| | 尿素早评20251126: 价格底部或逐步明朗 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 变化值 日度 单位 11月25日 11月24日 | | | | | 変化值 | | | | | | | (绝对值) | (相对值) | | 期现价格 | UR01 尿素期货价格 (收盘价) | 元/吨 | 1630.00 | 1638.00 | -8.00 | -0.49% | | | UR05 | 元/吨 | 1701.00 | 1711.00 | -10.00 | -0.58% | | | UR09 | 元/吨 | 1716.00 | 1722.00 | -6.00 | -0.35% | | | 山东 | 元/吨 | 1630.00 | 1640.00 | -10.00 | -0.61% | | | 山西 | 元/吨 | 1500.00 | 1510.00 | -10.00 | -0.66% | | 国内现货价格 | 河南 | 元/吨 | 1640.00 | 1650.00 | -10.00 | -0.61% | | | (小顆粒) ...

| | | 尿素早评20251125: 价格底部或逐步明朗 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 日慶 | 变化值 変化值 单位 11月24日 11月21日 | | | | | | | | | | | | | (絕对值) | (相对值) | | 期现价格 | 尿素期货价格 (收盘价) | UR01 山西 | 元/吨 | 1638.00 1510.00 | 1654.00 1510.00 | -16.00 0.00 | -0.97% 0.00% | | | | UR05 | 元/吨 | 1711.00 | 1728.00 | -17.00 | -0.98% | | | | UR09 | 元/吨 | 1722.00 | 1734.00 | -12.00 | -0.69% | | | | 山东 | 元/吨 | 1640.00 | 1650.00 | -10.00 | -0.61% | | | | | 元/吨 | | | | | | 国内现货价格 | | 河南 | 元/吨 | 1650.00 | 1650.00 | 0.00 ...

| | | 尿素早评20251125: 价格底部或逐步明朗 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 日慶 | 变化值 変化值 单位 11月24日 11月21日 | | | | | | | | | | | | | (絕对值) | (相对值) | | 期现价格 | 尿素期货价格 (收盘价) | UR01 山西 | 元/吨 | 1638.00 1510.00 | 1654.00 1510.00 | -16.00 0.00 | -0.97% 0.00% | | | | UR05 | 元/吨 | 1711.00 | 1728.00 | -17.00 | -0.98% | | | | UR09 | 元/吨 | 1722.00 | 1734.00 | -12.00 | -0.69% | | | | 山东 | 元/吨 | 1640.00 | 1650.00 | -10.00 | -0.61% | | | | | 元/吨 | | | | | | 国内现货价格 | | 河南 | 元/吨 | 1650.00 | 1650.00 | 0.00 ...

| 尿素早评20251124: 价格底部或逐步明朗 | 変化值 | 变化值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 11月20日 | 11月21日 | 日度 | 单位 | (绝对值) | (相对值) | | | | UR01 | 元/吨 | 1654.00 | 1665.00 | -11.00 | -0.66% | | | | UR05 | 元/吨 | 1728.00 | 1735.00 | -7.00 | -0.40% | 尿素期货价格 | | | (收盘价) | UR09 | 1739.00 | 元/吨 | 1734.00 | -5.00 | -0.29% | | | 元/吨 | 1640.00 | 10.00 | 0.61% | 山东 | 1650.00 | | | | 期现价格 | 山西 | 元/吨 | 1510.00 | 1510.00 | 0.00 | 0.00% | | | 元/吨 | 1630.00 | 20.00 | 1.23% | 1650.00 | 河南 | 国内现货价格 | | | (小顆粒) | ...

