Summary of the Conference Call for Xinde New Materials Company Overview - **Company**: Xinde New Materials - **Industry**: Negative Coating Materials Key Points Industry and Market Dynamics - **Sales Growth**: In 2025, sales of negative coating materials reached 84,400 tons, a year-on-year increase of 39.62% [2][3] - **Market Demand**: The growth is driven by the increasing demand in the automotive market, particularly for fast-charging vehicles and energy storage [3][4] - **Market Share**: The company holds over 50% market share, with competitors currently lacking clear expansion plans due to low industry profitability and funding shortages [2][3] Financial Performance - **Revenue**: The company achieved a revenue of 1.16 billion yuan in 2025, a 43.28% increase year-on-year [3] - **Net Profit**: The net profit attributable to shareholders was 38.62 million yuan, recovering from a loss of 33.04 million yuan in 2024 [3] - **Cost Management**: The cost of the main raw material, ethylene tar, increased from 3,000 yuan/ton to 4,000-5,000 yuan/ton, leading to a price increase of 5%-20% for products [2][3] Production Capacity and Utilization - **Capacity Utilization**: The production capacity utilization rate improved significantly from 70.41% in 2024 to 104.5% in 2025, with effective capacity at 70,000 tons [3][4] - **Future Capacity Plans**: The company plans to acquire an additional 20,000 tons of capacity from Fujian Zhongtan, with total capacity targets for 2026 set at 110,000-120,000 tons [2][5] Product Structure and Pricing - **Product Mix**: The proportion of mid-to-high-end products increased to 30%-35% in 2025, with expectations for further improvement in 2026 [2][5] - **Pricing Trends**: Average product prices remained stable in 2025, but increased by approximately 10% from the beginning to the end of the year. A price adjustment of 5%-20% was implemented in early 2026 due to rising raw material costs [6][18] New Business Developments - **Carbon Fiber**: The carbon fiber business is expected to see significant revenue growth in 2026 after passing certifications in various fields [10] - **Porous Carbon**: The company is advancing its self-developed porous carbon project, with a pilot line under construction [10] Risk Management and Supply Chain - **Raw Material Cost Management**: The company has diversified its supply chain to mitigate risks associated with raw material price fluctuations, particularly by sourcing from different regions [23] - **Pricing Mechanism**: The pricing model has shifted to a "one order, one negotiation" approach due to volatile raw material prices, allowing for more flexible pricing strategies [7][8] Competitive Landscape - **Limited Competition**: Competitors are not expected to expand significantly due to low profitability and funding issues, positioning the company to capture a larger market share in 2026 [14][15][20] Future Outlook - **Growth Expectations**: The company is optimistic about maintaining growth momentum in 2026, with plans to address potential capacity gaps through rapid expansion [12][28] - **Market Confidence**: The company expresses confidence in its ability to pass on cost increases to customers and maintain profitability despite rising raw material costs [18][28] Conclusion - **Overall Sentiment**: The company is well-positioned for growth in 2026, with strong demand, effective cost management, and strategic capacity expansion plans in place [28]

Summary of Key Points from Conference Call Records Industry Overview - **Energy Sector**: The coal sector is expected to hit performance lows by 2025, with a recovery anticipated in 2026 due to rising overseas oil prices, leading to a potential valuation recovery. Key companies to watch include Yanzhou Coal Mining Company and China Coal Energy Company, which have coal chemical layouts [1][3][4]. - **Chemical Industry**: European chemical production capacity is rapidly shutting down due to high energy costs, with an estimated 37 million tons expected to be closed from 2022 to 2025. Domestic private refining and polyester supply chains are highlighted for their long-term value due to electricity cost advantages and geopolitical stability [1][5]. - **Electric Power Sector**: Profitability in the electric power sector is expected to rise, with coal price increases driving up prices for hydro, nuclear, and green electricity. The year 2026 is seen as a bottom for green electricity fundamentals, with a turning point in supply and demand approaching [1][8][9]. - **Lithium Battery Industry**: The lithium battery supply chain is projected to experience strong beta performance in 2026, driven by rising oil prices enhancing the economic viability of electric vehicles and increased demand for energy storage alongside wind and solar installations. Key companies include CATL and Airo Energy [1][10][11]. Core Insights and Arguments - **Coal Sector Dynamics**: The investment logic for coal is tied to the development of the coal chemical industry, with government support expected to boost domestic coal consumption and prices. The performance of the coal sector is projected to decline