Report Overview - Report Date: October 10, 2025 - Report Cycle: Daily - Research Variety: Urea - Researcher: He Ning [1] 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - The current urea market has weak supply and demand with prominent supply pressure. Affected by continuous rainfall, industrial and agricultural demand is weak, enterprise shipments are poor, and inventory continues to accumulate. Although the daily output and operating rate have slightly declined, the daily output of 199,400 tons is still at a high level, and the inventory accumulation pattern continues. It is expected that the short - term urea futures market may continue to be weak [10] 3. Summary by Relevant Catalogs 3.1 Futures Market 3.1.1 Contract Market - On October 10, 2025, the price of the main urea futures contract fluctuated and declined. The closing price was 1,597 yuan/ton, the highest was 1,614 yuan/ton, and the lowest was 1,593 yuan/ton. The trading volume was 161,000 lots, a decrease of 83,000 lots from the previous day, and the open interest was 339,000 lots, an increase of 72,000 lots from the previous day [2] 3.1.2 Variety Price - Urea 2510: The latest price was 1,500 yuan/ton, down 16 yuan or 1.06%. The open interest was 2,610 lots, a decrease of 125 lots, and the trading volume was 315 lots [6] - Urea 2511: The latest price was 1,573 yuan/ton, down 20 yuan or 1.26%. The open interest was 20,231 lots, a decrease of 780 lots, and the trading volume was 6,130 lots [6] - Urea 2601 M: The latest price was 1,597 yuan/ton, down 22 yuan or 1.36%. The open interest was 338,864 lots, an increase of 28,175 lots, and the trading volume was 161,077 lots [6] 3.2 Spot Market - The spot price of urea in major domestic regions remained generally stable, with slight differences in some areas due to demand. Representative factory quotes were: Henan Xinlianxin in Central China at 1,580 yuan/ton (basis - 17 yuan/ton), Ningxia Petrochemical in Northwest China at 1,510 yuan/ton (basis - 87 yuan/ton), Ruixing Group in East China at 1,500 yuan/ton (basis - 97 yuan/ton), and Hualu Hengsheng in North China at 1,610 yuan/ton (basis 13 yuan/ton) [7] 3.3 Influencing Factors 3.3.1 Industrial Information - Demand: Affected by continuous rainfall in many places, the demand for urea in the industrial and agricultural fields has weakened. Most enterprises' inventories are overstocked as product shipments and flows are not as expected [8][9] - Supply: The domestic urea supply pressure is large, and the problem of weak domestic demand is still prominent. Although the daily output level and operating rate have slightly declined recently, they are still at a relatively high level, with the daily output of the urea industry at 199,400 tons. It is expected that the inventory of upstream production enterprises will continue to accumulate, and the market pressure will be large in the near future [9] 3.4 Market Outlook - The short - term urea futures market may maintain a weak operation due to the current supply - demand imbalance and supply pressure in the urea market [10]

尿素日报 | 2025-10-14 现货成交好转 市场分析 价格与基差：2025-10-13，尿素主力收盘1610元/吨（+13）；河南小颗粒出厂价报价：1520 元/吨（0）；山东地区小 颗粒报价：1530元/吨（-10）；江苏地区小颗粒报价：1530元/吨（-20）；小块无烟煤750元/吨（+0），山东基差：-80 元/吨（-33）；河南基差：-90元/吨（-33）；江苏基差：-80元/吨（-43）；尿素生产利润0元/吨（-10），出口利润982 元/吨（+11）。 供应端：截至2025-10-13，企业产能利用率85.67%（0.08%）。样本企业总库存量为144.39 万吨（+21.22），港口样 本库存量为41.50 万吨（-3.80）。 需求端：截至2025-10-13，复合肥产能利用率25.50%（-6.96%）；三聚氰胺产能利用率为65.47%（+3.95%）；尿素 企业预收订单天数7.00日（-2.18）。 企业近期下调报价，低价成交好转，主流区域成交情绪较好，部分厂家小幅上调报价。目前部分地区农业秋季肥 进行中，复合肥开工率下降，冬小麦所需的复合肥以清库为主，且因秋雨较多，今年冬小麦用肥需 ...