Report Summary Investment Rating - No investment rating for the industry is provided in the report. Core View - The current bottom of urea prices may gradually become clear. Urea's low valuation is due to the market's consensus on the pressure of supply-demand surplus, but from a driving perspective, urea prices are supported at low levels [1]. - In terms of strategy, it is recommended to take profit on sold options and focus on long - position opportunities on dips in the medium to long term [1]. Summary by Directory Urea Futures and Spot Prices - Urea futures prices: UR01 closed at 1665 yuan/ton, up 2 yuan or 0.12% from the previous day; UR05 remained unchanged at 1735 yuan/ton; UR09 closed at 1739 yuan/ton, down 5 yuan or - 0.29% [1]. - Domestic spot prices (small - granular): Prices in Shandong, Shanxi, Hebei, and Jiangsu increased by 10 yuan/ton, with increases of 0.61%, 0.67%, 0.61%, and 0.62% respectively; prices in Henan and Northeast remained unchanged [1]. - Basis and spreads: The basis of Shandong spot - UR01 increased by 10 yuan/ton to - 95 yuan/ton; the spread of 01 - 05 increased by 2 yuan/ton to - 70 yuan/ton [1]. Upstream and Downstream Prices - Upstream cost: Anthracite prices in Henan and Shanxi remained unchanged at 1030 yuan/ton and 930 yuan/ton respectively [1]. - Downstream prices: The price of compound fertilizer (45%S) in Shandong and Henan remained unchanged; the price of melamine in Shandong increased by 7 yuan/ton or 0.14%, and remained unchanged in Jiangsu at 5200 yuan/ton [1]. Important Information - The opening price of the main urea futures contract 2601 was 1661 yuan/ton, the highest was 1674 yuan/ton, the lowest was 1648 yuan/ton, the closing price was 1665 yuan/ton, and the settlement price was 1661 yuan/ton. The position of 2601 was 245423 lots [1]. Multi - Short Logic - Valuation: Although urea has rebounded recently, the rebound is limited, and the valuation is still relatively low, reflecting the current pattern of strong supply and weak demand [1]. - Driving factors: The new round of export quotas will relieve the supply pressure in the fourth quarter to some extent, and the winter reserve demand will support the price, and low prices may stimulate storage enterprises to enter the market [1].

| 尿素早评20251120: 价格底部或逐步明朗 | | 变化值 | | | | | 変化值 | | --- | --- | --- | --- | --- | --- | --- | --- | | 日慶 | | 单位 11月19日 11月18日 | | | | | | | | | | | | | (絕对圓) | (相对值) | | UR01 山东 期现价格 山西 | 尿素期货价格 (收盘价) | | 元/吨 元/吨 元/吨 | 1663.00 1630.00 1500.00 | 1662.00 1610.00 1490.00 | 1.00 20.00 10.00 | 0.06% 1.24% 0.67% | | UR05 | | | 元/吨 | 1735.00 | 1736.00 | -1.00 | -0.06% | | UR09 | | | 元/吨 | 1744.00 | 1747.00 | -3.00 | -0.17% | | 河南 | 国内现货价格 | | 元/吨 | 1630.00 | 1610.00 | 20.00 | 1.24% | | 河北 | (小額粒) | | 元/吨 | 1640.00 ...

| | | 尿素早评20251119: 价格底部或逐步明朗 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 日慶 | 変化值 | 单位 | 11月18日 | 11月17日 | (絕对目) | 変化值 (相对值) | | | | UR01 | 元/吨 | 1662.00 | 1662.00 | 0.00 | 0.00% | | | | UR05 | 元/吨 | 1736.00 | 1737.00 | -1.00 | -0.06% | | 尿素期货价格 | | | | | | | | | (收盘价) | | UR09 | 元/吨 | 1747.00 | 1755.00 | -8.00 | -0.46% | | | | 山东 | 元/吨 | 1610.00 | 1590.00 | 20.00 | 1.26% | | 期现价格 | | 山西 | 元/吨 | 1490.00 | 1480.00 | 10.00 | 0.68% | | | | 河南 | 元/吨 | 1610.00 | 1600.00 | 10.00 | 0.63% | | ...

