1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The LLDPE and PP markets are generally bearish in terms of fundamentals, with oversupply, weak downstream demand, and increasing inventories However, there is cost support, and the markets are expected to fluctuate today [4][6] 3. Summary by Related Catalogs LLDPE Overview - **Fundamentals**: In November, the official PMI was 49.2, up 0.2 percentage points from the previous month, indicating stable manufacturing sentiment OPEC+ decided to maintain the production plan set in early November, increasing production by 137,000 barrels per day in December and suspending the increase from January to March 2026 Coal prices have fallen, and coal - based profits have stabilized The demand for agricultural films is weakening, and packaging film orders are declining after the peak season The current LLDPE delivery product spot price is 6,230 (-20), with an overall bearish fundamental outlook [4] - **Basis**: The basis of LLDPE 2605 contract is -66, and the premium/discount ratio is -1.0%, which is bearish [4] - **Inventory**: PE comprehensive inventory is 523,000 tons (+15,000), which is bearish [4] - **Disk**: The 20 - day moving average of the LLDPE main contract is downward, and the closing price is below the 20 - day line, which is bearish [4] - **Main Position**: The net long position of the LLDPE main contract is increasing, which is bullish [4] - **Expectation**: The LLDPE main contract is weak on the disk, with oversupply in the fundamentals, neutral industrial inventory, and weakening downstream demand It is expected to fluctuate today [4] - **Likely Factors**: Cost support [5] - **Bearish Factors**: Weak downstream demand year - on - year and many new production projects in the fourth quarter [5] - **Main Logic**: Oversupply and domestic macro - policies [5] PP Overview - **Fundamentals**: In November, the official PMI was 49.2, up 0.2 percentage points from the previous month, indicating stable manufacturing sentiment OPEC+ decided to maintain the production plan set in early November, increasing production by 137,000 barrels per day in December and suspending the increase from January to March 2026 Coal prices have fallen, and coal - based profits have stabilized As propane prices are strong, PDH profits continue to decline The plastic weaving industry has entered the off - season, with a decrease in order volume, and the demand for pipes has also decreased The current PP delivery product spot price is 6,150 (-0), with an overall bearish fundamental outlook [6] - **Basis**: The basis of PP 2605 contract is -8, and the premium/discount ratio is -0.1%, which is neutral [6] - **Inventory**: PP comprehensive inventory is 538,000 tons (+1,000), which is bearish [6] - **Disk**: The 20 - day moving average of the PP main contract is downward, and the closing price is below the 20 - day line, which is bearish [6] - **Main Position**: The net short position of the PP main contract is increasing, which is bearish [6] - **Expectation**: The PP main contract is weak on the disk, with oversupply in the fundamentals, neutral industrial inventory, and weakening downstream demand It is expected to fluctuate today [6] - **Likely Factors**: Cost support [7] - **Bearish Factors**: Weak downstream demand year - on - year and many new production projects in the fourth quarter [7] - **Main Logic**: Oversupply and domestic macro - policies [7] Spot and Futures Market Data - **LLDPE**: The spot delivery product price is 6,230 (-20), and the 05 contract price is 6,296 (56) The basis is -66 (-76) The warehouse receipt is 11,265 (-33) [8] - **PP**: The spot delivery product price is 6,150 (0), and the 05 contract price is 6,158 (39) The basis is -8 (-39) The warehouse receipt is 10,772 (-120) [8] Supply - Demand Balance Sheets - **Polyethylene**: From 2018 to 2024, the capacity, production, net import volume, and apparent consumption have generally shown an increasing trend, with fluctuations in import dependence and consumption growth rate The expected capacity in 2025E is 4,3195 million tons, with a growth rate of 20.5% [13] - **Polypropylene**: From 2018 to 2024, the capacity, production, net import volume, and apparent consumption have generally increased, with changes in import dependence and consumption growth rate The expected capacity in 2025E is 4,906 million tons, with a growth rate of 11.0% [15]

