Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The overall situation of the urea market is viewed as oscillating. The positive factors are mainly from the macro - level and cost side, while the negative factor is the weak domestic demand. Although urea exports are advancing, the domestic supply - demand situation remains loose, and the market still has a downward trend in the near term [1]. 3. Summary by Related Catalogs Cost - The price of pulverized coal and anthracite small pieces remained unchanged at 500.00 and 940.00 respectively. The price of natural gas increased by 100.00 to 3550.00 [1]. Price - Domestic prices in regions such as Henan, Hebei, Anhui, Shandong, and Shanxi decreased, with drops ranging from 10.00 to 20.00. International prices including China FOB, Middle East FOB, Southeast Asia CFR, and Brazil CFR remained unchanged [1]. Inventory - Factory inventory, port inventory, and downstream sample inventory all remained unchanged at 106.89, 17.70, and 16700.00 respectively [1]. Supply - The 5 - day production, overall开工率, coal - based开工率, and gas - based开工率 remained unchanged. The待发订单 also remained the same [1]. Demand - The开工率 of compound fertilizer, melamine, and formaldehyde remained unchanged at 37.75, 58.07, and 42.38 respectively [1]. Profit - The profit of fixed - bed remained at - 217.00, water - coal slurry at 184.00, and natural gas at - 238.00 [1]. Associated Products - The prices of liquid ammonia, melamine, and methanol increased by 30.00, 30.00, and 10.00 respectively, while the price of compound fertilizer remained unchanged at 2620.00 [1]. Futures - The结算价 remained unchanged at 1735.00, the基差 decreased by 10.00 to - 35.00. The成交量 increased by 11454.00 to 8114679.00, and the持仓量 increased by 1149.00 to 194803.00. The仓車量 remained unchanged at 10750.00 [1].

Report Industry Investment Rating - Not provided Core View - The domestic supply - demand situation of urea remains loose, and the recent market still has a downward trend. The market is mainly affected by macro and cost - side positives and weak domestic demand negatives, and is generally in a state of waiting while fluctuating [1] Summary by Relevant Catalogs Cost - The price of pulverized coal is 465.00, the price of smokeless small pieces is 920.00, and the price of natural gas is 3700.00 on October 15, 2025, with changes of 0.00, 0.00, and 20.00 respectively compared to the previous day [1] Price - On October 15, 2025, the prices in Henan, Hebei, Anhui, Shandong, and China FOB remained unchanged from the previous day, while the price in Shanxi increased by 10.00 to 1470.00. The prices of Middle East FOB, Southeast Asia CFR, and Brazil CFR also remained unchanged [1] Inventory - On October 15, 2025, the factory inventory, port inventory, and downstream sample inventory remained unchanged at 144.39, 41.50, and 4050.00 respectively [1] Supply - On October 15, 2025, the 5 - day production was 199400.00, the overall开工率 was 85.24, the coal - based开工率 was 89.41, and the gas - based开工率 was 73.39, all remaining unchanged from the previous day [1] Demand - On October 15, 2025, the remaining待发订单 was 7.00, the复合肥开工 was 25.50, the melamine开工 was 65.47, and the formaldehyde开工 was 34.49, all remaining unchanged [1] Profit - On October 15, 2025, the profit of fixed - bed was - 327.00, the profit of water - coal slurry was 142.00, and the profit of natural gas was - 225.00, all remaining unchanged [1] Related Products - On October 15, 2025, the price of liquid ammonia was 2050.00, the price of compound fertilizer was 2450.00, the price of melamine was 5050.00, and the price of methanol was 2160.00 (down 10.00 from the previous day) [1] Futures - On October 15, 2025, the结算 price was 1604.00 (up 2.00 from the previous day), the基差 was - 60.00 (down 3.00 from the previous day), the涨跌幅 was 0.12 (up 0.31 from the previous day), the成交量 was 6117987.00 (down 23124.00 from the previous day), the持仓量 was 322686.00 (up 694.00 from the previous day), and the仓单量 was 6493.00 (down 77.00 from the previous day) [1]