Report Summary 1. Report industry investment rating - Not provided in the given content 2. Core view of the report - The current bottom of urea prices may gradually become clear. Urea's low valuation reflects the current pattern of strong supply and weak demand, but price support exists at low levels due to factors such as new export quotas and winter reserve demand. The report suggests taking profit on sold put - options and paying long - term attention to buying opportunities on dips [1] 3. Summary by relevant catalog Urea futures prices (closing prices) - UR01: 1662.00 yuan/ton on November 18, unchanged from the previous day [1] - UR05: 1736.00 yuan/ton on November 18, down 1.00 yuan (-0.06%) from November 17 [1] - UR09: 1747.00 yuan/ton on November 18, down 8.00 yuan (-0.46%) from November 17 [1] Domestic spot prices (small - granules) - Shandong: 1610.00 yuan/ton on November 18, up 20.00 yuan (1.26%) from November 17 [1] - Shanxi: 1490.00 yuan/ton on November 18, up 10.00 yuan (0.68%) from November 17 [1] - Henan: 1610.00 yuan/ton on November 18, up 10.00 yuan (0.63%) from November 17 [1] - Hebei: 1630.00 yuan/ton on November 18, up 20.00 yuan (1.24%) from November 17 [1] - Northeast: 1670.00 yuan/ton on November 18, up 20.00 yuan (1.21%) from November 17 [1] - Jiangsu: 1600.00 yuan/ton on November 18, up 20.00 yuan (1.27%) from November 17 [1] Basis and spreads - Shandong spot - UR: - 126.00 yuan/ton on November 18, up 21.00 yuan from November 17 [1] - 01 - 05 spread: - 74.00 yuan/ton on November 18, up 1.00 yuan from November 17 [1] Upstream costs - Anthracite coal price in Henan: 1030.00 yuan/ton on November 18, unchanged from the previous day [1] - Anthracite coal price in Shanxi: 930.00 yuan/ton on November 18, unchanged from the previous day [1] Downstream prices - Compound fertilizer (45%S) in Shandong: 3000.00 yuan/ton on November 18, unchanged from the previous day [1] - Compound fertilizer (45%S) in Henan: 2550.00 yuan/ton on November 18, up 20.00 yuan (0.79%) from November 17 [1] - Melamine price in Shandong: 5093.00 yuan/ton on November 18, unchanged from the previous day [1] - Melamine price in Jiangsu: 5200.00 yuan/ton on November 18, unchanged from the previous day [1] Important information - Urea futures main contract 2601 had an opening price of 1655 yuan/ton, a high of 1671 yuan/ton, a low of 1653 yuan/ton, a closing price of 1662 yuan/ton, and a settlement price of 1662 yuan/ton on November 18. Its持仓量 was 250957 hands [1] Trading strategy - Take profit on sold put - options, and pay long - term attention to buying opportunities on dips [1]

| | | 尿素早评20251118: 价格底部或逐步明朗 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 日慶 | 变化值 单位 11月17日 11月14日 | | | | | 変化值 | | | | (絕对值) | | | | | (相对值) | | 期现价格 | | UR01 | 元/吨 | 1662.00 | 1652.00 | 10.00 | 0.61% | | 民素期货价格 | | UR05 | 元/吨 | 1737.00 | 1727.00 | 10.00 | 0.58% | | | (收盘价) | UR09 | 元/吨 | 1755.00 | 1748.00 | 7.00 | 0.40% | | | | 山东 | 元/吨 | 1590.00 | 1600.00 | -10.00 | -0.63% | | | | 山西 | 元/吨 | 1480.00 | 1480.00 | 0.00 | 0.00% | | 国内现货价格 | | 河南 | 元/吨 | 1600.00 | 1610.00 | -10.00 | -0 ...

Report Industry Investment Rating - No relevant information provided. Core View of the Report - The bottom of the current urea price may gradually become clear. Although urea has rebounded recently, the strength is limited, and the valuation is still at a relatively low level, reflecting the current pattern of strong supply and weak demand. From a driving perspective, the new round of export quotas will relieve the supply pressure in the fourth quarter to a certain extent, and the winter reserve demand will support the price, and low prices may stimulate storage - enterprise entry. The low valuation of urea is the result of market consensus on the pressure of oversupply, but the price is supported at a low level. [1] - The trading strategy is to take profit on selling options and pay attention to long - buying opportunities on dips in the medium and long term. [1] Summary According to Relevant Catalogs 1. Price Changes - **Futures Prices**: UR01 rose from 1652.00 yuan/ton to 1662.00 yuan/ton, a 0.61% increase; UR05 rose from 1727.00 yuan/ton to 1737.00 yuan/ton, a 0.58% increase; UR09 rose from 1748.00 yuan/ton to 1755.00 yuan/ton, a 0.40% increase. [1] - **Domestic Spot Prices (Small - Grained)**: Prices in Shandong, Henan, Hebei, and Jiangsu decreased by - 0.63%, - 0.62%, - 1.23%, and - 0.63% respectively, while those in Shanxi and Northeast remained unchanged. [1] - **Upstream Costs**: The prices of anthracite coal in Henan and Shanxi remained unchanged. [1] - **Downstream Prices**: The price of compound fertilizer (45%S) in Shandong increased by 0.67%, while that in Henan remained unchanged. The price of melamine in Shandong remained unchanged, and that in Jiangsu increased by 0.97%. [1] 2. Basis and Spread - The basis of Shandong spot - UR decreased by 20.00 yuan/ton, and the spread of 01 - 05 remained unchanged. [1] 3. Important Information - The opening price of the main urea futures contract 2601 was 1650 yuan/ton, the highest price was 1667 yuan/ton, the lowest price was 1641 yuan/ton, the closing price was 1662 yuan/ton, the settlement price was 1656 yuan/ton, and the position was 254752 lots. [1]