Report Industry Investment Rating No relevant content provided. Core Viewpoints - The plastic supply-demand pattern remains unchanged, the trading atmosphere is weak, and the plastic is expected to fluctuate weakly in the near term. Due to the possible new plastic production capacity coming on stream this year and the phasing out of the peak season for agricultural films, the L-PP spread is expected to decline [1]. Summary by Relevant Catalogs Market Analysis - On December 18, new maintenance devices such as Qilu Petrochemical's LDPE line were added, and the plastic operating rate dropped to around 85%, currently at a neutral level. As of the week ending December 12, the downstream operating rate of PE decreased by 0.76 percentage points to 43.00% week-on-week. Agricultural film is gradually exiting the peak season, with orders continuing to decline and raw material inventory dropping again. Packaging film orders also decreased slightly. The overall downstream operating rate of PE is still at a relatively low level in the same period in recent years. Recently, the destocking of petrochemicals has been slow, and the current petrochemical inventory is at a relatively high level in the same period in recent years. The cost of crude oil has decreased. There are new plastic production capacities coming on stream. The demand in the north has decreased, and downstream enterprises have insufficient purchasing willingness. The plastic market is expected to fluctuate weakly, and the L-PP spread is expected to decline [1]. Futures and Spot Market Conditions - Futures: The plastic 2605 contract increased in position and fluctuated. The lowest price was 6,475 yuan/ton, the highest was 6,545 yuan/ton, and it finally closed at 6,476 yuan/ton, below the 60-day moving average, with a decline of 0.54%. The position increased by 21,649 lots to 561,776 lots [2]. - Spot: Most of the PE spot market declined, with price changes ranging from -100 to +0 yuan/ton. LLDPE was reported at 6,350 - 6,570 yuan/ton, LDPE at 8,000 - 8,680 yuan/ton, and HDPE at 6,770 - 7,940 yuan/ton [3]. Fundamental Tracking - Supply: On December 18, new maintenance devices such as Qilu Petrochemical's LDPE line were added, and the plastic operating rate dropped to around 85%, currently at a neutral level [4]. - Demand: As of the week ending December 12, the downstream operating rate of PE decreased by 0.76 percentage points to 43.00% week-on-week. Agricultural film is gradually exiting the peak season, with orders continuing to decline and raw material inventory dropping again. Packaging film orders also decreased slightly. The overall downstream operating rate of PE is still at a relatively low level in the same period in recent years [4]. - Inventory: On Thursday, the early petrochemical inventory decreased by 30,000 tons to 670,000 tons week-on-week, 60,000 tons higher than the same period last year. Recently, the destocking of petrochemicals has been slow, and the current petrochemical inventory is at a relatively high level in the same period in recent years [4]. - Raw Materials: The Brent crude oil 03 contract fell below $60/barrel. The price of ethylene in Northeast Asia remained flat at $725/ton week-on-week, and the price of ethylene in Southeast Asia remained flat at $745/ton week-on-week [4].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The urea market sentiment is strong. The futures price opened high and closed low but still rose during the day, and the spot price also increased. Although it is the period of gas - head device shutdown, the daily output remains above 190,000 tons. The agricultural demand is in the off - season, and traders replenish stocks in a timely manner. The compound fertilizer plant's start - up rate decreased this period, while other industrial demand gradually resumed. The urea inventory continued to decline, mainly in the Northeast and Northwest regions, and the inventory in the main delivery area increased slightly. The Indian tender continued to stimulate the market sentiment, and the urea price may continue to rebound, but there is still an oversupply gap and obvious upward pressure [1] 3. Summary by Relevant Catalogs 3.1. Futures and Spot Market Conditions - **Futures**: The urea main contract 2605 opened at 1696 yuan/ton, opened high and closed low, rose during the day, and finally closed at 1708 yuan/ton, with a change rate of 1.67%. The trading volume was 162,527 lots (- 2001 lots). The net long positions of some major futures companies decreased, and the net short