制作日期：2025 年 7 月 31 日 【策略分析】 尿素今日低开低走震荡下行，尾盘收跌 2%。市场成交活跃度不高，现货价 格稳中下降，工厂暂时待发充足，现货报价暂时无太大下行空间。基本面来 看，供应端维稳，今日新疆塔石化临时检修，大约进行一年左右，河南有装置 有检修计划，其他地区基本正常。需求端，主交割区农业需求追肥结束，下游 承接以工业拿货为主，三聚氰胺本期开工负荷下行，正值终端淡季，天气高温 多雨限制户外作业。复合肥工厂开工率继续攀升，且预计本月将持续上行，秋 季肥生产期间，对尿素增量有限，因其以高磷复合肥为主，内需目前刚需为 主，无拉涨动能。近期宏观情绪扰动多，重大会议后市场情绪有降温，大宗商 品普遍收跌，尿素方面出口带来的需求增加目前在盘面基本兑现完成，后续配 额不变的情况下影响相对较小，市场情绪缓和后，盘面震荡为主，目前主力临 近交割月，9-1 价差已至历史低点。 【期现行情】 期货方面：尿素主力 2509 合约 1739 吨低开低走，最终收于 1714 元/吨，收 成一根阴线，涨跌-2.00%，持仓量 141557 手（-5600 手）。前二十名主力持仓席 位来看，多头-529 手，空头-41 ...

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23.6431.192.45296.44亿行业平均 25.2726.512.58168.40亿行业中值22.3923.901.7878.83亿1云天化8.718.431.90449.55亿2史丹利 11.6012.301.43101.60亿3新洋丰12.0213.581.62178.55亿4云图控股15.0515.811.42127.17亿5司尔特 17.1214.970.8746.60亿6兴发集团17.8617.071.25273.28亿7芭田股份18.5523.902.8897.77亿8盐湖股份 19.5820.462.53954.07亿9东方铁塔20.2421.611.33121.92亿10华昌化工21.1312.461.1364.95亿11四川美丰 21.1314.290.9338.84亿 7月31日，亚钾国际今日收盘32.08元，下跌1.81%，滚动市盈率PE（当前股价与前四季度每股 ...

近日，证券之星第三届ESG大会胜利举行。凭借在环境领域的卓越实践，中国心连心化肥荣获"碳路践 行者奖"。该奖项是由证券之星联合妙盈科技等专业权威机构，在中国首席经济学家论坛等指导下设立 的ESG领域权威奖项，旨在挖掘并表彰在碳排放领域实现卓越实践，推动经济效能与社会责任深度融合 的企业。 面对"双碳"目标，心连心深知，系统性减碳始于严密的治理架构。ESG报告显示，公司建立了董事会直 接领导的ESG治理体系，将气候变化风险纳入集团全面风险管理，并制定清晰的减碳目标。这种自上而 下的机制确保了碳排放管理不是孤立项目，而是融入生产、采购、研发的日常决策中。 在能源消耗的核心环节，心连心展现了技术破局的魄力。江西基地创新引入"绿电+灰电"双路供电系 统，首次应用双轴跟踪光伏技术为智能巡检装置供能；河南基地光伏发电量达958万千瓦时，清洁电力 占比稳步提升。更值得关注的是其工艺革新——通过磁悬浮风机改造、循环真空系统升级等项目，节约 煤炭和蒸汽消耗。2024年，集团在产能增长背景下，废气中硫氧化物减排21.2%，烟尘减排近50%,并且 连续13年获得"合成氨能效领跑者标杆企业"荣誉称号。 心连心的减碳智慧更体现在"变废 ...

