Group 1: Report Industry Investment Ratings - Apple Strategy: Neutral to Bullish [4] - Red Date Strategy: Neutral [9] Group 2: Core Views - Apple: The current apple market has a slow consumption rhythm and weak demand. The market is affected by factors such as high prices and the impact of citrus fruits. However, the current expectations of storage volume and structure have been reflected in the price. The future market needs to focus on terminal consumption recovery, the impact of storage structure differentiation, and the dynamics of merchants' inventory transfers before the Spring Festival [3][4]. - Red Dates: The red date market is currently in a critical period of transition between the off - season and peak season and the alternation of old and new seasons. There is a large inventory pressure due to the superposition of old and new seasons, and the supply - demand contradiction has not been substantially alleviated. The market's future expectations are relatively pessimistic. The actual consumption situation on the consumer side will be the focus of market attention [8]. Group 3: Market News and Important Data Apple - Futures: The closing price of the Apple 2601 contract yesterday was 9,531 yuan/ton, a change of +40 yuan/ton from the previous day, with a change rate of +0.42% [1]. - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.75 yuan/jin, with no change from the previous day. The spot basis AP01 - 2031 changed by - 40 from the previous day. The price of semi - commercial late Fuji above 70 in Shaanxi Luochuan was 4.15 yuan/jin, with no change from the previous day. The spot basis AP01 - 1231 changed by - 40 from the previous day [1]. Red Dates - Futures: The closing price of the Red Date 2601 contract yesterday was 9,160 yuan/ton, a change of - 15 yuan/ton from the previous day, with a change rate of - 0.16% [5]. - Spot: The spot price of first - grade grey jujubes in Hebei was 8.90 yuan/kg, with no change from the previous day. The spot basis CJ01 - 260 changed by +15 from the previous day [5]. Group 4: Recent Market Information Apple - The in - warehouse trading of late Fuji is dull, and the overall shipment is average. The出库 speed in the western production areas has slightly slowed down, and the Shandong production area has sporadic shipments, mainly through foreign trade channels. After a round of replenishment, the market atmosphere in the production areas has become dull due to slow sales. The price of high - quality goods remains stable, and the short - term market is expected to remain stable under the support of foreign trade channels [2]. Red Dates - The acquisition progress of grey jujubes in the Xinjiang production area is about 50%, and the transfer volume of goods rights is about 30% of the total output. The price in the production area is weakly stable. The acquisition progress in Aksu and Alar is relatively fast, while the transfer progress in Kashgar is slow. The new goods in the Hebei and Guangdong markets are gradually on the market, and the downstream merchants purchase on demand. The short - term spot price is expected to remain weakly stable [6][7]. Group 5: Market Analysis Apple - The apple futures price showed an upward trend yesterday. The in - warehouse trading in each production area is dull, and the shipment speed has slowed down. The market is affected by the impact of citrus and other competing products, and the short - term market is expected to remain stable under the support of foreign trade channels. The storage volume is more than 10% lower than the same period last year, and the proportion of high - quality goods in the storage structure has decreased [3]. Red Dates - The red date futures price fell slightly yesterday. The acquisition progress in the Xinjiang production area varies. The new goods in the sales areas are gradually on the market, and the downstream merchants purchase on demand. The short - term spot price is expected to remain weakly stable. The market is currently in a critical period of transition, with large inventory pressure and unsolved supply - demand contradictions [8]. Group 6: Strategies Apple - Be neutral to bullish. Pay attention to terminal consumption recovery, the impact of storage structure differentiation, and the dynamics of merchants' inventory transfers before the Spring Festival. Be cautious when chasing high prices [4]. Red Dates - Be neutral. If the terminal market can accept and digest the high - priced new - season spot in the production area, it will drive the futures price to return to the new - season spot price. Otherwise, the new - season spot price may continue to fall. The near - month contract may still have a certain downward space [9].

