1. Report Industry Investment Rating - The investment rating for both soybeans and peanuts is neutral [4][7] 2. Core Views - The supply of soybeans is stable, but the demand is sluggish. The price of new - season soybeans in the Northeast is rising, but the actual trading is slow. The price of soybeans in the Huanghuaihai and Hubei - Hunan regions is stable. The pre - holiday stock - up market has not appeared, and the sales in the distribution areas are slow [2][3] - The peanut market is in a wait - and - see state with light trading. The market is waiting for the acquisition intention of Luhua Oil Factory to become clearer. The futures price of peanuts rose slightly, and the spot price was basically stable [4][5][6] 3. Summary by Related Content Soybean Market Analysis - Futures: The closing price of the Douyi 2601 contract yesterday was 4161.00 yuan/ton, up 72.00 yuan/ton or 1.76% from the previous day [1] - Spot: The basis of edible soybeans was A01 - 1, down 12 or 32.14% from the previous day. The new - season soybean prices in the Northeast are rising, with an increase of 10 - 40 yuan/ton. The actual trading is slow, and the tower - grain prices are mainly stable [1][2] Market Information - The prices of new - season soybeans in the Northeast are rising, but the actual trading is slow. The prices of tower - grain in different regions are stable or rising slightly. The prices of soybeans in the Huanghuaihai and Hubei - Hunan regions are stable, and the terminal demand is weak [2][3] Strategy - The strategy for soybeans is neutral [4] Peanut Market Analysis - Futures: The closing price of the Peanut 2601 contract yesterday was 8086.00 yuan/ton, up 26.00 yuan/ton or 0.32% from the previous day [4] - Spot: The average spot price of peanuts was 8182.00 yuan/ton, unchanged from the previous day. The basis was PK01 - 1286.00, down 26.00 or 2.06% from the previous day. The average price of general peanuts in the country was basically stable [4] Market Information - The peanut market is in a wait - and - see state. Luhua Oil Factory has not entered the market on a large scale. The arrival volume of other oil factories is low, and the acquisition is based on quality. Farmers are reluctant to sell, and traders and food factories are not actively purchasing [5][6] Strategy - The strategy for peanuts is neutral [7]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The spot market for propylene is relatively resistant to decline, while the futures market continues to fall. The overall supply of propylene remains high, with the restart of some PDH plants and the potential increase in commodity sales volume. The downstream demand has weakened, and the cost side is also under pressure due to the decline in international oil prices and coal prices. In the short term, the market is expected to be weak and volatile, with a wait - and - see strategy recommended [1][2][3] 3. Summary by Relevant Catalog 3.1 Propylene Basis Structure - The propylene basis structure is presented through figures including the closing price of the propylene main contract, the East China basis, the North China basis, the 01 - 05 contract, the East China market price, and the Shandong market price [6][8][10] 3.2 Propylene Production Profit and Capacity Utilization Rate - Figures show the difference between China's propylene CFR and Japan's naphtha CFR, propylene capacity utilization rate, PDH production gross profit and capacity utilization rate, MTO production gross profit, methanol - to - olefins capacity utilization rate, and naphtha cracking production gross profit [15][17][20] 3.3 Propylene Import and Export Profit - The report presents the differences between South Korea's FOB and China's CFR, Japan's CFR and China's CFR, Southeast Asia's CFR and China's CFR, and the propylene import profit [30][34] 3.4 Propylene Downstream Profit and Capacity Utilization Rate - The downstream profit and capacity utilization rate of propylene are analyzed through figures