Group 1: Market Overview - The national production material market prices remained stable compared to the previous week [1] - Coal prices experienced slight increases, with thermal coal, coking coal, and anthracite priced at 779 yuan, 1058 yuan, and 1164 yuan per ton, reflecting increases of 1.4%, 0.5%, and 0.3% respectively [1] - Basic chemical raw material prices predominantly increased, with sulfuric acid and soda ash rising by 1.5% and 0.6%, while methanol and polypropylene decreased by 0.7% and 0.3% [1] Group 2: Metal and Fuel Prices - Non-ferrous metal prices showed minor fluctuations, with copper decreasing by 1.7%, while zinc and aluminum increased by 0.9% and 0.7% respectively [1] - Refined oil wholesale prices showed a slight decline, with 0 diesel remaining stable, while 95 and 92 gasoline decreased by 0.3% [1] Group 3: Fertilizer and Steel Prices - Fertilizer prices saw a slight decrease, with urea dropping by 0.4%, while ternary compound fertilizer remained stable compared to the previous week [2] - Steel prices experienced a minor decline, with hot-rolled strip steel, rebar, and high-speed wire priced at 3490 yuan, 3313 yuan, and 3513 yuan per ton, reflecting decreases of 0.8%, 0.7%, and 0.5% respectively [2] Group 4: Rubber Prices - Rubber prices experienced slight declines, with synthetic rubber and natural rubber decreasing by 2.5% and 1.5% respectively [3]

（文章来源：证券日报） 证券日报网讯 11月17日晚间，芭田股份发布公告称，公司将参加由深圳证监局和中证中小投资者服务 中心指导、深圳上市公司协会与深圳市全景网络有限公司联合举办的"2025年度深圳辖区上市公司投资 者网上集体接待日活动"，活动时间为2025年11月20日（周四）14：30-17：00。 ...

Group 1: Report Summary - Report Title: Urea Daily Report, November 17, 2025 [2] - Report Type: Energy and Chemical Research Report [2] - Research Object: Urea Market Group 2: Market Review - Futures Market: Urea futures fluctuated and closed at 1662 (+13/+0.79%) [3] - Spot Market: Factory prices were weakly stable with decent transactions. Prices in different regions were as follows: Henan 1530 - 1550 yuan/ton, Shandong small - sized 1540 - 1500 yuan/ton, Hebei small - sized 1560 - 1570 yuan/ton, Shanxi medium and small - sized 1480 - 1520 yuan/ton, Anhui small - sized 1540 - 1550 yuan/ton, Inner Mongolia 1450 - 1490 yuan/ton [3] Group 3: Important Information - Urea Daily Output: On November 17, the daily output was 204,400 tons, an increase of 1100 tons from the previous working day and 22,400 tons from the same period last year [4] - Urea Operating Rate: The operating rate on that day was 84.53%, a 4.00% increase from 80.53% in the same period last year [4] Group 4: Logic Analysis - Market Sentiment: The impact of the new export quota news faded, market sentiment cooled, and the spot factory prices of urea in mainstream regions declined [5] - Regional Analysis: In Shandong, the mainstream factory price led the increase before, now the market sentiment cooled, industrial compound fertilizer operating rate declined, and it was expected that the factory price would decline. In Henan, the market sentiment was weak, the factory price followed the increase before and was expected to follow the decline. In the delivery area and surrounding areas, the factory price followed the increase, and it was expected to remain stable. The Northeast demand was stable [5] - Supply and Demand: The maintenance devices returned one after another, and the daily output increased to around 204,000 tons. The fourth batch of quotas was issued, and the international price's influence on the domestic market increased again. The compound fertilizer production in Central and North China basically ended, the grass - roots stocking was coming to an end, the compound fertilizer factory operating rate declined, and the demand showed a downward trend [5] - Inventory: Urea production enterprise inventory decreased by 100,000 tons to around 1.5 million tons, still at a high level [5] - Outlook: In the short term, the domestic demand was still limited, the agricultural demand ended, the compound fertilizer had not started on a large scale, and the spot market sentiment was still low. The fourth - batch export quota was expected to be around 600,000 tons, which would boost the domestic market sentiment in the short term. The urea fundamentals were still loose, and it was expected to continue the downward trend [5] Group 5: Trading Strategy - Unilateral: Short selling [6] - Arbitrage: Wait - and - see [6] Group 6: Related Charts - Charts include urea daily output, operating rate, coal - based and gas - based operating rates and outputs, enterprise and port inventories, compound fertilizer operating rate and factory inventory, melamine operating rate, and Northeast arrival volume from 2022 to 2025 [11][15]

