黑色商品日报 黑色商品日报（2026 年 1 月 6 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 钢材 | 螺纹钢：新年首个交易日，螺纹盘面震荡下跌，截止日盘螺纹 2605 合约收盘价格为 3104 元/吨，较上一 交易收盘价格下跌 18 元/吨，跌幅为 0.58%，持仓增加 4.31 万手。现货价格稳中有跌，成交回落，唐山地 | 震荡偏弱 | | | 区迁安普方坯价格持平于 2930 元/吨，杭州市场中天螺纹价格下跌 10 元/吨至 3200 元/吨，全国建材成交 | | | | 量 8.68 万吨。据钢银数据，本周全国建材库存下降 3.22%至 301.59 万吨，热卷库存增加 3.74%至 206.75 万 | | | | 吨。建材库存降幅有所收窄，热卷库存由降转增。随着钢厂盈利改善，近期铁水及螺纹产量均有所回升， | | | | 最新螺纹周度产量环比回升 3.83 万吨至 188.22 万吨，已连续三周出现回升。而随着气温下降，近期工程 | | | | 施工节奏放缓，终端需求逐步回落，市场供需压力有所加大。预计短期螺纹盘面或震荡偏弱运行。 | | ...

Report Industry Investment Rating - Not provided in the document Core Viewpoints - Not provided in the document Summary by Relevant Catalogs Index Trends - On January 5th, the Shanghai Composite Index rose 1.38% to close at 4023.42 points with a trading volume of 1067.334 billion yuan; the Shenzhen Component Index rose 2.24% to close at 13828.63 points with a trading volume of 1478.937 billion yuan [1] - The CSI 1000 Index rose 2.09% with a trading volume of 542.231 billion yuan, opening at 7639.54, closing at 7753.88, with a daily high of 7753.96 and a low of 7623.75 [1] - The CSI 500 Index rose 2.49% with a trading volume of 504.69 billion yuan, opening at 7523.88, closing at 7651.2, with a daily high of 7651.24 and a low of 7523.25 [1] - The SSE 50 Index rose 2.26% with a trading volume of 169.562 billion yuan, opening at 3052.13, closing at 3099.75, with a daily high of 3105.4 and a low of 3052.13 [1] - The CSI 300 Index rose 1.9% with a trading volume of 630.577 billion yuan, opening at 4661.62, closing at 4717.75, with a daily high of 4721.64 and a low of 4661.62 [1] Impact of Sector Fluctuations on Index - The CSI 1000 rose 158.6 points from the previous closing price, with sectors such as Medicine and Biology, Electronics, and Computer significantly pulling the index upwards [2] - The CSI 500 rose 185.63 points from the previous closing price, with sectors such as Electronics and Medicine and Biology significantly pulling the index upwards [2] - The CSI 300 rose 87.81 points from the previous closing price, with sectors such as Electronics, Non - Banking Finance, and Power Equipment significantly pulling the index upwards [2] - The SSE 50 rose 68.62 points from the previous closing price, with sectors such as Non - Banking Finance, Electronics, and Food and Beverage significantly pulling the index upwards [2] Stock Index Futures Basis and Annualized Opening Costs Converted from Basis - IM00 average daily basis was - 1.83, IM01 was - 71.31, IM02 was - 129.65, and