Group 1: Report Title and Core View - The report is titled "Industrial Silicon: Silicon Material Production Cut, Short at High Levels" and "Polysilicon: Greatly Affected by News" [1][2] - The core view is that for industrial silicon, with silicon material production cuts, it's advisable to short at high levels; polysilicon is greatly affected by news [1][2] Group 2: Industry Investment Rating - There is no information about the industry investment rating in the report Group 3: Fundamental Data Summary Industrial Silicon and Polysilicon Futures Market - Si2605 closing price is 8,980 yuan/ton, with a change trend compared to T - 1, T - 5, and T - 22 [2] - Si2605 trading volume is 477,386 lots, with significant changes over different time periods [2] - Si2605 open interest is 244,734 lots, showing different change trends [2] - PS2605 closing price is 58,300 yuan/ton, down 1,065 yuan from T - 1 [2] - PS2605 trading volume is 20,581 lots, with a large decrease compared to T - 5 [2] - PS2605 open interest is 67,800 lots, showing a downward trend [2] Basis - Industrial silicon spot premium/discount has different values when benchmarked against different products, such as +270 yuan/ton when benchmarked against East China Si5530 [2] Price - Xinjiang 99 - silicon price is 8700 yuan/ton, with no change compared to T - 1 and T - 5, but a decrease of 200 yuan compared to T - 22 [2] - Yunnan Si4210 price is 10000 yuan/ton, remaining unchanged [2] - Polysilicon - N - type re - feedstock price is 53500 yuan/ton, with an increase compared to T - 5 and T - 22 [2] Profit - Silicon plant profit for Xinjiang new standard 553 is - 2346.5 yuan/ton, showing different change trends [2] - Silicon plant profit for Yunnan new standard 553 is - 4654 yuan/ton, with corresponding changes [2] - Polysilicon enterprise profit is 9.1 yuan/kg, showing an increasing trend [2] Inventory - Industrial silicon social inventory (including warehouse receipt inventory) is 55.7 million tons, with a change of 0.2 million tons compared to T - 5 [2] - Industrial silicon enterprise inventory is 20.2 million tons, up 0.68 million tons compared to T - 5 [2] - Industrial silicon industry inventory is 75.9 million tons, showing an increase [2] - Industrial silicon futures warehouse receipt inventory is 5.4 million tons, with a certain change trend [2] - Polysilicon manufacturer inventory is 30.6 million tons, showing an upward trend [2] Raw Material Cost - Silicon ore prices in Xinjiang and Yunnan have different values and change trends [2] - Wash coal prices in Xinjiang and Ningxia remain unchanged [2] - Petroleum coke prices of Maoming Coke and Yangtze Coke show no change [2] - Electrode prices of graphite electrode and carbon electrode remain stable [2] Polysilicon (Photovoltaic) - Prices of silicon wafers, battery cells, components, photovoltaic glass, and photovoltaic - grade EVA have different values and change trends [2] Organic Silicon - DMC price is 13600 yuan/ton, with a decrease compared to T - 22 [2] - DMC enterprise profit is 1560 yuan/ton, showing a downward trend [2] Aluminum Alloy - ADC12 price is 23700 yuan/ton, showing an upward trend [2] - Recycled aluminum enterprise profit is - 440 yuan/ton, with different change trends [2] Group 4: Macro and Industry News - On December 5, 2025, the Shanxi Provincial People's Government released a proposal to promote energy transformation during the "15th Five - Year Plan" period, aiming to transform from a coal - rich province to an energy - strong province [2][4] Group 5: Trend Intensity - Industrial silicon trend intensity is 0, and polysilicon trend intensity is - 1, indicating different market outlooks [4]

