智通财经APP讯，中国诚通发展集团(00217)发布公告，于2025年12月9日，诚通融资租赁(公司间接全资 附属公司)与承租人(阳煤集团淄博齐鲁第一化肥有限公司)订立售后回租协议，据此，诚通融资租赁将向 承租人购买租赁资产，并将租赁资产回租予承租人，租赁期为期3年，但可根据售后回租协议的条款及 条件提早终止。租赁资产指泡沫站、消防水泵站、变电所、中央控制室设备设施、变送器、气源分配 器、流量计、液位计、红外线分析仪、氢气分析仪、NOx分析仪、磁氧分析仪等。 ...

中国诚通发展集团(00217)发布公告，于2025年12月9日，诚通融资租赁(公司间接全资附属公司)与承租 人(阳煤集团淄博齐鲁第一化肥有限公司)订立售后回租协议，据此，诚通融资租赁将向承租人购买租赁 资产，并将租赁资产回租予承租人，租赁期为期3年，但可根据售后回租协议的条款及条件提早终止。 租赁资产指泡沫站、消防水泵站、变电所、中央控制室设备设施、变送器、气源分配器、流量计、液位 计、红外线分析仪、氢气分析仪、NOx分析仪、磁氧分析仪等。 ...

Core Viewpoint - The Trump administration is considering imposing tariffs on Canadian fertilizers and Indian rice to support domestic industries, raising concerns about potential global food price increases and the impact on American farmers [1][3]. Group 1: Tariff Targets and Rationale - The proposed tariffs target Canadian fertilizers and Indian rice, which are critical imports for the U.S. agricultural sector. Canada is the world's largest producer of potash, holding 45% of global reserves, while India is the leading rice exporter, accounting for 40% of global exports [3]. - The U.S. agricultural sector has faced challenges, with farm bankruptcies reaching 259 from April 2024 to March 2025, nearly doubling from the previous year, and farmers experiencing losses of $100-200 per acre [3]. Group 2: Economic and Political Considerations - The tariffs reflect a dual strategy of economic protectionism and geopolitical maneuvering. The U.S. aims to reduce its trade deficit with India, which reached $45.7 billion in 2024, a 5.4% increase from 2023, while also pressuring India regarding its imports of Russian oil [5]. - The tariffs may also serve as a response to previous trade disputes with Canada, particularly regarding automotive tariffs [5]. Group 3: Potential Impact on Farmers and Global Markets - There is skepticism about whether American farmers will benefit from the tariffs, as previous tariff policies have hindered U.S. agricultural exports, particularly to major buyers like China. Increased fertilizer costs could further burden farmers [6]. - The tariffs could have widespread repercussions. For Canada, the fertilizer industry supports 76,000 jobs and contributes 2% to total exports. A loss of the U.S. market could lead to retaliatory tariffs on U.S. agricultural products [8]. - For India, reduced rice exports could disrupt global supply chains, forcing India to seek new markets in Europe and Africa, potentially reshaping the global rice supply-demand landscape [8]. Group 4: Historical Context and Risks - Historical precedents suggest that U.S. tariff policies can have detrimental effects, as seen with the Smoot-Hawley Tariff Act of 1930, which led to a significant decline in global trade and increased unemployment [11]. - The current tariff strategy may repeat past mistakes, risking U.S. agricultural exports and stifling innovation in domestic industries due to prolonged protectionism [11].

【冠通期货研究报告】 情绪不佳，盘面偏弱 发布日期：2025 年 12 月 9 日 【行情分析】 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 1 0 2000 4000 6000 8000 10000 12000 14000 尿素注册仓单（张） 2020 2021 2022 2023 2024 2025 数据来源：Wind、冠通研究咨询部 现货方面：连续两日盘面下跌后，现货成交价格明稳暗降，短期若无驱 动，预计上游降价吸单。山东、河南及河北尿素工厂小颗粒尿素出厂报价范围 多在 1620-1680 元/吨，较昨日下滑 20 元/吨左右。 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 2 1400 1600 1800 2000 2200 2400 2600 2800 3000 3200 3400 山东尿素市场主流价：小颗粒（元/吨） 2020 2021 2022 2023 2024 2025 数据来源：Wind、冠通研究咨询部 今日大宗商品多数下跌，尿素低开低走日内偏弱。连续两日盘面下跌后， 现货成交价格明稳暗降，短期若无驱动， ...

