Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The current sentiment of urea has improved, but the reversal may not have arrived from the supply - demand perspective. The current futures market is mainly driven by short - position holders taking profit. It is recommended to continue holding previously sold out - of - the - money put options. The current urea valuation is relatively low, reflecting the pattern of strong supply and weak demand. If prices continue to fall, it may lead to a further decline in upstream production willingness and accelerate the industry's self - clearing. In the short term, there is insufficient upward driving force for urea, and the subsequent possible driving factors are the old device renovation in the chemical industry on the supply side and the issuance of new export quotas [1] Group 3: Summary by Relevant Catalogs Urea Futures Prices - UR01 closed at 1640.00 yuan/ton on October 27, down 2.00 yuan (-0.12%) from October 24. UR05 closed at 1713.00 yuan/ton, down 6.00 yuan (-0.35%). UR09 closed at 1745.00 yuan/ton, down 3.00 yuan (-0.17%) [1] Domestic Spot Prices (Small Granules) - In Shandong, the price was 1610.00 yuan/ton on October 27, up 40.00 yuan (2.55%) from October 24. In Henan, it was 1590.00 yuan/ton, up 20.00 yuan (1.27%). In Hebei, it was 1630.00 yuan/ton, up 30.00 yuan (1.88%). In Jiangsu, it was 1610.00 yuan/ton, up 40.00 yuan (2.55%). Prices in Shanxi and Northeast remained unchanged [1] Basis and Spread - The basis of Shandong spot - UR was - 103.00 yuan/ton on October 27, up 46.00 yuan from October 24. The spread of 01 - 05 was - 73.00 yuan/ton, up 4.00 yuan [1] Upstream Costs - The anthracite coal prices in Henan and Shanxi remained unchanged at 1030.00 yuan/ton and 880.00 yuan/ton respectively [1] Downstream Prices - The prices of compound fertilizer (45%S) in Shandong and Henan remained unchanged at 2900.00 yuan/ton and 2500.00 yuan/ton respectively. The melamine price in Shandong was 5084.00 yuan/ton on October 27, up 34.00 yuan (0.67%) from October 24, while the price in Jiangsu remained unchanged [1] Important Information - The opening price of the urea futures main contract 2601 was 1647 yuan/ton, the highest price was 1655 yuan/ton, the lowest price was 1635 yuan/ton, and the closing price was 1640 yuan/ton with a settlement price of 1641 yuan/ton. The position volume was 281954 lots [1] Trading Strategy - Hold the sold out - of - the - money put options (Viewpoint score: 0) [1]

Core Viewpoint - The company, Zhongyan Anhui Hong Sifang Fertilizer Co., Ltd., has released its quarterly report, ensuring the accuracy and completeness of the financial information presented, and confirming that there are no significant omissions or misleading statements [2][3]. Financial Data Summary - The financial statements for the third quarter are unaudited, covering the period from the beginning to the end of the quarter [3][5]. - The report includes major accounting data and financial indicators, although specific figures are not detailed in the provided text [3][4]. - The company has not identified any non-recurring gains or losses that are significant enough to warrant special mention [3][4]. Shareholder Information - There is no change in the number of shareholders or significant changes in the top ten shareholders compared to the previous period [4][5]. Other Important Information - The company has not indicated any additional important information regarding its operational performance during the reporting period [5].

智通财经APP讯，中国心连心化肥(01866)发布公告，于2025年10月27日，该公司斥资517.69万港元回购 70.4万股股份，每股回购价格为7.25-7.4港元。 ...

中国心连心化肥(01866)发布公告，于2025年10月27日，该公司斥资517.69万港元回购70.4万股股份，每 股回购价格为7.25-7.4港元。 ...

格隆汇10月27日丨中国心连心化肥(01866.HK)公告，10月27日耗资517.7万港元回购70.4万股。 ...

