4%); MEG to - arrive expectation was 9.6 million tons, up 8 [41]. Operating Rates - Asian PX operating rate increased by 1.1% (1.5%); China PX operating rate increased by 3.3% [41]. Pure Benzene and Styrene Industry Upstream Prices and Spreads - Brent crude (September) was at $70.19, up $0.04 (0.1%); CFR Japan naphtha was at $598/ton, up 11 (1.9%) [45]. Styrene - related - Styrene East China spot was 7640 yuan/ton, up 60 (0.8%); EB2508 closed at 7350 yuan/ton, up 74 (1.0%) [45]. Inventory and Operating Rates - Pure benzene East China port inventory was 17.50 million tons, up 1.10 (6.7%); styrene East China port inventory was 13.30 million tons, up 3.67 (38.1%) [45].

2025 年 07 月 10 日 尿素：小幅探涨格局延续 | | | 尿素基本面数据 | 项 | 目 | | 项目名称 | 昨日数据 | 前日数据 | 变动幅度 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 尿素主力 | 收盘价 | （元/吨） | 1,770 | 1,763 | 7 -27101 | | | | 结算价 | （元/吨） | 1,771 | 1,755 | 1 6 | | | | 成交量 | （手） | 166,296 | 193,397 | | | | （09合约） | 持仓量 | （手） | 211,186 | 214,386 | -3200 | | | | 仓单数量 | （吨） | 2,245 | 2,607 | -362 | | | | 成交额 | （万元） | 588,944 | 678,928 | -89984 | | | | | 山东地区基差 | 7 0 | 5 7 | 1 3 | | | 基 差 | 丰喜-盘面 | （运费约100元/吨） | -90 | -83 | - 7 | | | | 东光-盘面 | （最便宜 ...

Meeting Overview - The 22nd meeting of the 8th Supervisory Board of Shenzhen Batian Ecological Engineering Co., Ltd. was held on July 9, 2025, with all three supervisors present [1][2]. Resolutions Passed - The Supervisory Board approved the adjustment of the exercise price for stock options and restricted stock in the 2022 incentive plan, confirming compliance with relevant regulations and no harm to the interests of the company and shareholders [2][3]. - The Supervisory Board also approved the adjustment of the exercise price for stock options and restricted stock in the 2025 incentive plan, affirming that the adjustment process was legal and compliant [2][3]. - The Board recognized that the conditions for the third exercise period of the stock options granted in the 2022 incentive plan had been met, allowing 104 eligible participants to exercise their options [3][4]. - The conditions for the third release of restrictions on restricted stock in the 2022 incentive plan were also deemed fulfilled, permitting 8 eligible participants to lift restrictions on their shares [4][5]. - The Board confirmed that the conditions for the second exercise period of the reserved stock options in the 2022 incentive plan had been satisfied, allowing 58 eligible participants to exercise their options [5][6].