positions of some increased. On December 18, 2025, the number of urea warehouse receipts was 11,177, a decrease of 25 compared with the previous trading day [2] - **Spot**: The spot price increased, the trading atmosphere was good, and some factories stopped selling. The ex - factory price range of small - particle urea in Shandong, Henan, and Hebei was 1590 - 1670 yuan/ton, with the lowest price in Henan [1][4] 3.2. Fundamental Tracking - **Basis**: Based on the Henan region, the basis weakened compared with the previous trading day. The basis of the May contract was - 28 yuan/ton (- 15 yuan/ton) [6] - **Supply Data**: On December 18, 2025, the national daily urea output was 194,100 tons, a decrease of 15,000 tons from the previous day, and the start - up rate was 79.99% [9] - **Enterprise Inventory Data**: As of December 17, 2025, the total inventory of Chinese urea enterprises was 1.1797 million tons, a decrease of 54,500 tons from the previous week, a month - on - month decrease of 4.42% [10] - **Pre - sale Order Days**: As of December 17, 2025, the pre - sale order days of Chinese urea enterprises were 6.24 days, a decrease of 0.7 days from the previous period, a month - on - month decrease of 10.09% [10] - **Downstream Data**: From December 13th to 18th, the capacity utilization rate of compound fertilizer was 39.37%, a decrease of 1.25 percentage points from the previous week. The weekly average capacity utilization rate of Chinese melamine was 58.55%, a decrease of 3.31 percentage points from the previous week [12]

Report Industry Investment Rating - Not provided Core View - The supply of asphalt is decreasing, with the operating rate falling and the planned production in December decreasing both month - on - month and year - on - year. The downstream demand is weakening due to factors like weather and funds, and the overall demand is general. Considering the impact of the situation in Venezuela on heavy crude oil exports and the market's cautious attitude, the asphalt futures price is expected to fluctuate [1]. Summary by Relevant Catalogs 1. Market Analysis - **Supply**: Last week, the asphalt operating rate dropped 0.1 percentage points to 27.8%, lower than the same period last year. In December, the domestic asphalt planned production is 215.8 million tons, a 3.1% decrease month - on - month and a 13.8% decrease year - on - year. This week, Hebei Xinhai switched production, reducing low - price supply [1]. - **Demand**: Most downstream operating rates declined last week, with the road asphalt operating rate down 2 percentage points to 27% due to funds and weather. The national asphalt shipment volume decreased 9.69% to 253,400 tons. With the arrival of cold weather in the north, road construction is ending, and the demand will further weaken, while the project increment in the south is limited [1]. - **Inventory**: The asphalt refinery inventory - to - sales ratio increased slightly week - on - week and is near the lowest level in recent years [1][5]. - **Crude Oil**: Iraq's oil fields resumed production, and the US is promoting peace talks between Russia and Ukraine. However, the US imposed new sanctions on Venezuela, causing concerns about heavy crude oil exports and a narrowing discount for Venezuelan diluted asphalt. Crude oil prices are fluctuating weakly [1]. 2. Futures and Spot Market - **Futures**: Today, the asphalt futures 2602 contract rose 0.68% to 2,952 yuan/ton, with a trading range between 2,935 and 2,996 yuan/ton, and the open interest decreased by 10,773 to 224,692 lots [2]. - **Basis**: The mainstream market price in Shandong remained at 2,910 yuan/ton, and the basis of the asphalt 02 contract dropped to - 42 yuan/ton, at a moderately low level [3]. 3. Fundamental Tracking - **Supply - related Indicators**: The asphalt operating rate decreased, and the investment in highway construction, road transportation fixed assets, and infrastructure construction (excluding electricity) all showed negative year - on - year growth [5]. - **Demand - related Indicators**: As of the week of December 12, most downstream operating rates declined, and the road asphalt operating rate dropped to 27%. The social financing stock increased 8.5% year - on - year from January to November, with the growth rate remaining the same as that from January to October [5]. - **Inventory**: As of the week of December 12, the asphalt refinery inventory - to - sales ratio increased 0.2 percentage points to 13.4% week - on - week, remaining near the lowest level in recent years [5].