Report Industry Investment Rating There is no information provided in the report about the industry investment rating. Core Views - Supply: As of October 22, the monthly daily production calculated by Longzhong data was 185,000 tons, and the recent daily production fluctuated around 180,000 - 190,000 tons. Based on the current daily output, the production in October is expected to be 5.85 million tons, higher than the same period in previous years. With the increasing losses of gas - fired plants, Zhongyuan Dahua has started to shut down. Near the winter gas - limiting season, the daily production of gas - fired plants is expected to decline next month. Fixed - bed and natural gas plants continue to operate at a loss, while the water - coal slurry process has declined continuously. After reaching the bottom recently, the urea price has stabilized and rebounded, and the profit has also stabilized. There is cost support below the urea futures price [5][35]. - Demand: Since this month, affected by the National Day holiday, the factory operating load decreased significantly at the beginning of the month and then gradually increased. In the first half of the month, the changeable weather postponed the corn harvest and wheat sowing, and the terminal sales were weak. As time passed, after the agricultural demand started, the factory's finished - product inventory gradually decreased but was still slightly higher than the same period last year. Currently, the compound fertilizer plants in Northeast China are expected to gradually start production by late November. As the autumn fertilizer season is coming to an end, the subsequent operating rate is expected to gradually increase, and the production of spring compound fertilizer will gradually start. The operating rate of melamine has also shown a seasonal decline, providing little support for urea. The real - estate data remains sluggish. It is expected that the operating load will rebound next month, but the overall increase is expected to be weaker than in previous years [5]. - Inventory: This month, the urea inventory has increased significantly. On the one hand, during the National Day holiday, the production remained high while the downstream procurement decreased, greatly increasing the in - factory inventory. On the other hand, the agricultural demand was postponed this month, leading to an increase in the in - factory inventory. However, as the agricultural demand progresses, the rate of inventory accumulation has decreased, but it is still in the inventory - accumulation cycle. It is expected that the inventory will increase moderately. Overall, due to the losses of upstream urea plants and the approaching gas - limiting season, the production will fluctuate slightly downward and is expected to remain at around 180,000 tons. The in - factory inventory is still relatively high year - on - year, and the supply is relatively loose. The domestic demand is difficult to absorb the high - level inventory. As the agricultural demand gradually ends, the subsequent downstream reserves and compound fertilizer production will be the main demand sources. The winter storage rhythm and changes in export policies will also affect the price trend. Currently, the market is oscillating at a low level [6]. Summary by Directory Market Review - The spot market was weak during the National Day holiday. After the futures market opened, the price dropped significantly and continued to decline. The futures price once reached a low of 1,578 yuan/ton and then started to consolidate at a low level. It rebounded in the second half of the month, but there was obvious upward pressure. It is expected to consolidate in the future. Attention should be paid to the impact of domestic macro - factors and possible changes in export policies [9]. Warehouse Receipts and Delivery - The validity period of urea warehouse and factory warehouse receipts is up to 4 months. Specifically, factory and warehouse standard warehouse receipts registered before the 15th trading day (inclusive) of February, June, and October each year should be fully cancelled before the 15th trading day (inclusive) of the same month. As of October 23, there were 5,484 registered urea warehouse receipts. Although approaching the cancellation date, the number is still at an absolute high level compared to the same period in history. Since 2025, the number of registered urea warehouse receipts has remained relatively high in recent years, reflecting the high - supply situation of urea to some extent [12]. Spot Price - Since October, the agricultural demand has been postponed due to frequent rainfall, resulting in weak terminal demand for urea and a continuous decline in price. Subsequently, supported by the cost side and with the start of agricultural demand and the end of the autumn fertilizer season, the price stopped falling and rebounded slightly. However, due to high supply and high inventory, the rebound space is limited. In the future, attention should be paid to the progress of downstream fertilizer preparation and winter storage. The ex - factory prices in major regions fluctuate in the range of 1,500 - 1,600 yuan/ton. Looking forward to November, the end of the autumn fertilizer season, the spring production of compound fertilizers, off - season storage, and the rhythm of gas - fired plant restrictions will all affect the price movement. It is expected that the price will fluctuate narrowly after a rebound [19]. Basis - The urea basis has been in a state of contango. The pattern of loose supply and demand has suppressed the spot price. After the domestic demand is weak and the export demand is gradually digested, the decline in the spot price is greater than that of the futures price, resulting in the futures price being at a premium. Near the off - season storage period, if the basis is appropriate, hedging can be carried out on the futures market [23]. Spread - As of October 24, the 1 - 5 spread was - 77 yuan/ton, weaker than - 2 yuan/ton at the end of last month. Recently, the urea futures contracts have gradually rebounded, but the upward and downward space for the 01 contract is limited, and the 05 contract is still far away. The spread is expected to fluctuate at a low level [27]. Supply - In September 2025, the urea production was 5.73867 million tons, a month - on - month decrease of 190,000 tons (3.2%) and a year - on - year increase of 101,800 tons (1.8%). As of October 22, the monthly daily production calculated by Longzhong data was 185,000 tons, and the recent daily production fluctuated around 180,000 - 190,000 tons. Based on the current daily output, the production in October is expected to be 5.85 million tons, higher than the same period in previous years. With the