Report Industry Investment Rating - Not provided in the report Core View - The port inventory has slightly declined from a high level, but the short - term arrival pressure remains high, with the import pressure in December expected to be the highest of the year. Although Iranian plants have undergone winter maintenance, it will take time for the decline in future arrivals to be reflected. Attention should be paid to when the maintenance plan of Ningbo Fude's MTO is implemented. In the inland area, the coal - based methanol production start - up rate is still higher than the same period in previous years. Regarding MTO, attention should be paid to the resumption progress of Yangmei's MTO, the low - load operation of Luxi's MTO, and the commissioning progress of the second - phase MTO of Lianhong at the end of the year. The traditional downstream start - up rate has slightly rebounded, with acetic acid start - up remaining at a low level, formaldehyde start - up slightly rebounding in the off - season, and MTBE start - up remaining at a high level [3] Summary by Directory 1. Methanol Basis & Inter - period Structure - The report presents various basis and inter - period spread charts, including methanol Taicang basis and the main contract, basis of different regions' spot prices relative to the main futures contract, and spreads between different futures contracts such as 01 - 05, 05 - 09, and 09 - 01 [7][11][23] 2. Methanol Production Profit, MTO Profit, and Import Profit - It shows charts related to Inner Mongolia coal - based methanol production profit, East China MTO profit (PP&EG type), and import spreads, such as Taicang methanol - CFR China import spread, CFR Southeast Asia - CFR China, and FOB US Gulf - CFR China [27][28][34] 3. Methanol Start - up and Inventory - The report includes charts on methanol port total inventory, MTO/P start - up rate (including integrated plants), inland factory sample inventory, and China's methanol start - up rate (including integrated plants) [36][37][39] 4. Regional Spreads - It presents charts of regional spreads, such as Lubei - Northwest - 280, East - Inner Mongolia - 550, Taicang - Lunan - 250, and other regional spread indicators [41][49][54] 5. Traditional Downstream Profits - The report shows charts of traditional downstream production profits, including Shandong formaldehyde production profit, Jiangsu acetic acid production profit, Shandong MTBE isomerization etherification production profit, and Henan dimethyl ether production profit [50][53][58] Market News and Key Data - **Inland**: Q5500 Ordos thermal coal is 465 yuan/ton (unchanged), Inner Mongolia coal - based methanol production profit is 590 yuan/ton (- 13 yuan/ton). Inner Mongolia's northern line methanol price is 1995 yuan/ton (- 13 yuan/ton), with a basis of 506 yuan/ton (- 25 yuan/ton); the southern line is 2000 yuan/ton (unchanged). Shandong Linyi is 2230 yuan/ton (+ 5 yuan/ton), with a basis of 341 yuan/ton (- 7 yuan/ton); Henan is 2110 yuan/ton (- 35 yuan/ton), with a basis of 221 yuan/ton (- 47 yuan/ton); Hebei is 2175 yuan/ton (unchanged), with a basis of 346 yuan/ton (- 12 yuan/ton). Longzhong's inland factory inventory is 361,320 tons (- 12,392 tons), and the northwest factory inventory is 205,000 tons (- 4,000 tons); the inland factory's pending orders are 239,715 tons (+ 9,005 tons), and the northwest factory's pending orders are 128,500 tons (+ 15,000 tons) [1] - **Port**: Taicang methanol is 2080 yuan/ton (- 5 yuan/ton), with a basis of - 9 yuan/ton (- 17 yuan/ton), CFR China is 241 US dollars/ton (- 4 US dollars/ton), and the East China import spread is - 12 yuan/ton (+ 7 yuan/ton). Changzhou methanol is 2325 yuan/ton; Guangdong methanol is 2075 yuan/ton (unchanged), with a basis of - 14 yuan/ton (- 12 yuan/ton). Longzhong's port total inventory is 1,349,430 tons (- 14,070 tons), Jiangsu port inventory is 703,300 tons (- 44,700 tons), Zhejiang port inventory is 235,500 tons (+ 46,000 tons), and Guangdong port inventory is 252,000 tons (- 6,500 tons); the downstream MTO start - up rate is 90.82% (+ 0.89%) [2] - **Regional Spreads**: The Lubei - Northwest - 280 spread is - 55 yuan/ton (+ 33 yuan/ton), the Taicang - Inner Mongolia - 550 spread is - 465 yuan/ton (+ 8 yuan/ton), the Taicang - Lunan - 250 spread is - 400 yuan/ton (- 10 yuan/ton); the Lunan - Taicang - 100 spread is 50 yuan/ton (+ 10 yuan/ton); the Guangdong - East China - 180 spread is - 185 yuan/ton (+ 5 yuan/ton); the East China - Sichuan - Chongqing - 200 spread is - 285 yuan/ton (- 5 yuan/ton) [2] Strategy - **Unilateral**: Cautiously go long on MA2605 for hedging - **Inter - period**: Expand the spread of MA2605 - MA2609 when it is low - **Inter - commodity**: No strategy provided [4]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Currently, the Comex premium persists, and the inventory levels in Shanghai and London remain relatively low. Coupled with the upcoming Fed rate cut, copper prices may continue to fluctuate in a relatively strong pattern. It is recommended to buy on dips for hedging between RMB 91,500/ton and RMB 92,000/ton, while arbitrage is put on hold and short put options are suggested [7]. 