汽笛轰鸣贯山河，铁脉奔腾通四海。 在中老铁路这条连接中国与东南亚的"黄金通道"上，一串串亮眼的数字正彰显着区域经济合作的新篇章。作为云南省面向南亚东南亚的重要的国际性物流枢 纽，腾俊国际陆港交出了一份令人瞩目的成绩单：中老铁路跨境业务到发运量达10128TEU，同比增长100.6%，创开站以来的历史新高。 这不仅实现了数字上的突破，更是腾俊国际陆港主动服务和融入国家战略、践行发展使命的生动体现。通过推进通道建设、创新运营模式、促进产业集聚等 一系列系统性布局，腾俊国际陆港正持续释放中老铁路的潜力，成为畅通国内国际"双循环"的门户枢纽。 通道建设，构建立体多元的物流网络 模式创新的触角还延伸至农产品贸易领域。6月4日，"云南号"搭载90吨老挝鲜芒果，经过中老铁路顺利抵达腾俊国际陆港，这是老挝鲜芒果首次输华。9月 15日，腾俊国际陆港举行云南省首次香蕉拍卖会，5柜刚从老挝抵达的优质香蕉通过数字化平台完成线上交易，二十余家线上线下客户同步参与竞价。这场 创新的拍卖活动，突破了传统贸易的地理限制和信息不对称瓶颈，大幅缩短了交易周期，为南亚东南亚农产品与中国消费市场搭建起高效对接桥梁，是区域 农产品贸易标准化、透明化进 ...

数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2026-2032年中国硫酸铵行业市场深度分析及投资前景展望报告》 根据中国海关数据显示：2025年11月中国硫酸铵出口数量为221万吨，同比增长20.3%，出口金额为3.48 亿美元，同比增长27.8%。 近一年中国硫酸铵出口情况统计图 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In 2025, urea prices continued to oscillate and search for a bottom, with frequent rapid rebounds. Supply remained high, and production increased year - on - year. In 2026, supply is expected to grow further, with a potential 3.5% increase in capacity and a 3.5% increase in production, or 2 - 2.5% if prices fall. Agricultural demand is expected to rise by 2.67%. Domestic industrial demand may remain weak, with a 2% decline in melamine and urea - formaldehyde resin demand. Urea export policies may continue, but the stimulus from exports is weakening. Without unexpected export demand, urea prices will slowly decline until production shows negative feedback [3][6]. Summary by Relevant Catalogs 2025 Market Review - In 2025, urea prices oscillated downward. Key factors included continuous domestic capacity expansion (355 million tons in 2025, 317 million tons expected in 2026, and 600 million tons from 2027 - 2028), decent agricultural demand during peak seasons, changes in export policies, and stable industrial demand [12][14]. - Quarterly events included winter gas restrictions and rising international natural gas prices in Q3, which pushed up international nitrogen fertilizer prices. There were also factors such as spring plowing demand, changes in compound fertilizer export policies, and the start of summer demand [10]. Capacity Trends - China's urea is in a capacity expansion cycle. In 2025, net new capacity was 4.18 million tons, and 2.94 million tons are expected in 2026. Future plans involve adding about 14 million tons and removing 3 - 5 million tons in the next three years, resulting in a net increase of 9 - 11 million tons [19][24]. - Some fixed - bed processes using anthracite are being phased out, with about 13.61 million tons of such capacity (18% of the total) likely to be eliminated in the next five years [24]. Production and Profitability - In 2025, gas - based urea production was unprofitable, but production was not significantly affected due to planned gas supply and export quota support. However, long - term low prices may lead to reduced production [28]. - In 2026, urea production is expected to increase by 3.6%. But due to limited room for increasing the production rate and low prices for gas - based production, the increase in production may be less than the increase in capacity. If prices fall, output growth may drop to 2.3% [34][39]. Nitrogen Fertilizer Market - Production of nitrogen - containing fertilizers has grown rapidly in recent years. In 2025, synthetic ammonia production is expected to be 34.5% higher than in 2022. Urea remains cost - effective compared to other nitrogen fertilizers, but the substitution demand has decreased [49][53]. - Ammonium chloride and ammonium sulfate markets are moving towards a more balanced supply, with supply increasing and the substitution demand for urea limited. The substitution of ammonium sulfate for urea exports