Financial Performance - In Q1 2025, the company achieved revenue of 5.712 billion yuan, a year-on-year increase of 15.28% [1] - Net profit attributable to shareholders was 254 million yuan, up 18.99% year-on-year [1] - Net profit excluding non-recurring gains and losses reached 250 million yuan, reflecting a significant growth of 61.44% [1] - Basic earnings per share were 0.21 yuan, an increase of 16.67% compared to the previous year [1] Industry Chain Development - The nitrogen industry chain includes a 700,000-ton ammonia project in the Yicheng base, which has completed structural construction and is now in the equipment installation phase [2] - The company is developing a project in Guangxi with a planned capacity of 1.2 million tons of high-efficiency compound fertilizer, 2 million tons of ammonia, and 3 million tons of urea [2] - The phosphorus industry chain includes a 2.9 million tons/year mining project in Leibo, which commenced construction in March 2025 [2] Market Outlook - The demand for fertilizers in regions like Guangxi, Hainan, and Southeast Asia is continuously growing, with the Guangxi project expected to fill capacity gaps in South China [3] - The company aims to enhance its complete nitrogen fertilizer chain and the new energy material chain, thereby optimizing its industry structure and expanding its scale [3] Future Growth Potential - The company is optimistic about the future of the compound fertilizer industry, anticipating a market reshuffle as smaller firms exit due to stricter regulations and raw material price fluctuations [4] - The demand for monoammonium phosphate is expected to grow, driven by national policies and the rapid development of the electric vehicle market [4] Sales and Product Development - In Q1 2025, the company achieved record sales of compound fertilizers, benefiting from cost advantages and strong marketing efforts [4] - The company is focusing on developing new types of fertilizers, including high-efficiency compound fertilizers and various nutrient-enhanced products [4] Project Progress - The Guangxi project is in the preparatory stage, with approvals underway for environmental and safety assessments [7] - The Leibo phosphorus mining project is being expedited, with plans to prioritize internal supply for yellow phosphorus production [7] Strategic Advantages - The company's future performance growth is expected to stem from its complete nitrogen and phosphorus industry chain, which provides resource ownership, industrial synergy, and cost advantages [9]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The domestic mainstream urea spot factory - gate prices continued to decline, but the transaction improved significantly. The urea market is expected to show a short - term volatile trend, with the factory - gate prices in some regions expected to stop falling and rise, and in some areas to follow the upward trend. The short - term trading strategy is short - term volatility (mainly short positions), long - term layout of 9 - 1 positive spreads below 0, and double - selling for options [3][5][6] Group 3: Summary by Relevant Catalogs Market Review - Futures market: Urea futures rebounded from the bottom, closing at 1781 (+19/+1.08%) [3] - Spot market: The factory - gate prices continued to decline, but the transaction improved significantly. The factory - gate prices in different regions are as follows: Henan 1730 - 1740 yuan/ton, Shandong small - sized particles 1730 - 1750 yuan/ton, Hebei small - sized particles 1760 - 1770 yuan/ton, Shanxi medium - and small - sized particles 1690 - 1700 yuan/ton, Anhui small - sized particles 1740 - 1750 yuan/ton, and Inner Mongolia 1650 - 1690 yuan/ton [3] Important Information - On April 28, the daily urea production in the industry was 20.16 tons, an increase of 0.65 tons from the previous working day and 1.46 tons from the same period last year. The daily operating rate was 87.43%, a 1.07% increase from 86.36% in the same period last year [4] Logical Analysis - The spot factory - gate prices in mainstream domestic regions continued to decline, but the transaction improved significantly. In Shandong and Henan, the factory - gate prices are expected to rise. In the areas around the delivery area, the factory - gate prices are expected to follow the upward trend. The daily production increased to around 200,000 tons, at the highest level in the same period. The demand side has no possibility of export due to strict legal inspections. The production enthusiasm of compound fertilizers in Central and North China decreased, and the demand for urea declined. The previous supply - demand imbalance was alleviated to some extent, and the market sentiment cooled down. The urea enterprises started to accumulate inventory in April, and the total inventory increased from 700,000 tons to 