Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The current log market has weak supply and demand, with low spot prices. The 03 contract has less inventory pressure due to low inventory and expected reduction in later shipments. However, the weak demand limits the upward adjustment space. Overall, there is insufficient contradiction, and the upward and downward drivers are limited. It is expected that the market will mainly fluctuate within a range [2]. 3) Summary According to Relevant Catalogs Futures and Spot Prices - **Futures Prices**: On January 12, 2026, the price of log 2601 was 770, up 28 from January 9, with a rise of 3.77%; log 2603 was 773, down 1.5, a decline of -0.19%; log 2605 was 786.5, down 0.5, a decline of -0.06%; log 2607 was 799.5, up 1.5, a rise of 0.19%. The main contract basis was -33, up 1.5 [1]. - **Spot Prices**: The prices of most spot logs remained stable, except for the 4A medium radiata pine in Taicang Port, which increased by 10 to 740, with a rise of 1.37%. The latest round of foreign market quotes for radiata pine 4 - meter medium A was 110 US dollars/JAS cubic meter [1]. Cost: Import Cost Calculation On January 13, the RMB - US dollar exchange rate was 6.968, with no change. The import theoretical cost, calculated at a 15% over - length, was 754.94 yuan, down 0.15 from January 12, a decline of 0% [1]. Supply - **Monthly Supply**: In November, the port freight volume was 191.4 (ten thousand/cubic meters), up 2.2 from October, with a rise of 1.16%. The number of ships from New Zealand to China, Japan, and South Korea was 52, up 3 from the previous period, a rise of 6.12% [1]. - **Expected Arrivals**: From January 12 - 18, 2026, 15 New Zealand log ships are expected to arrive at 13 Chinese ports, an increase of 6 from last week, a week - on - week increase of 67%; the arrival volume is about 48.6 (ten thousand/cubic meters), an increase of 18.1 from last week, a week - on - week increase of 59% [2]. Inventory As of January 9, the total inventory of domestic coniferous logs was 269 (ten thousand/cubic meters), an increase of 2 from last week. The inventory in Shandong was 196 (ten thousand/cubic meters), up 1, a rise of 0.51% [1][2]. Demand As of January 9, the average daily log出库 volume was 5.75 (ten thousand/cubic meters), an increase of 0.1 from the previous week. The demand in Shandong decreased by 0.1 to 2.79 (ten thousand/cubic meters), a decline of - 3%, while the demand in Jiangsu increased by 0.18 to 2.35 (ten thousand/cubic meters), a rise of 8% [1][2].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - Future market may focus on the impact of US economic data on Fed policy expectations and geopolitical disturbances. If the market overheats, the exchange will take further risk - control measures. If the impact of news weakens, the market will maintain a moderately strong oscillation. Gold can be lightly held long - position above $4300, or sell out - of - the - money put options to earn time value [1]. - For silver, due to the intensifying global inventory shortage and the large - scale increase of spot by institutional long - position funds through ETF and physical delivery, the price is running strongly. The price center is expected to rise continuously, but the rising raw material cost may suppress industrial demand. After the adjustment of the global commodity index is basically digested, it is recommended to hold long - positions above $75 and operate cautiously on a single side in the short - term under high - volatility risk [1]. - Platinum and palladium are strong in terms of macro and supply - demand fundamentals, and their prices are still undervalued compared with gold. The value is reshaped by capital, and they are expected to continue to oscillate upward in the medium - to - long - term. In the short - term, market speculative sentiment weakens and fluctuations narrow. Given the strong external market trend, it is recommended to buy lightly near the 20 - day moving average [1]. 3) Summary by Relevant Catalogs Domestic Futures Closing Prices - AU2602 contract: Closed at 1026.28 yuan/gram on January 12, up 1.97% from January 9 [1]. - AG2604 contract: Closed at 20945 yuan/kilogram on January 12, up 11.82% from January 9 [1]. - PT2606 contract: Closed at 622.80 yuan/gram on January 12, up 3.83% from January 9 [1]. - PD2606 contract: Closed at 499.05 yuan, up 1.21% from January 9 [1]. Foreign Futures Closing Prices - COMEX gold主力合约: Closed at 4518.40 dollars/ounce on January 12, up 2.00% from January 9 [1]. - COMEX silver主力合约: Up 6.72% from January 9 [1]. - NYMEX platinum主力合约: Closed at 2361.30 dollars/ounce on January 12, up 3.67% from January 9 [1]. - NYMEX palladium主力合约: Closed at 1911.50 dollars/ounce on January 12, up 2.00% from January 9 [1]. Spot Prices - London gold: The current price is 4509.02 dollars/ounce, up 1.99% [1]. - London silver: Up 6.54% [1]. - Spot platinum: The current price is 2374.00 dollars/ounce, up 4.03% [1]. - Spot palladium: The current price is 1851.00 dollars/ounce, up 0.98% [1]. - Shanghai Gold Exchange gold T + D: Closed at 1022.12 yuan/gram on January 12, up 1.91% from January 9 [1]. - Shanghai Gold Exchange silver T + D: Closed at 20902 yuan/kilogram on January 12, up 11.42% from January 9 [1]. - Shanghai Gold Exchange platinum 9995: Closed at 613 yuan/gram on January 12, up 3.39% from January 9 [1]. Basis - Gold TD - Shanghai gold main contract: The current value is - 4.16, with a historical 1 - year quantile of 46.10% [1]. - Silver TD - Shanghai silver main contract: The current value is - 43, with a historical 1 - year quantile of 60.60% [1]. - London gold - COMEX gold: The current value is - 10.24, with a historical 1 - year quantile of 73.80% [1]. - London silver - COMEX silver: The current value is - 0.14, with a historical 1 - year quantile of 71.20% [1]. Ratio of Different Metals - COMEX gold/silver: The current value is 54.12, down 4.43% [1]. - SHFE gold/silver: The current value is 53.73, down 8.81% [1]. - NYMEX platinum/palladium: The current value is 1.24, up 1.63% [1]. - GZFE platinum/palladium: The current value is 1.23, up 2.59% [1]. Interest Rates and Exchange Rates - 10 - year US Treasury yield: The current value is 4.19%, up 0.2% [1]. - 2 - year US Treasury yield: The current value is 3.54%, unchanged [1]. - 10 - year TIPS Treasury yield: The current value is 1.90%, unchanged [1]. - US dollar index: The current value is 98.89, down 0.24% [1]. - Offshore RMB exchange rate: The current value is 6.9687, down 0.10% [1]. Inventory and Positions - SHFE gold inventory: The current value is 97653 kilograms, unchanged [1]. - SHFE silver inventory: The current value is 649643 kilograms, up 4.74% [1]. - COMEX gold inventory: The current value is 36311918 ounces, unchanged [1]. - COMEX silver inventory: The current value is 439740503 ounces, down 0.51% [1]. - COMEX gold registered warehouse receipts: The current value is 19180167 ounces, down 0.52% [1]. - COMEX silver registered warehouse receipts: The current value is 123897999 ounces, down 1.23% [1]. - SPDR gold ETF position: The current value is 1071 tons, up 0.59% [1]. - SLV silver ETF position: The current value is 16348 tons, up 0.24% [1].

