Group 1: Investment Rating - There is no information about the industry investment rating in the provided text. Group 2: Core View - The container shipping index (European line) maintained a volatile trend yesterday. The main 2604 contract closed at 1,230.5 points, with an increase of 1,274 lots and a decline of 0.21%. The second - main 2602 contract closed at 1,718 points, with a decrease of 1,401 lots and a decline of 1.18% [11]. - The shipping capacity after the Spring Festival in 2026 has a relatively large growth rate, and the shipping capacity pressure after the festival is relatively greater. Although there is a marginal positive effect of the rush - shipment of photovoltaic and battery products in the first quarter, it cannot reverse the weak supply - demand balance trend of the European line in March - April. The 2602 contract should be mainly observed, the 2604 contract short positions should be held, and the 2610 contract short positions should be lightly held and short positions should be placed on rallies in the medium - to - long term [12][13][15]. Group 3: Summary by Related Catalogs 1. Fundamental Tracking - **Futures Data**: The EC2602 contract closed at 1,718.0, down 1.18%, with a trading volume of 5,642 and an open interest of 10,461, a decrease of 1,401. The EC2604 contract closed at 1,230.5, up 0.21%, with a trading volume of 45,075 and an open interest of 40,044, an increase of 1,274 [1]. - **Freight Index**: The SCFIS European route was 1,956.39 points, with a weekly increase of 8.9%. The SCFIS US - West route was 1,323.98 points, with a weekly increase of 5.9%. The SCFI European route was $1,719/TEU, with a bi - weekly increase of 1.7%. The SCFI US - West route was $2,218/FEU, with a bi - weekly increase of 1.4% [1]. - **Spot Freight Rates**: Different carriers' freight rates from Shanghai to Rotterdam vary, such as Maersk's $2,420/40'GP and $1,510/20'GP [1]. - **Exchange Rates**: The US dollar index was 99.18, and the US dollar against the offshore RMB was 6.97 [1]. 2. Macro News - The US special envoy announced the launch of the second phase of the "Twenty - Point Plan" to end the Gaza conflict, which includes establishing a transitional Palestinian technocratic government in Gaza and starting the demilitarization and reconstruction of the Gaza Strip [10][13]. - Palestinian factions reached a consensus on the requirements for the second phase of the Gaza cease - fire agreement, including establishing an independent committee to manage Gaza [10]. 3. Shipping Capacity Analysis - In January, there are no undetermined voyages, with a weekly average shipping capacity of 309,000 TEU/week, a year - on - year increase of 3.2% and a month - on - month decrease of 3.4%. In February, there are 11 blank sailings, with a weekly average shipping capacity of 271,000 TEU/week, a year - on - year increase of 17.2% and a month - on - month decrease of 12.5%. In March, there are 9 blank sailings and 2 undetermined voyages, with a weekly average shipping capacity of 284,000 TEU/week, a year - on - year increase of 5.4% and a month - on - month increase of 5% [12]. - The average shipping capacity before, during, and after the Spring Festival in 2026 is 313,000, 221,000, and 307,000 TEU respectively, with year - on - year growth rates of 2.3%, 3.3%, and 20.4% [12]. 4. Demand Analysis - In January, most shipping companies felt that the BCO/NVO cargo volume was good, but the FAK side was average. The cargo volume usually peaks around mid - January and then declines [13]. - The cancellation and reduction of export tax rebates for photovoltaic and battery products from April 1, 2026, are expected to boost the overall demand for container shipping (European line) from January to March, but have a marginal negative impact on the demand after April [13]. 5. Spot Freight Rate Forecast - The forecast is that the FAK average in the 3rd - 4th week may be lowered to the range of $2,600 - 2,670/FEU, setting the tone for the first - phase delivery settlement price of the 2602 contract on January 26 [14]. 6. Contract Strategy - For the 2602 contract, it is recommended to mainly observe. Under a neutral - to - pessimistic freight scenario, its valuation center may fall in the range of 1,700 - 1,750 points [15]. - For the 2604 contract, short positions should be held. The short - term target range is 1,050 - 1,100 points, and the upper resistance range is 1,200 - 1,250 points [15]. - For the 2610 contract, short positions should be lightly held, and short positions should be placed on rallies in the medium - to - long term. The upper resistance level refers to the delivery settlement price of the 2510 contract, which is 1,161 points [15]. 7. Trend Intensity - The trend intensity of the container shipping index (European line) is - 1, indicating a relatively bearish view [16].

