Report Industry Investment Rating - No relevant content provided Core Viewpoints - No core viewpoints are explicitly stated in the provided content Summary by Directory Option Trading Volume - On January 6, 2026, the trading volumes of various index options were as follows: Shanghai Stock Exchange 50 ETF option was 1145600 contracts; Shanghai Stock Exchange CSI 300 ETF option was 1190100 contracts; Shanghai Stock Exchange CSI 500 ETF option was 1462800 contracts; Shenzhen Stock Exchange 100 ETF option was 65800 contracts; ChiNext ETF option was 2065000 contracts; Shanghai Stock Exchange 50 index option was 81200 contracts; CSI 300 index option was 153900 contracts; and CSI 1000 option was 364200 contracts [1] - The detailed breakdown of call, put, and total trading volumes for different index ETF options on the same day is presented in Table 1, including Shanghai Stock Exchange 50 ETF option with call volume of 934300 contracts, put volume of 550100 contracts, and total volume of 1484400 contracts; Shanghai Stock Exchange CSI 300 ETF option with call volume of 855100 contracts, put volume of 670500 contracts, and total volume of 1525600 contracts; etc [18] Option PCR - The PCR data of various index options on January 6, 2026, are as follows: For Shanghai Stock Exchange 50 ETF option, the turnover PCR was 0.36 with a -0.22 monthly change, and the open - interest PCR was 1.07 with a -0.02 monthly change; For Shanghai Stock Exchange CSI 300 ETF option, the turnover PCR was 0.47 with a -0.14 monthly change, and the open - interest PCR was 1.14 with a +0.06 monthly change; etc [2][34] Option VIX - The VIX data of various index options on January 6, 2026, are as follows: Shanghai Stock Exchange 50 ETF option VIX was 18.59% with a +3.80% monthly change; Shanghai Stock Exchange CSI 300 ETF option VIX was 18.17% with a +1.70% monthly change; etc [3][49]

1. Report Industry Investment Rating - High-sulfur fuel oil: Short-term neutral, slightly bearish [2] - Low-sulfur fuel oil: Short-term neutral, slightly bearish [2] - Cross-variety: None [2] - Cross-period: Go long on the spread of FU2603/2605 at low prices (positive spread trading) [2] - Futures-cash: None [2] - Options: None [2] 2. Core View of the Report - The current real fundamentals of the fuel oil market have limited contradictions, and potential geopolitical risks should be noted [1] - During the New Year's Day holiday, the situation in Venezuela escalated, but it had limited direct impact on the crude oil market. Oil prices maintained a volatile trend, providing limited driving force for FU and LU [1] - The current fuel oil market has a mix of long and short factors, with limited overall driving force [1] 3. Summary by Related Catalogs Market Analysis - The main contract of SHFE fuel oil futures closed up 0.73% at 2,479 yuan/ton in the daytime session, and the main contract of INE low-sulfur fuel oil futures closed up 0.27% at 2,925 yuan/ton [1] - After the crack spread and premium of high-sulfur fuel oil declined, the marginal demand from refineries improved, and China's high-sulfur fuel oil imports have rebounded recently [1] - Potential upside risks come from the geopolitical level. If the supply disruption problem of Venezuelan oil persists, domestic refineries may increase their procurement demand for fuel oil. In addition, the Middle East also faces risks. If the supply in the Iranian region is disturbed by the geopolitical situation, it will have a more direct impact on the high-sulfur fuel oil market [1] - Regarding low-sulfur fuel oil, due to changes in the maintenance status of facilities (Azur and Dangote), there is an expectation of increased supply in Kuwait and Nigeria. However, the premium of gasoline and diesel will divert low-sulfur oil components through the RFCC unit, and the market pressure is currently limited [1] Strategy - High-sulfur fuel oil: Short-term neutral, slightly bearish [2] - Low-sulfur fuel oil: Short-term neutral, slightly bearish [2] - Cross-variety: None [2] - Cross-period: Go long on the spread of FU2603/2605 at low prices (positive spread trading) [2] - Futures-cash: None [2] - Options: None [2]

化工日报 | 2026-01-07 原料价格坚挺，橡胶成本支撑凸显 市场要闻与数据 期货方面，昨日收盘RU主力合约16050元/吨，较前一日变动+260元/吨；NR主力合约13010元/吨，较前一日变动+205 元/吨；BR主力合约11830元/吨，较前一日变动+185元/吨。 现货方面，云南产全乳胶上海市场价格15750元/吨，较前一日变动+250元/吨。青岛保税区泰混15050元/吨，较前 一日变动+200元/吨。青岛保税区泰国20号标胶1915美元/吨，较前一日变动+25美元/吨。青岛保税区印尼20号标胶 1860美元/吨，较前一日变动+30美元/吨。中石油齐鲁石化BR9000出厂价格11700元/吨，较前一日变动+200元/吨。 浙江传化BR9000市场价11700元/吨，较前一日变动+150元/吨。 市场资讯 现货及价差：2026-01-06，RU基差-300元/吨（-10），RU主力与混合胶价差1000元/吨（+60），NR基差428.00元/吨 （-40.00）；全乳胶15750元/吨（+250），混合胶15050元/吨（+200），3L现货15950元/吨（+250）。STR20#报价1915 ...

Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The report presents the liquidity data of various market sectors on January 6, 2026, including trading volume, holding amount, trading - holding ratio, and their changes compared to the previous trading day, to reflect the market liquidity status of different sectors. [1][2] 3. Summary by Directory I. Plate Liquidity - The report provides data on the trading - holding ratio, trading volume change rate, holding amount, etc. of multiple market sectors, and uses multiple figures to visually present these data. [1][2][8] II. Stock Index Plate - On January 6, 2026, the stock index plate had a trading volume of 819.195 billion yuan, a +15.16% change from the previous trading day; the holding amount was 1553.766 billion yuan, a +3.40% change; the trading - holding ratio was 53.15%. There are also figures showing the price change, trading - holding ratio, and other information of each variety in the stock index plate. [1][5] III. Treasury Bond Plate - The trading volume of the treasury bond plate was 403.894 billion yuan, a +10.01% change from the previous trading day; the holding amount was 798.811 billion yuan, a +1.50% change; the trading - holding ratio was 49.46%. There are figures for each variety's price change, trading - holding ratio, etc. [1][5] IV. Base Metals and Precious Metals (Metal Plate) - The base metals plate had a trading volume of 994.937 billion yuan, a +70.13% change from the previous trading day; the holding amount was 800.201 billion yuan, a +8.70% change; the trading - holding ratio was 129.44%. The precious metals plate had a trading volume of 1129.613 billion yuan, a +133.40% change; the holding amount was 512.831 billion yuan, a +5.74% change; the trading - holding ratio was 320.11%. There are figures for each variety's price change, trading - holding ratio, etc. [1][5] V. Energy and Chemical Plate - The trading volume of the energy and chemical plate was 479.474 billion yuan, a +30.85% change from the previous trading day; the holding amount was 444.680 billion yuan, a +3.90% change; the trading - holding ratio was 102.43%. There are figures for the main varieties' price change, trading - holding ratio, etc. [1][5] VI. Agricultural Products Plate - The trading volume of the agricultural products plate was 267.146 billion yuan, a - 0.58% change from the previous trading day; the holding amount was 568.582 billion yuan, a +2.69% change; the trading - holding ratio was 43.19%. There are figures for the main varieties' price change, trading - holding ratio, etc. [1][5] VII. Black Building Materials Plate - The trading volume of the black building materials plate was 195.838 billion yuan, a +35.29% change from the previous trading day; the holding amount was 301.052 billion yuan, a +0.98% change; the trading - holding ratio was 64.32%. There are figures for each variety's price change, trading - holding ratio, etc. [2][5]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The demand from the downstream of pure benzene is weak, dragging down the market. The fundamentals of pure benzene are still weak, with high port inventories and low downstream demand. The recovery of styrene's maintenance is slow, and the downstream demand in the off - season is also facing challenges [1][2] - The styrene port inventory has been consolidating, and the inventory replenishment expectation has not been fulfilled. The downstream industries of styrene, such as EPS, PS, and ABS, have different operating conditions, with EPS facing a decline in operating rate and ABS having high inventory pressure [2] Summary by Relevant Catalogs 1. Pure Benzene and EB's Basis Structure, Inter - Period Spread - Pure benzene's main contract basis is - 138 yuan/ton (- 22), and the spread between East China pure benzene spot and M2 is - 180 yuan/ton (+ 20 yuan/ton). For styrene, the main contract basis is 64 yuan/ton (- 57 yuan/ton) [1] 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - In pure benzene downstream, caprolactam production profit is - 445 yuan/ton (- 80), phenol - acetone production profit is - 902 yuan/ton (- 25), aniline production profit is 845 yuan/ton (- 12), and adipic acid production profit is - 666 yuan/ton (- 5). Styrene's non - integrated production profit is 141 yuan/ton (+ 8 yuan/ton), but it is expected to gradually compress [1] 3. Inventories and Operating Rates of Pure Benzene and Styrene - Pure benzene port inventory is 31.80 million tons (+ 1.80 million tons), and its operating rate remains low. Styrene's East China port inventory is 132,300 tons (- 6,500 tons), East China commercial inventory is 77,300 tons (- 6,000 tons), and the operating rate is 70.2% (- 0.5%) [1] 4. Operating Rates and Production Profits of Styrene's Downstream - EPS production profit is 44 yuan/ton (- 15 yuan/ton), PS production profit is - 306 yuan/ton (- 65 yuan/ton), ABS production profit is - 1,011 yuan/ton (- 42 yuan/ton). EPS operating rate is 43.64% (- 8.92%), PS operating rate is 60.40% (+ 1.80%), ABS operating rate is 69.90% (+ 0.50%) [1][2] 5. Operating Rates and Production Profits of Pure Benzene's Downstream - Caprolactam operating rate is 75.52% (+ 1.47%), phenol operating rate is 81.00% (+ 2.50%), aniline operating rate is 59.81% (- 3.17%), adipic acid operating rate is 68.20% (+ 4.60%) [1] Strategy - Unilateral: No strategy - Basis and inter - period: Do reverse arbitrage on BZ2603 - BZ2605 when the price is high - Cross - variety: Short BZ2603 and long EB2602 [3]