IM03 was - 365.56 [13] - IC00 average daily basis was 3.91, IC01 was - 40.19, IC02 was - 71.53, and IC03 was - 257.64 [13] - IF00 average daily basis was - 1.41, IF01 was - 14.05, IF02 was - 21.11, and IF03 was - 68.62 [13] - IH00 average daily basis was - 0.73, IH01 was - 2.59, IH02 was - 0.68, and IH03 was - 10.96 [13] Stock Index Futures Roll - over Point Differences and Their Annualized Costs Converted - For IM, data on roll - over point differences and their annualized costs at different times (e.g., 09:45, 10:00, etc.) are provided [22][27] - For IC, data on roll - over point differences and their annualized costs at different times (e.g., 09:45, 10:00, etc.) are provided [24] - For IF, data on roll - over point differences and their annualized costs at different times (e.g., 09:45, 10:00, etc.) are provided [25] - For IH, data on roll - over point differences and their annualized costs at different times (e.g., 09:45, 10:00, etc.) are provided [26]

光大期货煤化工商品日报 光大期货煤化工商品日报（2026 年 1 月 6 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 2026年第一个交易日尿素期货价格偏强震荡，主力05合约收盘价1768元/吨，涨幅1 .43%。现货市场走势偏强，主流地区市场价格上调10~20元/吨不等，山东、河南地 | | | | 区市场价格均为1720元/吨，日环比均上涨10元/吨。近期尿素装置检修与复产并存 | | | | ，尿素供应水平低位波动。昨日行业日产量19.86万吨，日环比提升0.14万吨。需求 | | | 尿素 | 情绪继续回暖，主流地区产销率提升至160%~220%区间，个别地区稍显偏弱。印度 | 偏强 震荡 | | | 本次 标东、西海 价格均较上一 有所提升，提 国内市场情绪。整体来看， | | | | 短期在国内需求承接尚可及印标价格支撑下，尿素市场情绪仍偏强运行，且后续 | | | | 仍预计有出口方面题材发酵。预计尿素期货价格延续偏强震荡趋势，关注现货市 | | | | 场成交氛围、印标最 结果及商品市场整体情绪。 | | | 纯碱 | 2026年第一个 ...

软商品日报 光大期货软商品日报（2026 年 1 月 6 日） 一、研究观点 | 品种 | 点评 周一，ICE 美棉上涨 0.98%，报收 64.64 美分/磅，郑棉主力合约环比上涨 0.72%， | 观点 | | --- | --- | --- | | 棉花 | 报收 14655 元/吨，主力合约持仓环比增加 29136 手至 88.99 万手。国际市场方面， 海外宏观扰动不断，ICE 美棉期价重心小幅上移，美元指数仍在 98-99 区间震荡， 预计短期美棉仍震荡为主。国内市场方面，昨日郑棉期价冲高回落，主力合约持 仓持续增加。我们认为，预期偏强是近期行情驱动的主要因素之一。展望未来， 短期郑棉或在高位有一定分歧，但中长期来看，棉价上方或仍有一定空间。后续 | 偏强震 荡 | | | 关注点，一是下游纺织企业春节前是否会有新一轮补库需求；二是明年一季度， 宏观层面是否会降准降息，以及通常在 4 月 10 号左右公布的新一轮棉花目标价格 补贴政策细则。 | | | | 消息方面，截至 2025 年 12 月 31 日，印度 2025/26 榨季糖产量达到 1189.7 万吨， 较去年同期的 954 万吨增加近 ...

农产品日报（2026 年 1 月 6 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周一，玉米先跌后涨。主力 2603 合约受小麦竞价销售利空政策影响，开盘跳空 | | | | 下行，其后期价企稳日内表现震荡反弹。现货市场中，玉米报价持稳，现货成交 | | | | 清淡。目前，东北地区玉米价格基本维持平稳，北港价格窄幅下调。产区农户目 | | | | 前仍存在惜售情绪，市场上量偏慢，贸易商收购不积极，维持难买难卖局面。华 | | | | 北地区玉米价格整体稳定，少数企业价格窄幅下调，主流价格保持不变。深加工 | | | 玉米 | 企业库存尚可，采购压力不大。基层贸易商库存较去年同期相比偏低，收购意愿 | 震荡下行 | | | 尚可，随着干粮增加和春节临近，预计基层玉米购销活跃度逐渐增加。销区市场 | | | | 玉米价格稳定。元旦假期成交清淡，港口贸易商报价无变化，下游企业按需补库， | | | | 整体市场购销不活跃。技术上，玉米主力 2603 合约周线图表在短期均线的密集 | | | | 成交处企稳，期价呈现震荡表现。中期，谷物市场政策利空影响持续， ...

