Report Summary 1. Industry Investment Rating - The investment rating for the urea in the energy and chemical industry is "oscillation" [1] 2. Core View - In the short - term, the futures price of urea will oscillate in the range of 1780 - 1860 yuan/ton. Although it is the agricultural demand peak season from May to June and the urea export policy has been implemented, the export volume is lower than market expectations, and relevant institutions are calling for stable prices. Yesterday, the low - price transactions in Shandong, Shanxi, and Henan improved successively, and it is expected that the spot price will be slightly adjusted today [1] 3. Summary by Related Contents Market Review - On Tuesday, the price of the main urea contract 2509 dropped by 3 yuan to 1814 yuan/ton. The spot price of urea in the central China's mainstream area remained stable at 1850 yuan/ton. Long positions decreased by 1047 lots to 173,300 lots, and short positions increased by 449 lots to 164,100 lots [1] Important Information - Supply: The daily output of the urea industry was 204,600 tons, a decrease of 200 tons from the previous working day and an increase of 31,200 tons compared with the same period last year. The operating rate was 88.96%, an 8.89% increase compared with 80.07% in the same period last year [1] - Inventory: The total inventory of Chinese urea enterprises was 917,400 tons, an increase of 100,200 tons from last week, a 12.26% month - on - month increase. The urea port inventory was 203,000 tons, a month - on - month increase of 40,000 tons [1] - Demand: The operating rate of compound fertilizers was 37.57%, a 2.6% month - on - month decrease, and the operating rate of melamine was 66.4%, an 8.3% month - on - month decrease [1] - Export Policy: The relevant association will organize self - regulated urea exports on a fertilizer - year basis. The self - regulated export volume for this year (until April 2026) is about 2 million tons, and the export rhythm and time periods will be adjusted to ensure domestic market stability and prevent excessive concentration of exports [1] - Coal Price: On May 26, the global steam coal price dropped to a four - and - a - half - year low, only a quarter of the peak level during the 2022 global energy crisis, mainly due to continuous production growth and a surge in inventory [1] Trading Strategy - The recommended trading strategy is to wait and see [1]

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views Crude Oil - Overnight international oil prices rose slightly, but the market lacks strong drivers. The main logic is the dynamic game between OPEC+ production - increase expectations and Russia - sanction risks. - In the short - term, observe opportunities to short on rebounds. WTI is expected to fluctuate in the range of [59, 69], Brent in [61, 71], and SC in [440, 500]. In the medium - to - long - term, adopt a band - trading strategy. [2] Methanol - The inland methanol market has downward valuation pressure. After the spring maintenance, production has recovered, and downstream profits are divided. The port has entered a inventory - accumulation period. - Suggest to short MA09 contract on rallies. [5] LLDPE and PP - Spot prices continue to fall, and overall trading is weak. LLDPE has inventory - reduction expectations before early June, while PP will face increasing supply pressure after late May. - Short PP on rallies; the LP spread is expected to widen. [9] Urea - The urea market is expected to fluctuate between 1800 - 1900 yuan/ton around the Dragon Boat Festival. Pay attention to signals such as wheat - harvest progress in northern Anhui, port pre - collection scale, and the operating rate of Shanxi's fixed - bed plants. [19] Styrene - The pure benzene market price is weak, but there is an expected turnaround as styrene plants resume operation. - The styrene port inventory has started to accumulate, and the 3S products have limited driving force. Adopt a short - selling strategy for near - month contracts. [30] Polyester Industry - **PX**: Supply is increasing, but short - term support is strong. Consider a long - position around 6600 and a short - spread between PX9 - 1. - **PTA**: Supply - demand is weakening, but support is strong at low processing fees. Pay attention to polyester production cuts. Consider a long - position