1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of the Reports Polyester Industry - PX: Short - term supply is stable, affected by macro - sentiment and terminal restocking, but downstream PTA maintenance and weak terminal demand limit its drive. Follow macro - sentiment and oil prices, be cautious and bearish on PX09, and expand PX - SC spread at low levels [2]. - PTA: Load is around 80%, 8 - month maintenance increases, and short - term drive is limited. Be bearish on TA above 4900, conduct TA9 - 1 rolling reverse arbitrage, and expand PTA processing margin at low levels [2]. - Ethylene Glycol: Supply turns loose in August, but affected by macro factors. EG99 is on the sidelines, and 9 - 1 reverse arbitrage is the main strategy [2]. - Short - fiber: Short - term supply - demand is weak, follow raw materials. Unilateral strategy is the same as TA, and PF processing margin fluctuates between 800 - 1100 [2]. - Bottle - chip: Supply is high, demand is average, and processing margin has limited upside. PR is the same as PTA, and pay attention to expanding the processing margin at the lower end of the 350 - 600 range [2]. Crude Oil Industry - Overnight oil prices rose due to geopolitical uncertainties and better - than - expected demand data. Short - term trading focuses on geopolitical risks, and the market fluctuates along the upper edge of the range. Use short - term band strategies, and capture volatility opportunities in options [7]. Pure Benzene - Styrene Industry - Pure Benzene: Third - quarter supply - demand improves slightly, but new device production limits de - stocking. Follow market sentiment, and BZ2603 follows oil prices and styrene [13]. - Styrene: Supply - demand is weak, port inventory increases, and basis weakens. EB09 is rolling bearish [13]. Methanol Industry - Supply is high, port inventory may increase in August, downstream demand is weak, and MTO profit is low. Expand MTO09 profit at low levels [29]. Polyolefin Industry - In August, supply pressure increases for PP and PE, demand has potential restocking conditions, and overall valuation is moderately high. PP is bearish unilaterally (7200 - 7300), and hold LP01 [32]. Urea Industry - The disk rebounds slightly, but the core contradiction remains. Supply is high, export policies limit demand, and inventory pressure increases. Pay attention to autumn fertilizer progress and device restart [34]. Chlor - Alkali Industry - Caustic Soda: The disk is strong, and the spot is stable. Supply increases and inventory may rise. The price is expected to be stable, and pay attention to risk avoidance [37][40]. - PVC: The disk sentiment recovers. Supply may increase, domestic demand is weak, and export expectations are good. The supply exceeds demand, and be cautious in the short - term [37][40] 3. Summary According to Relevant Catalogs Polyester Industry - **Prices and Cash Flows**: On July 29, most polyester product prices and cash flows changed slightly. For example, Brent crude (September) rose to $72.51/barrel, and POY150/48 cash flow was - 24 yuan/ton [2]. - **Inventory and Supply - Demand**: MEG port inventory decreased slightly, and PTA device maintenance increased in August. Terminal demand showed signs of restocking but was still weak [2]. - **Operating Rates**: The operating rates of polyester - related industries changed slightly, with some increasing and some decreasing [2]. Crude Oil Industry - **Prices and Spreads**: On July 30, Brent rose to $72.51/barrel, and WTI slightly decreased. Spreads such as Brent - WTI changed [7]. - **Driving Factors**: Geopolitical risks and demand data drove oil prices, while OPEC+ production increase limited long - term gains [7]. Pure Benzene - Styrene Industry - **Prices and Spreads**: On July 29, pure benzene and styrene prices changed slightly, and related spreads also changed [12]. - **Inventory and Operating Rates**: Pure benzene port inventory decreased slightly, and the operating rates of related industries changed [13]. Methanol Industry - **Prices and Spreads**: On July 29, methanol futures prices rose, and basis and spreads changed [29]. - **Inventory and Operating Rates**: Methanol enterprise, port, and social inventories decreased, and upstream and downstream operating rates changed [29]. Polyolefin Industry - **Prices and Spreads**: On July 29, polyolefin futures and spot prices changed slightly, and basis and spreads changed [32]. - **Supply and Demand**: In August, supply pressure increased, and demand had potential restocking conditions [32]. Urea Industry - **Prices and Spreads**: On July 29, urea prices in different regions changed slightly, and spreads also changed [34]. - **Supply and Demand**: Supply was high, device maintenance decreased, and export demand was restricted [34]. Chlor - Alkali Industry - **Prices and Spreads**: On July 29, caustic soda and PVC prices changed, and spreads and basis changed [37]. - **Inventory and Operating Rates**: Chlor - alkali operating rates and downstream demand operating rates changed, and inventory also changed [37][38][39][40]