3. Summary by Relevant Catalogs Market News and Important Data Futures Quotes - On December 8, 2025, the main contract of Shanghai copper opened at RMB 92,520/ton and closed at RMB 92,970/ton, up 0.20% from the previous trading day's close. In the night session, it opened at RMB 92,820/ton and closed at RMB 92,400/ton, down 0.61% from the afternoon close [1]. Spot Situation - According to SMM, the spot premium of SMM 1 electrolytic copper to the current 2512 contract was between RMB 20/ton - RMB 240/ton, with an average premium of RMB 130/ton, down RMB 40 from the previous trading day. The price of SMM 1 electrolytic copper was between RMB 92,040 - RMB 92,560/ton. The intraday procurement sentiment declined significantly, and the sales sentiment slightly increased, causing the spot premium of Shanghai copper to fall. It is expected that spot transactions will still be at a premium, but as copper prices continue to rise, the number of downstream orders decreases, and the premium is expected to face pressure [2]. Important Information Summary Macro and Geopolitical Aspects - The Fed's December interest rate meeting is approaching. The market generally believes that the Fed is likely to cut interest rates by 25 basis points again. The market will closely watch Powell's press - conference Q&A session and the last "dot - plot" of the year. Regarding the rate - cut amplitude and the number of future rate cuts, Hassett, a potential candidate for the new Fed chairman, believes that data should be closely monitored, and actions should be taken prudently [3]. Economic Data - The US Bureau of Labor Statistics will not release the October Producer Price Index (PPI). Due to the government shutdown, the collection of October data is delayed. According to its website, the Bureau plans to announce the October data together in the November 2025 PPI press release on January 14, 2026 [3]. Mining End - On December 5, Askari Metals announced a successful fundraising of $1.15 million and appointed a new director to accelerate its mineral exploration projects in Ethiopia and Namibia. The funds will be mainly used for the exploration of two core projects: the Nejo copper - gold project in Ethiopia and the Uis lithium - tin - tantalum - rubidium project in Namibia. On December 8, customs data showed that in November 2025, China's imports of copper ore and concentrates were 2.526 million tons, and the cumulative imports from January - November were 27.614 million tons, a year - on - year increase of 8.0% [4]. Smelting and Imports - On December 8, customs data showed that in November 2025, China's imports of unwrought copper and copper products were 427,000 tons, and the cumulative imports from January - November were 4.883 million tons, a year - on - year decrease of 4.7%. LME copper inventory increased last week, reaching a six - month high on December 4 and then slightly declining, with the latest inventory at 162,550 tons. SHFE copper inventory continued to decline last week, falling 9.22% to 88,905 tons, a three - month low. International copper inventory decreased by 573 tons to 11,504 tons. New York copper inventory continued to accumulate, reaching a new high at 436,853 tons [5]. Consumption - In the past week, the State Grid's December tender volume decreased by 20% month - on - month. After copper prices exceeded RMB 91,000/ton, cable enterprises only fulfilled previous long - term orders. The new tender price transmission coefficient was only 0.6, and some enterprises replaced copper cables with aluminum cables, with the estimated substitution ratio rising to 8%. In the home appliance sector, the domestic sales production plan of air conditioners was reduced by 6%, and copper tube procurement was based on "production according to sales". The copper material procurement volume of Midea and Gree in December decreased by 12% month - on - month. The demand for copper strips in refrigerators and microwaves increased slightly