俄罗斯工业协会：（回应有关欧盟关税的报道）俄罗斯化肥生产商将向非欧盟国家出口多样化。 ...

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。 ...

Core Viewpoint - The company held a performance briefing for the fiscal year 2024 and the first quarter of 2025, discussing operational results and financial metrics with investors, while addressing key concerns regarding fertilizer export policies, resource supply, and market conditions [1][2]. Group 1: Fertilizer Export Policies and Market Conditions - The company actively supports national fertilizer supply and price stabilization policies, ensuring domestic demand is met while maintaining stable phosphate prices, with over 2.3 million tons of diammonium phosphate supplied domestically for the winter-spring season, accounting for approximately 30% of domestic agricultural needs [2][3]. - The international phosphate market remains favorable, with higher prices compared to domestic levels, and the company is balancing domestic and international market demands to enhance overall profitability [2][3]. Group 2: Phosphate Resource Supply and Production Capacity - The company has sufficient phosphate mining resources to meet its production needs, reducing external sales while investing in flotation processing technology to enhance resource utilization [3][4]. - New projects, including a 2 million tons/year mining project and a 4.5 million tons/year flotation project, are underway to strengthen the phosphate supply chain and improve production efficiency [3][4]. Group 3: Sulfur Price Impact and Response - Sulfur prices have significantly increased compared to the previous year, impacting production costs for phosphate fertilizers; however, the company has implemented strategic inventory management and long-term contracts to mitigate these effects [5][6]. - The company maintains a competitive advantage in sulfur procurement, with current inventory costs significantly lower than market prices [5][6]. Group 4: Financial Structure and Performance - The company has optimized its financial structure, reducing interest-bearing liabilities to approximately 16 billion yuan, a decrease of over 3.8 billion yuan from the beginning of the year, with an asset-liability ratio of 52.26% [10]. - The projected revenue for 2025 is expected to decline compared to 2024 due to a strategic reduction in soybean trading activities, aimed at improving overall financial metrics [10]. Group 5: Dividend Policy and Market Value Management - The company has committed to a cash dividend ratio of no less than 45% of net profit for the years 2024 to 2026, with a proposed dividend of 1.4 yuan per share for 2024, totaling 2.552 billion yuan [10]. - A new market value management system has been established, incorporating market performance into managerial evaluations to enhance investor communication and maintain high dividend levels [11]. Group 6: Product Sales and Future Growth - In the first quarter, the company reported significant sales growth across its main products, with ammonium phosphate up 7.6%, compound fertilizers up 23.8%, and urea up 22.9%, attributed to effective market management and production strategies [12][14]. - Future growth will be driven by maintaining high production efficiency, optimizing procurement, and expanding into high-value fertilizers and fine phosphate chemicals [14][16]. Group 7: Industry Outlook - The phosphate fertilizer market is expected to remain in a tight balance, with increasing demand driven by global population growth and domestic food security strategies [16]. - The industry is characterized by limited new capacity additions and stringent environmental regulations, which are likely to sustain high market prices and profitability for established producers [16].

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。 ...

要点 IEA、EIA 上调原油需求预期，预计 25 年新兴市场原油需求快速增长。IEA 在 5 月月报将 2025 年全球原油需求预期上调 1 万桶/日至 74 万桶/日，但 IEA 依然强调贸易不确定性、经济增长放缓和电动汽车销量增长对原油需求 的抑制效应。IEA 预计，尽管近期经济放缓，但新兴经济体仍然是原油需求 增长的主要驱动力，25 年将增加 86 万桶/日，26 年将增加 100 万桶/日，而 经合组织国家需求加速下降，25、26 年分别减少 12 万桶/日和 24 万桶/日。 此外，EIA 在 5 月短期能源展望中预计 25 年全球原油需求增长 138 万桶/ 日，较上月预测上调 3 万桶/日。供给端，IEA 预计美国页岩油产量增速将放 缓，在最新的财报电话会议上，美国页岩油独立生产商表示，他们将削减钻 机数量，并将 2025 年的资本支出预期下调 9%。IEA 预计 25、26 年美国原 油供应量增幅分别为 44 万桶/日和 18 万桶/日，美国页岩油增产放缓有望部 分抵消全球原油供给增长带来的冲击。 OPEC+4 月产量下滑，关注 OPEC+增产计划执行进度。OPEC 在 5 月月报中 将 2 ...

2025 年 5 月 22 日 行业研究 IEA、EIA 上调原油需求预期，关注 OPEC+增产进展 ——石化化工交运行业日报第 67 期（20250521） 要点 IEA、EIA 上调原油需求预期，预计 25 年新兴市场原油需求快速增长。IEA 在 5 月月报将 2025 年全球原油需求预期上调 1 万桶/日至 74 万桶/日，但 IEA 依然强调贸易不确定性、经济增长放缓和电动汽车销量增长对原油需求 的抑制效应。IEA 预计，尽管近期经济放缓，但新兴经济体仍然是原油需求 增长的主要驱动力，25 年将增加 86 万桶/日，26 年将增加 100 万桶/日，而 经合组织国家需求加速下降，25、26 年分别减少 12 万桶/日和 24 万桶/日。 此外，EIA 在 5 月短期能源展望中预计 25 年全球原油需求增长 138 万桶/ 日，较上月预测上调 3 万桶/日。供给端，IEA 预计美国页岩油产量增速将放 缓，在最新的财报电话会议上，美国页岩油独立生产商表示，他们将削减钻 机数量，并将 2025 年的资本支出预期下调 9%。IEA 预计 25、26 年美国原 油供应量增幅分别为 44 万桶/日和 18 万桶/ ...

证券代码：002539 证券简称：云图控股 成都云图控股股份有限公司 投资者关系活动记录表 编号：2025-006 投资者关系活 动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 其他 活动参与人员 东方证券、天风证券、华泰证券、方正证券、景顺长城基金、长城基 金、前海开源基金、汇添富基金、泰康资产、睿郡资产、中睿合银、 合众易晟、招银理财等机构人员 上市公司接待 人员姓名 董事会秘书 陈银 时间 2025 年 5 月 21 日上午 10:00-12:00 地点 云图控股会议室 形式 现场调研 交流内容及具 体问答记录 1、公司情况介绍 公司董事会秘书陈银女士对公司产业链、发展战略、核心竞争优 势等做了简要介绍： （1）公司产业链情况介绍 公司立足复合肥主业，重点沿着氮、磷产业链上下游进行战略布 局，并持续进行填平补齐： 1）氮肥产业链：依托上游盐矿资源，公司已建成"盐—碱—肥" 产业链，完成复合肥上游合成氨、硝酸铵、氯化铵等氮肥原料布局， 打造了除尿素以外的氮肥完整产业链，并延伸了工业盐、纯碱、硝酸 1 1）氮肥产业链：公司应城基地 70 万吨合成氨项目如火 ...

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]