交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年11月27日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 | | | | | | 供给端来看 ， | 上周工业硅供应量为9 | 1万吨 . | ， | 环比持平 。 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 需求端来看 ， | 上周工业硅需求为8万吨 | ， | 环比减少4 | 76% . | 需求持续低迷 . | | 多 . | | | | | | | | | 晶硅库存为27 1万吨 . | 处于低位 ， | ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货煤焦早报（2025 年 11 月 27 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤 | 2601 | 震荡 | 震荡 | 震荡 偏强 | 震荡思路 | 供应支撑趋缓，焦煤偏弱运行 | | 焦炭 | 2601 | 震荡 | 震荡 | 震荡 偏弱 | 震荡思路 | 成本端支撑不足，焦炭低位震荡 | 期货研究报告 （仅供参考，不构成任何投资建议） 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：焦煤（JM） 日内观点：震荡偏强 中期观点：震荡 参考观点：震荡思路 核心 ...

Report Overview - Report Title: Daily Core Futures Variety Analysis - Release Date: November 26, 2025 Industry Investment Rating - Not provided in the report Core Views - As of the close on November 26, domestic futures main contracts showed mixed performance, with some rising and some falling. Different futures varieties are affected by various factors such as supply and demand, policies, and international situations, and their price trends vary [6]. Summary by Variety Futures Market Overview - As of the close on November 26, domestic futures main contracts showed mixed performance. Peanuts rose nearly 4%, polysilicon rose nearly 3%, glass and Shanghai silver rose nearly 2%, and lithium carbonate, urea, and live pigs rose more than 1%. In terms of declines, container shipping to Europe fell nearly 8%, and polypropylene (PP), coke, coking coal, plastic, and fuel oil fell more than 1%. The main contract of CSI 300 stock index futures (IF) rose 0.41%, the main contract of SSE 50 stock index futures (IH) rose 0.14%, the main contract of CSI 500 stock index futures (IC) remained flat, and the main contract of CSI 1000 stock index futures (IM) fell 0.09%. The main contract of 2-year treasury bond futures (TS) fell 0.05%, the main contract of 5-year treasury bond futures (TF) fell 0.21%, the main contract of 10-year treasury bond futures (T) fell 0.36%, and the main contract of 30-year treasury bond futures (TL) fell 0.86%. In terms of capital flow, as of 15:19 on November 26, among domestic futures main contracts, Shanghai gold 2602 had an inflow of 2.313 billion yuan, Shanghai silver 2602 had an inflow of 1.266 billion yuan, and lithium carbonate 2605 had an inflow of 919 million yuan; in terms of outflows, CSI 1000 2512 had an outflow of 2.86 billion yuan, CSI 500 2512 had an outflow of 2.76 billion yuan, and CSI 300 2512 had an outflow of 1.355 billion yuan [6][7]. Copper - Today, copper opened high and moved higher, showing a strong and volatile trend. The US economic data had little impact on copper prices. The copper concentrate inventory has been accumulating for a week, and the Indonesian Grasberg mine is expected to resume production in the second quarter of next year. The long - term contract negotiation for copper smelting is still ongoing, and the refining fees remain stable. Although the import of refined copper has decreased, the domestic supply is relatively abundant. The inventory of the Shanghai Futures Exchange has also been accumulating. The implementation of Policy 770 is yet to be determined, and the production of recycled copper rods in some regions has decreased. After the decline in copper prices last week, downstream procurement increased. Overall, after the Sino - US leaders' dialogue, the international risk expectation has eased, and the probability of the Fed's interest rate cut has increased, which is beneficial to copper prices. It is expected that copper prices will be strong before the interest rate cut meeting [9]. Lithium Carbonate - Lithium carbonate opened low and moved high, rising during the day. The average price of battery - grade lithium carbonate is 92,800 yuan/ton, and the average price of industrial - grade lithium carbonate is 90,400 yuan/ton, both rising by 750 yuan/ton compared with the previous trading day. As of October 2025, the production of lithium carbonate was 89,300 tons, an increase of 5,790 tons from the previous month. As of November 26, the weekly operating rate was 75.34%, 16.04% higher than the same period last year. The price of spodumene has risen, and the supply of lithium from salt lakes is affected by seasonality. The demand for energy storage is expected to be strong, and the production and sales of new energy vehicles have increased significantly. The inventory of lithium carbonate has been continuously decreasing. The market is affected by industry news and sentiment [11]. Crude Oil - On November 2, OPEC+ eight countries decided to increase production by 137,000 barrels per day in December, the same as the production increase plans