increasing losses of gas - fired plants, Zhongyuan Dahua has started to shut down. Near the winter gas - limiting season, the daily production of gas - fired plants is expected to decline next month [35]. - In November, Jiangsu Linggu and Hainan Fudao are scheduled for maintenance, each affecting a production of 2,500 tons. From 2026 to 2026, multiple enterprises are planning to put new production capacity into operation, with a total planned new capacity of 5.64 million tons/year [38]. Cost and Profit - As of October 24, the price of small - sized Jincheng anthracite was 900 yuan/ton, unchanged from the previous month. The price of 5,500 - calorie thermal coal at Qinhuangdao Port was 767 yuan/ton, an increase of 67 yuan/ton from the previous month. In October, the significant temperature difference between the north and south in China increased the demand for coal. As the temperature gradually dropped, the demand for coal for winter heating increased. The environmental protection restrictions on mines continued, and major conferences boosted macro - expectations, leading to a continuous increase in the thermal coal price and stronger urea production costs. At the same time, the price of liquefied natural gas increased during the month, intensifying the losses of gas - fired plants. As of October 24, the cost of fixed - bed production was 1,917 yuan/ton, the cost of water - coal slurry production was 1,502 yuan/ton, and the cost of natural gas production was 1,971 yuan/ton. According to Longzhong's data, the theoretical profit of the coal - fired fixed - bed process was - 347 yuan/ton, the theoretical profit of the new coal - water slurry process was 58 yuan/ton, and the theoretical profit of the gas - fired process was - 291 yuan/ton. Fixed - bed and natural gas plants continue to operate at a loss, while the water - coal slurry process has declined continuously. After reaching the bottom recently, the urea price has stabilized and rebounded, and the profit has also stabilized. There is cost support below the urea futures price [42]. Inventory and Pending Orders - As of October 24, 2025, the in - factory urea inventory was 1.6302 million tons, a month - on - month increase of 14,800 tons and a year - on - year increase of 457,600 tons. This month, the urea inventory increased significantly. On the one hand, during the National Day holiday, the production remained high while the downstream procurement decreased, greatly increasing the in - factory inventory. On the other hand, the agricultural demand was postponed this month, leading to an increase in the in - factory inventory. However, as the agricultural demand progresses, the rate of inventory accumulation has decreased, but it is still in the inventory - accumulation cycle. It is expected that the inventory will increase moderately. The number of days of pending orders from enterprises first decreased and then increased during the month. As the autumn fertilizer season continued to progress, the pressure on enterprises for pending orders decreased [46]. Downstream Agricultural Demand - The agricultural demand for urea in the second half of the year and the fourth quarter is generally weaker than that in the first half of the year. Since the fourth quarter of this year, the weather has affected the corn harvest and wheat sowing, causing the agricultural demand to be scattered. As the autumn fertilizer season ends, the agricultural demand will become sporadic [49]. Compound Fertilizer Demand - Since this month, affected by the National Day holiday, the operating load of factories decreased significantly at the beginning of the month and then gradually increased. In the first half of the month, the changeable weather postponed the corn harvest and wheat sowing, and the terminal sales were weak. As time passed, after the agricultural demand started, the factory's finished - product inventory gradually decreased but was still slightly higher than the same period last year. Currently, the compound fertilizer plants in Northeast China are expected to gradually start production by late November. As the autumn fertilizer season is coming to an end, the subsequent operating rate is expected to gradually increase, and the production of spring compound fertilizer will gradually start [57]. Compound Fertilizer Price - It is expected that the prices of raw materials such as sulfur, monoammonium phosphate, and ammonium chloride will rise, while the prices of potassium chloride and potassium sulfate will remain stable. The urea price has stopped falling and stabilized. The subsequent fertilizer - preparation period is expected to be based on the price fluctuations of raw materials for procurement. Currently, the production profit is lower than that of last year. Factories are mainly finishing the production of autumn fertilizers and will purchase and reserve at low prices in the future [62][63]. Other Industrial Demands - As of October 24, 2025, the overall capacity utilization rate of melamine dropped to 48.3%. The rainfall in various parts of the country this month affected the progress of terminal industries. The operating rate of melamine has also shown a seasonal decline, providing little support for urea. The real - estate data remains sluggish. It is expected that the operating load will rebound next month, but the overall increase is expected to be weaker than in previous years [67]. International Urea Market - The international urea price first decreased and then increased this month. The continuous Indian tenders provided support for the market. European countries entered the market to purchase, and the sales situation of urea in North Africa improved, with prices rising in some regions. China has exported a large amount this month, and China's export situation will still affect the international urea price [72]. Indian Tenders - On October 17, it was learned that the price of the urea tender issued by RCF on October 15 had been announced, with the lowest bid price on the east coast being $395/ton CFR. So far, there has been no change in China's urea export quota. It is estimated that China's participation in this tender will be limited, and this Indian tender price is lower than market expectations, having limited impact on the domestic urea market and causing no obvious price fluctuations [76]. Export Demand - As of October 24, 2025, the urea port inventory was 210,000 tons. Since September, the port inventory has been continuously decreasing. As the export window period ended, the port inventory has gradually been digested and is now at a relatively low level compared to the same period. There is currently no official news about changes in urea export policies. Attention should be paid to future policy trends [79].

