Report Industry Investment Rating - Unilateral: Neutral; Inter - term: After the export window period, conduct anti - arbitrage on UR01 - 05 when it reaches a high; Inter - variety: None [3] Core Viewpoints - The domestic urea spot market has manufacturers reducing prices to attract orders. After the spot price breaks through the previous low, the transaction improves but the sustainability is insufficient. The spot price fluctuates weakly. With the rebound of the futures price, the transaction improves. Attention should be paid to the sentiment of order collection before the festival. The domestic demand is weak, the inventory in urea plants continues to accumulate, mainly in Inner Mongolia. The urea production remains at a high level, and the medium - and long - term supply and demand of urea are still relatively loose. The export side still has a great impact on the sentiment of urea prices. The export window period in September is conducive to continuous exports, and the port inventory is decreasing. Attention should be paid to the resonance period of the increase in export speed and the improvement of domestic demand [2] Summary by Related Catalogs Urea Basis Structure - The report provides information on the market prices of small - particle urea in Shandong and Henan, the basis of Shandong and Henan main - continuous contracts, the price of the urea main - continuous contract, and the 1 - 5, 5 - 9, 9 - 1 spreads, with data sources from Flush and Huatai Futures Research Institute [7][8][9] Urea Production - The report shows the weekly urea production and the loss of urea plant maintenance, with data sources from Flush and Huatai Futures Research Institute [20][26] Urea Production Profit and Operating Rate - It presents the production cost, spot production profit, futures production profit, national capacity utilization rate, coal - based capacity utilization rate, and gas - based capacity utilization rate, with data sources from Flush and Huatai Futures Research Institute [26][27][29] Urea FOB Price and Export Profit - The report includes the FOB prices of small - particle urea in the Baltic Sea, the CFR price of large - particle urea in Southeast Asia, the FOB price of small - particle urea in China, the CFR price of large - particle urea in China, the difference between the FOB prices of small - particle urea in the Baltic Sea and China, the difference between the CFR price of large - particle urea in Southeast Asia and the FOB price in China, the urea export profit, and the futures export profit, with data sources from Flush and Huatai Futures Research Institute [32][33][37] Urea Downstream Operating Rate and Orders - It shows the operating rates of compound fertilizer and melamine, the number of days of pending orders, and the number of days of raw material inventory of urea downstream manufacturers in Hebei, with data sources from Flush and Huatai Futures Research Institute [53][48][54] Urea Inventory and Warehouse Receipts - The report provides information on the upstream in - plant inventory, port inventory, futures warehouse receipts, the holding volume of the main contract, and the trading volume of the main contract, with data sources from Flush and Huatai Futures Research Institute [51][54][57] Market Analysis - **Price and Basis**: On September 24, 2025, the closing price of the urea main contract was 1,673 yuan/ton (+15). The ex - factory price of small - particle urea in Henan was 1,610 yuan/ton (0), in Shandong was 1,610 yuan/ton (+0), and in Jiangsu was 1,620 yuan/ton (+0). The price of small anthracite was 750 yuan/ton (+0). The basis in Shandong was - 63 yuan/ton (-15), in Henan was - 63 yuan/ton (-25), and in Jiangsu was - 53 yuan/ton (-15). The urea production profit was 80 yuan/ton (+0), and the export profit was 1,149 yuan/ton (+9) [1] - **Supply Side**: As of September 24, 2025, the enterprise capacity utilization rate was 81.21% (+0.08%). The total inventory of sample enterprises was 1.2182 million tons (+52,900 tons), and the inventory of port samples was 516,000 tons (-33,400 tons) [1] - **Demand Side**: As of September 24, 2025, the capacity utilization rate of compound fertilizer was 38.63% (+0.81%), the capacity utilization rate of melamine was 56.78% (+1.40%), and the number of days of advance orders of urea enterprises was 6.71 days (+0.53) [1]

