Group 1 - The core viewpoint of the article indicates that the inventory of the passenger car industry in China has shown a seasonal rebound, with a total of 3.28 million vehicles in stock by the end of September 2025, an increase of 120,000 vehicles from the previous month and 260,000 vehicles from September 2024 [1][12][15] - The inventory of new energy vehicles (NEVs) peaked at 880,000 units in April 2025, but has since decreased to 620,000 units by September, reflecting a 30% reduction from the peak [1][29] - The production of passenger cars in September 2025 reached 2.84 million units, representing a year-on-year increase of 17% and a month-on-month increase of 16% [8][9] Group 2 - The retail sales of passenger cars in September 2025 totaled 2.241 million units, showing a year-on-year growth of 6.3% and a month-on-month growth of 11% [5][6] - The overall inventory pressure in the industry has decreased, with the current inventory supporting a sales days estimate of 39 days, down from 50 days in September 2023 and 45 days in September 2024 [1][26] - The optimism in market predictions has increased, with the forecast team expressing an 82% satisfaction rate for October 2025, driven by favorable sales policies [17]

Financial Data and Key Metrics Changes - In Q3 2025, O'Reilly Automotive reported a 5.6% increase in comparable store sales, a 9% increase in operating income, and a 12% increase in diluted earnings per share [5][28] - The gross margin for Q3 was 51.9%, up 27 basis points from 2024, and the company maintained its full-year gross margin guidance range of 51.2% to 51.7% [17][18] - The effective tax rate for Q3 was 21.4%, slightly lower than the 2024 rate of 21.5%, with an updated full-year tax rate guidance of 21.6% [29][30] Business Line Data and Key Metrics Changes - The professional business saw a comparable store sales increase of just over 10%, driven by pro ticket count growth [6][10] - The DIY segment experienced low single-digit comparable store sales growth, impacted by pressure on transaction counts due to rising prices [7][10] - Same SKU inflation was reported at just over 4%, affecting both business segments [8][12] Market Data and Key Metrics Changes - The company updated its full-year comparable store sales guidance from 3% - 4.5% to 4% - 5% [11] - Inventory per store finished the quarter at $858,000, a 10% increase from the previous year [32] - The adjusted debt to EBITDA ratio was 2.04 times, slightly up from 1.99 times in 2024, remaining below the leverage target of 2.5 times [33] Company Strategy and Development Direction - O'Reilly plans to open 200 to 210 net new stores in 2025 and has set a target of 225 to 235 net new stores for 2026 [23][24] - The company is focused on maintaining strong supplier relationships and managing risks through a diversified supplier base [20][66] - The strategic emphasis is on enhancing customer service and product availability to gain market share [13][19] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding consumer spending but noted that DIY consumers are still willing to invest in vehicle maintenance [10][12] - The company anticipates a mid-single-digit same SKU benefit in Q4, with expectations that most cost adjustments have been made [12][38] - Management remains optimistic about long-term growth opportunities, particularly in untapped markets like Mexico and Canada [58][59] Other Important Information - Free cash flow for the first nine months of 2025 was $1.2 billion, down from $1.7 billion in the same period in 2024, primarily due to accelerated tax payments [30][31] - Capital expenditures for the first nine months were $900 million, with a reduction in full-year guidance to $1.1 billion to $1.2 billion [26] Q&A Session Summary Question: What is the outlook for same SKU inflation? - Management expects to see a tailwind from same SKU inflation moving into Q4 and Q1, with most cost adjustments already made [37][38] Question: How is price elasticity affecting demand? - Historical trends indicate that larger ticket jobs may be deferred, but there is still strong demand for essential repairs [41][42] Question: What are the geographic performance differences? - No material differences were noted in regional performance during Q3, with results aligning closely with internal plans [64] Question: What is the company's approach to supplier health? - First Brands represents a small portion of COGS, and the company has multiple sourcing strategies to mitigate risks [66][68]