美国总统特朗普再次发出关税威胁，这一次的目标是墨西哥、加拿大和印度，将水资源、化肥和大米等 具体商品与贸易政策挂钩。 当地时间12月8日，特朗普威胁对墨西哥征收额外5%的关税，除非该国"立即"提供额外水资源以帮助美 国农民。这一威胁基于美墨两国1944年签订的水资源条约。 同日，特朗普在白宫发表讲话时指出，他将"处理"有关印度大米涉嫌倾销至美国的问题，还可能会对从 加拿大进口的化肥加征关税，以促进国内化肥生产。 水资源争端升级 此次冲突的焦点在于得克萨斯州南部农民的用水问题。 "我已经授权起草文件，如果墨西哥不放水，将立即对墨西哥征收5%的关税，"特朗普在社交媒体上发 帖称，"墨西哥拖延释放水的时间越长，我们的农民遭受的损失就越大。墨西哥有义务立即解决这个问 题。" 美国政府称，墨西哥的交付量短缺达86.5万英亩-英尺。 对此，墨总统辛鲍姆在社交媒体回应特朗普的威胁时表示，墨西哥经历3年干旱，但一直尽可能调集可 用水源向美方供水。 农业领域再出手 除了要对墨西哥加税，特朗普还要对加拿大和印度出手。 特朗普12月8日在白宫讲话时宣布，将设立一项120亿美元的关税减免基金，帮助美国农民应对因关税战 导致的种子、化 ...

Core Viewpoint - The successful trial operation of the third million-ton potash fertilizer project at the Xiaodongbu mine marks a significant milestone for the company, entering a new era of 3 million tons of potash fertilizer production capacity, with a medium-term target of 5 million tons per year [1][2] Group 1: Production Capacity and Strategy - The achievement of 3 million tons of production capacity is a milestone result following the company's strategic focus on the potash fertilizer business since 2020 [2] - The company has seen a tenfold increase in the resource reserves of high-quality potash salt mines in Laos, surpassing 1 billion tons, with the Xiaodongbu mine being a core support for capacity expansion [2] - The company has achieved a twelvefold increase in production capacity from 25,000 tons/year to 3 million tons/year, with the new surface processing plant expected to reach a capacity of 1.8 million tons per year [2] Group 2: Financial Performance - The company's potash fertilizer revenue reached 3.867 billion yuan in the first three quarters of 2025, a 778.86% increase compared to the entire year of 2019, with a net profit of 1.362 billion yuan, reflecting a growth rate of approximately 3915.33% [3] - The company is enhancing its profitability through continuous technological innovation, process optimization, and supply chain improvements, which are expected to further widen profit margins [3] Group 3: Market Dynamics - The global potash fertilizer market is experiencing tight supply and demand, with no new production capacity expected in 2025 and limited new capacity releases from the company in 2026-2027 [4] - The company is well-positioned to benefit from the tight market conditions, as global demand for potash fertilizer is projected to increase from 73.8 million tons in 2024 to 87.6 million tons by 2039 [4][5] - The Asian market, particularly countries like Indonesia and Malaysia, is showing significant increases in potash fertilizer imports, indicating a strong demand for stable supply [5][6] Group 4: Price Trends - Recent contracts for potash fertilizer indicate a stable price trend, with the price for standard potassium chloride set at $348 per ton for 2026, reflecting a slight increase from 2025 [6] - The combination of capacity release and strong price support is expected to allow the company to continue benefiting from the high market conditions in the potash fertilizer industry [6]

2025 年 12 月 09 日 尿素：仓单增量明显，弱势运行 | | | 【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 | | --- | --- | --- | --- | --- | --- | --- | | | | 收盘价 | （元/吨） | 1,646 | 1,673 | -27 | | | | 结算价 | （元/吨） | 1,651 | 1,682 | -31 | | 期货市场 | 尿素主力 | 成交量 | （手） | 216,711 | 110,200 | 106511 | | | （01合约） | 持仓量 | （手） | 167,074 | 200,353 | -33279 | | | | 仓单数量 | （吨） | 11,526 | 10,485 | 1041 | | | | 成交额 | （万元） | 715,690 | 370,685 | 345005 | | | | 山东地区基差 | | 4 4 | 4 7 | - 3 | | | 基 差 | 丰喜-盘面 | （运费约100元/吨） | -86 | -113 | 2 7 | | ...

中化新网讯 截至12月5日，安徽六国化工公司年产150万吨磷肥生产线预处理装置工艺绿色升级改造项 目已完成305套桩基施工，剩余5套桩基施工正按计划推进。 六国化工现有磷肥生产线预处理装置因不含选别系统，仅能处理高品位磷矿，且存在磨矿产品细度控制 难等问题，严重制约了对低品位磷矿的利用。此次改造内容包括对磨矿系统实施闭路改造，增加浮选系 统、精矿浓缩系统、尾矿脱水系统及相关选矿辅助设施。 改造完成后，该生产线不仅可突破原有处理高品位磷矿的局限，还能实现低品位磷矿的高效加工，进一 步提升企业资源综合利用水平和生产灵活性。 ...