Report Industry Investment Rating No relevant information provided. Core View of the Report - The fundamentals of glass are weak, with unimpressive production profit recovery and supply contraction falling short of expectations. Downstream deep - processing orders are weak due to the real - estate drag, and inventory is at a historically high level. The short - term outlook is for glass to oscillate weakly [2]. - The supply of glass has stabilized at a low level, downstream deep - processing factory orders are dismal, and glass factory inventories have risen. It is expected that glass will oscillate weakly at a low level [6]. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main glass futures contract was 1028 yuan/ton, a decrease of 0.29% from the previous value; the spot price of Shahe Safety large - size boards was 944 yuan/ton, unchanged from the previous value; the main basis was - 84 yuan/ton, a decrease of 3.45% from the previous value [7]. Glass Spot Market - The market price of 5mm white glass large - size boards in Hebei Shahe, the spot benchmark, was 944 yuan/ton, unchanged from the previous day [12]. Fundamentals - Cost Side - No specific content on cost - side data is summarized other than mentions of glass production profit sources (from Longzhong and Steel Union) [15][20]. Fundamentals - Production - The number of operating national float glass production lines was 219, with an operating rate of 73.90%, at a historically low level during the same period. The daily melting volume of national float glass was 155,000 tons, with production capacity at a historically low level during the same period [23][25]. Fundamentals - Demand - In September 2025, the apparent consumption of float glass was 4.7082 million tons [28]. - Regarding downstream factors, the real - estate terminal demand remains weak, and the number of orders from glass deep - processing enterprises is at a historically low level during the same period. The capital collection situation in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly focusing on digesting raw glass inventories [5]. Fundamentals - Inventory - The inventory of national float glass enterprises was 58.558 million weight boxes, an increase of 0.57% from the previous week, and the inventory was above the five - year average [44]. Fundamentals - Supply - Demand Balance Table - The float glass annual supply - demand balance table shows production, consumption, production growth rate, consumption growth rate, and net import ratio from 2017 to 2024E. For example, in 2024E, production was 55.1 million tons, consumption was 53.1 million tons, production growth rate was 3.94%, and consumption growth rate was - 1.15% [45]. Influencing Factors - Positive factors include the "coal - to - gas" conversion in the Shahe region and industry cold repairs, resulting in production losses [4]. - Negative factors include weak real - estate terminal demand and low order numbers for glass deep - processing enterprises during the same period, as well as the cautious attitude of traders and processors due to poor capital collection in the deep - processing industry [5].

