Core Viewpoint - The domestic ammonium sulfate market is experiencing high prices due to reduced operational capacity of production facilities, with expectations of entering a phase of price fluctuation and adjustment [1][5]. Group 1: Market Conditions - As of December 12, ammonium sulfate prices in Shandong are stable, with mainstream prices for caprolactam-grade ammonium sulfate ranging from 1150 to 1250 RMB per ton, and coke-grade ammonium sulfate priced between 950 and 1050 RMB per ton [1]. - The production capacity of ammonium sulfate is expected to exceed 28 million tons this year, driven by the rapid release of by-product capacity from caprolactam and other processes [2]. - The operating rate of caprolactam-grade ammonium sulfate plants dropped to 76.79% by December 5, a decrease of 8.72 percentage points from early November, resulting in a daily production reduction of approximately 3200 tons [2]. Group 2: Price Trends - The price of caprolactam-grade ammonium sulfate increased by 5.79% to an average of 1096 RMB on November 26, and further rose by 14.19% to 1183 RMB by December 5 [3]. - Despite the price increase, downstream manufacturers are cautious in their purchasing, leading to a short-term balance in supply and demand [4]. Group 3: Export Dynamics - China's ammonium sulfate exports are on the rise, with a projected volume exceeding 16 million tons in 2024, marking a 20% year-on-year increase [4]. - The main export destination is Brazil, and the province of Fujian has seen significant export growth, with a 58.79% increase in export value in the first three quarters of the year [4]. - However, the international market is entering a demand off-season, and recent anti-dumping measures from Mexico may negatively impact exports [4]. Group 4: Future Outlook - Industry experts predict that the ammonium sulfate market will enter a phase of fluctuation and adjustment, influenced by seasonal demand and upstream pricing pressures [5][6]. - The ongoing losses in caprolactam production may lead to further reductions in operational capacity, while demand from sectors like compound fertilizers and industrial applications remains stable [6].

Core Viewpoint - The China Sulfuric Acid Industry Association has issued an initiative to ensure the supply of raw materials for domestic fertilizers amid rising global sulfur resource prices, which have significantly increased production costs and impacted agricultural stability [1][2]. Group 1: Initiative Details - The initiative calls for sulfur, sulfuric acid, and sulfur iron ore producers to enhance their responsibility and maintain production levels until the end of the spring farming season, with maintenance schedules adjusted accordingly [1]. - Sulfur trading companies are urged to adhere to fair business practices and avoid hoarding or price manipulation to maintain market order [1]. - Sulfuric acid exporters are required to prioritize domestic fertilizer companies' needs and control export volumes, ensuring that export prices do not fall below domestic prices [1]. - The industry is encouraged to adopt a bottom-line mindset to ensure the supply of sulfur resources to fertilizer companies, focusing on agricultural production and market stability [1]. Group 2: Industry Response - The deputy secretary-general of the China Sulfuric Acid Industry Association indicated that most companies are cooperating well, with only a few facing operational issues that necessitate maintenance [2]. - Exporting companies have proactively reduced export volumes to minimize disruptions before the spring farming season [2].

| 板块 | 品种 | 多（空） | 推荐理由 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 【行情复盘】 | 周二尿素主力合约 | 2601 | 价格 | 1630 | 元/吨，华中主流地区现货价格 | 1670 | 元/吨。持仓 | | | | | | | | | | | | 方面，多头持仓增加 | 234 | 手至 | 17.86 | 万手，空头持仓增加 | 4367 | 手至 | 19.34 | 万手。 | 【重要资讯】 | | | | | | | | | | 1、供应方面，尿素行业日产 | 20.03 | 万吨，较上一工作日-0.27 | 万吨；较去年同期增 | 加 | 1.18 | 万吨；今日开工率 | 82.82%，较去年同期 | 83.38%下降升 | 0.56%。 | | | | | | | | | | 2、库存方面，中国尿素企业总库存量 | 123.42 ...