Report Industry Investment Rating - The investment rating for the copper industry is "Oscillating with an upward bias" [1] Core View of the Report - Today, Shanghai copper opened high and moved low, remaining relatively strong during the day. After the significant increase in the previous period, the downstream acceptance was average, and currently, the market is mainly oscillating at a high level. The subsequent momentum depends on the Fed's interest rate cut and the release of macro - data [1] Summary by Relevant Catalogs Market Analysis - In November, SMM's electrolytic copper production in China was 1.1031 million tons, a month - on - month increase of 11,500 tons (1.05%) and a year - on - year increase of 9.75%. From January to November, the cumulative production increased by 1.2894 million tons, a growth rate of 11.76%. SMM expects the electrolytic copper production in December to increase by 65,700 tons month - on - month (5.96%) and 6.69% year - on - year. This week, as copper prices rose, the profit of copper products was squeezed. The production enthusiasm of copper strip was weak, and the capacity utilization rate declined. Copper tube enterprises were restricted by capital pressure, and most enterprises chose to wait and see, only maintaining the raw material procurement for rigid orders. Copper foil remained at a high - prosperity level due to the demand for energy - storage batteries and pre - demand from new - energy vehicles [1] Futures and Spot Market Conditions - Futures: Shanghai copper opened high and moved low, remaining relatively strong during the day. Spot: Today, the spot premium in East China was - 150 yuan/ton, and in South China, it was 55 yuan/ton. On December 17, 2025, the LME official price was $11,732/ton, and the spot premium was - $12/ton [4] Supply Side - As of the latest data on December 15, the spot rough smelting fee (TC) was - $43.33/dry ton, and the spot refining fee (RC) was - 4.41 cents/pound [8] Fundamental Tracking - Inventory: SHFE copper inventory was 44,700 tons, 227 tons less than the previous period. As of December 15, the copper inventory in Shanghai Free Trade Zone was 97,200 tons, 3,300 tons less than the previous period. LME copper inventory was 164,300 tons, 325 tons more than the previous period. COMEX copper inventory was 457,000 short tons, 2,348 short tons more than the previous period [11]

【冠通期货研究报告】 原油日报：原油震荡运行 发布日期：2025年12月18日 【行情分析】 欧佩克+最新会议同意2026年维持该组织整体石油产量不变。8个额外自愿减产的产油国重申明 年一季度暂停增产。原油需求旺季结束，EIA数据显示，美国原油库存去库幅度略预期，但成品油库 存增幅超预期，整体油品库存增加。美国原油产量小幅减少，但仍位于历史最高位附近。特朗普政 府极力促成俄乌停火，仍在施压乌克兰。目前泽连斯基表态，接受双边安全保障而非直接"入约"， 作出了一定妥协，欧洲多国及欧盟机构领导人发表联合声明称，将组建一支"多国部队"支持乌克 兰。特朗普称现在比以往任何时候都更接近达成"和平协议"。俄罗斯原油受制裁而得到的风险溢 价继续回落，欧美成品油裂解基差高位持续回落。美国与委内瑞拉军事对峙继续升级，美国在委内 瑞拉海岸扣押油轮，美国财政部宣布对委内瑞拉实施新的制裁措施，特朗普下令对进出委内瑞拉的 受制裁油轮实施全面封锁。委内瑞拉主要石油储存设施及码头停泊的油轮正在迅速装满原油，预计 在约10天后达到最大储存上限。地缘局势引发委内瑞拉出口中断担忧。欧美成品油裂解价差持续回 落，美联储12月议息会议尘埃落定，市场仍 ...