Report Overview - **Report Date**: January 8, 2026 [1] - **Report Title**: Lithium Carbonate: High-level Volatility, Focus on Market Sentiment Changes [1] Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The report focuses on tracking the fundamental data of lithium carbonate and presenting relevant macro and industry news, but does not put forward a clear core view [1][2][3]. Summary by Directory 1. Fundamental Tracking - **Futures Data**: The closing prices of the 2601 and 2605 contracts were 139,960 yuan and 142,300 yuan respectively, showing an increase compared to previous periods. The trading volume and open interest of the two contracts also changed significantly. For example, the trading volume of the 2605 contract was 420,407, with an increase of 116,170 compared to the previous day [1]. - **Spot and Basis Data**: The spot price of battery-grade lithium carbonate was 133,500 yuan, with an increase of 6,000 yuan compared to the previous day. The basis between spot and futures contracts also showed different degrees of change [1]. - **Raw Material Data**: The prices of lithium spodumene concentrate, lithium mica, and other raw materials all increased to varying degrees. For example, the price of lithium spodumene concentrate (6%, CIF China) was 1,770 yuan, with an increase of 130 yuan compared to the previous day [1]. - **Lithium Salt and Related Product Data**: The prices of various lithium salts and related products such as battery-grade lithium hydroxide, lithium iron phosphate, and ternary materials also showed different trends. For example, the price of battery-grade lithium hydroxide (micropowder) was 128,300 yuan, with an increase of 6,500 yuan compared to the previous day [1]. 2. Macro and Industry News - **Price Increase of Lithium Carbonate**: The SMM battery-grade lithium carbonate index price was 132,231 yuan/ton, with a daily increase of 6,226 yuan/ton. The average price of battery-grade lithium carbonate was 133,500 yuan/ton, with an increase of 6,000 yuan/ton compared to the previous day [2]. - **Tendering Situation in the Energy Storage Market**: In December 2025, the domestic energy storage market completed a total of 22.5GW/55.8GWh of EPC general contracting tendering work for energy storage systems and equipment, with independent energy storage projects accounting for 90%. In addition, 2GWh of DC-side and 2GWh of energy storage cell procurement orders were finalized [3]. 3. Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral state [3].

1. Report's Industry Investment Rating - No information provided on the report's industry investment rating 2. Report's Core View - The demand for live pigs has negative feedback [1] - The trend strength is -1, indicating a relatively bearish view [5] 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: Henan's spot price is 13,030 yuan/ton with a year-on-year increase of 50; Sichuan's is 12,950 yuan/ton, up 100 year-on-year; Guangdong's is 12,760 yuan/ton with no year-on-year change [3] - **Futures Prices**: The price of live pig 2603 is 11,785 yuan/ton, down 25 year-on-year; 2605 is 12,260 yuan/ton, up 5; 2607 is 12,940 yuan/ton with no year-on-year change [3] - **Trading Volume and Open Interest**: For live pig 2603, the trading volume is 101,121 lots, an increase of 18,488 from the previous day, and the open interest is 171,415 lots, up 1,785; for 2605, the trading volume is 29,533 lots, up 3,806, and the open interest is 97,142 lots, up 3,228; for 2607, the trading volume is 6,709 lots, up 732, and the open interest is 43,911 lots, up 978 [3] - **Price Spreads**: The basis of live pig 2603 is 1,245 yuan/ton, up 75 year-on-year; 2605 is 770 yuan/ton, up 45; 2607 is 90 yuan/ton, up 50. The spread between 2603 and 2605 is -475 yuan/ton, down 30 year-on-year, and between 2605 and 2607 is -680 yuan/ton, up 5 [3] 3.2 Market Information - Yunnan Shennong registered 85 lots of warehouse receipts on December 4; Guizhou Fuyuan registered 23 lots on December 5; Dekang registered 225 lots on December 10 and 150 lots on December 11; Yangxiang registered 40 lots on December 10; COFCO registered 300 lots on December 15 and 150 lots on December 29; Muyuan registered 40 lots on December 23 [4]

商 品 研 究 2026 年 01 月 08 日 焦炭：事件发酵，高位震荡 焦煤：事件发酵，高位震荡 | | | | 昨日收盘价(元/吨) | 涨跌(元/吨) | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | | JM2605 | 1164 | ୧୫ | 6.2% | | | | 12605 | 1773 | 118 | 7. 1% | | 期货价格 | | | 昨日成交(手) | 昨日持仓(手) | 持仓变动(手) | | | | JM2605 | 898934 | 499345 | -2636 | | | | 12605 | 45483 | 38416 | 1678 | | | | | 昨日价格(元/吨) | 前日价格(元/吨) | 涨跌(元/吨) | | | | 临汾低硫主焦 | 1500 | 1500 | 0 | | | | 吕梁低硫主焦 | 1403 | 1403 | 0 | | | 焦煤 | 吕梁瘦主焦煤 | 1153 | 1153 | 0 | | | | 吕梁中疏肥煤 | 1300 | 1300 | 0 | | 现货价格 | | 金泉蒙5精煤自提 ...