due to good export orders. In the automotive sector, the copper consumption of new energy vehicles continued to increase, with a per - vehicle copper consumption of 83 kg and an 11 - month production increase of 35% year - on - year, offsetting the decline of traditional vehicles. However, high - voltage wiring harness enterprises, due to copper accounting for more than 60% of costs, have jointly applied to vehicle manufacturers for a price - linkage mechanism, otherwise they will reduce production to ensure profits. Photovoltaic and data centers have become new highlights. Morgan Stanley predicts that the copper demand of data centers in 2026 will be 475,000 tons, a year - on - year increase of 30%, but high copper prices have forced some projects to postpone tenders, slowing the short - term demand pace [5][6]. Inventory and Warehouse Receipts - LME warehouse receipts decreased by 275 tons to 164,550 tons compared with the previous trading day. SHFE warehouse receipts decreased by 980 tons to 29,956 tons. On December 8, the domestic electrolytic copper spot inventory was 160,300 tons, an increase of 1400 tons compared with the previous week [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The supply - demand of PVC and caustic soda is weak, with cost support emerging in the PVC market and caustic soda prices continuing to decline [1][3] - For PVC, pay attention to subsequent device maintenance and macro - policy dynamics; for caustic soda, focus on liquid chlorine price trends and caustic soda device dynamics [3][5] 3. Summary by Relevant Catalogs Market News and Important Data PVC - **Futures and Basis**: The closing price of the PVC main contract is 4431 yuan/ton (+5), the East China basis is - 41 yuan/ton (-25), and the South China basis is - 21 yuan/ton (-45) [1] - **Spot Prices**: The East China calcium carbide - based PVC is quoted at 4390 yuan/ton (-20), and the South China calcium carbide - based PVC is 4410 yuan/ton (-40) [1] - **Upstream Production Profits**: The semi - coke price is 800 yuan/ton (+0), the calcium carbide price is 2905 yuan/ton (+0), the calcium carbide profit is - 25 yuan/ton (+0), the gross profit of PVC calcium carbide - based production is - 1019 yuan/ton (-139), the gross profit of PVC ethylene - based production is - 472 yuan/ton (-8), and the PVC export profit is - 4.4 dollars/ton (+6.3) [1] - **Inventory and Operating Rates**: PVC factory inventory is 32.6 tons (+0.3), social inventory is 52.9 tons (+0.1), the calcium carbide - based PVC operating rate is 82.09% (-0.12%), the ethylene - based PVC operating rate is 71.92% (+0.80%), and the overall PVC operating rate is 79.01% (+0.16%) [1] - **Downstream Orders**: The pre - sales volume of production enterprises is 69.8 tons (+2.9) [1] Caustic Soda - **Futures and Basis**: The closing price of the SH main contract of caustic soda is 2124 yuan/ton (+24), and the basis of 32% liquid caustic soda in Shandong is 95 yuan/ton (-87) [1] - **Spot Prices**: The price of 32% liquid caustic soda in Shandong is 710 yuan/ton (-20), and the price of 50% liquid caustic soda is 1180 yuan/ton (-20) [1] - **Upstream Production Profits**: The single - variety profit of caustic soda in Shandong is 1198 yuan/ton (-63); the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 593.8 yuan/ton (-62.5); the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is - 513.21 yuan/ton (-92.50); the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 399.00 yuan/ton (+0.00) [2] - **Inventory and Operating Rates**: The inventory of liquid caustic soda factories is 50.48 tons (+3.50), the inventory of flake caustic soda factories is 3.37 tons (+0.10), and the caustic soda operating rate is 86.00% (+1.00%) [2] - **Downstream Operating Rates**: The operating rate of alumina is 86.20% (+0.14%), the operating rate of printing and dyeing in East China is 64.46% (-1.06%), and the operating rate of viscose staple fiber is 91.29% (+0.00%) [2] Market Analysis PVC - Supply is abundant with only one enterprise planning maintenance this week, but some enterprises may cut production due to low prices [3] - Downstream demand is weak with stable film production and declining pipe and profile production, and rigid procurement [3] - Upstream production profits are at a low level year - on - year, and the cost of calcium carbide has increased [3] - The number of PVC futures warehouse receipts is at a high level, and the export profit has decreased [3] Caustic Soda - Spot prices have fallen due to lower purchase prices from Shandong downstream enterprises [3] - Supply