化肥价格稳中略涨，其中尿素与前一周基本持平，三元复合肥上涨0.4%。 成品油批发价格基本平稳，其中92号汽油、95号汽油均与前一周基本持平，0号柴油上涨0.1%。 有色金属价格小幅回落，其中铝、锌、铜分别下降0.9%、0.9%和0.3%。 基础化学原料价格以涨为主，其中硫酸、纯碱分别上涨4.1%和0.3%，聚丙烯、甲醇分别下降2.1%和 1.3%。 橡胶价格继续上涨，其中天然橡胶、合成橡胶分别上涨0.9%和0.8%。 煤炭价格略有波动，其中动力煤、无烟块煤每吨793元和1167元，分别上涨0.6%和0.2%，炼焦煤每吨 1073元，下降0.3%。 钢材价格略有上涨，其中螺纹钢、热轧带钢、高速线材每吨3337元、3490元和3523元，分别上涨 0.5%、0.4%和0.2%。 商务大数据显示，11月17日至23日，全国生产资料市场价格比前一周（环比，下同）上涨0.2%。 ...

生产资料市场：基础化学原料价格以涨为主，其中硫酸、纯碱分别上涨4.1%和0.3%，聚丙烯、甲醇分 别下降2.1%和1.3%。橡胶价格继续上涨，其中天然橡胶、合成橡胶分别上涨0.9%和0.8%。煤炭价格略 有波动，其中动力煤、无烟块煤每吨793元和1167元，分别上涨0.6%和0.2%，炼焦煤每吨1073元，下降 0.3%。钢材价格略有上涨，其中螺纹钢、热轧带钢、高速线材每吨3337元、3490元和3523元，分别上 涨0.5%、0.4%和0.2%。化肥价格稳中略涨，其中尿素与前一周基本持平，三元复合肥上涨0.4%。成品 油批发价格基本平稳，其中92号汽油、95号汽油均与前一周基本持平，0号柴油上涨0.1%。有色金属价 格小幅回落，其中铝、锌、铜分别下降0.9%、0.9%和0.3%。 商务大数据显示，11月17日至23日，全国食用农产品市场价格比前一周（环比，下同）下降0.1%，生 产资料市场价格比前一周上涨0.2%。 食用农产品市场：30种蔬菜平均批发价格每公斤5.62元，下降0.9%，其中莴笋、西兰花、菠菜分别下降 8.0%、7.7%和3.8%。禽产品批发价格小幅下降，其中鸡蛋、白条鸡分别下降1.1%和0. ...

有色金属价格小幅上涨，其中铝、铜、锌分别上涨2.0%、0.9%和0.8%。 煤炭价格继续上涨，其中炼焦煤、动力煤、无烟块煤每吨1076元、788元和1165元，分别上涨1.7%、 1.2%和0.1%。 商务大数据显示，11月10日至16日，全国生产资料市场价格比前一周（环比，下同）上涨0.9%。 基础化学原料价格以涨为主，其中硫酸、纯碱分别上涨4.1%和0.2%，聚丙烯、甲醇分别下降0.3%和 0.2%。 成品油批发价格小幅回升，其中0号柴油、92号汽油、95号汽油分别上升1.4%、1.1%和0.9%。 化肥价格略有上涨，其中三元复合肥、尿素分别上涨0.2%和0.1%。 钢材价格基本持平，其中螺纹钢、高速线材每吨3320元和3516元，分别上涨0.2%和0.1%，槽钢每吨 3563元，与前一周基本持平，普通中板、热轧带钢每吨3663元和3475元，均下降0.4%。 橡胶价格略有回升，其中合成橡胶、天然橡胶分别上涨0.3%和0.1%。 ...