电 话：020-88818051 E-Mail：yeqianning@gf.com.cn 股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 目录： 股指期货： IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2603 | 总持仓小幅上升 | 国君多头加仓超 2000 手 | | 上证 | 50 | IH2603 | 总持仓保持平稳 | 前二十席位增减仓不一 | | 中证 | 500 | IC2603 | 总持仓明显下降 | 中信多空头各减仓 2000 手以上 | | 中证 | 1000 | IM2603 | 总持仓明显上升 | 中信多头增仓超 2000 手 | 股指期货持仓日度变动简评 249.0 -303.0 -6,868.0 4,629.0 2,755.0 -1,098.0 -7,660.0 9,639.0 -10,000 -8,000 -6,000 -4,000 -2,000 0 2,000 4,000 6,000 8,000 10,000 12,000 ...

Group 1: Red Dates Report Industry Investment Rating Not provided Core View The current market supply is sufficient, pre - Spring Festival stocking has not started, and overall market transactions are light. Futures warehouse receipts are gradually increasing. Attention should be paid to the destocking progress of social inventory. In the short term, there is no obvious driver in the fundamentals, and futures prices will fluctuate and consolidate [1]. Summary by Relevant Catalogs - **Futures Market**: The prices of red dates 2605, 2607, and 2609 contracts have different degrees of changes, with the 2609 contract rising 0.48%. The 5 - 7 spread increased by 11.11%, and the 5 - 9 spread decreased by 21.88%. The position decreased by 0.36%, while the warehouse receipts increased by 11.77%, and the effective forecasts decreased by 23.25% [1]. - **Spot Market**: The prices of Cangzhou's special - grade, first - grade, and second - grade red dates remained stable or slightly decreased. The basis of special - grade red dates to the main contract increased by 82.61%, and that of first - grade red dates decreased by 4.00% [1]. Group 2: Apples Report Industry Investment Rating Not provided Core View In the short term, the futures market is supported by a low good - fruit rate and low inventory. With the approaching of the Spring Festival stocking season, market activity has increased. In the medium - to - long term, good - quality apples are in short supply and prices are firm, but high prices may suppress consumption. Other fruits with price advantages will squeeze the apple market, and the inventory pressure of ordinary apples is large. Therefore, the futures market will fluctuate at a high level, showing a pattern of near - term strength and long - term weakness [8]. Summary by Relevant Catalogs - **Futures Market**: The price of the apple 2605 (main) contract decreased by 0.61%, and the 2610 contract increased by 0.11%. The basis increased by 3.96%, and the 5 - 10 spread decreased by 5.59%. The position decreased by 10.69% [3]. - **Spot Market**: The arrivals at several fruit wholesale markets increased. The national cold - storage inventory decreased by 1.73%, and the factory - warehouse delivery profit decreased by 4.38% [3]. Group 3: Sugar Report Industry Investment Rating Not provided Core View ICE raw - sugar futures closed down, but the decline was limited by the weakening dollar. The market's focus has shifted to Brazil's 26/27 sugar - crushing season starting in April. The rainfall in Brazil is conducive to sugar - cane growth, and India's production is strong, while Thailand's crushing progress is slow. Overall, raw - sugar prices will fluctuate between 14.5 - 15.5 cents per pound. In the domestic market, the production and sales data of Guangxi and Yunnan are mixed, in line with market expectations. With the approaching of the Spring Festival, transactions are acceptable, and enterprises mainly sell at market prices. Considering the expected increase in production, the market is cautious, and sugar prices are expected to fluctuate at a low level [9]. Summary by Relevant Catalogs - **Futures Market**: The prices of sugar 2605 and 2609 contracts decreased, and the ICE raw - sugar main contract decreased by 0.47%. The 5 - 9 spread increased by 45.45%. The position of the main contract decreased by 0.33%, the warehouse receipts increased by 48.86%, and the effective forecasts decreased by 42.38% [10]. - **Spot Market**: The prices of Nanning and Kunming decreased or remained stable. The basis of Nanning decreased by 8.54%, and that of Kunming increased by 5.17%. The prices of imported Brazilian sugar (both within and outside the quota) decreased [10]. Group 4: Cotton Report Industry Investment Rating Not provided Core View ICE cotton futures closed slightly higher. The January USDA supply - and - demand report predicted stable cotton demand and lower production estimates. The drought index in the US cotton - growing areas continued to rise, but it is still early for sowing. USDA export sales have declined continuously, and export expectations may be lowered. It is expected that US cotton will maintain a low - level fluctuation pattern. Zhengzhou cotton is supported by the rigid demand of textile enterprises at low prices, but the profits of Xinjiang textile enterprises and the cash flow of inland textile enterprises have been compressed. The fundamental positives have been fully priced in, and the adverse factors are increasing. Overall, the upward trend remains, but in the short term, cotton prices may enter an adjustment phase [13]. Summary by Relevant Catalogs - **Futures Market**: The prices of cotton 2605 and 2609 contracts decreased, and the ICE cotton main contract increased by 0.12%. The 5 - 9 spread increased by 8.11%. The position decreased by 3.66%, the warehouse receipts increased by 5.14%, and the effective forecasts decreased by 4.57% [13]. - **Spot Market**: The prices of Xinjiang's 3128B cotton and CC Index 3128B decreased. The basis of 3128B to the 05 and 09 contracts decreased [13]. - **Industry Situation**: Commercial inventory increased by 23.5%, industrial inventory decreased by 0.2%, imports increased by 33.3%, and bonded - area inventory increased by 15.8%. The inventory days of yarn and grey fabric changed, and the processing profit and retail sales of related products also changed [13]. Group 5: Corn and Corn Starch Report Industry Investment Rating Not provided Core View Snowfall in the Northeast affects the supply, and downstream pre - festival stocking supports prices. Futures price increases boost market sentiment, and prices in the producing areas and northern ports are strong. In North China, the grain - selling rhythm is stable, and prices fluctuate slightly. On the demand side, deep - processing enterprises still have the intention to replenish stocks, but their acceptance of high - priced corn is limited. Feed enterprises have sufficient inventories and mainly conduct rolling replenishment. In terms of policies, the targeted auction of imported corn and the release of policy corn continue, but