Group 1: Report Overview - Report Title: Urea Morning Report [2] - Report Date: December 24, 2025 [2] - Analyst: Zhu Tianyi from Dayue Futures Investment Consulting Department [3] Group 2: Industry Investment Rating - No information provided Group 3: Core Views - The current daily production and operating rate of urea are stable, and the comprehensive inventory has declined with an obvious de - stocking pattern. The overall supply of domestic urea still exceeds demand. The UR contract is expected to fluctuate today [4]. - The main factors affecting the market are international prices and marginal changes in domestic demand. The main risk is the change in export policies [5]. Group 4: Urea Fundamental Analysis Fundamental Factors - The supply side has stable daily production and operating rate, and the comprehensive inventory has decreased. The demand side, including agricultural and industrial demand, is mainly based on on - demand procurement. The operating rates of compound fertilizer and melamine are stable. The export demand has declined in the short term, but the Indian tender news in the middle of the week boosted the market [4]. Base Difference - The basis of the UR2605 contract is -41, and the premium - discount ratio is -2.4%, indicating a bearish signal [4]. Inventory - The UR comprehensive inventory is 1.318 million tons (-40,000 tons), showing a bearish sign [4]. Futures Market - The 20 - day moving average of the UR main contract is flat, and the closing price is above the 20 - day line, indicating a bullish signal [4]. Main Position - The net position of the main UR contract is short, and the short position has increased, showing a bearish signal [4]. Group 5: Urea Market Data Spot Market - The price of the spot delivery product is 1,680 (-10), Shandong spot is 1,720 (-10), Henan spot is 1,680 (0), and FOB China is 2,744 [6]. Futures Market - The 05 contract price is 1,721 (23), UR01 is 1,659 (10), and UR09 is 1,705 (23). The basis of the 05 contract is -41 (-33) [6]. Inventory Data - The warehouse receipt is 10,532 (-349), UR comprehensive inventory is 1.318 million tons, UR factory inventory is 1.18 million tons, and UR port inventory is 0.138 million tons [6]. Group 6: Urea Supply - Demand Balance Sheet | Year | Capacity | Capacity Growth Rate | Output | Net Import Volume | Import Dependence | Apparent Consumption | End - of - Period Inventory | Actual Consumption | Consumption Growth Rate | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2018 | - | 22.455 billion | - | 19.5681 billion | 4.4838 billion | 18.6% | 24.0519 billion | 0.2366 billion | 24.0519 billion | - | | 2019 | - | 24.455 billion | 8.9% | 22.4 billion | 4.8794 billion | 17.9% | 27.2794 billion | 0.3786 billion | 27.1374 billion | 12.8% | | 2020 | - | 28.255 billion | 15.5% | 25.8098 billion | 6.1912 billion | 19.3% | 32.001 billion | 0.3783 billion | 32.0013 billion | 17.9% | | 2021 | - | 31.485 billion | 11.4% | 29.2799 billion | 3.5241 billion | 10.7% | 32.804 billion | 0.3572 billion | 32.8251 billion | 2.6% | | 2022 | - | 34.135 billion | 8.4% | 29.6546 billion | 3.3537 billion | 10.2% | 33.0083 billion | 0.4462 billion | 32.9193 billion | 0.3% | | 2023 | - | 38.935 billion | 14.1% | 31.9359 billion | 2.9313 billion | 8.4% | 34.8672 billion | 0.4465 billion | 34.8669 billion | 5.9% | | 2024 | - | 44.185 billion | 13.5% | 34.25 billion | 3.6 billion | 9.5% | 37.85 billion | 0.514 billion | 37.7825 billion | 8.4% | | 2025E | - | 49.06 billion | 11.0% | - | - | - | - | - | - | [9]

Report Summary 1. Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **沪镍**: The outer market showed a pattern of rising and then falling, oscillating near the previous top of the trading range. The change in Indonesian quotas may affect raw material supply. Some production capacities have recently cut production, reducing supply pressure. In the long - term, the supply is expected to be loose. The overall demand for nickel is only slightly boosted by the good production and sales data of new energy vehicles. The conclusion is that Shanghai Nickel 2602 will run near the previous top of the trading range, with a slightly stronger oscillation. For the medium - and long - term, it is advisable to short on rebounds [2]. - **不锈钢**: The spot price of stainless steel has slightly increased. The short - term nickel ore price is stable, and the cost line is stable. The inventory of stainless steel has decreased. Stainless Steel 2602 is expected to run with a slightly stronger oscillation [4]. 3. Summary by Relevant Catalogs 3.1 Price Overview - **Nickel**: On December 23, the price of Shanghai Nickel's main contract was 123,440, up 2,180 from the previous day; the price of LME Nickel was 15,640, up 380. The price of SMM1 electrolytic nickel was 125,250, up 3,450; the price of 1 Jinchuan Nickel was 128,750, up 3,625; the price of 1 imported nickel was 122,250, up 3,425; the price of nickel beans was 124,300, up 3,425 [10]. - **Stainless Steel**: On December 23, the price of the stainless - steel main contract was 12,905, up 55 from the previous day. The price of cold - rolled coil 304*2B in Wuxi remained unchanged at 13,500, while in Foshan it was up 100 to 13,500 [10]. 3.2 Inventory - **Nickel**: As of December 23, LME nickel inventory was 254,604, an increase of 216; Shanghai Futures Exchange nickel warehouse receipts were 38,621, a decrease of 301. The total inventory was 293,225, a decrease of 85 [13]. - **Stainless Steel**: As of December 23, the stainless - steel warehouse receipts were 47,705, a decrease of 607. As of December 19, the national stainless - steel inventory was 1.0421 million tons, a decrease of 21,400 tons compared to the previous period [16][17]. 3.3 Raw Material Prices - **Nickel Ore**: On December 23, the price of red clay nickel ore CIF (Ni1.5%) was 55 dollars per wet ton, and the price of red clay nickel ore CIF (Ni0.9%) was 29 dollars per wet ton, both remaining unchanged from the previous day. The sea freight from the Philippines to Lianyungang was 8.5 dollars per ton, and to Tianjin Port was 9.5 dollars per ton, also remaining unchanged [21]. - **Nickel Iron**: On December 23, the price of high - nickel iron (8 - 12) was 890 yuan per nickel point, up 3.5 from the previous day; the price of low - nickel iron (below 2) was 3,250 yuan per ton, remaining unchanged [21]. 3.4 Production Cost - **Stainless Steel**: The traditional production cost was 12,658, the scrap - steel production cost was 13,021, and the low - nickel + pure - nickel production cost was 16,647 [23]. 3.5 Import Cost The calculated import price of nickel was 124,930 yuan per ton [25].

