化肥市场：夏季检修产量低位，出口政策待放开

Group 1 - The core viewpoint of the article highlights the intertwined factors affecting the fertilizer market, with export policies being a key variable [1] - On the supply side, summer maintenance has increased, maintaining production at a relatively low level, although still higher than historical averages [1] - The operating rate of compound fertilizer production continues to rise, while industrial demand remains average [1] Group 2 - There is currently no new information regarding export quotas, but there are expectations for potential policy relaxations [1] - The current market performance is neutral, with companies' raw material inventories being adequate and procurement demand progressing as needed [1] - Inventory levels show a slight accumulation in company stocks, while port inventories have decreased slightly, indicating a neutral to bearish trend [1] Group 3 - International prices have slightly declined, but potential export profits remain at absolute high levels [1] - The demand side shows that compound fertilizer companies are actively pushing forward with autumn fertilizer orders, leading to an increase in operating rates [1] - However, the demand for melamine is weak, resulting in an overall neutral to bullish domestic demand [1]