交易咨询业务资格：证监许可【2012】1091号 尿素早报 2025-7-30 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我 司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 • 尿素概述： • 1. 基本面：近期尿素盘面震荡。国内宏观政策带来原料端利好影响。国内供应方面，日产及 开工率仍处于偏高位置，库存再度累库。需求端，工业需求中复合肥开工持续回落，三聚氰胺开 工亦回落，农业需求再次转淡。国内尿素整体供过于求仍明显，出口政策未超预期放开。交割品 现货1820（+0），基本面整体中性； • 2. 基差： UR2509合约基差76，升贴水比例4.2%，偏多； • 3. 库存：UR综合库存143.1万吨（+0.9），偏空； • 4. 盘面： UR主力合约20日均线向上，收盘价位于20日线下，中性； • 5. 主力持仓：UR主力持仓净空，减空，偏空； • 6. 预期：近期尿素主力合约盘面震荡， ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Urea has entered a mid - term oscillation pattern. The "anti - involution" and supply - side optimization expectations support the overall valuation of commodities, and the second - batch export of urea may support the demand side. In the short term, the commodity index rebounds with oscillations. The daily fluctuations mainly depend on the overall trend of the commodity index under macro - sentiment guidance and the daily spot trading volume [4] 3. Summary by Relevant Catalogs 3.1 Urea Fundamental Data 3.1.1 Futures Market - Urea's main contract: The closing price was 1,744 yuan/ton (up 6 yuan from the previous day), the settlement price was 1,739 yuan/ton (down 6 yuan), the trading volume was 151,631 lots (down 97,747 lots), the open interest of the 09 contract was 152,980 lots (down 144 lots), the warehouse receipt quantity was 2,900 tons (unchanged), and the trading value was 5.27502 billion yuan (down 3.42913 billion yuan). The Shandong regional basis was 16 (down 26), the Fengxi - to - futures basis was - 94 (down 16), the Dongguang - to - futures basis was 16 (down 26), and the UR09 - UR01 spread was - 26 (down 6) [2] 3.1.2 Spot Market - Urea factory prices: Henan Xinlianxin was 1,770 yuan/ton (down 30 yuan), Yankuang Xinjiang was 1,495 yuan/ton (unchanged), Shandong Ruixing was 1,760 yuan/ton (unchanged), Shanxi Fengxi was 1,650 yuan/ton (down 10 yuan), Hebei Dongguang was 1,760 yuan/ton (down 20 yuan), and Jiangsu Linggu was 1,830 yuan/ton (down 30 yuan). Trader prices in Shandong were 1,760 yuan/ton (down 20 yuan) and in Shanxi were 1,650 yuan/ton (down 10 yuan) [2] 3.1.3 Supply - side Indicators - The operating rate was 83.21% (up 1.04 percentage points), and the daily output was 192,650 tons (up 2,400 tons) [2] 3.2 Industry News - On July 23, 2025, the total inventory of Chinese urea enterprises was 858,800 tons, a decrease of 36,700 tons (4.10% month - on - month) from the previous week. The inventory decline narrowed. Although domestic urea demand was weak and factory orders and shipments slowed, due to some goods being exported and local downstream purchasing at low prices, the overall factory inventory decreased slightly. Some provinces saw inventory increases, while others saw decreases. With weak trading recently and the second - batch export not yet started, the inventory of urea production enterprises is expected to fluctuate slightly next week [2]

7月29日，沪深两融数据显示，亚钾国际获融资买入额0.75亿元，居两市第609位，当日融资偿还额0.36 亿元，净买入3912.63万元。 融券方面，当日融券卖出0.27万股，净买入0.19万股。 来源：金融界 最近三个交易日，25日-29日，亚钾国际分别获融资买入0.38亿元、0.52亿元、0.75亿元。 ...