from 2022 to 2025, with a significant recovery expected in 2026 [3][4]. - **Geopolitical Impact on Chemicals**: The geopolitical landscape, particularly post-Russia-Ukraine conflict, has led to significant changes in the global chemical industry, with European energy costs rising sharply, resulting in a competitive disadvantage for European chemical producers [5][6]. - **Electric Power Demand and Pricing**: The demand for electricity may see mixed effects in the short term due to rising oil and gas prices, which could drive electric vehicle adoption but also negatively impact industrial electricity demand. Long-term, the focus on energy independence is expected to enhance the profitability of electric power assets [8][9]. - **Investment Opportunities in New Energy**: The lithium battery sector is expected to thrive in 2026, with rising oil prices prompting countries to accelerate domestic renewable energy development. This will increase demand for energy storage solutions and electric vehicles [10][11]. Additional Important Insights - **Agricultural Sector Resilience**: The agricultural sector is expected to be less affected by rising oil prices due to China's ample grain reserves, which can buffer against external shocks. However, the transmission of oil price increases to agricultural products may be delayed [2][15]. - **Cost Pressures on Agriculture**: Rising prices for fertilizers and pesticides could impact agricultural production costs, but these increases are not expected to significantly affect overall supply unless there are shortages of essential inputs [14][16]. - **Market Dynamics**: The agricultural market is currently positioned to absorb cost increases without immediate supply disruptions, with key variables to monitor including oil price trends and potential supply chain disruptions for agricultural inputs [15][16]. This summary encapsulates the critical insights and arguments presented in the conference call records, highlighting the dynamics across various sectors and the implications for investment strategies.

Summary of Key Points from Conference Call Records Industry Overview - The records primarily discuss the precious metals market, particularly gold and silver, in the context of geopolitical tensions, specifically the U.S.-Iran conflict, and its impact on prices and market dynamics. Core Insights and Arguments 1. **Bull Market Characteristics**: The precious metals bull market is entering its later stages, with gold prices expected to rise over 65% and silver over 150% by 2025, marking record increases since 1981 [1][5][6]. 2. **Shift in Driving Logic**: Traditional drivers of gold prices, such as the U.S. dollar and real interest rates, are becoming less relevant. The uncertainty surrounding "Trump 2.0" policies is now a dominant factor, with only about 10% of gold's price increase linked to interest rate expectations [1][4][7]. 3. **Inflation Risks**: The U.S.-Iran conflict is likely to trigger secondary inflation risks, with oil prices potentially exceeding $100 per barrel, which could lead to increased expectations for Federal Reserve rate hikes and similar mid-term price corrections for gold [1][15]. 4. **Supply Chain Disruptions**: The blockade of the Strait of Hormuz has resulted in a significant daily oil supply gap of 12-14 million barrels, with over 2,000 ships stranded, impacting global oil supply and shipping costs [1][21][27]. 5. **Insurance Costs**: The cost of shipping insurance has surged, with special war risk premiums reaching $800,000 to $1 million per voyage, deterring many shipping companies from entering high-risk areas [1][24]. 6. **Market Predictions**: Market predictions for gold and silver have been systematically underestimated, primarily due to the unexpected impact of "Trump 2.0" policies, which were not anticipated in previous forecasts [7][10]. Additional Important Content 1. **Historical Context**: The current market dynamics are compared to previous bull markets, particularly noting that silver often outperforms gold in the latter stages of a bull market [2][6]. 2. **Potential Scenarios**: Various scenarios for the U.S. economy and their implications for the gold market are discussed, including hard and soft landings, and the potential for renewed inflation impacting monetary policy [11][14]. 3. **Geopolitical Impact**: The ongoing geopolitical tensions are expected to create a complex environment for trend trading, as the unpredictability of policies can lead to rapid shifts in market sentiment [7][19]. 4. **Long-term Bull Market Logic**: Despite short-term fluctuations, the long-term logic of the gold bull market remains intact, driven by the eventual return to a declining interest rate environment [17][18]. 5. **Market Behavior**: The behavior of market participants is influenced by historical price patterns, leading to speculative trading based on perceived similarities to past market conditions [10][12]. This summary encapsulates the critical insights and arguments presented in the conference call records, highlighting the evolving dynamics of the precious metals market amid geopolitical uncertainties.