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - On January 5, industrial silicon fluctuated weakly, with the main contract 2605 closing at 8,730 yuan/ton, a daily decline of 1.24%, and an increase of 13,298 lots in positions to 217,000 lots. The spot reference price of industrial silicon from Baichuan remained stable at 9,603 yuan/ton compared to the previous trading day. The price of the lowest deliverable product remained stable at 8,850 yuan/ton, and the spot changed from a discount to a premium of 120 yuan/ton. Polysilicon fluctuated strongly, with the main contract 2605 closing at 58,645 yuan/ton, a daily increase of 2.31%, and a decrease of 1,797 lots in positions to 75,000 lots. The price of Baichuan's N-type re - fed silicon material was raised to 53,250 yuan/ton, and the price of the lowest deliverable silicon material was also raised to 53,250 yuan/ton. The spot discount to the main contract widened to 5,395 yuan/ton [2]. - The main production area of industrial silicon continues to shift northward. Although there is a reduction in production due to environmental protection, it cannot offset the decline in demand. Polysilicon has limited production cuts, the organic silicon industry has a collective production cut, and the aluminum alloy industry has an environmental protection - related production cut. Industrial silicon has cost support but no upward driving force, so it is advisable to consider short - selling on rebounds [2]. - Although the recent increase in battery cells has led to a price increase in the photovoltaic industry chain, due to the blockage in the component link, the effect of further price increases is limited, and downstream enterprises have further expanded the scale of production cuts. In January, industry self - discipline and joint production cuts of silicon materials are expected to lead to an unexpected reduction in polysilicon supply, providing strong support. At the same time, due to the exchange's implementation of risk control and position limits, the upward premium space is tightened. Attention should be paid to the implementation of production cuts by silicon material factories, the purchasing sentiment of downstream enterprises, and the inventory dynamics of the industrial chain [2]. 3. Summary by Directory 3.1 Research Viewpoints - Industrial silicon fluctuated weakly, and polysilicon fluctuated strongly on January 5. Industrial silicon has cost - support but lacks upward drivers, and polysilicon may have an unexpected supply reduction [2]. 3.2 Daily Data Monitoring - Industrial silicon: The futures settlement price of the main contract decreased by 130 yuan/ton to 8,730 yuan/ton, and the near - month contract decreased by 145 yuan/ton to 8,630 yuan/ton. The spot prices of various grades of industrial silicon remained stable. The current lowest deliverable product price remained at 8,850 yuan/ton, and the spot changed from a discount to a premium of 120 yuan/ton. The industrial silicon warehouse receipts remained unchanged at 10,231, the Guangzhou Futures Exchange inventory increased by 18,175 tons to 51,155 tons, and the social inventory decreased by 7,750 tons to 448,400 tons [4]. - Polysilicon: The futures settlement price of the main contract increased by 725 yuan/ton to 58,645 yuan/ton, and the near - month contract increased by 830 yuan/ton to 58,500 yuan/ton. The prices of some polysilicon products increased, with the current lowest deliverable product price rising to 53,250 yuan/ton, and the spot discount to the main contract widening to 5,395 yuan/ton. The polysilicon warehouse receipts remained unchanged at 4,030, the Guangzhou Futures Exchange inventory increased by 81,000 tons to 120,900 tons, and the social inventory increased by 26,000 tons to 308,000 tons [4]. - Organic silicon: The prices of DMC in the East China market, raw rubber, and 107 glue remained stable, while the price of dimethyl silicone oil increased by 1,000 yuan/ton to 15,200 yuan/ton [4]. 3.3 Chart Analysis - **Industrial silicon and cost - side prices**: Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [6][9][11]. - **Downstream product prices**: Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [14][16][18]. - **Inventory**: Charts present the industrial silicon and polysilicon futures inventories, weekly industrial silicon industry inventories, weekly industrial silicon inventory changes, weekly polysilicon inventories, and weekly DMC inventories [21][22][24]. - **Cost - profit**: Charts show the average cost and profit levels of industrial silicon, weekly cost - profit of industrial silicon, polysilicon processing industry profit, DMC cost - profit, and aluminum alloy cost - profit [26][28][31]. 3.4 Team Introduction - The research team includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience in the non - ferrous metal and new energy industries, and have won many industry - related awards [34][35].