of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone, including their production profits and capacity utilization rates [36][37][38] 3.5 Propylene Inventory - Figures show the propylene inventory in the factory and the PP powder inventory in the factory [61][62]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report presents the trading and position - holding data of various market sectors on December 10, 2025, including changes in trading volume, position - holding amount, and trading - to - position ratios [1][2] 3. Summary by Directory 3.1 Plate Liquidity - The report provides figures on the trading volume and position - holding amount of multiple sectors, including the stock index, treasury bond, basic metal, precious metal, energy - chemical, agricultural product, and black building materials sectors, along with their respective trading - to - position ratios and changes from the previous trading day [1][2] 3.2 Stock Index Plate - On December 10, 2025, the trading volume of the stock index plate was 632.676 billion yuan, a +23.64% change from the previous trading day; the position - holding amount was 1349.433 billion yuan, a +2.45% change; and the trading - to - position ratio was 47.04% [1] 3.3 Treasury Bond Plate - The trading volume of the treasury bond plate was 361.108 billion yuan, a +6.19% change from the previous trading day; the position - holding amount was 739.837 billion yuan, a +1.18% change; and the trading - to - position ratio was 48.18% [1] 3.4 Basic Metal and Precious Metal (Metal Plate) - The basic metal plate had a trading volume of 535.179 billion yuan, a - 6.10% change from the previous trading day, a position - holding amount of 673.527 billion yuan, a +0.21% change, and a trading - to - position ratio of 81.75%. The precious metal plate had a trading volume of 866.385 billion yuan, a +24.20% change, a position - holding amount of 484.287 billion yuan, a +2.58% change, and a trading - to - position ratio of 274.97% [1] 3.5 Energy - Chemical Plate - The trading volume of the energy - chemical plate was 450.435 billion yuan, a +3.69% change from the previous trading day; the position - holding amount was 456.628 billion yuan, a - 0.72% change; and the trading - to - position ratio was 87.43% [1] 3.6 Agricultural Product Plate - The trading volume of the agricultural product plate was 372.909 billion yuan, a +19.63% change from the previous trading day; the position - holding amount was 594.625 billion yuan, a +0.05% change; and the trading - to - position ratio was 60.09% [1] 3.7 Black Building Materials Plate - The trading volume of the black building materials plate was 279.873 billion yuan, a +15.05% change from the previous trading day; the position - holding amount was 335.693 billion yuan, a - 1.13% change; and the trading - to - position ratio was 84.34% [2]

Report Industry Investment Rating - Not provided in the content Core View of the Report - The polyolefin market is facing a situation of increasing supply and weakening demand. For PE, the arrival of the off - season and continuous supply release lead to a supply - surplus and demand - weak pattern. For PP, the weak supply - demand situation persists in the short term, with inventory accumulation and weak spot prices [2][3] Summary by Relevant Catalogs 1. Polyolefin Basis Structure - The L main contract closed at 6561 yuan/ton (+4), the PP main contract closed at 6162 yuan/ton (-30), LL North China spot was 6530 yuan/ton (-70), LL East China spot was 6700 yuan/ton (-50), PP East China spot was 6230 yuan/ton (-80), LL North China basis was -31 yuan/ton (-74), LL East China basis was 139 yuan/ton (-54), and PP East China basis was 68 yuan/ton (-50) [1] 2. Production Profit and Operating Rate - PE operating rate was 84.1% (-0.5%), PP operating rate was 77.6% (-0.5%). PE oil - based production profit was 285.2 yuan/ton (+46.0), PP oil - based production profit was -394.8 yuan/ton (+46.0), PDH - made PP production profit was -667.6 yuan/ton (+14.1) [1] 3. Polyolefin Non - Standard Price Difference - Not provided in the content 4. Polyolefin Import and Export Profits - LL import profit was 7.0 yuan/ton (+5.8), PP import profit was -220.5 yuan/ton (+5.6), PP export profit was -18.4 US dollars/ton (-0.7) [1] 5. Polyolefin Downstream Operating Rate and Downstream Profits - PE downstream agricultural film operating rate was 48.1% (-0.9%), PE downstream packaging film operating rate was 50.2% (-0.5%), PP downstream plastic weaving operating rate was 44.1% (+0.0%), PP downstream BOPP film operating rate was 62.6% (+0.0%) [1] 6. Polyolefin Inventory - Not provided in the content Strategies - Unilateral: Be cautiously bearish on LLDPE; Hold a wait - and - see attitude towards PP, with short - term weak and volatile trends. - Inter - period: No strategy provided. - Inter - variety: Short the spread of L01 - PP01 when it is high [4]

农产品日报 | 2025-12-11 出栏压力延续，猪价偏弱震荡 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2603合约11310元/吨，较前交易日变动-140.00元/吨，幅度-1.22%。现货方面，河南地区 外三元生猪价格11.27元/公斤，较前交易日变动+0.01元/公斤，现货基差 LH03-40，较前交易日变动+150；江苏地 区外三元生猪价格 11.44元/公斤，较前交易日变动+0.04元/公斤，现货基差LH03+130，较前交易日变动+180；四 川地区外三元生猪价格11.83元/公斤，较前交易日变动+0.17元/公斤，现货基差LH03+520，较前交易日变动+310。 据农业农村部监测，12月10日"农产品批发价格200指数"为129.46，比昨天上升0.25个点，"菜篮子"产品批发价格指 数为132.21，比昨天上升0.29个点。全国农产品批发市场猪肉平均价格为17.88元/公斤，比昨天上升1.8%；牛肉66.12 元/公斤，比昨天下降0.6%；羊肉62.73元/公斤，比昨天上升0.4%；鸡蛋7.50元/公斤，比昨天上升1.5%；白条鸡18.00 元/公斤，比昨天上升0.3%。 市 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Market demand is gradually improving, and freight rates are being gradually corrected in the second half of December. There is a high probability that Maersk's prices will rise in the first week of January, and attention should be paid to the time when freight rates peak. The 12 - month contract is expected to have a delivery settlement price between 1600 - 1700 points. The 2 - month contract is expected to be volatile and slightly stronger. The far - month contracts face the pressure of the Suez Canal's resumption of navigation, and their valuations may be revised downward [1][4][5][6][7]. Summary by Directory 1. Futures Prices - As of December 10, 2025, the total open interest of all contracts of the container shipping index (European line) futures was 61,800 lots, and the single - day trading volume was 40,741 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1665.20, 1080.70, 1225.60, 1378.90, 1025.00, and 1655.10 respectively [8]. 2. Spot Prices - The SCFI (Shanghai - Europe route) price announced on December 5 was 1400 US dollars/TEU, the SCFI (Shanghai - US West route) price was 1550 US dollars/FEU, and the SCFI (Shanghai - US East) price was 2315 US dollars/FEU. The SCFIS (Shanghai - Europe) on December 8 was 1509.10 points, and the SCFIS (Shanghai - US West) was 960.51 points [8]. 3. Container Ship Capacity Supply - In December, the remaining 4 - week average monthly capacity was 314,700 TEU, and the capacities in weeks 50, 51, 52, and 53 were 334,500, 289,600, 315,000, and 319,000 TEU respectively. In January, the average monthly capacity was 331,700 TEU, and in February, it was 262,900 TEU. There were 4 blank sailings in December (1 by the OA Alliance and 3 by the MSC/PA Alliance), and 4 TBNs in January, all from the OA Alliance. Maersk added a new sailing ship, MAERSK EINDHOVEN (13,092 TEU), in week 51. As of December 7, 2025, 245 container ships had been delivered in 2025, with a total capacity of 1.99 million TEU [3][8]. 4. Supply Chain - Maersk and Hapag - Lloyd launched the Cape of Good Hope network due to the continuous turmoil in the Red Sea. There is no specific time to change the east - west routes of the Gemini to pass through the Red Sea. The CMA FAL1 route (Europe - Asia) will fully resume operation in January 2026, and the FAL3 route has started a single trial run [2]. 