CHINA XLX FERT (01866) rose over 4% again. At the time of writing, the stock was up 4.5%, trading at HKD 9.76, with a turnover of HKD 18.2161 million. On the news front, tensions in Iran persist. Huatai Securities released a research report stating that the ongoing domestic protests in Iran could potentially impact its natural gas supply. According to customs data and Longzhong Information, China's average monthly methanol imports from the Middle East from January to November 2025 were around 800,000 tons, accounting for 25-30% of domestic methanol trade volume, with port inventories remaining at low levels for the same period. The brokerage believes that if the protests in Iran are prolonged, it could push up domestic methanol prices in China and potentially lead to a shortage of overseas urea in the first half of 2026 during the Northern Hemisphere's spring planting season. It is noteworthy that CHINA XLX FERT has recently opted for intensive share repurchases. It was highlighted that at the beginning of the 2026 new year, CHINA XLX FERT initiated a series of buybacks. By January 14, the company had already spent over HKD 20 million to repurchase 2.286 million of its own shares. More significantly, on the evening of January 12, CHINA XLX FERT announced a clear share repurchase plan, stating that starting January 13, it would repurchase up to 10% of its issued shares within the year at a cost not exceeding HKD 200 million.