Group 1: Agricultural Products Market - The national edible agricultural product market prices increased by 1.6% compared to the previous week [1] - The average wholesale price of 30 types of vegetables reached 5.61 yuan per kilogram, rising by 7.1%, with cauliflower, spinach, and leeks increasing by 17.5%, 17.1%, and 15.5% respectively [1] - Wholesale prices for meat showed slight increases, with pork at 18.70 yuan per kilogram, up by 1.2%, while lamb and beef rose by 0.7% and 0.2% respectively [1] - The average wholesale price of six types of fruits saw minor increases, with watermelon, grapes, and bananas rising by 2.0%, 1.2%, and 0.4% respectively [1] - Grain and oil wholesale prices remained stable, with rapeseed oil and flour increasing by 0.2%, while rice, soybean oil, and peanut oil decreased by 0.2% [1] - Poultry product wholesale prices experienced slight fluctuations, with eggs increasing by 0.1% and broiler chickens decreasing by 0.2% [1] - Aquatic product wholesale prices slightly declined, with carp, crucian carp, and grass carp decreasing by 2.1%, 0.6%, and 0.6% respectively [1] Group 2: Production Materials Market - Prices of non-ferrous metals continued to rise, with copper, zinc, and aluminum increasing by 2.7%, 0.8%, and 0.7% respectively [2] - Basic chemical raw material prices were predominantly up, with sulfuric acid and soda ash rising by 1.8% and 0.1%, while methanol and polypropylene decreased by 0.6% and 0.1% [2] - Steel prices showed slight increases, with rebar, high-speed wire, and ordinary medium plate priced at 3336 yuan, 3531 yuan, and 3696 yuan per ton, rising by 0.8%, 0.4%, and 0.3% respectively [2] - Rubber prices experienced minor fluctuations, with natural rubber increasing by 1.1% and synthetic rubber decreasing by 1.6% [2] - Fertilizer prices remained stable, with urea increasing by 0.1% and compound fertilizer decreasing by 0.2% [2] - Coal prices showed slight fluctuations, with smokeless lump coal and coking coal priced at 1161 yuan and 1053 yuan per ton, increasing by 0.6% and 0.3%, while thermal coal decreased by 0.3% to 768 yuan per ton [2] - Finished oil wholesale prices slightly declined, with 95-octane gasoline, 92-octane gasoline, and 0-octane diesel decreasing by 2.3%, 2.3%, and 2.1% respectively [2]

Agricultural Products Market - The national market price of edible agricultural products increased by 0.4% from the previous week [1] - The average wholesale price of 30 types of vegetables was 5.69 yuan per kilogram, rising by 1.4%, with notable increases in prices of chives (14.8%), cabbage (8.4%), and asparagus lettuce (5.3%) [1] - The average wholesale price of 6 types of fruits saw a slight increase, with watermelon, grapes, and apples rising by 3.5%, 2.8%, and 0.3% respectively [1] - Wholesale prices of aquatic products slightly increased, with large hairtail, large yellow croaker, and silver carp rising by 0.8%, 0.8%, and 0.7% respectively [1] - Poultry product wholesale prices increased, with broiler chicken and eggs rising by 0.2% and 0.1% respectively [1] - Grain and oil wholesale prices showed slight fluctuations, with peanut oil rising by 0.1%, while rice and soybean oil decreased by 0.2% and 0.1% respectively [1] - Meat wholesale prices experienced minor fluctuations, with pork priced at 18.60 yuan per kilogram, decreasing by 0.5%, while beef and lamb increased by 0.1% [1] Production Materials Market - Coal prices saw a slight increase, with thermal coal, coking coal, and anthracite rising to 779 yuan, 1058 yuan, and 1164 yuan per ton, increasing by 1.4%, 0.5%, and 0.3% respectively [2] - Basic chemical raw material prices predominantly increased, with sulfuric acid and soda ash rising by 1.5% and 0.6%, while methanol and polypropylene decreased by 0.7% and 0.3% [2] - Prices of non-ferrous metals showed slight fluctuations, with copper decreasing by 1.7%, while zinc and aluminum increased by 0.9% and 0.7% respectively [2] - Refined oil wholesale prices remained stable with slight declines, as 0 diesel remained unchanged, while 95 and 92 gasoline decreased by 0.3% [2] - Fertilizer prices slightly decreased, with urea dropping by 0.4%, while compound fertilizers remained stable [2] - Steel prices experienced a slight decline, with hot-rolled strip steel, rebar, and high-speed wire rod priced at 3490 yuan, 3313 yuan, and 3513 yuan per ton, decreasing by 0.8%, 0.7%, and 0.5% respectively [2] - Rubber prices saw a slight decrease, with synthetic rubber and natural rubber falling by 2.5% and 1.5% respectively [2]