Core Viewpoint - The article highlights the successful integration of party-building initiatives with agricultural support and sales strategies by Jinan 46 Station, leading to increased agricultural productivity and sales growth [1][2][5]. Group 1: Party-Building Initiatives - Jinan 46 Station, under the leadership of manager Shi Chuanmeng, has established a close cooperation with local party branches to address farmers' needs through joint activities [2]. - The collaboration includes organizing theme party days and agricultural technology training, which enhances communication between the company and farmers, fostering trust and service delivery [2]. Group 2: Tailored Services for Farmers - The company has developed customized services based on local soil characteristics and crop fertilization cycles, offering high-quality fertilizers suited to local conditions [3]. - Delivery services are provided to solve transportation issues for farmers, ensuring that fertilizers reach the fields efficiently [3]. - The company has engaged over 50 large-scale farmers, supplying them with specific fertilizers for economic crops and staple crops, thus implementing a demand-driven supply model [3]. Group 3: Innovative Sales Models - To enhance sales efficiency and brand influence, Jinan 46 Station has introduced a "multi-channel + empirical" sales model [4]. - Offline channels have been expanded by promoting fertilizer products at fuel stations, creating a one-stop service for farmers [4]. - Online marketing efforts utilize platforms like WeChat and Douyin to frequently inform farmers about product features and usage [4]. - The company emphasizes brand trust by explaining the strategic partnership between Sinochem and China National Petroleum, and by conducting field trials to demonstrate product advantages [4]. Group 4: Sales Achievements and Future Plans - The implementation of party-building initiatives has resulted in significant sales, with over 15 tons of water-soluble fertilizers and 300 tons of compound fertilizers sold, generating over 1 million yuan in revenue [5]. - The quality of fertilizers and services has contributed to increased agricultural yields, positioning the company as a key player in rural revitalization efforts [5]. - Future plans include deepening party-building initiatives and exploring new service models to further support agriculture and rural development [5].

Core Viewpoint - The news highlights the recent trading activity and financial performance of Qingdao Oriental Tower Co., Ltd., indicating a strong market presence and growth in revenue and profit [1][2]. Trading Activity - On September 24, Oriental Tower's stock rose by 1.15%, with a trading volume of 210 million yuan. The margin trading data shows a financing purchase amount of 41.47 million yuan and a net financing purchase of 21.30 million yuan for the day [1]. - As of September 24, the total margin trading balance for Oriental Tower was 224 million yuan, with the financing balance accounting for 1.35% of the circulating market value, indicating a high level compared to the past year [1]. Financial Performance - For the first half of 2025, Oriental Tower reported a revenue of 2.15 billion yuan, representing a year-on-year growth of 8.51%. The net profit attributable to shareholders was 493 million yuan, showing a significant increase of 79.18% compared to the previous year [2]. Business Composition - The company's main business segments include potassium chloride (65.07% of revenue), angle steel towers (16.09%), steel structures (11.72%), and steel pipe towers (4.63%). Other segments contribute smaller percentages to the overall revenue [2]. Shareholder Information - As of June 30, 2025, the number of shareholders for Oriental Tower was 22,800, a decrease of 15.33% from the previous period. The average circulating shares per person increased by 18.11% to 49,653 shares [2]. Dividend Distribution - Since its A-share listing, Oriental Tower has distributed a total of 2.614 billion yuan in dividends, with 1.257 billion yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 14.56 million shares, a decrease of 771,000 shares from the previous period. New institutional shareholders include China Europe Era Pioneer Stock A and China Europe New Blue Chip Mixed A [3].

