1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The price of urea is expected to remain firm before the Spring Festival. The supply increased in January as some gas - based and technical - reformed enterprises resumed production. The agricultural demand for winter and green - turning fertilizers is ongoing, and the pre - orders for manufacturers during the Spring Festival are basically completed. Some off - season reserve goods will be released at a rate of 10% in February. The overall inventory of urea factories is decreasing, while the port inventory is slightly increasing. The international urea price has risen due to the situation in Iran, and India has issued a urea import tender. The export quota in China has no new news yet, and attention should be paid to export dynamics, off - season reserve release rhythm, and the sustainability of spot purchasing sentiment [2] 3. Summary by Directory 3.1 Urea Basis Structure - On February 11, 2026, the closing price of the urea main contract was 1797 yuan/ton (+12). The ex - factory prices of small - particle urea in Henan, Shandong, and Jiangsu were 1800 yuan/ton, 1800 yuan/ton, and 1810 yuan/ton respectively. The basis in Shandong, Henan, and Jiangsu was 3 yuan/ton, 3 yuan/ton, and 13 yuan/ton respectively, with a decrease of 12 yuan/ton [1] 3.2 Urea Production - As of February 11, 2026, the enterprise capacity utilization rate was 89.14% (0.08%). The total inventory of sample enterprises was 83.47 tons (-8.38), and the port sample inventory was 16.50 tons (+2.10) [1] 3.3 Urea Production Profit and Operating Rate - As of February 11, 2026, the urea production profit was 235 yuan/ton (+0). The capacity utilization rates of compound fertilizer and melamine were 32.46% (-9.33%) and 57.95% (-8.50%) respectively. The number of pre - order days for urea enterprises was 11.12 days (+2.30) [1] 3.4 Urea FOB Price and Export Profit - The export profit was 1048 yuan/ton (-15). The international urea price has risen due to the situation in Iran, and India's RCF issued a urea import tender on February 7, with an intention of 150 tons [1][2] 3.5 Urea Downstream Operating Rate and Orders - As of February 11, 2026, the capacity utilization rates of compound fertilizer and melamine were 32.46% (-9.33%) and 57.95% (-8.50%) respectively. The number of pre - order days for urea enterprises was 11.12 days (+2.30) [1] 3.6 Urea Inventory and Warehouse Receipts - As of February 11, 2026, the total inventory of sample enterprises was 83.47 tons (-8.38), and the port sample inventory was 16.50 tons (+2.10) [1] 4. Strategies - Unilateral: Oscillation - Inter - period: Go long on the spread of UR05 - 09 when it's low - Inter - variety: None [3]