Financial Data and Key Metrics Changes - In Q3 2025, the company closed 1,217 homes at an average sales price of $672,000, generating $817 million in home sales revenue, exceeding delivery guidance [4][11] - Adjusted homebuilding gross margin was 21.6%, excluding $8 million of inventory-related charges, while adjusted net income was $62 million or $0.71 per diluted share [4][11] - The company ended the quarter with $1.6 billion in total liquidity, including $792 million in cash, and a debt-to-capital ratio of 25.1% [6][14] Business Line Data and Key Metrics Changes - Net new home orders in Q3 were 995, with an absorption pace of 2.2 homes per community per month [11][12] - The absorption pace varied regionally, with the West at 2.3, Central at 1.8, and East at 2.8, indicating stronger performance in the DC Metro and Raleigh divisions [12] Market Data and Key Metrics Changes - Market conditions remained soft, with homebuyer interest muted due to slow job growth and economic uncertainty [6][10] - The company anticipates that home shoppers will re-engage when conditions stabilize, leading to normalized absorption rates [6][10] Company Strategy and Development Direction - The company is focused on inventory management, disciplined cost control, and increasing the mix of to-be-built homes over time [7][9] - It aims to grow community count by 10% - 15% by the end of 2026, with significant expansion in central and eastern regions [8][9] - The strategy includes investing in well-located land positions near employment centers and amenities, with over 32,000 lots controlled [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth despite near-term uncertainties, emphasizing a disciplined approach to capital allocation and shareholder returns [10][16] - The company expects to deliver between 4,800 and 5,000 homes for the full year 2025, with an average sales price of approximately $680,000 [15] Other Important Information - The company repurchased 1.5 million shares for $51 million in Q3, totaling $226 million year-to-date, reducing share count by 7% [4][5] - The company was recognized as one of Fortune's 100 Best Companies to Work For in 2025, reflecting its strong corporate culture [16] Q&A Session Summary Question: Monthly cadence of orders and incentives - The monthly cadence was consistent, with September performing slightly better than August, and incentives on deliveries were 8.2% for the quarter [18][19] Question: Sales pace floor and incentives - The company is focused on maintaining a sales pace between two and two and a half homes per community, with strong community count growth anticipated for 2026 [20] Question: Financial incentives breakdown - About a third of the 8.2% incentives were financing-related, including closing costs [24] Question: Average order ASP and future closings - The average order ASP decreased to approximately $654,000, and it is reasonable to expect closings ASP to align with this level [27] Question: SG&A guidance for Q4 - The SG&A guidance reflects better leverage due to higher revenue from increased deliveries, with no significant one-time items [30] Question: Gross margin expectations - The gross margin guidance is better than expected due to a favorable mix from strong margin divisions [31] Question: Spec inventory strategy - The company reduced total spec inventory by 17% quarter-over-quarter, focusing on a balanced approach moving forward [41] Question: Community count growth and pricing strategy - The company intends to maintain its premium brand positioning without significant initial pricing adjustments, focusing on value [44] Question: Affordable housing push - The company supports the administration's goal of increasing housing supply and is prepared to contribute through its community count growth [47] Question: Q4 starts and inventory management - Q4 starts are expected to be similar to Q3, with a focus on moving through existing inventory before normalizing strategies [59]

Core Viewpoint - The company acknowledges that weather conditions have impacted the autumn harvest in certain regions, which may affect the demand for fertilizers in the short term, but it remains optimistic about its operational performance and has implemented measures to mitigate seasonal fluctuations [1]. Group 1: Weather Impact and Operational Response - Due to weather conditions, the autumn harvest in parts of Shandong and Henan provinces has been affected, potentially altering the agricultural planting schedule and impacting fertilizer demand [1]. - The company has not identified any significant adverse factors affecting its operations despite the weather-related challenges [1]. - To address seasonal fluctuations, the company is optimizing its production, supply, and sales coordination, as well as inventory management, ensuring sufficient supply during peak seasons and reasonable inventory during off-peak periods [1]. Group 2: Product Diversification and Export Growth - The company is expanding its product categories and application scenarios beyond traditional agricultural fertilizers, focusing on economic crops and horticulture to smooth out seasonal performance fluctuations [1]. - The company has been actively exploring overseas markets, and its export business has shown stable growth this year [1].

