Core Viewpoint - The company is involved in a lawsuit where it has been ruled as the defendant, and the impact on its profits remains uncertain due to the ongoing legal proceedings [2][10]. Group 1: Lawsuit Details - The lawsuit is currently in the first-instance judgment stage, with the company being the defendant [2]. - The company received a civil judgment from the Linyi Intermediate People's Court regarding the case [3]. - The case involves a total debt of over 360 million yuan owed by three third parties to the original plaintiff, Huishang Bank [4]. Group 2: Judgment Outcome - The court ruled that the original plaintiff has the right to claim 30 million yuan from the company based on the failure of the third parties to repay their debts [9]. - The court did not support the plaintiff's other claims due to the expiration of the statute of limitations for those claims [9][10]. - The company is required to pay the specified amount within ten days of the judgment [10]. Group 3: Financial Implications - The potential impact of the lawsuit on the company's current and future profits is still uncertain, and the company will monitor the situation closely [10]. - The company has confirmed that there are no other undisclosed litigation or arbitration matters as of the announcement date [10]. Group 4: Disclosure and Communication - The company has designated specific media outlets for information disclosure, ensuring that all information is published in accordance with regulatory requirements [11]. - The company emphasizes the importance of rational investment and awareness of risks for investors [11].

监事会关于 2025 年股票期权与限制性股票激励计划授予激励对象名单的核查意见及公示情况 说明 证券代码:002170 证券简称:芭田股份 公告编号:25-35 深圳市芭田生态工程股份有限公司 监事会关于 2025 年股票期权与限制性股票激励计划 授予激励对象名单的核查意见及公示情况说明 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳市芭田生态工程股份有限公司（以下简称"公司"）于 2025 年 5 月 12 日召 开公司第八届董事会第二十次会议、第八届监事会第二十次会议，审议通过《关于公 司 2025 年股票期权与限制性股票激励计划（草案）及其摘要的议案》等相关议案，根 据《上市公司股权激励管理办法》（以下简称"《管理办法》"）等有关法律、法规 及规范性文件与《深圳市芭田生态工程股份有限公司章程》 （以下简称"《公司章程》"） 的规定，公司对本次激励对象的姓名和职务在公司内部进行了公示。公司监事会结合 公示情况对本次授予激励对象进行了核查，现就相关公示情况及核查情况说明如下： （4）反馈方式：以书面或口头形式进行反馈，并对相关反馈进行记录。 （5）公示 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Views Polyester Industry - PX: Short - term prices are supported due to planned outages, delayed PTA maintenance, and restart of previous maintenance devices. Suggest short - term focus around 6600, and consider PX9 - 10 positive spreads and PX - SC positive spreads [18]. - PTA: Weekly supply - demand weakens, downstream polyester losses increase, and terminal demand is in a wait - and - see state. Short - term is under pressure. Suggest short - term focus on support around 4600 and TA9 - 1 short - selling on rallies [18]. - Ethylene Glycol (MEG): Expected to de - stock from May to June, but the upside is limited by polyester factory production cuts. Suggest unilateral wait - and - see and EG9 - 1 positive spreads on dips [18]. - Short - fiber: Processing fees may be repaired, but short - term absolute prices are dragged down by oil price drops. Suggest PF unilateral trading similar to PTA and expanding PF processing fees at low levels [18]. - Bottle chips: Supply has an incremental expectation, but short - term supply - demand contradiction is not prominent. Suggest PR unilateral trading similar to PTA and focus on expanding processing fees at the lower end of the 350 - 550 yuan/ton range [18]. Urea Industry - The inventory pressure of domestic urea factories is becoming more obvious, and the market may continue to oscillate and bottom. The