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View Policy expectations and exports are expected to provide short - term support to the urea market, but high supply and weak demand will limit the upside potential. The urea futures are likely to remain in a volatile pattern. Market participants should monitor production costs and the progress of autumn stockpiling [4][5]. 3. Summary by Category Fundamental Analysis - The Ministry of Industry and Information Technology is promoting the elimination of outdated production capacity in key industries. The proportion of fixed - bed processes in the urea industry has dropped to 10%, increasing the expectation of a marginal contraction in supply [4]. - Export orders are being continuously fulfilled. Enterprise inventories have decreased by 7.46% week - on - week to 895,500 tons, while port inventories have increased to 541,000 tons, alleviating domestic supply pressure [4]. - The top - dressing of northern corn is mostly completed, leading to weak agricultural demand. The incremental demand for autumn stockpiling of compound fertilizers is limited, and industrial demand is mainly for essential purchases [4]. - Although the daily production has slightly decreased to 196,100 tons, it is still higher year - on - year. With the addition of new production capacity, the pattern of loose supply remains unchanged [4]. Data Presentation The report presents a series of data related to the urea industry, including historical data on enterprise and port inventories, futures trading volume and open interest, spot prices, production costs, production profits, capacity utilization rates, and export prices, as well as data on related industries such as compound fertilizers and the power coal market [7][10][17][28][38][43]

2025年上半年尿素价格先震荡上涨，后震荡下跌，呈宽幅震荡走势。展望下半年尿素价格走势，预计7 月农业需求淡季引发尿素价格阶段性下跌；8—9月秋季备肥及出口集中装船等需求边际改善可能引发价 格反弹，但幅度受限于供应压力；若10月出口窗口关闭，需求淡季叠加高库存，价格或再次下探。 新增投产压力较大生产利润继续下降 2025年上半年，尿素行业产能投放309万吨，技改产能40万吨，产能增量为269万吨，上半年产能增速为 3.51%。理论产能从7670 万吨增长至7939万吨。 陕西陕化、甘肃靖远刘化（一期）、甘肃金昌能源、江苏晋煤恒盛化工、新疆新冀能源5套装置在2025 年上半年顺利投产。2025年下半年，尿素行业预计产能投放292万吨，暂无技改产能，产能增量为292 万吨，下半年产能增速（相较于2025 年上半年）为3.68%，理论产能从7939万吨增长至8231万吨。2025 年尿素产能增速预计为7.31%，下半年新疆奥福（库车沐阳）、九江心连心、安徽晋煤中能、甘肃靖远 刘化（二期）、山东晋控日月新材料、河北正元氢能科技 6 套装置投产，投产压力仍较大，尿素市场供 应宽松局面延续。 2025年上半年，新增产能较 ...

Core Viewpoint - The legal opinion letter from Shanghai Jintiancheng Law Firm confirms that the convening and holding of the second extraordinary general meeting of shareholders for Xinyangfeng Agricultural Technology Co., Ltd. complies with relevant laws and regulations, ensuring the legality and validity of the meeting and its resolutions [2][8]. Group 1: Meeting Procedures - The meeting was convened based on the resolution of the company's ninth board of directors and was announced on July 12, 2025, in accordance with the company's articles of association [3][4]. - The meeting was held on July 29, 2025, at 2:00 PM at the Yangfeng Training Center in Jingmen City, combining on-site voting and online voting [4][5]. Group 2: Attendance and Qualifications - A total of 10 shareholders attended the on-site meeting, representing 699,575,894 shares, which is 55.7549% of the total voting shares [5][6]. - 362 shareholders participated in the online voting, with 366 small investors attending the meeting, representing 182,168,796 shares, or 14.5185% of the total voting shares [6][7]. Group 3: Voting Results - The meeting's resolutions were approved with 871,999,553 votes in favor, accounting for 99.9929% of the valid votes cast [7]. - Small investors voted 181,634,797 shares in favor, representing 99.7069% of the valid votes from small investors [7]. Group 4: Conclusion - The legal opinion concludes that all aspects of the meeting, including the convening, attendance, and voting procedures, comply with the Company Law and relevant regulations, confirming the legality and validity of the meeting's resolutions [8].

