Core Viewpoint - The company, Funeng Technology (688567.SH), forecasts a net profit attributable to shareholders of the parent company for 2025 to be between -830 million and -580 million yuan, indicating a significant loss due to various operational challenges and market conditions [1] Group 1: Performance Forecast - The expected net profit for 2025 is projected to be between -830 million and -580 million yuan [1] - The performance decline is attributed to the ramp-up phase of two new production bases, which incurs high fixed depreciation costs and has not yet achieved optimal capacity utilization [1] Group 2: Operational Challenges - The company is currently increasing its market development efforts, which includes cultivating new customers and optimizing customer structure, impacting gross margins in the short term [1] - Adjustments in customer settlement models and product updates are also contributing to the short-term effects on gross profit [1] Group 3: Investment in R&D - There is an ongoing increase in research and development investments for new products and technologies, including solid-state batteries [1] Group 4: External Economic Factors - The reduction in domestic export tax rebates and the increase in U.S. tariffs on Chinese exports are negatively affecting the company's gross margin [1] - The company has made provisions for impairment on certain inventories and receivables based on a cautious approach [1]

Investment Rating - The report indicates a stable bottom for the steel industry with a profit rate of 40.7% for steel companies, suggesting a positive outlook for the sector [1][11]. Core Insights - The steel industry is entering a winter storage phase for raw material replenishment, driven by increased iron water production and rising iron ore import inventories [1][11]. - The domestic steel price gap has decreased by 6.4 yuan, with current losses at 35.1 yuan per ton, indicating pressure on domestic prices due to high export prices [1][11]. - The CITIC Steel Index increased by 2.7%, outperforming the broader market by 2.4%, influenced by successful negotiations between China Minmetals and BHP [1][11]. Summary by Sections Steel Industry Overview & Index Performance - The steel industry is showing signs of stability with a profit rate of 40.7% and a recent increase in the CITIC Steel Index [1][11]. - The industry is experiencing a winter storage phase, with rising iron ore import inventories and production recovery [1][11]. Subsector Overview - Hot-rolled coil prices have slightly decreased, with the average price for 3.0mm hot-rolled coil at 3356 yuan/ton, down 15 yuan from last week [2][12]. - The operating rate for medium-thick plate production is at 80%, with a week-on-week decrease of 3.33% [2][12]. - Steel mills are showing a cautious outlook for the market, with expectations of weak price fluctuations in the coming week [2][12]. Black Industry Chain Price Data Update - The coking coal market remains weak, with the Mysteel coking coal index at 1304.6, unchanged from the previous day [3][13]. - Iron ore prices are mixed, with domestic iron concentrate prices showing slight fluctuations, indicating a stable production environment [4][14]. Black Industry Chain Supply and Demand Data Update - Steel production is stable, with daily average iron water production at 228.1 million tons, showing a slight increase [3][13]. - The overall supply of iron ore is ample, with port inventories at high levels, leading to a lack of upward price momentum for domestic iron ore [4][14].

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the soda ash and urea industries, highlighting current market conditions and future projections for both sectors. Soda Ash Industry Insights - **Price Trends**: In 2024, soda ash prices are expected to decline, currently at a low valuation. Attention is needed on real estate support policies and petrochemical industry policies that may influence market recovery [1][3] - **Production Capacity**: By 2025, soda ash production capacity is projected to grow at the highest rate since 2010, exceeding 15%, leading to increased supply pressure. Some companies are in long-term shutdowns but have not exited the market completely [1][3] - **Demand Dynamics**: Heavy soda ash demand is weak due to declining needs in float glass and photovoltaic glass sectors. However, light soda ash demand remains strong, driven by carbon lithium and environmental industries [1][4] - **Export Projections**: Soda ash exports are expected to exceed 2.1 million tons in 2025, a year-on-year increase of approximately 88.8%, which may alleviate some supply pressure [1][6] - **Supply-Demand Gap**: The supply-demand gap for soda ash is anticipated to widen to 6.4 million tons by 2026, with exports only mitigating about one-third of the pressure [1][7] - **Inventory Levels**: High inventory levels persist across the industry, with enterprise inventory at 1.51 million tons and midstream inventory around 5.3 million tons [1][6] Urea Industry Insights - **Demand Drivers**: Agriculture remains the core driver for urea