商 品 研 究 2026 年 1 月 8 日 LLDPE：标品排产继续回落，基差弱稳 周富强 投资咨询从业资格号：Z0023304 zhoufuqiang@gtht.com 【基本面跟踪】 LLDPE 基本面数据 | 期 货 | | 昨日收盘价 | 日涨跌 | 昨日成交 | 持仓变动 | | --- | --- | --- | --- | --- | --- | | | L2605 | 6642 | 0.96% | 662494 | -2207 | | 基差月差变化 | | 昨日价差 | | 前日价差 | | | | 05合约基差 | -162 | | -179 | | | | 05-09合约价差 | -45 | | -39 | | | 重要现货价格 | | 昨日价格 | （元/吨） | 前日价格 | （元/吨） | | | 北 华 | 6480 | | 6400 | | | | 华 东 | 6550 | | 6450 | | | | 华 南 | 6550 | | 6490 | | 资料来源：卓创资讯，国泰君安期货 【现货消息】 请务必阅读正文之后的免责条款部分 1 期货研究 国 泰 君 安 期 货 研 究 ...

Report Summary 1. Investment Rating - No investment rating provided in the report. 2. Core View - The improvement of PP fundamentals is limited despite the boost from macro - sentiment. The overall fundamental support at the end of the year is weak, and the improvement range of PP fundamentals is expected to be limited. Attention should be paid to the marginal changes of PDH devices under deep - loss PDH profits [2]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: The closing price of PP2605 was 6486, with a daily increase of 0.98%. The trading volume was 595337, and the open interest decreased by 1191. The 05 - contract basis was - 206 (compared to - 203 the previous day), and the 05 - 09 contract spread was - 54 (compared to - 36 the previous day) [1]. - **Spot Price**: The spot prices in North China, East China, and South China were 6250 yuan/ton, 6280 yuan/ton, and 6330 yuan/ton respectively, showing an increase compared to the previous day [1]. 3.2 Spot News - The futures market was strong, some hedging resources could not be unwound, the sales pressure on the spot side was moderate, and traders were generally inclined to hold prices. The demand at the end of the year was difficult to provide continuous elasticity, the sustainability of buying was questionable, and the warehouse receipts remained at a high level. The PP US - dollar market price remained stable, overseas suppliers' enthusiasm for offering to China was low, downstream buyers continued to make rigid - demand purchases, and the trading situation was difficult to improve [1]. 3.3 Market Condition Analysis - **Cost**: The prices of crude oil and propane were strong. The chemical allocation in the market was differentiated, and the hedging logic of aromatics - olefins was continuously strengthened [2]. - **Supply**: There was no new production before the 2605 contract, and the game between existing supply and demand intensified [2]. - **Demand**: The follow - up of new orders from downstream was weakening, and downstream factories were still cautious in purchasing, resulting in weak demand [2].