Core Insights - Thailand and Saudi Arabia are enhancing their economic and trade relations through trade exhibitions, emerging industries, and cooperation in halal food, pharmaceuticals, herbal products, and elderly care [1] Economic Cooperation - The Thai Commercial Affairs Permanent Secretary, Wuttikrai, chaired an online meeting of the Saudi-Thailand Coordination Committee on September 18 to strengthen economic and trade cooperation [1] - An agreement to eliminate double taxation and a customs cooperation memorandum were signed to simplify trade and investment processes between the two countries [1] Trade Statistics - Saudi Arabia is recognized as a high-income country and a strategic trade partner for Thailand, with strong demand for halal food and agricultural products [1] - In 2024, Saudi Arabia is projected to be Thailand's 19th largest trading partner and the second largest in the Middle East, with a bilateral trade volume of $7.56 billion, including exports of $2.86 billion and imports of $4.9 billion [1] - In the first half of this year, total trade amounted to $3.85 billion, with exports to Saudi Arabia at $1.25 billion and imports at $2.6 billion [1] - Major export products include automobiles, auto parts, wood and wood products, and rubber products, while key imports consist of crude oil, fertilizers, pesticides, and chemicals [1]

尿素产业日报 2025-09-24 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1673 | 15 郑州尿素1-5价差(日,元/吨) | -51 | 4 | | | 郑州尿素主力合约持仓量(日,手) | 300158 | -4730 郑州尿素前20名净持仓 | -43029 | 3584 | | | 郑州尿素交易所仓单(日,张) | 7535 | 0 | | | | 现货市场 | 河北(日,元/吨) | 1650 | -10 河南(日,元/吨) | 1620 | 0 | | | 江苏(日,元/吨) | 1620 | -10 山东(日,元/吨) | 1610 | 0 | | | 安徽(日,元/吨) | 1620 | -10 郑州尿素主力合约基差(日,元/吨) | -63 | -15 | | | FOB波罗的海(日,美元/吨) | 387.5 | 0 FOB中国主港(日,美元/吨) | 417.5 | 0 | | 产业情况 | 港口库存(周, ...

Price Trends in Various Markets - The national production material market prices decreased by 0.2% from September 15 to 21 compared to the previous week [1] - Basic chemical raw material prices mainly declined, with sulfuric acid and methanol decreasing by 4.0% and 0.2% respectively, while polypropylene remained stable and soda ash increased by 0.3% [1] - Fertilizer prices showed stability with a slight decrease, where urea fell by 0.3% and compound fertilizers remained unchanged [2] - Non-ferrous metal prices experienced a slight decline, with zinc, aluminum, and copper decreasing by 0.6%, 0.1%, and 0.1% respectively [3] - Rubber prices saw a minor decrease, with both synthetic and natural rubber dropping by 0.1% [4] Energy and Coal Prices - Wholesale prices for finished oil products remained stable, with 0 diesel, 92 gasoline, and 95 gasoline showing no significant change from the previous week [5] - Coal prices exhibited slight fluctuations, with thermal coal priced at 759 yuan per ton (up 0.4%), smokeless lump coal at 1136 yuan per ton (stable), and coking coal at 1000 yuan per ton (down 0.1%) [5] Steel Prices - Steel prices experienced a slight increase, with high-speed wire rod, rebar, and hot-rolled strip steel priced at 3567 yuan, 3385 yuan, and 3590 yuan per ton, reflecting increases of 0.6%, 0.6%, and 0.2% respectively [5]

尿素日报 | 2025-09-24 内需依旧偏弱，九江心连心开车成功 市场分析 价格与基差：2025-09-23，尿素主力收盘1658元/吨（-2）；河南小颗粒出厂价报价：1620 元/吨（0）；山东地区小 颗粒报价：1610元/吨（-10）；江苏地区小颗粒报价：1620元/吨（-10）；小块无烟煤750元/吨（+0），山东基差：-48 元/吨（-8）；河南基差：-38元/吨（+2）；江苏基差：-38元/吨（-8）；尿素生产利润80元/吨（-10），出口利润1140 元/吨（+19）。 供应端：截至2025-09-23，企业产能利用率81.21%（0.08%）。样本企业总库存量为116.53 万吨（+3.26），港口样本 库存量为51.60 万吨（-3.34）。 需求端：截至2025-09-23，复合肥产能利用率38.63%（+0.81%）；三聚氰胺产能利用率为56.78%（+1.40%）；尿素 企业预收订单天数6.18日（-0.70）。 尿素国内现货市场厂家降价吸单，现货价格跌破前低后成交好转，持续性不足，现货价格震荡偏弱，关注节前收 单情绪。目前部分地区农业秋季肥开始，淡季储备开始较少，工业需求复合肥拿货 ...