downward space of the futures market depends on cost support. Future attention should be paid to inventory inflection points, export port collection trends, and coal price fluctuations [28]. Polyolefin Industry - PE: Overall trading is weak, but supply before early June is reduced due to maintenance and imports are low. Demand improves due to tariff cuts, and inventory is expected to decrease. - PP: Supply pressure increases after late May, but there is short - term demand support. Suggest unilateral short - selling on rallies and LP spreads expansion [31]. Crude Oil Industry - OPEC+ is discussing further production increases in July, and industry members are over - producing. US commercial crude inventories are accumulating, and gasoline and distillate demand is weak. Short - term oil prices will oscillate widely. Suggest a band - trading strategy, with WTI in the [59, 69] range, Brent in the [61, 71] range, and SC in the [450, 510] range. Consider buying volatility in the options market [75]. Styrene Industry - Crude oil price drops drag down the aromatics series. Styrene's recent rebound is weakening. Downstream 3S has high inventory, and raw material pure benzene supply - demand is not improving. Suggest a medium - term bearish view and focus on EB - BZ spread widening opportunities [81]. Methanol Industry - The inland methanol valuation has a downward pressure, production recovers after spring maintenance, and the port starts to accumulate inventory. The 09 contract is under pressure. Suggest short - selling MA09 on rallies [84]. Chlor - alkali Industry - Caustic soda: Short - term supply pressure is limited, demand from alumina is expected to increase, and spot prices are supported. However, non - aluminum demand pressure and cost reduction pose risks. Suggest unilateral wait - and - see. - PVC: The recent rebound is due to macro - stimulus, export support, and supply - demand balance. But in the long - term, there is an over - supply pressure due to the real estate situation. Suggest a medium - term short - selling strategy with a resistance level around 5100 for the 09 contract [89][91]. 3. Summary by Relevant Catalogs Polyester Industry - **Downstream Polyester Products**: On May 22, POY150/48 price was 6990 yuan/ton (- 0.4% from the previous day), FDY150/96 was 7275 yuan/ton, DTY150/48 was 8220 yuan/ton, etc. [18] - **Upstream Prices**: Brent crude (July) was 64.91 dollars/barrel (- 0.7% from the previous day), WTI crude (June) was 61.20 dollars/barrel, etc. [18] - **PX - related**: CFR China PX was 835 dollars/ton (- 1.4% from the previous day), PX - crude was 353 dollars/ton (- 2.4% from the previous day) [18]. - **PTA - related**: PTA华东现货价格 was 4895 yuan/ton (- 0.7% from the previous day), TA期货2509 was 4788 yuan/ton (- 1.8% from the previous day) [18]. - **MEG - related**: MEG港口库存 was 74.3 tons (- 1.1% from the previous day), MEG到港预期 was 10.9 tons [18]. Urea Industry - **Futures Prices**: On May 22, the 01 contract was 1766 yuan/ton (- 0.39% from the previous day), the 05 contract was 1772 yuan/ton (- 0.51% from the previous day), etc. [23] - **Futures Spreads**: The 01 contract - 05 contract spread was - 6 yuan/ton (25.00% change from the previous day), the 05 contract - 09 contract spread was - 77 yuan/ton (- 4.05% change from the previous day) [24]. - **Upstream Raw Materials**: On May 22, the price of无烟煤小块 (Jincheng) was 1000 yuan/ton, the price of动力煤坑口 (Yijinhuoluoqi) was 410 yuan/ton [26]. - **Spot Market**: On May 22, the price of山东 (small particles) was 1880 