around 4600 and a short - spread between TA9 - 1. - **Ethylene Glycol**: Supply is expected to contract, and inventory is decreasing. Adopt a wait - and - see strategy for single - side trading and a long - spread strategy for EG9 - 1. - **Short - fiber**: Processing fees may recover. Follow PTA's single - side strategy and expand the processing - fee spread. - **Bottle - chip**: Supply and demand are both increasing. Follow PTA's single - side strategy and expand the processing - fee spread in the 350 - 550 yuan/ton range. [34] Chlor - alkali Industry - **Caustic Soda**: Short - term supply pressure is limited, and demand from the alumina industry is expected to increase. However, there are risks from non - aluminum demand and high valuations. Adopt a wait - and - see strategy for single - side trading and a long - spread strategy for 6 - 9 contracts. - **PVC**: The market is weak due to poor sentiment. Long - term contradictions are prominent, but short - term supply pressure is limited. Adopt a wait - and - see strategy for single - side trading and a short - selling strategy for the 09 contract above 5100. [39][40] 3. Summary by Catalog Crude Oil - **Prices and Spreads**: Brent decreased by 0.65 to 64.09 dollars/barrel (-1.00%); WTI increased by 0.35 to 61.24 dollars/barrel (0.57%); SC decreased by 3.90 to 453.50 yuan/barrel (-0.85%). [2] - **Product Prices and Spreads**: NYM RBOB increased by 0.40 to 207.55 cents/gallon (0.19%); NYM ULSD increased by 0.50 to 208.44 cents/gallon (0.24%); ICE Gasoil decreased by 3.75 to 606.00 dollars/ton (-0.62%). [2] - **Product Crack Spreads**: Most crack spreads showed small changes, with some increasing and some decreasing. [2] Methanol - **Prices and Spreads**: MA2505 decreased by 64 to 2229 yuan/ton (-2.79%); the MA2505 - 2509 spread decreased by 48 to 21 yuan/ton (-69.57%). - **Inventory**: Methanol enterprise inventory decreased by 0.2 to 33.401% (-0.52%); port inventory increased by 0.6 to 49.0 million tons (1.34%). - **Operating Rates**: The upstream domestic enterprise operating rate decreased by 1.0 to 74.51% (-1.31%); the downstream external - procurement MTO device operating rate increased by 7.9 to 83.54% (10.39%). [5] LLDPE and PP - **Prices and Spreads**: L2505 decreased by 73 to 6986 yuan/ton (-1.03%); PP2509 decreased by 33 to 6896 yuan/ton (-0.48%). - **Operating Rates**: PE device operating rate decreased by 1.43 to 78.0% (-1.80%); PP device operating rate increased by 0.28 to 76.8% (0.4%). - **Inventory**: PE enterprise inventory decreased by 2.94 to 49.8 million tons (-5.57%); PP enterprise inventory decreased by 1.12 to 59.3 million tons (-1.85%). [9] Urea - **Futures Prices**: 01, 05, and 09 contracts all showed slight decreases. - **Raw Material and Production Costs**: Most raw material prices were stable, with synthetic ammonia decreasing by 50 to 2120 yuan/ton (-2.30%). - **Supply and Demand**: Domestic urea daily production increased by 0.30 to 20.48 million tons (1.49%); factory inventory increased by 10.02 to 91.74 million tons (12.26%). [14][17][19] Styrene - **Upstream Prices**: Brent crude oil (July) decreased by 0.6 to 64.1 dollars/barrel (-1.0%); CFR Japan naphtha increased by 1.0 to 567.0 dollars/ton (0.2%). - **Spot and Futures Prices**: Styrene's East - China spot price increased by 75 to 7900 yuan/ton (1.0%); EB2506 decreased by 28 to 7313 yuan/ton (-0.4%). - **Inventory and Operating Rates**: Pure benzene port inventory increased by 0.5 to 12.8 million tons (4.1%); styrene port inventory decreased by 1.8 to 7.5 million tons (-19.0%). [27][28][30] Polyester Industry - **Raw Material Prices**: Brent crude oil (July) decreased by 0.65 to 64.09 dollars/barrel (-1.0%); CFR Japan naphtha increased by 1.0 to 567.0 dollars/ton (0.2%). - **Product Prices and Cash Flows**: POY150/48 price remained at 6990 yuan/ton; polyester bottle - chip price decreased by 81 to 5941 yuan/ton (-1.3%). - **Operating Rates**: Asian PX operating rate increased by 1.9 to 69.4% (2.8%); polyester comprehensive operating rate increased by 1.1 to 95.0% (1.2%). [34] Chlor - alkali Industry - **Spot and Futures Prices**: Shandong 32% liquid caustic soda (converted to 100%) increased by 62.5 to 2750 yuan/ton (2.3%); East - China calcium - carbide - based PVC market price decreased by 60 to 4700 yuan/ton (-1.3%). - **Supply and Demand**: Caustic soda industry operating rate increased by 1.1 to 86.9% (1.3%); PVC total operating rate decreased by 0.9 to 73.1% (-1.2%). - **Inventory**: Liquid caustic soda East - China factory inventory decreased by 0.4 to 19.1 million tons (-1.9%); PVC total social inventory decreased by 2.0 to 37.8 million tons (-4.9%). [39][40]

