Core Insights - As of November 19, 2025, Yara International (000893) closed at 44.13 CNY, up 4.7% with a turnover rate of 1.57% and a trading volume of 127,500 shares, resulting in a transaction value of 557 million CNY [1] Financial Performance - For the first three quarters of 2025, Yara International reported a main revenue of 3.867 billion CNY, a year-on-year increase of 55.76%, and a net profit attributable to shareholders of 1.363 billion CNY, up 163.01% [5] - In Q3 2025 alone, the company achieved a main revenue of 1.345 billion CNY, a year-on-year increase of 71.37%, and a net profit of 508 million CNY, up 104.69% [5] - The company's gross profit margin stands at 58.91%, significantly higher than the industry average of 20.04% [5] Market Position - Yara International's total market capitalization is 40.778 billion CNY, ranking 4th in the fertilizer industry, while its net assets and net profit also place it in the top 5 [5] - The company's price-to-earnings ratio (P/E) is 22.44, which is considerably lower than the industry average of 99.33, indicating a favorable valuation [5] Capital Flow - On November 19, 2025, the net inflow of main funds was 9.444 million CNY, accounting for 1.7% of the total transaction value, while retail investors saw a net inflow of 12.249 million CNY, representing 2.2% of the total [1][2] - Over the past five days, the stock has experienced fluctuations in capital flow, with notable net outflows from speculative funds on several days [2][3] Institutional Ratings - In the last 90 days, 20 institutions have rated Yara International, with 15 buy ratings and 5 hold ratings, indicating a generally positive outlook [6]

大宗商品研究 能源化工研发报告 尿素日报 2025 年 11 月 19 日 尿素日报 【市场回顾】 1、期货市场：尿素期货震荡，最终报收 1663（+1/+0.06%）。 2、现货市场：出厂价窄幅提涨，成交转弱，河南出厂报 1550-1580 元/吨，山东小 颗粒出厂报 1570-1580 元/吨，河北小颗粒出厂 1600-1610 元/吨，山西中小颗粒出厂报 1530-1560 元/吨，安徽小颗粒出厂报 1550-1560 元/吨，内蒙出厂报 1460-1500 元/吨。 【重要资讯】 2025 年 11 月 19 日，中国尿素企业总库存量 143.72 万吨，较上周减少 4.64 万吨，环 比减少 3.13%。本周期尿素价格震荡上行，东北储备需求明显增加，部分企业受其利好 影响去库明显。 【逻辑分析】 新增出口配额消息影响消退，市场情绪表现降温，主流地区尿素现货出厂报价下跌， 成交尚可。山东地区主流出厂报价领涨，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，预计出厂报价下跌为主； ...

Core Viewpoint - Domestic urea prices have shown signs of stabilization in November after a period of decline, supported by increased export quotas and reserve demand [1][9]. Supply and Production - Urea production in China from January to October 2025 reached 59.08 million tons, a year-on-year increase of 7.9%, with October production at 5.88 million tons [2]. - The operating rate for coal-based urea production was 87.5%, up 1.8% month-on-month, while natural gas-based urea production was at 72.7%, down 0.2% month-on-month [2]. - New production capacities are expected to be added, with a total of 511,000 tons projected for 2025, representing a growth rate of 5.6% [2]. Inventory and Demand - Urea inventory levels at production facilities have decreased, with a total of 1.4836 million tons reported as of November 13, down 94,500 tons from the previous week [3]. - Port inventories are around 82,000 tons, with expectations of increased exports due to new bidding rounds and quota increases [3]. - Agricultural demand remains low, but reserve demand is expected to be released, with a recent auction resulting in the sale of 29,285 tons of urea [7]. Price Trends - As of November 18, domestic urea prices have stabilized, with the main futures price at 1,662 yuan per ton, a 3% increase for the month [1]. - International urea prices have also shown signs of stabilization, with FOB prices in China at $400 per ton, up $15 from the previous week [6]. - The average domestic urea price has fluctuated between 1,500 and 2,000 yuan per ton throughout the year, with a central price of 1,750 yuan per ton [9]. Market Outlook - The recent increase in coal prices may provide some cost support for urea prices, but new production facilities are expected to increase supply pressure in the fourth quarter [9]. - Although export quotas have improved market conditions, domestic agricultural demand has significantly decreased compared to earlier in the year [9]. - The overall supply-demand balance for domestic urea remains loose, indicating limited potential for sustained price rebounds [9].

