Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The log futures market continues to be weak. In December, the foreign market quotes dropped significantly, and the spot prices continued to decline gradually. Some timber species are being used. The 01 contract is about to enter the delivery month and is greatly affected by delivery pressure. Overall, the log futures are expected to fluctuate weakly [3]. 3. Summary by Relevant Catalogs Spot Prices - In Shandong, for radiation pine, the spot prices for 3.9 - meter medium A, 5.9 - meter medium A, 3.9 - meter small A, 5.9 - meter small A, and 4 - meter medium A are 740, 770, 680, 710, and 730 yuan respectively [3]. - In Jiangsu, for radiation pine, the spot prices for 4 - meter medium A, 6 - meter medium A, 4 - meter small A, and 6 - meter small A are 730, 760, 760, and 720 yuan respectively [3]. Foreign Market Quotes - The price range of 4 - meter medium A radiation pine in December is 109 - 113 dollars per JAS cubic meter, down 4 dollars from the November range of 112 - 119 dollars [3]. Futures Prices - The price of LG2601 contract is 766.5 yuan per cubic meter, up 2 yuan from the previous period; the price of LG2603 contract is 776 yuan per cubic meter, up 6 yuan from the previous period [3]. Downstream Wood Square Prices - In Shandong and Jiangsu, the price of 4000*50*100 wood squares remains unchanged at 1220 and 1240 yuan respectively compared to the previous period [3]. Supply - In November 2025, the import volumes from New Zealand, North America, and Europe were 178.8, 9.3, and 15.5 million cubic meters respectively, compared to 149.58, 6.77, and 13.09 million cubic meters in October. The weekly arrival volume from December 6 - 12 was 41 million JAS cubic meters, compared to 26 million in November 29 - December 5 [3]. Inventory - On December 18, the total inventory was 260 million cubic meters. Shandong's inventory was 181.3 million cubic meters, and Jiangsu's was 61.5 million cubic meters [3]. Demand - On December 18, the daily average outbound volume was 6.32 million cubic meters. Shandong's outbound volume was 3.34 million cubic meters, and Jiangsu's was 2.52 million cubic meters [3].

Group 1: Investment Rating - No investment rating provided in the report Group 2: Core View - The report states that the short - term domestic demand for urea is weak. Although exports are progressing, the domestic supply - demand situation remains loose, and the market is expected to decline in the near term. It suggests a neutral view of the market with both macro and cost factors being positive, while domestic demand being negative [1] Group 3: Summary by Directory Cost - Coking coal price on 2025/12/24 was 490.00, up 5.00 from the previous day;无烟小块 remained at 940.00; natural gas remained at 3560.00 [1] Price - Domestic prices in different regions showed mixed trends. For example, prices in Henan, Anhui, Shandong, and Shanxi increased, while that in Hebei decreased. International prices such as China FOB, Middle East FOB, Southeast Asia CFR, and Brazil CFR remained unchanged [1] Inventory - Factory inventory, port inventory, and downstream sample inventory all remained unchanged on 2025/12/24 compared to the previous day [1] Supply - Daily production, overall开工率, coal - based开工率, and gas - based开工率 all remained unchanged. The number of pending orders and复合肥开工 also remained stable [1] Demand -开工率 of melamine, formaldehyde, and other downstream products remained unchanged [1] Profit - Profits from fixed - bed, water - coal slurry, and natural gas remained unchanged, while the price of liquid ammonia decreased by 10.00 [1] Related Products - Prices of related products such as compound fertilizer remained unchanged, while prices of melamine, methanol, etc. decreased [1] Futures - The settlement price increased by 19.00, the basis increased by 16.00, the trading volume decreased by 11422.00, the open interest increased by 8319.00, and the number of warehouse receipts decreased by 100.00 [1]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The real - world situation faces supply pressure, and the market is expected to fluctuate [1] 3. Summary by Relevant Catalogs Upstream - Brent price increased from $62.07 on 2025/12/23 to $62.38 on 2025/12/24, with a change of $0.31 [1] - The