Group 1: Agricultural Products Market - The national market prices for edible agricultural products remained stable from November 10 to 16, with no change compared to the previous week [1] - Wholesale prices for grains and oils were mostly stable, with rice and rapeseed oil holding steady, while soybean oil and peanut oil decreased by 0.2% and 0.1% respectively, and flour increased by 0.2% [1] - Poultry product prices showed slight fluctuations, with eggs decreasing by 0.3% and white-cut chicken increasing by 0.2% [1] - Meat wholesale prices experienced minor changes, with pork priced at 18.42 yuan per kilogram, down by 1.0%, while beef remained stable and lamb increased by 0.3% [1] - The average wholesale price of 30 types of vegetables was 5.67 yuan per kilogram, down by 0.4%, with cauliflower, rapeseed, and broccoli decreasing by 7.8%, 7.6%, and 4.9% respectively [1] - Wholesale prices for aquatic products slightly declined, with crucian carp, silver carp, and grass carp decreasing by 1.4%, 0.5%, and 0.1% respectively [1] - The average wholesale price of six types of fruits saw a slight increase, with watermelon, grapes, and pears rising by 3.7%, 1.0%, and 0.2% respectively [1] Group 2: Production Materials Market - The prices of basic chemical raw materials predominantly increased, with sulfuric acid and soda ash rising by 4.1% and 0.2% respectively, while polypropylene and methanol decreased by 0.3% and 0.2% [2] - Wholesale prices for refined oil showed a slight recovery, with 0 diesel, 92 gasoline, and 95 gasoline increasing by 1.4%, 1.1%, and 0.9% respectively [2] - Prices of non-ferrous metals experienced slight increases, with aluminum, copper, and zinc rising by 2.0%, 0.9%, and 0.8% respectively [2] - Coal prices continued to rise, with coking coal, thermal coal, and anthracite priced at 1076 yuan, 788 yuan, and 1165 yuan per ton, increasing by 1.7%, 1.2%, and 0.1% respectively [2] - Rubber prices showed a slight rebound, with synthetic rubber and natural rubber increasing by 0.3% and 0.1% respectively [2] - Fertilizer prices saw a slight increase, with compound fertilizer and urea rising by 0.2% and 0.1% respectively [2] - Steel prices remained mostly stable, with rebar and high-speed wire priced at 3320 yuan and 3516 yuan per ton, increasing by 0.2% and 0.1% respectively, while channel steel remained stable and ordinary medium plate and hot-rolled strip decreased by 0.4% [2]

Group 1: Market Overview - The national production material market prices remained stable compared to the previous week [1] - Coal prices experienced slight increases, with thermal coal, coking coal, and anthracite priced at 779 yuan, 1058 yuan, and 1164 yuan per ton, reflecting increases of 1.4%, 0.5%, and 0.3% respectively [1] - Basic chemical raw material prices predominantly increased, with sulfuric acid and soda ash rising by 1.5% and 0.6%, while methanol and polypropylene decreased by 0.7% and 0.3% [1] Group 2: Metal and Fuel Prices - Non-ferrous metal prices showed minor fluctuations, with copper decreasing by 1.7%, while zinc and aluminum increased by 0.9% and 0.7% respectively [1] - Refined oil wholesale prices showed a slight decline, with 0 diesel remaining stable, while 95 and 92 gasoline decreased by 0.3% [1] Group 3: Fertilizer and Steel Prices - Fertilizer prices saw a slight decrease, with urea dropping by 0.4%, while ternary compound fertilizer remained stable compared to the previous week [2] - Steel prices experienced a minor decline, with hot-rolled strip steel, rebar, and high-speed wire priced at 3490 yuan, 3313 yuan, and 3513 yuan per ton, reflecting decreases of 0.8%, 0.7%, and 0.5% respectively [2] Group 4: Rubber Prices - Rubber prices experienced slight declines, with synthetic rubber and natural rubber decreasing by 2.5% and 1.5% respectively [3]

