Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View - The current bottom of urea prices may gradually become clear. The low valuation of urea is a result of the market's consensus on the pressure of oversupply in supply and demand. However, from the perspective of driving factors, urea prices are supported at low levels. In the medium - to - long - term, attention should be paid to opportunities for buying on dips [1]. 3. Summary by Relevant Catalogs 3.1 Price Changes - **Urea Futures Prices**: On December 2, UR01 closed at 1,687 yuan/ton, up 12 yuan (0.72%) from December 1; UR05 closed at 1,752 yuan/ton, up 8 yuan (0.46%); UR09 closed at 1,768 yuan/ton, up 5 yuan (0.28%) [1]. - **Domestic Spot Prices (Small - Granule)**: Shandong was 1,680 yuan/ton, down 10 yuan (-0.59%); Shanxi was 1,540 yuan/ton, down 10 yuan (-0.65%); Henan and Hebei remained unchanged; Northeast was 1,740 yuan/ton, up 20 yuan (1.16%); Jiangsu remained unchanged [1]. - **Basis and Spreads**: The basis of Shandong spot - UR was -72 yuan/ton, down 18 yuan; the 01 - 05 spread was -65 yuan/ton, up 4 yuan [1]. - **Upstream Costs**: The prices of anthracite coal in Henan and Shanxi remained unchanged at 1,030 yuan/ton and 930 yuan/ton respectively [1]. - **Downstream Prices**: The price of compound fertilizer (45%S) in Shandong was 3,060 yuan/ton, up 10 yuan (0.33%); the price of another fertilizer was 2,620 yuan/ton, up 20 yuan (0.77%); the price of melamine in Shandong was 5,217 yuan/ton, up 27 yuan (0.52%); in Jiangsu, it was 0 yuan/ton, down 5,200 yuan (-100%) [1]. 3.2 Important Information - The opening price of the urea futures main contract 2601 was 1,680 yuan/ton, the highest price was 1,689 yuan/ton, the lowest price was 1,671 yuan/ton, the closing price was 1,687 yuan/ton, and the settlement price was 1,682 yuan/ton. The position volume was 219,302 lots [1]. 3.3 Multi - Empty Logic - **Valuation**: The rebound of urea from the bottom is not large, and the valuation is still relatively low, reflecting the current pattern of strong supply and weak demand [1]. - **Driving Factors**: A new round of export quotas will alleviate the supply pressure in the fourth quarter to a certain extent, and the winter reserve demand will support the price. Low prices may stimulate storage enterprises to enter the market [1].

Report Industry Investment Rating - Not mentioned in the report. Core Viewpoints - The bottom of the current urea price may gradually become clear. The low valuation of urea is the result of market consensus on the pressure of oversupply, but from a driving perspective, the urea price is supported at a low level [1]. - Strategically, focus on opportunities to go long on dips in the medium to long term [1]. Summary by Relevant Catalogs Urea Futures and Spot Prices - On December 1st, compared with November 28th, the UR01 urea futures price in Shandong decreased by 2 yuan/ton (-0.12%), while the spot price increased by 20 yuan/ton (1.20%); UR05 increased by 1 yuan/ton (0.06%); UR09 increased by 6 yuan/ton (0.34%) [1]. - Among domestic spot prices, the prices in Shanxi, Henan, Hebei, and Jiangsu increased by 20 - 30 yuan/ton, with increases ranging from 1.20% - 1.79%, while the price in the Northeast remained unchanged [1]. Basis and Spread - The basis between Shandong spot and UR increased by 19 yuan/ton, and the 01 - 05 spread decreased by 3 yuan/ton [1]. Upstream and Downstream Prices - The prices of upstream anthracite coal in Henan and Shanxi remained unchanged; the price of Shandong compound fertilizer (45%S) increased by 20 yuan/ton (0.66%), and the weekly price increased by 20 yuan/ton (0.78%) [1]. - The prices of downstream products such as melamine in Shandong and Jiangsu remained unchanged [1]. Important Information - The opening price of the urea futures main contract 2601 was 1682 yuan/ton, the highest price was 1691 yuan/ton, the lowest price was 1673 yuan/ton, the closing price was 1675 yuan/ton, and the settlement price was 1682 yuan/ton. The position volume was 219,692 lots [1]. Long - Short Logic - From a valuation perspective, the rebound of urea from the bottom is not large, and the valuation is still relatively low, reflecting the current pattern of strong supply and weak demand [1]. - From a driving perspective, the new round of export quotas will alleviate the supply pressure in the fourth quarter to some extent, and the winter reserve demand will support the price, and low prices may stimulate storage enterprises to enter the market [1].