yuan/ton, the price of山西 (small particles) was 1750 yuan/ton (- 0.57% from the previous day) [27]. - **Supply - Demand**: On May 23, the domestic urea daily output was 20.48 tons (1.49% increase from the previous day), the domestic urea weekly output was 142.55 tons (2.20% increase from the previous week) [28]. Polyolefin Industry - **PE/PP Prices**: On May 22, L2505 was 7083 yuan/ton (- 0.80% from the previous day), PP2505 was 6938 yuan/ton (- 0.74% from the previous day) [31]. - **PE/PP Non - standard Prices**: On May 22, the price of华东LDPE was 9000 yuan/ton (- 1.64% from the previous day), the price of华东HD膜 was 7550 yuan/ton [32]. - **PE Upstream and Downstream**: The PE装置开工率 was 78.0% (- 1.80% from the previous value), the PE下游加权开工率 was 39.4% (0.33% increase from the previous value) [33]. - **PE Inventory**: The PE企业库存 (Wednesday update) was 49.8 tons (- 5.57% from the previous value), the PE社会库存 (Monday update) was 59.3 tons (- 2.85% from the previous value) [34]. Crude Oil Industry - **Crude Oil Prices and Spreads**: On May 23, Brent was 64.44 dollars/barrel (- 0.72% from May 22), WTI was 60.75 dollars/barrel (- 0.74% from May 22) [75]. - **Refined Oil Prices and Spreads**: On May 23, NYM RBOB was 212.57 cents/gallon (- 0.26% from May 22), NYM ULSD was 210.89 cents/gallon (- 0.41% from May 22) [75]. - **Refined Oil Crack Spreads**: On May 23, the US gasoline crack spread was 28.53 dollars/barrel (0.77% increase from May 22), the European gasoline crack spread was 16.93 dollars/barrel [75]. Styrene Industry - **Upstream**: On May 22, Brent原油 (July) was 64.4 dollars/barrel (- 0.7% from the previous day), CFR日本石脑油 was 563.0 dollars/ton (- 2.4% from the previous day) [78]. - **Spot and Futures**: On May 22, the苯乙烯华东现货价 was 7765.0 yuan/ton (- 1.0% from the previous day), EB2506 was 7452.0 yuan/ton (- 1.7% from the previous day) [79]. - **Overseas Quotes and Import Profits**: On May 22, the苯乙烯CFR中国 was 906.0 dollars/ton (- 1.6% from the previous day), the苯乙烯进口利润 was 109.1 yuan/ton (29.8% increase from the previous day) [80]. - **Industry开工率 and利润**: The苯乙烯开工率 was 71.3% (- 1.3% from the previous value), the苯乙烯一体化利润 was 519.7 yuan/ton (349.6% increase from the previous value) [81]. Methanol Industry - **Methanol Prices and Spreads**: On May 22, MA2501 was 2311 yuan/ton (- 1.37% from the previous day), MA2505 was 2259 yuan/ton (- 3.59% from the previous day) [84]. - **Inventory**: The methanol企业库存 was 33.401% (- 0.52% from the previous value), the甲醇港口库存 was 49.0 tons (1.34% increase from the previous value) [84]. - **Upstream and Downstream开工率**: The上游 - 国内企业开工率 was 74.51% (- 1.31% from the previous value), the下游 - 外采MTO装置开工率 was 83.54% (10.39% increase from the previous value) [84]. Chlor - alkali Industry - **PVC/烧碱现货 & 期货**: On May 22, the price of山东32%液碱折自价 was 2656.3 yuan/ton, the price of华东电石法PVC市场价 was 4830.0 yuan/ton [89]. - **烧碱海外报价 & 出口利润**: On May 8, the FOB华东港口 was 395.0 dollars/ton, the出口利润 was 46.9 yuan/ton [89]. - **PVC海外报价 & 出口利润**: On February 15, the CFR东南亚 was 670.0 dollars/ton, the出口利润 was 54.1 yuan/ton [89]. - **Supply (开工率 and利润)**: The烧碱行业开工率 was 85.8% (- 1.9% from the previous value), the外采电石法PVC利润 was - 1042.0 yuan/ton (2.8% increase from the previous value) [89]. - **Demand (开工率)**: The氧化铝行业开工率 was 77.0% (- 3.3% from the previous value), the隆众样本管材开工率 was 49.1% (1.9% increase from the previous value) [90][91]. - **Inventory**: On May 15, the液碱华东厂库库存 was 19.4 tons (0.3% increase from the previous value), the PVC总社会库存 was 39.7 tons (- 3.1% from the previous value) [91].