the scale is limited. Overall, the tight supply of corn and the rigid - demand stocking intention of downstream enterprises support the strong operation of corn prices. Attention should be paid to changes in farmers' selling attitudes and policy releases [16]. Summary by Relevant Catalogs - **Corn Futures Market**: The price of the corn 2603 contract increased by 1.19%. The basis decreased by 25.37%, the 3 - 7 spread increased by 115.38%, and the position increased by 3.99%. The warehouse receipts increased by 4.16% [16]. - **Corn Starch Futures Market**: The price of the corn starch 2603 contract decreased by 1.22%. The basis decreased by 16.85%, the 3 - 7 spread increased by 38.30%, and the position increased by 1.46%. The warehouse receipts remained unchanged [16]. Group 6: Oils Report Industry Investment Rating Not provided Core View - **Palm Oil**: After the release of the MPOB report's negative news and the support of positive export data, crude palm - oil futures may rise to 4200 - 4250 ringgit. In the domestic market, affected by the synchronous rise of Malaysian palm oil and pre - festival stocking expectations, Dalian palm - oil futures may continue to strengthen and approach 9000 yuan [19]. - **Soybean Oil**: The USDA report is bearish, CBOT soybeans will enter a stagnant - rise and callback phase, and CBOT soybean oil may follow. In the domestic market, the inventory of factory soybean oil is decreasing, but the USDA reports are bearish, and Dalian soybean oil will be dragged down, with the market testing the support at 7900 yuan [19]. - **Rapeseed Oil**: The limited increase in international crude oil has weak support for the domestic vegetable - oil market. The visit of the Canadian prime minister has raised concerns about a loose supply of rapeseed oil. Rapeseed oil fell rapidly after reaching the 9000 - yuan mark. However, due to the unclear Sino - Canadian trade relationship and the digestion of negative news about Malaysian palm - oil inventory, the probability of large - scale short - selling is low, and it is expected to maintain a wide - range fluctuation pattern. The basis of rapeseed oil remains high due to the delay in crushing [19]. Summary by Relevant Catalogs - **Futures Market**: The prices of Y2605 and P2605 contracts changed. The positions and warehouse receipts of palm oil and soybean oil also had different degrees of changes [19]. - **Spot Market**: The prices of Jiangsu's first - grade soybean oil, Guangdong's 24 - degree palm oil, and Jiangsu's third - grade rapeseed oil changed, and the basis and import costs also changed [19]. Group 7: Pigs Report Industry Investment Rating Not provided Core View Spot prices have returned to a volatile pattern. After the New Year's Day, market demand has significantly declined. Northern pig slaughter has decreased, while southern demand has dropped significantly, suppressing spot prices. Although there is still some second - fattening replenishment in some areas, due to the relatively high current pig prices, the overall enthusiasm is limited. The market expects an increase in supply. Although there is speculation about pre - Spring Festival consumption, it is expected that pigs will be slaughtered in mid - to - late January, and with the expected increase in supply from large - scale farms, the supply in January will be relatively abundant. The upward space for the phased futures market is limited, and it is recommended to short at high prices [21]. Summary by Relevant Catalogs - **Futures Market**: The prices of the main contracts of live pigs changed, the basis of the main contract was 1165, and the position increased by 0.84%. The warehouse receipts remained unchanged [22]. - **Spot Market**: The prices of live pigs in different regions such as Henan, Shandong, and Sichuan changed. The slaughter volume, white - strip prices, and other indicators also had different degrees of changes [20][21]. Group 8: Eggs Report Industry Investment Rating Not provided Core View On the supply side, the recent increase in egg prices has improved breeding profits, reducing farmers' enthusiasm for culling laying hens. The number of newly - laid hens has increased slightly, but due to the weather, the egg weight has increased rapidly, resulting in a significant shortage of small - and medium - sized eggs compared to large - sized eggs. Overall, the supply is still in an oversupply stage. On the demand side, food enterprises are in the peak production season, and procurement is increasing. With the approaching of the Spring Festival, festival stocking has started, but household consumption has not changed significantly. The increase in demand is mainly reflected in inventory turnover. After the recent price increase, there is short - term digestion pressure, and prices may decline slightly. Considering the relatively loose supply, it is expected that futures prices will fluctuate at a low level [23]. Summary by Relevant Catalogs - **Futures Market**: The prices of the egg 03 and 04 contracts decreased. The basis increased by 59.63%, and the 3 - 4 spread decreased by 0.36% [23]. - **Spot Market**: The prices of egg - laying chicks, culled hens, and the egg - to - feed ratio increased. The breeding profit increased by 18.01% [23]. Group 9: Meal Report Industry Investment Rating Not provided Core View US soybeans are strong due to capital and sentiment. The market is looking forward to the USDA supply - and - demand report for new trading guidance. China's soybean - buying speed is fast, and the supply will be continuously replenished. The visit of Canada to China has brought positive signals, and the price of domestic rapeseed products has dropped, dragging down the soybean - meal market. The domestic spot market remains loose, and soybean and soybean - meal inventories are still at a high level. The expectation of a large number of auctions also suppresses the market. Although the expected arrival volume in the first quarter is low and the arrival rhythm is uncertain, the downside space of soybean meal is limited, and the upside is mainly affected by policies. In the short term, the market sentiment is positive, and the market will fluctuate within a range [24]. Summary by Relevant Catalogs - **Futures Market**: The prices of soybean meal, rapeseed meal, and soybean contracts changed. The spreads between different contracts and the oil - meal ratios also changed [24]. - **Spot Market**: The prices of Jiangsu's soybean meal, rapeseed meal, and soybeans remained stable or changed slightly. The basis of each variety also had different degrees of changes [24].