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The current bottom of urea prices may gradually become clear. The low valuation of urea is a result of the market's consensus on the pressure of oversupply in supply and demand. However, from a driving perspective, urea prices are supported at low levels. Strategically, investors should focus on opportunities to go long at low prices in the medium to long term [1] 3. Summary According to Relevant Catalogs 3.1 Price Changes - Urea futures prices: UR01 in Shandong increased by 9 yuan/ton (0.54%), in Shanxi by 20 yuan/ton (1.21%); UR05 increased by 16 yuan/ton (0.93%); UR09 increased by 21 yuan/ton (1.21%) [1] - Domestic spot prices (small - granular): In Jiangsu, it increased by 20 yuan/ton (1.22%), while in other regions such as Henan, Hebei, and Northeast, there was no change [1] - Basis and spreads: The basis of Shandong spot - UR increased by 4 yuan/ton; the spread of 01 - 05 decreased by 7 yuan/ton [1] - Upstream costs: The prices of anthracite coal in Henan and Shanxi remained unchanged [1] - Downstream prices: The prices of compound fertilizer (45%S) in Shandong and Henan remained unchanged. The prices of melamine in Shandong and Jiangsu dropped to 0, with a decrease of 100% [1] 3.2 Important Information - The opening price of the main urea futures contract 2601 was 1679 yuan/ton, the highest price was 1687 yuan/ton, the lowest price was 1670 yuan/ton, the closing price was 1677 yuan/ton, and the settlement price was 1678 yuan/ton [1] 3.3 Multi - Empty Logic - The bottom of urea prices may gradually become clear. In terms of valuation, the rebound from the bottom is not significant, and the valuation is still relatively low, reflecting the current pattern of strong supply and weak demand. In terms of driving factors, 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, and low prices may stimulate storage enterprises to enter the market [1] 3.4 Trading Strategy - Focus on opportunities to go long at low prices in the medium to long term [1]

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating [1] Group 2: Core View of the Report - The current bottom of urea prices may gradually become clear. Urea's rebound from the bottom is limited, and its valuation remains relatively low, reflecting the current pattern of strong supply and weak demand. A new round of export quotas will alleviate the supply pressure in the fourth quarter, and winter reserve demand will support the price. Low prices may stimulate storage enterprises to enter the market. In the long - term, investors should focus on opportunities to go long at low prices [1] Group 3: Summary by Relevant Catalogs Urea Futures Prices (Closing Prices) - UR01: 1668 yuan/ton on November 27, up 14 yuan (0.85%) from November 26 [1] - UR05: 1727 yuan/ton on November 27, up 9 yuan (0.52%) from November 26 [1] - UR09: 1736 yuan/ton on November 27, up 4 yuan (0.23%) from November 26 [1] Domestic Spot Prices (Small - Granule) - Shandong: 1650 yuan/ton on November 27, up 20 yuan (1.23%) from November 26 [1] - Shanxi: 1520 yuan/ton on November 27, up 20 yuan (1.33%) from November 26 [1] - Henan: 1650 yuan/ton on November 27, up 20 yuan (1.23%) from November 26 [1] - Hebei: 1660 yuan/ton on November 27, up 10 yuan (0.61%) from November 26 [1] - Northeast: 1720 yuan/ton on November 27, unchanged from November 26 [1] - Jiangsu: 1640 yuan/ton on November 27, up 20 yuan (1.23%) from November 26 [1] Basis and Spreads - Shandong spot - UR: - 77 yuan/ton on November 27, up 11 yuan from November 26 [1] - 01 - 05: - 59 yuan/ton on November 27, up 5 yuan from November 