Group 1: Report Overview - Report title: Urea Morning Report [2] - Date: November 17, 2025 [2] - Author: Jin Zebin from Dayue Futures Investment Consulting Department [3] Group 2: Industry Investment Rating - No relevant content provided Group 3: Core Viewpoints - The current daily production and operating rate of urea have rebounded again, while the comprehensive inventory has declined. The agricultural demand is weak in the short term, and the industrial demand is moderately weak. With the commissioning of new production capacities such as Xinjiang Zhongneng in the middle of the month, the supply - side pressure has increased again. The large price difference between domestic and foreign markets for exports has improved the export situation compared with the previous period, boosting the sentiment of the futures market. The domestic urea market is still in a state of oversupply. It is expected that the urea futures main contract will fluctuate today [4]. Group 4: Summary by Directory 1. Urea Overview - **Fundamentals**: Daily production and operating rate are rising, inventory is falling. Agricultural demand is weak, industrial demand is moderately weak. New production capacities increase supply - side pressure. Export improvement boosts market sentiment. Overall, the domestic market is oversupplied. The spot price of the delivery product is 1600 (unchanged), and the fundamentals are neutral [4]. - **Basis**: The basis of the UR2601 contract is - 52, with a premium/discount ratio of - 3.3%, indicating a bearish signal [4]. - **Inventory**: The UR comprehensive inventory is 1.566 million tons (- 92,000 tons), a bearish factor [4]. - **Futures Market**: The 20 - day moving average of the UR main contract is upward, and the closing price is above the 20 - day line, a bullish signal [4]. - **Main Position**: The net position of the UR main contract is short, and the short position is being reduced, a bearish signal [4]. - **Expectation**: The main contract of urea is expected to fluctuate today, considering the weak industrial and agricultural demand and the improved export situation [4]. - **Leverage Factors**: The positive factor is the improvement in exports; the negative factors are domestic oversupply and new production capacity commissioning. The main logic lies in international prices and marginal changes in domestic demand [5]. 2. Spot and Futures Market Quotes | Category | Details | |----|----| | Spot | The price of the spot delivery product is 1600 (unchanged); Shandong spot is 1600 (unchanged); Henan spot is 1610 (unchanged); FOB China is 2732 [6]. | | Futures | The price of the 01 contract is 1652 (- 6); the basis is - 52 (+ 6); UR05 is 1727 (- 4); UR09 is 1748 (- 6) [6]. | | Inventory | The number of warehouse receipts is 7183 (+ 225); UR comprehensive inventory is 1.566 million tons (- 92,000 tons); UR manufacturer inventory is 1.484 million tons (- 94,000 tons); UR port inventory is 82,000 tons (+ 3,000 tons) [6]. | 3. Supply - Demand Balance Sheet | Year | Capacity | Capacity Growth Rate | Production | Net Imports | PP Import Dependence | Apparent Consumption | Ending Inventory | Actual Consumption | Consumption Growth Rate | |----|----|----|----|----|----|----|----|----|----| | 2018 | - | 22.455 billion | - | 19.5681 billion | 4.4838 billion | 18.6% | 24.0519 billion | 236.6 million | 24.0519 billion | - | | 2019 | - | 24.455 billion | 8.9% | 22.4 billion | 4.8794 billion | 17.9% | 27.2794 billion | 378.6 million | 27.1374 billion | 12.8% | | 2020 | - | 28.255 billion | 15.5% | 25.8098 billion | 6.1912 billion | 19.3% | 32.001 billion | 378.3 million | 32.0013 billion | 17.9% | | 2021 | - | 31.485 billion | 11.4% | 29.2799 billion | 3.5241 billion | 10.7% | 32.804 billion | 357.2 million | 32.8251 billion | 2.6% | | 2022 | - | 34.135 billion | 8.4% | 29.6546 billion | 3.3537 billion | 10.2% | 33.0083 billion | 446.2 million | 32.9193 billion | 0.3% | | 2023 | - | 38.935 billion | 14.1% | 31.9359 billion | 2.9313 billion | 8.4% | 34.8672 billion | 446.5 million | 34.8669 billion | 5.9% | | 2024 | - | 44.185 billion | 13.5% | 34.25 billion | 3.6 billion | 9.5% | 37.85 billion | 514 million | 37.7825 billion | 8.4% | | 2025E | - | 49.06 billion | 11.0% | - | - | - | - | - | - | [9]