1. Report Industry Investment Rating No information provided. 2. Core Views Index Futures - The report presents the current values, changes from the previous day, historical 1 - year percentiles, and all - time percentiles of index futures price spreads, including IF, IH, IC, and IM, as well as cross - period spreads and cross - variety ratios [1]. Treasury Futures - It shows the basis, cross - period spreads, and cross - variety spreads of treasury futures, along with relevant changes and percentiles since listing [3]. Precious Metals - The market for gold is expected to maintain a moderately strong oscillation. It is advisable to hold a light long position above $4300 or sell out - of - the - money put options. - The price of silver is expected to move upwards as the global inventory shortage intensifies. It is recommended to hold long positions above $75. - Platinum and palladium are expected to continue to oscillate upwards in the medium - to - long - term. It is advisable to buy lightly at the 20 - day moving average [6]. Container Shipping - The settlement price indices of SCFIS for European and US - West routes have increased, while the SCFI composite index has slightly decreased. Futures prices of relevant contracts have generally risen, and the basis of the main contract has changed [7]. 3. Summary by Directory Index Futures - **Price Spread Data**: For IF, the current value of the spot - futures spread is - 15.92, with a change of - 0.79 from the previous day. Similar data is provided for IH, IC, and IM. Cross - period spreads and cross - variety ratios are also detailed [1]. Treasury Futures - **Basis and Spreads**: The basis values of TS, TF, T, and TL are presented, along with cross - period spreads and cross - variety spreads, including their changes and percentiles since listing [3]. Precious Metals - **Futures and Spot Prices**: Domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, and inventory data of precious metals such as gold, silver, platinum, and palladium are provided, along with their changes and percentage changes [6]. Container Shipping - **Index and Price Data**: Settlement price indices of SCFIS, Shanghai export container freight rates, futures prices, basis, and fundamental data (including container shipping capacity supply, port - related indicators, export amounts, overseas economic indicators) are presented, along with their changes and percentage changes [7].

锡产业期现日报 投资咨询业务资格:证监许可 【2011】1292- | 2026年1月13日 | | | | 寇帝斯 | Z0021810 | | --- | --- | --- | --- | --- | --- | | 现货价格及基差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | SMM 1#锡 | 368550 | 349750 | 18800 | 5.38% | | | SMM 1#锡升贴水 | 600 | 550 | 50 | 9.09% | 元/吨 | | 长江 1#锡 | 369050 | 350250 | 18800 | 5.37% | | | LME 0-3升贴水 | -30.00 | -39.00 | 9.00 | 23.08% | 美元/吨 | | 内外比价及进口盈亏 | | | | | | | 品种 | 我们 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 进口盈亏 | -13060.25 | -11338.32 | -1721.93 | -15.19% | 元/吨 | | 沪伦比值 | 7.89 | 7.92 | | - | | | ...

1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views of the Report - **Steel**: The steel market shows that the spot price of steel has increased, and the cost and profit situation is mixed. The fundamental apparent demand has decreased seasonally, mainly due to the decline in the apparent demand for rebar. Inventory is about to enter the off - season inventory accumulation trend. The price is expected to maintain an interval shock in January. The reference range for the May contract of rebar is 3050 - 3250 yuan, and that for hot - rolled coils is 3200 - 3350 yuan [1]. - **Iron Ore**: The iron ore market has a high - level shock in the main contract. The supply side's global shipment volume has declined, and the demand side's molten iron continues to resume production. The inventory is expected to continue to accumulate in the short term. The price is expected to maintain a high - level shock, with a short - term wide - range shock, and the strategy is interval operation, with a reference range of 770 - 830 [4]. - **Coke and Coking Coal**: The coke futures continue to rise, and the market is weakly stable. The supply side's production has increased, and the demand side's molten iron production has recovered. The inventory has increased slightly in the middle position. The strategy is to go long on the dips and pay attention to the arbitrage of long coking coal and short coke. The coking coal futures also continue to rise, with the supply side's production increasing slightly and the demand side's demand for replenishment warming up. The inventory has also increased slightly in the middle position, and the strategy is the same as that for coke [6]. - **Silicon Iron and Silicon Manganese**: The silicon iron main contract has a small increase, with production basically flat and at a low level in the same period of history. The demand has support, and the inventory has decreased. The cost has certain support, and it can be tried to go long on the dips, with a support level of about 5500. The silicon manganese main contract has a small increase, with supply at a low - to - medium level in the same period of history. The manganese ore price provides support, and it is expected to be in a wide - range shock, and it can be tried to go long on the dips, with a support level of about 5800 [7]. 3. Summary According to Relevant Catalogs Steel - **Price and Spread**: The spot prices of rebar and hot - rolled coils in different regions have increased or remained unchanged, and the futures prices have small fluctuations. For example, the spot price of rebar in East China is 3310 yuan/ton, up 20 yuan from the previous day [1]. - **Cost and Profit**: The billet price has decreased by 10 yuan to 2970 yuan, and the profits of different regions and varieties of steel are different. For example, the profit of rebar in East China is - 20 yuan, down 40 yuan [1]. - **Output**: The daily average molten iron output is 229.0 tons, up 0.7% from the previous day. The output of five major steel products is 818.6 tons, up 0.4%. The output of rebar is 191.0 tons, up 1.5%, and the output of hot - rolled coils is 305.5 tons, up 0.3% [1]. - **Inventory**: The inventory of five major steel products is 1253.9 tons, up 1.8%. The inventory of rebar is 438.1 tons, up 3.8%, and the inventory of hot - rolled coils is 368.1 tons, down 0.8% [1]. - **Transaction and Demand**: The building materials trading volume is 10.6 tons, up 18.5%. The apparent demand of five major steel products is 796.8 tons, down 5.3%. The apparent demand of rebar is 175.0 tons, down 12.7%, and the apparent demand of hot - rolled coils is 308.3 tons, down 0.8% [1]. Iron Ore - **Price and Spread**: The warehouse - receipt costs of various iron ore powders have increased, and the basis of the 05 contract has decreased. For example, the warehouse - receipt cost of PB powder is 887.5 yuan/ton, up 0.7%. The 05 - contract basis of PB powder is 65.0 yuan/ton, down 2.1% [4]. - **Supply**: The 45 - port arrival volume is 2920.4 tons, up 5.9%, and the global