Core Viewpoint - Texas Instruments (TI) reported a strong third-quarter performance with revenue growth across all end markets, indicating a continued recovery in the semiconductor market [3][4][10]. Financial Performance - TI's Q3 revenue reached $4.74 billion, a 7% increase quarter-over-quarter and a 14% increase year-over-year [4][5]. - Operating profit for Q3 was $1.66 billion, up 7% from the previous year, while net income was $1.36 billion, showing minimal change [5]. - The earnings per share increased by 1% to $1.48 [5]. Business Segments - The Analog segment saw a revenue increase of 16% year-over-year, while Embedded Processing grew by 9% [5][6]. - The "Other" business segment also experienced an 11% increase compared to the previous year [5][6]. Market Performance - The industrial market grew approximately 25% year-over-year, while the automotive market saw a median growth rate with a 10% quarter-over-quarter increase [9]. - Personal electronics experienced low single-digit growth year-over-year, while enterprise systems and communication equipment markets grew by approximately 35% and 45%, respectively [9]. - Data centers, although a small part of TI's revenue, showed over 50% growth year-to-date, becoming the fastest-growing market for TI [10]. Inventory and Market Outlook - TI's inventory management has improved, with inventory levels at $4.8 billion and a reduction in inventory turnover days to 215 days [10]. - For Q4, TI expects revenue to be between $4.22 billion and $4.58 billion, with a median estimate of $4.4 billion, slightly below analyst expectations [10]. - The overall semiconductor market recovery is ongoing, but growth rates are slowing due to macroeconomic uncertainties [12]. Capital Expenditure and Production Capacity - TI plans to invest approximately $50 billion in capital expenditures from 2023 to 2025, with a focus on maintaining high levels of in-house production capacity [12]. - The company aims to achieve over 70% flexible 12-inch wafer capacity by the end of FY2025 to ensure margin stability [12]. Current Market Environment - The semiconductor spot market remains subdued, with recent events causing temporary fluctuations in demand and pricing [14]. - Following the resolution of supply chain issues, the market is stabilizing, with customers adopting a more cautious approach [14].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The EG main contract closed at 4004 yuan/ton (+1 yuan/ton, +0.02% compared to the previous trading day), the EG spot price in the East China market was 4090 yuan/ton (-4 yuan/ton, -0.10% compared to the previous trading day), and the EG spot basis in East China (based on the 2509 contract) was 74 yuan/ton (+2 yuan/ton month-on-month) [1]. - The production profit of ethylene - made EG was -68 US dollars/ton (-4 US dollars/ton month - on - month), and the production profit of coal - made syngas EG was -627 yuan/ton (-29 yuan/ton month - on - month) [1]. - According to CCF data, the MEG inventory at the main ports in East China was 57.9 tons (+3.8 tons month - on - month), and according to Longzhong data, it was 49.3 tons (+5.0 tons month - on - month). The actual arrivals at the main ports last week were 10.5 tons, and port inventories continued to accumulate. This week, the planned arrivals at the main ports in East China are 5.3 tons and at the secondary ports are 6.3 tons, and inventories are expected to remain stable [1]. - On the supply side, the domestic ethylene glycol production load is operating at a high level, overseas supply losses are still significant, and there are still more than two sets of Saudi Arabian plants in a shutdown or low - load operation state with little expected change. On the demand side, due to high tariffs, the peak season is not prosperous, and the increase in polyester load is limited, but there is still rigid demand. The overall EG balance sheet faces significant inventory accumulation pressure in the fourth quarter, and ethylene glycol port inventories are expected to gradually rise [2]. Strategies - Unilateral: Cautiously short - sell on rallies for hedging. As ethylene glycol port inventories rise, there is significant pressure to accumulate inventory under high supply [3]. - Inter - period: Reverse spread of EG2601 - EG2605 [3]. - Inter - variety: None [3]. Summary by Directory Price and Basis - The report presents the ethylene glycol spot price in East China and its basis [1]. Production Profit and Operating Rate - It shows the production profits of ethylene - made EG, coal - made syngas EG, and other production methods, as well as the total load and syngas - made load of ethylene glycol [1][10][16]. International Price Difference - It provides the international price difference between US FOB and Chinese CFR for ethylene glycol [19]. Downstream Sales, Production, and Operating Rate - It includes the sales and production of filaments and staple fibers, as well as the operating rates of polyester, direct - spun filaments, polyester staple fibers, and polyester bottle chips [20][21][24]. Inventory Data - It shows the inventory data of ethylene glycol at ports in East China, including overall port inventories, inventories at specific ports like Zhangjiagang and Ningbo, and the raw material inventory days of Chinese polyester factories and the daily outbound volume at ports in East China [28][30][37].