Overall Inspection Results - The inspection covered 13 product categories with a total of 200 batches, including fertilizers, agricultural films, plastic shopping bags, agricultural machinery, and more [3] - A total of 48 production enterprises and 131 distribution units were inspected, with 1 batch from a production enterprise and 12 batches from distribution units found to be non-compliant [3] Fertilizers - The inspection of fertilizers followed national standards such as GB/T 15063-2020 and GB/T 21633-2020, and no non-compliant products were found [4] Agricultural Films - The inspection of agricultural films revealed non-compliance in thickness and thickness deviation, based on standards GB 13735-2017 and GB/T 4455-2019 [4] Plastic Shopping Bags - Non-compliance was found in environmental requirements and thickness for plastic shopping bags, inspected under GB/T 21661-2020 and GB/T 38082-2019 [4] Agricultural Machinery - No non-compliance was detected in agricultural machinery, inspected according to JB/T 9822.1-2018 and JB/T 10749-2018 [5] Agricultural Submersible Pumps - The inspection of agricultural submersible pumps showed no non-compliance, following GB/T 25409-2010 and GB/T 2816-2014 standards [5] Fire Emergency Lighting - All fire emergency lighting products passed inspection, adhering to GB 17945-2010 standards [5] Fire Hoses - Fire hoses were compliant with GB 6246-2011 standards, with no non-compliance found [6] Fire Doors - Fire doors passed inspection based on GB 12955-2008 standards, with no issues reported [6] Electric Blankets - Electric blankets were compliant with GB 4706.1-2005 and GB 4706.8-2008 standards, showing no non-compliance [6] Indoor Heaters - Indoor heaters had issues with input power and current, as well as grounding measures, based on GB 4706.1-2005 and GB 4706.23-2007 standards [7] Down Jackets - No non-compliance was found in down jackets, inspected under GB/T 14272-2021 and GB 18401-2010 standards [7] Fireworks - Fireworks showed non-compliance in stability and ignition device components, based on GB 19593-2015 and GB 10631-2013 standards [8] Commodity Coal - All inspected commodity coal products were compliant with the relevant standards [9] Non-Compliant Enterprises - A list of non-compliant enterprises was provided, detailing specific products and non-compliance issues [10] Compliant Enterprises - A list of compliant enterprises was also provided, indicating that no issues were found during the inspection [11]

Core Viewpoint - The company has announced its 2024 annual profit distribution plan, which was approved at the shareholders' meeting held on May 13, 2025, and will distribute cash dividends to shareholders based on their holdings [1][2]. Summary by Sections Distribution Plan - The profit distribution plan for 2024 is set at a cash dividend of 2.60 RMB per 10 shares (before tax) for all shareholders, based on a total share capital of 1,151,891,980 shares. For certain investors, the net dividend after tax will be 2.34 RMB per 10 shares [1][2]. Taxation Details - The company will not withhold individual income tax for shareholders holding shares before the initial public offering (IPO) and will calculate tax based on the holding period when shares are sold. For shares held for one year or less, a tax of 0.26 RMB per 10 shares will be due; no tax is required for shares held for more than one year [2]. Key Dates - The record date for the distribution is set for June 4, 2025, and the ex-dividend date is June 5, 2025 [2]. Distribution Recipients - The distribution will be made to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the close of trading on June 4, 2025 [2]. Distribution Method - The cash dividends for A-share shareholders will be distributed through the China Securities Depository and Clearing Corporation Limited [2]. Consultation Information - The company has provided contact details for inquiries regarding the distribution plan, including a contact person and phone number [2].