Core Viewpoint - The "Low Emission Ammonia Fertilizer Initiative" (LEAF) was launched during COP30 in Brazil, aiming to accelerate the large-scale application of low-emission ammonia fertilizers to ensure food security while reducing greenhouse gas emissions [1][2] Group 1: Initiative Overview - LEAF is a coalition formed by governments, international organizations, and companies from various sectors including food, agriculture, and fertilizers [1] - Traditional ammonia fertilizer production emits approximately 510 million tons of greenhouse gases annually, comparable to the total emissions of Brazil or Germany [1] Group 2: Key Actions and Partnerships - The initiative is led by the Hydrogen Council, with core partners including the United Nations Industrial Development Organization, PepsiCo, and the International Fertilizer Association [2] - The "Public-Private Sector Action Statement" outlines three priority actions: narrowing cost gaps to stimulate demand, enhancing investment confidence through standardization and market mechanisms, and deepening public-private collaboration to improve policy frameworks and financial tools [2] - The statement is open for signing until November 20, coinciding with COP30's "Agriculture and Food Security" theme day [2] Group 3: Support and Resources - To support the initiative, the Hydrogen Council, along with stakeholders in the agriculture and food sectors, and McKinsey, released a "Roadmap for the Large-Scale Adoption of Low-Emission Ammonia Fertilizers," providing market analysis and data to guide the priority actions [2]

Core Viewpoint - The China Chemical Engineering Tianchen Company has commenced the foundational design of the calcium ammonium nitrate project for the Keshan Group's green fertilizer initiative in Kenya, marking it as the world's first integrated project for "geothermal electricity to hydrogen/ammonia/fertilizer" [1] Group 1: Project Overview - The project aims to create a demonstration project driven by geothermal energy for the production of hydrogen, ammonia, and green fertilizers [1] - It represents a significant achievement in the deepening cooperation between China and Kenya in the fields of new energy and chemicals [1] Group 2: Technological and Economic Impact - The project will utilize local geothermal resources to produce green hydrogen through water electrolysis, capture carbon dioxide at geothermal wellheads, and produce nitrogen for green ammonia, urea, and calcium ammonium nitrate [1] - It is expected to enhance Kenya's self-sufficiency in fertilizer production, improve agricultural productivity, and promote local employment while driving the development of upstream and downstream industries [1] Group 3: Strategic Goals - The company plans to leverage this project to enhance its advantages in integrating green energy and chemicals, constructing green hydrogen models, and engineering design and technology integration [1] - This initiative aims to contribute to the development of clean energy in Africa and provide an innovative example for deepening cooperation under the Belt and Road Initiative in the East African region [1]