Energy - Syria's Energy Minister announced commitment to complete the natural gas pipeline project with Turkey, with supply expected to start in June [1] - Turkey's Energy Minister stated that Turkey will provide 1,000 megawatts of electricity and 2 billion cubic meters of natural gas daily to Syria [3] - Egypt is negotiating to purchase 40 to 60 liquefied natural gas (LNG) cargoes this year to address a worsening energy crisis [3] - Japan's government indicated that it will not seek energy conservation measures this summer [3] - Germany's Chancellor supports the ban on the Nord Stream gas pipeline to prevent a reconnection between the US and Russia [3] Steel and Agriculture - The World Steel Association projected that China's crude steel production will remain flat year-on-year at 86 million tons by April 2025 [3] - The US Department of Energy designated coal used for steelmaking as a critical material [3] - The South Korean Ministry of Finance will closely monitor the impact of US tariffs on agricultural and food exports and develop support measures [3] - The EU Parliament supports imposing high tariffs on fertilizers and agricultural products from Russia and Belarus [3] - The Russian Industrial Association warned that EU tariff measures against Russia will lead to significant increases in global food and fertilizer prices [3] - Russia will not lower the minimum price recommendations for wheat traders before the end of the export season on July 1 [3]

Report Industry Investment Rating - The rating is neutral, and it is expected that the urea market will continue to fluctuate within a narrow range [3] Core Viewpoints - The restriction on urea exports has been lifted, and manufacturers are exporting in an orderly manner with self - discipline. The willingness to ship goods to ports for export has increased, leading to a rise in urea port inventories. Urea production facilities that were shut down have restarted, and the operating rates of both coal - based and gas - based production have increased. The supply side remains at a high level. The operating rates of downstream compound fertilizers and melamine have decreased month - on - month, and the rigid demand from downstream industries has weakened. Due to drought and high temperatures in the north and heavy rainfall in the south, agricultural demand is lukewarm, and inventories in urea factories have accumulated. There are expectations of an increase in short - term downstream agricultural and export demand for urea [2] Summaries by Directory 1. Urea Basis Structure - It includes charts of Shandong urea small - particle market price, Henan urea small - particle market price, Shandong main - continuous basis, Henan main - continuous basis, urea main continuous contract price, 1 - 5 spread, 5 - 9 spread, and 9 - 1 spread [7][8][16][18] 2. Urea Production - It involves charts of urea weekly production and urea plant maintenance loss [18] 3. Urea Production Profit and Operating Rate - It contains 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 [20][25][26] 4. Urea FOB Price and Export Profit - It consists of 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, the difference between urea small - particle FOB in the Baltic Sea and China's FOB minus 30, the difference between urea large - particle CFR in Southeast Asia and China's FOB, urea export profit, and disk export profit [28][33][41] 5. Urea Downstream Operating Rate and Orders - It has charts of compound fertilizer operating rate, melamine operating rate, and pending order days [47][43] 6. Urea Inventory and Warehouse Receipts - It includes charts of upstream in - factory inventory, port inventory, raw material inventory days of Hebei's urea downstream manufacturers, futures warehouse receipts, main contract holding volume, and main contract trading volume [46][48][51] Market Data - **Price and Basis**: On May 22, 2025, the closing price of the urea main contract was 1,849 yuan/ton (- 6); the ex - factory price of small - particle urea in Henan was 1,890 yuan/ton (0); the small - particle price in Shandong was 1,880 yuan/ton (+ 0); the small - particle price in Jiangsu was 1,900 yuan/ton (- 10); the price of small - block anthracite was 660 yuan/ton (+ 0). The basis in Shandong was 31 yuan/ton (+ 6); the basis in Henan was 41 yuan/ton (+ 6); the basis in Jiangsu was 51 yuan/ton (- 4). The urea production profit was 413 yuan/ton (+ 0), and the export profit was 447 yuan/ton (- 6) [1] - **Supply Side**: As of May 22, 2025, the enterprise capacity utilization rate was 88.56% (0.08%). The total inventory of sample enterprises was 91.74 million tons (+ 10.02), and the inventory of port samples was 20.30 million tons (+ 4.00) [1] - **Demand Side**: As of May 22, 2025, the capacity utilization rate of compound fertilizers was 37.57% (- 2.69%); the capacity utilization rate of melamine was 66.49% (- 8.33%); the advance order days of urea enterprises were 5.94 days (- 0.35) [1]

