Report Industry Investment Rating - Not provided Core Viewpoints of the Report - PVC prices are oscillating upward, but the upward momentum is currently insufficient due to factors such as high inventory and weak demand [1] - The real - estate market is still in the adjustment phase, and its improvement will take time, which has a negative impact on PVC demand [1][5] Summary by Relevant Catalogs Market Analysis - The calcium carbide price in the upstream northwest region is stable. The PVC operating rate decreased slightly by 0.89 percentage points to 78.74%, at a neutral level in recent years. The downstream operating rate increased by 0.95 percentage points, but the order volume is poor, and the willingness to stock up is low [1] - There was a rush to export in the market due to the cancellation of export tax rebates, and the export orders increased significantly last week. However, as the export price rises, the trading resistance increases [1] - The social inventory continued to increase, remaining at a high level with significant inventory pressure. The chemical sector sentiment improved, while the comprehensive gross profit of chlor - alkali was under pressure, and some producers' operating expectations declined, but the current production decline is limited [1] Futures and Spot Market Conditions - The PVC2605 contract increased in positions and fluctuated upward, with a minimum price of 4,833 yuan/ton, a maximum price of 4,926 yuan/ton, and a final closing price of 4,921 yuan/ton, up 2.82%. The position volume increased by 3,467 lots to 1,069,269 lots [2] - On January 23rd, the mainstream price of calcium carbide - based PVC in the East China region rose to 4,635 yuan/ton. The futures closing price of the V2605 contract was 4,921 yuan/ton. The current basis was - 286 yuan/ton, weakening by 17 yuan/ton, and the basis was at a relatively low level [3] Fundamental Tracking - On the supply side, affected by companies such as Fujian Wanhua and Shaanxi Jintai, the PVC operating rate decreased by 0.89 percentage points to 78.74%. New production capacities from several companies, including Wanhua Chemical and Tianjin Bohua, were put into production in the second half of 2025, and Jiaxing Jiahua started trial production in December 2025 [4] - On the demand side, the real - estate market is in the adjustment phase. In 2025 from January to December, real - estate development investment was 827.88 billion yuan, a year - on - year decrease of 17.2%. Various indicators such as sales area, new construction area, and completion area showed significant year - on - year declines. As of the week of January 18th, the weekly transaction area of commercial housing in 30 large - and medium - sized cities increased by 6.20% month - on - month but was still at the lowest level in recent years [5] - In terms of inventory, as of the week of January 22nd, the PVC social inventory increased by 2.92% month - on - month to 1.1775 million tons, 57.01% higher than the same period last year, and the inventory remained high [6]

【冠通期货研究报告】 【行情分析】 1月4日，欧佩克+发布声明，决定维持2025年11月初制定的产量计划，在2026年2月和3月继续暂 停增产。原油需求淡季，EIA数据显示，美国原油库存累库幅度超预期，同时汽油库存累库幅度继续 超预期，整体油品库存继续增加。美国原油产量小幅减少，仍位于历史最高位附近。美国能源部长 赖特在世界经济论坛上呼吁将全球石油产量提高1倍以上，以满足不断增长的需求并防止能源贫困。 特朗普警告，如果印度不按美方要求限制购买俄罗斯石油，美国可能继续提高对印度产品征收的关 税。印度在2025年12月对俄原油进口已跌至三年低点，较6月峰值下降三分之一。近期国际货币基金 组织将2026年世界经济增速上调0.2个百分点，寒冷天气推动柴油取暖需求，需求担忧有所缓解。不 过，全球原油浮库高企，原油仍是供应过剩格局，EIA和IEA最新的1月月报上调了2026年原油供应过 剩幅度。特朗普称委内瑞拉将向美国移交3000万至5000万桶石油，雪佛龙正加大对于委内瑞拉原油 的运输。目前委内瑞拉对于全球原油供需影响不大。特朗普在白宫表示，收到了"来自伊朗非常积 极的声明"，"我们要先观望局势发展"，伊朗国内骚乱得到 ...