Investment Rating - The report maintains a "B" rating for the new materials sector, indicating a leading performance compared to the market [1]. Core Insights - The new materials sector has shown resilience, with the new materials index rising by 0.86%, outperforming the ChiNext index by 2.54% during the week [3]. - The vitamin sector is experiencing a price surge due to geopolitical tensions in the Middle East, particularly affecting the Hormuz Strait, which has led to increased costs across the petrochemical supply chain [5]. - Key vitamin products such as Vitamin A and E have seen significant price increases, with Vitamin A reaching 110,000 CNY/ton (up 15.79% week-on-week) and Vitamin E at 101,000 CNY/ton (up 18.82% week-on-week) [5]. Summary by Sections Market Performance - The new materials sector has outperformed the broader market indices, with specific segments like battery chemicals rising by 10.69% and industrial gases by 1.78% [3][12]. - Over the past five trading days, the synthetic biology index fell by 0.92%, while semiconductor materials dropped by 2.80% [3][16]. Price Tracking - Amino acids have shown stable prices, with valine at 14,550 CNY/ton and arginine at 23,250 CNY/ton [4]. - The price of Vitamin A has increased significantly, reflecting a broader trend of rising prices in the vitamin sector due to supply constraints [4][5]. Investment Recommendations - The report suggests focusing on companies within the vitamin supply chain, such as New Hope Liuhe, Andisoo, Meihua Biological, and Zhejiang Medicine, as they are expected to benefit from the ongoing price increases [5][6].

Price Index Trends - The Business Price Index (BPI) rose significantly in March, reaching 1103 points, a month-on-month increase of 16.4% compared to the end of February[3] - The energy index increased by 25.3%, while the chemical index surged by 32.4%, but the non-ferrous index fell by 9.5% month-on-month[4] Commodity Price Movements - In the week of March 16-20, five energy commodities saw price increases of over 5%, accounting for 35.7% of the monitored items[4] - The average price of coal in the Bohai Rim region increased by 1.7%, while the chemical price index surged by 33.8% month-on-month[5] Real Estate Market - As of March 23, the second-hand housing price indices in Beijing, Shanghai, Guangzhou, and Shenzhen decreased by 1.0%, 1.8%, 1.4%, and 0.8% respectively[5] - The second-hand housing prices in these cities have seen significant highs over the past year, with peaks recorded at 159.44, 192.67, 181.71, and 251.13 points[6] Emerging Industries - The photovoltaic industry composite index fell by 13.2% in March, with significant declines in prices for battery cells and polysilicon[6] - Lithium carbonate futures prices decreased by 4.9% month-on-month, while DRAM spot prices fell between 5.3% and 8.9%[9] Shipping and Logistics - The China Container Freight Index (CCFI) rose by 9.0% in the fourth week of March, with significant increases in shipping rates to Los Angeles and New York[7] - The Baltic Dry Index (BDI) decreased by 5.1% month-on-month, indicating a mixed outlook for shipping costs[8] Food Prices - The average wholesale price of pork fell by 12.7% in March, while key vegetable prices dropped by 10.9%[9] - The price index for non-food items, represented by the ICPI, decreased slightly to 99.67, reflecting a month-on-month decline of 0.2%[10]

Market Overview - On April 1, 2026, both stock indices closed lower with a trading volume of 2 trillion, an increase of approximately 70 billion from the previous trading day[1] - The Shanghai Composite Index fell by 6.51% in March, losing the 3900-point mark after initially breaking a high point on January 14[3] - Major sectors such as coal, power equipment, chemicals, and agriculture saw significant declines, while banking, home appliances, and food and beverage sectors experienced slight gains[1] Capital Flow - On March 31, net outflows from the Shanghai Stock Exchange amounted to 19.423 billion, while the Shenzhen Stock Exchange saw net outflows of 17.918 billion[4] - The top three sectors for capital inflow were plastics, rail transit equipment, and large state-owned banks, while the top outflow sectors included semiconductors, batteries, and communication equipment[4] Industry Dynamics - The commercial aerospace sector has seen a notable increase in activity, with the successful launch of the Lijian-2 rocket, which aims to match SpaceX's cost efficiency[2] - The Chinese automotive dealer inventory warning index for March stood at 57.5%, reflecting a year-on-year increase of 2.9 percentage points and a month-on-month increase of 1.3 percentage points[8] Economic Indicators - In February, the China Council for the Promotion of International Trade reported a 72.38% year-on-year increase in the issuance of various certificates, indicating a strong start for foreign trade in 2026[5] - The Ministry of Industry and Information Technology reported that integrated circuit design revenue reached 63.6 billion, a year-on-year growth of 15.7% in the first two months of 2026[9] Investment Insights - Long-term funds are increasingly entering the market, with 156 companies showing involvement from social security funds and 123 from Qualified Foreign Institutional Investors (QFII)[10] - The total trading volume of ETFs reached 453.854 billion, with stock ETFs accounting for 15.961 billion and bond ETFs for 18.852 billion[12]