price of动力煤 remained at 470 on both 2025/12/23 and 2025/12/24 [1] - The price of ethane (CFR China) increased from 3080 to 3100, with a change of 20 [1] - The prices of imported ethylene, ethylene in Shandong, and ethylene in East China remained unchanged on 2025/12/23 and 2025/12/24 [1] Spot - The LLDPE market price continued to decline, with a fluctuation range of 30 - 140 yuan/ton. The linear futures opened lower and fluctuated repeatedly. The market trading atmosphere did not improve. The market sentiment was bearish, and traders followed the market to lower their quotes. Terminal replenishment sentiment was poor, mainly making small - order purchases at low prices. The LLDPE price in North China was 6250 - 6600 yuan/ton, in East China was 6280 - 6800 yuan/ton, and in South China was 6300 - 6600 yuan/ton [1] - The prices of LLDPE imports, LDPE imports, HDPE imports, LLDPE in East China, LDPE in East China, and HDPE film in East China remained unchanged on 2025/12/23 and 2025/12/24 [1] - The price of HDPE拉丝 in East China decreased from 6950 to 6850, with a change of - 100 [1] - The PE basis decreased from 34 to - 158, with a change of - 192 [1] - The number of warehouse receipts remained at 11265 on both 2025/12/23 and 2025/12/24 [1] In - Production - The production of high - pressure products, low - pressure pipes, low - pressure hollow products, low - pressure injection - molded products, low - pressure films, and other products remained unchanged on 2025/12/23 and 2025/12/24 [1] - The production of linear products increased from 37.5 to 37.81, with a change of 0.31 [1] - The maintenance volume remained at 4.28 on both 2025/12/23 and 2025/12/24 [1]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - On Wednesday (December 24), most domestic commodity futures closed higher, with precious metals leading the gains, while shipping futures led the declines. Industrial and agricultural products mostly rose. The overall market showed different trends in various sectors, and the future trends depend on multiple factors such as supply - demand, policies, and geopolitical situations [1]. 3. Summary by Relevant Categories Market Performance - On December 24, most domestic commodity futures closed higher. Precious metals had significant gains, with silver rising 8.12% and palladium and platinum hitting the daily limit. Energy materials, basic metals, chemicals, and other sectors mostly rose, while shipping futures declined, with the container shipping index (European line) dropping 1.63% [1]. - The overall commodity index rose 0.97%, from 2294.47 on December 23 to 2316.76 on December 24 [1]. Sector Analysis - **Black - series**: Most black - series commodities rose. Due to weak terminal demand, the futures prices of finished products fluctuated with market sentiment and related varieties in the industry chain. The steel market is in a situation of both supply and demand decline, with the domestic macro - policy in a window period, and the growth rates of industries such as real estate and infrastructure continuing to decline. The overall fundamentals lack effective driving factors, and the market is likely to fluctuate within a range, with attention paid to macro - policy changes [1]. - **Basic metals**: All basic metals rose. The copper market's tight ore situation continued, and there were concerns about the possible spread to the smelting end. The hot precious - metal market also drove the copper price. Lithium carbonate continued to rise, reaching a two - year high. The recent rapid increase was due to supply - side interference, and the market interpreted the news of the first environmental assessment information publicity stage of the Xiawo lithium mine as slower - than - expected resumption of production. With short - term supply pressure relieved, downstream demand remaining resilient, and optimistic market sentiment spreading, the futures price of lithium carbonate remained strong [1]. - **Energy and chemical products**: Most energy and chemical products rose. International oil prices rose for the third consecutive day, and the SC crude oil main contract fluctuated narrowly and closed slightly higher. In the future, although the oversupply of crude oil is a general trend, the US blockade of Venezuela has alleviated