尿素日报 | 2025-07-11 上游煤炭走高，尿素偏强运行 市场分析 价格与基差：2025-07-10，尿素主力收盘1777元/吨（+7）；河南小颗粒出厂价报价：1850 元/吨（0）；山东地区小 颗粒报价：1860元/吨（+20）；江苏地区小颗粒报价：1860元/吨（+10）；小块无烟煤750元/吨（+0），山东基差： 83元/吨（+13）；河南基差：73元/吨（+3）；江苏基差：83元/吨（+3）；尿素生产利润330元/吨（+20），出口利润 696元/吨（-8）。 供应端：截至2025-07-10，企业产能利用率85.27%（0.08%）。样本企业总库存量为96.77 万吨（-5.08），港口样本 库存量为48.50 万吨（+4.80）。 需求端：截至2025-07-10，复合肥产能利用率29.83%（+0.58%）；三聚氰胺产能利用率为62.56%（-0.43%）；尿素 企业预收订单天数5.94日（+0.58）。 上游煤炭价格走高，同时印度尿素招标价格超预期，国际价格走高，提振市场氛围，尿素盘面偏强运行。部分计 划检修装置推迟停车，产量继续高位运行。尿素出口配额逐步释放，出口订单近期集中集港，港口 ...

| | | | | 尿素早评20250711: 供应仍有压力,转机在于出口 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 日慶 | 单位 7月10日 7月9日 | | | | 变化值 | 変化值 | | | | | | | | (絶対值) | (相对值) | | 期现价格 | 尿素期货价格 (收盘价) | UR01 山西 | 元/吨 元/吨 | 1733.00 1720.00 | 1736.00 1700.00 | -3.00 20.00 | -0.17% 1.18% | | | | UR05 | 元/吨 | 1737.00 | 1736.00 | 1.00 | 0.06% | | | | UR09 | 元/吨 | 1777.00 | 1770.00 | 7.00 | 0.40% | | | | 山东 | 元/吨 | 1860.00 | 1840.00 | 20.00 | 1.09% | | | 国内现货价格 | 河南 | 元/吨 | 1850.00 | 1840.00 | 10.00 | 0.54% | | | (小顆粒) | 河 ...

股票简称：宏达股份 股票代码：600331 四川宏达股份有限公司 向特定对象发行股票 上市公告书 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二五年七月 特别提示 一、发行股票数量及价格 （一）发行数量：609,600,000 股 （二）发行价格：4.68 元/股 （三）募集资金总额：人民币 2,852,928,000.00 元 （四）募集资金净额：人民币 2,834,758,430.19 元 二、新增股票上市安排 本次发行新增股份在其限售期届满的次一交易日起在上海证券交易所主板 上市交易（预计上市时间如遇法定节假日或休息日，则顺延至其后的第一个交易 日）。 三、发行对象限售期安排 发行对象认购的本次向特定对象发行的股票，自本次发行股票上市之日起 36 个月内不得转让。自本次发行股票上市之日起至解除限售之日止，发行对象就其 所认购的本次发行的股票，因公司送股、资本公积金转增股本等形式所衍生取得 的股票亦应遵守上述限售安排。 若上述股份限售安排与中国证监会、上交所等监管部门的最新监管意见不相 符，将根据相关监管意见进行调整。 四、本次发行完成后，公司股权分布符合上海证 ...

其 他 研 究 沪深300 及创业板指数近1年走势 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-07 2024-11 2025-03 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 房地产 | 3.195 | | 石油石化 | 1.541 | | 钢铁 | 1.445 | | 非银金融 | 1.372 | | 煤炭 | 1.095 | | 数据来源：聚源 | | 源 证 券 证 券 研 究 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 汽车 | -0.617 | | 传媒 | -0.539 | | 国防军工 | -0.411 | | 电子 | -0.310 | | 公用事业 | -0.304 | | 数据来源：聚源 | | 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【策略】经济信心提升下，次新股扬帆起航——投资策略专题-20250710 【电子】特种玻纤布供不应求，国产厂商加速渗透——行业深度报告-2025 ...