尿素：压力缓步增加 | | | 【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） | 1,742 | 1,744 | - 2 -4133 | | | | 结算价 | （元/吨） | 1,749 | 1,739 | 1 0 | | | | 成交量 | （手） | 147,498 | 151,631 | | | | （09合约） | 持仓量 | （手） | 147,157 | 152,980 | -5823 | | | | 仓单数量 | （吨） | 2,900 | 2,900 | 0 | | | | 成交额 | （万元） | 515,895 | 527,502 | -11607 | | | 基 差 | 山东地区基差 | | 2 8 | 1 6 | 1 2 | | | | 丰喜-盘面 | （运费约100元/吨） | -82 | -94 | 1 2 | | | | 东光-盘面 | （最便宜可交割品） | 8 | 1 ...

Group 1 - The private sector in China is significantly contributing to rural revitalization by fulfilling social responsibilities and enhancing agricultural production [1][2] - Hebei Silicon Valley Fertilizer Co., Ltd. has developed organic silicon functional fertilizers that improve soil properties and enhance nutrient absorption for crops [1] - The "Xiejing'an" village project, a collaboration between the local government and Transfar Group, has transformed the local economy by introducing technology and innovative agricultural practices [2] Group 2 - Transfar Group has partnered with over 10 research institutions to develop and promote high-quality tomato varieties, significantly increasing local agricultural productivity [2] - The Yunzhou Meat Breeding Community in Guangdong has implemented an automated and efficient chicken farming model, projected to produce approximately 1.13 million chickens with a value exceeding 26 million yuan in 2024 [3][4] - The "government-bank-enterprise-village" model has been adopted in the Yunzhou project, providing low-interest loans and professional guidance to farmers, resulting in increased income for local communities [4] Group 3 - Guangdong Hengxing Group provides over 1 billion yuan annually in support funds for farmers and invests 15 million yuan in training for livestock farmers [5] - Qinghai Bensheng Grass Industry Co., Ltd. has developed land improvement techniques that generate over 7 million yuan in annual benefits for local communities [5] - The increasing involvement of private enterprises in rural areas reflects a commitment to mutual growth and sustainable development in the agricultural sector [5]

尿素日报 | 2025-07-30 上游开工维持，基本面弱势 市场分析 价格与基差：2025-07-29，尿素主力收盘1744元/吨（+6）；河南小颗粒出厂价报价：1770 元/吨（0）；山东地区小 颗粒报价：1760元/吨（-20）；江苏地区小颗粒报价：1790元/吨（-10）；小块无烟煤750元/吨（+0），山东基差：16 元/吨（-26）；河南基差：26元/吨（-26）；江苏基差：46元/吨（-16）；尿素生产利润230元/吨（-20），出口利润1046 元/吨（+10）。 供应端：截至2025-07-29，企业产能利用率83.59%（0.08%）。样本企业总库存量为85.88 万吨（-3.67），港口样本 库存量为54.30 万吨（+0.20）。 需求端：截至2025-07-29，复合肥产能利用率33.58%（+1.03%）；三聚氰胺产能利用率为65.20%（+0.96%）；尿素 企业预收订单天数5.94日（-0.12）。 前期市场主要受行业反内卷以及淘汰落后产能等宏观政策影响，预期端偏强，目前市场情绪明显回落。尿素上游 开工短期维持，产量高位运行，新增装置逐步投产，产量延续高位。农业需求逐渐进入尾声 ...