Report Overview - Report Title: Urea Weekly Report - Report Date: November 16, 2025 - Analyst: Yang Honghan - Investment Advisory Qualification Number: Z0021541 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - The urea market is expected to operate within a range, with valuation being more important than drivers. The domestic fundamental pressure is high, but the downward driving force is weakened by policy regulation. In November, with mid - stream replenishment and the fourth batch of export quotas driving speculation, spot trading has continuously improved, and the inventory accumulation of upstream enterprises is expected to slow down significantly. The 01 contract is expected to oscillate between 1550 - 1560 yuan/ton (support) and 1680 - 1700 yuan/ton (pressure) [2]. 3. Summary by Relevant Catalogs 3.1 Valuation End: Price and Spread - **Urea Basis**: Multiple charts show the basis data of different enterprises (Zhengyuan, Boda, Jinkai, Dongping) from 2019 - 2025 [5][6][7][8]. - **Urea Monthly Spread and Warehouse Receipts**: Charts present the monthly spread data of 5 - 9, 1 - 5, 9 - 1 from 2019 - 2025, and the warehouse receipt quantity data from 2019 - 2025 [9][10][11][13]. - **Urea Domestic Spot Price**: Show the domestic spot price trends of different enterprises (Zhengyuan, Hebei, Dongguang, Shandong) from 2019 - 2025 [15][16][17][18]. - **Urea International Spot Price**: Display the international spot price trends of different regions (Baltic Sea, China, Brazil, Middle East) from 2018 - 2025 [19][20]. 3.2 Domestic Supply - **Capacity**: In 2025, the expansion pattern of urea production capacity continues. In 2024, the total new production capacity was 3920,000 tons, and in 2025, it is expected to be 7,160,000 tons. Many enterprises have new production capacity or capacity replacement plans [23]. - **Production Enterprises' Maintenance Plan**: List the maintenance plans of multiple urea production enterprises, including the start and end dates, loss of production, and types of maintenance (normal, policy - related, fault, loss - cost) [25]. - **Output**: Currently, the production profit is around the break - even point, but the daily output of urea remains high. The daily output, capacity utilization rate, and the output of coal - based and gas - based urea in China from 2018 - 2025 are presented in the charts [26][27]. - **Cost**: Raw material prices are stable, and the factory's cash - flow cost line has risen. The cost calculations of Shanxi fixed - bed factories and the complete cost trends of urea in different production processes (entrained - flow bed, fixed - bed, natural gas) from 2018 - 2025 are provided [29][30][31][33]. - **Profit**: The profit corresponding to the cash - flow cost of urea is currently in a profitable state. The cash - flow profit of urea fixed - bed devices and the production profit of different production processes from 2018 - 2025 are shown in the charts [34][35][37][38][39]. - **Net Import (Export)**: During the reserve period, export policies are tightened. The monthly net import (export) data from 2018 - 2025 (estimated) are provided, along with charts showing the export profit and export volume [40][41][42]. 3.3 Domestic Demand - **Agricultural Demand**: Agricultural demand shows seasonal strength. Different regions and crops have different demand patterns throughout the year. High - standard farmland construction has led to an incremental demand for urea from corn [47][48][50]. - **Industrial Demand** - **Compound Fertilizer**: The compound fertilizer industry's fundamental situation includes production cost, inventory, production profit, and capacity utilization rate, with relevant data from 2019 - 2025 [54][55][56]. - **Melamine**: The fundamental situation of melamine includes production profit, market price, output, and capacity utilization rate, with relevant data from 2018 - 2025 [57][58][59]. - **Real Estate and Wood Products**: The demand for wood - based panels from the real estate industry has limited support, but wood - product exports are resilient. Data on the export volume of plywood, oriented strand board, and real - estate construction and completion areas are provided [60][61]. 3.4 Inventory - **Factory Inventory**: On November 12, 2025, the total inventory of Chinese urea enterprises was 1.4836 million tons, a decrease of 94,500 tons (5.99% MoM) from the previous week. Some provinces' inventories decreased, while others increased [2][66]. - **Port Inventory**: As of November 13, 2025 (week 46), the sample inventory of Chinese urea ports was 82,000 tons, an increase of 3,000 tons (3.8% MoM). Under the phased relaxation of export policies, the enthusiasm for cargo collection at ports has increased [2][66]. 3.5 International Urea - **International Urea Price**: Multiple charts show the FOB prices of large - granular urea in different regions (China, Baltic Sea, Middle East) and the CFR price in Brazil from 2018 - 2025 [70][71][72][73].

Meeting Details - The meeting was held on November 14, 2025, at 14:30, with online voting available from 9:15 to 15:00 [3][4] - The meeting was convened by the company's board of directors and hosted by Chairman Yuan Qirong [5][7] - The voting method combined both on-site and online voting [6] Attendance - A total of 294 shareholders participated, representing 195,646,272 shares, which is 25.8066% of the total voting shares [8] - Among them, 6 shareholders attended in person, representing 182,654,100 shares (24.0928% of total voting shares), while 288 participated via online voting, representing 12,992,172 shares (1.7137% of total voting shares) [8] - Small shareholders accounted for 293 participants, representing 13,595,472 shares (1.7933% of total voting shares) [9] Proposal Review and Voting Results - The proposal to reappoint the accounting firm was approved with 193,741,884 votes in favor (99.0266% of valid votes), 1,382,288 against (0.7065%), and 522,100 abstentions (0.2669%) [10][11] - Small shareholders voted 11,691,084 in favor (85.9925%), 1,382,288 against (10.1673%), and 522,100 abstentions (3.8402%) [10] Legal Opinion - The legal opinion was provided by Anhui Chengyi Law Firm, confirming that the meeting's procedures and voting results complied with legal and regulatory requirements [12] Reference Documents - The resolutions from the second temporary shareholders' meeting of Anhui Sierte Fertilizer Co., Ltd. and the legal opinion from Anhui Chengyi Law Firm are available for review [13]