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The correct answer is the prostate. The prostate gland is a critical component of the male reproductive system, positioned just below the urinary bladder and encircling the urethra. Its primary function includes the production of seminal fluid, which nourishes and transports sperm during ejaculation. The prostate plays an essential role in reproductive health and also impacts urinary function, as its location means that any enlargement or inflammation can affect urine flow.

The other glands mentioned do not have this specific anatomical location or function. The epididymis, for instance, is located at the back of each testicle and is involved in sperm maturation and storage. Seminal vesicles are glands that produce a significant portion of the seminal fluid but are located behind the bladder rather than surrounding the urethra. The bulbourethral gland, also involved in the reproductive process, is located near the base of the penis and secretes a lubricating fluid but does not surround the urethra like the prostate does. Thus, identifying the prostate as the gland surrounding the urethra below the bladder highlights both its anatomical significance and its physiological role in male reproductive health.