1、期货市场：尿素期货宽幅震荡为主，最终报收 1744（-1/-0.06%）。 2、现货市场：出厂价延续跌势，成交一般，河南出厂报 1700-1720 元/吨，山东小 颗粒出厂报 1700-1720 元/吨，河北小颗粒出厂 1720-1730 元/吨，山西中小颗粒出厂报 1650-1670 元/吨，安徽小颗粒出厂报 1730-1750 元/吨，内蒙出厂报 1580-1630 元/吨。 【重要资讯】 大宗商品研究 能源化工研发报告 尿素日报 2025 年 7 月 29 日 尿素日报 【市场回顾】 【尿素】7 月 29 日，尿素行业日产 19.47 万吨，较上一工作日持平；较去年同期增 加 1.86 万吨；今日开工 84.08%，较去年同期 79.85%提升 4.23%。 【逻辑分析】 今日，市场情绪表现一般，主流地区尿素现货出厂报价连续下跌，成交乏力。山东 地区主流出厂报价领跌，市场情绪表现一般，工业复合肥开工率略有提升，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，贸易商出货，新单 成交转弱，待发告罄，预计出厂报价继续下跌为主；河南地区市场情绪偏低，出厂报价 暂稳，贸易商观望，收单量 ...

Report Industry Investment Rating - Not provided Core Viewpoints - Urea futures opened low and moved high, closing down at the end of the session. The weak futures market affected the spot sentiment, with upstream factories having poor sales and prices showing a downward trend. The supply is sufficient, and although some enterprises plan to conduct maintenance in August, the daily output remains high. The demand in the main delivery areas has weakened, and the domestic demand has declined. Despite the support of export containerization, the inventory reduction rate has slowed down, indicating weak terminal demand. The current market is bearish, but there is still a possibility of a rebound. Overall, the market remains in a weak and volatile state [1] Summary by Related Catalogs Strategy Analysis - The urea futures market was weak, affecting the spot market. Supply is ample, and although there will be maintenance in August, the daily output stays high. The demand in the main delivery areas has weakened, and domestic demand is sluggish. The market is currently bearish but may rebound, remaining weak and volatile [1] Futures and Spot Market Conditions - **Futures**: The main urea 2509 contract opened at 1730 yuan/ton, moved high, and closed down at 1744 yuan/ton, with a decline of -0.06%. The trading volume was 152,980 lots (-144 lots). Among the top 20 major positions, long positions increased by 1,701 lots, and short positions increased by 3,744 lots [2] - **Spot**: The weak futures market affected the spot sentiment, with upstream factories having poor sales and prices showing a downward trend. The mainstream ex - factory prices of small - granular urea in Shandong, Henan, and Hebei ranged from 1700 - 1750 yuan/ton, and the transaction center continued to move down [4] Fundamental Tracking - **Basis**: Based on Shandong, the basis weakened compared to the previous trading day, with the September contract basis at 26 yuan/ton (-26 yuan/ton) [8] - **Supply Data**: On July 29, 2025, the national daily urea output was 193,700 tons, unchanged from the previous day, and the operating rate was 82.47% [11]

格隆汇7月29日丨中国心连心化肥(01866.HK)宣布，公司将于2025年8月8日（星期五）举行董事会会 议，其中议程包括考虑及批准刊发公司及其附属公司截至2025年6月30日止六个月的综合中期业绩公告 于香港联交所网站。 ...