去年以来，硫磺的价格走势犹如化工界的一匹"黑马"。2025年即将结束之际，尽管港口库存高企，但硫磺价格仍创下年内新高，甚至打破了近十年的历史峰 值。这一明星化工品种正在经历价值重塑。 12月8日上午，国内硫磺厂家再次上调报价，一日之内涨幅高达100元/吨。 "争先恐后"的涨价潮直接将市场氛围推向了高潮。12月8日，山东神驰销售部门一位人士向《每日经济新闻》记者表示，公司当日硫磺报价再次上调，已至 4180元/吨。 同一天（12月8日），东明石化官网发布的产品价格显示，公司硫磺（固硫）4350元/吨，硫磺（液硫）报价4200元/吨。而对比东明石化今年1月1日发布的 硫磺（固硫）1750元/吨、硫磺（液硫）1700元/吨的报价，硫磺产品的价格在2025年内早已翻番。 隆众资讯数据显示，截至12月4日，镇江港主流颗粒硫磺价格较11月底上涨150元/吨，涨幅达3.79%，正式宣告市场进入高价位运行区间。 山东神驰销售人员表示，这轮行情的引爆点源于外盘市场的强势拉动。 在与《每日经济新闻》记者交流时，包括生产企业、资讯机构在内的多位人士表示，此次上涨背后是外盘价格强劲攀升导致进口成本倒挂，以及下游磷肥行 业开工回暖带来 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the domestic urea spot market price changed from strong to weak. The supply of urea decreased periodically, with the daily output expected to fluctuate around 19 - 200,000 tons. The demand side saw a steady increase in the operating rate of compound fertilizer, and the inventory of urea enterprises continued to decline. In the short term, the follow - up of downstream replenishment slowed down after the price increase, and the cost support weakened due to the decline in coal prices. The futures price may have a periodic correction risk. For the UR2601 contract, attention should be paid to the support level around 1600 - 1630 yuan/ton. Subsequently, attention should be paid to the sustainability of demand follow - up and export conditions [5]. 3. Summary According to Relevant Catalogs 3.1 Week - to - Week Viewpoint Summary - **Supply**: Supply decreased periodically, with a weekly urea output of 1.3851 million tons (-2.25%), including 1.1362 million tons of coal - based urea and 0.2489 million tons of gas - based urea, and an average daily output of 198,000 tons. Several gas - head urea enterprises' devices are planned to stop production [5][21]. - **Demand**: The operating rate of compound fertilizer enterprises was 40.53% (a week - on - week increase of 3.47%), and the finished product inventory was 683,900 tons (a week - on - week increase of 20,100 tons). The operating rate of melamine was 61.66% (a week - on - week increase of 0.86%) [34]. - **Inventory**: Urea enterprise inventory was 1.2905 million tons, a week - on - week decrease of 73,400 tons. Port inventory was 105,000 tons (a week - on - week increase of 5,000 tons). The mainstream pre - collection days of urea enterprises were 7.35 days (a week - on - week increase of 0.7 days) [31]. - **Cost and Profit**: This week, the sentiment in the coal market weakened, and the profit of urea increased compared with the previous week [5]. - **Basis and Spread**: The 1 - 5 spread was strongly running, and the 01 basis strengthened slightly [5]. 3.2 Variety Details Decomposition - **Domestic Urea Market Price**: The domestic urea market price was strongly running this week, and charts of market prices in Shandong, Shanxi, Henan, Hebei, Anhui, and Northeast China from 2021 to 2025 were provided [7][8]. - **International Urea Market Price**: The international urea market price decreased, and charts of international urea prices (CFR Brazil, FOB Baltic, FOB Iran, FOB China) from 2019 to 2025 were provided [11][12]. - **Supply**: Supply decreased periodically. The weekly urea output decreased by 2.25%, and several gas - head urea enterprises' devices were planned to stop production, such as Sichuan Lutianhua Co., Ltd., Chongqing Jianfeng Chemical Co., Ltd., etc. [17][21]. - **Inventory**: Upstream urea enterprise inventory decreased continuously on a week - on - week basis. Port inventory increased slightly, and the number of days of enterprises' pending orders increased slightly [27][31]. - **Demand**: The operating rate of compound fertilizer increased steadily, and the finished product inventory accumulated slightly. The operating rate of melamine increased slightly [33][34]. - **Raw Material End**: This week, the sentiment in the coal market weakened, and charts of prices of various types of coal from 2021 to 2025 were provided [36][37]. - **Spread Analysis**: The 1 - 5 spread was strongly running, and the 01 basis strengthened slightly. Charts of 1 - 5 spreads and 01 basis from 2021 to 2025 were provided [44][45]. - **Urea - Related Product Spreads**: Charts of spreads between liquid ammonia and urea, ammonium chloride and urea, etc. from 2021 to 2025 were provided [50][53].