Group 1 - The national price of production materials increased by 0.8% month-on-month in July [1] - Among major products, the price of refined oil rose by 2.1% month-on-month but decreased by 8.1% year-on-year, with 95 gasoline, 92 gasoline, and 0 diesel increasing by 2.4%, 2.4%, and 1.9% respectively [2] - Non-ferrous metal prices increased by 0.8% month-on-month and 2.3% year-on-year, with aluminum, copper, and zinc rising by 1.0%, 0.8%, and 0.7% respectively [3] Group 2 - Steel prices increased by 0.7% month-on-month but decreased by 9.0% year-on-year, with hot-rolled strip steel, rebar, and ordinary high-speed wire rising by 1.1%, 1.0%, and 0.7% respectively [3] - Coal prices rose by 0.2% month-on-month and decreased by 12.2% year-on-year, with coking coal and thermal coal increasing by 0.6% and 0.4%, while the price of No. 2 smokeless lump coal fell by 1.1% [3] - Fertilizer prices decreased by 0.7% month-on-month and 11.4% year-on-year, with urea and compound fertilizer prices falling by 0.7% and 0.4% respectively [4]

Core Viewpoint - The domestic urea market is experiencing mixed performance with significant regional disparities, as prices for low-end urea have dropped below 1700 yuan/ton in major production areas, while some regions see slight rebounds [1][2]. Price Trends - As of August 13, urea futures prices fell, with the main contract closing at 1726 yuan/ton, a decrease of 1.76% [2]. - The price of urea in Xinjiang has decreased by 30 yuan/ton, reaching 1450 yuan/ton [1]. Supply and Demand Dynamics - Urea supply remains abundant, with daily production levels consistently high, leading to a situation where the market is not lacking in supply [3]. - Urea companies reported an increase in inventory, with stocks reaching 957,400 tons, up by 6,980 tons or 7.86% from the previous week [3]. - The agricultural demand for urea is currently weak due to seasonal factors, contributing to a lack of market confidence [2][3]. Future Outlook - There is an optimistic expectation for over 3 million tons of urea exports in the third quarter, primarily concentrated from July to September, coinciding with the peak season for autumn fertilizers [3]. - The production cost for urea is expected to provide strong support around the 1700 yuan/ton mark, limiting further price adjustments [4]. - Short-term price fluctuations are anticipated, with potential for a rebound in late August due to seasonal demand for autumn fertilizers [4].

8月13日，国内尿素现货涨跌互现，区域分化明显。主流产区山东、河南、山西、河北、安徽等地低端 尿素出厂价跌破1700元/吨，并向1650元/吨逼近；新疆尿素报价再跌30元/吨，低至1450元/吨。而个别 地区小幅反弹10~30元/吨。 当日，尿素期货价格下跌，截至收盘，尿素期货主力2601合约报收于1726元/吨，跌幅1.76%。 业内人士表示，上游厂家收单不佳，纷纷降价吸单，市场低端尿素成交略有好转，但中间商出货价格更 低，导致成交价格与厂家出厂报价出现倒挂。 隆众资讯分析师吴苑丽向期货日报记者表示，进入7月后，因农业季节性需求转弱，尿素大多会有一波 下跌行情。今年市场存在出口的松动，因此市场参与者认为尿素价格下行空间并不大。不过，由于尿素 日产量一直偏高，价格又处于年内的中等位置，很难吸引下一波的农业需求，而且出口一直受政策管 控，短时市场有效支撑较弱，行情呈现震荡下行趋势，下游以逢低采购为主，追涨意愿不足。 方正中期期货研究院产业团队负责人夏聪聪表示，尿素货源供应及市场可流通货源充裕，而需求端则表 现疲弱，导致市场买气不足。现货市场参与者信心不足，尽管低价货源增加，但市场整体交投情况并未 有好转。市场买 ...

Group 1 - Qinghai Taihui Salt Industry Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Zheng Shanshan [1] - The business scope includes non-edible salt processing and sales, fertilizer sales, and various other sales and services [1] Group 2 - The company is involved in the sale of metal materials, plastic products, and smart agricultural equipment [1] - It also provides technical services, digital technology services, and environmental protection monitoring [1] - The company engages in the wholesale and retail of hardware products and daily necessities [1]

Price Trends in Various Markets - National production material market prices decreased by 0.2% from the previous week [1] - Wholesale prices of finished oil products slightly declined, with 0 diesel, 95 gasoline, and 92 gasoline decreasing by 0.5%, 0.4%, and 0.3% respectively [1] Rubber and Steel Prices - Rubber prices experienced a slight decline, with synthetic rubber and natural rubber decreasing by 0.7% and 0.2% respectively [2] - Steel prices predominantly decreased, with rebar, high-speed wire, and channel steel priced at 3452 yuan, 3639 yuan, and 3690 yuan per ton, showing declines of 0.7%, 0.6%, and 0.3% respectively [2] Non-Ferrous Metals and Chemical Prices - Non-ferrous metal prices showed slight fluctuations, with copper decreasing by 0.6%, while zinc and aluminum increased by 0.3% and 0.2% respectively [3] - Basic chemical raw material prices remained stable, with soda ash and polypropylene decreasing by 0.4% and 0.3%, while methanol remained unchanged and sulfuric acid increased by 0.1% [3] Fertilizer and Coal Prices - Fertilizer prices remained stable, with urea and compound fertilizers unchanged from the previous week [4] - Coal prices saw a slight increase, with coking coal, anthracite, and thermal coal priced at 976 yuan, 1135 yuan, and 761 yuan per ton, reflecting increases of 1.8%, 0.5%, and 0.3% respectively [4]