in October and November. The production increase will be suspended in the first quarter of next year. The end of the peak demand season, the unexpected increase in refined oil inventories, and the high - level US crude oil production have put pressure on the market. Geopolitical factors such as the conflict between the US and Venezuela, the armed conflict in Libya, and the situation in Russia and Ukraine also affect the market. The market is in a state of oversupply, and it is expected that crude oil prices will fluctuate weakly [12][14]. Asphalt - The operating rate of asphalt last week decreased by 4.2 percentage points to 24.8%, lower than the same period last year. The expected production in November is 2.228 million tons, a decrease of 16.9% month - on - month and 11.0% year - on - year. The operating rates of downstream industries varied. The shipment volume increased by 15.28% to 246,000 tons. The inventory - to - sales ratio of asphalt refineries remained flat. The decline in crude oil prices and the weakening of demand due to the end of road construction in the north and limited project increments in the south are expected to lead to a weak and volatile trend in asphalt futures prices [15]. PP - The downstream operating rate of PP increased by 0.29 percentage points to 53.57%, at a relatively low level in the same period over the years. The operating rate of the plastic weaving industry, the main downstream of drawn wire, remained flat, and orders decreased slightly. On November 26, some overhauled devices restarted, and the operating rate of PP enterprises rose to about 83%. The destocking of petrochemicals slowed down in November, and the inventory is at a relatively high level in the same period over the years. The decline in crude oil prices and the increase in supply due to new capacity and reduced overhauls, combined with the end of the peak season for downstream demand, are expected to lead to a weak and volatile trend in PP prices [16][17]. Plastic - On November 26, the operating rate of plastic remained at about 89%, at a neutral level. As of the week of November 21, the downstream operating rate of PE increased by 0.20 percentage points to 44.69%. The agricultural film is still in the peak season, but the peak season is not as good as expected. The new capacity of some enterprises has been put into production, and the operating rate has slightly decreased. The destocking of petrochemicals has slowed down, and the inventory is at a relatively high level in the same period over the years. The decline in crude oil prices and the weakening of downstream demand are expected to lead to a weak and volatile trend in plastic prices [18]. PVC - The price of calcium carbide in the northwest region is stable. The operating rate of PVC increased by 0.32 percentage points to 78.83%, at a relatively high level in the same period over the years. The downstream operating rate continued to decline slightly. The termination of India's BIS policy on PVC and the possible cancellation of anti - dumping duties have increased export orders, but the quotes of Formosa Plastics in December have decreased. The social inventory has increased slightly and is still at a high level. The real estate market is still in the adjustment stage. The new capacity has been put into production, and it is expected that PVC prices will fluctuate weakly [19][20]. Coking Coal - Coking coal opened low and moved low, falling during the day. The spot price in the Shanxi market decreased by 10 yuan/ton, and the price of Mongolian No. 5 coking coal decreased by 2 yuan/ton. In October, China's coal imports decreased year - on - year. The utilization rate of coking coal mines increased slightly. The inventory of mines has increased significantly, while the inventory of coking enterprises has decreased. The steel mill's operating rate and hot metal production have increased, but the profit has weakened. The coking coal price has recovered the previous increase, and there may be opportunities for the market to be boosted by winter storage meetings and major domestic meetings [21]. Urea - The futures price of urea opened low and moved high, showing a strong trend during the day. The spot price is still weak, but the low - price transactions in the market are good. The daily production is much higher than the same period in previous years, and it is expected to remain above 190,000 tons before the seasonal shutdown of gas - fired devices. The upward trend of coal costs has slowed down. The operating rate of compound fertilizer plants has recovered, and the inventory of urea has decreased for several weeks. The market demand has improved, but the upward space is limited due to sufficient supply [23].