Group 1 - The company, Batian Co., stated that as of October 31, 2025, the number of shareholders will be 46,319 [2]

市场价格方面，氯化铵价格较前期已上涨50元/吨，部分地区涨幅较大。当前主流出厂报价在390-450元/ 吨，湿铵出厂价格在270-310元/吨，区域间存一定差异。 来源：中国能源网 近期，氯化铵市场在待发订单的支撑、成本端的稳固托举以及下游刚需带动下，氯化铵市场整体价格表 现坚挺，市场氛围相对积极。然而，市场并非全然向好，需求增量有限、部分地区需求收缩预期以及供 应充足等利空因素，正逐渐削弱氯化铵价格上涨的动力，使其涨势趋于缓和。 总结本次氯化铵价格上涨的背后原因，主要有以下几点：其一，随着农业生产的推进，复合肥企业开工 率有所提升，高氮肥生产进入关键阶段，对氯化铵的阶段性补库需求显著增加。这种需求的变化直接拉 动了下游企业的采购积极性，促使市场交易活跃度上升，进而推动价格上扬。其二，冬储备肥需求的释 放也为氯化铵市场注入了强劲动力。下游企业为应对冬季农业生产需求，纷纷加大对氯化铵的刚需拿货 力度，这种集中采购行为对市场价格形成了有力支撑。其三，化肥产业链整体成本的上升，使得氯化铵 生产企业面临较大的成本压力。为缓解成本压力，企业将部分成本传导至市场，从而为氯化铵价格提供 了底部支撑，确保了价格在一定范围内的 ...

大宗商品研究 能源化工研发报告 尿素日报 2025 年 12 月 16 日 尿素日报 【市场回顾】 1、期货市场：尿素期货震荡，最终报收 1630（0/0%）。 2、现货市场：出厂价平稳，成交乏力，河南出厂报 1600-1620 元/吨，山东小颗粒 出厂报 1660-1670 元/吨，河北小颗粒出厂 1670-1680 元/吨，山西中小颗粒出厂报 1570-1580 元/吨，安徽小颗粒出厂报 1610-1620 元/吨，内蒙出厂报 1520-1570 元/吨。 【重要资讯】 【尿素】12 月 16 日，尿素行业日产 19.51 万吨，较上一工日增加 0.05 万吨；较去 年同期增加 1.44 万吨；今日开工率 80.67%，较去年同期 79.95%提升 0.72%。 【逻辑分析】 主流地区出厂价下跌，市场情绪表现平稳，主流地区尿素现货出厂报价喜爱跌，成 交一般。山东地区主流出厂报价弱稳，市场情绪表现降温，工业复合肥开工率下滑，原 料库存充裕，成品库存偏高，基层订单稀少，刚需补货为主，农业刚需采购，贸易商开 始出货，新单成交清淡，个别工厂降价收单，但成交稀少，预计出厂报价弱稳为主；河 南地区市场情绪偏弱，出厂报 ...

公开信息显示，欧盟将于2026年1月实施碳关税，首批覆盖钢铁、铝、水泥、化肥、电力和氢气六类高 碳泄漏风险产品，要求进口商申报产品隐含碳排放量并购买对应金额的CBAM证书。数字产品护照 （DPP）预计于2027年落地实施，根据欧盟立法，DPP将在电池、纺织、家具等行业分阶段进行实施， 未来将推广到其他产品和行业领域。届时，每一件进入欧盟市场的产品都须具备一个独特的"二维码"， 涵盖产品全生命周期的信息，包括碳足迹、水资源利用等影响，乃至整个供应链上所有供应商信息。 据海关总署数据，2024年中国以美元计价对欧盟出口5164.61亿美元，同比上升3.0%，是欧盟第一大进 口来源地，2025年前11个月中欧贸易总值继续增长5.4%。在此背景下，欧盟推行的"绿色关卡"，无疑将 对我国相关出口企业产生重要影响。 盛馥来认为，面对欧盟的"绿色关卡"，一方面出口企业需面对欧盟的要求及自身长远发展而主动"健 身"达标，并将绿色低碳转型内化为核心竞争力和长期发展战略。另一方面，金融机构要协助企业客户 来进行"绿色体检"，且从传统的资金提供者与风险承担者，升级为企业绿色转型的"教练"与"体检官"。 具体而言，对金融机构的要求包 ...

Group 1 - The company stated that its stock price is influenced by multiple factors including macroeconomic conditions and market sentiment [2] - The company's operations are currently normal, and its financial condition is reported to be good [2] - The company emphasized that its information disclosure is truthful, accurate, and complete, with no violations such as revenue misreporting [2]

证券日报网讯 12月15日，云天化在互动平台回答投资者提问时表示，公司磷肥产品出口按照行业政策 执行，10月已完成今年磷酸一铵、磷酸二铵产品出口报关收尾工作，11-12月无磷酸一铵、磷酸二铵产 品出口报关。当前至明年春季，公司将全力保障国内春耕用肥需求。 （文章来源：证券日报） ...

格隆汇12月16日丨芭田股份(002170.SZ)在投资者互动平台表示，公司290万吨磷矿扩产项目相关审批已 完成，目前正在进行扩建相关的工程。 ...