1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - The bottom of the current urea price may gradually become clear. Although urea has rebounded recently, the strength is limited, and the valuation is still relatively low, reflecting the current pattern of strong supply and weak demand. From a driving perspective, the new round of export quotas will relieve the supply pressure in the fourth quarter to some extent, and the winter reserve demand will support the price. Low prices may stimulate storage - enterprises to enter the market. It is recommended to stop profit on sold options and pay attention to long - buying opportunities at low prices in the medium and long term [1] 3. Summary by Relevant Catalogs 3.1 Urea Futures and Spot Prices - UR01 futures prices in Shandong, Shanxi, and UR05, UR09 futures prices had different changes on November 19 compared to November 18. For example, UR01 in Shandong increased by 1 yuan/ton (0.06%), and UR05 decreased by 1 yuan/ton (-0.06%) [1] - Domestic spot prices in Henan, Hebei, Northeast, and Jiangsu also rose. For instance, the price in Henan increased by 20 yuan/ton (1.24%) [1] 3.2 Basis and Spread - The basis of Shandong spot - UR increased by 21 yuan/ton, and the 01 - 05 spread increased by 2 yuan/ton [1] 3.3 Upstream and Downstream Costs and Prices - Upstream coal prices in Henan and Shanxi remained unchanged. Downstream prices of compound fertilizers in Shandong and Henan remained stable, while the melamine price in Shandong increased by 34 yuan/ton (0.67%) [1] 3.4 Important Information - The opening price of the urea futures main contract 2601 was 1665 yuan/ton, the highest price was 1675 yuan/ton, the lowest price was 1660 yuan/ton, the closing price was 1663 yuan/ton, and the settlement price was 1665 yuan/ton. The trading volume was 249089 lots [1] 3.5 Trading Strategy - Sell options to stop profit, and pay attention to long - buying opportunities at low prices in the medium and long term [1]

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core View of the Report - The current bottom of urea prices may gradually become clear. Urea's low valuation is a result of market consensus on the pressure of supply - demand surplus, but from a driving perspective, prices are supported at low levels. [1] Group 3: Summary by Relevant Catalogs Price Changes - Urea futures prices: UR01 increased from 1652.00 yuan/ton to 1662.00 yuan/ton, a 0.61% increase; UR05 rose from 1727.00 yuan/ton to 1737.00 yuan/ton, a 0.58% increase; UR09 went up from 1748.00 yuan/ton to 1755.00 yuan/ton, a 0.40% increase. [1] - Domestic spot prices (small - particle): Shandong decreased from 1600.00 yuan/ton to 1590.00 yuan/ton, a - 0.63% change; Henan dropped from 1610.00 yuan/ton to 1600.00 yuan/ton, a - 0.62% change; Hebei fell from 1630.00 yuan/ton to 1610.00 yuan/ton, a - 1.23% change; Jiangsu declined from 1590.00 yuan/ton to 1580.00 yuan/ton, a - 0.63% change. [1] - Upstream costs: The prices of anthracite coal in Henan and Shanxi remained unchanged at 1030.00 yuan/ton and 930.00 yuan/ton respectively. [1] - Downstream prices: The price of compound fertilizer (45%S) in Shandong increased from 2980.00 yuan/ton to 3000.00 yuan/ton, a 0.67% increase; the price of melamine in Jiangsu rose from 5150.00 yuan/ton to 5200.00 yuan/ton, a 0.97% increase. [1] Key Information - The opening price of the urea futures main contract 2601 was 1650 yuan/ton, with a high of 1667 yuan/ton, a low of 1641 yuan/ton, a closing price of 1662 yuan/ton, and a settlement price of 1656 yuan/ton. The持仓 volume was 254752 hands. [1] Trading Strategy - Sell option profit - taking, and pay attention to long - buying opportunities on dips in the medium - to - long term. [1]