基础化工/农化制品 公 司 研 究 云图控股（002539.SZ） 2025 年 07 月 10 日 复合肥龙头完善上游合成氨、磷矿石等原料布局，广 西贵港项目打开未来成长空间 投资评级：买入（维持） ——公司信息更新报告 | 日期 | 2025/7/9 | | --- | --- | | 当前股价(元) | 10.04 | | 一年最高最低(元) | 10.12/6.40 | | 总市值(亿元) | 121.26 | | 流通市值(亿元) | 88.67 | | 总股本(亿股) | 12.08 | | 流通股本(亿股) | 8.83 | | 近 3 个月换手率(%) | 115.13 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-07 2024-11 2025-03 2025-07 云图控股 沪深300 | 金益腾（分析师） | 张晓锋（分析师） 宋梓荣（分析师） | | --- | --- | | jinyiteng@kysec.cn | zhangxiaofeng@kysec.cn songzirong@kysec.cn | | 证书编号：S079052002 ...

Report Industry Investment Rating - Not provided Core View of the Report - The international urea price has boosted the sentiment of the domestic market. Although the current industrial demand is weak, export orders are still being shipped, and there is a partial increase in agricultural demand, with continuous inventory reduction. The nitrogen association has announced the export guidance price for urea. Overall, the international price is rising, and the domestic urea sentiment is also high. Supported by factory export orders and ongoing port collection, the futures market still has support and will remain mainly oscillating with a slight upward trend in the short term. Attention should be paid to export policy changes [1] Summary by Relevant Catalogs Strategy Analysis - The futures market opened high and closed low, with a late - day plunge but still closing up. The spot price continued to rise, and the order - receiving situation was good. The daily production of urea changed little, and some previously overhauled devices were expected to resume production, increasing output. Both agricultural and industrial demand were cautious in purchasing, mainly for replenishing inventory as needed. Agricultural demand was better than industrial demand, and it was expected to end in the Northeast and North China this month. The compound fertilizer factory's operating load remained low, with only a slight increase. The factory was in the early stage of autumn fertilizer production, mainly clearing inventory, and was waiting and seeing, purchasing urea only as needed. Despite weak industrial demand, export orders were being shipped, and inventory was continuously decreasing. The nitrogen association announced the export guidance price for urea. The market was expected to be mainly oscillating with a slight upward trend in the short term [1] Futures and Spot Market Conditions - **Futures**: The main urea 2509 contract opened at 1780 yuan/ton, fluctuated strongly during the day, and finally closed at 1777 yuan/ton, up 0.34%. The trading volume was 208,229 lots, a decrease of 2,957 lots. Among the top 20 main positions, long positions decreased by 1,642 lots, and short positions decreased by 2,140 lots. Some futures companies' net long or net short positions changed [2] - **Spot**: The spot price continued to rise, and the order - receiving situation was good. The ex - factory price of small - particle urea in Shandong, Henan, and Hebei factories ranged from 1760 - 1820 yuan/ton, with the lowest price in Henan [4] Fundamental Tracking - **Basis**: The mainstream spot market quotation rose, and the futures closing price increased. Based on Shandong, the basis of the September contract was 73 yuan/ton, an increase of 3 yuan/ton compared to the previous trading day [7] - **Supply Data**: On July 10, 2025, the national daily urea production was 193,400 tons, a decrease of 2,400 tons from the previous day, and the operating rate was 82.63% [10] - **Downstream Data**: From July 4th to July 10th, the capacity utilization rate of compound fertilizers was 29.83%, an increase of 0.58 percentage points from the previous week. The weekly average capacity utilization rate of melamine in China was 62.56%, a decrease of 0.43 percentage points from the previous week [11] Warehouse Receipt Data - On July 10, 2025, the number of urea warehouse receipts was 2,645, an increase of 400 compared to the previous trading day, with 400 more in Meishan Xindu [3]

| | | | | 尿素早评20250710: 供应仍有压力,转机在于出口 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日慶 | | | 单位 | 7月9日 | 7月8日 | 变化值 (矩对值) | 変化值 (相对值) | | UR01 UR05 UR09 山东 | 民素期货价格 (收盘价) | | 元/吨 元/吨 元/吨 元/吨 | 1736.00 1736.00 1770.00 1840.00 | 1723.00 1727.00 1763.00 1820.00 | 13.00 9.00 7.00 20.00 | 0.75% 0.52% 0.40% 1.10% | | 期现价格 山西 | | | 元/吨 | 1700.00 | 1680.00 | 20.00 | 1.19% | | 河南 | 国内现货价格 | | 元/吨 | 1840.00 | 1810.00 | 30.00 | 1.66% | | 河北 | (小顆粒) | | 元/吨 | 1800.00 | 1780.00 | 20.00 | 1.12% | | 东北 | | | ...