5. Demand and European Economy - Information from various surveys shows that the cargo volume is gradually recovering. The delivery settlement price of the 12 - month contract is the arithmetic average of the SCFIS on December 15, 22, and 29. The 2 - month contract's delivery settlement price basically reflects the spot price center at the end of January. If the duration of the shipping companies' contract price - holding is extended and high prices are achieved in January 2026, the 2 - month contract may be at parity with the 12 - month contract [4][6].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In the short - term, the domestic pure benzene has a large real - time arrival pressure, with port inventory accelerating accumulation. The overseas gasoline shortage has passed, but the price difference between the US and South Korea in the pure benzene market is still being repaired. Downstream提货 is weak, and downstream开工 is further decreasing in the off - season. Styrene maintains low - load maintenance, CPL开工 drops to the lowest level of the year, phenol开工 rebounds, and aniline and adipic acid开工 fluctuate within a range [3]. - For styrene, port inventory further declines, and the port basis remains strong. Styrene maintains low - level operation, port inventory continues to decrease, and downstream提货 is acceptable. The downstream开工 shows differentiation. EPS开工 rebounds slightly in the off - season but still has inventory pressure; ABS开工 decreases due to continuous finished - product inventory pressure; PS开工 continues to rise at the end of the year as the finished - product inventory pressure eases [3]. Summary by Directory 1. Pure Benzene and EB's Basis Structure, Inter - period Spread - The pure benzene main contract basis is - 130 yuan/ton (+12), and the spot - M2 paper cargo spread is - 150 yuan/ton (+35 yuan/ton). The EB main contract basis is 156 yuan/ton (- 48 yuan/ton) [1]. 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Pure benzene CFR China processing fee is 116 US dollars/ton (+2 US dollars/ton), and FOB South Korea processing fee is 113 US dollars/ton (+1 US dollar/ton). The pure benzene US - South Korea price difference is 195.0 US dollars/ton (+14.0 US dollars/ton). Styrene non - integrated production profit is - 140 yuan/ton (- 121 yuan/ton), and it is expected to gradually compress [1]. 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene port inventory is 26.00 million tons (+3.60 million tons), and styrene East China port inventory is 146,800 tons (- 13,800 tons), and the East China commercial inventory is 87,800 tons (- 8,600 tons). Pure benzene开工 rate data is not provided, and styrene开工 rate is 68.9% (+1.6%) [1]. 4. Operating Rates and Production Profits of Styrene Downstream - EPS production profit is 191 yuan/ton (+153 yuan/ton), PS production profit is - 9 yuan/ton (+153 yuan/ton), and ABS production profit is - 776 yuan/ton (+89 yuan/ton). EPS开工 rate is 56.36% (+1.61%), PS开工 rate is 59.00% (+1.40%), and ABS开工 rate is 68.30% (- 2.90%) [2]. 5. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam production profit is - 360 yuan/ton (+90), phenol - ketone production profit is - 952 yuan/ton (+25), aniline production profit is 848 yuan/ton (+95), and adipic acid production profit is - 1,129 yuan/ton (+59). Caprolactam开工 rate is 79.15% (- 7.53%), phenol开工 rate is 82.00% (+1.00%), aniline开工 rate is 77.23% (+0.04%), and adipic acid开工 rate is 60.00% (+0.60%) [1]. Strategy - Unilateral: None - Basis and Inter - period: Conduct inter - period positive arbitrage for EB2601 - EB2602 at low prices. - Cross - variety: Expand the spread of EB2601 - BZ2603 at low prices [4].

化工日报 | 2025-12-11 EG主港延续累库,检修有所增多 核心观点 市场分析 期现货方面：昨日EG主力合约收盘价3682元/吨（较前一交易日变动-9元/吨，幅度-0.24%），EG华东市场现货价3668 元/吨（较前一交易日变动+22元/吨，幅度+0.60%），EG华东现货基差-11元/吨（环比+0元/吨）。 生产利润方面：据隆众数据，乙烯制EG生产毛利为-94美元/吨（环比-4美元/吨），煤基合成气制EG生产毛利为-1155 元/吨（环比-17元/吨）。 库存方面：根据 CCF 每周一发布的数据，MEG 华东主港库存为81.9万吨（环比+6.6万吨）；根据隆众每周四发布 的数据， MEG 华东主港库存为71.9万吨（环比+1.1万吨）。据CCF数据，上周华东主港计划到港总数16.3万吨，副 港到港量5.1万吨；本周华东主港计划到港总数15.5万吨，副港到港量2万吨，整体偏高，预计主港将继续累库。 整体基本面供需逻辑：供应端，随着检修兑现，国内乙二醇负荷高位下降，近端供应压力有所缓解，但1月又将恢 复高供应，后续关注价格下降后乙二醇装置新增检修情况；海外供应方面，中东货源供应高位，月内远洋货到港 偏 ...