Group 1 - The core viewpoint of the news is that Yara International's stock has increased by 5.01%, reaching a price of 44.26 CNY per share, with a trading volume of 452 million CNY and a turnover rate of 1.28%, resulting in a total market capitalization of 40.899 billion CNY [1] - Yara International, established on October 27, 1998, and listed on December 24, 1998, is primarily engaged in grain trading, international shipping and logistics, and the mining, production, and sales of potassium salts. The main revenue composition includes 97.54% from potassium chloride, 1.24% from brine, and 1.22% from other sources [1] Group 2 - Among the top ten circulating shareholders of Yara International, a fund under Penghua Fund ranks as a significant shareholder. The Penghua CSI Sub-Industry Chemical Theme ETF Link A (014942) entered the top ten circulating shareholders in the third quarter, holding 8.3543 million shares, which accounts for 1.03% of the circulating shares. The estimated floating profit today is approximately 17.6276 million CNY [2] - The Penghua CSI Sub-Industry Chemical Theme ETF Link A (014942) was established on March 8, 2022, with a latest scale of 728.091 million CNY. This year, it has achieved a return of 30.15%, ranking 1561 out of 4208 in its category; over the past year, it has returned 25.69%, ranking 1789 out of 3956; since inception, it has incurred a loss of 13.79% [2]

文｜导报财经组 11月14日，山东农大肥业科技股份有限公司（下称"农大科技"）通过北交所上市委审议，成为今年第76家IPO过会企业。值得注意的是，农大科技的股东 中有一家白酒企业——泰山酒业集团股份有限公司（下称"泰山酒业"）。 据了解，农大科技2002年6月成立，是泰安知名化肥企业，拥有新型肥料年产能200万吨，是全国腐植酸肥料行业"单项冠军"示范企业，注册资本6000万 元，实际控制人、法定代表人、董事长均为马学文。泰山酒业持有农大科技4%股份。 公开信息显示，张铭新1959年出生，曾任泰安市啤酒厂车间主任、经营厂长、山东泰山生力源集团股份有限公司总经理等职务，现任泰山酒业法定代表 人、董事长、总经理；马西元1955年出生，曾担任泰山生力源集团股份有限公司党委书记、董事长，2023年1月去世。 对于机构股东泰安正大，企查查显示，该公司2012年2月27日成立，今年3月17日注销，公司注销前的注册资本为1500万元，程云、泰山酒业、李可新、徐 晓航、管桂臻分别持股29.33%、23.33%、20%、18.67%、8.67%。 企查查显示，泰山酒业1994年5月20日成立，曾用名山东泰山生力源集团股份有限公司 ...

一、本次限售股上市类型 ● 本次股票上市类型为首发战略配售股票（限售期为12月）；股票认购方式为网下，上市股数为 11,403,508股。本公司确认，上市流通数量等于该限售期的全部战略配售股份数量。 本次股票上市流通总数为11,403,508股。 ● 本次股票上市流通日期为2025年11月26日。 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 根据中国证券监督管理委员会《关于同意中盐安徽红四方肥业股份有限公司首次公开发行股票注册的批 复》（证监许可[2024]255号），并经上海证券交易所同意，中盐安徽红四方肥业股份有限公司（以下 简称"公司"）首次公开发行人民币普通股（A股）5,000万股，并于2024年11月26日在上海证券交易所主 板上市交易。公司首次公开发行股票完成后，总股本为200,000,000股，其中有限售条件流通股 159,650,435股，占公司总股本的79.83%，无限售条件流通股40,349,565股，占公司总股本的20.17%。 本 ...

入 期 情 借 服 源 在 热线 官 方 客 网 站 ile 限 www.itf.com.cn 400-8888-598 ts Po 212 . 2018 | | | | 投资咨询业务资格:证监许可 2012 31号 | | ITG国贸期货 | | --- | --- | --- | --- | --- | --- | | | | | | 尿素数据日报 | | | | | | 国贸期货研究院 | | 期货从业号:F3054270 | | | | | 能源化工研究中心 陈三州 | | 投资咨询证号:Z0015946 | | | 指标 | 2025/11/17 | 2025/11/14 | 涨跌值 | 行情评述 | | | 沫煤 | 465.00 | 465.00 | 0.00 | | | 成本 | 无烟小块 | 920.00 | 920. 00 | 0.00 | | | | 天然气 | 4040. 00 | 4080. 00 | -40. 00 | | | | 河南 | 1600. 00 | 1610.00 | -10.00 | | | | 河北 | 1600.00 | 1620.00 | -20.00 | 本 ...

中辉能化观点 中辉能化观点 | | 中辉能化观点 | | | --- | --- | --- | | 品种 | 核心观点 | 主要逻辑 | | | PTA | 加工费整体偏低，装置复产延期叠加检修力度有所提升（虹港石化检 修、逸盛宁波本月下旬检修、英力士检修中，威联化学降负），供应端压 | | PX/PTA | | 力有所缓解；需求略显改善，终端订单短期企稳，但稳定性有待跟踪。成 | | | 谨慎看多 本端 | PX 国内外均有所降负（上海石化、中化泉州停车，越南 NSRP 降负）， | | ★ | | 走势偏强。TA12 月存累库预期。短期来看，基本面有所改善，但原油承 | | | | 压，反弹高度或将有限。策略：单边关注逢低布局多单机会；套利关注做 | | | 扩 | ta 加工费（即多 pta，空 px）。 | | | | 近期国内煤制装置检修有所增加，开工负荷下行（红四方临停、正达凯检 | | | | 修、广汇降负、河南能源延后重启）、海外装置略有提负（台湾南亚 1#重 | | 乙二醇 | | 启），新装置投产（裕龙石化投产；宁夏畅亿、襄矿泓通计划投产）叠加 | | ★ | 谨慎看空 | 检修装置恢复 ...