Financial Data and Key Metrics Changes - Acme United reported net revenues of $49 million in Q3 2025, a 2% increase from $48 million in Q3 2024 [5] - Net income decreased to $1.9 million, or $0.46 per diluted share, down from $2.2 million, or $0.54 per diluted share in the previous year, representing a 14% decline in net income and a 15% decline in earnings per share [11] - Gross margin improved to 39.1% in Q3 2025 from 38.5% in Q3 2024 [10] Business Line Data and Key Metrics Changes - Sales of first aid products, which account for about two-thirds of total revenues, increased by 9% [5] - Sales of Westcott cutting tools were negatively impacted by the cancellation of back-to-school promotions due to tariff uncertainties [5] - SG&A expenses for Q3 2025 were $16.2 million, maintaining 33% of sales, compared to $15.6 million in the same period of 2024 [10] Market Data and Key Metrics Changes - U.S. segment net sales increased by 1% in Q3 2025, while sales of school and office products decreased due to tariff-related cancellations [9] - European net sales increased by 6% in local currency for the quarter, driven by higher e-commerce sales of school and office products [9] - Canadian net sales rose by 7% in Q3 2025 and 16% year-to-date, primarily due to increased sales of first aid products [10] Company Strategy and Development Direction - The company is shifting production locations to mitigate tariff impacts and is increasing domestic production [6] - Acme United is investing in a new manufacturing facility to produce Spill Magic cleanup products, expected to be operational in Q1 2026 [7] - The company is focusing on strengthening its balance sheet and exploring acquisition opportunities [8] Management's Comments on Operating Environment and Future Outlook - Management noted that the market is stabilizing with increased promotional activity expected in the coming quarters [6] - The company anticipates consistent growth in its first aid business and gradual improvement in Westcott sales [8] - Management highlighted the challenges posed by high inflation, interest rates, and supply chain disruptions [4] Other Important Information - The company paid $2.3 million in dividends and generated $11 million in free cash flow before the purchase of a new facility [12] - Bank debt, less cash, decreased to $23 million as of September 30, 2025, down from $27 million a year earlier [11] Q&A Session Summary Question: Impact of tariff uncertainty on sales - Management explained that large retailers like Walmart canceled orders due to high tariffs, leading to reduced purchases across the board [16][20] Question: Inventory management and flexibility - Management confirmed that they had increased inventory in anticipation of tariffs and have been working to manage it down while preparing for potential future tariff issues [28] Question: Production capacity and growth - Management indicated that the new Spill Magic facility will allow for increased production capacity and automation, with expectations for full operation by the end of March 2026 [44][47] Question: Refill business in first aid - The refill business currently accounts for approximately 25% of first aid revenue, with ongoing automation efforts to enhance efficiency [60] Question: Trade inventory levels - Management noted that Amazon has reduced its inventory of first aid products, while visibility into other retailers' inventory levels is less clear [40]

Financial Data and Key Metrics Changes - PulteGroup generated third quarter home sale revenues of $4.2 billion, down 2% from $4.3 billion in the same quarter last year [13] - Operating margins for the third quarter were 16.8%, with a return on equity of 21% for the trailing twelve months [4] - Net income for the third quarter was $568 million, or $2.96 per share, compared to $698 million, or $3.35 per share, in the prior year [20] - The company reported a third quarter gross margin of 26.2%, down 80 basis points from Q2 [17] Business Line Data and Key Metrics Changes - Net new orders totaled 6,638 homes, a 6% decrease year-over-year, with a 10% decrease in absorption pace [11] - Active adult business saw a 7% increase in net new orders, representing 24% of Q3 net new orders [12] - First-time buyer orders decreased by 14%, while move-up business orders were down 3% [12] Market Data and Key Metrics Changes - The company operates across 47 major markets, with demand conditions varying by market and buyer segment [5] - Florida operations showed a 2% increase in net new orders compared to the prior year, indicating stabilization in demand [26] - Consumer demand in Texas and Western markets remained soft during the third quarter [27] Company Strategy and Development Direction - The company is focused on aligning production levels with sales volumes, starting 6,557 homes in Q3 to match sales pace [9] - PulteGroup plans to invest approximately $5 billion in land acquisition and development, down 5% from last year [10] - The company is capitalizing on the Del Webb brand through new