Agricultural Products Market - The national market price of edible agricultural products increased by 0.4% from the previous week [1] - The average wholesale price of 30 types of vegetables was 5.69 yuan per kilogram, rising by 1.4%, with notable increases in prices of chives (14.8%), cabbage (8.4%), and asparagus lettuce (5.3%) [1] - The average wholesale price of 6 types of fruits saw a slight increase, with watermelon, grapes, and apples rising by 3.5%, 2.8%, and 0.3% respectively [1] - Wholesale prices of aquatic products slightly increased, with large hairtail, large yellow croaker, and silver carp rising by 0.8%, 0.8%, and 0.7% respectively [1] - Poultry product wholesale prices increased, with broiler chicken and eggs rising by 0.2% and 0.1% respectively [1] - Grain and oil wholesale prices showed slight fluctuations, with peanut oil rising by 0.1%, while rice and soybean oil decreased by 0.2% and 0.1% respectively [1] - Meat wholesale prices experienced minor fluctuations, with pork priced at 18.60 yuan per kilogram, decreasing by 0.5%, while beef and lamb increased by 0.1% [1] Production Materials Market - Coal prices saw a slight increase, with thermal coal, coking coal, and anthracite rising to 779 yuan, 1058 yuan, and 1164 yuan per ton, increasing by 1.4%, 0.5%, and 0.3% respectively [2] - Basic chemical raw material prices predominantly increased, with sulfuric acid and soda ash rising by 1.5% and 0.6%, while methanol and polypropylene decreased by 0.7% and 0.3% [2] - Prices of non-ferrous metals showed slight fluctuations, with copper decreasing by 1.7%, while zinc and aluminum increased by 0.9% and 0.7% respectively [2] - Refined oil wholesale prices remained stable with slight declines, as 0 diesel remained unchanged, while 95 and 92 gasoline decreased by 0.3% [2] - Fertilizer prices slightly decreased, with urea dropping by 0.4%, while compound fertilizers remained stable [2] - Steel prices experienced a slight decline, with hot-rolled strip steel, rebar, and high-speed wire rod priced at 3490 yuan, 3313 yuan, and 3513 yuan per ton, decreasing by 0.8%, 0.7%, and 0.5% respectively [2] - Rubber prices saw a slight decrease, with synthetic rubber and natural rubber falling by 2.5% and 1.5% respectively [2]

Group 1: Agricultural Products Market - The national edible agricultural product market prices increased by 1.6% from the previous week [1] - The average wholesale price of 30 types of vegetables reached 5.24 yuan per kilogram, rising by 7.4%, with bitter melon, cauliflower, and cucumber seeing increases of 21.6%, 18.5%, and 17.3% respectively [1] - The average wholesale price of six types of fruits saw a slight increase, with watermelon, citrus, and grapes rising by 5.4%, 2.7%, and 2.2% respectively [1] - Wholesale prices for grain and oil remained stable, with rice and flour holding steady, while soybean oil, peanut oil, and rapeseed oil decreased by 0.1% [1] - Wholesale prices for aquatic products slightly declined, with grass carp, crucian carp, and large yellow croaker decreasing by 0.9%, 0.3%, and 0.3% respectively [1] - Meat wholesale prices predominantly decreased, with pork priced at 18.47 yuan per kilogram, down by 0.2%, and beef also down by 0.2%, while lamb remained stable [1] - Poultry product wholesale prices saw a slight decline, with eggs and broiler chickens decreasing by 0.9% and 0.1% respectively [1] Group 2: Production Materials Market - The prices of basic chemical raw materials generally increased, with sulfuric acid rising by 3.1%, while soda ash and polypropylene remained stable, and methanol decreased by 0.1% [2] - Prices of non-ferrous metals saw slight increases, with copper, aluminum, and zinc rising by 0.9%, 0.6%, and 0.3% respectively [2] - Coal prices predominantly increased, with coking coal and thermal coal priced at 1,050 yuan and 770 yuan per ton, rising by 1.0% and 0.9% respectively, while anthracite coal decreased by 0.2% [2] - Rubber prices experienced slight increases, with natural rubber and synthetic rubber rising by 0.7% and 0.2% respectively [2] - Steel prices remained stable, with rebar and hot-rolled strip steel priced at 3,308 yuan and 3,511 yuan per ton, both increasing by 0.1%, while welded steel pipes and ordinary plates decreased by 0.5% and 0.3% respectively [2] - Wholesale prices for refined oil slightly decreased, with 92-octane gasoline, 95-octane gasoline, and 0-octane diesel all declining by 0.5% [2] - Fertilizer prices