is increasing with reduced enterprise maintenance and new production capacity coming on - stream [3] - Demand is weak with some alumina plants reducing purchases and non - aluminum demand turning weak in the off - season [3] - Inventory is accumulating, and the chlor - alkali profit is at a low level [3] Strategy PVC - **Single - side Trading**: Cautiously bearish, with limited downside space [4] - **Inter - delivery Spread**: Hold a wait - and - see attitude [4] - **Cross - variety Trading**: No strategy [4] Caustic Soda - **Single - side Trading**: Cautiously bearish, with limited downside space [5] - **Inter - delivery Spread**: Hold a wait - and - see attitude [5] - **Cross - variety Trading**: No strategy [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The bond market oscillates between stable growth and easing expectations. Driven by the stock market, the Political Bureau meeting signals loose monetary policy. Meanwhile, the Fed's rate - cut expectations continue, and rising global trade uncertainties increase the uncertainty of foreign capital inflows. Short - term attention should be paid to policy signals at the end of the month [3]. 3. Summary by Relevant Catalogs I. Interest Rate Pricing Tracking Indicators - Price indicators: China's monthly CPI has a 0.20% month - on - month and year - on - year increase, while the monthly PPI has a 0.10% month - on - month increase and a 2.10% year - on - year decrease [9]. - Monthly economic indicators: Social financing scale is 437.72 trillion yuan, with a 0.64 - trillion - yuan month - on - month increase and a 0.15% increase rate; M2 year - on - year is 8.20%, down 0.20% month - on - month; Manufacturing PMI is 49.20%, up 0.20% month - on - month with a 0.41% increase rate [10]. - Daily economic indicators: The US dollar index is 99.00, down 0.06 month - on - month with a 0.06% decrease rate; The offshore US dollar against the RMB is 7.0658, down 0.001 month - on - month with a 0.02% decrease rate; SHIBOR 7 - day is 1.43, up 0.01 month - on - month with a 0.71% increase rate; DR007 is 1.45, up 0.01 month - on - month with a 0.55% increase rate; R007 is 1.51, down 0.02 month - on - month with a 1.24% decrease rate; The 3 - month inter - bank certificate of deposit (AAA) is 1.62, up 0.00 month - on - month with a 0.07% increase rate; The AA - AAA credit spread (1Y) is 0.09, up 0.00 month - on - month with a 0.07% increase rate [10]. II. Overview of the Treasury Bond and Treasury Bond Futures Market - Closing prices on December 8, 2025: TS, TF, T, and TL are 102.41 yuan, 105.75 yuan, 107.91 yuan, and 112.24 yuan respectively. Their respective price changes are 0.00%, - 0.01%, 0.02%, and - 0.29% [3]. - The average net basis of TS, TF, T, and TL are - 0.012 yuan, - 0.034 yuan, 0.009 yuan, and 0.076 yuan respectively [3]. III. Overview of the Money Market Fundamentals - Fiscal situation from January to October 2025: General public budget revenue increased by 0.8% year - on - year, with tax revenue improving for eight consecutive months, but non - tax revenue dragging down the overall growth rate. General public budget expenditure increased by only 2% year - on - year, slowing down for three consecutive months, mainly due to the lack of follow - up force of front - loaded fiscal efforts in the first half of the year and weak infrastructure spending [2]. - Financial situation at the end of October: Social financing and credit maintained low - level expansion, government bond issuance remained strong, and corporate and household financing demand was weak. M1 declined, and the M2 - M1 gap widened, reflecting weak business vitality in the real economy and the return of current deposits to time deposits. Long - term bonds faced upward pressure, and the yield curve steepened [2]. - On December 8, 2025, the central bank conducted a 122.3 - billion - yuan 7 - day reverse repurchase operation at a fixed interest rate of 1.4% [2]. - Main repurchase rates: 1D, 7D, 14D, and 1M are 1.302%, 1.426%, 1.517%, and 1.521% respectively, and repurchase rates have recently declined [2]. IV. Spread Overview No specific analysis content provided other than figure references. V. Two - Year Treasury Bond Futures No specific analysis content provided other than figure references. VI. Five - Year Treasury Bond Futures No specific analysis content provided other than figure references. VII. Ten - Year Treasury Bond Futures No specific analysis content provided other than figure references. VIII. Thirty - Year Treasury Bond Futures No specific analysis content provided other than figure references. 