高盛-中国化肥行业中国粮食安全：看好磷肥磷矿石和缓释高效肥前景；首次覆盖云天化、心连心和新洋丰（摘要）

3 Phosphate - structural tightness in upstream 8 Urea - risk of oversupply, potential export easing might provide upsides 17 Potash - attempt to improve domestic self-sufficiency 24 Fertilizer 101 25 Yuntianhua (600096.SS) – Integrated fertilizer producer, attractive shareholder return;