1.06 million tons. After the factory - gate prices were lowered, the transaction improved. It is expected that the acceptance of downstream and traders will cool down again, and the short - term trend will be volatile [5] Trading Strategy - Single - side: Short - term volatility (mainly short positions) [6] - Arbitrage: Long - term layout of 9 - 1 positive spreads below 0 [6] - Options: Double - selling [9]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The urea market recently shows a trend of growth in both supply and demand. Supply is expected to increase as most plants resume production before the holiday, while demand has been delayed by weather but is likely to improve. The market is in a traditional peak season, and enterprise inventories are expected to gradually decline. There may be positive arbitrage opportunities between the September and January contracts. [6] 3. Summary by Directory 3.1 Market Review - **Futures Market**: The urea futures market declined this week, with the main contract UR2509 dropping 0.9% to close at 1,757 yuan/ton. Trading volume was high, with the main contract accounting for 89.09% of the total 1.321 million lots. Technically, the price oscillated around the 20 - day moving average, and the MACD indicated a sideways pattern. The basis of the UR2509 contract was stable, with the Shandong basis at 55 yuan/ton and the Henan basis at 49 yuan/ton. [3] - **Supply**: The domestic urea operating rate was 83.61%, down 2.13 percentage points from last week due to some temporary plant shutdowns. It is expected to rise next week. Enterprise profits declined due to delayed demand but may recover as the operating rate increases. [3] - **Inventory**: Enterprise inventories increased by 158,800 tons to 1.065 million tons, and advance orders decreased by 0.17 days to 5.12 days. Port inventories rose slightly to 117,000 tons. Delayed demand led to the inventory increase, but it is expected to decline as demand recovers. [4] - **Demand**: The compound fertilizer operating rate dropped 4.18 percentage points to 43.54%, with weak market sentiment and high finished - product inventories. The melamine operating rate increased, and its profit improved due to lower raw material prices. Near the May Day holiday, downstream demand is mainly for immediate needs. The industry is in a peak season, and export policies remain tight. [5] 3.2 Conclusion - The urea market has growth in both supply and demand. Supply will increase as plants resume, and demand, though delayed, is expected to improve. The traditional peak season may help reduce inventories. There may be positive arbitrage opportunities between the September and January contracts. Attention should be paid to the overall commodity market sentiment and macro - economic changes. [6]

Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, specifically recommending Guoguang Co., Shengquan Group, and others as strong investment opportunities [4]. Core Insights - The chemical market is experiencing active trading, with growth stocks presenting favorable allocation opportunities. The report highlights the "Five Tigers" of Minsheng Chemical, which includes Shengquan Group, Guoci Materials, Guoguang Co., Amway Co., and Polymeric Co. [1][4]. - Phosphate fertilizer demand remains stable, with high prices for phosphate rock expected to continue due to increased entry barriers and a delayed supply release from new mines [1]. - The report suggests focusing on large phosphate chemical enterprises with integrated advantages, such as Yuntianhua, Xingfa Group, Chuanheng Co., and Chuanfa Longmang [1]. Summary by Sections Chemical Sector Overview - The basic chemical industry index closed at 3335.36 points, up 2.71% from the previous week, outperforming the CSI 300 index by 2.32% [10]. - Among 462 stocks in the chemical sector, 298 stocks rose (65%), while 148 stocks fell (32%) [16]. Key Chemical Products - The report tracks 380 chemical products, with 59 products seeing price increases and 119 products experiencing declines. Notable price increases were observed in liquid chlorine, sulfuric acid, and MDI [21]. - Liquid chlorine prices surged by 105% to 41 CNY/ton, while sulfuric acid prices rose by 21% to 100 CNY/ton [22]. Subsector Tracking - Polycarbonate (PC) production capacity is expected to grow from 875,000 tons in 2018 to 3,810,000 tons by 2024, with a gradual improvement in supply-demand balance anticipated from 2025 to 2029 [2]. - The organic silicon sector is projected to see a recovery in supply-demand balance, with a compound annual growth rate of 22.4% in production capacity from 2021 to 2024 [2]. Company Profit Forecasts - Guoguang Co. is forecasted to have an EPS of 0.78 CNY in 2024, with a PE ratio of 19, while Shengquan Group is expected to have an EPS of 1.03 CNY with a PE ratio of 24 [4].