shipment volume is 3213.7 tons, down 1.0%. The national monthly import volume is 11054.0 tons, down 0.7% [4]. - **Demand**: The daily average molten iron output of 247 steel mills is 229.5 tons, up 0.9%. The 45 - port daily average desulfurization volume is 323.3 tons, down 0.6%. The national monthly pig iron output is 6234.3 tons, down 4.9%, and the national monthly crude steel output is 6987.1 tons, down 3.0% [4]. - **Inventory**: The 45 - port inventory is 16275.26 tons, up 1.9%. The imported ore inventory of 247 steel mills is 8989.6 tons, up 0.5%. The inventory available days of 64 steel mills is 19.0 days, down 5.0% [4]. Coke and Coking Coal - **Price and Spread**: The prices of coke and coking coal futures and spot have increased. For example, the 05 - contract price of coke is 1770 yuan/ton, up 22 yuan. The 05 - contract price of coking coal is 1238 yuan/ton, up 43 yuan [6]. - **Supply**: The daily average output of all - sample coking plants is 63.6 tons, up 1.4%, and the daily average output of 247 steel mills is 46.9 tons, up 0.1%. The raw coal output is 853.4 tons, down 0.3% [6]. - **Demand**: The molten iron output of 247 steel mills is 229.5 tons, up 0.9%. The demand for coke is related to the production of steel mills [6]. - **Inventory**: The total coke inventory is 915.7 tons, up 0.0%. The inventory of all - sample coking plants is 86.1 tons, down 6.0%. The inventory of 247 steel mills is 645.7 tons, up 0.3%. The inventory of coking coal has different changes in different sectors [6]. Silicon Iron and Silicon Manganese - **Price and Spread**: The closing prices of the main contracts of silicon iron and silicon manganese have increased. For example, the closing price of the silicon iron main contract is 5930 yuan/ton, up 1.24%. The spot prices of silicon iron and silicon manganese in different regions have decreased [7]. - **Cost and Profit**: The production costs of different regions of silicon iron and silicon manganese are different, and the production profits have decreased. For example, the production profit of silicon iron in Inner Mongolia is - 192.0 yuan/ton, down 35.24% [7]. - **Supply**: The production of silicon iron is basically flat, and the production of silicon manganese has decreased slightly. The production of silicon iron products is 9.9 tons, up 0.2%, and the weekly output of silicon manganese is 19.1 tons, down 1.4% [7]. - **Demand**: The demand for silicon iron and silicon manganese is related to the molten iron output and the production of steel products. The daily average molten iron output of 247 steel mills is 229.5 tons, up 0.9% [7]. - **Inventory**: The inventory of silicon iron in 60 sample enterprises is 6.9 tons, up 7.1%. The inventory of 63 sample enterprises of silicon manganese is 38.3 tons, down 2.8% [7].

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views Polyolefins - LLDPE: HD - LLD spread is narrowing, with marginal supply increase of LLDPE expected, demand in seasonal off - peak, and downstream开工率 weakening. Attention should be paid to demand sustainability [2]. - PP: Supply - demand is weak. There are many maintenance plans in January, with inventory reduction expected. PDH plants in South China coastal areas have new maintenance plans, and the balance has improved significantly. Pay attention to the implementation of later maintenance plans [2]. Methanol - Futures fluctuate narrowly, and spot is purchased on - demand. Inland prices are expected to fluctuate, and port prices are restricted by factors such as low MTO profits and potential maintenance of coastal MTO plants [4][6]. Pure Benzene and Styrene - Pure Benzene: Short - term supply - demand is weak, with high inventory pressure. It is expected to fluctuate in the range of 5300 - 5600. - Styrene: Short - term supply - demand is in tight balance, but there is inventory accumulation expectation around the Spring Festival. It is not advisable to chase long in the short - term, and opportunities to short EB03 and shrink processing fees at high levels can be considered [9]. LPG No overall view is provided in the report, only data on price, inventory, and开工率 are presented [11]. Glass and Soda Ash - Soda Ash: Affected by macro - sentiment and short - term demand expectations, it fluctuates upward. The supply remains high, and the demand is slightly weak. It is expected to continue the oscillatory pattern in the short - term [13]. - Glass: After the previous rise, it oscillates and falls back. The supply decreases, and the demand shrinks. It is recommended to wait and see, paying attention to the winter storage situation [13]. Crude Oil - Affected by geopolitical risks such as the situation in Iran, oil prices rise, but the increase is limited due to the weak supply - demand expectation. Brent crude oil should pay attention to the pressure around $65 per barrel [14]. Natural Rubber - Supply in Southeast Asia is increasing during the high - yielding tapping period, but overseas raw material prices may remain high. Demand recovery is limited, and inventory in Qingdao increases. It is expected that rubber prices will oscillate in the range of 15500 - 16500 [15]. Urea - Supply remains high, and demand is weak. There is no substantial improvement in supply - demand, and prices are expected to be weak and oscillatory. Attention should be paid to the resumption rhythm of plants and downstream demand [18]. PVC and Caustic Soda - Caustic Soda: Futures oscillate and fall, supply increases slightly, demand lacks improvement, and prices are expected to be stable and weak [19]. - PVC: Affected by export policies, prices fluctuate emotionally. The fundamentals are still under pressure, and short - term short positions should be on hold [19]. Polyester Industry Chain - PX: Supply is high, demand is weak, and it is expected to oscillate at a high level before the Spring Festival. It is recommended to go long at low levels in the medium - term and conduct long - spread arbitrage on PX5 - 9 at low levels [20]. - PTA: Supply - demand is expected to weaken, with limited inventory accumulation in January and greater pressure in February. It is recommended to oscillate in the range of 5000 - 5300 in the short - term, go long at low levels in the medium - term, and conduct long - spread arbitrage on TA5 - 9 at low levels [20]. - MEG: Supply is high, demand is weakening, and there is a large - scale inventory accumulation expectation in January - February. Pay attention to the pressure around 4000 for EG2605, conduct reverse - spread arbitrage on EG5 - 9 at high levels, and sell out - of - the - money call options EG2605 - C - 4100 at high levels [20]. - Short - fiber: Supply - demand is weak, and prices follow raw materials to oscillate. Unilateral trading is the same as PTA, and the processing fee on the PF plate is recommended to be shrunk at high levels [20]. - Bottle - chip: Supply and demand both decrease, and prices and processing fees follow the cost end. Unilateral trading is the same as PTA, and the processing fee on the PR main - contract plate is expected to fluctuate in the range of 300 - 450 yuan/ton [20]. 