remained stable with slight declines, as compound fertilizer held steady while urea decreased by 0.6% [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Affected by the improvement of macro - sentiment and marginal positive factors in supply and demand, urea prices rebounded from the low level. The short - term price center of urea moved up, and the reference range of the 01 contract was 1600 - 1700. The increase in urea maintenance devices led to a decline in daily output. Agricultural fertilizer demand gradually expanded, the increase in the start - up of compound fertilizers boosted the demand for urea, and the obvious destocking of port inventory alleviated the overall supply pressure [3]. 3. Summary According to the Directory Market Changes - Price: On October 24, the closing price of the urea 2601 contract was 1642 yuan/ton, up 40 yuan/ton from the previous week, a rise of 1.05%. The daily average price of urea in the Henan spot market was 1565 yuan/ton, up 24 yuan/ton from the previous week, a rise of 1.56% [3][6]. - Basis: The main basis of urea weakened. On October 24, the main basis in the Henan market was - 77 yuan/ton, and the weekly basis operating range was (- 93) - (- 65) yuan/ton [3][9]. - Spread: The 1 - 5 spread of urea weakened. On October 24, the 1 - 5 spread was - 77 yuan/ton, and the weekly operating range was (- 77) - (- 70) yuan/ton [3][9]. Fundamental Changes Supply - The operating load rate of Chinese urea plants was 78.56%, down 1.67 percentage points from the previous week. Among them, the operating load rate of gas - based enterprises was 67.76%, down 3.57 percentage points from the previous week, and the daily urea output was 18.26 tons. Next week, the maintenance devices in Shanxi, Shaanxi and other places are expected to resume production, and the domestic urea spot supply is still relatively sufficient [3][11]. Cost - The anthracite lump coal market was mainly stable, and the anthracite slack coal was slightly stronger. As of October 23, the tax - included price of washed small anthracite blocks with S0.4 - 0.5 in Jincheng, Shanxi was 820 - 900 yuan/ton, with the same closing price center as the previous week [3][15]. Profit - The gross profit margin of coal - based urea was - 7.39%, and that of gas - based urea was - 15.11%. Affected by the rising urea price, the urea gross profit margin rebounded slightly [15]. Demand - The average advance collection of major urea production enterprises was 3.9 days, and the weekly production - sales rate of urea enterprises was 95.8%. With the progress of autumn harvest and sowing, agricultural demand increased moderately, and off - season storage enterprises made appropriate purchases at low prices, resulting in a marginal improvement in urea production and sales [19]. Industrial Demand - The capacity utilization rate of compound fertilizer enterprises was 27.71%, up 3.53 percentage points from the previous week. The compound fertilizer inventory was 70.44 tons, down 0.47 tons from the previous week. The inventory pressure of domestic compound fertilizers was slightly relieved, and the destocking trend began [23]. - The operating load rate of melamine enterprises was 47.44%, down 2.24 percentage points from the previous week, and the weekly output was 2.338 tons. With the resumption of production of shutdown and maintenance devices, it is expected that the average operating load rate of domestic melamine enterprises will gradually increase to about 60% next week [26]. - The national building materials and home furnishing prosperity index and the sales volume of large - scale building materials and home furnishing stores increased, and the demand support in the panel market was enhanced [27]. Inventory - The inventory of urea enterprises was 143.3 tons, an increase of 1.2 tons from the previous week, with a narrowing increase. The urea port inventory was 37 tons, a decrease of 37 tons from the previous week. There were 5407 registered urea warehouse receipts, totaling 10.8140 tons, a decrease of 887 from the previous week. October is the centralized cancellation period for urea warehouse receipts [30].