Report Summary 1. Hot News - This year from January to November, China's national fiscal revenue reached 20.05 trillion yuan, a year-on-year increase of 0.8%, with the same growth rate as the first 10 months. National tax revenue was 16.48 trillion yuan, up 1.8%, and securities trading stamp duty revenue was 185.5 billion yuan, a 70.7% increase [2]. - The International Energy Agency (IEA) stated in its "2025 Coal Report" that global coal demand in 2025 increased by 0.5% to a record 8.85 billion tons, but demand has entered a plateau and is expected to start a "very slow and gradual" decline by the end of this decade [2]. - On Wednesday, the main platinum futures contract on the Guangzhou Futures Exchange hit the daily limit again, and the main palladium futures contract hit the daily limit for the first time. Lithium carbonate futures soared nearly 8%, approaching the 110,000 yuan/ton mark, reaching a high in over a year [2]. - Brazil's December soybean export volume is expected to be 3.57 million tons, up from the previous week's forecast of 3.33 million tons. Corn exports are expected to be 6.35 million tons, up from 6.3 million tons, and soybean meal exports are expected to be 2 million tons, up from 1.83 million tons [3]. - Indonesia's government proposed a nickel ore production target of about 250 million tons in the 2026 work plan and budget (RKAB), a significant decrease from the 379 million tons set in the 2025 RKAB, aiming to prevent further nickel price declines [3]. 2. Sector Performance Key Focus - Urea, lithium carbonate, platinum, coking coal, and plastics [4] Night Session Performance - Non-metallic building materials rose 2.51%, precious metals 33.03%, oilseeds and oils 8.65%, soft commodities 3.32%, non-ferrous metals 23.75%, coal, coke, steel, and minerals 10.78%, energy 2.58%, chemicals 10.49%, grains 1.31%, and agricultural and sideline products 3.60% [4] 3. Sector Positions - The document provides a chart of the five - day position changes in commodity futures sectors, including Wind agricultural and sideline products, Wind grains, Wind chemicals, Wind energy, Wind coal, coke, steel, and minerals, Wind non - ferrous metals, Wind commodity composites, Wind soft commodities, Wind oilseeds and oils, Wind precious metals, and Wind non - metallic building materials [5] 4. Performance of Major Asset Classes | Category | Name | Daily Return (%) | Monthly Return (%) | Year - to - Date Return (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | 1.19 | - 0.47 | 15.47 | | | SSE 50 | 1.25 | 0.74 | 11.43 | | | CSI 300 | 1.83 | 1.18 | 16.39 | | | CSI 500 | 1.95 | 1.51 | 24.66 | | | S&P 500 | - 1.16 | - 1.86 | 14.28 | | | Hang Seng Index | 0.92 | - 1.51 | 26.96 | | | German DAX | - 0.02 | 0.99 | 20.91 | | | Nikkei 225 | 0.26 | - 1.48 | 24.11 | | | UK FTSE 100 | 0.92 | 0.55 | 19.59 | | Fixed - Income | 10 - year Treasury Bond Futures | 0.10 | 0.06 | - 0.84 | | | 5 - year Treasury Bond Futures | 0.06 | 0.09 | - 0.66 | | | 2 - year Treasury Bond Futures | 0.01 | 0.05 | - 0.52 | | Commodity | CRB Commodity Index | 0.00 | - 3.25 | - 1.70 | | | WTI Crude Oil | 3.00 | - 2.52 | - 20.84 | | | London Spot Gold | 0.80 | 2.82 | 65.28 | | | LME Copper | 1.30 | 5.07 | 33.72 | | | Wind Commodity Index | 3.02 | 8.55 | 45.23 | | Other | US Dollar Index | 0.18 | - 1.05 | - 9.29 | | | CBOE Volatility Index | 0.00 | 0.80 | - 5.01 | [6] 5. Stock Market Risk Appetite and Major Commodity Trends - The document presents charts of the Baltic Dry Index (BDI), CRB Spot Index, WTI crude oil, London spot gold, London spot silver, LME 3 - month copper, gold - oil ratio, copper - gold ratio, Wind All - A (ex - finance, oil, and petrochemicals) and its risk premium, risk premiums of SSE 50, CSI 300, and CSI 500, and CBOT soybean and corn futures prices [7]

注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 资讯早间报 发布日期： 2025/12/18 隔夜夜盘市场走势 1. 美油主力合约收涨 2.92%，报 56.74 美元/桶；布伦特原油主力合约涨 2.85%， 报 60.6 美元/桶。 2. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 0.90%报 4371.40 美元/盎司， COMEX 白银期货涨 4.92 ...