Group 1 - The European Union will not extend the duty-free trade measures for Ukrainian agricultural products that have been in place since 2022, with the current policy set to expire on June 5, 2023, and trade reverting to the 2017 agreement from June 6, 2023 [1] - The EU's temporary removal of import tariffs and quotas for Ukrainian agricultural products was implemented after the outbreak of the Russia-Ukraine conflict, but farmers in countries like Poland and France have complained about the influx of Ukrainian products harming their interests [1] - The European Parliament has approved a new tariff law imposing a 6.5% basic tariff on fertilizers imported from Russia and Belarus, with additional fees of €40 to €45 per ton to be applied between 2025 and 2026, and a 50% tariff on previously untaxed agricultural products from these countries [1][2] Group 2 - The new tariff law is set to take effect in July 2023, aiming to diversify EU fertilizer production and reduce reliance on low-priced imports from Russia, although there are concerns that this may lead to a significant increase in fertilizer prices, negatively impacting farmers [2]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The macro - economic recovery momentum needs strengthening, and the monetary policy is expected to remain loose. For treasury bonds, it's expected that there will be no trend - like market, so caution is advised [6][7]. - Although the domestic economic recovery momentum is weak, the long - term performance of Chinese equity assets is still promising. Considering going long on stock index futures [10][11]. - The long - term bull market trend of precious metals is expected to continue. It's advisable to consider going long on gold futures [13][14]. - For steel products such as rebar and hot - rolled coil, investors can focus on shorting opportunities during rebounds. For iron ore, focus on buying opportunities at low levels. For coking coal and coke, focus on shorting opportunities during rebounds [15][17][19]. - For iron alloys, consider call option opportunities for ferromanganese silicon at low levels and short - covering opportunities for ferrosilicon at the bottom [21][22]. - For crude oil and fuel oil, consider short - side operations [24][25][27]. - Synthetic rubber is expected to oscillate, natural rubber to oscillate weakly, PVC to continue oscillating, urea to fluctuate narrowly, PX to be treated with caution, PTA to be operated within a range, ethylene glycol to oscillate and be treated with caution regarding the upside, short - fiber to oscillate following the cost, bottle - chip to follow the cost, soda ash to oscillate steadily, glass to have a short - term sentiment repair, caustic soda to focus on device operation and liquid chlorine price fluctuations, pulp to have a short - term rebound and then pay attention to supply and demand policies, and lithium carbonate to control risks and wait for upstream large - scale production cuts [28][30][32][35][37][39][40][42][43][44][46][47][49][51]. - For copper, consider short - term shorting. For tin, expect a bearish oscillation. For nickel, pay attention to opportunities after the repair of macro - sentiment. For industrial silicon and polysilicon, maintain a bearish view [53][56][57][59]. - For soybean oil and soybean meal, be on the sidelines for soybean meal and consider call option opportunities for soybean oil at the bottom. For palm oil, consider expanding the spread between rapeseed - palm oil and soybean - palm oil. For rapeseed meal and rapeseed oil, consider going long on rapeseed meal after a pull - back. For cotton, wait to go long after a pull - back. For sugar, operate