金正大在FAO 80周庆典期间发布向全球共享生物基包膜缓控释肥技术规划。（受访者供图） 据介绍，2025年，金正大缓控释肥技术"出海"成效显著。在欧洲，集团于荷兰建立首个以中国技术为主导的海外缓控释肥工厂，标志中国缓控释肥技 术正式进入欧洲市场，工厂还构建覆盖欧洲及非洲的营销服务网络，为当地农户提供技术支持与农化服务。在东南亚，集团与印尼农业科技公司AgriAKU 签署战略合作协议，通过建设示范田、开展农户培训及提供农化服务开拓市场，提升当地农业生产效率，助力农户增产增收。在非洲，今年7月集团借 FAO"一国一品倡议"全球项目启动研讨会，与莱索托达成协议提供缓控释肥技术解决方案，提升当地马铃薯种植效益，目前已在部分非洲国家打造1000公 顷试验田，为技术大规模推广奠基。 万鹏表示，未来金正大将深化三大布局推动缓控释肥技术全球化应用：加速技术在共建"一带一路"国家的输出与产品销售，构建全球技术推广网络； 联合国际机构共建科研培训中心，提升全球农业从业者技术水平与创新能力；加强国内外产学研合作，加大研发与推广力度，推动技术迭代和产业升级。 10月10日，联合国粮农组织（FAO）成立80周年庆典活动——"从良种到美 ...

根据中国海关数据显示：2025年8月中国氯化钾进口数量为75万吨，同比下降18.6%，进口金额为2.56亿 美元，同比下降1%。 相关报告：智研咨询发布的《2025-2031年中国肥料级氯化钾行业市场发展规模及产业趋势研判报告》 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 近一年中国氯化钾进口情况统计图 数据来源：中国海关，智研咨询整理 ...

Core Viewpoint - The company Sierte has been implicated in a criminal case involving former executives and a securities representative, highlighting issues of embezzlement and bribery within the financing projects [1][2]. Group 1: Legal Issues - Sierte received a notice from the Xuancheng Public Security Bureau regarding the transfer of a case involving former executives and securities representative Sun Bin for embezzlement and bribery [1]. - The notice indicates that the evidence against the suspects, including Sun Bin, is deemed sufficient for prosecution [1]. - The case involves multiple charges, including embezzlement, bribery, fraud, and issuing false VAT invoices [1]. Group 2: Financing History - Since its listing in 2011, Sierte has conducted four refinancing activities between 2014 and 2019, all sponsored by Guoyuan Securities [2]. - Key financing projects include a directed issuance raising 1.07 billion yuan in September 2015 and an 800 million yuan convertible bond issuance in 2019, both involving Sun Bin as the sponsor [2]. Group 3: Regulatory Environment - The Chinese Securities Association revised the "Sponsorship Business Rules" in 2024, introducing a classification system that can suspend sponsors from business activities, impacting their career [3]. - The new rules enforce lifelong responsibility for the authenticity and completeness of project application materials, compelling sponsors to maintain diligence throughout the project lifecycle [3]. - Increased regulatory scrutiny aims to enhance the quality control of securities firms and ensure that they fulfill their role as gatekeepers in the capital market [3].

Core Insights - The company Hong Sifang experienced a trading volume of 79.91 million yuan on October 13, with a financing net buy of -2.68 million yuan, indicating a decrease in investor confidence [1] - As of June 30, the company reported a revenue of 1.814 billion yuan for the first half of 2025, a year-on-year decrease of 8.18%, and a net profit of 43.97 million yuan, down 47.10% year-on-year [2] Financing and Trading Data - On October 13, Hong Sifang had a financing balance of 145 million yuan, accounting for 7.89% of its market capitalization [1] - The company had a margin trading buy amount of 4.78 million yuan and a margin repayment of 7.45 million yuan on the same day [1] - The margin balance included a short selling amount of 200 shares, with a total value of 6,856 yuan [1] Shareholder and Institutional Holdings - As of June 30, the number of shareholders decreased by 23.56% to 26,700, while the average number of circulating shares per person increased by 73.78% to 2,009 shares [2] - The top circulating shareholder is the Southern CSI 1000 ETF, holding 724,600 shares as a new shareholder [2] - Other notable institutional shareholders include Yuanxin Yongfeng Ju You A and Huaxia CSI 1000 ETF, both of which have increased their holdings [2]