Core Insights - The report highlights the ongoing economic adjustments and the impact of geopolitical tensions on various sectors, particularly in energy and consumer goods [3][5][9] - It emphasizes the importance of monitoring inflation and commodity prices, especially in light of recent conflicts affecting oil prices and supply chains [7][8][9] Economic News - The People's Bank of China announced measures to regulate credit market operations and reduce financing costs to promote stable economic growth [3] - The U.S. President indicated a potential end to military actions in Iran within two to three weeks, which could influence global oil prices [3] - The report notes a significant increase in housing transactions in Shenzhen, with a 117% month-on-month rise in March 2026 [3] Company Insights - Haier Smart Home reported a record revenue exceeding 300 billion yuan for 2025, with a net profit of 19.55 billion yuan, and announced a share buyback plan [4] - China Pacific Insurance increased its stake in China Life by acquiring 3.1 million shares, raising its holding to 12.08% [4] - Huawei's 2025 annual report showed a revenue of 880.9 billion yuan and a net profit of 68 billion yuan, with R&D investment reaching 192.3 billion yuan [4] Sector Recommendations - The report recommends several stocks based on their growth potential and market conditions, including Jiangfeng Electronics, Dayun Technology, and Zhongmin Resources, highlighting their expected performance in 2026 [5][6] - The food and beverage sector is noted for its resilience, particularly in the snack and casual dining segments, with companies like Ganyuan Foods expected to benefit from new channels and products [11][12] Automotive Industry - The automotive sector is transitioning towards active suspension systems, with significant growth in air suspension systems expected, projected to reach a market size of 121 billion yuan by 2026 [14][16] - Companies like Baolong Technology and Top Group are identified as key players benefiting from this trend [17] Chemical Industry - Huafeng Chemical reported a revenue of 24.198 billion yuan for 2025, with a net profit of 1.858 billion yuan, facing short-term pressure due to product price declines [18][20] - The company is expanding its production capacity, particularly in polyurethane, to strengthen its market position [21] Metal and Mining Sector - Western Mining's revenue for 2025 was 61.687 billion yuan, with a net profit of 3.643 billion yuan, driven by increased multi-metal reserves and production [24][25] - The company is enhancing its resource potential through acquisitions and exploration, with significant increases in copper and gold reserves reported [25] Agriculture and Livestock - Muyuan Foods achieved a revenue of 144.145 billion yuan in 2025, with a net profit of 15.487 billion yuan, benefiting from a stable increase in pig sales [29][31] - The company is focusing on cost control and expanding its slaughtering business, which has become a new profit growth point [30]

Core Viewpoint - The A-share capital market in China maintained a positive trend in Q1 2026, with significant growth in equity financing driven by favorable regulatory policies and an active market environment [2]. Group 1: Overview of Equity Financing Market - In Q1 2026, there were 96 equity financing events in the A-share market, an increase of 26 events year-on-year, raising a total of 230.22 billion yuan, which is a 106.88% increase compared to the same period last year [4][10]. - The number of IPOs reached 35, up by 8 from the previous year, with a total fundraising of 29.78 billion yuan, reflecting a year-on-year growth of 79.58% [20][4]. - The private placement (增发) projects accounted for 49 events, increasing by 14 year-on-year, with a total fundraising of 191.23 billion yuan, marking a 136.02% increase [36][4]. Group 2: Distribution of Financing Methods - In Q1 2026, the distribution of financing methods showed that IPOs raised 29.78 billion yuan (12.93% of total), private placements raised 191.23 billion yuan (83.06%), and convertible bonds raised 9.22 billion yuan (4%) [7][10]. Group 3: Industry Distribution of Financing Entities - The non-ferrous metals industry led the fundraising with 71.13 billion yuan, followed by the coal and chemical industries with 60.08 billion yuan and 19.71 billion yuan, respectively [11]. Group 4: Regional Distribution of Financing Entities - Beijing topped the regional fundraising with 79.56 billion yuan from 11 projects, largely due