26 [1] Upstream Costs - Anthracite prices in Henan and Shanxi remained unchanged at 1030 yuan/ton and 930 yuan/ton respectively on November 27 compared to November 26 [1] Downstream Prices - Compound fertilizer (45%S) in Shandong, melamine prices in Shandong and Jiangsu, and other downstream prices remained unchanged on November 27 compared to November 26 [1] Important Information - The opening price of the main urea futures contract 2601 was 1653 yuan/ton, the highest price was 1672 yuan/ton, the lowest price was 1653 yuan/ton, the closing price was 1668 yuan/ton, and the settlement price was 1665 yuan/ton. The trading volume was 230913 lots [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The current bottom of urea prices may gradually become clear. Urea's rebound from the bottom is limited, and its valuation remains relatively low, reflecting the current pattern of strong supply and weak demand. However, the new round of export quotas will ease the supply pressure in the fourth quarter to some extent, and the winter reserve demand will support the price, and low prices may stimulate storage enterprises to enter the market. In the long - term, investors should focus on opportunities to go long at low prices [1] Group 3: Summary by Relevant Catalogs Urea Futures Prices (Closing Prices) - UR01: 1668 yuan/ton on November 27, up 14 yuan (0.85%) from November 26 [1] - UR05: 1727 yuan/ton on November 27, up 9 yuan (0.52%) from November 26 [1] - UR09: 1736 yuan/ton on November 27, up 4 yuan (0.23%) from November 26 [1] Domestic Spot Prices (Small - Granule) - Shandong: 1650 yuan/ton on November 27, up 20 yuan (1.23%) from November 26 [1] - Shanxi: 1520 yuan/ton on November 27, up 20 yuan (1.33%) from November 26 [1] - Henan: 1650 yuan/ton on November 27, up 20 yuan (1.23%) from November 26 [1] - Hebei: 1660 yuan/ton on November 27, up 10 yuan (0.61%) from November 26 [1] - Northeast: 1720 yuan/ton on November 27, unchanged from November 26 [1] - Jiangsu: 1640 yuan/ton on November 27, up 20 yuan (1.23%) from November 26 [1] Basis and Spreads - Shandong spot - UR: - 77 yuan/ton on November 27, up 11 yuan from November 26 [1] - 01 - 05: - 59 yuan/ton on November 27, up 5 yuan from November 26 [1] Upstream Costs - Anthracite prices in Henan: 1030 yuan/ton on November 27, unchanged from November 26 [1] - Anthracite prices in Shanxi: 930 yuan/ton on November 27, unchanged from November 26 [1] Downstream Prices - Compound fertilizer (45%S) in Shandong: 3030 yuan/ton on November 27, unchanged from November 26 [1] - Melamine prices in Shandong: 5190 yuan/ton on November 27, unchanged from November 26 [1] - Melamine prices in Jiangsu: 5200 yuan/ton on November 27, unchanged from November 26 [1] Important Information - The opening price of the main urea futures contract 2601 was 1653 yuan/ton, the highest price was 1672 yuan/ton, the lowest price was 1653 yuan/ton, the closing price was 1668 yuan/ton, and the settlement price was 1665 yuan/ton. The position volume was 230913 lots [1]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report The current bottom of the urea price may gradually become clear. Urea's rebound from the bottom is not significant, and its valuation remains relatively low, reflecting the current pattern of strong supply and weak demand. However, the new round of export quotas will alleviate the supply pressure in the fourth quarter to some extent, and the winter reserve demand will support the price, so low prices may stimulate storage enterprises to enter the market. In the long - term, it is recommended to pay attention to opportunities for buying on dips [1]. 