光期研究 光期黑色：铁矿石基差及价差监测日报 2026 年 1 月 6 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 797.0 | 789.5 | 7.5 | I05-I09 | 22.0 | 21.0 | 1.0 | | I09 | 775.0 | 768.5 | 6.5 | I09-I01 | -39.5 | -36.5 | -3.0 | | I01 | 814.5 | 805.0 | 9.5 | I01-I05 | 17.5 | 15.5 | 2.0 | 图表1：05-09合约价差（单位：元/吨） 图表2：01-05合约价差（单位：元/吨） p 2 -100 -50 0 50 100 150 05 06 07 08 09 10 11 12 01 2101-2105 2201- ...

1. Report's Industry Investment Rating - No information provided regarding the industry investment rating 2. Core View of the Report - On January 5, 2026, the lithium carbonate futures 2605 contract rose 7.74% to 129,980 yuan/ton. The average price of battery - grade lithium carbonate increased by 1,000 yuan/ton to 119,500 yuan/ton, and the average price of industrial - grade lithium carbonate rose by 1,500 yuan/ton to 117,000 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) increased by 500 yuan/ton to 110,800 yuan/ton. The warehouse receipt inventory remained at 20,281 tons [3]. - On the supply side, the weekly output increased by 259 tons to 22,420 tons. In January 2026, the lithium carbonate output is expected to decline by 1.2% to 97,970 tons. On the demand side, in January 2026, the output of ternary materials, ternary power batteries, and iron - lithium power batteries is expected to decline, while the iron - lithium energy storage output is expected to increase by 0.99% to 63.15GWh. In terms of inventory, the weekly social inventory of lithium carbonate decreased by 168 tons to 109,605 tons [3]. - Recently, due to overseas geopolitical disturbances, continued domestic stimulus policies, and speculation about solid waste, the lithium price rose significantly. According to preliminary production scheduling data, supply and demand are both weak in January. There is a risk of inventory accumulation, but considering the current inventory structure and the medium - to - long - term trading logic of being bullish on lithium prices, it is believed that there will be restocking demand when prices fall, and prices are more likely to rise than fall [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Price Changes**: The lithium carbonate futures 2605 contract, battery - grade and industrial - grade lithium carbonate, and battery - grade lithium hydroxide prices all increased on January 5, 2026, while the warehouse receipt inventory was unchanged [3]. - **Supply - Demand - Inventory Situation**: The weekly supply increased, but the January 2026 output is expected to decline. The demand for most products in January 2026 is expected to decline, except for iron - lithium energy storage. The weekly social inventory decreased [3]. - **Price Outlook**: Short - term terminal demand cannot be falsified, and there is no conclusion on the procurement, sales, pricing mechanism, and processing fees at the cathode end. Considering the inventory structure and long - term bullish logic, the price is likely to rise [3]. 3.2 Daily Data Monitoring - **Futures and Lithium Ore**: The closing prices of the main and continuous contracts of lithium carbonate futures increased, the price of lithium mica increased, and the price of lithium spodumene concentrate decreased. The prices of some other lithium ores remained unchanged [5]. - **Lithium and Lithium Salts**: The prices of battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide increased, and the price of lithium hexafluorophosphate remained unchanged [5]. - **Price Spreads**: The spread between battery - grade and industrial - grade lithium carbonate, and between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased, while some other spreads increased [5]. - **Precursors and Cathode Materials**: The prices of various ternary precursors and cathode materials, as well as lithium iron phosphate and lithium manganate, increased, and the price of cobalt acid lithium also increased [5]. - **Lithium Batteries**: The prices of various lithium battery cells and batteries remained unchanged [5]. 3.3 Chart Analysis - **Ore Prices**: The report shows the price trends of lithium spodumene concentrate, different grades of lithium mica, and phospho - lithium - aluminum stone from 2024 to 2026 [6][9]. - **Lithium and Lithium Salt Prices**: It presents the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2026 [12][17]. - **Price Spreads**: The report displays the price spread trends between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and some other spreads from 2024 to 2026 [19][20]. - **Precursors and Cathode Materials**: It shows the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2026 [25][30]. - **Lithium Battery Prices**: The report presents the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2026 [32][36]. - **Inventory**: It shows the inventory trends of downstream, smelters, and other links from May 15, 2025, to December 11, 2025 [38][40]. - **Production Costs**: The report displays the production profit trends of lithium carbonate from different raw materials from 2024 to 2026 [43][44].