demand, with growth attributed to increased planting areas and the replacement of other fertilizers. However, overall demand growth is slower than supply growth, leading to a relaxed supply-demand balance [2][18] - **Production Capacity and Output**: In 2025, urea's new production capacity is expected to be around 5.9 million tons, pushing total capacity over 80 million tons. The output is projected to grow nearly 12% year-on-year, marking the highest increase in a decade [11][14] - **Price Trends**: Urea prices are expected to stabilize with a central trading price around 1,750 yuan, fluctuating within a range of 200 yuan. Seasonal factors and policy changes will significantly impact price movements [11][24] - **Inventory Trends**: Urea inventory is projected to remain high, with enterprise inventory potentially exceeding 2 million tons if production continues to rise [17] - **Market Outlook**: The urea market is expected to face a weak supply-demand structure in the second half of 2025, despite a strong first half due to seasonal demand [11][10] Additional Considerations - **Policy Interventions**: Potential government interventions may include forced market exits for smaller companies or industry consolidation to address supply excess [8][12] - **Long-term Outlook**: Without significant policy changes or supply reductions, the oversupply situation may worsen. However, improvements in the macroeconomic environment could enhance market conditions [9][23] - **Cost Structures**: The cost structures of both soda ash and urea production vary significantly based on production methods, impacting future pricing strategies [25][26] This summary encapsulates the critical insights from the conference call regarding the soda ash and urea industries, focusing on market dynamics, production forecasts, and potential challenges ahead.

Group 1 - The core viewpoint of the article highlights a strong performance in the domestic futures market for urea, with the main contract rising by 1.52% to 1739.00 yuan/ton as of the report date [1] Group 2 - The urea market is influenced by rumors regarding new export quotas, which could lead to a rapid decline in prices if proven false [2] - Production from gas-based enterprises is decreasing slightly due to ongoing maintenance, impacting daily output [2] - Demand remains resilient as winter storage continues, with factories primarily producing high-nitrogen compound fertilizers, providing some support for urea despite a lack of upward driving force [2] Group 3 - Inventory levels are decreasing but remain high compared to the same period over the past five years, with factory inventory at 117.97 thousand tons (down 5.45 thousand tons), port inventory at 13.8 thousand tons (up 1.5 thousand tons), and inventory in Guangxi and Guangdong at 14.6 thousand tons (unchanged) [2] Group 4 - The market focus is on the upcoming printing standards and changes in China's export policies, with rumors of new export quotas significantly affecting market sentiment [2] - Until new favorable factors are confirmed, the market is expected to maintain a strong and fluctuating trend, with attention on the results of printing standards and export expectations that may create short-term trading opportunities [2] - It is also important to monitor changes in urea supply levels, the atmosphere of spot transactions, overall commodity trends, and this week's urea inventory data [2]

Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core Views - The urea market is within the range of fundamentals and policies. In the short term, its downside space is strongly supported, but there is also pressure on the upside. It is expected to show a volatile trend [3]. - The short - term domestic urea market is weak and stalemated. The weekend domestic urea market continued to be firm and rising, but the mid - to - long - term trend is under pressure, and the 1 - 5 month spread is in a reverse arbitrage pattern [10][18][19]. - The overall urea market is expected to be volatile, with a possible narrow rebound followed by a stalemate, and the bottom range may continue to rise [16]. Group 3: Chapter Summaries Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - The change in phosphate fertilizer policy suppresses the speculative nature of the fertilizer sector, weakening the spot trading of urea. The high daily production of urea under policy support and profit repair exerts significant pressure on prices, but the export policy adjustment weakens the downward price drive. The short - term domestic urea market is weak, but the continuous destocking of explicit inventory supports prices [3]. - Regarding futures trading, although new delivery warehouses are added, the cheapest deliverable goods are still from Henan and Shandong. Considering the disappearance of the export expectation for the 01 contract, a reverse arbitrage strategy is adopted for the 1 - 5 month spread. The 01 contract still has a premium due to the autumn fertilizer expectation [5]. 