Core Viewpoint - Recent fluctuations in urea futures prices have shown a significant rebound followed by a rapid decline, with the main contract closing at 1711 yuan/ton, down 2% and nearly 100 yuan/ton lower than the previous high of 1800 yuan/ton [1] Group 1: Price Movements - Urea futures prices have experienced a sharp drop after a significant rebound, with the main contract closing at 1711 yuan/ton [1] - Domestic urea spot prices have also decreased, with some regions seeing price reductions of 10 to 50 yuan/ton, and mainstream small particle prices ranging from 1680 to 1800 yuan/ton [1] - Market sentiment is cautious, with high-level transactions facing resistance and traders eager to liquidate, leading to noticeable price declines [1] Group 2: Market Analysis - Analysts attribute the recent price volatility to two main factors: improved export conditions due to disruptions in Iranian production and lower-than-expected Indian urea tender volumes, which have driven prices up [3] - The expectation of relaxed domestic export policies has also contributed to price increases, but subsequent supply chain improvements have not materialized, leading to downward pressure on prices [3] - Urea production remains high, with potential increases in daily output and nearly 200 million tons of new production capacity expected to be released from July to October [4] Group 3: Future Outlook - The long-term outlook suggests that urea prices may stabilize at lower levels due to ongoing production profitability and reduced agricultural demand in the second half of the year [5] - The key variable affecting future prices will be the timing and volume of any further relaxation of export policies [5] - Analysts believe that urea prices are currently constrained by supply-demand dynamics and export policy impacts, with limited upward potential but some support from potential policy changes [5]

Core Points - The document outlines the rules for the board of directors of Zhongyan Anhui Hong Sifang Fertilizer Co., Ltd, aiming to standardize the board's responsibilities, authority, and decision-making processes [1][2] - The board consists of 9 directors, including 3 independent directors, and is responsible for managing the company's assets and making operational decisions [1][2] - Regular meetings must be held at least twice a year, while special meetings can be called under specific circumstances [2][3] Group 1 - The board of directors is elected by the shareholders and is accountable to them [1] - The board meetings can be regular or temporary, with specific procedures for calling and conducting these meetings [2][3] - The board must ensure that a majority of directors are present for meetings to be valid [11][12] Group 2 - Proposals for meetings must be clearly defined and submitted in writing, with specific requirements for the content of these proposals [6][9] - Voting during meetings is conducted on a one-person-one-vote basis, with options for approval, disapproval, or abstention [17][19] - The board must maintain accurate records of meetings, including attendance, discussions, and voting outcomes [26][30] Group 3 - Directors are required to attend meetings in person or delegate their voting rights to another director under strict conditions [12][13] - The board must adhere to the company's articles of association and relevant laws when making decisions [21][22] - Decisions regarding profit distribution must be preceded by an audit report from a registered accountant [22][23]

股票代码：603395 股票简称：红四方 公告编号：2025-034 中盐安徽红四方肥业股份有限公司 关于召开2025年第二次临时股东会的通知 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。 重要内容提示： 召开的日期时间：2025 年 7 月 10 日 14 点 30 分 召开地点：安徽省合肥市包河区宿松路与广福路交口信达中心 A 座七楼会议 室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 7 月 10 日 至2025 年 7 月 10 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公 ...