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of the Reports Polyester Industry - PX: Short - term supply is stable, affected by macro - sentiment and terminal restocking, but downstream PTA maintenance and weak terminal demand limit its drive. Follow macro - sentiment and oil prices, be cautious and bearish on PX09, and expand PX - SC spread at low levels [2]. - PTA: Load is around 80%, 8 - month maintenance increases, and short - term drive is limited. Be bearish on TA above 4900, conduct TA9 - 1 rolling reverse arbitrage, and expand PTA processing margin at low levels [2]. - Ethylene Glycol: Supply turns loose in August, but affected by macro factors. EG99 is on the sidelines, and 9 - 1 reverse arbitrage is the main strategy [2]. - Short - fiber: Short - term supply - demand is weak, follow raw materials. Unilateral strategy is the same as TA, and PF processing margin fluctuates between 800 - 1100 [2]. - Bottle - chip: Supply is high, demand is average, and processing margin has limited upside. PR is the same as PTA, and pay attention to expanding the processing margin at the lower end of the 350 - 600 range [2]. Crude Oil Industry - Overnight oil prices rose due to geopolitical uncertainties and better - than - expected demand data. Short - term trading focuses on geopolitical risks, and the market fluctuates along the upper edge of the range. Use short - term band strategies, and capture volatility opportunities in options [7]. Pure Benzene - Styrene Industry - Pure Benzene: Third - quarter supply - demand improves slightly, but new device production limits de - stocking. Follow market sentiment, and BZ2603 follows oil prices and styrene [13]. - Styrene: Supply - demand is weak, port inventory increases, and basis weakens. EB09 is rolling bearish [13]. Methanol Industry - Supply is high, port inventory may increase in August, downstream demand is weak, and MTO profit is low. Expand MTO09 profit at low levels [29]. Polyolefin Industry - In August, supply pressure increases for PP and PE, demand has potential restocking conditions, and overall valuation is moderately high. PP is bearish unilaterally (7200 - 7300), and hold LP01 [32]. Urea Industry - The disk rebounds slightly, but the core contradiction remains. Supply is high, export policies limit demand, and inventory pressure increases. Pay attention to autumn fertilizer progress and device restart [34]. Chlor - Alkali Industry - Caustic Soda: The disk is strong, and the spot is stable. Supply increases and inventory may rise. The price is expected to be stable, and pay attention to risk avoidance [37][40]. - PVC: The disk sentiment recovers. Supply may increase, domestic demand is weak, and export expectations are good. The supply exceeds demand, and be cautious in the short - term [37][40] 3. Summary According to Relevant Catalogs Polyester Industry - **Prices and Cash Flows**: On July 29, most polyester product prices and cash flows changed slightly. For example, Brent crude (September) rose to $72.51/barrel, and POY150/48 cash flow was - 24 yuan/ton [2]. - **Inventory and Supply - Demand**: MEG port inventory decreased slightly, and PTA device maintenance increased in August. Terminal demand showed signs of restocking but was still weak [2]. - **Operating Rates**: The operating rates of polyester - related industries changed slightly, with some increasing and some decreasing [2]. Crude Oil Industry - **Prices and Spreads**: On July 30, Brent rose to $72.51/barrel, and WTI slightly decreased. Spreads such as Brent - WTI changed [7]. - **Driving Factors**: Geopolitical risks and demand data drove oil prices, while OPEC+ production increase limited long - term gains [7]. Pure Benzene - Styrene Industry - **Prices and Spreads**: On July 29, pure benzene and styrene prices changed slightly, and related spreads also changed [12]. - **Inventory and Operating Rates**: Pure benzene port inventory decreased slightly, and the operating rates of related industries changed [13]. Methanol Industry - **Prices and Spreads**: On July 29, methanol futures prices rose, and basis and spreads changed [29]. - **Inventory and Operating Rates**: Methanol enterprise, port, and social inventories decreased, and upstream and downstream operating rates changed [29]. Polyolefin Industry - **Prices and Spreads**: On July 29, polyolefin futures and spot prices changed slightly, and basis and spreads changed [32]. - **Supply and Demand**: In August, supply pressure increased, and demand had potential restocking conditions [32]. Urea Industry - **Prices and Spreads**: On July 29, urea prices in different regions changed slightly, and spreads also changed [34]. - **Supply and Demand**: Supply was high, device maintenance decreased, and export demand was restricted [34]. Chlor - Alkali Industry - **Prices and Spreads**: On July 29, caustic soda and PVC prices changed, and spreads and basis changed [37]. - **Inventory and Operating Rates**: Chlor - alkali operating rates and downstream demand operating rates changed, and inventory also changed [37][38][39][40]