within a range. For apples, focus on going long opportunities after a pull - back. For live pigs, temporarily stay on the sidelines. For eggs, consider shorting after a rebound. For corn and starch, stay on the sidelines. For logs, the market has no obvious driving force [61][64][66][70][75][79][81][83][86][88]. Summaries by Related Catalogs Treasury Bonds - On the previous trading day, most treasury bond futures closed flat. The central bank conducted 154.5 billion yuan of 7 - day reverse repurchase operations, with a net investment of 90 billion yuan. Nearly 100 institutions have issued over 250 billion yuan of science and technology innovation bonds [5]. - The macro - economic recovery momentum is weak, and the monetary policy is expected to be loose. The treasury bond yield is at a relatively low level. It's advisable to be cautious [6]. Stock Index Futures - On the previous trading day, stock index futures showed mixed performance. The domestic economic recovery momentum is weak, but the long - term performance of Chinese equity assets is promising. Considering going long on stock index futures [8][10][11]. Precious Metals - On the previous trading day, gold and silver futures rose. The US and euro - zone PMI data were released. The long - term bull market trend of precious metals is expected to continue. Consider going long on gold futures [12][13][14]. Rebar and Hot - Rolled Coil - On the previous trading day, rebar and hot - rolled coil futures oscillated weakly. The real - estate downturn suppresses prices, but the peak - season demand may provide short - term support. The valuation is low, and the downward space may be limited. Consider shorting during rebounds [15]. Iron Ore - On the previous trading day, iron ore futures oscillated. The high demand and reduced supply support the price. The valuation is relatively high. Consider buying at low levels [17]. Coking Coal and Coke - On the previous trading day, coking coal and coke futures continued to decline. The supply of coking coal is loose, and the demand for coke is weak. Consider shorting during rebounds [19]. Iron Alloys - On the previous trading day, ferromanganese silicon and ferrosilicon futures rose. The supply of manganese ore may be disturbed, and the demand for iron alloys is weak. Consider call option opportunities for ferromanganese silicon at low levels and short - covering opportunities for ferrosilicon at the bottom [21][22]. Crude Oil - On the previous trading day, INE crude oil dropped significantly due to the possible OPEC+ production increase. The supply - demand imbalance and tariff - induced consumption decline may negatively affect oil prices. Consider short - side operations [23][24][25]. Fuel Oil - On the previous trading day, fuel oil dropped following crude oil. The summer power - generation demand may boost the price, but the decline in crude oil prices will drive it down. Consider short - side operations [26][27]. Synthetic Rubber - On the previous trading day, synthetic rubber futures fell. The supply pressure persists, but the demand and cost factors may lead to short - term strength with limited upside. It's expected to oscillate [28][29]. Natural Rubber - On the previous trading day, natural rubber futures fell. The supply may increase, and the demand may improve. It's expected to oscillate weakly [30][31]. PVC - On the previous trading day, PVC futures fell. The supply is increasing, and the demand for exports is good. It's expected to continue oscillating [32][34]. Urea - On the previous trading day, urea futures fell. The market is affected by export news and policy intervention. It's expected to fluctuate narrowly [35][36]. PX - On the previous trading day, PX futures fell. The supply - demand and cost factors are in a game. It's advisable to be cautious [37]. PTA - On the previous trading day, PTA futures fell. The supply - demand structure has improved, but the cost support is insufficient. Consider range - bound operations [38][39]. Ethylene Glycol - On the previous trading day, ethylene glycol futures fell. The supply has decreased, the inventory is decreasing, and the demand has improved, but the cost lacks drive. It's expected to oscillate and be treated with caution regarding the upside [40]. Short - Fiber - On the previous trading day, short - fiber