4. Strategies - Unilateral strategy: With the decline of repurchase rates, treasury bond futures prices fluctuate [4]. - Arbitrage strategy: Pay attention to the decline of the 2603 basis [4]. - Hedging strategy: There is medium - term adjustment pressure, and short - side investors can use far - month contracts for appropriate hedging [4].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The supply of propylene remains loose, and the cost - side support is limited. The overall propylene start - up continues at a high level, but the downstream start - up weakens. The price rebound space is limited, and it will be mainly in a weak shock in the short term, waiting for marginal device maintenance [1][2] 3. Summary According to the Directory 3.1 Market News and Important Data - **Propylene**: The closing price of the main propylene contract is 5819 yuan/ton (+1), the spot price in East China is 6000 yuan/ton (+10), and in North China is 6090 yuan/ton (+40). The basis in East China is 181 yuan/ton (+9), and in North China is 125 yuan/ton (+19). The start - up rate is 74% (+0%), the difference between China's propylene CFR and Japan's naphtha CFR is 187 US dollars/ton (-4), the difference between propylene CFR and 1.2 propane CFR is 54 US dollars/ton (+0), the import profit is - 353 yuan/ton (-10), and the in - plant inventory is 47890 tons (-1080) [1] - **Propylene downstream**: The start - up rate of PP powder is 40% (-1.98%), and the production profit is - 340 yuan/ton (-40); the start - up rate of propylene oxide is 76% (+1%), and the production profit is - 190 yuan/ton (-93); the start - up rate of n - butanol is 74% (-8%), and the production profit is 442 yuan/ton (-45); the start - up rate of octanol is 74% (-7%), and the production profit is 693 yuan/ton (-29); the start - up rate of acrylic acid is 78% (+1%), and the production profit is 415 yuan/ton (-7); the start - up rate of acrylonitrile is 81% (+0%), and the production profit is - 606 yuan/ton (-78); the start - up rate of phenol - acetone is 82% (+1%), and the production profit is - 977 yuan/ton (-150) [1] 3.2 Market Analysis - **Supply side**: Dongguan Juzhengyuan and Shandong Binhuahua's PDH devices are expected to restart. The phenomenon of PDH loss and maintenance is not obvious, and the overall propylene start - up continues at a high level. Hebei Haiwei's PDH device has not restarted yet. The external sales volume of propylene products may continue to increase [2] - **Demand side**: The overall downstream start - up weakens. Considering the rising propylene price and the pressure on downstream profits, the price difference between PP and propylene narrows. Downstream is resistant to high - priced raw materials. Some main powder devices reduce the load or stop. The start - up of the main downstream PP powder decreases month - on - month. The profit of propylene oxide is acceptable, and the downstream is mainly for phased replenishment. Affected by the maintenance of Luxi and Satellite's butanol and octanol devices, the start - up rate of butanol and octanol decreases significantly. In the later stage, the downstream cost pressure still restricts the recovery of demand [2] - **Cost side**: International oil prices tend to fluctuate, and there is still pressure of oversupply in the medium and long term. The price of external propane has been strong recently. Pay attention to the cost - side disturbances recently [2] 3.3 Strategy - **Unilateral**: Due to insufficient supply - demand drive, the rebound space may be limited. It will be mainly in a weak shock in the short term, waiting for marginal device maintenance [2] - **Inter - period**: No relevant strategy provided - **Inter - variety**: No relevant strategy provided 3.4 Directory - related Charts - **Propylene basis structure**: Includes charts such as the closing price of the main propylene contract, the basis in East China and North China, etc. [3][5][7] - **Propylene production profit and start - up rate**: Includes charts such as the difference between China's propylene CFR and Japan's naphtha CFR, propylene capacity utilization rate, etc. [3][15][17] - **Propylene import and export profit**: Includes charts such as the difference between South Korea's FOB and China's CFR, Japan's CFR and China's CFR, etc. [3][27][28] - **Propylene downstream profit and start - up rate**: Includes charts such as PP powder production profit and start - up rate, propylene oxide production profit and start - up rate, etc. [3][35][36] - **Propylene inventory**: Includes charts such as propylene in - plant inventory and PP powder in - plant inventory [3][61][62]