2025年11月26日 国泰君安期货商品研究晨报-能源化工 观点与策略 | 对二甲苯：短期不追高 | 2 | | --- | --- | | PTA：单边震荡市，不追高 | 2 | | MEG：供需格局改善，空单减持，多MEG空PX | 2 | | 橡胶：震荡偏弱 | 5 | | 合成橡胶：估值区间内弱势运行 | 7 | | 沥青：窄幅震荡 | 9 | | LLDPE：进口报盘或有减少，裂解负荷有扰动 | 11 | | PP：短期不追空，中期趋势仍有压力 | 12 | | 烧碱：趋势仍有压力 | 13 | | 纸浆：震荡运行 | 14 | | 玻璃：原片价格平稳 | 16 | | 甲醇：估值低位反弹 | 17 | | 尿素：震荡承压 | 19 | | 苯乙烯：短期震荡 | 21 | | 纯碱：现货市场变化不大 | 22 | | LPG：下游需求分化，关注成本变动 | 23 | | 丙烯：上涨驱动转弱，成本支撑偏强 | 23 | | PVC：低位震荡 | 26 | | 燃料油：震荡走势延续，短期或强于低硫 | 27 | | 低硫燃料油：转入调整，外盘现货高低硫价差暂时企稳 | 27 | | 短纤：短期震荡市 | ...

Report Industry Investment Ratings - Urea: ★★★ (Red stars represent a predicted trend of rising) [1] - Methanol: ★★★ [1] - Pure Benzene: ★★★ [1] - Styrene: ★★★ [1] - Polypropylene: ★☆☆ (One star represents a bullish/bearish bias, but with limited operability on the trading floor) [1] - Plastic: ★☆☆ [1] - PVC: ★★★ [1] - Caustic Soda: ☆☆☆ (White stars represent a relatively balanced short - term bullish/bearish trend and limited operability on the trading floor) [1] - PX: ★★★ [1] - PTA: ☆☆☆ [1] - Ethylene Glycol: ★★★ [1] - Short - fiber: ☆☆☆ [1] - Glass: ★★★ [1] - Soda Ash: ☆☆☆ [1] - Bottle Chip: ★★★ [1] - Propylene: ★★★ [1] Core Viewpoints - The olefin - polyolefin market shows mixed trends. Propylene is stable with a slight increase, while plastic and polypropylene are falling due to supply - demand imbalances [2]. - The pure benzene - styrene market has a downward trend in pure benzene and a stable - supported trend in styrene [3]. - The polyester market has different trends for each product. PX is expected to be strong in the medium - term, PTA follows cost - driven logic, ethylene glycol may rebound in the short - term but has limited medium - term space, short - fiber follows raw material prices, and bottle chip is cost - driven with over - capacity pressure [5]. - The coal - chemical market has different trends for methanol and urea. Methanol may have a long - spread opportunity, while urea is expected to remain in a supply - surplus situation [6]. - The chlor - alkali market shows that PVC may stop falling and stabilize, and caustic soda is in a weak operation [7]. - The soda ash - glass market shows that soda ash is in a supply - surplus situation, and glass may have limited downward space [8]. Summary by Directory Olefin - Polyolefin - Propylene futures fluctuate above the 5 - day average line. Market lacks news, with stable enterprise quotes and a slight increase in real - deal prices [2]. - Plastic and polypropylene futures decline. Plastic has increased supply pressure due to reduced maintenance and more arrivals, and weak demand. Polypropylene's supply is expected to increase slightly, and demand is limited [2]. Pure Benzene - Styrene - Unified benzene prices continue to fall. There are concerns about Asian pure benzene exports, but the sustainability is questionable. Downstream demand is weak [3]. - Styrene futures fluctuate narrowly. Supply may decrease slightly, demand is good, and inventory is falling, supporting prices [3]. Polyester - PX's short - term supply - demand is weak, but it is expected to be strong in the medium - term. PTA follows cost - driven logic and may see improved processing margins [5]. - Ethylene glycol may rebound in the short - term but has limited medium - term space. Short - fiber follows raw material prices, and bottle chip is cost - driven with over - capacity [5]. Coal - Chemical - Methanol futures adjust narrowly, and spot prices rise slightly. There may be an opportunity to go long on the 5 - 9 spread, but beware of weak reality [6]. - Urea futures fall, and spot prices in the Northeast rise. The supply - surplus situation is expected to continue [6]. Chlor - Alkali - PVC shows an oscillating trend. There is a possibility of export improvement to India, and inventory is decreasing. It may follow cost changes [7]. - Caustic soda shows an oscillating trend. Supply is high, demand is weak, and it is in a weak operation [7]. Soda Ash - Glass - Soda ash shows a weak trend. It is in a de - stocking situation, with increased production. It is in a supply - surplus situation in the long - term [8]. - Glass shows an oscillating trend. There may be limited downward space due to cost support and potential cold - repair [8].