股票代码：603395 股票简称：红四方 公告编号：2025-031 中盐安徽红四方肥业股份有限公司 关于变更注册资本、取消监事会、修订《公司章程》 及附件并办理工商变更登记的公告 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。 中盐安徽红四方肥业股份有限公司（以下简称"公司"）于2025年6月23日 召开了第三届董事会第二十二次会议、第三届监事会第十七次会议，分别审议通 过了《关于变更注册资本、取消监事会、修订 <公司章程> 及附件并办理工商变更 登记的议案》，本议案尚需提交公司股东会审议，现将相关情况公告如下： 一、关于变更注册资本的情况 公司分别于 2025 年 4 月 24 日、5 月 20 日召开的第三届董事会第二十一次 会议、第三届监事会第十六次会议及 2024 年年度股东会，分别审议通过了《关 于 2024 年度利润分配及资本公积转增股本的议案》。公司 2024 年度利润分配及 资本公积转增股本方案：以股权登记日公司总股本 200,000,000 股为基数，每股 派发现金红利 0.15 元（含税），以资本公积金向 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The urea market is expected to be weak in the short - term, with both futures and spot prices likely to decline [5] Group 3: Summary by Directory Market Review - Urea futures decreased with increased positions, closing at 1711 (-35/-2%) [3] - Spot market: The decline in factory - gate prices widened, and trading was sluggish. Factory - gate prices in different regions were as follows: Henan 1730 - 1750 yuan/ton, Shandong small - sized 1700 - 1810 yuan/ton, Hebei small - sized 1760 - 1770 yuan/ton, Shanxi medium and small - sized 1640 - 1700 yuan/ton, Anhui small - sized 1760 - 1770 yuan/ton, and Inner Mongolia 1640 - 1700 yuan/ton [3] Important Information - On June 23, the daily urea production was 19.98 tons, an increase of 0.47 tons from the previous workday and 2.86 tons from the same period last year. The operating rate was 86.31%, a 7.24% increase from 79.07% in the same period last year [4] Logical Analysis - Market sentiment was still weak, with factory - gate prices in major regions falling more sharply and trading being sluggish. In Shandong, the mainstream factory - gate price led the decline, and it is expected to continue to fall. In Henan, the market sentiment was also weak, and the price is expected to decline. In the delivery area, the price is likely to keep falling [5] - Although some plants were under maintenance and the daily output dropped below 200,000 tons, it was still at the highest level in the same period. The international market price rose due to the Middle - East conflict, and the large price difference between domestic and international markets had a certain positive impact on the domestic market [5] - The production enthusiasm of compound fertilizer plants in central and northern China was low, and the overall demand was declining. The inventory of urea production enterprises was still relatively high, but it decreased slightly to around 1.04 million tons this week [5] - After the Indian tender results were announced, the export orders increased, which boosted the market. However, as the price in the central mainstream delivery area rose, the downstream started to wait and see, and the spot price has been falling since the weekend, with weak order receipts [5] Trading Strategy - Unilateral: Bearish [6] - Arbitrage: Wait and see [6] - Options: Sell call options on rebounds [6]

尿素产业日报 2025-06-23 。UR2509合约短线建议在1700-1770区间交易。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 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) | 1711 | -19 郑州尿素9-1价差(日,元/吨) | 25 | -16 | | | 郑州尿素主力合约持仓量(日,手) | 233160 | 7750 郑州尿素前20名净持仓 | -4628 | -7246 | | | 郑州尿素交易所仓单(日,张) | 0 | -3581 | | | | ...

投资咨询业务资格 证监发【2014】217号 【中原化工】 下游追涨情绪谨慎，尿素价格再度转弱 ——尿素周报2025.06.23 中原期货研究所：化工组 作者：刘培洋 研究助理：申文 执业证书编号：F0290318 执业证书编号： F03117458 投资咨询编号：Z0011155 0371-58620083 0371-58620081 liupy_qh@ccnew.com shenwen_qh@ccnew.com 01 周度观点汇总 1.1 尿素周度观点——下游追涨情绪谨慎，尿素价格再度转弱 | 品种 | 主要逻辑 | 策略建议 | 风险提示 | | --- | --- | --- | --- | | | 1. 供应：部分装置存检修计划，供应预计将有所减量； | | | | | 2. 需求：农需部分跟进，出口需求逐步释放； | | | | | 3. 库存：上游尿素企业库存压力有所缓解； | | | | | 4. 成本与利润：煤炭价格弱稳运行，尿素利润环比增加； | | | | | 5. 基差与价差：9-1价差偏强运行，09基差走强。 | | 新 增 产 能 投 放 | | | 6. 整体逻辑： | 短期盘面 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, specifically recommending Shengquan Group, Hailide, and Zhuoyue New Energy [4]. Core Insights - The report emphasizes the importance of identifying companies with strong performance in the upcoming semi-annual reports, particularly those expected to exceed earnings forecasts in Q2 2025 [1]. - The phosphatic fertilizer export window is opening, with high demand expected to persist, alleviating domestic overcapacity issues and supporting profitability for major phosphate chemical companies like Yuntianhua [2]. - Increased scrutiny on chemical safety following recent accidents is likely to elevate the overall demand for pesticides, as regulatory measures may lead to the exit of non-compliant production capacities [3]. Summary by Sections Chemical Industry Overview - The basic chemical industry index closed at 3385.44 points, down 2.49% from the previous week, underperforming the CSI 300 index by 2.04% [10]. - Key chemical products such as formaldehyde, Singapore diesel, NYMEX natural gas, and Brent crude oil saw significant price increases [18]. Key Chemical Sub-Industries - **Polyester Filament**: Prices have been fluctuating upwards, with average prices for POY, FDY, and DTY increasing by 167.86, 128.57, and 117.85 CNY/ton respectively [21]. - **Tires**: The industry saw a slight increase in operating rates, with full steel tire operating rates at 61.39% and semi-steel tire rates at 71.54% [32]. - **Refrigerants**: The R22 market remains stable with high prices, while R134a prices are also on the rise due to increased demand from the repair market and the electric vehicle sector [39][43]. Company Performance Forecasts - Shengquan Group is projected to have an EPS of 1.05 CNY in 2024, increasing to 2.14 CNY by 2026, with a PE ratio decreasing from 25 to 12 [4]. - Hailide's EPS is expected to rise from 0.35 CNY in 2024 to 0.41 CNY in 2026, with a PE ratio of 14 [4]. - Zhuoyue New Energy is forecasted to see significant growth in EPS from 1.24 CNY in 2024 to 4.80 CNY in 2026, with a PE ratio dropping from 35 to 9 [4].