3. Summaries by Relevant Catalogs Polyolefins - **Price and Spread**: Futures and spot prices of LLDPE and PP increase, and spreads such as L15, PP15, and LP01 change [2]. - **Inventory and开工率**: PE企业 inventory and社会库存 increase, PP企业 inventory decreases, and PP贸易商 inventory increases. PE装置开工率 and下游加权开工率 increase slightly, while PP装置开工率 and downstream开工率 decrease [2]. Methanol - **Price and Spread**: Futures prices of MA2605 and MA2609 decrease slightly, and spreads and basis change [4]. - **Inventory**: Methanol企业 inventory,港口库存, and社会库存 all increase [5]. - **开工率**: Upstream domestic企业开工率 increases, and some downstream开工率 decreases [6]. Pure Benzene and Styrene - **Upstream Price and Spread**: Prices of upstream products such as Brent crude oil, WTI crude oil, and CFR Japan naphtha increase [9]. - **Benzene - Styrene Price and Spread**: Prices of pure benzene and styrene increase, and spreads and basis change [9]. - **Inventory and开工率**: Pure benzene江苏港口库存 increases slightly, and styrene江苏港口库存 decreases.开工率 of some industries in the industrial chain changes [9]. LPG - **Price and Spread**: Futures and spot prices of LPG increase slightly, and spreads and basis change [11]. - **Inventory and开工率**: LPG炼厂库容比,港口库存, and港口库容比 all decrease slightly. Upstream主营炼厂开工率 increases, and some downstream开工率 changes slightly [11]. Glass and Soda Ash - **Price and Spread**: Glass and soda ash prices are relatively stable, and spreads and basis change [13]. - **Supply and Demand**: Soda ash开工率 and周产量 increase, while浮法日熔量 decreases slightly. Glass厂库库存 decreases, and soda ash厂库库存 increases [13]. - **Real Estate Data**: New - start area, construction area, completion area, and sales area of real estate all change [13]. Crude Oil - **Price and Spread**: Prices of Brent, WTI, and SC crude oil increase, and spreads and basis change [14]. - **Refined Oil Price and Spread**: Prices of refined oil products such as NYM RBOB and NYM ULSD change, and spreads and basis change [14]. Natural Rubber - **Spot Price and Basis**: Prices of natural rubber spot products change slightly, and basis and non - standard spreads change [15]. - **Fundamental Data**: Production in some countries in November changes,开工率 of tire industries changes, and import and export volumes increase [15]. - **Inventory Change**:保税区库存 increases, and上期所厂库期货库存 decreases [15]. Urea - **Futures and Spot Price**: Futures prices oscillate and rise, and spot prices decline slightly [18]. - **Supply and Demand**: Domestic urea日产量 and周产量 increase,装置检修损失量 decreases,厂内库存 increases slightly, and港口库存 decreases [18]. PVC and Caustic Soda - **Price and Spread**: Prices of PVC and caustic soda products change slightly, and spreads and basis change [19]. - **Supply and Demand**:开工率 of the chlor - alkali industry and some downstream industries changes, and inventory of PVC and caustic soda increases [19]. Polyester Industry Chain - **Upstream Price**: Prices of upstream products such as Brent crude oil, CFR Japan naphtha, and CFR China MX increase [20]. - **Downstream Polyester Product Price and Cash - flow**: Prices and cash - flows of polyester products such as POY, FDY, and DTY change [20]. - **PX, PTA, MEG Price and Spread**: Prices and spreads of PX, PTA, and MEG change, and inventory and开工率 of MEG change [20]. - **开工率**:开工率 of industries in the polyester industrial chain changes [20].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views Steel Industry - The current demand for steel is weak, and prices have fully priced in the weak demand. Before the holiday, attention should be paid to the impact of policies on the expected demand for steel. In December, steel prices fluctuated with the rhythm of raw material prices and maintained a sideways trend. With significant steel production cuts, the downward driving force is not strong, but the weak demand expectation for the May contract restricts the upward price space. The upward elasticity depends on changes in the raw material supply side. Overall, it is expected to fluctuate within a range in January. The reference range for the May contract of rebar is 3050 - 3250 yuan, and for hot - rolled coils is 3200 - 3350 yuan [1]. Iron Ore Industry - The fundamental pattern of iron ore has shifted to a situation of weak supply and demand. The price ceiling is suppressed by high inventories, and there is support from the expected restocking of steel mills below. In terms of supply, the global iron ore shipment volume decreased this period, and the mine's fiscal year impulse is basically over. Future focus should be on the weather in the Southern Hemisphere. On the demand side, the hot - metal production continued to resume, and the resumption speed accelerated. The iron ore inventory in ports increased significantly this week, and it is expected to continue to accumulate in the short term. In the future, iron ore will gradually transition from a situation of loose supply - demand to weak supply - demand. During the off - season, attention should be paid to macro - sentiment and policy expectations. It is expected that iron ore prices will fluctuate widely in the short term [4]. Coke and Coking Coal Industry - For coking coal, last week, the coking coal futures fluctuated upward. The spot prices of Shanxi increased more than decreased, and the Mongolian coal quotes rebounded following the futures. The supply side has entered the resumption stage, with improved shipments but still inventory accumulation. The demand side has seen a decrease in steel mill losses and an increase in hot - metal production, and the restocking demand has improved. For coke, last week, the coke futures also fluctuated upward. After the fourth round of price cuts on January 1st, the coke market is currently weakly stable. The supply side has a lag in coke price adjustment compared to coking coal, with pressured coking profits and increased production starts. The demand side has seen an increase in hot - metal production and a rebound in steel prices. In terms of inventory, the overall inventory has slightly increased. For both, the one - sided strategy suggests going long on dips, and the arbitrage strategy is to go long on coking coal and short on coke [6]. Ferrosilicon and Ferromanganese Industry - For ferrosilicon, the supply - demand situation has marginally improved, and there is support from the cost side. The supply is at a relatively low level in the same period of history, and the production in Inner Mongolia is stable with new capacity put into operation at the end of last year, so there is still room for short - term production growth. The demand for steelmaking has support, and the demand for ferrosilicon from the metal magnesium industry is also strong. It is expected that the price will fluctuate within the range of 5500 - 6200 yuan, and short - term attention should be paid to macro, policy expectations, and cost - side changes. For ferromanganese, it is in a state of self - oversupply but overall balance of manganese elements. The manganese ore provides support for the price, and there is also support from off - season demand. It is expected that the price will fluctuate widely, and the strategy suggests range - bound operations with a reference range of 5800 - 6300 yuan [7]. 