【冠通研究】 现货市场热情高涨 制作日期：2025 年 7 月 9 日 【策略分析】 今日盘面高开低走，日内维持高位运行。现货市场较前期火爆，多家工厂 出现停售现象，贸易商拿货积极，目前工厂待发充足，预计后续暂无降价压 力。基本面来看，日产变动不大，前期检修装置本期陆续有复产情况，预计产 量将有增加。需求端，市场有效需求偏弱，农业需求及工业需求拿货谨慎，刚 需补库为主。农业需求状况好于工业需求，天气多发降雨，农业需求目前也维 持低位拿货，适量补库，预计本月东北华北地区都将迎来收尾，届时将迎来空 窗期。复合肥工厂开工负荷低位，处于秋季肥生产初期阶段，订单以去化厂内 库存为主，工厂销售压力不大，秋季肥多为预收订单，工厂目前观望情绪浓 厚，对尿素保持刚需拿货。虽目前工业需求偏弱，但出口订单依然在发运，农 业需求有局部增量，库存连续去化。整体来说，受印标价格好转的影响，国内 尿素情绪同样高涨，今日期现价格呈现不同幅度的上涨，现货端更出现停售现 象。工厂出口订单支撑，集港陆续进行，盘面依然有支撑，短期依旧以震荡偏 强为主，继续关注出口政策情况。 1 现货方面：现货市场较前期火爆，多家工厂出现停售现象，贸易商拿货积极， ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - Short - term urea market is supported by domestic trade rigid demand procurement and export pick - up, with prices oscillating. The oscillating pattern is expected to continue this week [2]. - In the short term, urea shows a state of small - scale price increase dominated by speculation. The fundamentals are expected to improve marginally in early July, with supply - side maintenance leading to lower开工率 and daily output, and demand - side export pick - up preventing large - scale inventory accumulation. However, export information is uncertain, and domestic agricultural demand is ending, suppressing price increases [4]. Group 3: Summary by Related Catalogs 1. Urea Fundamental Data - **Futures Market (09 Contract)**: The closing price was 1,763 yuan/ton (up 15 from the previous day), the settlement price was 1,755 yuan/ton (up 9), the trading volume was 193,397 lots (up 52,033), the open interest was 214,386 lots (up 1,128), the number of warehouse receipts was 2,607 tons (up 1,330), and the turnover was 678.928 million yuan (up 185.318 million) [2]. - **Basis and Spread**: The Shandong regional basis was 57 (down 15), the Fengxi - disk basis was - 83 (down 15), the Dongguang - disk basis was 17 (down 15), and the UR09 - UR01 spread was 40 (up 4) [2]. - **Spot Market**: Factory prices of some enterprises remained unchanged, while the trading price in the Shanxi region increased by 10 yuan/ton to 1,680 yuan/ton. The supply - side开工率 was 84.99% (up 0.86%), and the daily output was 196,760 tons (up 2,000) [2]. 2. Industry News - **Inventory Situation**: On June 25, 2025, the total inventory of Chinese urea enterprises was 109.59 million tons, a week - on - week decrease of 4.01 million tons or 3.53%. The inventory of some enterprises increased, while that of others decreased. The overall inventory reduction was limited, and it is expected to enter an oscillating pattern [2]. - **Market Trend**: The short - term market is supported by domestic and export demand, with prices oscillating. In early July, fundamentals are expected to improve marginally, but export information is uncertain, and domestic agricultural demand is ending, suppressing price increases [2][4].

Group 1: Sales and Market Position - The company primarily sells compound fertilizers through a network of nearly 6,000 first-level distributors and over 100,000 retail outlets across rural areas in China [2] - The company has established overseas marketing networks in Southeast Asia, including Malaysia, Thailand, and Vietnam, enhancing its market presence [2] - The company aims to improve its market share by optimizing channel structures and enhancing service quality [2] Group 2: Industry Outlook - China's grain production is expected to exceed 1.4 trillion jin by 2024, supported by the national food security strategy, which will provide long-term demand for compound fertilizers [3] - The compound fertilizer industry is experiencing consolidation, with market share shifting towards leading enterprises due to increased competition and regulatory pressures on smaller firms [3] - The company is confident in the future growth of the compound fertilizer market driven by the modernization of agriculture and the rising demand for high-efficiency fertilizers [2][3] Group 3: Phosphate Utilization and Production - The company has established a complete phosphate utilization chain, producing various grades of phosphoric acid and ammonium phosphate, enhancing resource utilization [4] - The company’s phosphate rock resources total approximately 549 million tons, with planned mining capacity of 6.9 million tons per year [5] - The mining projects are progressing well, with specific timelines for production expected to be announced in future company disclosures [5] Group 4: Ammonia Project Development - The company’s ammonia project has a planned capacity of 2.7 million tons, with significant progress in construction at both the Hubei and Guangxi sites [4] - The project is expected to enhance the company's cost advantages and resource self-sufficiency, thereby strengthening its market position [4] - The Guangxi project will fill a production gap in southern China, supporting the expansion of the company's compound fertilizer market [5]

| | | 尿素产业日报 2025-07-08 | 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) | 1763 | 15 郑州尿素9-1价差(日,元/吨) | 40 | 4 849 | | | 郑州尿素主力合约持仓量(日,手) | 214386 | 1128 郑州尿素前20名净持仓 | -22144 | | | | 郑州尿素交易所仓单(日,张) | 2607 | 1330 | | | | 现货市场 | 河北(日,元/吨) | 1780 | -10 河南(日,元/吨) | 1810 | 0 | | | 江苏(日,元/吨) | 1840 | 20 山东(日,元/吨) | 1820 | 0 | | | 安徽(日,元/吨) | 1840 | 10 郑州尿素主力合约基差(日,元/吨) | 57 | -15 | | | FOB波罗的海(日,美元/吨) | 395 | 0 FOB中国主港(日,美元/吨) | 382.5 | 0 | | 产业情况 | 港口库存(周 ...