3) Summary by Relevant Catalogs a. Price Changes - **Futures Prices**: On November 25, UR01 closed at 1630 yuan/ton, down 8 yuan or 0.49% from the previous day; UR05 closed at 1701 yuan/ton, down 10 yuan or 0.58%; UR09 closed at 1716 yuan/ton, down 6 yuan or 0.35% [1]. - **Domestic Spot Prices**: In Shandong, it was 1630 yuan/ton, down 10 yuan or 0.61%; in Shanxi, 1500 yuan/ton, down 10 yuan or 0.66%; in Henan, 1640 yuan/ton, down 10 yuan or 0.61%. The price in Northeast China increased by 20 yuan or 1.18% to 1720 yuan/ton [1]. - **Upstream Costs**: The anthracite prices in Henan and Shanxi remained unchanged at 1030 yuan/ton and 930 yuan/ton respectively [1]. - **Downstream Prices**: The price of compound fertilizer (45%S) in Shandong increased by 30 yuan or 1.00% to 3030 yuan/ton, and in Henan, it increased by 30 yuan or 1.18% to 2580 yuan/ton. The melamine price in Shandong increased by 23 yuan or 0.45% to 5190 yuan/ton [1]. b. Important Information The opening price of the main urea futures contract 2601 was 1639 yuan/ton, the highest price was 1642 yuan/ton, the lowest price was 1627 yuan/ton, the closing price was 1630 yuan/ton, and the settlement price was 1633 yuan/ton [1]. c. Trading Strategy In the long - term, pay attention to opportunities for buying on dips [1].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The current bottom of urea prices may gradually become clear. Urea's valuation is still relatively low, reflecting the current pattern of strong supply and weak demand. However, from a driving perspective, the new round of export quotas will alleviate the supply pressure in the fourth quarter to some extent, and the winter reserve demand will support the price, and low prices may stimulate storage enterprises to enter the market. In the long - term, it is recommended to pay attention to the opportunity of buying on dips [1] Group 3: Summary by Related Catalogs 1. Price Changes - Urea futures prices: UR01 in Shanxi decreased by 16 yuan/ton (-0.97%), UR05 decreased by 17 yuan/ton (-0.98%), UR09 decreased by 12 yuan/ton (-0.69%); in Shandong, it decreased by 10 yuan/ton (-0.61%) [1] - Domestic small - particle urea spot prices: remained unchanged in Henan, Hebei, and Northeast China; decreased by 10 yuan/ton (-0.61%) in Shandong and Jiangsu [1] - Upstream cost: Anthracite prices in Henan and Shanxi remained unchanged [1] - Downstream prices: The price of compound fertilizer (45%S) in Shandong remained unchanged; the price of melamine in Shandong increased by 33 yuan/ton (0.64%), and remained unchanged in Jiangsu [1] 2. Basis and Spread - The basis of Shandong spot - UR increased by 7 yuan/ton; the spread of 01 - 05 increased by 1 yuan/ton [1] 3. Important Information - The opening price of the main urea futures contract 2601 was 1647 yuan/ton, the highest price was 1652 yuan/ton, the lowest price was 1626 yuan/ton, the closing price was 1638 yuan/ton, the settlement price was 1637 yuan/ton, and the position was 232305 lots [1] 4. Trading Strategy - In the long - term, pay attention to the opportunity of buying on dips [1]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The current urea price bottom may gradually become clear. Urea's rebound from the bottom is limited, and its valuation remains relatively low, reflecting the current pattern of strong supply and weak demand. A new round of export quotas will alleviate the supply pressure in the fourth quarter, and winter reserve demand will support the price. Low prices may stimulate storage enterprises to enter the market. Strategically, pay attention to opportunities