2026年01月08日 国泰君安期货商品研究晨报-绿色金融与新能源 观点与策略 | 镍：现实压力背负与周期转变叙事博弈，宽幅震荡 | 2 | | --- | --- | | 不锈钢：现实基本面拖累，盘面博弈印尼政策为主 | 2 | | 碳酸锂：高位震荡，关注市场情绪变化 | 4 | | 工业硅：硅料减产，逢高布空 | 6 | | 多晶硅：消息面影响较大 | 6 | 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 国 泰 君 安 期 货 研 究 所 商 品 研 究 2026 年 1 月 8 日 镍：现实压力背负与周期转变叙事博弈，宽幅震荡 不锈钢：现实基本面拖累，盘面博弈印尼政策为主 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 147,720 | 7,920 | 14,870 | ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - Palm oil: Wait for the negative factors to be fully priced in and pay attention to the impact of macro - sentiment [1] - Soybean oil: The unilateral price will mainly rebound within a range, and pay attention to the spread opportunities between different contract months [1] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Prices**: Palm oil主力 closed at 8,562 yuan/ton (up 0.73% during the day) and 8,594 yuan/ton (up 0.37% at night); Soybean oil主力 closed at 7,958 yuan/ton (up 0.58% during the day) and 7,974 yuan/ton (up 0.20% at night); Rapeseed oil主力 closed at 9,095 yuan/ton (down 0.38% during the day) and 9,028 yuan/ton (down 0.74% at night); Malaysian palm主力 closed at 4,035 ringgit/ton (up 1.08% during the day) and 4,050 ringgit/ton (up 0.42% at night); CBOT soybean oil主力 closed at 49.27 cents/pound (down 0.26%) [1] - **Trading Volume and Open Interest**: Palm oil主力 had a trading volume of 453,932 lots (an increase of 39,340) and an open interest of 393,568 lots (an increase of 2,512); Soybean oil主力 had a trading volume of 297,201 lots (an increase of 34,187) and an open interest of 643,998 lots (an increase of 22,151); Rapeseed oil主力 had a trading volume of 289,824 lots (an increase of 72,757) and an open interest of 228,469 lots (an increase of 8,124) [1] - **Spot Prices**: Palm oil (24 - degree) in Guangdong was 8,570 yuan/ton (with no price change); First - grade soybean oil in Guangdong was 8,470 yuan/ton (with no price change); Fourth - grade imported rapeseed oil in Guangxi was 10,050 yuan/ton (down 50 yuan/ton); Malaysian palm oil FOB was 1,015 US dollars/ton (with no price change) [1] - **Basis**: The basis of palm oil in Guangdong was 8 yuan/ton; The basis of soybean oil in Guangdong was 512 yuan/ton; The basis of rapeseed oil in Guangxi was 955 yuan/ton [1] - **Price Spreads**: The spread between rapeseed oil and palm oil futures was 533 yuan/ton; The spread between soybean oil and palm oil futures was - 604 yuan/ton; The 5 - 9 spread of palm oil was 110 yuan/ton; The 5 - 9 spread of soybean oil was 150 yuan/ton; The 5 - 9 spread of rapeseed oil was 14 yuan/ton [1] 3.2 Macro and Industry News - Indonesia may confiscate 4 - 5 million hectares of oil palm plantations this year [2] - Malaysia's palm oil production in December 2024 was estimated to decrease by 4.64% to 1.84 million tons, with a 7.59% decrease in the Malay Peninsula, 0.6% in Sabah, and 2.41% in Sarawak [3][4] - Malaysia's palm oil production in the 2025/26 season is expected to be 19.6 million tons, 2.1% higher than the previous estimate, with a range of 19.1 - 20.1 million tons [4] - As of December 31, 2025, the total vegetable oil inventory in major ports in India was 914,310 tons, a decrease of 37,363 tons (3.93%) from December 15; The CPO inventory was 435,412 tons, a decrease of 47,606 tons (9.86%) from the previous period [4] - Thailand's palm oil production in the 2025/26 season is expected to be 3.82 million tons, with a stable yield increase, and the estimated range is 3.32 - 4.32 million tons. In November, the production dropped to 267,000 tons, a 15.1% decrease from the previous month, and the cumulative production from January to November was 3.62 million tons, a 15.3% year - on - year increase [4] - Indonesia's palm oil production in the 2025/26 season is expected to remain at 51.2 million tons. Bad weather continues to affect field operations, and the EU weather model predicts complex weather conditions in the next 15 days [5] - The market expects the US soybean production report to maintain the production estimate of 4.253 billion bushels and the yield of 53.0 bushels/acre, and the global soybean production may decrease by 1.1% year - on - year [5] 3.3 Trend Intensity - The trend intensity of palm oil is 0, and that of soybean oil is 0 [6]