may weaken [54][60][62]. - Overall nitrogen fertilizer supply has increased significantly. In 2025, the total nitrogen - containing output of nitrogen fertilizers is expected to maintain a growth rate of over 10%. However, international nitrogen fertilizer prices have weakened, and future export momentum may decline [64][66]. Demand Trends - Agricultural demand is expected to continue to grow moderately. From 2020 - 2024, grain sowing area and production increased. Policies aim to increase grain production by 100 billion jin by 2030. In 2026, agricultural and other demand is expected to rise by 2.7%, and compound fertilizer demand may increase by 1.7% [70][82][85]. - Industrial demand is related to the real - estate market and furniture exports. With weak real - estate demand and falling furniture export prices, the demand for melamine and urea - formaldehyde resin is expected to decline by 2% in 2026 [88][97]. Export Situation - Export policies are crucial. Historically, policies have changed frequently. In 2025, export policies were relaxed through quotas, and exports may reach 4.76 million tons, with a possible increase to 5 million tons in 2026. India's import demand may decrease, while non - China and India regions are expected to add 4 million tons of new capacity in 2026. Export profit remains high, and the quota system is expected to continue in 2026 [102][111][113][116]. Balance Sheet - In 2026, domestic new capacity will continue to be put into operation. Without considering production cuts due to losses, urea production is expected to increase by about 2.54 million tons (3.7%). Demand is expected to see a 2.7% increase in agricultural and other sectors, a 1.7% increase in compound fertilizers, a 2% decrease in industrial demand, and stable or increasing exports. Overall, supply may slightly exceed demand, but there is still a possibility of short - term strength due to export policies [120][121].

Core Viewpoint - Andy Su has successfully completed a large-scale private placement, raising a total of 3.98 billion shares and 3 billion yuan, with significant interest from institutional investors [1][3][4]. Fundraising Details - The private placement involved issuing 398 million shares at a price of 7.54 yuan per share, raising a total of 3 billion yuan, with a net amount of 2.984 billion yuan after expenses [3][4]. - The top recipient of the shares was Caitong Fund, which received 694 million yuan, becoming the second-largest shareholder with a 2.99% stake [1][6]. Use of Proceeds - The funds raised will be allocated to functional product projects, special product projects, sustainable development projects, and to supplement working capital [2][8]. - Specifically, 1.743 billion yuan (46.3% of total funds) will be invested in a solid methionine project, while 257 million yuan will go towards special product projects [8]. Market Performance - As of December 18, Andy Su's stock price reached 8.93 yuan, resulting in a paper profit of 553 million yuan for the 20 investors within a day [2][7]. Financial Performance - For the first three quarters of 2025, Andy Su reported revenue of 12.931 billion yuan, a year-on-year increase of 13.67%, while net profit decreased by 1.29% to 990 million yuan [10]. - The company has faced challenges such as declining vitamin prices and increased distribution costs due to tariffs, but is implementing strategies to mitigate these impacts [10]. Research and Development - Andy Su is enhancing its R&D efforts, with planned expenditures increasing from 301 million yuan in 2020 to 442 million yuan in 2024, and 282 million yuan spent in the first three quarters of 2025 [11].