the oversupply pressure to some extent, and other geopolitical factors have also emerged. It is reasonable to estimate a risk premium of about $3 for the current oil price, and the future oil price is likely to fluctuate [1]. - **Oilseeds and oils**: Most oilseeds and oils rose. Due to position adjustment before the Christmas holiday, US soybeans rebounded slightly, but the market was still cautious about the export sales speed of US soybeans, and the expected high - yield in South America also restricted the rise of US soybean prices. The domestic market was in a shock - adjustment state. The supply side of US soybeans is waiting for the January USDA report to finalize production, and the main logic has shifted to the demand side. The short - term trend is likely to remain weak. On Wednesday, oils fluctuated higher, and rapeseed oil led the oils to rebound from the low level. The domestic oil market continued to build a bottom, following the international oil market. Rapeseed oil is still in the process of destocking, which led to a significant increase in the near - month contract. In contrast, palm oil and soybean oil faced selling pressure at high levels, and the market may fluctuate at low levels repeatedly without new positive news, and capital games may intensify [1].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The report presents the market conditions of various energy - chemical products on December 24, 2025. The prices of most products remained stable compared to the previous day. For the market, it is recommended to continue to stay on the sidelines due to the intense long - short game [1]. 3) Summary by Relevant Catalogs Product Price and Market Conditions - **Raw Salt**: Prices in Shandong, Jiangsu, and Northwest regions remained unchanged at 235, 260, and 180 respectively [1]. - **Calcium Carbide**: Prices in Shandong and Inner Mongolia remained unchanged at 250 and 3415 respectively [1]. - **Liquid Chlorine**: Prices in Shandong, Jiangsu, and Northwest regions remained unchanged at 100, 250, and - 100 respectively [1]. - **32% Liquid Caustic Soda**: The domestic market was slow. Prices in Shandong, Jiangsu, and Guangdong remained unchanged at 2219, 2563, and 1150 respectively. The mainstream transaction price of 32% ion - membrane caustic soda in Shandong was 690 - 800 yuan/ton [1]. - **50% Liquid Caustic Soda**: The downstream purchasing enthusiasm in Shandong was not high. Prices in Shandong, Jiangsu, and Guangdong remained unchanged at 2280, 1330, and 1300 respectively. The mainstream transaction price of 50% ion - membrane caustic soda in Shandong was 1120 - 1210 yuan/ton [1]. - **Caustic Soda Flakes**: Prices in Shandong, Inner Mongolia, Guangdong, and Southwest regions remained unchanged at 3000, 2650, 2750, and 3375 respectively [1]. - **PVC**: Prices in Shandong and Inner Mongolia remained unchanged at 3450 and 5550 respectively [1]. Price Difference and Profit - **Futures Main Contract Basis**: The closing price was 2250, with a change of 31 compared to the previous day [1]. - **50% Caustic Soda - 32% Caustic Soda Price Difference**: In Shandong, it remained unchanged [1]. - **Caustic Soda Flakes - 50% Caustic Soda Price Difference**: In Guangdong, it decreased by 31 to 16 [1]. - **50% Caustic Soda Regional Price Difference**: The price difference between Guangdong and Shandong remained unchanged at 515 [1]. - **Caustic Soda Flakes Regional Price Difference**: The price difference between Southwest and Inner Mongolia remained unchanged at 250, and that between Southwest and Shandong remained unchanged at 700 [1]. - **Chlor - alkali Profit**: In Shandong, it remained unchanged at - 70; in the Northwest, it decreased by 31 to 368 [1]. - **Electricity Price**: In Shandong, it remained unchanged at 0.66; in Inner Mongolia, it remained unchanged at 0.38 [1]. Operation Suggestion It is recommended to continue to stay on the sidelines due to the intense long - short game [1].