亚钾国际投资(广州)股份有限公司的主营业务是钾盐矿开采、钾肥生产及销售业务。公司的主要产品是 氯化钾、卤水、其他。 8月14日，亚钾国际今日收盘30.66元，下跌2.23%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到22.60倍，总市值283.31亿元。 从行业市盈率排名来看，公司所处的化肥行业行业市盈率平均25.27倍，行业中值22.00倍，亚钾国际排 名第16位。 资金流向方面，8月14日，亚钾国际主力资金净流出4742.39万元，近5日总体呈流出状态，5日共流出 5218.97万元。 最新一期业绩显示，2025年一季报，公司实现营业收入12.13亿元，同比91.47%；净利润3.84亿元，同 比373.53%，销售毛利率54.12%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)12亚钾国际22.6029.812.35283.31亿行业平均 25.2727.042.65172.28亿行业中值22.0023.781.7978.78亿1云天化8.928.631.95460.49亿2新洋丰 11.4213.271.57174.53亿3史丹利12.4213.161.53108.74亿 ...

Agricultural Products Market - The national market price of edible agricultural products increased by 0.1% from the previous week [1] - The average wholesale price of 30 types of vegetables was 4.19 yuan per kilogram, rising by 2.4%, with spinach, cauliflower, and cucumber increasing by 24.5%, 16.9%, and 9.9% respectively [1] - Wholesale prices of grain and oil showed slight fluctuations, with rapeseed oil up by 0.1%, while soybean oil and rice prices remained stable, and flour and peanut oil decreased by 0.2% and 0.1% respectively [1] - Poultry product wholesale prices experienced minor fluctuations, with white strip chicken increasing by 0.3% and eggs decreasing by 1.0% [1] - Meat wholesale prices slightly declined, with pork at 20.31 yuan per kilogram, down by 0.2%, while lamb decreased by 0.1% and beef increased by 0.3% [1] - Wholesale prices of aquatic products decreased, with large yellow croaker, large hairtail, and crucian carp dropping by 1.1%, 0.8%, and 0.4% respectively [1] - Fruit wholesale prices saw a slight decline, with watermelon, pear, and grape prices falling by 4.0%, 2.2%, and 1.6% respectively [1] Production Materials Market - The wholesale prices of finished oil products slightly decreased, with 0 diesel, 95 gasoline, and 92 gasoline dropping by 0.5%, 0.4%, and 0.3% respectively [2] - Rubber prices showed a slight decline, with synthetic rubber and natural rubber decreasing by 0.7% and 0.2% respectively [2] - Steel prices predominantly decreased, with rebar, high-speed wire, and channel steel priced at 3452 yuan, 3639 yuan, and 3690 yuan per ton, down by 0.7%, 0.6%, and 0.3% respectively [2] - Prices of non-ferrous metals showed slight fluctuations, with copper down by 0.6%, while zinc and aluminum increased by 0.3% and 0.2% respectively [2] - Basic chemical raw material prices remained stable, with soda ash and polypropylene decreasing by 0.4% and 0.3%, while methanol remained unchanged and sulfuric acid increased by 0.1% [2] - Fertilizer prices remained stable, with urea and ternary compound fertilizer unchanged from the previous week [2] - Coal prices saw a slight increase, with coking coal, smokeless lump coal, and thermal coal priced at 976 yuan, 1135 yuan, and 761 yuan per ton, increasing by 1.8%, 0.5%, and 0.3% respectively [2]