1.2 Trading - type Strategy Recommendations - **Trend Judgment**: Urea is expected to fluctuate weakly. - **Price Range**: UR2601 is expected to trade between 1550 - 1750 yuan/ton. - **Strategy Suggestions**: Short positions are recommended when the price is above 1750 yuan/ton, and a reverse arbitrage is recommended for the 1 - 5 month spread when it is above - 10 [12]. - **Basis, Month - spread and Hedging Arbitrage Strategy Suggestions**: The 11, 12, and 01 contracts have a weak unilateral trend, while the 02, 03, 04, and 05 contracts are strong with peak - season demand expectations. The 01 contract has an upper pressure range of 1710 - 1720 yuan/ton and a lower static support range of 1550 - 1620 yuan/ton. It is recommended to short at high prices and conduct a reverse arbitrage for the 1 - 5 month spread. No hedging arbitrage strategy is provided [13][14]. Chapter 2: This Week's Important Information and Next Week's Key Events 2.1 This Week's Important Information - **Positive Information**: The fourth quarter is the winter storage period for the fertilizer industry, and the relatively low price may attract spontaneous reserves. India's NFL issued a new urea import tender, intending to purchase 1.5 million tons [15]. - **Negative Information**: The current domestic daily urea production is 208,100 tons. After the maintenance of some plants in Shandong and Jiangsu, and the expected concentrated maintenance of some gas - based urea plants in Inner Mongolia and Sichuan, the domestic daily urea production is expected to decline significantly to around 200,000 tons [15]. 2.2 Next Week's Key Events - China's urea production is expected to reach around 1.34 million tons next week, an increase from this week. There are no plans for plant shutdowns, and 5 - 6 plants may resume production, increasing the probability of production growth [17]. Chapter 3: Disk Interpretation 3.1 Price - Volume and Capital Interpretation - The domestic urea market continued to rise over the weekend, with a price increase of 10 - 40 yuan/ton. The fourth batch of urea export quotas and the new Indian tender boosted market sentiment, but mid - to - downstream resistance emerged. The short - term market is still strong [18]. - The weak domestic demand is the main contradiction. It is expected that the increase in exports cannot make up for the weakening domestic demand, so the medium - term trend is under pressure, and the 1 - 5 month spread of urea is in a reverse arbitrage pattern [19]. 3.2 Industry Hedging Suggestions - **Price Range Forecast**: The price range of urea is predicted to be 1650 - 1950 yuan/ton, with a current volatility of 27.16% and a historical percentile of 62.1% over three years. - **Hedging Strategies**: - **Inventory Management**: For enterprises with high finished - product inventory, shorting urea futures, buying put options, and selling call options are recommended to lock in profits and reduce costs. - **Procurement Management**: For enterprises with low procurement inventory, buying urea futures, selling put options are recommended to lock in procurement costs and reduce expenses [24]. Chapter 4: Valuation and Profit Analysis 4.1 Upstream Profit Tracking of the Industrial Chain - The report presents the seasonal trends of the weekly fixed - bed production cost, natural - gas production cost, water - coal slurry gasification profit, and fixed - bed production profit of urea [27][30][33]. 4.2 Upstream Production Rate Tracking - The report shows the seasonal trends of the daily urea production, weekly production capacity utilization rate, coal - based production capacity utilization rate, and natural - gas - based production capacity utilization rate [36][37]. 4.3 Upstream Inventory Tracking - The report provides the seasonal trends of China's weekly urea enterprise inventory, port inventory, Guangdong and Guangxi inventory, and the combined port and inland inventory [39][41][43]. 4.4 Downstream Price and Profit Tracking - The report presents the seasonal trends of the weekly production capacity utilization rate and inventory of compound fertilizers, the production profit, production capacity utilization rate, market price, and weekly output of melamine, as well as the market prices of compound fertilizers in different regions and the daily market price of synthetic ammonia in Henan [45][48][52][58][65]. 4.5 Spot Production and Sales Tracking - The report shows the seasonal trends of the average production and sales of urea and the production and sales of urea in Shandong, Henan, Shanxi, Hebei, and East China [67][69].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In the first half of 2026, the central price of urea may rise. After the peak agricultural demand season, the central price is expected to gradually decline in the second half of the year, with a volatile pattern throughout the year. The market may mainly trade on the expectations and discrepancies of urea's peak agricultural demand, export, and storage drives. Traders are advised to focus on band opportunities. The export - related policy adjustment in 2026 remains a key factor in adjusting the domestic fundamentals. The expected operating range of urea prices in 2026 is 1,550 - 1,950 yuan/ton. Strategies suggest focusing on the 5 - 9 positive spread at low prices, and the 9 - 1 and 1 - 5 reverse spreads at high prices [1][86]. 