Report Information - Report Title: Urea Industry Chain Weekly Report [1][2] - Report Date: October 26, 2025 [2] Industry Investment Rating - Not provided in the content Core Viewpoint - Cost support and the recovery of agricultural demand drive a short - term rebound, but high inventory and supply surplus suppress the upside space. The fundamentals of urea maintain a pattern of oscillatingly strong but with limited height [5] Summary by Relevant Catalogs Fundamentals - Raw material thermal coal prices continue to rise, raising the urea cost line. Some gas - based enterprises are under maintenance due to losses, increasing the expectation of supply - side contraction [4] - The improvement in weather promotes wheat sowing, increasing the downstream's enthusiasm for purchasing. The compound fertilizer operating rate increases by 3.53% month - on - month, with short - term demand improvement [4] - Enterprise inventory reaches 1.6154 million tons, a record high. Rainfall in the north slows down shipments, and the pressure of inventory accumulation remains unsolved [4] - Daily production remains at a high level of 196,200 tons. Previously maintained devices are gradually resuming production, and the pattern of strong supply and weak demand continues [4] Urea Fundamental Data - Multiple data charts are presented, including China's weekly urea enterprise inventory, urea inventory in Guangdong and Guangxi, urea futures main contract positions and trading volume, urea warehouse receipt quantity and effective forecasts, market prices and basis of small - sized urea in Henan and Shandong, price differences between large and small - sized urea, seasonal price differences between different contract months, production costs and profits of different urea production methods, production enterprise's pending order days, capacity utilization rates of urea and compound fertilizer, compound fertilizer inventory, production costs and gross profits of compound fertilizer in Shandong, FOB prices of urea in the Middle East and China, thermal coal spot prices, and thermal coal port inventory [7][10][17][40][45]