2025年6月18日，中国尿素企业总库存量113.60万吨，较上周减少4.11万吨，环比减少3.49%。 最新数据显示，尿素周度加权成本1717.04（-18.91）元/吨，加权利润52.80（-46.12）元/吨，但仍处近 五年偏低位置；尿素生产企业周度装置检修损失量10.98（+1.84）万吨，处近五年同期偏低位置。 6月20日，河北东光尿素小颗粒出厂报价稳定至1810元/吨；江苏华昌尿素报价参考上调至1910元/吨， 实际成交再议。 机构观点汇总： 国元期货：以色列、伊朗冲突升级，推高化工品成本，同时，伊朗作为重要的尿素生产及出口国，其尿 素供应有不利影响，以及埃及尿素停产，加剧国际市场对于尿素供应的担忧。尽管国内尿素供应充裕， 出口量少，受到影响有限，但是国内尿素价格仍在情绪推动下呈现上涨。后市来看，伊以冲突若进一步 加剧，则对化工品价格产生利多推动，尿素可能顺势上涨。不过，国内尿素基本面仍然维持充裕，尿素 盘面上方1800整数关口存在一定压力，不宜过分高估。 截至2025年6月20日当周，尿素期货主力合约收于1730元/吨，周K线收阴，持仓量环比上周减持59383 手。 本周（6月16日-6月20日 ...

Report Summary 1. Investment Rating - **Unilateral**: Neutral - **Inter - period**: None [3] 2. Core View Due to the geopolitical military conflict between Iran and Israel, international urea prices have soared, boosting market sentiment and causing significant increases in both domestic futures and spot prices. The urea industry is operating at a high level of production, with few planned device overhauls, leading to expected increases in production and greater supply - side pressure. The downstream agricultural demand for top - dressing and restocking has increased, resulting in higher pre - sale orders from factories. However, industrial demand remains weak, with the capacity utilization rate of compound fertilizers continuing to decline and the melamine industry operating at a low level. Urea manufacturers are exporting in an orderly manner, with an increase in the volume of urea gathered at ports, leading to rising port inventories and a downward trend in enterprise inventories. The prices of upstream coal and natural gas raw materials are stable, maintaining a stable cost structure. Currently, the supply - demand situation in the urea market has not been substantially alleviated, and subsequent attention should be paid to downstream demand and market sentiment [2] 3. Summary by Directory 3.1 Price and Spread - **Market Prices**: The closing price of the urea main contract is 1730 yuan/ton (- 50); the market price of small - particle urea in Henan is 1820 yuan/ton (- 10); in Shandong, it is 1820 yuan/ton (- 20); and in Jiangsu, it is 1830 yuan/ton (- 10). - **Basis**: The Shandong urea basis is 90 yuan/ton (+ 30); the Henan urea basis is 90 yuan/ton (+ 40); and the Jiangsu urea basis is 100 yuan/ton (+ 40). - **Profit**: The urea production profit is 290.0 yuan/ton (- 20.0), and the export profit is 511.9 yuan/ton (+ 9.6) [1] 3.2 Upstream Supply - **Capacity Utilization**: As of June 20, 2025, the enterprise capacity utilization rate is 88.9% (+ 1.1%). - **Production Forecast**: Urea production is expected to increase due to high - level operation and few planned device overhauls [1][2] 3.3 Downstream Demand - **Agricultural Demand**: The demand for top - dressing and restocking in the agricultural sector has been released, and factory pre - sale orders have increased. - **Industrial Demand**: The capacity utilization rate of compound fertilizers is 31.8% (- 2.0%), and the melamine capacity utilization rate is 64.3% (- 2.0%), remaining at a low level [1][2] 3.4 Urea Inventory - **Enterprise Inventory**: As of June 20, 2025, the enterprise in - factory inventory is 113.6 tons (- 4.1), showing a downward trend. - **Port Inventory**: The port inventory is 29.5 tons (+ 5.0), showing an upward trend [1][2]