3. Summary According to the Directory 3.1 2025 H2 Urea Trend Review - **Q3**: With sufficient production profit, the overall operating rate and output of the urea industry remained high. Agricultural demand weakened, but new export quotas and the "anti - involution" macro - logic supported the price, resulting in wide - range price fluctuations [5]. - **Q4**: The strong expectations for September were falsified. Supply remained high, and export and domestic demand could not match the supply pressure, leading to a downward price trend. There was a phased rebound in November due to mid - stream reserve replenishment and increased export quotas [9]. 3.2 Demand Side: Urea Demand in 2026 is Expected to Increase - **Agricultural End**: The growth of urea agricultural demand in 2026 may continue, but the growth rate is expected to decline slightly. The demand increment is mainly concentrated from February to May, and corn is the main source of actual demand growth [13][15][17]. - **Industrial End**: A cautious and pessimistic attitude is taken towards the domestic industrial demand for urea in 2026. The demand from melamine, urea - formaldehyde resin, and thermal power denitrification is expected to have no significant increase [13]. - **Export End**: Urea exports in 2026 may continue to grow, mainly concentrated in the third and fourth quarters [14][48]. 3.3 Supply Side: Urea Supply in 2026 is Expected to Increase - **Output**: The urea industry is expected to add 6.51 million tons of new production capacity in 2026, with an annual capacity growth rate of 7.9%. The theoretical capacity will increase from 82.07 million tons to 88.58 million tons, and the output is expected to increase [51][53]. - **Inventory**: In 2026, the upstream enterprise inventory and mid - stream social inventory of urea are expected to show a pattern of destocking in the first half of the year and stockpiling in the second half, with a slightly higher annual average inventory center [51]. - **Profit**: The production profit of urea in 2026 may fluctuate widely. The profit may rebound in the first half depending on the intensity of agricultural demand, and the profit center may decline in the second half, mainly depending on export policies [51].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - Urea spot prices decreased yesterday, and low - price transactions improved. Short - term fluctuations are expected. In the short term, autumn fertilizer production for agriculture is ongoing in some areas, and the overall operating rate has increased with the recovery of equipment. The production of autumn fertilizers for compound fertilizers is nearing completion, and the inventory of compound fertilizers for winter wheat is mainly being cleared. With the improvement of weather, the sentiment of product sales has improved. The operation of melamine has increased slightly, with rigid demand for procurement. In the long - term, due to the release of new production capacity, the supply and demand of urea will remain relatively loose. Gas - fired equipment maintenance in the fourth quarter is expected to start gradually in December. The factory inventory decreased last week, and the highest inventory is still in Inner Mongolia. Attention should be paid to the operating rate of compound fertilizers in the Northeast, the raw material procurement rhythm, and the national light - storage rhythm. Urea is still affected by export sentiment, and the export policy may change. [2] - Strategies: For single - side trading, expect range - bound fluctuations; for inter - period trading, adopt a wait - and - see approach; for cross - variety trading, there is no specific strategy. [3] 3. Summary by Directory I. Urea Basis Structure - The report provides information on the market prices of small - sized urea in Shandong and Henan, as well as the basis of the main continuous contracts in Shandong and Henan, and the price of the urea main continuous contract and relevant spreads. [1][6][7] II. Urea Production - The report shows the weekly production of urea and the loss of urea plant maintenance. [17][22] III. Urea Production Profit and Operating Rate - It includes the production cost, spot production profit, and the operating rates of coal - based and gas - based urea production. [25][26][29] IV. Urea Foreign Market Prices and Export Profits - The report presents the FOB prices of small - sized urea in the Baltic Sea, the CFR prices of large - sized urea in Southeast Asia, the FOB prices of small - sized and large - sized urea in China, and the export profit and on - paper export profit of urea. [31][33][37] V. Urea Downstream Operating Rate and Orders - It shows the operating rates of compound fertilizers and melamine, as well as the number of days of pending orders. [46][47][48] VI. Urea Inventory and Warehouse Receipts - The report includes the upstream factory inventory, port inventory, raw