1. Report Industry Investment Ratings and Core Views Investment Ratings - **Positive Trends**: PX, MEG, synthetic rubber, methanol, urea, fuel oil, low - sulfur fuel oil [10][11][16][39][44][69] - **Neutral Trends**: Rubber, LLDPE, PP, paper pulp, glass, benzene, styrene, soda ash, LPG, propylene, short - fiber, bottle - chip, pure benzene [13][19][22][30][35][48][52][57][58][87][95] - **Negative Trends**: Caustic soda, PVC, container shipping index (European line), offset printing paper [25][66][71][90] Core Views - The report analyzes the fundamentals of various energy and chemical futures, including price changes, supply - demand relationships, and market news, and provides investment suggestions based on trend strength and market conditions [1][2] 2. Summary by Commodity PX, PTA, MEG - **PX**: Cost - supported, supply is loose, and downstream demand is expected to decline. Suggest long PX short PTA and long SC short PX hedging [6][10] - **PTA**: Cost - supported, high processing fees, and polyester production cuts need to be observed. Suggest long SC short PTA [10][11] - **MEG**: Short - term rebound, pay attention to the implementation of spring maintenance of coal - chemical ethylene glycol plants [11] Rubber - Wide - range oscillation, with inventory increasing in Qingdao and mixed performance in the tire industry [13][14][15] Synthetic Rubber - The price center moves up, affected by geopolitical conflicts and the supply - demand of butadiene [16][18] LLDPE - Futures and spot prices resonate, with low standard product production. There are still concerns about supply - demand pressure in the medium term [19][20] PP - Cost - supported by downstream export rush, but overall fundamentals are weak at the end of the year [22][23] Caustic Soda - Weak oscillation, facing problems of high production, high inventory, and weak demand [25][27] Paper Pulp - Oscillation, with weak downstream demand and price adjustment of broad - leaf pulp [30][33][34] Glass - The original sheet price is stable, and the market trading atmosphere is average [35][36] Methanol - Oscillation with support, affected by geopolitical conflicts and inventory expectations [39][42] Urea - Medium - term upward oscillation, with inventory reduction and improved fundamentals [44][46][47] Benzene, Styrene - Short - term oscillation, with high valuation and concerns about supply - demand in the medium term [48][49][50] Soda Ash - The spot market changes little, and the demand support is gradually weakening [52][54] LPG, Propylene - LPG: Short - term supply is tight, affected by geopolitical factors. Propylene: Spot supply - demand tightens, with a strong trend [57][58] PVC - Weak oscillation, with high production, high inventory, and weak demand [66][67] Fuel Oil, Low - Sulfur Fuel Oil - Fuel oil: Sharp rise, short - term easy to rise and hard to fall. Low - sulfur fuel oil: Follow the rise, with a slight contraction in the price difference between high - and low - sulfur fuels [69] Container Shipping Index (European Line) - Weak operation, affected by geopolitical situations and supply - demand in the shipping market [71][82][83] Short - Fiber, Bottle - Chip - Both are oscillating strongly. For short - fiber, hold long TA short PF; for bottle - chip, hold long - short spread arbitrage [87][88] Offset Printing Paper - Hold short positions, with stable prices and weak demand in the market [90][91][93] Pure Benzene - Short - term oscillation, with inventory accumulation and price adjustment [95][96]

Report Industry Investment Rating - The report gives a "medium-term volatile upward" rating for urea [1] Core Viewpoints - The short - term urea price continues to rise due to the improved overall spot trading, the de - stocking fundamental data, and the background of neutral reality and strong expectations. The subsequent upward momentum depends on the continuity of mid - stream restocking. For the 05 contract, the fundamental pressure level is around 1,830 yuan/ton, and the support level is expected to be around 1,700 - 1,720 yuan/ton [3] Summary by Relevant Catalogs Fundamental Tracking - **Futures Market**: The closing price of the urea main contract is 1,814 yuan/ton (up 40 from the previous day), the settlement price is 1,796 yuan/ton (up 18), the trading volume is 206,733 lots, the open interest is 253,756 lots (up 23,507), the warehouse receipt quantity is 13,355 tons (unchanged), and the turnover is 742.445 million yuan (up 362.101 million). The Shandong regional basis is - 74 (down 40), the Fengxi - to - disk basis is - 194 (down 40), the Dongguang - to - disk basis is - 94 (down 40), and UR05 - UR09 is 30 (up 5) [1] - **Spot Market**: The factory prices of Henan Xinlianxin, Yankuang Xinjiang, Shandong Ruixing, Shanxi Fengxi, Hebei Dongguang, and Jiangsu Linggu remain unchanged. The trading prices in Shandong are unchanged at 1,740 yuan/ton, while in Shanxi it rises from 1,620 to 1,630 yuan/ton. The supply - side indicators show that the operating rate is 85.19% (up 0.47 percentage points), and the daily output is 200,580 tons (up 1,100 tons) [1] Industry News - On January 14, 2026, the total inventory of Chinese urea enterprises is 986,100 tons, a decrease of 36,100 tons from last week, a month - on - month decrease of 3.53%. Some provincial inventories decrease, while others increase [2]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The rubber market is expected to experience wide - range fluctuations [1] - The trend strength of rubber is 0, indicating a neutral outlook [2] Summary of Related Catalogs Fundamental Data - **Futures Market**: The daily closing price of the rubber main contract was 16,160 yuan/ton, up 185 yuan from the previous day; the night - closing price was 16,155 yuan/ton, up 15 yuan. The trading volume was 481,772 lots, an increase of 101,516 lots. The open interest of the 05 contract was 199,739 lots, an increase of 5,065 lots, and the number of warehouse receipts remained unchanged at 105,590 tons. The net short position of the top 20 members increased by 1,154 lots to 47,479 lots [2] - **Spread Data**: The basis of spot - futures main contract decreased by 35 to - 310, the basis of mixed - futures main contract decreased by 85 to - 1,010, and the monthly spread of RU05 - RU09 decreased by 10 to 20 [2] - **Spot Market**: The outer - market quotes of RSS3, STR20, SMR20, and SIR20 remained unchanged. The prices of Qilu styrene - butadiene rubber and Qilu cis - butadiene rubber increased by 100 yuan/ton. The prices of Thai mixed rubber and Thai standard rubber in the Qingdao market decreased by 10 dollars/ton, and the price of African 10 decreased by 15/10 dollars/ton [2] Industry News - As of January 11, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 56.82 million tons, a month - on - month increase of 1.98 million tons or 3.62%. The bonded area inventory increased by 6.14% to 9.35 million tons, and the general trade inventory increased by 3.13% to 47.47 million tons. The inbound rate of sample bonded warehouses decreased by 1.64 percentage points, and the outbound rate increased by 1.97 percentage points; the inbound rate of general trade warehouses decreased by 0.33 percentage points, and the outbound rate increased by 0.33 percentage points [3][4] - The spread between the main contracts of RU and NR widened by 10 yuan/ton to 3,145 yuan/ton, and the spread between mixed standard rubber and the main RU contract widened by 85 yuan/ton to - 1,010 yuan/ton [4] - There is a certain difference in the release of production capacity between enterprises. Some semi - steel tire enterprises have an increase in foreign trade orders, and their production has been further released. Some are still under production control due to sales pressure. Overall, foreign trade shipments support the overall shipments, but domestic sales pressure remains high [4]

2026 年 1 月 15 日 生猪：需求预期提前计价 | 周小球 | 投资咨询从业资格号：Z0001891 | zhouxiaoqiu@gtht.com | | --- | --- | --- | | 吴昊 | 投资咨询从业资格号：Z0018592 | wuhao8@gtht.com | 【基本面跟踪】 注：趋势强度取值范围为【-2,2】区间整数。强弱程度分类如下：弱、偏弱、中性、偏强、强，-2 表示最看空，2 表示最看多。 泰 君 安 期 货 研 究 请务必阅读正文之后的免责条款部分 1 生猪基本面数据 | | | 单 位 | 价 格 | | 比 同 | | | --- | --- | --- | --- | --- | --- | --- | | 价 格 | 河南现货 | 元/吨 | 13030 | | 0 | | | | 四川现货 | 元/吨 | 13000 | | 0 | | | | 广东现货 | 元/吨 | 13260 | | 0 | | | | | 单 位 | 价 格 | | 同 比 | | | | 生猪2603 | 元/吨 | 12010 | | 215 | | | | 生猪2605 | 元/ ...