Group 1: Report Industry Investment Ratings - All three industries (cotton, sugar, and pulp) are rated as neutral [3][7][10] Group 2: Report Core Views - **Cotton**: In the short - term, Zhengzhou cotton is expected to continue range - bound. In the long - term, with the expansion of downstream production capacity and low expected imports, the supply - demand situation may not be too loose after the seasonal pressure, and cotton prices can be viewed optimistically. Attention should be paid to the change of the cotton target price policy next year [3] - **Sugar**: The fundamental driving force is still downward, but the current valuation is low, and sugar mills at the beginning of the crushing season have the willingness to support prices. The short - term decline of Zhengzhou sugar is limited, but the impact of the capital side on the market should be noted [7] - **Pulp**: Due to the gradual digestion of previous negative factors, the pulp futures price has risen strongly recently. However, the lack of substantial improvement in the supply - demand side may limit the upward space of pulp prices. Attention should be paid to the impact of the remaining Russian needle warehouse receipts on the market [10] Group 3: Summary by Cotton - related Content Market News and Important Data - Futures: The closing price of cotton 2601 contract yesterday was 13,750 yuan/ton, with no change from the previous day [1] - Spot: The Xinjiang arrival price of 3128B cotton was 14,847 yuan/ton, down 26 yuan/ton from the previous day; the national average price was 15,009 yuan/ton, down 13 yuan/ton from the previous day [1] - Export: In October, Australia's cotton export volume was about 206,000 tons, a month - on - month increase of 17.8% and a year - on - year increase of 35.8%. From August 2025 to July 2026, the cumulative export volume was about 549,000 tons, a year - on - year increase of 7.2%. China was the largest export destination, accounting for 32.6% [1] Market Analysis - International: USDA significantly increased the global cotton production in the 2025/26 season, while the consumption only slightly increased, leading to a significant rise in the global ending inventory. The sales pressure of US cotton has increased, and there is a possibility of export target reduction. Short - term ICE US cotton is under pressure, and in the long - term, it is in a low - valuation range [2] - Domestic: In the 2025/26 season, domestic cotton is expected to continue to increase in production. With the approaching end of cotton harvesting in Xinjiang, the supply is abundant in the short - term, and the upward movement of Zhengzhou cotton is restricted by hedging orders. The downstream demand is weak, but the improvement of spinning profit limits the downward space of cotton prices [2] Strategy - Neutral. Short - term range - bound, and optimistic in the long - term after seasonal pressure. Focus on the cotton target price policy next year [3] Group 4: Summary by Sugar - related Content Market News and Important Data - Futures: The closing price of sugar 2601 contract yesterday was 5337 yuan/ton, up 34 yuan/ton from the previous day [4] - Spot: The spot price of sugar in Nanning, Guangxi was 5410 yuan/ton, with no change from the previous day; in Kunming, Yunnan, it was 5345 yuan/ton, down 25 yuan/ton from the previous day [4] - Export: Brazil exported 3.3023 million tons of sugar and molasses in November, a year - on - year decrease of 2.59% [4] - Sugar mill operation: From December 6th to 8th, 6 new sugar mills in Guangxi started production. As of now, 55 sugar mills have started production in the 2025/26 crushing season in Guangxi, 13 less than the same period last year [4] Market Analysis - International: The global high - yield pattern suppresses the raw sugar market, but the downward space is limited in the short - term, and there is no sign of reversal in the short - and medium - term [5] - Domestic: Domestic sugar production is expected to increase for the third year. The supply is increasing seasonally, and the import pressure remains high. The control of syrup has become stricter, but the import reduction in October was lower than expected [5][6] Strategy - Neutral. The short - term decline is limited, but the impact of the capital side should be noted [7] Group 5: Summary by Pulp - related Content Market News and Important Data - Futures: The closing price of pulp 2601 contract yesterday was 5392 yuan/ton, down 58 yuan/ton from the