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The main logic of the industrial silicon market is capacity clearance, cost support, and demand increment. The main factors affecting the market include cost increase support, manufacturers' shutdown and production reduction plans, slow post - holiday demand recovery, and strong supply and weak demand in downstream polysilicon. The main risk points are the impact of shutdown, production reduction/maintenance plans, polysilicon inventory destocking, and resumption trends [11][12][13]. Summary According to the Table of Contents 1. Daily Views Industrial Silicon - **Fundamentals**: Last week, the supply of industrial silicon was 91,000 tons, with no change compared to the previous week. The demand was 80,000 tons, at a low level, with a 4.76% week - on - week decrease. The inventory of crystalline silicon was 271,000 tons, the inventory of silicone was 56,300 tons, and the inventory of aluminum alloy ingots was 75,200 tons. The comprehensive operating rate of silicone was 72.18%, with no change compared to the previous week, and lower than the historical average. The cost support in Xinjiang has increased, showing a bearish trend [6]. - **Basis**: On November 24, the spot price of non - oxygenated silicon in East China was 9,350 yuan/ton, and the basis of the 01 contract was 410 yuan/ton, with the spot at a premium to the futures, showing a bullish trend [6]. - **Inventory**: The social inventory was 548,000 tons, a 0.37% week - on - week increase; the sample enterprise inventory was 177,800 tons, a 3.01% week - on - week increase; the main port inventory was 129,000 tons, a 1.57% week - on - week increase, showing a bearish trend [6]. - **Disk**: The MA20 was downward, and the futures price of the 01 contract closed below the MA20, showing a bearish trend [6]. - **Main Position**: The main position was net short, and the short position increased, showing a bearish trend [6]. - **Expectation**: The supply production schedule has decreased, close to the historical average level. The demand recovery is at a low level, and the cost support has increased. The industrial silicon 2601 is expected to fluctuate in the range of 8,835 - 9,045 yuan/ton [6]. Polysilicon - **Fundamentals**: Last week, the polysilicon production was 27,100 tons, a 1.11% week - on - week increase. The forecasted production schedule for November was 120,100 tons, a 10.37% month - on - month decrease. The production of silicon wafers, battery cells, and components has decreased to varying degrees, and the overall demand shows a continuous decline. The cost support has stabilized, showing a bearish trend [8]. - **Basis**: On November 24, the price of N - type dense material was 51,000 yuan/ton, and the basis of the 01 contract was - 1,065 yuan/ton, with the spot at a discount to the futures, showing a bearish trend [8]. - **Inventory**: The weekly inventory was 271,000 tons, a 1.49% week - on - week increase, at a low level compared to the same period in history, showing a neutral trend [8]. - **Disk**: The MA20 was downward, and the futures price of the 01 contract closed below the MA20, showing a bearish trend [8]. - **Main Position**: The main position was net long, and the short position turned to long, showing a bullish trend [8]. - **Expectation**: The supply production schedule will decrease in the short term and is expected to recover in the medium term. The overall demand shows a continuous decline, and the cost support has stabilized. The polysilicon 2601 is expected to fluctuate in the range of 52,465 - 54,165 yuan/ton [8][9]. 