2024年，国内化肥行业在产能扩张、价格波动及政策调控的多重因素影响下，经营业绩"绿肥红瘦"。其 中，氮肥行业面临尿素供过于求导致的利润挤压，磷复肥凭借资源优势和产业链延伸实现稳健增长，而 钾肥则受国际局势与碳酸锂价格暴跌拖累业绩大幅下滑。与此同时，头部企业通过差异化战略、产业链 整合和技术创新，在逆周期中展现出较强的抗风险能力，行业集中度进一步提升。 氮肥：价格下跌承压 降本增效制胜 2024年，国内氮肥行业在产能持续扩张与价格持续低迷的双重压力下，企业业绩呈现明显分化。年内尿 素平均出厂价同比下跌14.6%，行业整体盈利空间受到严重挤压。在此背景下，部分企业深陷亏损，而 具备成本优势、产业链延伸能力强的龙头企业则通过产能优化、产品升级实现逆势增长。其中，华鲁恒 升、鲁西化工、湖北宜化、心连心等化肥龙头企业净利润大幅增长，展现出较强的抗风险能力。 华鲁恒升被业内誉为"红海之王"，低成本优势突出。公司去年实现营收342.26亿元、归母净利润39.03亿 元，同比分别增长25.55%和9.14%。鲁西化工去年实现营收297.63亿元、归母净利润20.29亿元，同比分 别增长17.37%和147.79%。不过，化 ...

Report Industry Investment Ratings No information regarding report industry investment ratings is provided in the content. Core Views of the Report Chlor - Alkali Industry - **Caustic Soda**: Short - term supply pressure is limited during the concentrated maintenance period. Demand from the alumina industry is expected to increase. However, there are risks from non - aluminum demand pressure and rising valuations after cost reduction. It is recommended to wait and see on the single - side and try positive spreads for the 6 - 9 contracts [7]. - **PVC**: The recent rebound is due to macro - stimulus, export support, and supply - demand factors. But in the long - term, there is an obvious oversupply pressure, and potential negative factors exist. It is suggested to wait and see in the short - term and maintain a short - selling idea in the medium - term, with a resistance level of around 5100 for the 09 contract [7]. Crude Oil Industry - International oil prices are in a volatile trend, lacking strong drivers. The market is mainly affected by macro and supply factors. Short - term prices will continue to fluctuate, and the implied volatility is rising. In the medium - to - long - term, a trading - band strategy is recommended, and short - selling opportunities on rebounds can be observed. Attention should also be paid to the INE spread rebound opportunities and options' volatility - trading opportunities [12]. Styrene Industry - The recent rebound of styrene is due to tariff relief and low - inventory support. But high - price spot shows signs of weakness, and there are problems in the downstream and raw - material supply. It is expected to have more downward space, and the strategy is to short - sell at a high price around 7800 for the near - month contracts and pay attention to the widening opportunity of the EB - BZ spread [23]. Polyester Industry - **PX**: Supply is increasing, and the supply - demand situation is marginally weakening. It is relatively resistant to decline in the short - term. The strategy is to pay attention to the support at 6500 - 6600 and try a reverse spread for the 9 - 1 contracts [27]. - **PTA**: Supply - demand is marginally weakening, and the basis has declined. It is also relatively resistant to decline. The strategy is to pay attention to the support at 4600 and take a reverse - spread approach for the 9 - 1 contracts [27]. - **Ethylene Glycol (MEG)**: Supply is expected to contract, and inventory is decreasing. The strategy is to wait and see on the single - side and try a positive spread for the 9 - 1 contracts at a low price [27]. - **Short - fiber**: The processing fee may be repaired. The strategy is the same as PTA for the single - side, and the processing fee should be expanded at a low level [27]. - **Polyester Bottle - chip**: Supply and demand are both increasing, and the processing fee is low. The strategy is the same as PTA for the single - side, and the processing fee should be expanded at the lower limit of the 350 - 550 yuan/ton range [27]. Polyolefin Industry - For LLDPE and PP, the supply of LLDPE is expected to decrease in inventory before early June, while the supply pressure of PP will increase after late May. Demand lacks sustainability. The strategy is to short - sell PP at a high price and pay attention to the expansion of the LP spread [31]. Methanol Industry - The port inventory is at a turning point, and the supply is increasing while the demand is in the off - season. The 09 contract's supply - demand situation is more relaxed. The strategy is to short - sell around 2300 - 2350 with a target of around 2100, and the MTO spread should be operated within 0 - 500 [34]. Urea Industry - The supply is at a high level, while the