CONTENTS 目 录 交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年12月24日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 1、基本面：昨日PTA期货震荡收涨，现货市场商谈氛围一般，现货基差走弱，贸易商商谈为主，少量聚酯工厂递盘。12月货在 主流在01贴水17成交，个别在01贴水18，价格商谈区间在4905~5000。1月货下主流在05贴水75成交，个别在05贴水73成交。今 日主流现货基差在01-17。中性 5、主力持仓：净多 多增 偏多 6、预期：近期PTA装置变动较少，供需格局预期尚可，期货盘面则跟随成本端大幅上行，预计短期内PTA现货价格跟随成本端震 荡运行，现货基差区间波动。关注油价走势及下游负荷。 2、基差：现货4955，05合约基差-127，盘面升水 中性 ...

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core View - The supply side of copper has disturbances, with smelting enterprises reducing production and the scrap copper policy being relaxed. The November China Manufacturing Purchasing Managers Index (PMI) was 49.2%, up 0.2 percentage points from the previous month, still in the contraction range but showing marginal improvement. The overall situation is neutral. - The spot price is 93,540, with a basis of -490, indicating a discount to the futures, which is bearish. - On December 23, copper inventories increased by 825 to 158,575 tons, and the Shanghai Futures Exchange (SHFE) copper inventories increased by 6,416 tons from the previous week to 95,805 tons, which is neutral. - The closing price is above the 20 - day moving average, and the 20 - day moving average is moving upward, which is bullish. - The main net position is short, changing from long to short, which is bearish. - Geopolitical disturbances persist, and the incident at the Grasberg Block Cave mine in Indonesia has fermented. Copper prices have reached a new historical high and are expected to remain at a high level in the short term. [2] 3. Summary by Relevant Catalogs Daily View - **Fundamentals**: Supply - side disturbances, smelting production cuts, relaxed scrap copper policy, and marginal improvement in PMI but still in contraction range [2] - **Basis**: Spot price at 93,540, basis - 490, discount to futures [2] - **Inventory**: December 23 copper inventory increase of 825 to 158,575 tons, SHFE copper inventory increase of 6,416 tons from last week to 95,805 tons [2] - **Disk**: Closing price above 20 - day moving average, 20 - day moving average moving upward [2] - **Main Position**: Main net position short, changing from long to short [2] - **Expectation**: Geopolitical disturbances, new historical high in copper prices, short - term high - level operation [2] Recent利多利空Analysis - **Likely Influencing Factors**: Global policy easing and trade - war escalation are mentioned as logical factors, but specific classification of bullish and bearish factors is not clearly elaborated [3] Spot - Information about spot includes place, mid - price, change, and inventory details such as type, total amount, and change, but specific numerical values are not filled in the provided table [6] 期现价差 - No specific content is provided in the report regarding the analysis of the futures - spot price difference [7] Exchange Inventory - No specific content is provided in the report regarding exchange inventory analysis [11] Bonded Area Inventory - Bonded area inventory has rebounded from a low level [13] Processing Fee - Processing fee has declined [15] CFTC - No specific content is provided in the report regarding CFTC analysis [17] Supply - Demand Balance - In 2024, there is a slight surplus, and in 2025, it is in a tight - balance state. A detailed Chinese annual supply - demand balance table for copper is provided, showing production, import, export, apparent consumption, actual consumption, and supply - demand balance from 2018 to 2024 [19][21]