2. Industrial Silicon and Polysilicon Market Overview - **Industrial Silicon**: The report provides the price, basis, inventory, production, and cost - profit data of industrial silicon contracts, as well as the price, production, and inventory data of downstream products such as silicone and aluminum alloy [15][16]. - **Polysilicon**: The report provides the price, production, inventory, and cost - profit data of polysilicon contracts, as well as the price, production, and inventory data of downstream products such as silicon wafers, battery cells, and components [17]. Other Data and Charts - The report also includes the price - basis and delivery product price difference trends of industrial silicon, the disk price trends of polysilicon, the inventory, production, and capacity utilization trends of industrial silicon, the cost trends of industrial silicon in sample regions, the weekly and monthly supply - demand balance sheets of industrial silicon, and the data and trends of downstream products of industrial silicon such as silicone, aluminum alloy, and polysilicon [19][22][25]

交易咨询业务资格：证监许可【2012】1091号 2025-11-25甲醇早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 检修状况 甲醇2601： 1、基本面：产区甲醇工厂无库存压力，但港口高库存对整体行情有压制作用，预计本周国内甲醇震荡整理，且部分地 区不排除走跌可能。内地方面来看，虽然当前产区工厂暂无库存压力，但市场消息称托县甲醇装置近期有重启计划，内 地重回高开工弱需求的供应格局，以及港口进口货源持续倒流内地，业者对后市心态谨慎，后期或震荡偏弱。港口方 面，伊朗多套装置停车兑现和港口库存明显去化，才能构成行情反转的支撑点，在此达成之前，期现货深度磨底。预计 本周港口甲醇市场延续探底，不过目前绝对价格来看，预计下方空间有限；关注伊朗装置检修实际落地节点；中性 2 ...

Group 1: Soybean Market Analysis - The soybean futures market showed a strong performance with the main contract closing at 4150.00 CNY/ton, an increase of 41.00 CNY/ton or 1.00% from the previous day [1] - In the Northeast production area, new season soybean prices remain firm due to low inventory among farmers and strong price support, with 39% protein soybeans showing an upward trend [1] - The overall sales situation for grain trading companies is average, and prices are expected to stabilize as grain deliveries conclude [1] Group 2: Peanut Market Analysis - The peanut futures market saw the main contract close at 7844.00 CNY/ton, up by 50.00 CNY/ton or 0.64% from the previous day, while the average spot price for peanuts increased to 8240.00 CNY/ton, a rise of 250.00 CNY/ton or 3.13% [2] - The national peanut market shows a mixed price trend, with various regions reporting different prices for peanut varieties, indicating a quality-based pricing system [2] - Despite a recent price drop from oil factories, the strong holding sentiment among farmers in Northeast China is providing robust price support [3]

Core Viewpoint - The domestic futures market for the chemical sector shows mixed performance, with urea futures experiencing a downward trend due to high supply pressures and limited short-term demand drivers [1] Supply - As of November, urea daily production is expected to remain high due to policy support and profit recovery, which exerts significant pressure on prices [1] - Total inventory of Chinese urea enterprises is reported at 1.4372 million tons, lower than last week's expectations, while port sample inventory stands at 100,000 tons, aligning with previous forecasts [1] Demand - Recent concentrated procurement for reserve demand in Northeast China may slow down as previous purchases have adequately supplemented stocks [1] - There is a slight increase in compound fertilizer production, with companies beginning to schedule winter storage fertilizers, leading to a narrow rise in capacity utilization [1] - Export demand is gradually increasing with the implementation of a new batch of quotas [1] Market Outlook - Urea prices are expected to stabilize with limited downward space due to export policies and cost support, while there are no significant upward drivers in the short term [1] - Future demand will focus on export and winter storage needs, while supply considerations will include winter production halts and cost support [1] - The strategy suggests focusing on buying on dips due to low prices [1]