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View - On December 23, the A-share market showed narrow consolidation. The lithium - battery and lithography machine industrial chains strengthened, while the commercial space theme had a deep correction. The Shanghai Composite Index rose 0.07% to 3919.98 points, the Shenzhen Component Index rose 0.27%, the ChiNext Index rose 0.41%, the North - 50 Index fell 0.64%, the STAR 50 Index rose 0.36%, the Wind All - A Index fell 0.06%, the Wind A500 Index rose 0.22%, and the CSI A500 Index rose 0.22%. The total A - share trading volume was 1.92 trillion yuan, compared with 1.88 trillion yuan the previous day [5] 3. Summary by Relevant Catalogs 3.1 Market Index Quotes | Index | Closing Price | Change (%) | Trading Volume (billion yuan) | Trading Volume (billion) | | --- | --- | --- | --- | --- | | SSE 50 | 3027.5195 | 0.24 | 35.89 | - | | CSI 300 | 4620.7341 | 0.20 | 4331.41 | 169.26 | | CSI 1000 | 3971.82 | -0.22 | 224.29 | - | [3] 3.2 CFFEX Stock Index Options Trading | Index | Call Option Volume (million) | Put Option Volume (million) | Volume PCR | Call Option Open Interest (million) | Put Option Open Interest (million) | Open Interest (million) | Open Interest PCR | | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 2.73 | 2.09 | 0.77 | 1.79 | 0.66 | 4.52 | 0.88 | | CSI 300 | 7.46 | 4.55 | 0.64 | 8.70 | 5.99 | 14.69 | 0.69 | | CSI 1000 | 15.72 | 8.87 | 0.77 | 12.72 | 6.85 | 11.86 | 0.93 | [3] 3.3 Volatility Analysis - **SSE 50**: Analyzed historical volatility and the volatility cone, and presented the volatility smile curve and the next - month at - the - money implied volatility [3][4] - **CSI 300**: Analyzed historical volatility and the volatility cone, and presented the volatility smile curve and the next - month at - the - money implied volatility [3][4] - **CSI 1000**: Analyzed historical volatility and the volatility cone, and presented the volatility smile curve and the next - month at - the - money implied volatility [3][4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The EC market is in a downward trend. The current price of the main contract at 1872 points has fully factored in the optimistic expectations for the future SCFIS index (especially the three - period from January 26th to February 9th). If the actual index meets the expectations, there is no more room for growth. If the index fails to meet the expectations due to poor implementation of price increases or is adjusted downwards, the market without fundamental support will face significant correction pressure. Also, with about 30 trading days until the delivery date, the early over - consumption of positive factors will weaken the bullish momentum and highlight the risk of time - value consumption [5]. - The recommended strategy is to wait and see [6]. 3. Summary by Relevant Catalog 3.1 Shipping Derivatives Data - **Freight Rate Index**: The Shanghai Export Container Freight Index (SCFI) has a current value of 1506, up 7.79% from the previous value of 1398; the China Export Container Freight Index (CCFI) is at 1118, up 0.29% from 1115. SCFI - West America has a current value of 1780, up 14.84% from 1550; SCFIS - West America is at 962, up 4.11% from 924; SCFI - East America is at 2652, up 14.56% from 2315; SCFI - Northwest Europe is at 1538, up 9.86% from 1400. SCFIS - Northwest Europe has a current value of 1589, up 5.23% from 1510; SCFI - Mediterranean is at 2737, up 19.00% from 2300 [3]. - **Contracts**: For contracts like EC2506, EC2608, etc., the current values and their corresponding changes compared to the previous values are as follows: EC2506 is at 1331.7, up 0.89% from 1320.0; EC2608 is at 1480.0, down 0.42% from 1486.2; EC2610 is at 1052.0, down 0.85% from 1061.0; EC2512 is at 1606.0, down 1.53% from 1631.0; EC2602 is at 1806.6, down 3.48% from 1871.8; EC2604 is at 1158.0, down 0.75% from 1166.8 [3]. - **Positions**: Regarding the positions of contracts, the current values and their changes from the previous values are: EC2606 position is 2187, up 3 from 2184; EC2608 position is 1199, up 2 from 1197; EC2610 position is 5603, up 202 from 5401; EC2512 position is 1890, down 66 from 1956; EC2602 position is 35004, down 1506 from 36510; EC2604 position is 20867, up 396 from 20471 [3]. - **Monthly Spreads**: For monthly spreads such as 12 - 02, 12 - 04, and 02 - 04, the current values and their changes from the previous values are: 12 - 02 is at - 200.6, up 40.2 from - 240.8; 12 - 04 is at 448.0, down 16.2 from 464.2; 02 - 04 is at 648.6, down 56.4 from 705.0 [3]. 