Group 1: Report Summary - There is no information on the industry investment rating in the report [1][2][3] - The core view of the report is to present the latest urea market data, including prices, basis, spreads, and warehouse receipt numbers [2] Group 2: Market Price Data - In the mainstream regions, the prices in Hebei, Henan, Jiangsu, and Heilongjiang remained unchanged at 1710 yuan/ton, 1670 yuan/ton, 1680 yuan/ton, and 1760 yuan/ton respectively; Shandong decreased by 10 yuan/ton to 1690 yuan/ton; Shanxi increased by 20 yuan/ton to 1540 yuan/ton; Anhui increased by 10 yuan/ton to 1670 yuan/ton; Inner Mongolia remained at 1770 yuan/ton [2] - Among factories, the prices of Hebei Dongguang, Shandong Hualu, Jiangsu Linggu, and Anhui Haoyuan remained unchanged at 1690 yuan/ton, 1670 yuan/ton, 1710 yuan/ton, and 1640 yuan/ton respectively [2] Group 3: Basis and Spread Data - For basis, Shandong 05 basis decreased by 8 to 19; Shandong 01 basis increased by 1 to 13; Hebei 05 basis increased by 2 to 29; Hebei 01 basis increased by 11 to 23 [2] - Regarding spreads, the 1 - 5 spread decreased by 6 to 52; the 5 - 9 spread increased by 9 to -6 [2] Group 4: Warehouse Receipt and International Quote Data - The total number of warehouse receipts decreased by 12 to 11202 [2] - In international quotes, the FOB prices in the Middle East, US Gulf, Egypt, and the Baltic remained unchanged at 367 dollars/ton, 353 dollars/ton, 437.5 dollars/ton, and 352.5 dollars/ton respectively; the CFR price in Brazil remained at 397.5 dollars/ton [2]

Report Industry Investment Rating - Not provided Core Viewpoint - The report anticipates that the crude oil price will oscillate weakly due to an oversupply situation in the crude oil market [1]. Summary by Relevant Catalogs Market Analysis - OPEC+ agreed to maintain the organization's overall oil production in 2026, and 8 additional voluntarily - reducing oil - producing countries will suspend production increases in Q1 2026. The peak season for crude oil demand has ended, and EIA data shows that the decline in US crude oil inventories was less than expected while the increase in refined oil inventories exceeded expectations. US crude oil production is near a record high. The Trump administration is promoting a cease - fire between Russia and Ukraine, and there has been positive progress in the peace talks. The risk premium for Russian crude oil is falling, and the crack spreads of refined oil in Europe and the US are also dropping. The military confrontation between the US and Venezuela has intensified, causing concerns about export disruptions. The market is worried about crude oil demand, and there is an oversupply of crude oil [1]. Futures and Spot Market - The main contract of crude oil futures, the 2602 contract, dropped 1.27% to 426.7 yuan/ton, with a low of 419.6 yuan/ton and a high of 428.4 yuan/ton. The open interest increased by 4504 to 39057 lots [2]. Fundamental Tracking - EIA raised the US crude oil production in Q4 2025 by 40,000 barrels per day to 13.86 million barrels per day, increased non - OPEC+ oil supply by 50,000 barrels per day, and raised global crude oil production by 300,000 barrels per day. It also lowered global oil demand in Q4 2025 by 90,000 barrels per day. IEA raised the global oil demand growth rate in 2025 by 40,000 barrels per day to 830,000 barrels per day and in 2026 by 90,000 barrels per day to 860,000 barrels per day. It also lowered the global oil supply growth rate in 2025 by 100,000 barrels per day and in 2026 by 20,000 barrels per day. OPEC maintained the global oil demand growth rate in 2025 at 1.3 million barrels per day and in 2026 at 1.38 million barrels per day [3]. - On the evening of December 10th, EIA data showed that US crude oil inventories decreased by 1.8 million barrels in the week ending December 5th, less than the expected 2.31 million barrels, and 3.21% lower than the five - year average. Gasoline inventories increased by 6.397 million barrels, exceeding the expected 2.764 million barrels, and refined oil inventories increased by 2.502 million barrels, more than the expected 1.943 million barrels. Cushing crude oil inventories increased by 200,000 barrels [3]. Supply and Demand - On the supply side, OPEC's October crude oil production was lowered by 21,000 barrels per day to 28.481 million barrels per day, and its November 2025 production decreased by 0.1 million barrels per day to 28.48 million barrels per day, mainly due to production cuts in Iraq and Iran. OPEC+ crude oil production in November increased by 43,000 barrels per day compared to October to 43.06 million barrels per day. US crude oil production in the week of December 5th increased by 38,000 barrels per day to 13.853 million barrels per day, near a record high [4]. - US crude oil product four - week average supply increased to 20.417 million barrels per day, 0.31% higher than the same period last year, but the margin of increase decreased. Gasoline weekly demand increased 1.56% week - on - week to 8.456 million barrels per day, and the four - week average demand was 8.509 million barrels per day, 1.27% lower than the same period last year. Diesel weekly demand increased 21.22% week - on - week to 4.158 million barrels per day, and the four - week average demand was 3.708 million barrels per day, 3.42% higher than the same period last year. The significant increase in diesel demand drove a 4.42% week - on - week increase in US crude oil product single - week supply [4][6].