Del Webb Explore communities aimed at Gen X buyers [6] Management's Comments on Operating Environment and Future Outlook - Management noted that buyer response to decreasing interest rates has been muted due to economic concerns [8] - The company remains optimistic about future demand, contingent on improved consumer confidence and economic conditions [25] - Management acknowledged the structural housing shortage in the U.S. and the need for coordinated efforts to address it [28] Other Important Information - The company repurchased 2.4 million common shares for $300 million in Q3, with $1.3 billion remaining under the share repurchase authorization [20][21] - SG&A expenses for Q3 were $401 million, consistent with the prior year [19] - The company ended the quarter with $1.5 billion in cash and a debt-to-capital ratio of 11.2% [24] Q&A Session Summary Question: Dialogue with FHFA and administration regarding housing - Management emphasized the complexity of the housing issue and the need for a coordinated effort to address the structural housing shortage [32][33] Question: Strategy on spec production - Management clarified that the increase in spec production is a response to current market conditions, aiming to align starts with sales [34][35] Question: Demand stabilization in Florida and Southeast - Management confirmed stabilization in demand in Florida and the Southeast, attributing it to desirable locations and favorable tax policies [39][40] Question: Incentives and their impact - Management explained that incentives are primarily reflected in the average sales price and that financial incentives make up about one-third of the total incentive package [63][64] Question: Impact of lower development costs on P&L - Management indicated that lower development costs would impact the P&L in 9 to 12 months, potentially benefiting lot cost inflation in 2026 [85][86]

Report Overview - The report provides daily updates on the methanol, polyethylene (PE), polypropylene (PP), and polyvinyl chloride (PVC) markets, including price data and market outlooks [1][5]. Methanol Price Data - From October 13 - 17, 2025, the daily change in动力煤期货 was 0, while江苏现货 decreased by 25, and华南现货 decreased by 22 [1]. Market Outlook - The current situation remains poor. Iranian plant shutdowns are slower than expected, and high imports are likely in November. The 01 contract's contradictions are difficult to resolve. Port sanctions are expected to be resolved before the end of gas restrictions, but inventory reduction is difficult. Methanol has limited upside potential, and the downside space depends on the inland market. Recent coal price increases do not affect methanol profits [1]. Polyethylene (PE) Price Data - From October 13 - 17, 2025, the华北LL price decreased by 50, and the主力期货 decreased by 55 [5]. Market Outlook - Overall inventory is neutral. The 09 contract's basis is around -110 in North China and -50 in East China. Import profits are around -200, with no further increase expected. Non - standard HD injection prices are stable, and other price differentials are volatile. LD prices are weakening. Domestic linear production has decreased recently. Attention should be paid to LL - HD conversion and US price quotes. New plant pressure is high in 2025 [5]. Polypropylene (PP) Price Data - From October 13 - 17, 2025, the华东PP price decreased by 15, and the主力期货 decreased by 67 [5]. Market Outlook - Upstream and mid - stream inventories are decreasing. The basis is -60, non - standard price differentials are neutral, and import losses are around 700. Exports have been good this year. PDH profits are around -400. Propylene prices are volatile, and powder production starts are stable.拉丝 production scheduling is neutral. Future supply is expected to increase slightly. Downstream orders are average, and raw material and finished product inventories are neutral. The 01 contract is expected to face moderate to excessive supply pressure, which can be alleviated if exports continue to grow or PDH plants undergo more maintenance [5]. Polyvinyl Chloride (PVC) Price Data - From October 13 - 17, 2025, the电石法 - 华东 price increased by 20 [5]. Market Outlook - The basis is maintained at 01 - 270, and the factory - delivered basis is -480. Downstream开工率 is seasonally weakening, but there is a strong willingness to hold inventory at low prices. Mid - and upstream inventories are continuously accumulating. Summer maintenance in Northwest plants has ended, and the load is between the spring maintenance and Q1 high - production levels. Attention should be paid to new plant commissioning and export sustainability in Q4. Recent export orders have decreased slightly. Coal prices are strong, and the cost of semi - coke is stable. Calcium carbide profits are under pressure due to PVC maintenance. The export counter - offer for caustic soda is FOB380. PVC comprehensive profits are -100. Current inventory contradictions are accumulating slowly, costs are stable, downstream performance is average, and the macro - environment is neutral. Attention should be paid to exports, coal prices, real estate sales, terminal orders, and开工率 [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The supply - demand pattern of urea remains weak, with high enterprise inventories suppressing prices. The current low - season situation makes it difficult to digest the existing output, and the weak - reality pattern is unlikely to change in the short term [12]. - Although the absolute price is low, the downward trend of the futures price has slowed down. The overall valuation of urea is low, but there is a lack of effective positive factors. It is recommended to wait and see or consider long - position opportunities at low prices [12]. 