交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2025年12月24日 大越期货投资咨询部 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85225791 4、盘面：昨日沪锌震荡上涨走势，收20日均线之上,20日均线向上；偏多。 5、主力持仓：主力净空头，空减；偏空。 6、预期：LME库存仓单开始减少；上期所仓单继续减少；沪锌ZN2602：震荡 回落。 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 指标体系 沪锌: 1、基本面：外媒10月19日消息：世界金属统计局（WBMS）公布最新数据显 示，2025年9月，全球精炼锌产量为119.35万吨,消费量为122.92万吨,供应 短缺3.57万吨.1-9月,全球锌板产量为1036.32万吨,消费量为1073.69万吨, 供应短缺37.37万吨.9月份,全球锌矿产量为116.33万吨.1-9月,全球锌矿产 量为996.47万吨；偏多。 2、基差：现货23200，基 ...

交易咨询业务资格：证监许可【2012】1091号 甲醇周报 （12.15 -12.19 ） 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号：Z0015557 联系方式：0575-85226759 观点与策略 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每周评论 2 基本面数据 3 检修状况 4 甲醇周评：驱动因素不同预计下周国内甲醇延续区域性走势。内地方面，考虑到冬季雨雪天气对运输造 成影响，上游甲醇工厂仍以低库存操作为主，且据悉产区部分甲醇企业有一定库存压力，出货需求下不排除 进一步降价让利运费可能。销区来看，近期产区甲醇价格回落且局部跌幅明显较大，对鲁北地区或有一定冲 击，但同时运费坚挺对到货价格有一定支撑，而烯烃需求增量明确对鲁南地区形成有力支撑，预计销区下周 行情窄幅震荡。港口方面，海外开工和发货量下降和国内卸货拉垮下港口去库支撑市场情绪，但不可忽略的 因素是，12月港口到港排期量宏大，在浙江主力烯烃企业 ...

CONTENTS 目 录 1 每日提示 2 多空关注 交易咨询业务资格：证监许可【2012】1091号 2025-12-23甲醇早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 3 基本面数据 4 检修状况 甲醇2605： 1、基本面：驱动因素不同预计本周国内甲醇延续区域性走势。内地方面，考虑到冬季雨雪天气对运输造成影响，上游 甲醇工厂仍以低库存操作为主，且据悉产区部分甲醇企业有一定库存压力，出货需求下不排除进一步降价让利运费可 能。销区来看，近期产区甲醇价格回落且局部跌幅明显较大，对鲁北地区或有一定冲击，但同时运费坚挺对到货价格有 一定支撑，而烯烃需求增量明确对鲁南地区形成有力支撑，预计销区本周行情窄幅震荡。港口方面，海外开工和发货量 下降和国内卸货拉垮下港口去库支撑市场情绪，但不可忽略的因素是，12月港口到港排期量宏大，在浙江主力烯烃企 ...

交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2025年12月23日 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 利多： 利空： 逻辑： 1、基本面：圣诞假期，科技股再撑美股走高，金价跟随银价上涨，刷新历史最高； 美国三大股指全线收涨，欧洲三大股指收盘小幅下跌；美债收益率集体上涨，10年 期美债收益率涨2.74个基点报4.165%；美元指数跌0.46%报98.26，离岸人民币对美 元小幅贬值报7.0336；COMEX黄金期货涨2.13%报4480.60美元/盎司；中性 2、基差：黄金期货1000.86，现货994.2，基差-6.62，现货贴水期货；偏空 3、库存：黄金期货仓单91716千克，不变；偏空 4、盘面：20日均线 ...