material inventory days of downstream urea manufacturers in Hebei, futures warehouse receipts, and the trading volume and open interest of the main contract. [51][54][55] Market Data Summary - **Price and Basis**: On November 3, 2025, the closing price of the urea main contract was 1,623 yuan/ton (- 2). The ex - factory price of small - sized urea in Henan was 1,560 yuan/ton (0), in Shandong was 1,560 yuan/ton (- 30), and in Jiangsu was 1,560 yuan/ton (- 20). The price of small - sized anthracite was 750 yuan/ton (+ 0). The basis in Shandong was - 63 yuan/ton (- 28), in Henan was - 63 yuan/ton (- 18), and in Jiangsu was - 63 yuan/ton (- 18). The urea production profit was 30 yuan/ton (- 30), and the export profit was 904 yuan/ton (+ 32). [1] - **Supply Side**: As of November 3, 2025, the enterprise capacity utilization rate was 80.32% (0.08%). The total inventory of sample enterprises was 1.5543 million tons (- 75,900 tons), and the port sample inventory was 110,000 tons (- 100,000 tons). [1] - **Demand Side**: As of November 3, 2025, the capacity utilization rate of compound fertilizers was 31.04% (+ 3.33%), the capacity utilization rate of melamine was 49.98% (+ 1.68%), and the number of days of advance orders for urea enterprises was 7.53 days (+ 0.12). [1]

Report Industry Investment Rating - Unilateral: Neutral [3] - Inter - period: Wait - and - see [3] - Inter - variety: None [3] Core Viewpoints - Urea spot trading weakened after the price increase this week following the simultaneous increase in futures and spot last week. It is expected to fluctuate in the short term, waiting for a driving force [2]. - In the medium and long term, urea supply and demand remain relatively loose due to the release of new production capacity. As the weather improves, agricultural demand for urea increases, and the inventory accumulation speed slows down [2]. - Urea is still affected by export sentiment. The export window period is from September to October. The export volume in September was 1.37 million tons, and the cumulative export volume from January to September 2025 was 2.8123 billion tons. Pay attention to subsequent export dynamics [2]. Summary by Directory 1. Urea Basis Structure - Includes charts of Shandong and Henan urea small - particle market prices, Shandong and Henan main - continuous basis, urea main - continuous contract price, and 1 - 5, 5 - 9, 9 - 1 spreads [6][7][8] 2. Urea Output - Comprises charts of urea weekly output and urea plant maintenance loss volume [17][20] 3. Urea Production Profit and Operating Rate - Involves charts of production cost, spot production profit, panel production profit, national capacity utilization rate, coal - based capacity utilization rate, and gas - based capacity utilization rate [23][24][27] 4. Urea Foreign Market Price and Export Profit - Contains charts of urea small - particle FOB in the Baltic Sea, urea large - particle CFR in Southeast Asia, urea small - particle FOB in China, urea large - particle CFR in China, and their price differences, as well as urea export profit and panel export profit [29][31][35] 5. Urea Downstream Operating Rate and Orders - Consists of charts of compound fertilizer operating rate, melamine operating rate, and pending order days [47][48][49] 6. Urea Inventory and Warehouse Receipts - Includes charts of upstream in - plant inventory, port inventory, raw material inventory days of downstream urea manufacturers in Hebei, futures warehouse receipts, main - contract holding volume, and main - contract trading volume [52][53][57]

Group 1 - The report anticipates increased market volatility due to uncertainties surrounding US-China negotiations, suggesting a focus on controlling positions and highlighting the strong support level at 3700 points for the Shanghai Composite Index [3][6][12] - The report emphasizes that the A-share market is expected to remain bullish in the fourth quarter, driven by policies against "involution," increased household savings entering the market, potential Fed rate cuts, and a reversal in technical trends [3][6][12] - Key investment directions to watch include the "15th Five-Year Plan" focusing on clean energy, environmental protection, and aging population issues, as well as high-dividend sectors like banking and utilities [3][12][13] Group 2 - The report notes that the A-share market experienced significant fluctuations recently, with major indices like the Shanghai Composite Index and Shenzhen Component Index declining by 1.47% and 4.99% respectively [13] - It highlights that the average daily trading volume in the A-share market has decreased to around 2 trillion yuan, indicating increased cautiousness among investors [6][13] - The report also points out that the upcoming macroeconomic data releases and the 20th Central Committee meeting are expected to influence market trends significantly [7][12][13] Group 3 - The report indicates that the September consumer price index (CPI) showed a year-on-year decline of 0.30%, with food prices being a major contributor to this drop [7][8] - It mentions that the total social financing (TSF) in September was 35,296 billion yuan, exceeding expectations, but the structure of financing still requires improvement [8][9] - The report observes a rebound in exports in September, with a year-on-year growth of 8.30%, although future trends remain uncertain due to potential tariff impacts [10][12]

