Group 1 - The core viewpoint is that Russian fertilizer producers are planning to diversify their exports to non-EU countries in response to reports regarding EU tariffs [1]

欧洲议会批准对俄罗斯和白俄罗斯化肥征收壁垒税 智通财经5月22日电，尽管欧洲农民提出抗议，担心主要商品价格飙升，欧洲议会周四还是以多数票批 准对来自俄罗斯和白俄罗斯的农产品和化肥征收新的进口关税。新关税预计将从今年7月起分阶段实 施，为期三年。 ...

克里姆林宫：（对欧盟立法者提出对俄罗斯化肥大幅加征关税的建议）欧盟将因此获得价格更高、质量 更低的化肥。 ...

Core Viewpoint - The legal opinion letter confirms the legality of the procedures, qualifications of attendees, and voting results of the 2024 annual shareholders' meeting of Anhui Si'er Te Fertilizer Co., Ltd. [1][2][4] Group 1: Meeting Procedures - The sixth board of directors' 20th meeting on April 29, 2025, resolved to convene the annual shareholders' meeting and published the notice on designated information disclosure media [2][3] - The meeting was conducted through a combination of on-site and online voting, with specific time slots for online voting provided [2][3] Group 2: Attendee Qualifications - A total of 436 shareholders attended the meeting, representing 213,461,376 shares, which is 28.1565% of the total shares with voting rights [4] - The qualifications of attendees were verified against legal requirements, confirming their legitimacy [4][5] Group 3: Voting Procedures and Results - Voting was conducted through both on-site and online methods, with results announced immediately after the voting concluded [5][6] - The voting results for key resolutions included: - Approval of the 2024 Board of Directors' Work Report: 204,784,705 shares (95.9353%) in favor [5] - Approval of the 2024 Supervisory Board's Work Report: 206,053,905 shares (96.5298%) in favor [5] - Approval of the 2024 Profit Distribution Plan: 207,856,651 shares (97.3744%) in favor [5] - Approval of the 2024 Financial Settlement Report: 206,872,580 shares (96.9134%) in favor [5] - Approval of the 2024 Annual Report and Summary: 207,043,551 shares (96.9934%) in favor [5] - Approval of the proposal for comprehensive credit application to banks: 206,883,247 shares (96.9184%) in favor [6] - Approval of the remuneration plan for directors and supervisors: 197,744,049 shares (92.6369%) in favor [6] Group 4: Conclusion - The legal opinion concludes that all aspects of the shareholders' meeting, including convening, attendee qualifications, and voting procedures, comply with relevant laws and regulations, rendering the results valid [6]

历史重演？埃及再砍化肥商天然气供应，两大化肥巨头被迫减产30%，会否重创尿素市场？ 相关链接 期货热点追踪 ...

大宗商品研究 能源化工研发报告 尿素日报 2025 年 5 月 21 日 尿素日报 【市场回顾】 【逻辑分析】 今日，市场情绪继续乏力，国内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稳中回落，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，复合肥厂开工率 高位回落，尿素库存可用天数在一周后，对原料采购情绪 ...