3.2 Market News - **Maersk**: Maersk's Singapore - flagged Maersk Sebarok passed through the Mandeb Strait controlled by the Houthi rebels on its way to the US East Coast this week. Maersk is the latest liner company to "test the waters" of Red Sea navigation. However, the company quickly emphasized that this does not mean a large - scale return to Red Sea routes [3]. - **European Ports**: Major European ports are preparing for the "inevitable" situation of ships sailing around the Cape of Good Hope and those using the Suez Canal arriving at ports simultaneously, which will have a chain reaction on the entire supply chain [3]. - **Hapag - Lloyd**: Hapag - Lloyd abandoned the plan to resume Suez Canal passage on the India - US East Coast route due to customer opposition. As of November this year, Hapag - Lloyd dominated the India - US East Coast (USEC) route, handling about 303,500 TEU of cargo throughout the year, accounting for about 23% of the route's market [3]. 3.3 EC Market - **Market Overview**: The EC market is in a downward trend [4]. - **Spot Prices**: Maersk's quotes for the first week of January are 2500, and 2600 - 2700 for the second week, the same as in early December. Previously, the quote was raised to 3500. QVE raised the quote to 3000, and CMA to 3600 [4].

Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Core Views of the Report - After the Bank of Japan's interest rate hike, the risk appetite of global equity assets is gradually returning, and stock index futures are expected to oscillate and rebound. However, further breakthroughs require volume support, and market sentiment is expected to turn cautious by the end of the year, with the stock index mainly moving in an oscillatory manner [1]. - The asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest rate risks, so attention should be paid to the Bank of Japan's interest rate decision [1]. - With the improvement of market risk appetite, the prices of copper, aluminum, zinc, and nickel in the non - ferrous metal sector are expected to be strong in the short term, while the long - term pattern of primary nickel surplus remains unchanged [1]. - Gold prices may remain strong in the short term, but the strong GDP growth in the third quarter of the United States weakens the expectation of interest rate cuts, so volatility risks need to be vigilant. Silver, platinum, and palladium are still favored by macro - driving, supply - demand imbalance, and other factors, but short - term volatility risks also exist [1]. - For the black sector, after the release of negative news, coal and coke have shown signs of stabilization, and attention should be paid to whether downstream enterprises will start winter storage and replenishment [1]. - In the agricultural product sector, the prices of palm oil, soybean oil, and other products are under pressure, while the cotton market is currently in a state of "having support but no driving force", and future policies and market conditions need to be monitored [1]. - In the energy and chemical sector, the prices of PTA are expected to be strong, while the prices of ethylene glycol, PVC, and other products are under pressure due to factors such as supply and demand and cost [1]. Summary by Related Catalogs Macro - financial - Stock index futures: Oscillate and rebound in the short term, but further breakthroughs require volume support, and mainly move in an oscillatory manner by the end of the year [1]. - Bond futures: Asset shortage and weak economy are beneficial, but the central bank warns of interest rate risks, and attention should be paid to the Bank of Japan's interest rate decision [1]. Non - ferrous metals - Copper: With the improvement of market risk appetite, prices are strong [1]. - Aluminum: With the improvement of macro - sentiment, prices oscillate and strengthen [1]. - Zinc: Fundamentals improve, cost center rises, and prices oscillate and strengthen [1]. - Nickel: Although global inventory is high, due to supply concerns and Indonesian policies, prices may be strong in the short term, with a long - term surplus pattern of primary nickel [1]. - Stainless steel: With the improvement of raw material nickel prices, futures prices continue to rebound, and short - term low - buying is recommended [1]. - Tin: Affected by the industry's