futures fell. The downstream demand has slightly improved, but the cost support is insufficient. It's expected to oscillate following the cost [41][42]. Bottle - Chip - On the previous trading day, bottle - chip futures fell. The raw material price is oscillating, and the supply - demand fundamentals have improved. It's expected to follow the cost [43]. Soda Ash - On the previous trading day, soda ash futures rose. The short - term supply has decreased, but the long - term supply - demand imbalance persists. It's expected to oscillate steadily [44][45]. Glass - On the previous trading day, glass futures rose. The actual supply - demand has no obvious driving force. The short - term market sentiment may be repaired [46]. Caustic Soda - On the previous trading day, caustic soda futures fell slightly. The production has decreased, the inventory is at a neutral level, and the demand is limited. Pay attention to device operation and liquid chlorine price fluctuations [47][48]. Pulp - On the previous trading day, pulp futures fell. The inventory is accumulating, the downstream demand is weak, and the supply is abundant. It may have a short - term rebound, and then pay attention to supply and demand policies [49][50]. Lithium Carbonate - On the previous trading day, lithium carbonate futures rose. The supply is increasing, the demand is weakening, and the inventory is accumulating. Control risks and wait for upstream large - scale production cuts [51][52]. Copper - On the previous trading day, Shanghai copper oscillated slightly. The Sino - US tariff affects the real economy, and copper may face a correction. Consider short - term shorting [53][54]. Tin - On the previous trading day, Shanghai tin fell. The supply may increase, and the demand may improve. It's expected to have a bearish oscillation [55][56]. Nickel - On the previous trading day, Shanghai nickel rose. The cost support is strong, but the demand is weak. Pay attention to opportunities after the repair of macro - sentiment [57]. Industrial Silicon and Polysilicon - On the previous trading day, industrial silicon futures fell slightly, and polysilicon futures rose. The demand is weak, and the supply reduction is limited. Maintain a bearish view [58][59]. Soybean Oil and Soybean Meal - On the previous trading day, soybean meal futures rose, and soybean oil futures fell. The supply of soybeans is expected to be abundant. Be on the sidelines for soybean meal and consider call option opportunities for soybean oil at the bottom [60][61]. Palm Oil - On the previous trading day, palm oil futures fell. The inventory is accumulating, and the demand is weak. Consider expanding the spread between rapeseed - palm oil and soybean - palm oil [62][64]. Rapeseed Meal and Rapeseed Oil - On the previous trading day, rapeseed meal and rapeseed oil futures showed different performances. The import situation has changed, and the inventory is at different levels. Consider going long on rapeseed meal after a pull - back [65][66]. Cotton - On the previous trading day, domestic cotton futures oscillated. The Sino - US tariff suspension may be beneficial, and the weather affects the growth. Wait to go long after a pull - back [67][70]. Sugar - On the previous trading day, domestic sugar futures oscillated weakly. The Brazilian production is expected to increase, and the domestic inventory is low. Operate within a range [71][74][75]. Apples - On the previous trading day, domestic apple futures fell slightly. The production is uncertain, and the inventory is decreasing. Focus on going long opportunities after a pull - back [76][78][79]. Live Pigs - On the previous trading day, live pig futures fell. The supply is increasing, and the demand is weak. Temporarily stay on the sidelines [80][81]. Eggs - On the previous trading day, egg futures fell. The supply is increasing, and the demand may be supported during the festival. Consider shorting after a rebound [82][83]. Corn and Starch - On the previous trading day, corn futures rose, and corn starch futures fell slightly. The supply pressure exists, and the demand is weak. Temporarily stay on the sidelines [84][86]. Logs - On the previous trading day, log futures fell slightly. The supply is increasing, and the demand is weak. The market has no obvious driving force [87][88].