交易咨询业务资格：证监许可【2012】1091号 尿素早报 2025-7-30 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我 司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 • 尿素概述： • 1. 基本面：近期尿素盘面震荡。国内宏观政策带来原料端利好影响。国内供应方面，日产及 开工率仍处于偏高位置，库存再度累库。需求端，工业需求中复合肥开工持续回落，三聚氰胺开 工亦回落，农业需求再次转淡。国内尿素整体供过于求仍明显，出口政策未超预期放开。交割品 现货1820（+0），基本面整体中性； • 2. 基差： UR2509合约基差76，升贴水比例4.2%，偏多； • 3. 库存：UR综合库存143.1万吨（+0.9），偏空； • 4. 盘面： UR主力合约20日均线向上，收盘价位于20日线下，中性； • 5. 主力持仓：UR主力持仓净空，减空，偏空； • 6. 预期：近期尿素主力合约盘面震荡， ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Urea has entered a mid - term oscillation pattern. The "anti - involution" and supply - side optimization expectations support the overall valuation of commodities, and the second - batch export of urea may support the demand side. In the short term, the commodity index rebounds with oscillations. The daily fluctuations mainly depend on the overall trend of the commodity index under macro - sentiment guidance and the daily spot trading volume [4] 3. Summary by Relevant Catalogs 3.1 Urea Fundamental Data 3.1.1 Futures Market - Urea's main contract: The closing price was 1,744 yuan/ton (up 6 yuan from the previous day), the settlement price was 1,739 yuan/ton (down 6 yuan), the trading volume was 151,631 lots (down 97,747 lots), the open interest of the 09 contract was 152,980 lots (down 144 lots), the warehouse receipt quantity was 2,900 tons (unchanged), and the trading value was 5.27502 billion yuan (down 3.42913 billion yuan). The Shandong regional basis was 16 (down 26), the Fengxi - to - futures basis was - 94 (down 16), the Dongguang - to - futures basis was 16 (down 26), and the UR09 - UR01 spread was - 26 (down 6) [2] 3.1.2 Spot Market - Urea factory prices: Henan Xinlianxin was 1,770 yuan/ton (down 30 yuan), Yankuang Xinjiang was 1,495 yuan/ton (unchanged), Shandong Ruixing was 1,760 yuan/ton (unchanged), Shanxi Fengxi was 1,650 yuan/ton (down 10 yuan), Hebei Dongguang was 1,760 yuan/ton (down 20 yuan), and Jiangsu Linggu was 1,830 yuan/ton (down 30 yuan). Trader prices in Shandong were 1,760 yuan/ton (down 20 yuan) and in Shanxi were 1,650 yuan/ton (down 10 yuan) [2] 3.1.3 Supply - side Indicators - The operating rate was 83.21% (up 1.04 percentage points), and the daily output was 192,650 tons (up 2,400 tons) [2] 3.2 Industry News - On July 23, 2025, the total inventory of Chinese urea enterprises was 858,800 tons, a decrease of 36,700 tons (4.10% month - on - month) from the previous week. The inventory decline narrowed. Although domestic urea demand was weak and factory orders and shipments slowed, due to some goods being exported and local downstream purchasing at low prices, the overall factory inventory decreased slightly. Some provinces saw inventory increases, while others saw decreases. With weak trading recently and the second - batch export not yet started, the inventory of urea production enterprises is expected to fluctuate slightly next week [2]

7月29日，沪深两融数据显示，亚钾国际获融资买入额0.75亿元，居两市第609位，当日融资偿还额0.36 亿元，净买入3912.63万元。 融券方面，当日融券卖出0.27万股，净买入0.19万股。 来源：金融界 最近三个交易日，25日-29日，亚钾国际分别获融资买入0.38亿元、0.52亿元、0.75亿元。 ...