Core Viewpoint - Fertilizer stocks showed strong performance today, with notable increases in share prices for several companies following the agreement on potash import prices for 2026, which supports domestic supply and price stability [1] Group 1: Company Performance - China Heartland Fertilizer (01866) rose by 4.55%, reaching HKD 8.74 [1] - Sinochem Fertilizer (00297) increased by 4.58%, reaching HKD 1.6 [1] - CNOOC Chemical (03983) gained 4.53%, reaching HKD 2.54 [1] Group 2: Market Developments - On November 23, the Chinese potash import negotiation team reached an agreement with major international potash suppliers, setting the 2026 contract price at USD 348 per ton (CFR), a USD 2 increase from 2025 [1] - This price adjustment continues to maintain a "price lowland" for global potash, ensuring domestic supply and price stability [1] Group 3: Industry Insights - Nanhua Futures (603093) indicated that in November, supported by policies for supply assurance and profit recovery, daily urea production is expected to remain high, exerting significant pressure on prices [1] - However, timely and continuous adjustments to export policies have alleviated downward pressure on prices, leading to a more stable short-term domestic urea market [1] - Rising coal prices are also contributing to support for urea prices, as the cash flow cost line for coal-based production increases [1]