投资咨询业务资格 证监发【2014】217号 【中原化工】 需求暂未见明显改善，关注夏季肥补货节奏 ——尿素周报2025.04.28 中原期货研究所：化工组 作者：刘培洋 研究助理：申文 执业证书编号：F0290318 执业证书编号： F03117458 投资咨询编号：Z0011155 0371-58620083 0371-58620081 liupy_qh@ccnew.com shenwen_qh@ccnew.com 01 周度观点汇总 1.1 尿素周度观点——需求暂未见明显改善，关注夏季肥补货节奏 | 品种 | 1. 供应：日产维持高位运行； | 主要逻辑 | 策略建议 | 风险提示 | | --- | --- | --- | --- | --- | | | 2. 需求：阶段性需求支撑较弱； 3. 库存：上游尿素企业库存持续累积； | | | | | | 4. 成本与利润：煤炭价格窄幅波动，尿素利润环比下降； | | | | | | 5. 基差与价差：5-9价差偏弱震荡，05基差走弱。 | | | 保供稳价政策、 | | | 6. 整体逻辑： | | UR2509合约关 | 新 增 产 能 投 放 | | ...

Group 1: Event Overview - The event was an annual performance briefing held on April 28, 2025, from 15:00 to 16:00 [1] - The event took place on the "Panorama Roadshow" website, allowing remote text communication [1] Group 2: Participants - Participants included Vice Chairman and President Mr. Yang Huafeng, Director and CFO Ms. Yang Xiaohong, Independent Director Mr. Gao Yongfeng, and Board Secretary Mr. Wei Wanwei [1] Group 3: Disclosure Information - The event did not involve the disclosure of any significant information [1] - No presentation materials or documents were provided during the event [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The short - term outlook for urea is under pressure. As the May Day holiday approaches, urea compound fertilizer downstream will increase replenishment moderately. Currently, mid - stream distributors have about 50% of the goods, and the progress of mid - stream distribution to the lower reaches is low. After May Day, the terminal grass - roots market is expected to start. During the agricultural demand slack period, traders may make appropriate low - price purchases based on the price. The weak urea expectation is gradually reflected in the 09 contract. Before entering the agricultural demand off - season, urea is expected to show a wide - range oscillation pattern. Overall, the urea fundamentals are in a state where the supply - demand pattern is gradually strengthening, and attention should be paid to the sentiment reversal of the urea 09 contract [2][6] 3. Summary by Relevant Catalogs Supply - In this cycle, some enterprises such as Shandong Runyin Biochemical, Yangmei Fengxi Fertilizer, Shaanxi Shanhua Coal Chemical, Wushi Petrochemical, and Shanxi Tianze Coal Chemical are under maintenance. The enterprises that have resumed production are Henan Jinkong Tianqing Coal Chemical, Shandong Union Chemical, and Shandong Runyin Biochemical. Next week, the daily urea production will be around 193,000 tons [5] Inventory - As of April 23, 2025, the domestic urea enterprise inventory is 1.065 million tons, a month - on - month increase of 158,800 tons, and the urea inventory at major Chinese ports is 117,000 tons, a month - on - month increase of 50,000 tons [5] Demand - In the agricultural market, there are obvious north - south differences. The four provinces of Hebei, Henan, Shandong, and Shanxi are in the gap period after spring plowing fertilization and before summer corn fertilization. In some rice - growing areas in the south, the terminal fertilization rhythm is affected by factors such as drought. In the industrial aspect, compound fertilizer factories have sufficient raw material inventory, so their purchasing enthusiasm is limited, and other panel factories maintain a lukewarm purchasing rhythm. It is expected that the market demand will be mainly sporadic and phased replenishment in the short term [5] Spot - On Sunday this week, the price in Shandong is 1,750 (05 basis - 7), and the price in Henan is 1,730 (05 basis - 27) [6]

1. Report Industry Investment Ratings Weak Investment Outlook - Crude Oil, L, PP, PVC, PTA/PR (PTA), Methanol, Urea, Asphalt [1] Neutral Investment Outlook - LPG, PP, PVC, Glass, Soda Ash [1] Bullish Investment Outlook - PX, PTA/PR (PTA) [1] 2. Core Views of the Report - **Crude Oil**: OPEC+ may accelerate the pace of production increase, putting pressure on oil prices. Long - term supply is expected to be in surplus, and short - term prices are likely to be weak with range - bound fluctuations [1][3][4]. - **LPG**: Affected by tariffs, the cost of imports has increased, but the impact is decreasing. It follows the trend of oil prices and is in a volatile state [1][7]. - **L**: With continuous inventory accumulation upstream and increasing production, supply is abundant while demand is weakening. In the long - term, the pressure of new device launches and the decline of crude oil prices make the rebound bearish [1][10]. - **PP**: The parking ratio is rising, resulting in a situation of weak supply and demand. In the long - term, the pressure of new device launches