光大期货金融期货日报 光大期货金融期货日报（2026 年 01 月 06 日） 一、研究观点 | 品种 | 点评 市场全天震荡走强，沪指重返 4000 点上方，创业板指涨近 3%。中证 A500 | 观点 | | --- | --- | --- | | | 指数涨逾 2%，创 2022 年 1 月以来新高。个股涨多跌少，沪深京三市超 4100 股飘红，今日成交 2.57 万亿。截止收盘沪指涨 1.38%，深成指涨 2.24%，创 | | | | 业板指涨 2.85%。我们认为，1 月指数继续在中枢内震荡的概率较高，指数 | | | | 级别冲破中枢向上的条件可能还未成熟。春季躁动行情需要一定的条件，对 | | | 股指 | 小盘指数而言，需要政策边际放宽流动性；对大盘而言，需要通胀预期的持 | 震荡 | | | 续改善。当下上述条件并不突出。从盘面来看，三组逻辑背离可能支撑上述 | | | | 观点：（1）价格持续上涨但成交量未明显增加；（2）融资余额上涨但指数隐 | | | | 含波动率回落；（3）A500ETF 大幅申购但 IF 净空头增加。上述逻辑背离表 | | | | 明市场可能并未对指数向上突破做好 ...

1. Report Industry Investment Rating - All the analyzed energy and chemical products, including crude oil, fuel oil, asphalt, rubber, methanol, polyolefins, and PVC, are rated as "volatile" [1][2][4][6]. 2. Core Viewpoints of the Report - The geopolitical situation in Venezuela has led to short - term fluctuations in crude oil prices. OPEC and non - OPEC countries' production plans and Venezuela's actual supply situation will affect the oil market. Overall, short - term downside risks for oil prices are limited [1]. - The fuel oil market is under pressure due to sufficient supply. High - sulfur fuel oil has some demand support, while low - sulfur fuel oil demand is weak. Both high - and low - sulfur fuel oil prices are expected to follow oil price fluctuations [2]. - The asphalt market has bottom support from raw materials and supply, but there is uncertainty in future raw material supply. Prices are expected to stabilize and strengthen [4]. - The rubber market is affected by factors such as heavy - truck sales and overseas production. With minor fundamental contradictions, rubber prices are expected to fluctuate [4]. - The methanol market has a supply - demand balance. A decline in Iranian shipments will support prices, while compressed MTO device profits may put pressure on prices. It is expected to maintain a low - level, strong - side fluctuation [6]. - The polyolefin market has a supply reduction in January and a demand recovery in the first half of the month. However, inventory is expected to increase in the second half of the month, so prices will fluctuate at the bottom [7]. - The PVC market has high - level supply, weak domestic demand, and a weak - reality, strong - expectation structure. Price increases are limited, and it is expected to fluctuate at the bottom [8]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Monday, oil prices rose. WTI February contract closed up $0.10 to $58.32 per barrel, Brent March contract closed up $1.01 to $61.76 per barrel, and SC2602 closed up 1.3 yuan to 428.1 yuan per barrel. OPEC and 8 major non - OPEC countries will maintain the production plan and pause production increases in February and March. Venezuela has large oil reserves, but short - term supply has increased marginally, and medium - term uncertainty remains. Overall, short - term downside risks for oil prices are limited [1]. - **Fuel Oil**: On Monday, the main fuel oil contracts on the Shanghai Futures Exchange declined. Singapore's fuel oil supply is expected to be sufficient in January - February, with high - sulfur and low - sulfur fuel oil supply increasing. High - sulfur fuel oil demand is strong, while low - sulfur fuel oil demand is weak. The market is under pressure, and prices are expected to follow oil price fluctuations [2]. - **Asphalt**: On Monday, the main asphalt contract on the Shanghai Futures Exchange rose. Diluted asphalt port arrivals are stable in the short term, but there is uncertainty in future raw material supply. With winter - storage contracts supporting the bottom, asphalt prices are expected to stabilize and