股票代码：603395 股票简称：红四方 公告编号：2025-046 中盐安徽红四方肥业股份有限公司 2025 年前三季度主要经营数据的公告 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、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司自律监管规则适用指引第 3 号——行业信息 披露》其《第十三号——化工》的要求，中盐安徽红四方肥业股份有限公司（以 下简称"公司"）2025 年前三季度主要经营数据如下： 二、主要产品及原材料的价格变动情况 （一）主要产品的价格变动情况（不含税销售均价） | 主要产品 | 2025年前三季度 | 2024年前三季度销售 | 变动比率 | | --- | --- | --- | --- | | | 销售价（元/吨） | 价（元/吨） | （%） | | 氮肥产品（包括尿素、脲 铵氮肥和农用硫酸铵） | 1,784.62 | 1,966.56 | -9.25 | | 复合肥（含水溶肥） | 2,385.29 | 2,468.06 | -3.35 | | 硫酸钾 | 3,413.23 | 不适用 | 不适用 | （二） ...

Core Viewpoint - The article emphasizes the critical role of Yunnan Yuntianhua Co., Ltd. in ensuring stable supply and quality improvement of fertilizers, which are essential for national food security, through technological innovation and service system development [1] Group 1: Supply Chain Resilience - Yuntianhua has established a robust logistics network and efficient supply chain to meet agricultural fertilizer demands, ensuring uninterrupted supply during key agricultural periods [2] - The company plans to produce approximately 4.98 million tons of major fertilizer products in the first half of 2025, with over 2.3 million tons of phosphate and ammonium products supplied during the winter-spring season [2] - The company's "mining and chemical integration" strategy creates a closed-loop operation system, ensuring stable supply regardless of market conditions [2] Group 2: Technological Empowerment - Yuntianhua has shifted from merely selling products to providing comprehensive agricultural solutions, resulting in significant yield increases for farmers, such as a 60+ jin increase per mu for a specific crop [3] - The company invested 550 million yuan in R&D in 2023, with plans to maintain 580 million yuan in 2024, supported by a network of 38 technology centers and 200 service stations [3] - Digital tools are utilized to enhance service processes, enabling real-time interaction between farmers' needs and backend systems [3][4] Group 3: Collaborative Development - Yuntianhua promotes a cooperative model, ensuring long-term partnerships with distributors through a regional brand authorization system [5] - The company integrates "industry chain + supply chain" strategies to create a green operational model, enhancing efficiency and resilience in the global supply chain [6] - Yuntianhua is actively participating in the Belt and Road Initiative, collaborating with over 70 countries to promote agricultural technology [6]

截至发稿，云图控股市值为123亿元。 每经AI快讯，云图控股（SZ 002539，收盘价：10.19元）10月27日晚间发布公告称，公司第七届第四次 董事会会议于2025年10月27日以通讯方式召开。会议审议了《关于公司<2025年第三季度报告>的议 案》等文件。 2025年1至6月份，云图控股的营业收入构成为：化肥行业占比63.35%，贸易占比18.85%，化工行业占 比12.57%，其他行业占比5.23%。 每经头条（nbdtoutiao）——独家丨民营船王入主杉杉集团横生枝节 重整联合体浮现神秘组局人 （记者 王晓波） ...