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Near - term supply of soybean meal still has a certain gap, but the probability of an extreme shortage situation like last year is relatively small. Near - term soybean meal is expected to fluctuate strongly, while far - month contracts strengthen slightly due to the accelerated implementation of the US biofuel policy. The US biofuel policy may weaken the surplus of US soybeans to some extent but cannot provide long - term upward drive. The pressure brought by the bumper harvest of South American soybeans remains large. It is recommended that those with large spot positions consider using price fluctuations to wash the basis, and the market is slightly bearish on the futures price [2]. - After the previous rise, the price increase of the oil sector restricts demand to some extent. Attention should be paid to the implementation of the US biofuel policy in early March, which may bring additional upward drive to the oil sector [2]. Summary by Related Content Soybean Meal - The Brazilian Soybean Crushers Association (ABIOVE) expects Brazil's soybean production in the 2025/26 season to reach 177.124 million tons, compared with 171.481 million tons in the previous season. Brazil's soybean exports in 2026 are expected to reach 111.5 million tons, up from 108.2 million tons in 2025. Brazil's soybean crushing volume in 2026 is expected to reach a record 61 million tons, higher than 58.5 million tons in 2025. The ending inventory of Brazilian soybeans in the 2025/26 season is expected to be 9.195 million tons, compared with 7.071 million tons in the previous season [1]. - The US Department of Agriculture (USDA) announced that private exporters reported the sale of 192,350 tons of soybeans to unknown destinations for delivery in the 2025/2026 season. The US soybean marketing year starts on September 1 [1]. Oil - The Speaker of the US House of Representatives is discussing whether to include a clause allowing the year - round sale of E15 ethanol - gasoline in a supplementary spending bill being promoted by the Senate to help farmers cope with tariff impacts, or pass a separate House bill in the next few weeks [2]. - According to data from the Canadian Grain Commission, as of the week ending January 18, Canada's rapeseed exports increased by 155.95% from the previous week to 288,200 tons, compared with 112,600 tons in the previous week. As of January 18, Canada's rapeseed exports in the 2025 - 26 season were 3.2097 million tons, a 37.42% decrease from 5.1293 million tons in the same period of the previous season [2].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - On January 23, the plastic operating rate remained at around 90%, at a moderately high level. The PE downstream operating rate decreased by 1.4 percentage points week-on-week to 39.53%, still at a relatively low level in the same lunar period in recent years. Petrochemical inventory is at a neutral level in the same period in recent years. The crude oil price dropped. New production capacity was put into operation in January 2026. The plastic operating rate decreased slightly. It is expected that the downstream operating rate will decline, and plastic will fluctuate in a range. The L-PP spread is expected to narrow [1]. Summary by Relevant Catalogs Market Analysis - On January 23, the change in maintenance devices was small, and the plastic operating rate remained at around 90%. The PE downstream operating rate decreased by 1.4 percentage points week-on-week to 39.53%. The agricultural film orders were basically stable, and the raw material inventory was basically stable. The packaging film orders increased slightly. Petrochemical inventory is at a neutral level in the same period in recent years. The crude oil price dropped due to increased inventory. New production capacity was put into operation in January 2026. The plastic operating rate decreased slightly. The concentrated demand for mulch film has not started, and the terminal demand has decreased. It is expected that the downstream operating rate will decline, and plastic will fluctuate in a range. The L-PP spread is expected to narrow [1]. Futures and Spot Market Conditions - Futures: The plastic 2605 contract increased in position and fluctuated upward, with a closing price of 6865 yuan/ton, a gain of 1.87%. The position increased by 3532 lots to 519056 lots [2]. - Spot: Most PE spot markets rose, with a price change range of -0 to +150 yuan/ton. LLDPE was reported at 6720 - 6970 yuan/ton, LDPE at 8600 - 9280 yuan/ton, and HDPE at 6860 - 8140 yuan/ton [3]. Fundamental Tracking - Supply: On January 23, the change in maintenance devices was small, and the plastic operating rate remained at around 90%, at a moderately high level [4]. - Demand: As of the week of January 23, the PE downstream operating rate decreased by 1.4 percentage points week-on-week to 39.53%, still at a relatively low level in the same lunar period in recent years. The agricultural film orders were basically stable, and the raw material inventory was basically stable. The packaging film orders increased slightly [4]. - Inventory: The petrochemical early inventory on Friday decreased by 40,000 tons week-on-week to 500,000 tons, 35,000 tons higher than the same period last year. The inventory reduction was good in the first and middle of January, but average recently. The current petrochemical inventory is at a neutral level in the same period in recent years [4]. - Raw Materials: The Brent crude oil 03 contract fell below $65/barrel. The Northeast Asian ethylene price remained flat week-on-week at $710/ton, and the Southeast Asian ethylene price remained flat week-on-week at $690/ton [4].