strengthen [4]. - **Rubber**: On Monday, rubber - related contracts on the Shanghai Futures Exchange rose. In December 2025, China's heavy - truck sales decreased by about 16% month - on - month but increased by about 13% year - on - year. Indonesia's rubber exports increased. With minor fundamental contradictions, rubber prices are expected to fluctuate [4]. - **Methanol**: On Monday, methanol - related prices were reported. In January, domestic production is expected to increase slightly, and imports will decline. Demand has certain support. Iranian shipments decline will support prices, while compressed MTO device profits may put pressure on prices. It is expected to maintain a low - level, strong - side fluctuation [6]. - **Polyolefins**: On Monday, polyolefin - related prices were reported. In January, supply will decrease slightly, and demand will recover in the first half of the month but weaken in the second half. Inventory is expected to increase in the second half of the month, and prices will fluctuate at the bottom [7]. - **PVC**: On Monday, PVC market prices in different regions showed narrow fluctuations. Supply remains high, domestic demand slows, and there is a weak - reality, strong - expectation structure. Price increases are limited, and it is expected to fluctuate at the bottom [8]. 3.2 Daily Data Monitoring - The report provides data on the basis of various energy and chemical products, including crude oil, liquefied petroleum gas, asphalt, high - sulfur fuel oil, low - sulfur fuel oil, methanol, urea, linear low - density polyethylene, polypropylene, etc. It shows spot prices, futures prices, basis, basis rates, price changes, and the position of the latest basis rate in historical data [9]. 3.3 Market News - US President Trump stated that US investment in Venezuela's oil industry is a key goal, and the US embargo on Venezuelan oil remains in effect. OPEC and 8 major non - OPEC countries will maintain the production plan and pause production increases in February and March to stabilize the oil market [11]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents historical price charts of main contracts for various energy and chemical products from 2021 - 2025, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, LPG, PTA, ethylene glycol, etc. [13][14][15]. - **4.2 Main Contract Basis**: It shows historical basis charts of main contracts for various products, such as crude oil, fuel oil, low - sulfur fuel oil, asphalt, ethylene glycol, PP, etc. [30][34][35]. - **4.3 Inter - contract Spreads**: The report provides charts of inter - contract spreads for different products, including fuel oil, asphalt, PTA, ethylene glycol, PP, LLDPE, natural rubber, etc. [42][44][48]. - **4.4 Inter - product Spreads**: It presents charts of inter - product spreads, such as crude oil's internal - external spread, B - W spread, fuel oil's high - low sulfur spread, fuel oil/asphalt ratio, etc. [59][61][63]. - **4.5 Production Profits**: The report shows production profit charts for LLDPE and PP [68]. 3.5 Research Team Member Introduction - The report introduces the members of the energy and chemical research team, including Deputy Director Zhong Meiyan, Research Director Du Bingqin, Natural Rubber/Polyester Analyst Di Yilin, and Methanol/Propylene/Pure Benzene PE/PP/PVC Analyst Peng Haibo, along with their educational backgrounds, honors, and work experiences [72][73][74]. 3.6 Contact Information - The company's address is in the China (Shanghai) Pilot Free Trade Zone, with a phone number, fax number, customer service hotline, and postal code provided [77].