to China Shenhua's private placement. Shandong followed with 65.28 billion yuan from 5 projects, primarily from Hongqiao Group's private placement [14][17]. Group 5: IPO Trends - The IPO market saw 35 issuances in Q1 2026, raising 29.78 billion yuan, a 79.58% increase year-on-year [20]. - The innovation and entrepreneurship board led the fundraising with a total of 51.38% of the total IPO amount, while the Shanghai and Shenzhen main boards followed [22]. Group 6: Top IPO Financing Projects - The highest IPO financing in Q1 2026 was by Zhen Shi Co., Ltd., raising 2.92 billion yuan, followed by Shiya Technology and Hongming Electronics with 2.27 billion yuan and 2.12 billion yuan, respectively [34]. Group 7: Private Placement Trends - In Q1 2026, private placements had 49 projects, raising 191.23 billion yuan, significantly higher than the previous year [36]. - Private enterprises led the fundraising with 80.76 billion yuan, followed by central and local state-owned enterprises with a total of 103.26 billion yuan [39]. Group 8: Top Private Placement Projects - The largest private placement project was by Hongqiao Group, raising 63.52 billion yuan for asset acquisition, followed by China Shenhua with two projects totaling 60.08 billion yuan [50]. Group 9: Underwriting Rankings - CITIC Securities ranked first in underwriting amount with 61.95 billion yuan, followed by CITIC Construction Investment with 51.39 billion yuan and Huatai Securities with 45.01 billion yuan [54]. - In terms of the number of underwritings, CITIC Securities led with 15, followed by Huatai Securities with 13 [56].

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The market focus is on the Iran situation, with rising crude oil prices due to tensions. The PXN of PX has been significantly compressed, and the supply interruption in the Middle East has pushed up the price of naphtha. However, the weak downstream polyester demand restricts the upward momentum of PX. The PTA load has decreased, and there has been inventory accumulation from March to April. But with cost support, the PTA trend is strong, and the processing fee is compressed. In the long - term, as the cycle of concentrated capacity release ends, the PTA processing fee is expected to gradually improve [1]. - The polyester operating rate is 86.8% (down 0.8% month - on - month), and the loads of polyester and weaving have decreased. The downstream price has difficulty rising, and the production and sales of filament have been continuously sluggish. The inventory of filament and staple fiber has begun to accumulate, and there is a negative feedback of production reduction. If the cost - side price remains high, the downstream production reduction may increase [2]. - For PF, the spot production profit is - 117 yuan/ton (up 14 yuan/ton month - on - month). The downstream is in a wait - and - see attitude, with moderate restocking at the stage low and less high - level transactions. The short - fiber factory's device has been started, and the load has increased. Due to weak sales, the factory inventory has increased, and the processing difference fluctuates greatly. For PR, the spot processing fee of bottle chips is 1107 yuan/ton (up 194 yuan/ton month - on - month). Affected by the situation in the Middle East and the Strait of Hormuz, the upstream raw materials have reduced production and load, and the price of polyester raw materials has risen significantly. The price of polyester bottle chip factories has mostly followed the increase. The load of polyester bottle chip devices has remained stable with a slight increase, and the further improvement space is temporarily limited. The mainstream factories have cut some contract volumes, the circulating supply is still tight, the inventory of bottle chip factories remains low, and the bottle chip factories mainly support the price [2]. - The strategy is to cautiously go long and hedge PX/PTA/PF/PR at low prices. Before seeing actual troop withdrawal or negotiations, the shipping in the Strait of Hormuz is still difficult to be smooth, and there are still cost support and supply concerns. However, there is negative feedback on the demand side, and the current trading is difficult. It is not advisable to chase up or kill down. Attention should be paid to further changes in the start - up of Japanese and Korean refineries [3]. 