Meeting Details - The meeting was held on May 21, 2025, at 14:30, with online voting available throughout the day [1] - A total of 436 shareholders participated, representing 29,042,276 shares through online voting, which is 3.8308% of the total voting shares [1][2] Voting Results - The total votes in favor of the proposals amounted to 204,784,705 shares, representing 0.1809% of the total valid voting shares [2] - For small shareholders, the votes in favor were 22,733,905 shares, which is 1.2292% of the small shareholders' valid voting rights [2] - The overall votes in favor reached 206,053,905 shares, accounting for 0.1975% of the total valid voting shares [2] Additional Voting Outcomes - The votes in favor from small shareholders totaled 24,003,105 shares, representing 1.3422% of their valid voting rights [3] - The total votes in favor increased to 207,856,651 shares, which is 0.2852% of the total valid voting shares [3] - Small shareholders voted in favor with 25,805,851 shares, accounting for 1.9382% of their valid voting rights [4] Legal Compliance - The legal opinions confirm that the qualifications of the conveners and the voting procedures comply with legal and regulatory requirements [5]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The current sentiment of the urea market is supported by the peak demand season, and the market will remain oscillating and bullish in the short to medium term. Attention should be paid to the subsequent agricultural demand for fertilizer preparation. As the demand season gradually ends, the market may weaken [1] Summary by Relevant Catalogs Strategy Analysis - Urea opened high and moved low today, with intraday oscillations moving upward. Upstream factory quotes are stable with a downward trend, new order transactions are slow to follow up, and market sentiment is cautious. On the supply side, this week's production continues to fluctuate around 200,000 tons per day. Xinjiang Tianyun and Jinjiang have temporarily halted production, while Quansheng has resumed output, resulting in a slight decrease in daily production. Under the export policy, the export time is divided into two phases: May - July 2025 and August - September 2025, and all export businesses must complete customs clearance procedures by October 15, 2025. A local inspection system for origin is implemented. On the demand side, agricultural distributors are currently cautious about fertilizer preparation as it is not yet the peak season. The fertilizer collection of compound fertilizer factories has improved, and they are currently in the production phase of summer fertilizers, with an increasing operating rate. It is expected that production will gradually stop at the end of May or early June after the peak demand for summer fertilizers, and the operating rate will decline, weakening the support for urea demand. There has been a slight accumulation of inventory this period, and the demand side has weakened slightly. In response to export news, port inventory has slightly increased, but factory inspections will be carried out to avoid early port concentration. [1] Futures and Spot Market Conditions - Futures: The main urea contract 2509 opened at 1,853 yuan/ton, fluctuated, and finally closed at 1,856 yuan/ton, forming a positive candlestick with a change of 0.22%. The trading volume was 224,598 lots (5,429 lots). Among the top twenty main positions, there were 3,804 long positions and 4,720 short positions. Hongta Futures increased its net long positions by 2,655 lots, Zhongtai Futures decreased its net long positions by 1,649 lots, Fangzhengzhong Futures increased its net short positions by 3,006 lots, and Haizheng Futures decreased its net short positions by 1,751 lots. On May 21, 2025, the number of urea warehouse receipts was 7,548, a decrease of 24 compared to the previous trading day, with Anhui Zhongneng (factory warehouse) decreasing by 24. [2] - Spot: Upstream factory quotes are stable with a downward trend, new order transactions are slow to follow up, and market sentiment is cautious. The ex - factory quotes of urea factories in Shandong, Henan, and Hebei range from 1,820 to 1,850 yuan/ton. [4] Fundamental Tracking - Basis: Today, the mainstream spot market quotes are stable, while the futures closing price has increased. Based on the Shandong region, the basis has decreased compared to the previous trading day, and the basis for the September contract is 35 tons (-16 yuan/ton). [6] - Supply Data: According to Feiyitong data, on May 21, 2025, the national daily urea production was 199,500 tons, an increase of 15,000 tons compared to the previous day. [9] - Enterprise Inventory Data: According to Longzhong Information, as of May 21, 2025, the total inventory of Chinese urea enterprises was 917,400 tons, an increase of 100,200 tons compared to last week, a month - on - month increase of 12.26%. [10] - Pre - sale Order Days: According to Longzhong Information, as of May 21, 2025, the pre - sale order days of Chinese urea enterprises were 5.94 days, a decrease of 0.35 days compared to the previous period, a month - on - month decrease of 5.56%. [10]

Group 1 - The core viewpoint of the news is that Yara International's stock has shown a significant increase, with a closing price of 28.98 yuan, up by 2.66%, and a rolling PE ratio of 21.36, marking a new low in 11 days [1] - The total market capitalization of Yara International is 26.779 billion yuan, and it ranks 16th in the fertilizer industry based on PE ratio, which has an average of 24.20 and a median of 21.25 [1][2] - As of the first quarter of 2025, 34 institutions hold shares in Yara International, including 25 funds, with a total shareholding of 445.682 million shares valued at 10.884 billion yuan [1] Group 2 - Yara International's main business includes potassium salt mining, potassium fertilizer production, and sales, with primary products being potassium chloride, brine, and others [1] - The latest performance report for the first quarter of 2025 shows that the company achieved a revenue of 1.213 billion yuan, a year-on-year increase of 91.47%, and a net profit of 384 million yuan, a year-on-year increase of 373.53%, with a gross margin of 54.12% [1]

Core Viewpoint - Hong Sifang, a subsidiary of China Salt Group, plans to invest approximately 1.49 billion yuan to establish a new production base for chemical new materials and fertilizers in Suizhou, Hubei Province, aiming to upgrade its production capabilities and improve efficiency [1][2]. Investment and Project Details - The investment project involves the construction of a new production base covering an area of about 350 acres [1]. - The funding for the project will come from the self-owned or self-raised funds of China Salt Red Power Ecological Technology Co., Ltd., with no detailed investment arrangements currently available [1]. Financial Performance - In 2024, the company reported a revenue of 3.485 billion yuan, a year-on-year decrease of 10.62%, and a net profit of 93.17 million yuan, down 41.16% [2]. - For the first quarter of 2025, the company achieved a revenue of 919 million yuan, a year-on-year increase of 20.1%, but the net profit was 21.13 million yuan, reflecting a decline of 1.62% [3]. Stock Performance - The company's stock price experienced significant volatility post-IPO, with an initial surge from 7.98 yuan to a peak of 188 yuan on the first trading day, marking an increase of 1917.42% [4]. - As of May 20, the stock price closed at 44.61 yuan, representing a decline of 72.29% since its listing [5].