previous day [8] - Spot: The spot price of Chilean Silver Star softwood pulp in Shandong was 5500 yuan/ton, with no change from the previous day; the price of Russian needle pulp was 5005 yuan/ton, down 45 yuan/ton from the previous day [8] Market Analysis - Supply: There are continuous news of overseas pulp mills' shutdown and maintenance. Domtar permanently closed a paper mill, and Finns Group's Rauma pulp mill will have a temporary shutdown [9] - Demand: European port pulp inventory decreased in October, showing some improvement in demand. In China, there is over - capacity in the paper industry, low paper mill operating rates, and high port inventories [9] Strategy - Neutral. The upward space of pulp prices may be limited due to the lack of substantial improvement in the supply - demand side. Attention should be paid to the impact of the remaining Russian needle warehouse receipts [10]

Group 1: Report Industry Investment Rating - The investment rating for the industry is "Neutral" [4] Group 2: Core View of the Report - The supply side of oils and fats remains loose, and the prices are under pressure and fluctuating. The recent improvement of precipitation in Brazil, the good sowing progress in the producing areas, and the shortening of the La Nina impact window have led to good soybean supply expectations, which put pressure on the overall oils and fats market. Attention should be paid to the impact of the upcoming MPOB monthly report and USDA monthly report [1][3] Group 3: Summary of Market Analysis Futures Market - The closing price of the palm oil 2605 contract yesterday was 8,706.00 yuan/ton, a decrease of 64 yuan or 0.73% compared to the previous day. The closing price of the soybean oil 2605 contract was 8,230.00 yuan/ton, a decrease of 36.00 yuan or 0.44%. The closing price of the rapeseed oil 2605 contract was 9,502.00 yuan/ton, a decrease of 116.00 yuan or 1.21% [1] Spot Market - The spot price of palm oil in Guangdong was 8,670.00 yuan/ton, a decrease of 50.00 yuan or 0.57%, and the spot basis was P05 + -36.00, a decrease of 14.00 yuan. The spot price of first - grade soybean oil in Tianjin was 8,400.00 yuan/ton, a decrease of 40.00 yuan/ton or 0.47%, and the spot basis was Y05 + 170.00, a decrease of 4.00 yuan. The spot price of fourth - grade rapeseed oil in Jiangsu was 9,750.00 yuan/ton, a decrease of 120.00 yuan or 1.22%, and the spot basis was OI05 + 248.00, a decrease of 4.00 yuan [1] Group 4: Summary of Recent Market Information Agricultural Product Production and Supply - As of last Thursday, the soybean planting area in Brazil for the 2025/26 season has reached 94% of the expected area. The total corn production in Brazil for the 2025/26 season is expected to be 135.3 million tons, compared with 141.1 million tons in the previous season [2] - The natural rubber market in Malaysia is expected to be mixed this week due to supply concerns caused by heavy rainfall. The ANRPC predicts that the global natural rubber production in 2025 will increase by 1.3% year - on - year to 14.89 million tons, while the demand is expected to grow by 0.8% to 15.57 million tons [2] Oilseed Processing and Import - In November, the soybean crushing volume of major oil mills in China was 9.01 million tons, an increase of 180,000 tons month - on - month, 830,000 tons year - on - year, and 1.2 million tons more than the average of the same period in the past three years. In December, the arrival volume of imported soybeans in China may decline slightly, but the current operating rate of oil mills remains high, and the soybean crushing volume of major domestic oil mills in the whole month is expected to be about 8.6 million tons, an increase of about 400,000 tons year - on - year and about 300,000 tons more than the average of the same period in the past three years [2] Import Price Changes - The C&F price of Argentine soybean oil (January shipment) increased by 12 US dollars/ton, and the C&F price of Argentine soybean oil (March shipment) increased by 10 US dollars/ton. The C&F price of Canadian rapeseed oil (January shipment) decreased by 15 US dollars/ton, and the C&F price of Canadian rapeseed oil (March shipment) decreased by 15 US dollars/ton. The C&F price of Canadian rapeseeds (January shipment) decreased by 3 US dollars/ton, and the C&F price of Canadian rapeseeds (March shipment) decreased by 4 US dollars/ton [2] - The C&F price of US Gulf soybeans (January shipment) decreased by 5 US dollars/ton, the C&F price of US West Coast soybeans (January shipment) decreased by 9 US dollars/ton, and the C&F price of Brazilian soybeans (January shipment) increased by 5 US dollars/ton. The import soybean premium quotes also changed, with the Mexican Gulf (January shipment) increasing by 2 cents/bushel, the US West Coast (January shipment) decreasing by 10 cents/bushel, and the Brazilian port (January shipment) increasing by 30 cents/bushel [2]