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Core Viewpoints of the Report - Cotton prices fluctuate following the overall market sentiment, and ICE cotton futures continue to be affected by the trend of Chinese cotton prices [1][4] - The trend strength of cotton is rated as neutral, with a value of 0 [5] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market**: The closing price of CF2605 was 15,035 yuan/ton with a daily increase of 1.21%, and the night - session closing price was 14,870 yuan/ton with a decline of 1.10%. The closing price of CY2603 was 21,050 yuan/ton with a daily increase of 0.84%, and the night - session closing price was 20,930 yuan/ton with a decline of 0.57%. The price of ICE cotton No. 3 was 64.86 cents/pound with a decline of 0.43%. The trading volume of CF2605 was 795,874 lots, an increase of 292,065 lots from the previous day, and the open interest was 1,246,090 lots, an increase of 40,149 lots. The trading volume of CY2603 was 14,469 lots, a decrease of 1,999 lots from the previous day, and the open interest was 17,949 lots, an increase of 1,045 lots [2] - **Warehouse Receipts**: The number of Zhengzhou cotton warehouse receipts was 7,049, an increase of 225 from the previous day, and the valid forecast was 2,347, a decrease of 223. The number of cotton yarn warehouse receipts was 20, unchanged from the previous day, and the valid forecast was 17, an increase of 3 [2] - **Spot Market**: The price of North Xinjiang 3128 machine - picked cotton was 15,840 yuan/ton, an increase of 150 yuan or 0.96% from the previous day. The price of South Xinjiang 3128 machine - picked cotton was 15,830 yuan/ton, an increase of 140 yuan or 0.89% from the previous day. The price in Shandong was 15,836 yuan/ton, an increase of 68 yuan or 0.43% from the previous day. The price in Hebei was 15,773 yuan/ton, an increase of 31 yuan or 0.20% from the previous day. The 3128B index was 15,784 yuan/ton, an increase of 73 yuan or 0.46% from the previous day. The international cotton index M was 73.08 cents/pound, an increase of 1 cent or 0.74% from the previous day. The price of pure - cotton carded yarn 32s was 21,300 yuan/ton, an increase of 60 yuan or 0.28% from the previous day, and the arrival price of pure - cotton carded yarn 32s was 21,059 yuan/ton, an increase of 101 yuan or 0.48% from the previous day [2] - **Price Spreads**: The CF3 - 5 spread decreased by 10 yuan/ton to - 20 yuan/ton, and the spread between North Xinjiang 3128 machine - picked cotton and CF605 decreased by 30 yuan/ton to 810 yuan/ton [2] 3.2 Macroeconomic and Industry News - **Domestic Cotton Spot**: Cotton spot transactions are mainly conducted at fixed prices. The fixed - price and basis quotes for cotton spot are basically the same, with basis quotes remaining stable and some high - basis quotes slightly decreasing. The mainstream low - basis for 2025/26 South Xinjiang Kashgar machine - picked 3129/29B with impurity within 3.5 is in the range of CF05 + 800 - 900, and for North Xinjiang double 30 without light pollution, the lower basis is in the range of CF05 + 950 - 1050, for self - pick - up in Xinjiang. The mainstream sales basis for 2025/26 North Xinjiang machine - picked 4129/29B with impurity within 3 is mostly at CF05 + 950 and above, for self - pick - up in Xinjiang [3] - **Domestic Cotton Textile Enterprises**: The quotes for pure - cotton yarn have continued to increase by 100 - 200 yuan, and the overall transaction center has shifted upward. The overall trading of pure - cotton yarn is average, mainly for rigid demand. Traders and weavers purchase as needed, with new orders decreasing and downstream stocking up. High - count yarn still has good sales, while rotor - spun and low - count yarn have poor sales [3] - **US Cotton Situation**: Yesterday, ICE cotton futures rose and then fell, continuing to be affected by the trend of Chinese cotton prices [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Iron ore is expected to fluctuate at high levels [2]. - The market sentiment affects the rebar and hot - rolled coil plates, with their prices showing a strong - side oscillation [2]. - The market sentiment drives up the prices of ferrosilicon and silicomanganese, and their prices are expected to rise in an oscillatory manner [2]. - Due to event fermentation, coke and coking coal prices will oscillate at high levels [2]. - Log prices will fluctuate repeatedly [2]. Summary by Related Catalogs Iron Ore - **Fundamental Data** - The previous day's closing price of iron ore futures was 828.0 yuan/ton, up 27.0 yuan/ton or 3.37%. The previous day's position was 666,581 lots, an increase of 