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report The urea market is facing continuous inventory accumulation pressure. Although the supply has decreased due to an increase in maintenance devices, the support from compound fertilizer and other industrial demands has weakened. After a short - term improvement in production and sales, there are still pressures. It is expected that the urea price will fluctuate at the bottom, with a reference range of 1550 - 1650 yuan/ton [5]. 3) Summary According to Relevant Catalogs Market Changes - Urea's weekly price fluctuated sideways, rebounding after hitting a new low. On October 17, the closing price of the urea 2601 contract was 1602 yuan/ton, a decrease of 2 yuan/ton from last week, a decline of 0.31%. The daily average price of urea in the Henan spot market was 1541 yuan/ton, an increase of 26 yuan/ton from last week, a rise of 1.72% [5][8]. - The main - contract basis of urea strengthened. On October 17, the main - contract basis in the Henan market was - 61 yuan/ton, with a weekly basis operating range of (- 83) - (- 59) yuan/ton. The 1 - 5 spread of urea weakened. On October 17, the 1 - 5 spread was - 70 yuan/ton, with a weekly operating range of (- 70) - (- 68) yuan/ton [5][10]. Fundamental Changes - **Supply**: The operating load rate of Chinese urea plants was 80.23%, a decrease of 3.5 percentage points from last week. Among them, the operating load rate of gas - based enterprises was 71.33%, a decrease of 1.21 percentage points from last week, and the daily average urea output was 18.86 tons. Next week, maintenance devices in Anhui, Shaanxi and other places will gradually resume production, and the domestic urea spot supply will still be relatively sufficient [5][12]. - **Cost**: The demand - side support for anthracite lump coal was weaker, and the pit - mouth lump coal of coal enterprises in some areas was under significant pressure, with coal prices falling. As of October 16, the含税 price of washed small anthracite blocks with S0.4 - 0.5 in Jincheng, Shanxi was 820 - 900 yuan/ton, with the price center dropping 35 yuan/ton compared to the closing price on September 30 [5][16]. - **Demand**: - Agricultural demand: Nationwide autumn harvest and sowing have begun. Winter wheat has been sown and emerged in most parts of Xinjiang, eastern Qinghai, eastern Gansu, southern Ningxia, Guanzhong in Shaanxi, Shanxi, Hebei, Tianjin and other places. In Gansu, nearly 80% of winter wheat has been sown, and in Shaanxi, over 10%. Rape has been sown in Zhejiang, Hubei and other places. In Chongqing, over 40% of rape has been sown, and in Hubei, over 30%. The average pre - sales of major urea production enterprises was 3.6 days, and the weekly production - sales rate of urea enterprises was 94.3%. With the progress of autumn harvest and sowing, agricultural demand moderately increased, and production and sales improved marginally [5][18][21]. - Industrial demand: The capacity utilization rate of compound fertilizer enterprises was 24.18%, a decrease of 1.32 percentage points from last week. The compound fertilizer inventory was 70.91 tons, a decrease of 2.59 tons from last week, and the domestic compound fertilizer inventory pressure was slightly relieved, entering a destocking trend [5][21]. - **Inventory**: Urea enterprise inventory was 142.1 tons, an increase of 8.3 tons from last week, showing continuous inventory accumulation. Urea port inventory was 74 tons, an increase of 2 tons from last week. The number of registered urea warehouse receipts was 6294, totaling 12.588 tons [5][28].

Price Trends in Various Markets - The national production material market prices increased by 0.3% from the previous week [1] - Non-ferrous metal prices saw slight increases, with copper, zinc, and aluminum rising by 2.1%, 0.9%, and 0.7% respectively [1] - Coal prices continued to rise, with prices for smokeless lump coal, coking coal, and thermal coal at 1154 yuan, 1031 yuan, and 760 yuan per ton, increasing by 0.8%, 0.6%, and 0.3% respectively [1] - Rubber prices experienced a slight increase, with synthetic rubber and natural rubber both rising by 0.1% [1] - Basic chemical raw material prices showed slight fluctuations, with sulfuric acid, polypropylene, and methanol decreasing by 0.3%, 0.3%, and 0.2% respectively, while soda ash increased by 0.5% [1] Fuel and Fertilizer Prices - Wholesale prices for finished oil products slightly decreased, with 0 diesel, 92 gasoline, and 95 gasoline all dropping by 0.1% [2] - Fertilizer prices continued to decline, with urea and compound fertilizers decreasing by 0.4% and 0.1% respectively [3] - Steel prices saw a slight decrease, with channel steel, rebar, and ordinary medium plate priced at 3607 yuan, 3356 yuan, and 3738 yuan per ton, decreasing by 0.8%, 0.5%, and 0.3% respectively [3]