Group 1: Report Industry Investment Rating - High - sulfur fuel oil: Short - term neutral, leaning towards bearish [2] - Low - sulfur fuel oil: Short - term neutral, leaning towards bearish [2] - Cross - variety: None [2] - Cross - period: None [2] - Spot - futures: None [2] - Options: None [2] Group 2: Core View of the Report - The main contract of SHFE fuel oil futures closed up 1.91% at 2,508 yuan/ton, and the main contract of INE low - sulfur fuel oil futures closed up 2.18% at 3,089 yuan/ton [1] - The crude oil side continued to rebound in a volatile manner, boosting the unilateral prices of FU and LU, but the expectation of oversupply in the oil market has not reversed, and the medium - term cost side will continue to suppress the unilateral prices of fuel oil [1] - The overall market contradiction of fuel oil is limited. The market structure of high - sulfur fuel oil is in the adjustment stage, and the crack spread has dropped significantly from the high level. The market needs an increase in refinery demand to hedge the increased supply from the Middle East, and the market structure support still exists. The overall supply of low - sulfur fuel oil is relatively abundant, but there are local reductions. The short - term trend of the high - low sulfur spread is volatile and strong, but the upside space is expected to be limited [1] Group 3: Summary by Related Figures - Figures related to Singapore fuel oil: - Figure 1: Singapore high - sulfur 380 fuel oil spot price, unit: US dollars/ton [3][11] - Figure 2: Singapore low - sulfur fuel oil spot price, unit: US dollars/ton [3][11] - Figure 3: Singapore high - sulfur fuel oil swap near - month contract, unit: US dollars/ton [3][4] - Figure 4: Singapore low - sulfur fuel oil swap near - month contract, unit: US dollars/ton [3][4] - Figure 5: Singapore high - sulfur fuel oil near - month spread, unit: US dollars/ton [3][7] - Figure 6: Singapore low - sulfur fuel oil near - month spread, unit: US dollars/ton [3][7] - Figures related to fuel oil FU futures: - Figure 7: Fuel oil FU futures main contract closing price, unit: yuan/ton [3][13] - Figure 8: Fuel oil FU futures index closing price, unit: yuan/ton [3][13] - Figure 9: Fuel oil FU futures near - month contract closing price, unit: yuan/ton [3][22] - Figure 10: Fuel oil FU near - month contract spread, unit: yuan/ton [3][22] - Figure 11: Fuel oil FU futures main contract trading volume and open interest, unit: lots [3][23] - Figure 12: Fuel oil FU futures total trading volume and open interest, unit: lots [3][23] - Figures related to low - sulfur fuel oil LU futures: - Figure 13: Low - sulfur fuel oil LU futures main contract closing price, unit: yuan/ton [3][24] - Figure 14: Low - sulfur fuel oil LU futures index closing price, unit: yuan/ton [3][24] - Figure 15: Low - sulfur fuel oil LU futures near - month contract price, unit: yuan/ton [26] - Figure 16: Low - sulfur fuel oil LU futures near - month spread, unit: yuan/ton [26] - Figure 17: Low - sulfur fuel oil LU futures main contract trading volume and open interest, unit: lots [3][32] - Figure 18: Low - sulfur fuel oil LU futures total trading volume and open interest, unit: lots [3][32]

化工日报 | 2025-12-09 下游采买不力，青岛港口库存继续回升 市场要闻与数据 期货方面，昨日收盘RU主力合约15065元/吨，较前一日变动+0元/吨；NR主力合约12065元/吨，较前一日变动+20 元/吨；BR主力合约10515元/吨，较前一日变动+105元/吨。 2025年前10个月中国橡胶轮胎出口量达803万吨，同比增长3.8%；出口金额为1402亿元，同比增长2.8%。其中，新 的充气橡胶轮胎出口量达774万吨，同比增长3.6%；出口金额为1348亿元，同比增长2.6%。按条数计算，出口量达 58,664万条，同比增长4%。1-10月汽车轮胎出口量为685万吨，同比增长3.3%；出口金额为1158亿元，同比增长2.1%。 2025年10月中国天然橡胶（含技术分类、胶乳、烟胶片、初级形状、混合胶、复合胶）进口量51.08万吨，环比减 少14.27%，同比减少0.9%，2025年1-10月累计进口数量522.81万吨，累计同比增加17.27%。 QinRex最新数据显示，2025年前三个季度，泰国出口天然橡胶（不含复合橡胶）合计为199.3万吨，同比降8%。其 中，标胶合计出口111.6万吨，同 ...

供应端：工业硅现货价格小幅下跌。据SMM数据，昨日华东通氧553#硅在9200-9400（-150）元/吨；421#硅在9600-9800 （-100）元/吨，新疆通氧553价格8600-8900（-150）元/吨，99硅价格在8600-8900（-150）元/吨。昆明、黄埔港、 西北、天津、新疆、四川、上海地区硅价回落，97硅价格回落。 消费端：据SMM统计，有机硅DMC报价13500-13700（0）元/吨。SMM报道，有机硅DMC市场持稳，当前DMC报 价在13500-14000元/吨，有机硅各主要产品上调后，下游情绪偏观望，但在预售单持续兑现下，企业库存压力不大， 预计短期内市场平稳运行运行。 策略 现货价格小幅下跌，西南开工大幅降低，新疆地区出现一定环保扰动，工业硅回落主要受焦煤等商品下跌影响。 目前工业硅盘面主要受整体商品情绪以及政策端消息震荡运行。需关注近期环保影响以及后续是否有相关产能退 出政策，目前工业硅估值偏低，若有政策推动，盘面或有上涨空间。 工业硅： 市场分析 2025-12-08，工业硅期货价格偏弱震荡运行，主力合约2601开于8745元/吨，最后收于8675元/吨，较前一日结算变 ...