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The report focuses on the high - level oscillation of lithium carbonate and suggests paying attention to the resumption progress of overseas mines [1]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: For the 2601 contract, the closing price is 166,340 yuan, with a change of 3,540 yuan compared to T - 1. The trading volume is 60, and the open interest is 465. For the 2605 contract, the closing price is 161,940 yuan, with a change of - 5,040 yuan compared to T - 1. The trading volume is 589,019, and the open interest is 452,583 [1]. - **Warehouse Receipts**: The warehouse receipt volume is 27,158 hands, with an increase of 260 hands compared to T - 1 [1]. - **Basis**: The basis of spot - 2601 is - 3,340 yuan, and the basis of spot - 2605 is 1,060 yuan. The basis of 2601 - 2605 is 4,400 yuan [1]. - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) is 2,100 yuan, with an increase of 10 yuan compared to T - 1. The price of lepidolite (2.0% - 2.5%) is 4,990 yuan, with an increase of 40 yuan compared to T - 1 [1]. - **Lithium Salts**: The price of battery - grade lithium carbonate is 163,000 yuan, with an increase of 3,500 yuan compared to T - 1. The price of industrial - grade lithium carbonate is 159,500 yuan, with an increase of 3,500 yuan compared to T - 1 [1]. - **Related Products**: The price of lithium iron phosphate (power type) is 56,590 yuan, with an increase of 925 yuan compared to T - 1. The price of ternary material 523 (polycrystalline/consumer type) is 192,350 yuan, with an increase of 1,400 yuan compared to T - 1 [1]. 3.2 Macro and Industry News - The SMM battery - grade lithium carbonate index price is 165,597 yuan/ton, up 4,622 yuan/ton compared to the previous working day. The average price of battery - grade lithium carbonate is 163,000 yuan/ton, up 3,500 yuan/ton compared to the previous working day. The average price of industrial - grade lithium carbonate is 159,500 yuan/ton, up 3,500 yuan/ton compared to the previous working day [2]. - Brazilian lithium producer Sigma Lithium will resume partial production at its Grota do Cirilo mine by the end of January, after a 3.5 - month shutdown. The company plans to increase production in Q1 and announce its 2026 production plan after achieving stable production [3]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral view [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints of the Report - On January 14, 2026, the four major stock index futures contracts of the current month showed mixed trends. IF fell by 0.63%, IH fell by 0.79%, IC rose by 0.64%, and IM rose by 0.08% [1]. - On the trading day, the total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. The total trading volume of IF, IH, IC, and IM increased by 35,576 lots, 13,666 lots, 81,143 lots, and 73,493 lots respectively. In terms of positions, the total positions of IF, IH, IC, and IM increased by 12,419 lots, 3,997 lots, 17,852 lots, and 13,386 lots respectively [2]. - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The adjustment of the margin ratio for margin trading by the Shanghai, Shenzhen, and Beijing Stock Exchanges, the performance of the A - share market, and other policies and market conditions are important driving factors [6]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Data Tracking - **Closing Price and Fluctuation**: The closing price of CSI 300 was 4741.9, down 0.40%; the closing price of SSE 50 was 3112.1, down 0.67%; the closing price of CSI 500 was 8227.7, up 1.04%; the closing price of CSI 1000 was 8257.2, up 0.66%. Among the corresponding futures contracts, the price trends were also mixed [1]. - **Basis**: The basis of different futures contracts varied, such as IF2601 with a basis of - 4.33, IH2601 with a basis of - 3.07, etc. [1]. - **Trading Volume and Turnover**: The trading volume and turnover of different contracts also showed different changes. For example, the turnover of IF2603 was 1717.2 billion yuan, and the trading volume increased by 22,545 lots [1]. - **Open Interest**: The open interest of each contract also had corresponding changes. For example, the open interest of IF2601 decreased by 8,395 lots [1]. 