Report Industry Investment Rating - Not provided Core Viewpoints - Urea trading atmosphere has improved. New orders were slow to follow up last week, but sales improved after price cuts. Agricultural autumn fertilizer production is ending, and compound fertilizer autumn fertilizer production is also winding down. Winter storage fertilizer production has not started on a large scale, and the overall operating rate has slightly decreased due to environmental protection factors. Melamine operating rate has increased, with rigid demand for procurement. With the release of new production capacity, the medium - to - long - term supply - demand of urea remains relatively loose. Gas - fired plant maintenance in the fourth quarter is expected to start gradually in December. The news of export quotas has improved urea export expectations at the end of the year, which is expected to support the spot market. The Indian IPL has issued a new urea import tender, and the spot procurement sentiment and rhythm need to be continuously monitored [1][2] Summary by Directory 1. Urea Basis Structure - The report shows data on Shandong and Henan urea small - particle market prices, Shandong and Henan main - contract basis, urea main - continuous contract price, 1 - 5 spread, 5 - 9 spread, and 9 - 1 spread [6][7][11] 2. Urea Production - The report presents data on urea weekly production and urea plant maintenance loss volume [20][25] 3. Urea Production Profit and Operating Rate - It includes data on production cost, spot production profit, disk production profit, national capacity utilization rate, coal - based capacity utilization rate, and gas - based capacity utilization rate [29][30][33] 4. Urea Foreign Market Price and Export Profit - The report provides data on urea small - particle FOB in the Baltic Sea, urea large - particle CFR in Southeast Asia, urea small - particle FOB in China, urea large - particle CFR in China, the difference between urea small - particle FOB in the Baltic Sea and China's FOB minus 30, the difference between urea large - particle CFR in Southeast Asia and China's FOB, urea export profit, and disk export profit [35][40][50] 5. Urea Downstream Operating Rate and Orders - It shows data on compound fertilizer operating rate, melamine operating rate, and pending order days [52][53] 6. Urea Inventory and Warehouse Receipts - The report includes data on upstream in - plant inventory, port inventory, raw material inventory days of urea downstream manufacturers in Hebei, futures warehouse receipts, main - contract holding volume, and main - contract trading volume [56][57][61] Market Data Details - **Price and Basis**: On November 17, 2025, the urea main contract closed at 1,662 yuan/ton (+10). The ex - factory price of small - particle urea in Henan was 1,600 yuan/ton (unchanged), in Shandong was 1,590 yuan/ton (-10), and in Jiangsu was 1,580 yuan/ton (-10). The price of small - block anthracite was 750 yuan/ton (unchanged). The basis in Shandong was - 72 yuan/ton (-20), in Henan was - 62 yuan/ton (-20), and in Jiangsu was - 82 yuan/ton (-20). Urea production profit was 60 yuan/ton (-10), and export profit was 1,048 yuan/ton (+116) [1] - **Supply Side**: As of November 17, 2025, the enterprise capacity utilization rate was 84.08% (unchanged). The total inventory of sample enterprises was 148.36 million tons (-9.45), and the port sample inventory was 8.20 million tons (+0.30) [1] - **Demand Side**: As of November 17, 2025, the compound fertilizer capacity utilization rate was 30.32% (-0.72%), the melamine capacity utilization rate was 57.48% (+4.28%), and the urea enterprise advance order days were 7.71 days (+0.42) [1] Strategy - **Single - sided**: Range - bound, opportunistic cash - and - carry arbitrage - **Inter - period**: Wait - and - see - **Inter - variety**: None [3]

Core Viewpoint - The company, Si Er Te, has shown a mixed financial performance with a slight increase in revenue but a significant decrease in net profit, alongside notable trading activity in its stock [2][3]. Group 1: Financial Performance - For the period from January to September 2025, Si Er Te achieved a revenue of 3.225 billion yuan, representing a year-on-year growth of 5.27% [2]. - The net profit attributable to shareholders for the same period was 155 million yuan, which reflects a year-on-year decrease of 36.49% [2]. Group 2: Shareholder and Trading Activity - As of November 17, Si Er Te's stock trading volume was 177 million yuan, with a net financing purchase of approximately 9.977 million yuan for the day [1]. - The total financing and securities balance for Si Er Te reached 331 million yuan, accounting for 5.72% of its market capitalization, indicating a high level of financing activity compared to the past year [1]. - The number of shareholders as of September 30 was 41,000, a decrease of 8.55% from the previous period, while the average number of circulating shares per shareholder increased by 9.36% to 20,837 shares [2]. Group 3: Dividend and Institutional Holdings - Since its A-share listing, Si Er Te has distributed a total of 1.459 billion yuan in dividends, with 529 million yuan distributed over the last three years [3]. - As of September 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 7.8954 million shares, an increase of 28,500 shares from the previous period [3].