Core Points - The United Nations Food and Agriculture Organization (FAO) is celebrating its 80th anniversary with a global exhibition titled "From Good Seeds to Gourmet Food" in Rome, showcasing agricultural technologies and products from over 130 countries [1] - China’s leading slow-release fertilizer company, Kingenta Ecological Engineering Group, is the only invited Chinese fertilizer enterprise at the exhibition, presenting its bio-based coated slow-release fertilizer technology [1] - During the event, notable figures including FAO Director-General Qu Dongyu and the King of Lesotho visited Kingenta's booth, highlighting the company's role as a global partner of FAO [1] Company Developments - Kingenta has established its first overseas slow-release fertilizer factory in the Netherlands, marking the entry of Chinese technology into the European market and creating a marketing and service network across Europe and Africa [2] - The company signed a strategic cooperation agreement with Indonesian agricultural technology firm AgriAKU to enhance agricultural productivity in Southeast Asia through demonstration fields and comprehensive agronomic services [2] - In July, Kingenta reached an agreement with Lesotho to provide slow-release fertilizer technology solutions to improve potato cultivation efficiency, with 1,000 hectares of experimental fields already established [2] Industry Impact - The presence of Chinese slow-release fertilizer technology at the FAO global conference signifies China's leading technological innovation and strong influence in the agricultural sector [2]

Core Viewpoint - The price of urea in China has been declining, with the average price for small granular urea at 1616.50 yuan/ton as of October 11, 2025, representing a 16.19% decrease compared to 2024, and is now below the average price of the past decade [2] Supply and Demand - Both supply and demand for urea are expected to grow in 2025, but the growth rate of demand is significantly lower than that of supply, leading to a persistent supply-demand imbalance [2][4] - Urea production capacity in China has increased to 79.15 million tons in 2025, a 2.51% increase year-on-year, with an average daily output of 197,000 tons, which is higher than the previous years' levels of 150,000 to 170,000 tons [4][5] - The domestic urea inventory reached 1.338 million tons as of October 9, 2025, a 101.8% increase from the year's low, with an average annual inventory of 1.073 million tons, marking a 70.6% increase from 2024 [5] Price Trends - The urea market has shown a trend of first rising and then falling throughout 2025, with significant price drops in the third quarter. Prices fell from over 1800 yuan/ton in June to as low as 1560 yuan/ton in early October [4] - The decline in urea prices is primarily attributed to oversupply, as new production capacities have been added over the past three years, while domestic consumption growth has not kept pace [4][6] Industry Performance - Companies in the urea sector are experiencing significant financial difficulties due to falling prices. For instance, Lu Hua Technology reported a net loss of 229 million yuan in the first half of 2025, while Sichuan Meifeng's net profit dropped by 95.17% to 803,130 yuan [3][10] - The overall performance of the urea industry has been impacted by high operating rates and adverse weather conditions, leading to a sustained oversupply and downward pressure on prices [11] Future Outlook - The market is currently under pressure, but there may be opportunities for price rebounds in the fourth quarter as domestic storage efforts begin and some production facilities undergo maintenance [7] - The focus will be on export dynamics and changes in domestic production capacity, as the market continues to navigate the challenges of high supply levels [7]

智通财经10月13日讯（记者 肖良华）今年以来，受供需格局、地缘政治等因素影响，氯化钾价格持续 上升，东方铁塔(002545.SZ)净利润提升明显，前三季净利润同比增60.83%至93%，Q3单季环比同样提 升明显。 13日晚间，东方铁塔披露2025年前三季度业绩预告，公司预计归属于上市公司股东的净利润7.5亿元至9 亿元，同比增长60.83%至93.00%；扣除非经常性损益后的净利润7.3亿元至8.8亿元，同比增长58.60% 至 91.19%。 据公开信息，今年以来，氯化钾供给端受俄罗斯和白俄罗斯减产冲击，乌拉尔钾肥等企业上半年减产40 万吨，白俄罗斯因设备安装削减100万吨产能，叠加中东局势扰动，加剧市场紧张。 需求方面则略有增长。其中，东南亚方面，生物能源政策拉动棕榈油种植，带动钾肥年需求增长超 4%；巴西大豆产能扩张周期延长，钾肥消费量占全球总量20%-25%。 上海钢联数据显示，三季度，60%氯化钾进口价格在3200元/吨浮动，较上一季度环比增加200元/吨左 右。 "Q3氯化钾价格与Q2相比，波动更小，并且长期处于高位，因此生产企业利润更高。"有钾肥行业人士 对智通财经记者表示。 值得关注的是， ...

报告期内，公司钾肥生产线稳定生产，氯化钾产品市场价格较上年同期上涨，公司整体经营业绩较去年 同期将大幅提升。 东方铁塔（002545）(002545.SZ)披露2025年前三季度业绩预告，公司预计归属于上市公司股东的净利 润7.5亿元至9亿元，同比增长60.83%至93.00%;扣除非经常性损益后的净利润7.3亿元至8.8亿元，同比增 长58.60%至91.19%。 ...