and the decline of crude oil prices make the rebound bearish [1][13]. - **PVC**: The spring maintenance is insufficient, with factory inventories increasing and social inventories decreasing for 7 consecutive weeks. It is in a low - level volatile state [1][16]. - **PX**: The devices are under planned maintenance, and the overall demand - side maintenance is high. In April, the fundamentals improved, and recently it has shown a strong - biased volatile trend following cost fluctuations [1][18]. - **PTA/PR (PTA)**: The high volume of device maintenance has alleviated the supply - side pressure. The downstream polyester load is high but is expected to weaken. In the short - term, it shows a strong trend, and attention should be paid to short - selling opportunities at high prices [1][22]. - **Ethylene Glycol**: The devices are under planned maintenance, and the arrival volume is high. The demand from the polyester industry is high but expected to weaken, and the cost support is limited. In the short - term, it is in a volatile adjustment state with a bearish rebound [1][24]. - **Glass**: The macro - hedging sentiment has cooled down, and real - estate data decline has narrowed. Supply is stable at a low level, and demand is seasonally recovering, but high intermediate inventories and weak restocking expectations suppress the rebound of the market [1][28]. - **Soda Ash**: There are more maintenance plans in May, and supply may contract again. Although the market sentiment has improved, the supply - demand drive is limited, and the overall trend is volatile [1][31]. - **Methanol**: Despite device maintenance, the overall supply pressure is still large, and the demand is expected to weaken. In the short - term, it is in a relatively loose state, and a bearish view is taken on rebounds [1][33]. - **Urea**: The supply pressure remains large, and the agricultural demand is in a gap period while the industrial demand is weakening. Although the fertilizer export growth rate is fast, the overall view is bearish [1]. - **Asphalt**: Both supply and demand are weak, and inventory is accumulating. The cost of crude oil is under pressure, and the valuation is high, resulting in a weak trend [1]. 3. Summaries According to Related Catalogs Crude Oil - **Market Review**: On the previous Friday, international oil prices rose slightly, with WTI up 0.37%, Brent up 0.23%, and domestic SC up 0.69% [2]. - **Basic Logic**: Oil prices have reached a pressure level, and OPEC+ members propose to accelerate oil production increase in June. On the supply side, the number of active oil rigs in the US increased, and Kazakhstan's oil production decreased in March. On the demand side, China's gasoline production in March decreased year - on - year. In terms of inventory, US commercial crude oil and strategic crude oil reserves increased, while gasoline and distillate inventories decreased [3]. - **Strategy Recommendation**: In the long - term, due to the tariff war, the impact of new energy, and OPEC+ being in an expansion cycle, oil supply will be in surplus, and the price will fluctuate between 55 - 65 US dollars. In the short - term, the resistance to price increases is rising, and it will be in a weak range - bound state. Attention should be paid to the range of SC [485 - 505] [4]. LPG - **Market Review**: On April 25, the PG main contract closed at 4406 yuan/ton, down 0.61% month - on - month. Spot prices in Shandong, East China, and South China were 4820 yuan/ton, 4910 yuan/ton, and 4910 yuan/ton respectively, with Shandong down 10 yuan/ton and the other two remaining unchanged [6]. - **Basic Logic**: Recently, the spot price of LPG has decreased, and it follows the range - bound trend of upstream oil prices. As of April 25, the number of warehouse receipts remained unchanged, the profit of PDH devices decreased, and the profit of alkylation devices increased. The supply increased slightly, while the demand of downstream devices decreased. The refinery inventory decreased slightly, and the port inventory increased [7]. - **Strategy Recommendation**: In the long - term, due to tariff disturbances, the import cost has increased, and there is short - term cost support. Technically, it follows the trend of oil prices. Strategies include a positive spread operation for PG05 - 06 and selling call options. Attention should be paid to the range of PG [4350 - 4450] [7]. L - **Market Review**: The closing prices of L01, L05, and L09 decreased, and the main contract's trading volume increased. Spot prices were mostly stable, and import and production profits changed. The main