尿素日报 | 2025-07-09 夏肥支撑盘面，等待印标价格公布 市场分析 价格与基差：2025-07-08，尿素主力收盘1763元/吨（+15）；河南小颗粒出厂价报价：1810 元/吨（0）；山东地区小 颗粒报价：1820元/吨（+0）；江苏地区小颗粒报价：1840元/吨（+0）；小块无烟煤750元/吨（+0），山东基差：57 元/吨（-15）；河南基差：47元/吨（-15）；江苏基差：77元/吨（-15）；尿素生产利润290元/吨（+0），出口利润701 元/吨（-10）。 供应端：截至2025-07-08，企业产能利用率84.32%（0.08%）。样本企业总库存量为101.85 万吨（-7.74），港口样本 库存量为43.70 万吨（+5.60）。 需求端：截至2025-07-08，复合肥产能利用率29.25%（-0.86%）；三聚氰胺产能利用率为62.99%（-0.22%）；尿素企 业预收订单天数5.36日（-0.82）。 目前夏季用肥支撑尿素盘面价格，等待印标价格公布。尿素部分计划检修装置推迟停车，产量继续高位运行。北 方局部区域追肥用量继续释放，农需继续推进。复合肥维持季节性淡季，三聚氰胺开工低 ...

| | | 尿素早评20250709: 供应仍有压力,转机在于出口 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 日慶 | 变化值 英化值 单位 7月8日 7月7日 | | | | | | | | | | | | | (絶対值) | (相对值) | | 期现价格 | 房素期货价格 (收盘价) | UR01 UR05 山东 | 元/吨 元/吨 元/吨 | 1723.00 1727.00 1820.00 | 1712.00 1716.00 1820.00 | 11.00 11.00 0.00 | 0.64% 0.64% 0.00% | | | | UR09 | 元/吨 | 1763.00 | 1748.00 | 15.00 | 0.86% | | | | 山西 | 元/吨 | 1680.00 | 1670.00 | 10.00 | 0.60% | | 国内现货价格 | | 河南 | 元/吨 | 1810.00 | 1810.00 | 0.00 | 0.00% | | (小顆粒) | | 河北 | 元/吨 | 1780.00 | ...

Core Viewpoint - The article highlights the dedication and contributions of Xia Jie, a senior technician in the chemical quality inspection field at Yunnan Yuntianhua Red Phosphorus Chemical Co., Ltd, showcasing her journey from a novice to a key technical figure in the company, and her significant role in enhancing product quality and operational efficiency [3][4][5]. Group 1: Professional Development - Xia Jie began her career at Red Phosphorus Chemical in 2000, quickly adapting to complex instruments and data analysis through rigorous learning and mentorship [4]. - Over the years, she transformed from a beginner to a technical expert, playing a crucial role in the analysis and guidance of new equipment trials and product development [4]. Group 2: Technical Innovations - In 2019, Xia Jie contributed to a significant technical upgrade involving a new potassium dihydrogen phosphate production process, which required the laboratory to provide 207 data points daily across 23 control points and 83 analysis projects [4]. - She developed and standardized analysis methods that significantly reduced operational costs and improved the success rate of equipment trials [4][5]. Group 3: Contributions to Company Growth - Xia Jie has been instrumental in the internationalization of the company's brand, creating mathematical models for efficient resource utilization, which supported the integrated production model of "mining-acid-fertilizer" [5]. - Her efforts have strengthened the market position of the "Bai Xian" brand in Vietnam, enhancing the company's export advantages [5]. Group 4: Talent Development - Xia Jie established a "master-apprentice + school-enterprise linkage" model to train over 30 technical personnel, facilitating their advancement to engineering and technician roles [6][7]. - She organized over 30 skill training sessions and chemical inspection competitions, promoting skill development and recognition among employees [6][7]. Group 5: Recognition and Awards - Over the years, Xia Jie has received numerous accolades, including the title of "National Labor Model" in 2025, reflecting her exceptional contributions to the industry [7].