Group 1: Investment Rating of the Reported Industry - The report gives a short - term investment rating of "oscillating upward" for the rebar industry [1][4] Group 2: Core Viewpoints of the Report - The current rebar supply side has strong resumption momentum, while the demand side is supported by pre - holiday winter stockpiling and shows resilience. After the Spring Festival, the recovery degree of terminal demand needs attention. The total and social inventories are at a low level year - on - year, with overall controllable inventory pressure, but the accumulation of factory inventories requires attention to the subsequent destocking rhythm. The low inventory and demand resilience support prices, but the significant recovery of production this week suppresses prices to some extent. After continuous declines, the raw material end of iron ore and coking coal has stopped falling and stabilized. It is expected that rebar will continue to oscillate upward in the short term, maintaining a bullish view [4] Group 3: Summary According to the Table of Contents Market Review - Futures price: The rebar main contract reduced its positions by 5,512 lots on Friday, and the trading volume increased compared with the previous trading day, reaching 657,796 lots. It stood firm above the short - term 5 - day and medium - term 30 - day moving averages. The lowest price was 3,119 yuan/ton, the highest was 3,147 yuan/ton, and it closed at 3,142 yuan/ton, up 18 yuan/ton or 0.58% [1] - Spot price: The mainstream spot price of HRB400E 20mm rebar was 3,270 yuan/ton, remaining stable compared with the previous trading day [1] - Basis: The futures price was at a discount of 128 yuan/ton to the spot price. The large basis provided some support, and winter stockpiling on the futures market was cost - effective [1] Fundamental Data - Supply: As of the week of January 22nd, rebar production increased by 92,500 tons week - on - week to 1.9955 million tons, and increased by 254,200 tons year - on - year in the Gregorian calendar. The significant year - on - year increase in production this week reflected the accelerating resumption of production by steel mills, suppressing prices in the short term. Continued attention was needed on whether the capacity recovery could be sustained [2] - Demand: The apparent demand increased significantly year - on - year but decreased slightly week - on - week, indicating the possible start of winter stockpiling. As of the week of January 22nd, the apparent demand was 1.8552 million tons, a week - on - week decrease of 48,200 tons and a year - on - year increase of 686,100 tons. Overall demand increased significantly compared with last year, showing resilience, and was supported by pre - holiday winter stockpiling demand [2] - Inventory: There was a slight de - stocking, with factory inventory decreasing and social inventory increasing. As of the week of January 22nd, the total inventory was 4.521 million tons, a week - on - week increase of 140,300 tons and a year - on - year decrease of 311,100 tons. The social inventory was 3.0512 million tons, a week - on - week increase of 77,100 tons and a year - on - year decrease of 433,700 tons. The factory inventory was 1.4898 million tons, a week - on - week increase of 63,200 tons and a year - on - year increase of 122,600 tons. The total inventory increased week - on - week but was at a low level in recent years year - on - year, with overall controllable inventory pressure. The continuous accumulation of factory inventory indicated that the production recovery rate was faster than the demand digestion rate, and the inventory pressure at the steel mill end increased marginally. The social inventory increased slightly week - on - week but decreased significantly year - on - year, reflecting better destocking of social inventory this year and much lower pressure in the circulation link than the same period last year, which provided some support for prices [2][3] - Macro: The central bank sent a signal of moderate easing, and the Ministry of Finance emphasized that the expenditure intensity would only increase. However, due to weak real estate demand, the incremental demand was relatively limited, but the easing cycle provided some support, and the upper limit of demand determined the pressure [3] Driving Factor Analysis - Bullish factors: Inventory at a three - year low, anti - involution production cuts on the supply side, strict capacity control, policy - supported demand, marginal improvement in post - holiday demand, and loose macro expectations [4] - Bearish