近期，国内硫酸铵市场受企业装置运行降负影响，价格高位运行。生意社监测数据显示，12月12日山东地区硫酸铵价格运行平 稳，其中己内级硫酸铵主流价在1150～1250元(吨价，下同)，焦化级硫酸铵主流价在950～1050元。对于后市，业内人士普遍认为 将进入震荡调整阶段。 生产降负 价格上扬 隆众资讯分析师石璐指出，硫酸铵虽为副产品，但产能规模可观，能为企业贡献丰厚利润，特别是在主产品持续亏损的状态下。 今年10月，己内酰胺产品每吨亏损上千元，但部分厂家可以通过副产硫酸铵获得的收益来弥补亏损，一定程度上缓解了经营压 力。 为扭转行业"内卷"局面、保障产业持续健康发展，11月己内酰胺主流厂家多次落实减产保价措施。数据显示，12月5日全国己内 级硫酸铵装置开工率降至76.79%，比11月初下降8.72个百分点；按照己内级硫酸铵年产能1210万吨折算，日产量减少约3200吨。 随着己内酰胺装置开工降负措施落地，己内酰胺价格快速反弹，己内级硫酸铵价格也顺势拉高，企业逐步减亏且盈利改善。生意 社商品行情分析系统显示，11月26日己内级硫酸铵市场均价达1096元，较月初上涨5.79%；之后主流厂家继续上调价格，12月5日 市 ...

近期，国内硫酸铵市场受企业装置运行降负影响，价格高位运行。生意社监测数据显示，12月12日山东 地区硫酸铵价格运行平稳，其中己内级硫酸铵主流价在1150～1250元(吨价，下同)，焦化级硫酸铵主流 价在950～1050元。对于后市，业内人士普遍认为将进入震荡调整阶段。 生产降负 价格上扬 华鲁恒升化肥销售公司产品经理司振宇介绍说，随着己内酰胺、焦炉烟气净化、锅炉烟法脱硫等副产硫 酸铵产能快速释放，预计今年总产能将超过2800万吨。其中，己内级硫酸铵是国内供应占比超四成的主 工艺副产品，因品质优良价格相对偏高。而含氨尾气制取的硫酸铵杂质较多，主要用于农业生产，价格 相对较低。 隆众资讯分析师石璐指出，硫酸铵虽为副产品，但产能规模可观，能为企业贡献丰厚利润，特别是在主 产品持续亏损的状态下。今年10月，己内酰胺产品每吨亏损上千元，但部分厂家可以通过副产硫酸铵获 得的收益来弥补亏损，一定程度上缓解了经营压力。 为扭转行业"内卷"局面、保障产业持续健康发展，11月己内酰胺主流厂家多次落实减产保价措施。数据 显示，12月5日全国己内级硫酸铵装置开工率降至76.79%，比11月初下降8.72个百分点;按照己内级硫酸 铵年 ...

新华财经圣保罗12月4日电（记者杨家和）巴西对外贸易秘书处（Secex）数据显示，今年前10个月，巴 西从中国进口化肥977万吨，进口量略超从俄罗斯进口的972万吨，中国成为巴西最大的化肥供应国。 Secex数据显示，尽管中国和俄罗斯向巴西出口的化肥量接近，但增长速度差异明显。同期，巴西从中 国进口化肥总量同比增长51%，自俄罗斯进口总量增长则为5.6%。 CNA表示，全球磷肥市场需求疲软，主要消费国，包括巴西、印度和美国，均未出现明显需求升温， 价格短期难以大幅上涨。钾肥受巴西和美国库存充足影响，价格保持稳定；而氮肥市场波动较大，中国 增加供应与印度加大采购成为关键变量。 在巴西国内市场，10月化肥价格较9月有所下降，但仍高于去年同期水平。对于大豆、玉米和咖啡种植 者而言，购肥比价有所改善；但棉花种植者仍受磷肥高成本与棉纤维价格下滑的双重压力。 根据巴西国家施肥行业协会（ANDA）数据，截至8月，巴西向农户交付的化肥累计达3050万吨，同比 增长9%。业内预计，在耕地面积扩大和农业科技投入提升的带动下，巴西化肥需求将在2025年创下新 高，并有望在2026年继续增长。 除化肥外，巴西农用化学品进口也同步增长 ...