3. Summary by Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil prices in various regions and contract prices all decreased compared to the previous day. For example, the spot price of rebar in East China decreased from 3320 yuan to 3290 yuan, and the 05 - contract price of hot - rolled coils decreased from 3332 yuan to 3294 yuan [1]. Cost and Profit - The prices of steel billets and slabs remained unchanged. The cost of Jiangsu's electric - arc furnace rebar increased by 3 yuan, while the cost of converter rebar decreased by 17 yuan. The profits of hot - rolled coils in East and North China decreased, while the profit of rebar in North China increased by 28 yuan [1]. Production - The daily average hot - metal production increased by 1.6 to 229.0, a 0.7% increase. The production of the five major steel products increased by 3.4 to 818.6, a 0.4% increase. The production of rebar increased by 2.8 to 191.0, a 1.5% increase, with the electric - arc furnace production increasing by 6.6% and the converter production increasing by 0.5%. The production of hot - rolled coils increased by 1.0 to 305.5, a 0.3% increase [1]. Inventory - The inventory of the five major steel products increased by 21.8 to 1253.9, a 1.8% increase. The rebar inventory increased by 16.1 to 438.1, a 3.8% increase, while the hot - rolled coil inventory decreased by 2.8 to 368.1, a 0.8% decrease [1]. Transaction and Demand - The building materials trading volume increased by 0.5 to 8.9, a 6.6% increase. The apparent demand for the five major steel products decreased by 44.2 to 796.8, a 5.3% decrease. The apparent demand for rebar decreased by 25.5 to 175.0, a 12.7% decrease, and the apparent demand for hot - rolled coils decreased by 2.4 to 308.3, a 0.8% decrease [1]. Iron Ore Industry Prices and Spreads - The warehouse - receipt costs of various iron ore powders increased slightly, and the 05 - contract basis of some powders changed slightly. The 5 - 9 spread increased by 0.5 to 21.5, a 2.4% increase, and the 1 - 5 spread decreased by 7.5 to 37.5, a 16.7% decrease [4]. Supply - The 45 - port arrival volume increased by 155.0 to 2756.4, a 6.0% increase, while the global shipment volume decreased by 463.4 to 3213.7, a 12.6% decrease. The national monthly import volume decreased by 76.9 to 11054.0, a 0.7% decrease [4]. Demand - The 247 - steel - mill daily average hot - metal production increased by 2.1 to 229.5, a 0.9% increase. The 45 - port daily average ore - removal volume decreased by 1.9 to 323.3, a 0.6% decrease. The national monthly pig - iron production decreased by 320.6 to 6234.3, a 4.9% decrease, and the national monthly crude - steel production decreased by 212.6 to 6987.1, a 3.0% decrease [4]. Inventory Changes - The 45 - port inventory increased by 304.4 to 16275.26, a 1.9% increase. The 247 - steel - mill imported ore inventory increased by 43.0 to 8989.6, a 0.5% increase, and the inventory - available days of 64 steel mills decreased by 1.0 to 19.0, a 5.0% decrease [4]. Coke and Coking Coal Industry Prices and Spreads - The prices of coke and coking coal contracts decreased slightly. The coking profit decreased by 11, and the sample coal - mine profit decreased by 26, a 5.14% decrease [6]. Supply - The daily average production of all - sample coking plants increased by 0.9 to 63.6, a 1.4% increase, and the 247 - steel - mill daily average production increased by 0.1 to 46.9, a 0.1% increase. The raw - coal production decreased by 2.7 to 853.4, a 0.3% decrease [6]. Demand - The 247 - steel - mill hot - metal production increased by 2.1 to 229.5, a 0.9% increase [6]. Inventory Changes - The total coke inventory increased slightly. The coke inventory of all - sample coking plants decreased by 5.5 to 86.1, a 6.0% decrease, and the 247 - steel - mill coke inventory increased by 1.7 to 645.7, a 0.3% increase. The coking - coal inventory of 247 steel mills decreased by 4.5 to 797.7, a 0.64% decrease [6]. Supply - Demand Gap - The calculated coke supply - demand gap decreased from - 0.6 to - 0.7, a 15.1% decrease [6]. Ferrosilicon and Ferromanganese Industry Prices and Spreads - The spot prices of ferrosilicon and ferromanganese decreased. The ferrosilicon main - contract closing price decreased by 36.0 to 5632.0, a 0.6% decrease, and the ferromanganese main - contract closing price increased by 12.0 to 5904.0, a 0.24% increase [7]. Cost and Profit - The production costs of ferrosilicon in some regions remained unchanged, and the production profit in Inner Mongolia decreased. The production costs of ferromanganese in some regions changed slightly, and the manganese - ore supply indicators such as shipment volume, arrival volume, and removal volume increased [7]. Supply - The ferrosilicon production enterprise's operating rate increased slightly, and the weekly ferromanganese production decreased by 0.3 to 19.1, a 1.4% decrease [7]. Demand - The demand for ferrosilicon and ferromanganese from the steel - making industry has support. The 247 - steel - mill daily average hot - metal production increased by 2.1 to 229.5, a 0.9% increase [7]. Inventory Changes - The ferrosilicon inventory of 60 sample enterprises increased by 0.5 to 6.9, a 7.1% increase, and the inventory of 63 sample enterprises of ferromanganese decreased by 1.1 to 38.3, a 2.8% decrease [7].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports - Copper: The medium - to long - term fundamentals of copper remain good, with supply - side capital expenditure constraints supporting a gradual upward shift in the bottom. Short - term prices are likely to stay strong due to the structural imbalance of global inventories and the risk premium of metal supply concerns. However, real terminal demand is weak at high prices. Focus on changes in CL premium, LME inventory, and the 99000 - 100000 support level [1]. - Zinc: The shortage of zinc ore at the mine end supports prices, but the import window for zinc ore is opening, limiting the downside space of TC. The supply pressure of refined zinc is relieved, and demand is suppressed. Overseas and domestic inventories are increasing. Short - term prices are expected to fluctuate, with support from the tight domestic zinc ore supply and pressure from the expected supply of imported ore and weak demand feedback. Pay attention to zinc ore TC and refined zinc inventory changes, and the 23300 - 23400 support level [4]. - Nickel: The nickel market has seen significant price fluctuations. The unclear result of the 2026 nickel ore quota in Indonesia has affected market sentiment. High nickel prices have restricted downstream transactions, and the supply and demand situation is complex. Short - term prices are expected to adjust in a wide range, with the main