factors: Excessive post - Spring Festival inventory accumulation, slow destocking, accelerated blast furnace restart, cautious winter stockpiling demand, continuous decline in real estate demand, restricted exports, and weak economic recovery [4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - PP is expected to fluctuate within a range as the improvement in the supply - demand pattern is limited, downstream order cycles are shortened, and downstream product profits are shrinking. The L - PP spread is expected to decline due to new plastic production capacity and the non - start of concentrated demand for mulch films [1] Summary by Relevant Catalogs Market Analysis - As of the week of January 23, the downstream PP operating rate increased by 0.34 percentage points to 52.87% week - on - week, at a neutral level in the same lunar period over the years. The operating rate of the downstream plastic weaving industry of the main drawstring decreased by 0.56 percentage points to 42.04% week - on - week, and plastic weaving orders continued to decline slightly, slightly lower than the same period last year [1] - On January 23, there were few changes in maintenance devices. The PP enterprise operating rate remained at around 80%, at a slightly lower - than - neutral level, and the production ratio of standard drawstring decreased to around 28% [1][4] - Petrochemicals had good inventory reduction in the first and middle ten - days of January, but the recent inventory reduction was average. Currently, petrochemical inventory is at a neutral level in the same period in recent years [1][4] - On the cost side, the US Energy Secretary called for more than doubling global oil production, US crude oil inventories increased more than expected, and gasoline inventories also continued to increase more than expected. Overall oil product inventories continued to rise, and crude oil prices fell [1] - In terms of supply, the new production capacity of 400,000 tons/year of PetroChina Guangxi Petrochemical was put into operation in mid - October, and the number of recent maintenance devices decreased slightly. The price of downstream BOPP film continued to rebound, but as the Spring Festival holiday approached, the operating rate of the downstream plastic weaving industry continued to decline, and new orders were limited [1] Futures and Spot Market Conditions - Futures: The PP2605 contract increased in positions and fluctuated upward, with a minimum price of 6,584 yuan/ton, a maximum price of 6,687 yuan/ton, and finally closed at 6,656 yuan/ton, above the 20 - day moving average, with a gain of 1.48%. The position increased by 12,150 lots to 498,932 lots [2] - Spot: Most spot prices of PP in various regions rose. The drawstring was reported at 6,250 - 6,730 yuan/ton [3] Fundamental Tracking - Supply: On January 23, there were few changes in maintenance devices. The PP enterprise operating rate remained at around 80%, at a slightly lower - than - neutral level, and the production ratio of standard drawstring decreased to around 28% [4] - Demand: As of the week of January 23, the downstream PP operating rate increased by 0.34 percentage points to 52.87% week - on - week, at a neutral level in the same lunar period over the years. The operating rate of the downstream plastic weaving industry of the main drawstring decreased by 0.56 percentage points to 42.04% week - on - week, and plastic weaving orders continued to decline slightly, slightly lower than the same period last year [4] - Inventory: Petrochemical morning inventory on Friday decreased by 40,000 tons to 500,000 tons week - on - week, 35,000 tons higher than the same period last year. Petrochemicals had good inventory reduction in the first and middle ten - days of January, but the recent inventory reduction was average. Currently, petrochemical inventory is at a neutral level in the same period in recent years [4] - Raw materials: The Brent crude oil 03 contract fell below $65/barrel, and the CFR propylene price in China increased by $15/ton to $800/ton week - on - week [4]

上游焦煤，本周煤矿炼焦煤库存小幅回升，独立焦企炼焦煤总库存 1177.71 万吨，钢厂炼焦煤库存增加至 803.24 万吨，港口进口焦煤库存续增至 562.99 万吨，则炼焦煤综合库存增至 2818.34 万吨，同比仍低 15.87%。 消息方面，潘功胜：2026 年继续实施好适度宽松的货币政策 今年降准降息 还有一定的空间。第一财经：纵深建设全国统一大市场、深入整治"内卷式"竞 争，正迎来密集的政策部署。 【冠通期货研究报告】 焦炭日报：短期延续反弹 发布日期：2026 年 1 月 23 日 【行情分析】 焦炭库存，截至 1 月 23 日受亏损扩大影响，部分中小企业生产积极性下降， 独立焦企焦炭库存回落 0.36 万吨至库存 81.45 万吨，焦炭综合库存增加 15.14 万吨至 1012.35 万吨，同比降幅接近 4%。 利润方面，全国 30 家独立焦化厂吨焦盈利-66 元/吨；山西准一级焦平均盈 利-51 元/吨，山东准一级焦平均盈利-8 元/吨，内蒙二级焦平均盈利-103 元/吨， 河北准一级焦平均盈利-11 元/吨。 下游需求，终端需求维持淡季特征，钢厂利润虽有小幅回升，但供应端整体 复产积极性依然 ...