Report Information - Report Date: December 2, 2025 [1] - Author: Zhang Pengzhen [1] - Author ID: Z0003135 [1] Futures Closing Prices - 01 Contract: Opened at 1677, closed at 1668, down 0.54% [2] - 05 Contract: Opened at 1743, closed at 1727, up 0.93% [2] - 09 Contract: Opened at 1757, closed at 1736, up 1.21% [2] - Methanol Main Contract: Opened at 2135, closed at 2114, up 0.99% [2] Futures Contract Spreads - 01 Contract - 05 Contract: Spread was -66 on November 28, down 11.86% from November 27 [2] - 05 Contract - 09 Contract: Spread was -14 on November 28, down 55.56% from November 27 [2] - 09 Contract - 01 Contract: Spread was 80 on November 28, up 17.65% from November 27 [2] - UR - MA Main Contract: Spread was -378 on both November 28 and 27 [2] Main Positions - Long Top 20: 127,004 on November 28, down 0.39% from November 27 [2] - Short Top 20: 153,617 on November 28, down 2.63% from November 27 [2] - Long - Short Ratio: 0.85 on November 28, up from 0.83 on November 27 [2] - Unilateral Trading Volume: 146,936 on November 28, up 9.26% from November 27 [2] - Zhengzhou Commodity Exchange Warehouse Receipts: 7,587 on November 28, up 5.65% from November 27 [2] Upstream Raw Materials - Anthracite Small Pieces (Shecheng): Price was 930 yuan/ton on both November 28 and 27 [2] - Steam Coal Pit - Mouth (Ejin Horo Banner): Price was 620 yuan/ton on November 28, down from 630 yuan/ton on November 27 [2] - Steam Coal Port (Qinhuangdao): Price was 821 yuan/ton on November 28, down 0.12% from November 27 [2] - Synthetic Ammonia (Shandong): Price was 2,446 yuan/ton on November 28, up 0.62% from November 27 [2] Spot Market Prices - Shandong (Small Granules): Price was 1,670 yuan/ton on November 28, up 1.21% from November 27 [2] - Shanxi (Small Granules): Price was 1,530 yuan/ton on November 28, up 0.66% from November 27 [2] - Henan (Small Granules): Price was 1,660 yuan/ton on November 28, up 0.61% from November 27 [2] - Northeast Region (Small Granules): Price was 1,720 yuan/ton on both November 28 and 27 [2] - Guangdong (Small Granules): Price was 1,770 yuan/ton on November 28, up 0.57% from November 27 [2] - Guangxi (Small Granules): Price was 1,810 yuan/ton on November 28, up 0.56% from November 27 [2] - FOB China: Small Granules: Price was 400 US dollars/ton on both November 28 and 27 [2] - US Gulf FOB: Large Granules: Price was 375 US dollars/ton on both November 28 and 27 [2] Cross - Regional Spreads - Shandong - Henan: Spread was 10 yuan/ton on both November 28 and 27 [2] - Guangdong - Henan: Spread was 110 yuan/ton on both November 28 and 27 [2] - Guangdong - Shanxi: Spread was 240 yuan/ton on both November 28 and 27 [2] - Domestic - Overseas Spread: Spread was 26 US dollars/ton on both November 28 and 27 [2] Basis - Shandong Basis: Basis was -7 on November 28, up 61.11% from November 27 [2] - Shanxi Basis: Basis was -147 on November 28, up 0.68% from November 27 [2] - Henan Basis: Basis was -17 on November 28, up 5.56% from November 27 [2] - Guangdong