25,713 lots [5]. - Imported ore prices increased, with the price of Carajás fines (65%) rising by 18.0 yuan/ton to 910.0 yuan/ton, and PB fines (61.5%) rising by 19.0 yuan/ton to 832.0 yuan/ton [5]. - Some domestic ore prices remained unchanged, such as Langna (66%) at 972.0 yuan/ton and Laiwu (65%) at 890.0 yuan/ton [5]. - The basis and spread of iron ore futures showed different degrees of change [5]. - **Macro and Industry News** - China's December RatingDog Composite PMI was 51.3, exceeding the 50.0 boom - bust line and slightly higher than November's 51.2, indicating further growth in the total production and operation volume of Chinese enterprises at the end of 2025 [6]. - **Trend Intensity** - The trend intensity of iron ore is 0, indicating a neutral trend [6]. Rebar and Hot - Rolled Coil Plates - **Fundamental Data** - For rebar RB2605, the previous day's closing price was 3,187 yuan/ton, up 89 yuan/ton or 2.87%, and the trading volume was 1,937,222 lots, with a position of 1,741,383 lots, an increase of 178,435 lots [9]. - For hot - rolled coil plate HC2605, the previous day's closing price was 3,332 yuan/ton, up 82 yuan/ton or 2.52%, and the trading volume was 943,506 lots, with a position of 1,377,887 lots, an increase of 103,802 lots [9]. - Spot prices of rebar and hot - rolled coil plates in various regions increased, and the basis and spread of futures also changed [9]. - **Macro and Industry News** - In late December, the social inventory of 5 major steel products in 21 cities was 721 million tons, a decrease of 27 million tons or 3.6% compared with the previous period [10]. - On December 31st, according to Steel Union's weekly data, the output of rebar increased by 3.83 million tons, and that of hot - rolled coils increased by 10.97 million tons [11]. - **Trend Intensity** - The trend intensity of rebar and hot - rolled coil plates is 1, indicating a relatively strong trend [11]. Ferrosilicon and Silicomanganese - **Fundamental Data** - The spot price of ferrosilicon FeSi75 - B in Inner Mongolia was 5,350 yuan/ton, up 70.0 yuan/ton, and the spot price of silicomanganese FeMn65Si17 in Inner Mongolia was 5,650 yuan/ton, up 20.0 yuan/ton [14]. - The price of manganese ore Mn44 block was 43.0 yuan/ton - degree, and the price of semi - coke small materials in Shenmu was 760 yuan/ton [14]. - The basis, near - far month spread, and cross - variety spread of ferrosilicon and silicomanganese showed different degrees of change [14]. - **Macro and Industry News** - According to Ferrous Metals Online, on January 6th, the prices of different grades of ferrosilicon and silicomanganese in various regions increased, and the procurement prices and quantities of some steel mills also changed [15]. - There was news about the possible implementation of differential electricity prices for restricted ferroalloy enterprises in Shaanxi from July 1, 2026 [16]. - **Trend Intensity** - The trend intensity of ferrosilicon and silicomanganese is 1, indicating a relatively strong trend [16]. Coke and Coking Coal - **Fundamental Data** - The previous day's closing price of coking coal futures JM2605 was 1,164 yuan/ton, up 6.2%, and the closing price of coke futures J2605 was 1,773 yuan/ton, up 7.1% [18]. - Spot prices of coking coal and coke remained unchanged, and the basis and spread of futures changed [18]. - **Macro and Industry News** - On January 7th, CCI's metallurgical coal index showed that the prices of different types of coking coal remained stable [18]. - According to Mysteel's coal - coke data, the daily output of raw coal from 523 coking coal sample mines increased, and the number of newly - shut - down and re - opened mines changed [18]. - **Trend Intensity** - The trend intensity of coke and coking coal is 1, indicating a relatively strong trend [20]. Logs - **Fundamental Data** - The closing price, trading volume, and position of log futures contracts showed different degrees of change, and the price of log spot markets in various regions remained stable [22]. - The basis and spread of log futures also changed [22]. - **Macro and Industry News** - China's December RatingDog Composite PMI was 51.3, exceeding the 50.0 boom - bust line and slightly higher than November's 51.2, indicating further growth in the total production and operation volume of Chinese enterprises at the end of 2025 [24]. - **Trend Intensity** - The trend intensity of logs is 0, indicating a neutral trend [24].