尿素日报 | 2025-12-11 厂内库存继续去化 市场分析 价格与基差：2025-12-10，尿素主力收盘1645元/吨（+2）；河南小颗粒出厂价报价：1690 元/吨（0）；山东地区小 颗粒报价：1700元/吨（+10）；江苏地区小颗粒报价：1680元/吨（+0）；小块无烟煤750元/吨（+0），山东基差：55 元/吨（+8）；河南基差：45元/吨（+8）；江苏基差：35元/吨（-2）；尿素生产利润170元/吨（+10），出口利润885 元/吨（+8）。 供应端：截至2025-12-10，企业产能利用率81.82%（0.08%）。样本企业总库存量为123.42 万吨（-5.63），港口样本 库存量为10.50 万吨（+0.50）。 需求端：截至2025-12-10，复合肥产能利用率40.53%（+3.47%）；三聚氰胺产能利用率为61.66%（+0.86%）；尿素 企业预收订单天数6.94日（-0.41）。 尿素部分地区低价成交好转，持续性待观察。供应端四季度气头检修12月逐渐开始，前期煤头企业检修逐步恢复， 目前2025年新增产能全部投产，尿素供应量不减。需求端当前淡储采购进行中，复合肥东北、湖北开工 ...

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The port inventory continued to decline, and the port basis strengthened. The reasons are delayed unloading and the flow back to the inland, but the arrival pressure in December is still high. The winter maintenance of Iranian plants has been implemented, but it will take time for the decline in future arrivals. Attention should be paid to the MTO maintenance plan of Ningbo Fude and the shipment volume from Iran. The continuous decline in coking coal and thermal coal prices has dragged down the coal - chemical sector [2]. - In the inland, the coal - based methanol production start - up rate is still higher than the same period. Attention should be paid to the restart progress of Yangmei MTO, the low - load operation of Luxi MTO, and the commissioning progress of the second - phase MTO of Lianhong at the end of the year. The start - up rate of traditional downstream industries has slightly increased, with acetic acid at a low level, formaldehyde slightly rebounding in the off - season, and MTBE at a high level [2]. Summary by Directory 1. Methanol Basis & Inter - period Structure - Multiple figures are provided to show the methanol basis in different regions (such as methanol in Taicang, Lunan, Inner Mongolia North Line, etc.) and the price differences between different methanol futures contracts (such as MA2605 - MA2609) [6][19] 2. Methanol Production Profit, MTO Profit, Import Profit - Figures show the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China, and the import price differences between different regions (such as Taicang - CFR China, CFR Southeast Asia - CFR China, etc.) [24][25] 3. Methanol Start - up Rate, Inventory - The total port inventory of methanol, the start - up rate of MTO/P (including integrated plants), the sample inventory of inland factories, and the start - up rate of methanol production in China are presented [32][38] 4. Regional Price Differences - The price differences between different regions are provided, such as the price differences between Lubei - Northwest, East China - Inner Mongolia, etc. [36][44] 5. Traditional Downstream Profits - The production profits of traditional downstream products such as formaldehyde in Shandong, acetic acid in Jiangsu, MTBE in Shandong, and dimethyl ether in Henan are shown [45][53] Market Data - **Inland Data**: The price of Q5500 Ordos thermal coal is 465 yuan/ton, and the production profit of coal - based methanol in Inner Mongolia is 575 yuan/ton. The prices and basis of methanol in different regions in the inland are given, along with the factory inventory and pending orders in the inland and the northwest [1]. - **Port Data**: The price of methanol in Taicang is 2078 yuan/ton, and the basis is 25 yuan/ton. The port inventory has decreased, and the downstream MTO start - up rate is 90.82%. The price differences between different regions are also provided [2]. Strategy - **Unilateral**: No strategy is provided [3]. - **Inter - period**: Expand the price difference between MA2605 - MA2609 when it is low [3]. - **Cross - variety**: Shrink the cross - variety price difference between LL2605 - 3*MA2605 when it is high [3].