initiative, prices oscillate and weaken in the short term, but low - buying opportunities can be considered [1]. Precious metals and new energy - Gold: Prices reach a new high and may remain strong in the short term, but volatility risks need to be vigilant [1]. - Silver: Macro - driving, supply - demand imbalance, and other factors are beneficial, but short - term volatility risks exist [1]. - Platinum and palladium: May maintain a long - position pattern in the short term, but short - term volatility risks need to be vigilant [1]. Black sector - Steel products: After the release of negative news, coal and coke show signs of stabilization, and attention should be paid to winter storage and replenishment [1]. - Iron ore: Near - month contracts are restricted by production cuts, while far - month contracts have upward opportunities [1]. - Silicon iron: Direct demand weakens, supply is high, and prices are under pressure [1]. - Glass: Supply and demand are supported, valuation is low, and prices fluctuate and strengthen [1]. - Soda ash: Follows glass, with limited downward space and may be under pressure to oscillate [1]. Agricultural products - Palm oil: High - frequency data improves, but the origin is expected to be loose, and rebound short - selling is recommended [1]. - Soybean oil: Affected by the decline of CBOT and other domestic oils, prices are weak [1]. - Cotton: The market is in a state of "having support but no driving force", and future policies and market conditions need to be monitored [1]. - Sugar: There is a consensus on short - selling, but there is cost support below, and attention should be paid to changes in the capital side [1]. - Wheat and corn: Market supply and demand tension eases, but farmers are reluctant to sell, and there is备货 demand before the Spring Festival, which limits the decline of the futures price [1]. - Soybeans: US soybeans are weak, Brazilian soybeans are expected to have a bumper harvest, and domestic futures prices are expected to oscillate weakly [1]. Energy and chemical sector - Crude oil: Affected by OPEC+ policies, the Russia - Ukraine peace agreement, and US sanctions, prices oscillate [1]. - Fuel oil: Follows crude oil, with short - term supply - demand contradictions not prominent [1]. - Asphalt: Supply is sufficient, profit is high, and prices oscillate [1]. - Natural rubber: Supported by raw material costs, with a possible trend of inventory accumulation [1]. - PTA: PX prices are strong, polyester production and sales improve, and prices are expected to be strong [1]. - Ethylene glycol: Prices fall due to inventory accumulation and weakening cost support [1]. - Styrene: Cost is slightly supported, but overall production economy is negative, and inventory is high [1]. - Urea: Export sentiment eases, domestic demand is insufficient, but there is cost support [1]. - PVC: Supply pressure increases, demand weakens, and prices oscillate in a range [1]. - Caustic soda: Some production delays, and there is a risk of inventory accumulation in Shandong [1]. - Liquefied petroleum gas (PG): After a price correction, it maintains range - bound oscillations, and attention should be paid to the impact of natural gas on near - month prices [1]. Other - Container shipping on the European route: The price increase in December fails to meet expectations, the peak - season price increase is pre - priced, and the supply of shipping capacity is relatively loose [1].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The strengthening of US soybean oil drives the rebound of US soybeans, but the performance of US soybeans is still expected to be under pressure. With favorable weather in South America and the expectation of a bumper harvest in Brazilian soybeans, there will be selling pressure later. Recently, the futures market fluctuates following reserve - related rumors, and the 005 contract is expected to remain relatively weak in the later period. Attention should be paid to domestic customs policies and reserve auctions [7]. - In the short - term, livestock and poultry are expected to maintain high inventory, supporting feed demand. However, current breeding profits are in the red, and national policies tend to control the inventory and weight of pigs, which may affect the supply in the far - month. The cost - effectiveness of soybean meal has decreased [6][7]. 