demand is under pressure from the decline of compound - fertilizer plants and stagnant agricultural fertilization. The short - term market is likely to move in a range after the decline [38]. Summary by Relevant Catalogs Chlor - Alkali Industry - **Prices**: On May 26, the 32% liquid caustic soda in Shandong was 2687.5 yuan/ton (in 100% equivalent), and the 50% was 2840 yuan/ton. The PVC market prices in East China were 4760 yuan/ton for the calcium - carbide method and 5000 yuan/ton for the ethylene method [2]. - **Overseas Quotes and Export Profits**: For caustic soda, the FOB price at East China ports on May 22 was 405 dollars/ton, with an export profit of 32.1 yuan/ton. For PVC, the CFR price in Southeast Asia was 670 dollars/ton, and the export profit was 40.3 yuan/ton [3][4]. - **Supply**: The caustic - soda industry's operating rate on May 23 was 86.9%, and the PVC total operating rate was 73.1% [5]. - **Demand**: The alumina industry's operating rate on May 23 was 78%, and the PVC downstream pipe - making and profile - making operating rates were 45.3% and 39.6% respectively [6][7]. - **Inventory**: On May 22, the liquid - caustic soda inventory in East China factories was 19.1 tons, and the PVC upstream factory inventory was 38.7 tons [7]. Crude Oil Industry - **Prices and Spreads**: On May 27, Brent was 64.71 dollars/barrel, WTI was 61.47 dollars/barrel, and SC was 455.90 yuan/barrel. The Brent - WTI spread was 3.24 dollars/barrel [12]. - **Supply - Demand Factors**: The market is affected by OPEC+ production policies, geopolitical factors such as the US - Iran nuclear talks, and macro - economic policies [12]. Styrene Industry - **Upstream Prices**: On May 26, Brent crude oil (July) was 64.7 dollars/barrel, CFR Japan naphtha was 566 dollars/ton, and CFR Northeast Asia ethylene was 780 dollars/ton [20]. - **Spot and Futures**: The styrene spot price in East China on May 26 was 7825 yuan/ton, and the EB2506 futures price was 7341 yuan/ton [21]. - **Overseas Quotes and Import Profits**: The styrene CFR China price on May 26 was 896 dollars/ton, and the import profit was 271.5 yuan/ton [22]. - **Industry Operating Rates and Profits**: On May 23, the domestic pure - benzene comprehensive operating rate was 71.6%, and the styrene operating rate was 69.3% [23]. Polyester Industry - **Upstream Prices**: On May 26, Brent crude oil (July) was 64.74 dollars/barrel, CFR Japan naphtha was 566 dollars/ton, and CFR China PX was 834 dollars/ton [27]. - **Downstream Product Prices and Cash Flows**: On May 26, the POY150/48 price was 6990 yuan/ton, and the FDY150/96 price was 7275 yuan/ton [27]. - **Industry Operating Rates**: On May 23, the Asian PX operating rate was 69.4%, the PTA operating rate was 77.1%, and the polyester comprehensive operating rate was 95% [27]. Polyolefin Industry - **PE and PP Prices and Spreads**: On May 26, the L2505 closing price was 7008 yuan/ton, and the PP2505 closing price was 6888 yuan/ton [31]. - **Non - standard Prices**: The East China LDPE price on May 26 was 8930 yuan/ton [31]. - **Operating Rates and Inventories**: On May 23, the PE device operating rate was 78%, and the PP device operating rate was 76.8%. The PE enterprise inventory was 49.8 tons, and the PP enterprise inventory was 59.3 tons [31]. Methanol Industry - **Prices and Spreads**: On May 26, the MA2501 closing price was 2293 yuan/ton, and the regional spread between Taicang and Inner Mongolia's northern line was 338 yuan/ton [34]. - **Inventory**: On May 23, the methanol enterprise inventory was 33.401 tons, and the port inventory was 49 tons [34]. - **Operating Rates**: On May 23, the Shanghai - domestic enterprise operating rate was 74.51%, and the downstream MTO device operating rate was 75.7% [34]. Urea Industry - **Futures Prices and Spreads**: On May 26, the 01 - contract price was 1737 yuan/ton, and the spread between the 01 and 05 contracts was - 12 yuan/ton [38]. - **Upstream Raw Materials**: On May 26, the price of anthracite small pieces (Dangcheng) was 1000 yuan/ton, and the price of steam - coal at the pithead (Ejin Horo Banner) was 418 yuan/ton [38]. - **Supply - Demand Data**: On May 23, the domestic urea daily output was 20.48 tons, and the factory inventory was 91.74 tons [38].