1. Report Industry Investment Rating - The short - term investment rating for the soda ash industry is "short - term shock", indicating a volatile trend in the short term [1]. 2. Core View of the Report - Currently, the soda ash production capacity utilization rate remains high, and with the gradual release of new production capacity, the overall output is increasing. There is an expectation of cold - repair of glass production lines near the end of the month, which may further weaken the rigid demand for soda ash. Although the anti - involution news has strengthened market sentiment and led to a short - term rebound in the market, in the medium - to - long - term, the supply of soda ash is expected to remain high, intensifying the supply - demand contradiction. Despite high exports alleviating some pressure, the high inventory still restricts price rebound. The short - term price is likely to fluctuate, and attention should be paid to the return of the market to the weak fundamentals after the sentiment fades. [4] 3. Summary by Relevant Catalogs Market行情回顾 (Market Review) - **Futures Market**: The main soda ash futures contract strengthened with fluctuations during the day. The 120 - minute Bollinger Bands' three tracks contracted, indicating a short - term shock signal. The intraday resistance was near the 60 - day moving average, and the short - term support was near the 5 - day moving average. The trading volume increased by 77,654 lots compared to the previous day, while the open interest decreased by 17,937 lots. The intraday high was 1200, the low was 1178, and the closing price was 1198, up 24 yuan/ton or 2.04% from the previous settlement price [1]. - **Spot Market**: The spot market was slightly stable with fluctuations. The enterprise equipment had a narrow - range fluctuation, and Jiangsu Huachang had a short - term shutdown. The supply was adjusted at a high level. Downstream demand was mediocre, with poor purchasing enthusiasm, and buyers mainly replenished inventory at low prices [1]. - **Basis**: The spot price of heavy soda ash in North China was 1250, and the basis was 52 yuan/ton [1]. Fundamental Data - **Supply**: As of January 22, the domestic soda ash output was 771,700 tons, a month - on - month decrease of 3600 tons or 0.46%. The light soda ash output was 358,800 tons, a month - on - month decrease of 2700 tons, and the heavy soda ash output was 412,900 tons, a month - on - month decrease of 900 tons. The comprehensive capacity utilization rate was 86.42%, down 0.40 percentage points from the previous week. The ammonia - soda process capacity utilization rate was 87.69%, down 2.27 percentage points, and the co - production process capacity utilization rate was 77.99%, down 0.89 percentage points. The overall capacity utilization rate of 15 enterprises with an annual production capacity of one million tons or more was 89.89%, a month - on - month increase of 0.42% [2]. - **Inventory**: The total inventory of domestic soda ash manufacturers was 1.5212 million tons, a decrease of 23,000 tons or 1.49% from Monday. Among them, the light soda ash inventory was 82,450 tons, a month - on - month increase of 1900 tons, and the heavy soda ash inventory was 696,700 tons, a month - on - month decrease of 24,900 tons. Compared with last Thursday, it decreased by 53,800 tons or 3.42%. Among them, the light soda ash inventory decreased by 12,500 tons, and the heavy soda ash inventory decreased by 41,300 tons. The inventory at the same time last year was 1.4295 million tons, a year - on - year increase of 9170 tons or 6.41% [2]. - **Demand**: The shipment volume of soda ash enterprises was 825,600 tons, a month - on - month increase of 6.80%. The overall shipment rate was 106.98%, a month - on - month increase of 7.27%. The downstream demand for soda ash was average, with poor purchasing enthusiasm. Buyers mainly consumed inventory and made low - price rigid - demand purchases [3]. - **Profit**: According to Longzhong Information statistics, the theoretical profit of the co - production method (double - ton) was - 40 yuan/ton, a month - on - month increase of 9.09%. The theoretical profit of the ammonia - soda method was - 96.3 yuan/ton, remaining the same as the previous month. During the week, the raw material salt price was stable, and the thermal coal price fluctuated downward, resulting in a slight decline in costs [3]. Main Logic Summary - The soda ash production capacity utilization rate remains high, and new production capacity is gradually being released, leading to an increase in overall output. There is a cold - repair expectation for glass production lines near the end of the month, which may further weaken the rigid demand for soda ash. Although the anti - involution news has strengthened market sentiment and caused a short - term rebound in the market, in the medium - to - long - term, the supply of soda ash is expected to remain high, intensifying the supply - demand contradiction. High exports alleviate some pressure, but the high inventory still restricts price rebound. The short - term price may fluctuate, and attention should be paid to the return of the market to the weak fundamentals after the sentiment fades. It is necessary to continue to monitor downstream demand, macro - policies, and market sentiment [4].