contract's basis increased, and the 5 - 9 spread decreased [9]. - **Basic Logic**: This year, new production capacities have been put into operation, and some devices have started production. The import windows of some products are closed, and the demand for agricultural films is in the off - season. Upstream inventory is accumulating, production has increased for 5 consecutive periods, supply is abundant, and demand is weakening. In the long - term, the pressure of new device launches and the decline of crude oil prices make the rebound bearish [10]. - **Strategy Recommendation**: A bearish view should be taken at high prices. Attention should be paid to the range of L [7080 - 7200] [10]. PP - **Market Review**: The closing prices of PP01, PP05, and PP09 decreased, and the main contract's trading volume increased slightly. Spot prices were mostly stable, and production and import profits changed. The parking ratio increased, and the basis of the main contract increased [12]. - **Basic Logic**: In the first quarter, a new PP device was put into operation, and attention should be paid to the launch progress of a new PDH device in May. Affected by tariffs, product exports are under pressure. The parking ratio is rising, resulting in a situation of weak supply and demand. In the long - term, the pressure of new device launches and the decline of crude oil prices make the rebound bearish [13]. - **Strategy Recommendation**: Short - term observation is recommended, and a bearish view should be taken in the medium - term. Attention should be paid to the range of PP [7050 - 7150] [13]. PVC - **Market Review**: The closing prices of V01, V05, and V09 decreased slightly, and the main contract's trading volume increased. Spot prices were mostly stable, and the cost of production decreased slightly. The basis of the main contract increased, and the 5 - 9 spread decreased [15]. - **Basic Logic**: In January, a new device was put into operation, and the supply is under pressure. The real - estate completion area decline has narrowed, and downstream demand is seasonally recovering. Exports from January to March increased significantly, and the offer price to India decreased in April. Spring maintenance is insufficient, factory inventories are increasing, social inventories are decreasing for 7 consecutive weeks, and warehouse receipts are continuously registered. It is in a low - level volatile state [16]. - **Strategy Recommendation**: Short - term observation is recommended, and a bullish view can be taken on pull - backs. Attention should be paid to the range of V [4970 - 5060] [16]. PX - **Market Review**: On April 25, the spot price of PX in East China was 6600 yuan/ton (unchanged month - on - month), and the PX09 contract closed at 6230 yuan/ton (+64). The basis in East China was 370 yuan/ton (-64) [17]. - **Basic Logic**: PX devices are under planned maintenance, which has alleviated the supply - side pressure. Some domestic and overseas devices are under maintenance or have reduced their loads. The processing spread is at a low level in the past five years, and the gasoline cracking spread is rising. The weekly production and the Asian capacity utilization rate have decreased. The import volume in March increased. The demand from the PTA industry is expected to weaken due to more device maintenance. In April, the fundamentals improved, and recently it has shown a strong - biased volatile trend following cost fluctuations [18]. - **Strategy Recommendation**: Attention should be paid to the range of PX [6180 - 6320] [19]. PTA/PR (PTA) - **Market Review**: On April 25, the spot price of PTA in East China was 4490 yuan/ton (+62), and the TA09 contract closed at 4400 yuan/ton (+30). The TA5 - 9 spread was 32 yuan/ton (+48), and the basis in East China was 90 yuan/ton (+32) [20][21]. - **Basic Logic**: Many PTA devices are under maintenance, which has alleviated the supply - side pressure. Some devices are restarting or planning to restart, while others are under maintenance. The downstream polyester load is high but is expected to weaken. The production and sales rates of polyester products have rebounded, but the inventory is still high. The terminal weaving industry's inventory is also high, and orders are decreasing. PTA inventory is decreasing. In the short - term, it shows a strong trend, and attention should be paid to short - selling opportunities at high prices [22]. - **Strategy Recommendation**: Attention should be paid to short - selling opportunities at high prices. Attention should be paid to the range of TA [4370 - 4500] [1]. Ethylene Glycol - **Market Review**: On April 25, the spot price of ethylene glycol in East China was 4184 yuan/ton (-32), and the EG09 contract closed at 4160 yuan/ton (-19). The EG5 - 9 spread was 12 yuan/ton (+6), and the basis in East China was 24 yuan/ton (-13) [23]. - **Basic Logic**: Domestic and overseas devices are under planned maintenance, which has alleviated the supply - side pressure. The expected arrival volume is high, and the import volume in March exceeded expectations. The downstream polyester load is high but is expected to weaken. The production and sales rates of polyester products have rebounded, but the inventory is still high. The terminal weaving industry's inventory is high, and orders are decreasing. Social inventory has increased slightly, and port inventory has decreased. The cost support is weak [24]. - **Strategy Recommendation**: Attention should be paid to the range of EG [4140 - 4220] [25]. Glass - **Market Review**: The spot market price increased, the futures market was in a low - level volatile state, the basis of the main contract decreased, and the number of warehouse receipts remained unchanged [27]. - **Basic Logic**: The macro - hedging sentiment has cooled down, and real - estate data decline has narrowed. Supply is stable at a low level, and demand is seasonally recovering. However, the high inventory of upstream and intermediate enterprises suppresses the short - term rebound. Enterprises may reduce prices to avoid inventory accumulation before the May Day holiday. The total enterprise inventory increased this week, ending a 5 - week consecutive decrease. The futures discount to Hubei's spot price has increased [28]. - **Strategy Recommendation**: Attention should be paid to the range of FG [1100 - 1140] [28]. Soda Ash - **Market Review**: The spot price of heavy soda ash was stable, the futures market was in a warm - biased volatile state, the basis increased, the number of warehouse receipts decreased, and the number of effective forecasts remained unchanged [30]. - **Basic Logic**: There are more maintenance plans in May, and supply may contract again. The comprehensive capacity utilization rate and weekly production have decreased slightly. The downstream demand has not changed much, and the inventory of soda ash plants has decreased slightly, but the absolute inventory is still high. The profits of the two main production methods have increased. The market sentiment has improved, but the supply - demand drive is limited, and the overall trend is volatile [31]. - **Strategy Recommendation**: Attention should be paid to the range of SA [1350 - 1380] [31]. Methanol - **Market Review**: On April 25, the spot price of methanol in East China was 2413 yuan/ton (+5), and the main 09 contract closed at 2288 yuan/ton (-1). The basis in East China and the port increased, and the China - Southeast Asia methanol re - export profit remained unchanged [33]. - **Basic Logic**: Although domestic and overseas devices are under maintenance or have reduced their loads, the overall supply pressure is still large due to the high comprehensive capacity utilization rate and the expected arrival of imports. The demand from the MTO industry is expected to weaken, and the traditional downstream demand is in the off - season. The social inventory has decreased slightly, and the number of warehouse receipts has decreased. The cost support is weak due to the sufficient supply of coal [33]. - **Strategy Recommendation**: A bearish view should be taken on rebounds. Attention should be paid to the range of MA [2250 - 2300] [34].

长江期货尿素&甲醇周报 长江期货股份有限公司交易咨询业务资格：鄂证监期货字【2014】1号 【产业服务总部 | 能化产业服务中心】 研 究 员：曹雪梅 执业编号：F3051631 投资咨询号：Z0015756 张 英 执业编号：F03105021 投资咨询号：Z0021335 2025-04-28 01 尿素：节前降价收单 等待夏季肥释放 02 甲醇：关注港口供应 或偏强震荡 目 录 01 核心观点总结 尿素：节前降价收单 等待夏季肥释放 01 4 重点关注：复合肥开工情况、尿素装置减产检修情况、出口政策、煤炭价格波动 1 市场变化：下游部分MTO装置开工恢复后，甲醇价格小幅反弹。4月25日甲醇09合约收盘价2288元/吨，较上周 上调22元/吨。现货市场太仓甲醇价格2405元/吨，较上周下调8元/吨。 2 基本面变化：供应端甲醇装置产能利用率85.06%，较上周降低2.31个百分点，周度产量190万吨。近期到港量预 计8.1万吨，无新增到港，关注甲醇到港量恢复情况。成本利润端动力煤市场交易活跃度不高，叠加市场供应充足， 场内暂无利好动力支撑，预计下周动力煤市场价格稳中偏弱运行。利润方面，煤制甲醇周度利润为1 ...

中泰期货尿素周报 2025年4月28日 ——现货成交重心下移 新交割库大批量启用 姓名： 郭庆 从业资格号： F3049926 交易咨询证书号：Z0016007 联系电话： 15628875631 公司地址：济南市经七路86号证券大厦 客服电话：0531-86113507 公司网址：www.ztqh.com 交易咨询资格号：证监许可[2012]112 主要内容 3 2 尿素及相关产品价格 尿素供应 1 综述 5 4 尿素需求 尿素库存 请务必阅读正文之后的声明部分 综述 | 产业链 | | 2025年4月17日-4月23日 | 2025年4月24日-4月30日 | 2025年5月1日-5月7日 | 2025年5月8日-5月14日 | 备注 | | --- | --- | --- | --- | --- | --- | --- | | 供应 | 周度日均产量：万 | 19.28 | 19.86 | 20.14 | 20.00 | 上周新增1家企业停车，停车企业恢复3家，本周预计0家企业 | | | 吨 | | | | | 计划检修，4家停车企业恢复生产(预估数据来自隆众资讯） | | | 农业需求 | 农需持续 ...