Report Overview - Report Title: Yangtze River Futures Urea & Methanol Weekly Report - Report Date: May 26, 2025 - Researcher: Cao Xuemei, Zhang Ying 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report Core Views Urea - Urea trading logic has returned to short - term supply - demand game after the digestion of export news, with prices falling from high levels. The price of the Urea 2509 contract on May 23 was 1827 yuan/ton, down 50 yuan/ton from last week. Spot prices also declined [7][12]. - Supply remains high, with a national urea开工负荷率 of 87.84% and a daily output of 20.36 tons. Coal prices are under pressure, and demand from the compound fertilizer and other industrial sectors is weak. Overall production and sales have weakened, and prices may continue to decline weakly, with an operation range of 1770 - 1870 yuan/ton [7]. Methanol - Methanol prices have continued to fall. The price of the Methanol 09 contract on May 23 was 2222 yuan/ton, down 62 yuan/ton from last week, and the spot price in Taicang also decreased [8][39]. - Supply is relatively abundant, with a capacity utilization rate of 87.04%. The arrival volume has recovered, and downstream demand is weak. However, due to the limited inventory pressure on enterprises, the decline in methanol prices is expected to slow down, with an operation range of 2200 - 2350 yuan/ton for the 09 contract [8]. 3. Summary by Directory Urea Market Changes - The price of the Urea 2509 contract on May 23 was 1827 yuan/ton, down 50 yuan/ton from last week. The daily average price in the Henan market was 1868 yuan/ton, down 38 yuan/ton, and in the Shandong market was 1877 yuan/ton, down 88 yuan/ton [7][12]. Supply - The national urea开工负荷率 was 87.84%, with a gas - head enterprise开工负荷率 of 74.98%, basically flat from last week. The daily output was 20.36 tons. A maintenance device in Xinjiang is expected to resume next week, and the daily output is expected to increase slightly [16]. Cost and Profit - Anthracite prices are weakly stable, with the price of S0.4 - 0.5 anthracite washed small pieces in Jincheng, Shanxi at 930 - 980 yuan/ton, down 5 yuan/ton from last week. The gross profit margin of coal - based urea is 5.56%, and that of gas - based urea is - 4.56% [19]. Demand - The average pre - collection days of major urea producers are 4.2 days, and the weekly production - sales rate is 95.4%. Agricultural demand is moderately following up, the compound fertilizer industry's start - up has decreased, and the start - up of downstream products such as melamine has also declined slightly [21]. - As of May 22, there is still some unmet fertilizer demand for rice and corn. The capacity operation rate of compound fertilizer enterprises is 37.57%, down 2.69 percentage points from last week, and the inventory is 76.26 tons, down 1.25 tons [26][29]. - The start - up rate of the melamine industry is 63.95%, down 6 percentage points, and the weekly output is 3.15 tons. The demand support from the board market has weakened [32]. Inventory - Urea enterprise inventory is 66.8 tons, up 0.5 tons from last week, and port inventory is 20.3 tons, up 3.5 tons. The number of registered warrants is 7548, equivalent to 15.096 tons of urea, an increase of 193 warrants (0.386 tons) from last week [36]. Methanol Market Changes - The price of the Methanol 09 contract on May 23 was 2222 yuan/ton, down 62 yuan/ton from last week. The spot price in Taicang was 2278 yuan/ton, down 80 yuan/ton [8][39]. Supply - The capacity utilization rate of methanol plants is 87.04%, down 1.43 percentage points from last week. Some plants in Inner Mongolia and Sichuan have restarted, and the arrival volume is expected to be 9.7 tons, an increase of 2.5 tons from last week [45]. Cost and Profit - Coal supply may tighten slightly, but inventory at all levels is high, and the decline in thermal coal prices is expected to slow down. The weekly profit of coal - based methanol is 57 yuan/ton, down 51 yuan/ton from last week; that of natural - gas - based methanol is 37 yuan/ton, down 33 yuan/ton; and that of coke - oven - gas - based methanol is 351 yuan/ton, down 46 yuan/ton [48]. Demand - The start - up rate of the methanol - to - olefins industry is 83.82%, up 1.51 percentage points. The demand from the main downstream is relatively stable, but the traditional demand is in the off - season. Some acetic acid plants are under maintenance, and there are shutdown projects in BDO and dimethyl ether, so the demand support for methanol is limited [52]. Inventory - The inventory of sample methanol enterprises is 23.52 tons, down 3.84 tons from last week, and the port inventory is 49.04 tons, up 0.65 tons [57].