3. Summary According to the Directory 3.1 Price and Basis - Figures include TA main contract, basis, and inter - period spread trends; PX main contract trend, basis, and inter - period spread; PTA East China spot basis; and short - fiber 1.56D*38mm semi - bright natural white basis [7][9][14] 3.2 Upstream Profit and Spread - Figures include PX processing fee PXN (PX China CFR - naphtha Japan CFR), PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [16][18] 3.3 International Spread and Import - Export Profit - Figures include toluene US - Asia spread (FOB US Gulf - FOB South Korea), toluene South Korea FOB - Japan naphtha CFR, and PTA export profit [23][25] 3.4 Upstream PX and PTA Start - up - Figures include China's PTA load, South Korea's PTA load, Taiwan's PTA load, China's PX load, and Asian PX load [26][29][31] 3.5 Social Inventory and Warehouse Receipts - Figures include PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory [37][39][40] 3.6 Downstream Polyester Load - Figures include filament production and sales, short - fiber production and sales, polyester load, direct - spinning filament load, polyester staple fiber load, polyester bottle chip load, filament DTY factory inventory days, filament FDY factory inventory days, filament POY factory inventory days, Jiangsu and Zhejiang loom operating rate, Jiangsu and Zhejiang texturing machine operating rate, Jiangsu and Zhejiang dyeing operating rate, filament FDY profit, and filament POY profit [47][49][57] 3.7 PF Detailed Data - Figures include polyester staple fiber load, polyester staple fiber factory equity inventory days, 1.4D physical inventory, 1.4D equity inventory, recycled cotton - type staple fiber load, raw - recycled spread (1.4D polyester staple - 1.4D imitation large - chemical fiber), pure polyester yarn operating rate, pure polyester yarn production profit, polyester - cotton yarn operating rate, and polyester - cotton yarn processing fee [68][75][78] 3.8 PR Fundamental Detailed Data - Figures include polyester bottle chip load, bottle chip factory bottle chip inventory days, bottle chip spot processing fee, bottle chip export processing fee, bottle chip export profit, East China water bottle chip - recycled 3A - grade white bottle chip, bottle chip next - month spread (next month - base month), and bottle chip next - next - month spread (next - next month - base month) [88][92][94]

Report Industry Investment Rating - The investment rating for the urea in the energy and chemical industry is "oscillating" [1] Core View of the Report - The urea price is expected to oscillate within the range of 1830 - 1930 yuan/ton due to complex geopolitical situation in the Middle East, high - volatility of international crude oil, temporary shutdown of some urea production facilities in the Middle East, cautious mid - downstream purchasing at high prices, suspension of exports and release of reserve supplies [1] Summary by Relevant Catalog Market Review - On Tuesday, the price of the main urea contract 2605 dropped 17 yuan to 1874 yuan/ton, and the spot price in the central China mainstream area was 1860 yuan/ton. The long - position decreased by 12709 lots to 262,000 lots, and the short - position decreased by 12692 lots to 297,000 lots [1] Important Information - Supply: The daily output of the urea industry is 209,000 tons, 1000 tons less than the previous working day and 12,000 tons more than the same period last year. The operating rate is 88.9%, 1.2% higher than 87.7% in the same period last year [1] - Inventory: The total inventory of Chinese urea enterprises is 700,500 tons, 108,400 tons less than the previous period, a 13.40% month - on - month decrease. The sample inventory at urea ports is 169,000 tons, a 2000 - ton month - on - month increase [1] - Demand: The operating rate of compound fertilizer is 51.2%, a 1.2% month - on - month increase, and the operating rate of melamine is 59.3%, a 5.9% month - on - month increase [1] - India's RCF urea import tender: The latest shipping date is March 31. It received 20 suppliers with a total bid volume of over 3.07 million tons. The lowest offer on the east coast is CFR512 dollars/ton, and on the west coast is CFR508 dollars/ton. India intends to purchase 1.5 million tons [1] - Urea exports: In January 2026, urea exports were 307,900 tons, a 10.61% month - on - month increase; the average export price was 397.50 dollars/ton, a 0.19% month - on - month decrease. In February 2026, exports were 111,500 tons, a 63.78% month - on - month decrease; the average export price was 398.52 dollars/ton, a 0.26% month - on - month increase [1] - International oil prices: NYMEX crude oil futures contract 05 dropped 1.50 dollars/barrel to 101.38 dollars/barrel, a 1.46% month - on - month decrease; ICE Brent crude oil futures contract 05 rose 5.57 dollars/barrel to 118.35 dollars/barrel, a 4.94% month - on - month increase. China's INE crude oil futures contract 2605 dropped 13.7 to 749.3 yuan/barrel, and dropped 55.4 to 693.9 yuan/barrel at night [1] Market Logic - The geopolitical situation in the Middle East is complex and changeable, leading to high - volatility of international crude oil. Some urea production facilities in the Middle East have shut down temporarily, causing overseas urea prices to rise sharply. Mid - downstream buyers are cautious about purchasing at high prices, while upstream factories currently face little pressure. Exports have been urgently suspended, and reserve supplies have been released into the market [1] Trading Strategy - The recommended trading strategy is to wait and see [1]