to go long at low prices in the medium and long term [1] Group 3: Summary by Related Catalogs 1. Price Changes - Urea futures prices: UR01 in Shanxi decreased by 16 yuan/ton (-0.97%), UR05 decreased by 17 yuan/ton (-0.98%), UR09 decreased by 12 yuan/ton (-0.69%), and in Shandong decreased by 10 yuan/ton (-0.61%) [1] - Domestic spot prices (small - granular): Shandong decreased by 10 yuan/ton (-0.61%), Jiangsu decreased by 10 yuan/ton (-0.61%), while prices in Henan, Hebei, and Northeast remained unchanged [1] - Upstream costs: Anthracite prices in Henan and Shanxi remained unchanged [1] - Downstream prices: The price of compound fertilizer (45%S) in Shandong remained unchanged, while the melamine price in Shandong increased by 33 yuan/ton (0.64%) [1] 2. Important Information - The opening price of the urea futures main contract 2601 was 1647 yuan/ton, the highest price was 1652 yuan/ton, the lowest price was 1626 yuan/ton, the closing price was 1638 yuan/ton, and the settlement price was 1637 yuan/ton. The position of 2601 was 232,305 lots [1] 3. Trading Strategy - Pay attention to opportunities to go long at low prices in the medium and long term [1]

Group 1: Report Industry Investment Rating - Not provided [1] Group 2: Report's Core View - The current urea price bottom may gradually become clear. Urea's recent rebound is limited, and its valuation remains relatively low, reflecting the current situation of strong supply and weak demand. The new round of export quotas will alleviate the supply pressure in the fourth quarter to some extent, and the winter reserve demand will support the price. The low price may stimulate storage - enterprises to enter the market. Strategically, pay attention to the opportunity of buying on dips in the medium - to - long term [1] Group 3: Summary by Related Catalogs Urea Futures Price - UR01 decreased from 1665.00 yuan/ton to 1654.00 yuan/ton, a decrease of 11.00 yuan or - 0.66%. UR05 decreased from 1735.00 yuan/ton to 1728.00 yuan/ton, a decrease of 7.00 yuan or - 0.40%. UR09 decreased from 1739.00 yuan/ton to 1734.00 yuan/ton, a decrease of 5.00 yuan or - 0.29% [1] Domestic Spot Price - Shandong increased from 1640.00 yuan/ton to 1650.00 yuan/ton, an increase of 10.00 yuan or 0.61%. Shanxi remained unchanged at 1510.00 yuan/ton. Henan increased from 1630.00 yuan/ton to 1650.00 yuan/ton, an increase of 20.00 yuan or 1.23%. Hebei remained unchanged at 1650.00 yuan/ton. Northeast increased from 1690.00 yuan/ton to 1700.00 yuan/ton, an increase of 10.00 yuan or 0.59%. Jiangsu increased from 1620.00 yuan/ton to 1640.00 yuan/ton, an increase of 20.00 yuan or 1.23% [1] Basis and Spread - Shandong spot - UR decreased from 17.00 yuan/ton to - 78.00 yuan/ton, a decrease of 95.00 yuan. The 01 - 05 spread decreased from - 74.00 yuan/ton to - 70.00 yuan/ton, a decrease of 4.00 yuan [1] Upstream Cost - The anthracite price in Henan remained unchanged at 1030.00 yuan/ton, in Shanxi remained unchanged at 930.00 yuan/ton [1] Downstream Price - The price of compound fertilizer (45%S) in Shandong remained unchanged at 3000.00 yuan/ton, in Henan remained unchanged at 2550.00 yuan/ton. The melamine price in Shandong remained unchanged at 5134.00 yuan/ton, in Jiangsu remained unchanged at 5200.00 yuan/ton [1] Important Information - The opening price of the urea futures main contract 2601 was 1666 yuan/ton, the highest price was 1669 yuan/ton, the lowest price was 1651 yuan/ton, the closing price was 1654 yuan/ton, the settlement price was 1657 yuan/ton, and the position was 243238 lots [1]

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]