1. Report Industry Investment Rating - Unilateral: Neutral; Cross - period: 09 - 01 reverse spread; Cross - variety: None [3] 2. Core View of the Report - The market trading atmosphere has weakened. After a slight price increase in some areas, the trading volume is average. The downstream agricultural demand has entered the off - season, and the industrial demand is weak due to the impact of the military parade. The urea production is at a high level, and the upstream inventory is still relatively high year - on - year. With the release of new production capacity, the future supply - demand of urea remains loose. The profit of coal - based urea is acceptable, but the cost - side support is weak. August is the export window period, and the urea export continues with narrow fluctuations in port inventory. The Indian IPL urea import tender has a confirmed winning bid of 207.5 tons. Follow - up attention should be paid to the changes in export dynamics [2] 3. Summary According to the Directory 3.1 Urea Basis Structure - On August 13, 2025, the urea main contract closed at 1726 yuan/ton (-1); the ex - factory price of small - sized urea in Henan was 1740 yuan/ton (0); in Shandong, it was 1730 yuan/ton (+10); in Jiangsu, it was 1730 yuan/ton (+0). The basis in Shandong was 4 yuan/ton (+11); in Henan, it was 14 yuan/ton (+11); in Jiangsu, it was 4 yuan/ton (+1) [1] 3.2 Urea Production - As of August 13, 2025, the enterprise capacity utilization rate was 81.98% (0.08%), and the total inventory of sample enterprises was 95.74 tons (+6.98) [1] 3.3 Urea Production Profit and Operating Rate - The urea production profit was 200 yuan/ton (+10) [1] 3.4 Urea Overseas Price and Export Profit - The export profit was 1377 yuan/ton (+12). The Indian IPL urea import tender had a confirmed winning bid of 207.5 tons, with 103.5 tons on the east coast at CFR 532 US dollars/ton and 104 tons on the west coast at CFR 530 US dollars/ton [1][2] 3.5 Urea Downstream Operating Rate and Orders - As of August 13, 2025, the capacity utilization rate of compound fertilizer was 41.50% (+2.82%); the capacity utilization rate of melamine was 61.10% (-2.40%); the advance order days of urea enterprises were 6.29 days (-0.24) [1] 3.6 Urea Inventory and Warehouse Receipts - As of August 13, 2025, the total inventory of sample enterprises was 95.74 tons (+6.98), and the port sample inventory was 48.30 tons (-1.00) [1]

Group 1 - The core viewpoint of the article indicates that there are mixed trends in the prices of important production materials in the national circulation market, with 18 products experiencing price increases, 29 products seeing price decreases, and 3 products remaining stable during the early August period compared to late July [1] Group 2 - Specific price changes include urea (small granules) decreasing by 22.9 to 88.9, representing a decline of 1.3% [3] - Compound fertilizer (potassium sulfate compound fertilizer, nitrogen-phosphorus-potassium content 45%) increased by 2.1 to 3180.0, reflecting a rise of 0.1% [3] - Pesticides (glyphosate, 95% raw material) rose significantly by 245.8 to 26708.3, marking an increase of 0.9% [3] - Natural rubber (standard rubber SCRWF) decreased by 577.1 to 14329.2, showing a decline of 5.9% [3] - Paper (imported needle paper) fell by 96.5 to 5772.5, indicating a decrease of 1.6% [3] - Corrugated paper (AA grade 120g) increased by 42.3 to 2558.2, representing a rise of 17% [3]

Group 1: Report Information - Report Type: Energy Chemical Research Report - Urea Daily Report [2] - Report Date: August 13, 2025 [2] Group 2: Market Review - Futures Market: Urea futures fluctuated and closed at 1726 (+0/+0%) [3] - Spot Market: Factory prices were stable. Henan's factory price was reported at 1660 - 1680 yuan/ton, Shandong's small - particle factory price at 1680 - 1700 yuan/ton, Hebei's small - particle factory price at 1700 - 1710 yuan/ton, Shanxi's medium and small - particle factory price at 1620 - 1630 yuan/ton, Anhui's small - particle factory price at 1690 - 1710 yuan/ton, and Inner Mongolia's factory price at 1570 - 1630 yuan/ton [3] Group 3: Important Information - On August 13, the daily urea production in the industry was 19.12 tons, a decrease of 0.15 tons from the previous working day and an increase of 2.23 tons from the same period last year. The daily operating rate was 82.59%, a 5.99% increase from 76.60% in the same period last year [4] Group 4: Logic Analysis - Market Sentiment: Generally average. Mainstream regional urea spot factory quotes stopped falling and stabilized, with weaker transactions. Shandong's mainstream factory quotes rebounded, but market sentiment was average. Industrial compound fertilizer operating rates increased slightly, with sufficient raw material inventories, high finished - product inventories, few grass - roots orders, and mainly rigid - demand replenishment. Henan's market sentiment was low, with stable factory quotes, and traders were waiting and watching. In the delivery area and surrounding areas, factory prices were weakly stable, and the market atmosphere cooled [5] - Supply: Some devices were under maintenance, and the daily average production dropped to around 19 tons, still at the highest level in the same period. Urea production enterprise inventories increased by 5.38 tons to around 91.73 tons, at a high level overall [5] - Demand: A new round of Indian tenders was announced, with the final price rising by more than $30/ton compared to the previous period. There was a large price difference between domestic and foreign markets, which boosted the domestic market sentiment to some extent. However, the enthusiasm for compound fertilizers in Central and North China was not high, and grass - roots had no intention to stock up. Although the operating rate of compound fertilizer plants increased slightly, the available days of urea inventory were more than half a month, and the procurement sentiment for raw materials was low [5] - Market Outlook: In the short term, domestic demand was still limited. Agricultural demand had ended, and compound fertilizers had not started production on a large scale. The spot market sentiment was generally stable. After some regions lowered factory prices, manufacturers still had difficulty in receiving orders. The Indian tender confirmed 2.1 million tons of supply, in line with market expectations, and the spot market sentiment weakened again [5] Group 5: Trading Strategy - Unilateral: Short at high levels, do not chase short positions [6] - Arbitrage: Wait and see [6] - Options: Sell put options on pullbacks [8]