3.2 Top 20 Member Position Changes in Stock Index Futures - The position changes of long and short orders of the top 20 members in different contracts were different. For example, in IF2601, the long - order change was - 6541, and the short - order change was - 6248 [5]. 3.3 Important Driving Factors - **Policy Adjustment**: The Shanghai, Shenzhen, and Beijing Stock Exchanges adjusted the margin ratio for margin trading, raising the minimum margin ratio for investors' margin - buying securities from 80% to 100% [6]. - **Tax Policy**: The Ministry of Finance and other three departments announced the continuation of the personal income tax policy to support residents' housing exchange and purchase, providing tax - refund incentives for eligible taxpayers from January 1, 2026, to December 31, 2027 [7]. - **Foreign Trade Data**: In 2025, China's foreign trade imports and exports reached 45.47 trillion yuan, a year - on - year increase of 3.8%. Exports were 26.99 trillion yuan, up 6.1%, and imports were 18.48 trillion yuan, up 0.5% [8].

2026 年 01 月 15 日 工业硅：下游减产，需求走弱 多晶硅：底部震荡态势 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2605收盘价（元/吨） | 8,755 | 120 | -225 | 470 | | | | Si2605成交量（手） | 245,936 | -24,140 | -231,450 | 42,007 | | | | Si2605持仓量（手） | 235,089 | -7,380 | -9,645 | 88,015 | | 工业硅、多晶硅期货市场 | | PS2605收盘价（元/吨） | 48,945 | -60 | -9,355 | - | | | | PS2605成交量（手） | 20,942 | -7,437 | 361 | - | | | | PS2605持仓量（手） | 48,439 | -405 | -19,361 ...

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating. 2. Core View of the Report - The cotton market continues to adjust. Domestic cotton spot trading is generally weak, and the overall price of pure - cotton yarn is stable with a slight decline. ICE cotton futures are fluctuating slightly, waiting for new fundamental drivers [1][2][3] 3. Summary by Relevant Catalogs 3.1. Fundamental Tracking - **Futures Data**: CF2605 closed at 14,810 yuan/ton yesterday with a 0.34% daily increase, and 14,780 yuan/ton in the night session with a -0.20% decrease. CY2603 closed at 20,835 yuan/ton yesterday with a 0.34% daily increase, and 20,820 yuan/ton in the night session with a -0.07% decrease. ICE cotton 3 closed at 64.96 cents/pound yesterday with a 0.05% increase. The trading volume of CF2605 was 457,154 lots, a decrease of 253,199 lots from the previous day, and the open interest was 1,211,692 lots, an increase of 10,015 lots. The trading volume of CY2603 was 8,362 lots, a decrease of 1,999 lots from the previous day, and the open interest was 15,756 lots, an increase of 1,045 lots [1] - **Warehouse Receipt Data**: The number of Zhengzhou cotton warehouse receipts was 8,836, an increase of 426, and the valid forecast was 1,612, a decrease of 95. The number of cotton yarn warehouse receipts was 70, unchanged, and the valid forecast was 7, an increase of 63 [1] - **Spot Price Data**: The price of Northern Xinjiang 3128 machine - picked cotton was 15,640 yuan/ton, a 50 - yuan or 0.32% increase from the previous day. The price of Southern Xinjiang 3128 machine - picked cotton was 15,630 yuan/ton, a 50 - yuan or 0.32% increase from the previous day. The price in Shandong was 16,067 yuan/ton, a 176 - yuan or 1.11% increase from the previous day. The price in Hebei was 15,983 yuan/ton, a 203 - yuan or 1.29% increase from the previous day. The 3128B index was 15,970 yuan/ton, a 187 - yuan or 1.18% increase from the previous day. The international cotton index M was 72.94 cents/pound, unchanged from the previous day. The price of pure - cotton combed yarn 32 - count was 21,300 yuan/ton, unchanged from the previous day, and the arrival price of pure - cotton combed yarn 32 - count was 21,026 yuan/ton, a 1 - yuan increase from the previous day [1] - **Spread Data**: The CF3 - 5 spread was - 25 yuan/ton, a decrease of 10 yuan from the previous day's spread. The spread between Northern Xinjiang 3128 machine - picked cotton and CF605 was 830 yuan/ton, unchanged from the previous day [1] 3.2. Macro and Industry News - **Domestic Cotton Spot**: According to TTEB information, the overall trading of cotton spot is weak, and the local locked - basis trading is relatively better. The sales