2025 年 05 月 26 日 尿素：内需偏弱，出口支撑，震荡运行 | 投资咨询从业资格号：Z0021541 | yanghonghan025588@gtjas.com | | --- | --- | | 杨鈜汉 | | 【基本面跟踪】 尿素基本面数据 | 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 | 收盘价 | （元/吨） | 1,827 | 1,849 | -22 | | | | 结算价 | （元/吨） | 1,837 | 1,851 | -14 | | | | 成交量 | （手） | 172,580 | 123,929 | 48651 | | （09合约） | | 持仓量 | （手） | 214,818 | 223,161 | -8343 | | | | 仓单数量 | （吨） | 7,548 | 7,573 | -25 | | | | 成交额 | （万元） | 633,927 | 458,716 | 175210 | | | 差 | | 山东地区基差 | ...

Group 1 - The core viewpoint of the article highlights the results of the quality supervision inspection of fertilizer products conducted by the Hubei Provincial Market Supervision Administration, revealing a low non-compliance rate of 1.28% among the tested samples [1][2] - A total of 222 production and sales units were inspected, with 390 batches of fertilizers tested, of which 5 batches were found to be non-compliant [1][2] - The inspection covered various types of fertilizers, including compound fertilizers, mixed fertilizers, phosphate fertilizers, and organic fertilizers, with specific focus on parameters such as total nitrogen, effective phosphorus content, and potassium oxide [2] Group 2 - The inspection identified 4 batches of compound fertilizers from 4 production and sales units that did not meet quality standards, with issues related to total nitrogen, effective phosphorus content, and other key parameters [2] - The report emphasizes the need for local market supervision departments to enhance follow-up actions based on the inspection results, including recording the handling of issues in the Hubei Provincial Product Quality Supervision Management Information System [2] - It also calls for the enforcement of quality safety responsibilities among production and sales units, and the establishment of a risk management system to improve the overall quality level of the fertilizer industry [2]

Core Viewpoint - The company is involved in a lawsuit where it has been ruled as the defendant, and the impact on its profits remains uncertain due to the ongoing legal proceedings [2][10]. Group 1: Lawsuit Details - The lawsuit is currently in the first-instance judgment stage, with the company being the defendant [2]. - The company received a civil judgment from the Linyi Intermediate People's Court regarding the case [3]. - The case involves a total debt of over 360 million yuan owed by three third parties to the original plaintiff, Huishang Bank [4]. Group 2: Judgment Outcome - The court ruled that the original plaintiff has the right to claim 30 million yuan from the company based on the failure of the third parties to repay their debts [9]. - The court did not support the plaintiff's other claims due to the expiration of the statute of limitations for those claims [9][10]. - The company is required to pay the specified amount within ten days of the judgment [10]. Group 3: Financial Implications - The potential impact of the lawsuit on the company's current and future profits is still uncertain, and the company will monitor the situation closely [10]. - The company has confirmed that there are no other undisclosed litigation or arbitration matters as of the announcement date [10]. Group 4: Disclosure and Communication - The company has designated specific media outlets for information disclosure, ensuring that all information is published in accordance with regulatory requirements [11]. - The company emphasizes the importance of rational investment and awareness of risks for investors [11].