contract running in the 132000 - 142000 range [6]. - Stainless Steel: The stainless - steel market is mainly driven by nickel raw materials. The unclear nickel ore quota in Indonesia has affected market expectations. The supply pressure has eased slightly, but demand in the off - season is weak. The cost support from the ore end and nickel - iron is strengthened. Short - term prices are expected to fluctuate, with the main contract in the 13400 - 14200 range [8]. - Lithium Carbonate: The lithium carbonate market has seen a significant increase in the price center last week. The supply - side shock expectation is strengthened, and demand is expected to be optimistic. The inventory situation has changed, with upstream inventory increasing and downstream inventory decreasing. The market is expected to maintain a strong and volatile trend, with a focus on the 150000 breakthrough and liquidity risks [10]. - Industrial Silicon: The industrial silicon market is expected to continue the pattern of weak supply and demand in January. Supply may decrease by 1 - 20,000 tons, and demand is expected to decline slightly. Exports may increase. The price is expected to fluctuate at a low level, mainly in the 8000 - 9000 yuan/ton range [11]. - Polysilicon: In January, the polysilicon market is in a weak - demand situation, with high inventory and price pressure. There is a need for further production cuts to balance supply and demand. Pay attention to the impact of antitrust news, the possibility of production cuts, and the redistribution of industrial chain profits. The 50000 yuan/ton level may provide support, and trading is recommended to wait and see [12]. - Tin: The short - term price of tin is greatly affected by macro - sentiment. The supply side may be affected by the situation in Congo (Kinshasa), and demand shows regional differences. The price is expected to fluctuate at a high level, and operations should be cautious [13]. - Alumina: The alumina market has been oscillating widely. The supply is rigid, and demand is weak, with inventory accumulating. The short - term price is expected to oscillate widely around the industry cash - cost line, with the main contract in the 2600 - 2950 yuan/ton range. A rebound depends on capacity - control policies or large - scale production cuts [14]. - Aluminum: The aluminum price has risen strongly, driven by macro and policy expectations. However, the fundamentals are under pressure, with supply increasing and demand being suppressed by high prices, and inventory starting to accumulate. Short - term prices are expected to oscillate widely at a high level, with the main contract in the 23000 - 25000 yuan/ton range [14]. - Aluminum Alloy: The casting aluminum - alloy market has shown a strong trend, mainly driven by cost factors. However, the supply and demand are both weak, with supply affected by raw - material shortages and demand being suppressed by high prices. Inventory has been gradually decreasing. Short - term prices are expected to oscillate in a high - level range, with the main contract in the 22000 - 24000 yuan/ton range [15]. 3. Summaries According to Relevant Catalogs Price and Spread - **Copper**: SMM 1 electrolytic copper price dropped to 100275 yuan/ton, with a daily decline of 1.77%. The LME 0 - 3 spread increased to 41.94 dollars/ton [1]. - **Zinc**: SMM 0 zinc ingot price was 24170 yuan/ton, with a decline of 0.58%. The import profit and loss was - 1887 yuan/ton [4]. - **Nickel**: SMM 1 electrolytic nickel price decreased to 141900 yuan/ton, with a daily decline of 4.80%. The LME 0 - 3 spread was - 196 dollars/ton [6]. - **Stainless Steel**: The price of 304/2B (Wuxi Hongwang 2.0 roll) remained at 13800 yuan/ton. The inter - month spread of 2602 - 2603 increased to - 85 yuan/ton [8]. - **Lithium Carbonate**: SMM battery - grade lithium carbonate average price rose to 140000 yuan/ton, with an increase of 1.08%. The inter - month spread of 2602 - 2603 was - 580 yuan/ton [10]. - **Industrial Silicon**: The price of East China SI4210 industrial silicon remained at 9650 yuan/ton. The inter - month spread of 2602 - 2603 decreased to 25 yuan/ton [11]. - **Polysilicon**: The average price of N - type re -投料 was 55000 yuan/ton, with a decline of 0.90%. The main contract price dropped to 51300 yuan/ton [12]. - **Tin**: SMM 1 tin price decreased to 349750 yuan/ton, with a decline of 1.49%. The inter - month spread of 2601 - 2602 increased to 370 yuan/ton [13]. - **Aluminum**: SMM A00 aluminum price rose to 24030 yuan/ton, with an increase of 0.12%. The import profit and loss of electrolytic aluminum was 176.8 yuan/ton [14]. - **Aluminum Alloy**: SMM aluminum alloy ADC12 price remained at 23700 yuan/ton. The inter - month spread of 2601 - 2602 increased to - 105 yuan/ton [15]. Fundamental Data - **Copper**: In December, electrolytic copper production was 117.81 million tons, a 6.80% increase month - on - month. In November, the import volume was 27.11 million tons, a 3.90% decrease [1]. - **Zinc**: In December, refined zinc production was 55.21 million tons, a 7.24% decrease month - on - month. In November, the import volume was 1.82 million tons, a 3.22% decrease [4]. - **Nickel**: In December, China's refined nickel production decreased by 9.38% month - on - month. The import volume in November increased by 30.08% [6]. - **Stainless Steel**: In December, China's 300 - series stainless - steel crude steel production decreased by 2.50% month - on - month. The net export volume increased by 25.31% [8]. - **Lithium Carbonate**: In December, lithium carbonate production was 99200 tons, a 4.04% increase month - on - month. The demand decreased by 2.50% [10]. - **Industrial Silicon**: In January, the expected production of industrial silicon may decrease to 38 - 39 million tons. The demand is expected to decline by about 1 million tons [11]. - **Polysilicon**: In December, polysilicon production was 11.55 million tons, a 0.79% increase month - on - month. The net export volume increased by 2041.76% [12]. - **Tin**: In November, tin ore imports increased by 29.81% month - on - month. In December, SMM refined tin production decreased slightly [13]. - **Aluminum**: In December, alumina production was 751.96 million tons, a 1.08% increase month - on - month. Domestic electrolytic aluminum production increased by 3.97% [14]. - **Aluminum Alloy**: In December, the production of recycled aluminum alloy ingots decreased by 6.16% month - on - month. The production of primary aluminum alloy ingots increased slightly [15]. Inventory Data - **Copper**: Domestic social inventory increased by 14.61% week - on - week to 27.38 million tons. LME inventory decreased by 1.49% day - on - day to 13.90 million tons [1]. - **Zinc**: China's zinc ingot seven - region social inventory increased by 11.69% week - on - week to 11.85 million tons. LME inventory decreased by 0.51% day - on - day to 10.7 million tons [4]. - **Nickel**: SHFE inventory increased by 2.43% week - on - week to 46650 tons. LME inventory increased by