Report Industry Investment Rating - Not provided Core Viewpoints - The futures price of methanol continues to rebound and should be treated as strong, but beware of corrections. There is a high possibility of an inventory inflection point in the first quarter. It is recommended to continue to focus on the idea of buying after a decline, but the upside space will also be restricted by downstream demand. Currently, methanol is in a low - valuation state, prone to low - level rebound行情. Pay attention to the emotional changes due to recent macro news [3] Summary by Relevant Catalogs Fundamental Analysis - As of January 21, the inventory of Chinese methanol sample production enterprises was 43.83 tons, a decrease of 1.25 tons from the previous period, a month - on - month decrease of 2.78%. The order backlog of sample enterprises was 23.83 tons, a slight increase of 0.05 tons from the previous period, a month - on - month increase of 0.21%. The total port inventory was 145.75 tons, an increase of 2.22 tons from the previous data. The inventory in East China decreased by 1.36 tons, while that in South China increased by 3.58 tons. There was a slight accumulation of port inventory, with 19.80 tons of visible foreign vessel unloading during the period, and two vessels being unloaded were not included. As of January 15, the capacity utilization rate of domestic methanol - to - olefins plants was 86.93%, a month - on - month decrease of 2.38%. The Zhejiang Xingxing MTO plant stopped production, and some enterprises were still operating at a reduced load, causing the industry's operating rate to continue to decline passively [1] Macroeconomic Analysis - The National Development and Reform Commission will research, formulate and introduce an implementation plan for the strategy of expanding domestic demand from 2026 - 2030. Multiple departments including the Ministry of Finance will implement a loan interest subsidy policy for small, medium and micro enterprises, set up a special guarantee plan quota of 500 billion yuan for private investment to be implemented over two years, and extend the implementation period of the fiscal interest subsidy policy for personal consumer loans to the end of 2026. In 2026, the fiscal department will strongly support the stability of employment, enterprises, the market and expectations [2] Futures and Spot Market Analysis - The methanol futures continued to rebound, breaking through the 2300 mark during the day. Further, pay attention to the pressure of the 60 - day moving average on the weekly K - line level. Treat it as strong, but beware of corrections. There is a high possibility of an inventory inflection point in the first quarter, and continue to focus on the idea of buying after a decline. However, the upside space will be restricted by downstream demand. Currently, methanol is in a low - valuation state and is prone to low - level rebound行情. Pay attention to the emotional changes due to recent macro news [3]

Report Industry Investment Rating - Overall maintain a cautious bullish view, and it is appropriate to wait for buying opportunities after a pullback [3] Core View - Pure benzene and styrene continue to strengthen. The supply and demand of pure benzene have improved marginally, and the port inventory has started to decline from a high level. Styrene is affected by sudden news, and the price has further strengthened under the expectation of supply reduction. Due to the relatively high increase in the prices of styrene and pure benzene in this round, and the subsequent resumption of production of some devices, the inventory of pure benzene is still at a high level. Be wary of the risk of a pullback. Pay attention to market sentiment changes due to recent macro news [3] Summary by Relevant Catalogs Fundamental Analysis - The 300,000-ton/year styrene plant of Tangshan Xuyang has malfunctioned and stopped production. The inventory is mainly for contract delivery, and there is no external quotation today [1] - From January 10th to 16th, the operating rate of petroleum benzene decreased by 0.12% month-on-month to 74.26%, and the operating rate of hydrogenated benzene decreased by 4.07% month-on-month to 57.59% [1] - According to calculations based on Steel Union data, from January 10th to 16th, the weighted operating rate of pure benzene downstream increased by 2.14% month-on-month to 74.50% [1] - As of January 19th, the inventory of pure benzene at East China ports was 297,000 tons, a month-on-month decrease of 8.33% [1] - From January 9th to 15th, the profit of petroleum benzene was 369 yuan/ton, a month-on-month decrease of 26 yuan/ton [1] Macroeconomic Analysis - The National Development and Reform Commission will research, formulate and introduce an implementation plan for the strategy of expanding domestic demand from 2026 to 2030 [2] - Multiple departments such as the Ministry of Finance will implement a loan interest subsidy policy for small, medium and micro enterprises, set up a special guarantee plan quota of 500 billion yuan for private investment to be implemented over two years, extend the implementation period of the fiscal interest subsidy policy for personal consumption loans to the end of 2026, and provide "hardcore" support for stabilizing employment, enterprises, the market and expectations in 2026 [2] Futures and Spot Market Analysis - Pure benzene and styrene continue to strengthen. The supply and demand of pure benzene have improved marginally, and the port inventory has started to decline from a high level. Styrene is affected by sudden news, and the price has further strengthened under the expectation of supply reduction. Due to the relatively high increase in the prices of styrene and pure benzene in this round, and the subsequent resumption of production of some devices, the inventory of pure benzene is still at a high level. Be wary of the risk of a pullback. Pay attention to market sentiment changes due to recent macro news [3]