basis of 2025/26 Northern Xinjiang machine - picked 4129/29B with impurity within 3 is mostly reported at CF05 + 1000 and above, and a small amount with impurity between 3 - 3.5 is quoted in the range of 950 - 1000, for self - pick - up in Xinjiang. The mainstream basis of 2025/26 machine - picked cotton from North and South Xinjiang in Shandong and Henan warehouses with 3130/30 and impurity within 3 is mostly in the range of CF05 + 1350 - 1600, for self - pick - up in the inland [2] - **Domestic Cotton Textile Enterprises**: According to TTEB information, the overall price of pure - cotton yarn is stable with a slight decline. The quotation of combed high - count yarn is firm. The overall market trading atmosphere of pure - cotton yarn is still weak. The actual selling price center of medium and low - count varieties has moved slightly downward. Recently, the sales of traceable yarn and low - count yarn have improved slightly, and most spinning enterprises have limited new orders [2] - **US Cotton**: Yesterday, ICE cotton futures continued to fluctuate slightly, and the market is waiting for new fundamental drivers [3] 3.3. Trend Intensity - The trend intensity of cotton is 0, indicating a neutral trend. The range of trend intensity is [-2, 2], where -2 represents the most bearish and 2 represents the most bullish [4][5]

Report Summary 1) Report Industry Investment Rating - No information provided on the industry investment rating. 2) Core Viewpoints - LLDPE futures and spot market continue to resonate with low standard product production. The spot market has tightened liquidity in the short - term, with improved trade - sample transactions. The outer - market quotation is rising, and the long - term import profit is open, but downstream factories are mostly cautious. The raw material end has mixed trends, and the supply side has some changes with potential future supply - demand pressure [1][2]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing price of L2605 is 6820, with a daily increase of 0.80%. The trading volume is 640471, and the open interest decreased by 10862. The 05 - contract basis is - 120 (compared to - 66 the previous day), and the 05 - 09 contract spread is - 35 (compared to - 36 the previous day) [1]. - **Spot Price Data**: In the north, the price is 6700 yuan/ton (unchanged from the previous day); in the east, it is 6850 yuan/ton (up from 6750 yuan/ton the previous day); in the south, it is 6900 yuan/ton (up from 6850 yuan/ton the previous day) [1]. Spot News - The futures rally continues. The spot market has short - term liquidity tightening due to active short - covering and hedging transactions. PE spot prices are rising actively, and the east - China basis has strengthened and turned positive. Downstream product profits are compressed, but rigid demand orders are maintained, and trade - sample transactions have improved significantly. Outer - market quotations are rising, and long - term import profits are open, with increased importer transactions, while downstream factories are cautious [1]. Market Condition Analysis - The raw material crude oil price is stabilizing and fluctuating, the ethylene monomer segment is weakening, and the profit of PE ethylene and ethane processes has improved. The PE futures market has continued to rebound, with most transactions concentrated in the middle - stream, and downstream has not chased the price to replenish inventory. The near - end downstream agricultural film market is weakening, the packaging film industry maintains rigid demand, but the willingness of middle and lower - stream to hold inventory has weakened after the recent decline. The upstream is offering discounts to sell at the end of the year, and the factory inventory has decreased slightly, with a weak basis. On the supply side, Guangxi Petrochemical is gradually starting up, the maintenance plan in January has decreased month - on - month, and some FD has switched back to standard products. In the medium - term, attention should be paid to the supply - demand pressure brought by high existing production capacity and weakening demand [2]. Trend Intensity - The LLDPE trend intensity is 0 [3].