大宗商品研究 能源化工研发报告 尿素日报 2025 年 8 月 20 日 尿素日报 【市场回顾】 1、期货市场：尿素期货低开后震荡下行，最终报收 1776（-13/-0.73%）。 2、现货市场：出厂价上涨，成交一般，河南出厂报 1720-1740 元/吨，山东小颗粒 出厂报 1720-1740 元/吨，河北小颗粒出厂 1730-1740 元/吨，山西中小颗粒出厂报 1650-1660 元/吨，安徽小颗粒出厂报 1740-1750 元/吨，内蒙出厂报 1580-1640 元/吨。 【重要资讯】 【尿素】8 月 20 日，尿素行业日产 19.52 万吨，较上一工作日（修正为 19.68）减少 0.18 万吨；较去年同期增加 2.72 万吨；今日开工 84.33%，较去年同期 76.19%提升 8.14%。 【逻辑分析】 今日，市场情绪表现一般，主流地区尿素现货出厂报价上涨，成交平平。山东地区 主流出厂报价领涨，市场情绪表现一般，工业复合肥开工率略有提升，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，贸易商出货，新单成交 乏力，待发消耗，预计出厂报价暂稳为主；河南地区市场情绪偏低，出厂报 ...

史丹利（SZ 002588，收盘价：9.63元）8月20日晚间发布公告称，公司第七届第一次董事会临时会议于 2025年8月20日在山东省临沂市临沭县史丹利路史丹利办公楼会议室以现场会议的方式召开。会议审议 了《关于聘任公司董事会秘书的议案》等文件。 2024年1至12月份，史丹利的营业收入构成为：制造业占比97.83%，原料化肥销售占比2.17%。 （文章来源：每日经济新闻） ...

风险提示：投资有风险，入市需谨慎。本文不构成任何投资建议，投资者应独立判断并承担相关风险。 来源：金融界 亚钾国际最新股价为31.18元，较前一交易日上涨1.37%。数据显示，该股开盘价为30.75元，最高触及 31.49元，最低下探30.28元，成交量为135677手，成交金额达4.20亿元。 亚钾国际属于化肥行业板块，公司主营业务为钾矿开采、钾肥生产与销售。旗下中农国际钾盐开发有限 公司拥有老挝甘蒙省35平方公里的钾盐采矿权，矿区钾镁盐矿总储量10.02亿吨。公司已建成200万吨钾 肥产能，成为东南亚最大规模的钾肥企业。 公司公告显示，银川市人民检察院依法以涉嫌挪用公款罪、滥用职权罪对董事长郭柏春作出逮捕决定。 公司声明称该事项系针对郭柏春个人，与公司无关联，目前生产经营一切正常。此外，公司已对部分发 布不实信息的网络账号提起名誉权侵权诉讼。 8月20日亚钾国际主力资金净流出6006.60万元，占流通市值的0.24%。近五日主力资金累计净流出 11378.15万元，占流通市值的0.45%。 ...

业绩狂欢与股东套现 亚钾国际的财务数据呈现撕裂的镜像：2025年上半年预计净利润7.3亿至9.3亿元，同比暴增 170%-244%，氯化钾均价上涨21%及老挝税收优惠（所得税从35%降至20%）共同推高毛利率至 54.1%；但另一面，公司近三年归母净利润从20.29亿、12.35亿滑至9.5亿元，毛利率由72.73%腰斩至 49.47%，揭示出增长背后的脆弱性。这种分裂在资本层面更为刺眼——股东累计减持套现43亿元，远 超公司上市26年净利润总和（42.73亿元），大股东新疆江之源2025年1月再度套现1.2亿元，资本撤离的 脚步声已盖过业绩捷报。 责任编辑：AI观察员 2025年8月19日，钾肥巨头亚钾国际（000893.SZ）公告董事长郭柏春因涉嫌挪用公款罪、滥用职权罪被 银川市检察院正式逮捕。这是继2024年3月其在老挝被遣返、2025年1月被留置后的司法程序升级，标志 着这位横跨政商两界的"精英高管"彻底跌落神坛。郭柏春的坠落轨迹堪称政商旋转门失控的典型： 2013-2018年任银川市副市长分管金融期间主导设立产业基金，2020年转身掌舵亚钾国际后推动公司市 值从48亿飙升至300亿峰值，其主导的农钾 ...

Core Viewpoint - The arrest of the chairman of Yara International, Guo Baichun, for alleged embezzlement and abuse of power has raised concerns, but the company asserts that its operations remain unaffected and stable [1][2]. Group 1: Company Management and Legal Issues - Guo Baichun was arrested by the Yinchuan People's Procuratorate on charges of embezzlement and abuse of power [1]. - The company emphasized that the legal issues are related to Guo Baichun personally and do not impact the company as a whole, with normal operations continuing [1]. - Guo Baichun had previously been investigated by the Ningxia Hui Autonomous Region Supervisory Committee and was returned to China after being apprehended abroad [1]. Group 2: Company Performance - Despite the management's legal troubles, Yara International reported significant growth in its performance, with a projected net profit of 730 million to 930 million yuan for the first half of 2025, representing a year-on-year increase of 170% to 244% [3]. - The growth is attributed to increased potassium fertilizer production, rising domestic and international potassium fertilizer prices, and tax incentives [4]. - Yara International is noted as the largest potassium fertilizer producer in Southeast Asia, engaged in potassium salt mining, processing, and fertilizer production and sales [4].