Basis: Basis was 92 on November 28, up 1.09% from November 27 [2] Downstream Products - Melamine (Shandong): Price was 5,190 yuan/ton on both November 28 and 27 [2] - Compound Fertilizer 45%S (Henan): Price was 3,000 yuan/ton on both November 28 and 27 [2] - Compound Fertilizer 45%CL (Henan): Price was 2,580 yuan/ton on both November 28 and 27 [2] - Compound Fertilizer - Urea Ratio: Ratio was 1.68 on November 28, down from 1.69 on November 27 [2] Fertilizer Market - Ammonium Sulfate (Shandong): Price was 1,070 yuan/ton on November 28, up 0.23% from November 27 [2] - Sulfur (Zhenjiang): Price was 3,960 yuan/ton on both November 28 and 27 [2] - Potassium Hydride (Jinghai): Price was 3,150 yuan/ton on both November 28 and 27 [2] - Monoammonium Phosphate (Jiangsu): Price was 3,750 yuan/ton on both November 28 and 27 [2] - Monoammonium Phosphate (Baltic Sea): Price was 605 US dollars/ton on both November 28 and 27 [2] - Diammonium Phosphate (Jiangsu): Price was 4,250 yuan/ton on both November 28 and 27 [2] - Diammonium Phosphate (US Gulf Region): Price was 647.7 US dollars/ton on both November 28 and 27 [2] Supply - Demand Situation Daily Data - Domestic Urea Daily Output: 20.34 million tons on November 28, up 1.19% from November 27 [2] - Coal - Based Urea Daily Output: 16.40 million tons on November 28, up 1.11% from November 27 [2] - Gas - Based Urea Daily Output: 3.94 million tons on November 28, up 1.55% from November 27 [2] - Small - Granule Urea Daily Output: 16.59 million tons on November 28, up 1.47% from November 27 [2] - Urea Manufacturer Operating Rate: 84.10% on November 28, up 1.19% from November 27 [2] Weekly Data - Domestic Urea Weekly Output: 141.70 million tons on November 28, down 0.24% from November 21 [2] - Domestic Urea Plant Maintenance Loss (Weekly): 20.94 million tons on November 28, up 12.94% from November 21 [2] - Domestic Urea In - Plant Inventory (Weekly): 136.39 million tons on November 28, down 5.10% from November 21 [2] - Domestic Urea Port Inventory (Weekly): 10.00 million tons on both November 28 and November 21 [2] - Domestic Northeast Urea Inflow (Weekly): 16.50 million tons on November 28, down 34.00% from November 21 [2] - Domestic Urea Producer Order Days (Weekly): 6.65 days on November 28, down 6.60% from November 21 [2]

相关报告：智研咨询发布的《2026-2032年中国硫酸铵行业市场深度分析及投资前景展望报告》 根据中国海关数据显示：2025年10月中国硫酸铵出口数量为201万吨，同比增长14.6%，出口金额为3.17 亿美元，同比增长17.2%。 近一年中国硫酸铵出口情况统计图 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

和讯财经 和而不同 迅达天下 中国硫酸铵:墨西哥征0.1807美元/千 克临时反倾销税 【墨西哥对原产中国硫酸铵作出反倾销肯定性初裁 并征临时税】11月24日,墨西哥部发布公告,对原 产于中国的硫酸铵作出反倾销肯定性初裁。初步裁 定对涉案产品征收0.1807美元/千克的临时反倾销 税,涉案产品TIGIE税号为3102.21.01。该措施自公 告发布次日起生效,有效期四个月。利益相关方可 于公告发布次日起20个工作日内提交案件评述意见 及补充材料。2025年2月20日,墨西哥对原产于中 国的硫酸铵启动反倾销调查。 本文由 Al 算法生成,仅作参考,不涉投资建议,使用风险自担 【墨西哥对原产中国硫酸铵作出反倾销肯定性初裁并征临时税】11月24日，墨西哥部发布公告，对原产 于中国的硫酸铵作出反倾销肯定性初裁。初步裁定对涉案产品征收0.1807美元/千克的临时反倾销税， 涉案产品TIGIE税号为3102.21.01。 该措施自公告发布次日起生效，有效期四个月。利益相关方可于公 告发布次日起20个工作日内提交案件评述意见及补充材料。 2025年2月20日，墨西哥对原产于中国的硫 酸铵启动反倾销调查。 本文由 AI 算法 ...