3. Summary According to the Directory 3.1. Weekly Assessment and Strategy Recommendation - **Market Review**: The supply - demand pattern is weak, enterprise inventories are at a high level year - on - year, and the basis and inter - month spreads are still weak. The weak - reality pattern is difficult to change in the short term [12]. - **Fundamentals** - **Supply**: The enterprise operating rate is 80.64%, a week - on - week decrease of 4.25%, returning to a seasonal neutral level. The daily output is 182,200 tons, with more short - stop devices, and it is expected to decline in the short term [12]. - **Demand**: It is the agricultural off - season, and agricultural demand is postponed due to weather. The compound fertilizer industry is in the maintenance season, with the operating rate at a low level year - on - year and the finished - product inventory decreasing from a high level. Overall, both industrial and agricultural demand are at a low level [12]. - **Valuation**: The 1 - 5 spread is weak, and the basis is at a low level without improvement. The export profit is high, and the domestic market is relatively undervalued [12]. - **Inventory**: Enterprise inventories are 1.6154 million tons, a week - on - week increase of 171,500 tons, at a high level year - on - year. Port inventories are 446,000 tons, a week - on - week increase of 31,000 tons, and the enthusiasm for cargo collection at ports has increased after the Indian tender was announced [12]. - **Market Logic**: The weak - reality pattern in the domestic market remains unchanged. Prices are continuously weak due to high inventories, but the downward trend of the futures price has slowed down at low absolute prices [12]. - **Strategy**: Wait and see or consider long - position opportunities at low prices [12]. 3.2. Futures and Spot Market - **Price Data**: The prices of different futures contracts and spot markets in various regions have changed. For example, the 09 contract price is 1,705 yuan, the 01 contract price is 1,602 yuan, and the 05 contract price is 1,672 yuan. The basis and spreads between contracts have also changed [13]. - **Trading Volume and Open Interest**: The market is in a state of position - reduction and consolidation [28]. 3.3. Profit and Inventory - **Production Profit**: Enterprise profits are continuously weakening, including fixed - bed profits, water - coal - slurry profits, and gas - head production profits [32]. - **Inventory**: Enterprise inventories are increasing, and port inventories are also rising. The report also includes inventory change projections [37][39]. 3.4. Supply Side - **Production Capacity**: There are planned new production capacity projects, and some enterprises have started production in 2024 - 2025 [45]. - **Operating Rate**: The operating rate has decreased, with more short - stop devices. Gas - head operating rates are at a low level year - on - year, and there are more maintenance projects for coal - based production [47]. - **Device Maintenance**: Many enterprises are undergoing maintenance, including both planned and unplanned maintenance, which has affected production [49]. 3.5. Demand Side - **Consumption Projection**: The report includes monthly consumption data and downstream demand proportion analysis [54]. - **Nitrogen Source Comparison**: The ratios of urea to other nitrogen sources such as synthetic ammonia, ammonium sulfate, ammonium chloride, and monoammonium phosphate are presented [59]. - **Melamine**: The operating rate, profit, and export volume of melamine are analyzed [62]. - **Terminal Demand**: Terminal demand is affected by factors such as the real estate market and export of related products [70]. - **Export**: Urea export profits are good, and the export volume is also presented in the report [81]. 3.6. Option - Related - **Option Data**: The report includes data on option open interest, trading volume, PCR, and volatility, as well as the relationship between option volatility and futures prices [90]. 3.7. Industry Structure Diagram - **Industry Chain Diagram**: Diagrams of the urea industry chain, research framework, and industry chain characteristics are provided [104]. - **Fertilizer Demand Seasonality**: The fertilizer demand seasonality in different regions of China and major countries around the world is summarized [112].