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]

今年以来，新疆维吾尔自治区乌苏市市场监督管理局强化党建引领，积极践行"实干争先"理念，严格把 好"准入关""质量关""机制关"，强化源头治理和综合治理，全力以赴履行监管职责，加强成品油和车用 尿素质量管控，提升大气环境整治成效。 把好"准入关"。乌苏市市场监管局加强对成品油和车用尿素零售企业的监督检查，重点检查危险化学品 经营许可证、成品油零售许可证以及营业执照等主体资格信息，查看证照是否齐全、是否在有效期内 等，对存在无照经营和其他违法违规行为的依法查处。 把好"质量关"。乌苏市市场监管局加强成品油质量日常监管，重点对成品油零售企业销售的成品油和车 用尿素进货票据、检测报告等资料进行检查，督促指导企业落实索证索票制度，建立健全成品油和车用 尿素进销管理台账，做到来源可追溯、去向可核查，对辖区内32家加油站进行了监督检查，覆盖率达 100%。同时，该局加大对成品油零售企业的成品油和车用尿素质量监督抽检力度，目前已配合自治区 产品质量研究院对乌苏市中团加油站等5家企业5个批次的润滑油、车用尿素、车用天然气进行监督抽 检。辖区所有加油站按时间节点要求全面实施国VIB车用汽油标准、明确标注所售汽油产品名称、牌号 和 ...

侯马市车用燃油及车用尿素抽检检测公示表 | 受检单位名称 | 统一社会信用代码 受检单位地址 | 产品 | 规格 | 检 验 | | --- | --- | --- | --- | --- | | | | 名称 | 型号 | 结 | | | | | | 论 | | 中国石油天然气股份有限公司山西临汾销售分公司侯马呈 | 91141081MA0H95F945 侯马市呈王西路 | 车用 | 92号 | 合 | | 王西路加油站 | | 汽油 | VIB | 格 | | 中国石油天然气股份有限公司山西临汾销售分公司侯马呈 | | 车用 | 98号 | 合 | | 王西路加油站 | 91141081MA0H95F945 侯马市呈王西路 | 汽油 | VIB | 格 | | 中国石油天然气股份有限公司山西临汾销售分公司侯马呈 | 91141081MA0H95F945 侯马市呈王西路 | 车用 | 0号VI 合 | | | 王西路加油站 | | 柴油 | | 格 | | 中国石化销售股份有限公司山西临汾侯马石油分公司张王 | 91141081MA0GT5JT1F 侯马市张王村 | 车用 | 95号 | 合 | | 加油站 ...

一、汽车精细化学品行业概述 汽车的生产、使用一直到报废回收的全过程所使用的精细化学品称为汽车精细化学品。汽车精细化学品 已经普遍地存在于市场之上，而且不断地推陈出新，市场逐渐扩大，这已经引起了汽车制造业、维修业 和精细化工业的高度重视。当前，汽车精细化学品主要分为润滑系统用化学品、汽车用清洗剂、汽车用 防护用品、汽车用涂料和汽车用粘结剂等五大类产品。 内容概况：汽车精细化学品依托先进的化工技术进行专业化生产制造，其应用范围涵盖汽车发动机系 统、底盘总成、车身结构以及车内装饰等整车各核心部位，通过实现节能环保、减摩润滑、冷却清净、 排放治理及养护清洗等多元化功能，在保障车辆正常运行、提升能源利用效率、优化排放控制等方面发 挥着不可或缺的关键作用。近年来，随着汽车产业的持续扩张和环保要求的不断提高，叠加新能源汽车 的快速普及和传统燃油车排放标准的日益严格，车用尿素、高端润滑油添加剂、电池冷却液等精细化学 品的需求呈现爆发式增长。同时，国内汽车保有量稳步上升，为汽车养护类化学品带来了稳定的市场空 间。从市场规模来看，中国汽车精细化学品市场表现出强劲的增长势头。数据显示，2023年中国汽车精 细化学品市场规模为462 ...

Group 1 - The overall fertilizer market is experiencing a "first decline, then rise" trend in Q1 2025, with initial supply-demand mismatches leading to continued low prices for coal chemical products, including urea and melamine [1] - In March, driven by spring farming demand and increased export expectations, urea prices rebounded quickly, positively impacting downstream product prices [1] - The company's overall gross margin decreased by 4 percentage points year-on-year but increased by nearly 3 percentage points quarter-on-quarter to 14%, indicating a rising trend [1] Group 2 - The company's revenue for Q1 reached 5.846 billion yuan, representing a year-on-year growth of 1.7% and a quarter-on-quarter growth of 2.4% [1] - Net profit attributable to shareholders was 197.5 million yuan, with basic earnings per share at 16.3 cents [1] - The company has strengthened cost control, with the proportion of three expenses decreasing by nearly 1 percentage point year-on-year, particularly financial expenses, which fell by 9% [1] Group 3 - Due to the decline in raw coal prices, the support for urea prices weakened, leading to a larger price drop for urea compared to cost reductions, resulting in a 23% year-on-year decline in overall gross margin [2] - However, with improvements in the fertilizer supply-demand landscape, product prices are gradually recovering, leading to a 26% quarter-on-quarter increase in gross margin [2] - The company's net profit, excluding non-recurring items, saw a significant quarter-on-quarter growth of 89%, indicating a stable upward trend in operations [2]

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