3. Summary by Related Content Market Data - On December 23, the basis of the soybean meal main contract in Dalian was 395, down 4; in Rizhao it was 335, down 4; in Tianjin it was 355, down 4. The 43% soybean meal spot basis in Zhangjiagang was 355, down 4 [4]. - The spot basis of rapeseed meal in Guangdong was 124, down 10; the M1 - 5 was 302, down 9 [4]. - The spot price difference between soybean meal and rapeseed meal in Guangdong was 396, down 8; the price difference between the main contracts was 533 [5]. Supply Situation - According to CONAB data, the predicted output of new Brazilian soybeans in the 25/26 season will reach 177.6 million tons. As of December 5, the sowing rate of Brazilian soybeans was 90.3%. As of December 3, the sowing progress of Argentine soybeans was 44.7%. Short - term weather is favorable. There are concerns about the supply of soybeans and soybean meal in the first quarter of next year in China due to rumored customs delays. Domestic imported soybeans have started to be auctioned with high premium [6]. Demand Situation - Livestock and poultry are expected to maintain high inventory in the short - term, supporting feed demand. However, breeding profits are in the red, and national policies tend to control the inventory and weight of pigs, which may affect the far - month supply. The cost - effectiveness of soybean meal has decreased. Recently, the downstream transactions of soybean meal are normal, and the提货 performance is good [6][7]. Inventory Situation - Domestic soybean and soybean meal inventories are at historically high levels, and the inventory of soybean meal is being depleted slowly. The pressure of spot supply is still large. It is expected that the inventory will be depleted more quickly from December to January. This week, the number of days of soybean meal inventory in feed enterprises has increased [7].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - PTA prices continued to rise due to cost - support. Planned restarts and shutdowns of PTA capacities affected the spot basis. The polyester industry maintained a high load, and the demand was expected to be supported by factors such as the cancellation of India's BIS certification. [2] - For ethylene glycol (MEG), with coal prices falling and new device production increasing, the price was under pressure, but the demand was expected to be boosted by increased polyester export inquiries. [2] Group 3: Summary by Relevant Catalogs 1. Market Data - **INE Crude Oil and PTA - SC**: On December 22 - 23, 2025, INE crude oil rose from 437.9 yuan/barrel to 440.9 yuan/barrel, and PTA - SC increased from 1857.7 yuan/ton to 1877.9 yuan/ton. [2] - **PX**: CFR China PX increased from 892 to 896, and the PX - naphtha spread decreased from 361 to 356. [2] - **PTA**: The PTA main - contract futures price rose from 5040 yuan/ton to 5082 yuan/ton, and the spot price increased from 4885 yuan/ton to 4955 yuan/ton. The spot processing fee and the on - paper processing fee also increased. [2] - **MEG**: The MEG main - contract futures price dropped from 3735 yuan/ton to 3623 yuan/ton. The MEG inner - market price decreased from 3633 to 3613. [2] 2. Industry Chain Operating Conditions - **PX**: The PX operating rate decreased slightly from 86.48% to 86.28%. [2] - **PTA**: The PTA operating rate decreased slightly from 74.77% to 74.49%. [2] - **MEG**: The MEG operating rate increased slightly from 60.43% to 60.67%. [2] - **Polyester**: The polyester load increased slightly from 88.41% to 88.58%. [2] 3. Product Conditions - **Polyester Filament**: POY, FDY, and DTY prices all increased, but their cash - flows showed different trends. The long - filament sales rate decreased from 62% to 36%. [2] - **Polyester Staple Fiber**: The price of 1.4D direct - spinning polyester staple fiber increased, and the short - fiber sales rate increased from 40% to 57%. [2] - **Polyester Chips**: The semi - bright chip price increased slightly, but the chip cash - flow decreased, and the chip sales rate decreased from 85% to 54%. [2] 4. Device Maintenance - A 2.2 - million - ton PTA device in Ningbo, which stopped for maintenance in late November, is expected to resume operation on December 24. [2]