Agricultural Products Market - The national market price of edible agricultural products decreased by 0.4% from the previous week, with the average wholesale price of 30 types of vegetables at 4.17 yuan per kilogram, down 1.7%. Notable declines include lettuce, cucumber, and green beans, which fell by 5.6%, 5.0%, and 4.8% respectively [1] - Poultry product wholesale prices saw a slight decrease, with white strip chicken and eggs dropping by 0.3% and 0.2% respectively. Meat wholesale prices overall declined, with pork at 20.71 yuan per kilogram, down 0.3%, and beef down 0.2%, while lamb prices remained stable [1] - The wholesale prices of six types of fruits showed slight fluctuations, with watermelon, banana, citrus, and apple prices decreasing by 3.1%, 1.4%, 0.5%, and 0.1% respectively, while grapes increased by 3.7% [1] - Aquatic product wholesale prices experienced a slight increase, with grass carp, silver carp, and crucian carp rising by 0.6%, 0.5%, and 0.3% respectively [1] Production Materials Market - Coal prices experienced a slight decline, with thermal coal, coking coal, and No. 2 smokeless block coal priced at 755 yuan, 971 yuan, and 1170 yuan per ton, down by 1.9%, 0.9%, and 0.6% respectively [2] - Basic chemical raw material prices showed minor fluctuations, with sulfuric acid decreasing by 0.3%, while methanol, soda ash, and polypropylene increased by 0.4%, 0.2%, and 0.2% respectively [2] - Finished oil wholesale prices showed slight volatility, with 92-octane gasoline and 95-octane gasoline both decreasing by 0.2%, while 0-octane diesel increased by 0.2% [2] - Steel prices saw a slight recovery, with hot-rolled strip steel, welded steel pipes, and ordinary medium plates priced at 3615 yuan, 3861 yuan, and 3806 yuan per ton, increasing by 0.4%, 0.2%, and 0.2% respectively [2] - Fertilizer prices overall increased, with urea rising by 0.3% and the price of compound fertilizers decreasing by 0.1% [2] - Non-ferrous metal prices were predominantly up, with aluminum and copper increasing by 2.4% and 0.7%, while zinc decreased by 0.4% [2] - Rubber prices saw a slight increase, with synthetic rubber and natural rubber rising by 2.5% and 0.5% respectively [2]

Group 1: YunTu Holdings - YunTu Holdings introduced its integrated development strategy for nitrogen and phosphate fertilizer supply chains, aiming for stable growth in compound fertilizer sales during the peak spring farming season in Q1 2025 [1] - The company has nearly 6,000 primary distributors and is enhancing channel construction and marketing integration [1] - The production of various phosphate compound fertilizer products through graded utilization of phosphoric acid is expected to become a new profit point, with a 700,000-ton synthetic ammonia project enhancing the nitrogen fertilizer supply chain and adding 1 million tons of compound fertilizer capacity [1] Group 2: Lier Chemical - Lier Chemical anticipates a recovery in performance in Q1 2025, with some product sales and prices increasing year-on-year, and cost reduction and efficiency improvement measures showing results [2] - The pesticide industry supply-demand situation is improving, although competition remains fierce; the market demand for glyphosate is growing, but prices are low [2] - The company is optimistic about the market prospects for refined glyphosate, expecting sustained demand growth, and is currently conducting due diligence on the acquisition of Shandong Huimeng [2]

大宗商品研究 能源化工研发报告 尿素日报 2025 年 5 月 22 日 尿素日报 【市场回顾】 1、期货市场：尿素期货震荡偏弱，最终报收 1849（-9/-0.48%）。 今日，市场情绪依旧疲软，主流地区尿素现货出厂报价稳中下探，成交一般。山东 地区主流出厂报价回落，市场情绪表现一般，工业复合肥开工率降至低位，原料库存充 裕，成品库存偏高，基层订单稀少，刚需补货为主，农业继续刚需采购，贸易商出货为 主，新单成交一般，代发告罄，预计出厂报价下跌为主；河南地区市场情绪偏低，出厂 报价坚挺，贸易商出货，收单量减少，成交乏力，待发充裕，预计出厂报价坚挺为主。 交割区周边区域出厂价稳中下跌，区内市场氛围表现一般，东北地区春耕结束，交投情 绪一般，农业刚需采购，期现商和贸易商低价出货，外发订单量下滑，新单成交受阻， 待发消耗，预计出厂价跟跌为主。检修装置回归，日均产量维持在 20 万吨附近，位于 同期最高水平。需求端，近期，相关部门召集尿素生产企业及协会开会讨论当前尿素出 口可行性，相关具体细节已经公布，当前国内外价差较大，关注国际价格变动对国内影 响。华中、华北地区复合肥生产积极性偏低，基层对高价货抵制，复合肥厂开工 ...