Report Industry Investment Rating - Not provided Core View of the Report - PVC is expected to move in a sideways pattern, and its upside potential is limited in the near term due to factors such as high inventory, weak downstream demand, and the traditional off - season [1] Summary by Relevant Catalogs Market Analysis - The calcium carbide price in the upstream northwest region is stable. The PVC operating rate decreased by 0.46 percentage points to 79.43% week - on - week, remaining at a relatively high level in recent years. The downstream operating rate of PVC declined slightly, and downstream product orders were poor. In terms of exports, PVC exchanged volume for price, and last week's export orders increased, but the Indian market price is falling, and Indian demand is limited. Social inventory increased slightly last week and remains high, with significant inventory pressure. From January to November 2025, the real estate market is still in the adjustment phase, with large year - on - year declines in investment, new construction, construction, and completion areas, and further drops in year - on - year growth rates. The weekly sales area of commercial housing in 30 large and medium - sized cities increased week - on - week but is still at the lowest level in recent years. The real estate market needs time to improve. New production capacities of 300,000 tons/year from Gansu Yaowang and 300,000 tons/year from Jiaxing Jiahua have recently been put into operation. The rebound of bulk commodities such as coking coal boosted market sentiment, the comprehensive gross profit of chlorine - alkali decreased, and the operating expectations of some producers declined, but the current decline in production is limited, and futures warehouse receipts are still at a high level. Taiwan Plastics' December quotes generally decreased, and the Indian market price is falling, with limited Indian demand. December is the traditional off - season for domestic PVC demand [1] Futures and Spot Market - Futures: The PVC2605 contract increased in positions and moved in a sideways pattern, with a minimum price of 4,639 yuan/ton, a maximum price of 4,694 yuan/ton, and finally closed at 4,680 yuan/ton, below the 20 - day moving average, with a gain of 1.17%. The position increased by 40,723 hands to 890,154 hands [2] - Basis: On December 17, the mainstream price of calcium carbide - based PVC in East China rose to 4,410 yuan/ton. The futures closing price of the V2605 contract was 4,680 yuan/ton. The current basis is - 270 yuan/ton, strengthening by 4 yuan/ton, and the basis is at a relatively low level [3] Fundamental Tracking - Supply: Affected by facilities such as Ningbo Zhengyang and Yibin Tianyuan, the PVC operating rate decreased by 0.46 percentage points to 79.43% week - on - week, continuing a slight decline and remaining at a relatively high level in recent years. New production capacities of 500,000 tons/year from Wanhua Chemical, 400,000 tons/year from Tianjin Bohua, 200,000 tons/year from Qingdao Haiwan, 300,000 tons/year from Gansu Yaowang, and 300,000 tons/year from Jiaxing Jiahua have been put into operation in the second half of the year [4] - Demand: The real estate market is still in the adjustment phase, with large year - on - year declines in investment, new construction, and completion areas, and further drops in year - on - year growth rates. From January to November 2025, the national real estate development investment was 785.91 billion yuan, a year - on - year decrease of 15.9%. The sales area of commercial housing was 787.02 million square meters, a year - on - year decrease of 7.8% (residential sales area decreased by 8.1%); the sales volume of commercial housing was 751.3 billion yuan, a decrease of 11.1% (residential sales volume decreased by 11.2%). The new construction area of houses was 534.57 million square meters, a year - on - year decrease of 20.5% (residential new construction area decreased by 19.9%); the construction area of real estate development enterprises' houses was 6.56066 billion square meters, a year - on - year decrease of 9.6%. The completion area of houses was 394.54 million square meters, a year - on - year decrease of 18.0% (residential completion area decreased by 20.1%). The overall real estate market needs time to improve. As of the week of December 14, the sales area of commercial housing in 30 large and medium - sized cities increased by 13.80% week - on - week but is still at the lowest level in recent years. Attention should be paid to whether real estate favorable policies can boost commercial housing sales [5] - Inventory: As of the week of December 11, the PVC social inventory increased by 0.03% week - on - week to 1.0593 million tons, 27.63% higher than the same period last year. The social inventory increased slightly and remains high (Longzhong increased the social storage capacity in East and South China from 21 to 41) [6]