Group 1 - Salt Lake Co. announced the termination of the project cooperation with Highfield Resources Limited, Yancoal Energy, and EMR Capital due to the immaturity of the project conditions after thorough due diligence [1] - Highfield Resources' stock price dropped by 44.90% to AUD 0.135 per share following the announcement [2] - Industry insiders indicated that Salt Lake Co. found significant issues during their on-site investigation, leading to the decision not to participate in the cooperation [3] Group 2 - Salt Lake Co. previously intended to invest approximately USD 300 million to acquire common shares of Highfield Resources, aiming to become its largest shareholder and gain control over related projects [3] - Highfield Resources, established in 2011, focuses on potash project development, with its core asset being the Muga potash project in northern Spain, which has a resource volume of about 280 million tons [3] - Yancoal Canada, a wholly-owned subsidiary of Yancoal Energy, holds the Southey potash project with a resource volume of approximately 1.696 billion tons [3] Group 3 - The Canadian potash project is significant as Canada is a global center for potash resources and a major supplier for China, but domestic companies face policy barriers in developing Canadian potash [3] - Previous attempts by domestic companies, such as Zhongchuan Mining, to develop Canadian potash faced technical challenges and ultimately failed [4] - Salt Lake Co.'s current overseas development focus is on the Republic of Congo and Southeast Asia, with ongoing discussions to advance potash exploration and fertilizer industry cooperation in the Republic of Congo [5]

8月20日，亚钾国际今日收盘31.18元，上涨1.37%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到22.98倍，总市值288.12亿元。 从行业市盈率排名来看，公司所处的化肥行业行业市盈率平均25.96倍，行业中值21.59倍，亚钾国际排 名第17位。 截至2025年一季报，共有53家机构持仓亚钾国际，其中基金53家，合计持股数3213.05万股，持股市值 9.68亿元。 亚钾国际投资(广州)股份有限公司的主营业务是钾盐矿开采、钾肥生产及销售业务。公司的主要产品是 氯化钾、卤水、其他。 最新一期业绩显示，2025年一季报，公司实现营业收入12.13亿元，同比91.47%；净利润3.84亿元，同 比373.53%，销售毛利率54.12%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13亚钾国际22.9830.312.39288.12亿行业平均 25.9627.412.69176.26亿行业中值21.5924.801.8880.08亿1云天化9.359.212.17491.30亿2新洋丰 11.7413.651.62179.55亿3史丹利12.6713.431.56110.93亿4 ...

【基本面跟踪】 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） | 1,817 | 1,754 | 6 3 234238 | | | | 结算价 | （元/吨） | 1,789 | 1,755 | 3 4 | | | | 成交量 | （手） | 401,998 | 167,760 | | | | （01合约） | 持仓量 | （手） | 213,033 | 183,795 | 29238 | | | | 仓单数量 | （吨） | 3,573 | 3,573 | 0 | | | | 成交额 | （万元） | 1,438,396 | 588,870 | 849526 | | | 基 差 | 山东地区基差 | | -87 | -24 | -63 | | | | 丰喜-盘面 | （运费约100元/吨） | -197 | -134 | -63 | | | | 东光-盘面 | （最便宜可交割品） | -97 | -34 | -63 ...

证券之星消息，根据市场公开信息整理，芭田股份(002170)于8月20日将有68.4万股限售股份解禁，为公 司股权激励限售股份，占公司总股本0.07%。(本次数据根据历史公告整理得出,实际情况以上市公司最 新公告为准)最近一年内，该股累计解禁7022.47万股，占总股本的7.26%。本次解禁后，公司还有1.83亿 股限售股份，占总股本18.91%。具体如下图所示： | 股东名称 | 解禁数量(股) | 解禁市值(元) | 锁定期 (月) | 限售类型 | | --- | --- | --- | --- | --- | | 冯军强 | 7.20万 | 73.44万 | 37 | 股权激励限售股份 | | 华建青 | 7.20万 | 73.44万 | 37 | 股权激励限售股份 | | 景益程 | 12.00万 | 122.40万 | 37 | 股权激励限售股份 | | 郑宇 | 12.00万 | 122.40万 | 37 | 股权激励限售股份 | | 黄德明 | 3.60万 | 36.72万 | 37 | 股权激励限售股份 | | 林维声 | 12.00万 | 122.40万 | 37 | 股权激励限售股份 | ...

Group 1 - The company Yun Tianhua (SH 600096) announced a temporary board meeting held on August 18, 2025, to review proposals including the increase of daily related transactions for 2025 [1] - For the first half of 2025, Yun Tianhua's revenue composition is as follows: fertilizers account for 50.88%, trade for 32.25%, phosphate chemicals for 5.73%, others for 3.41%, and engineering materials for 2.81% [1] - As of the report date, Yun Tianhua's market capitalization is 46.7 billion yuan [1]