尿素：短期震荡，中期承压 | | | 【基本面跟踪】 尿素基本面数据 2025 年 09 月 24 日 | 项 | 目 | 项目名称 | | 昨日数据 | 前日数据 | 变动幅度 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 尿素主力 （01合约） | 收盘价 | （元/吨） | 1,658 | 1,660 | - 2 -1307 | | | | 结算价 | （元/吨） | 1,658 | 1,658 | 0 | | | | 成交量 | （手） | 112,495 | 113,802 | | | | | 持仓量 | （手） | 304,888 | 307,396 | -2508 | | | | 仓单数量 | （吨） | 7,535 | 7,535 | 0 | | | | 成交额 | （万元） | 373,093 | 377,421 | -4327 | | | 基 差 | 山东地区基差 | | -48 | -40 | - 8 | | | | 丰喜-盘面 | （运费约100元/吨） | -168 | -160 | - 8 | | | | 东光-盘面 ...

Core Viewpoint - The article highlights the successful harvest season in China, emphasizing the role of innovative agricultural practices and products from companies like Xinyangfeng in enhancing crop yields and ensuring food security [1][10]. Group 1: Agricultural Achievements - The National Bureau of Statistics reported a stable summer grain production this year, laying a solid foundation for overall grain production [1]. - Farmers across various regions have experienced significant yield increases due to the application of new fertilizers and agricultural techniques [2][4][6][8]. Group 2: Xinyangfeng's Innovations - Xinyangfeng has introduced innovative products such as "Yangfeng Sulfur" and "Yangfeng Supreme" fertilizers, which have shown to improve crop yields significantly [2][6][8]. - The company provides professional services, including regular follow-ups and tailored fertilization plans, which have contributed to farmers' successful harvests [2][4]. Group 3: Regional Success Stories - In Shandong, a farmer reported an average yield increase of 205 jin per mu for wheat after using Xinyangfeng's fertilizers [2]. - In Heilongjiang, a farmer achieved an increase of 120 jin per mu for rice, translating to over 80,000 yuan in additional income for 450 mu of land [4]. - In Fujian, the use of a specialized fertilizer package led to a yield increase of 700 jin per mu for a local specialty crop, the taro [6]. - In Hunan, the application of a tailored fertilizer package resulted in a yield increase of 752 jin per mu for the Dragon Tooth Lily, significantly enhancing farmers' income [8].

Core Viewpoint - The article highlights the significance of the "Chinese Farmers' Harvest Festival" and emphasizes the government's commitment to agricultural development, food security, and the role of companies like Xinyangfeng in driving innovation and sustainable practices in agriculture [1]. Research - Xinyangfeng's research team focuses on transforming laboratory formulations into practical agricultural solutions, requiring extensive testing and validation [2]. - The development of the "Yangfeng Dual Control" wheat fertilizer addresses issues such as soil nutrient imbalance and extreme weather impacts on crop growth [2][4]. - The company has undertaken over 20 national and provincial research projects, holds more than 200 patents, and has contributed to the establishment of national and industry standards [4]. Production - Xinyangfeng emphasizes large-scale and standardized production processes to ensure the quality of fertilizers, which is crucial for farmers' harvests [6]. - The company possesses 5 billion tons of phosphate resources and operates 14 modern production bases, offering over 200 types of products tailored to various crops and regions [9]. - Xinyangfeng's compound fertilizer production and sales have consistently ranked first in the industry, with products exported to nearly 40 countries and regions [9]. Service - The company's agronomists serve as a vital link between technological advancements and practical agricultural applications, providing comprehensive support to farmers [10]. - Xinyangfeng has implemented a "3+1" team operation model, combining product, technology, and service to enhance agricultural practices [13]. - In 2024, the company plans to conduct over 10,969 training sessions, reaching more than 610,000 farmers and establishing over 600 high-standard demonstration fields [13][14].