Report Industry Investment Rating - The investment rating for urea is "Volatility" [6] Core Viewpoints of the Report - The continuous implementation of new urea production capacity and the limited impact of anti - involution policy expectations have led to persistent supply - side pressure. The key to the market lies in exports, and it's necessary to pay attention to whether there will be new changes in export policies and whether the market will conduct a new round of export games for the 2605 contract [2][4][62] - The demand in the fourth quarter is expected to be limited. Agricultural demand may be released periodically but with general intensity, and it will enter the traditional off - season after October. The enthusiasm for tendering in the off - season storage may be high, but the actual impact may be limited. Industrial demand is expected to be relatively stable [3][47] Summary by Directory 1. Export Increment Fails to Change the Excess Pattern, Urea Weakens after Oscillating in the Third Quarter - The existing export quota cannot correct the annual supply - demand surplus pattern of urea, and the profit center of the urea industry still has room to decline. The 2509 contract in the third quarter oscillated around 1700 - 1800 yuan/ton, and the 2601 contract is currently running in the 1600 - 1700 yuan/ton range [13] 2. New Urea Production Capacity Continues to Be Implemented, and the Impact of Anti - Involution Policy Expectations Is Temporarily Limited - In the third quarter, new urea production devices were put into operation as expected. From January to August, the urea output reached 48.14 million tons, with a year - on - year growth of 13.3%, which put pressure on the urea price [18] - The impact of anti - involution policy expectations is limited. The proportion of truly old - fashioned production capacity is less than 5%, and the necessity of quickly clearing the remaining production capacity through administrative means is questionable. It is more likely to be cleared through the market [20][21] - In the fourth quarter, the supply pressure will still be large. It is estimated that the urea output will be 17.85 million tons, a year - on - year increase of about 7%. The variables are the possible extension of the gas - head device maintenance season and the impact of rising coal prices on marginal production capacity [24][25] 3. Agricultural Demand Has No Strong Driving Force, and Off - Season Storage May Only Play a Bottom - Supporting Role 3.1 Recent Compound Fertilizer Production and Sales Data Further Confirm the Overall Demand Front - Loading Problem This Year - The demand for urea in the first half of the year was higher than expected, mainly due to demand front - loading. The production and sales data of compound fertilizers from January to April were better than those in the same period of previous years, while the data from May to August were worse, indicating that the demand for compound fertilizers was overdrawn before May [34][35] 3.2 Off - Season Storage Can Only Play a Bottom - Supporting Role, and Industrial Demand Remains Weak - The off - season storage policy this year is basically the same as last year. The enthusiasm for tendering may be high, but the procurement rhythm is expected to be scattered, mainly playing a bottom - supporting role [38][39] - The industrial demand for urea such as melamine and urea - formaldehyde resin is expected to be relatively stable in the fourth quarter, and it is difficult to have obvious improvement [42] 4. Low Inventory in India Boosts the Scale of Indian Tenders, Pay Attention to Export Regulation in the Fourth Quarter - The international urea price is stronger than expected. India's urea production from January to August decreased by 6% year - on - year, and its inventory is less than 50% of the same period last year, so it has carried out a large number of import tenders [48][49] - The excess supply situation in China has not changed. Although China's supply in Indian tenders has increased, it is still within the quota system, which has not changed the domestic inventory accumulation situation [53][55] - It is necessary to pay attention to whether there will be new changes in China's export policy in the fourth quarter, such as the issuance of new quotas and the extension of the export window period [57][58] 5. Investment Suggestions - In the fourth quarter, the key contradiction is the continuous increase in urea factory inventory. The supply pressure will increase, and the demand is difficult to pick up significantly, so the key lies in exports [62] - The operating range of the 2601 contract is estimated to be 1580 - 1800 yuan/ton, and it is recommended that the off - season storage subjects disperse their storage rhythm [63]