Report Industry Investment Rating - The investment strategy for both the apple and红枣 industries is neutral [4][8] Core Viewpoints - For the apple industry, short - term apple transactions are expected to remain dull with stable mainstream prices, awaiting the start of Spring Festival stocking. The market is affected by factors such as festival stocking, alternative fruits, and inventory structure. The price shows a two - level differentiation, with good fruit prices firm and poor fruit prices weakening [2][3] - For the红枣 industry, the focus has shifted to the mid - downstream. Although there was a reduction in production compared to previous years, the supply is sufficient. The market needs to focus on actual demand and sales speed during the lunar month consumption peak. There is a large inventory pressure, and the price trend depends on the improvement of demand during the Spring Festival [7] Summary by Directory Apple Market News and Important Data - Futures: The closing price of the apple 2605 contract yesterday was 9614 yuan/ton, up 67 yuan/ton or 0.70% from the previous day. - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 4.10 yuan/jin, unchanged from the previous day, with a spot basis of AP05 - 1414, down 67 from the previous day. The price of Shaanxi Luochuan 70 and above semi - commodity late Fuji was 4.20 yuan/jin, unchanged from the previous day, with a spot basis of AP05 - 1214, down 67 from the previous day [1] Recent Market Information - In the production areas, the trading atmosphere of late Fuji in the warehouses has slightly improved. Merchants are gradually packaging their own inventory for shipment. High - cost - performance fruit farmer goods are hard to find. The overall transaction is not fast, and merchants mainly package and ship their own inventory as needed. The current terminal consumption of apples is slow [2] Market Analysis - Yesterday, the apple futures price fluctuated within a narrow range. The overall trading speed in the apple production areas was slow. Merchants mainly purchased on - demand, and fruit farmers were reluctant to sell. The price of average and poor - quality fruit has loosened. The Spring Festival stocking in January may improve sales, but the low - price alternative fruits in the sales areas compress the apple market space. The low excellent fruit rate and insufficient hardness of cold - storage apples have led to a decrease in the number of delivery fruits. The transfer of the 01 contract to the 05 contract is also a factor in the increase in the futures price. The cold - storage inventory removal rate is lower than the same period in previous years, and the inventory removal rhythm this month will affect the market supply and demand [3] Strategy - Neutral [4] Red Dates Market News and Important Data - Futures: The closing price of the red dates 2605 contract yesterday was 8975 yuan/ton, up 20 yuan/ton or 0.22% from the previous day. - Spot: The price of first - grade grey dates in Hebei was 8.20 yuan/kg, unchanged from the previous day, with a spot basis of CJ05 - 775, down 20 from the previous day [5] Recent Market Information - The acquisition of grey dates in Xinjiang production areas has ended. The mainstream purchase prices vary by region. In the sales areas, the Hebei Cuierzhuang market and the Guangdong Ruyifang market have different arrival and trading situations, and the sales - area prices have declined compared to before the festival [6] Market Analysis - The red dates futures price closed up with fluctuations yesterday. The acquisition work in the production areas has ended. Although there was a reduction in production compared to previous years, the supply is sufficient. The focus has shifted to the mid - downstream. The downstream markets have sufficient arrivals and purchase on - demand with stable prices. During the lunar month consumption peak, attention should be paid to actual demand and sales speed. There is a large inventory pressure due to the superposition of new and old stocks, and the price trend depends on the improvement of demand during the Spring Festival [7] Strategy - Neutral [8]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints - The current supply - demand pattern of the PVC market is generally weak, but the release of the draft for soliciting opinions on differential electricity prices in Shaanxi and overseas device shutdowns support the PVC futures to rebound. The macro - expectation has improved, and the PVC market is expected to rebound with the macro - sentiment. The overall supply - demand of PVC remains weak, and attention should be paid to subsequent device maintenance and macro policies [3]. - The spot price of caustic soda is stable with a slight decline. The supply side is operating at a high level, but the demand for liquid chlorine may weaken, and the cost support of chlor - alkali may strengthen slightly. The demand for caustic soda may decline in the long - term. The caustic soda futures price has limited downward space and will rebound with the macro - sentiment. Attention should be paid to the price fluctuation of liquid chlorine and the implementation of macro policies [3]. 3. Summary by Relevant Catalogs 3.1 Market News and Important Data 3.1.1 PVC - Futures price and basis: The closing price of the PVC main contract is 4919 yuan/ton (+155); the East China basis is - 289 yuan/ton (-5); the South China basis is - 269 yuan/ton (-35) [1]. - Spot price: The East China calcium carbide method quotation is 4630 yuan/ton (+150); the South China calcium carbide method quotation is 4650 yuan/ton (+120) [1]. - Upstream production profit: The semi - coke price is 750 yuan/ton (+0); the calcium carbide price is 2780 yuan/ton (+0); the calcium carbide profit is - 110 yuan/ton (+0); the gross profit of PVC calcium carbide method production is - 714 yuan/ton (+47); the gross profit of PVC ethylene method production is - 279 yuan/ton (+56); the PVC export profit is - 15.3 US dollars/ton (+0.4) [1]. - PVC inventory and operation: The in - factory inventory of PVC is 30.9 tons (+0.3); the social inventory of PVC is 52.5 tons (+1.1); the operation rate of PVC calcium carbide method is 77.46% (+0.45%); the operation rate of PVC ethylene method is 70.73% (-3.33%); the overall operation rate of PVC is 75.42% (-0.70%) [1]. - Downstream order situation: The pre - sales volume of production enterprises is 81.6 tons (+0.9) [1]. 3.1.2 Caustic Soda - Futures price and basis: The closing price of the SH main contract is 2194 yuan/ton (+30); the basis of 32% liquid caustic soda in Shandong is - 38 yuan/ton (-30) [1]. - Spot price: The price of 32% liquid caustic soda in Shandong is 690 yuan/ton (+0); the price of 50% liquid caustic soda in Shandong is 1090 yuan/ton (+0) [1]. - Upstream production profit: The single - variety profit of caustic soda in Shandong is 1131 yuan/ton (+0); the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 604.0 yuan/ton (+0.0); the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is - 207.95 yuan/ton (+80.00); the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 575.00 yuan/ton (+20.00) [2]. - Caustic soda inventory and operation: The inventory of liquid caustic soda factories is 48.57 tons (+4.35); the inventory of flake caustic soda factories is 3.02 tons (+0.05); the operation rate of caustic soda is 86.40% (+0.40%) [2]. - Downstream operation of caustic soda: The operation rate of alumina is 84.67% (-0.47%); the operation rate of printing and dyeing in East China is 60.81% (-0.47%); the operation rate of viscose staple fiber is 85.05% (-1.98%) [2]. 3.2 Market Analysis 3.2.1 PVC - The supply - demand pattern is weak, but the market rebounds due to policy and overseas factors, and the macro - expectation has improved. The domestic supply is abundant, the downstream operation has slightly decreased, and the export orders remain resilient. The social inventory has slightly increased, and the overall profit has recovered but is still at a low level compared to the same period [3]. 3.2.2 Caustic Soda - The spot price is stable with a slight decline. The supply side operates at a high level, but the demand for liquid chlorine may weaken. The demand for caustic soda is average, and the demand may decline in the long - term. The macro - expectation has improved, and the downward space of the futures price is limited [3]. 3.3 Strategy 3.3.1 PVC - Unilateral: Fluctuate with the macro - situation - Inter - delivery: Wait and see - Inter - variety: None [5] 3.3.2 Caustic Soda - Unilateral: Fluctuate with the macro - situation - Inter - delivery: Wait and see - Inter - variety: None [5]

油脂日报 | 2026-01-07 油脂供需稳定，盘面持续震荡 油脂观点 市场分析 期货方面，昨日收盘棕榈油2605合约8500.00元/吨，环比变化+12元，幅度+0.14%；昨日收盘豆油2605合约7912.00 元/吨，环比变化+56.00元，幅度+0.71%；昨日收盘菜油2605合约9130.00元/吨，环比变化+86.00元，幅度+0.95%。 现货方面，广东地区棕榈油现货价8500.00元/吨，环比变化+10.00元，幅度+0.12%，现货基差P05+0.00，环比变化 -2.00元；天津地区一级豆油现货价格8310.00元/吨，环比变化+40.00元/吨，幅度+0.48%，现货基差Y05+398.00， 环比变化-16.00元；江苏地区四级菜油现货价格9880.00元/吨，环比变化+100.00元，幅度+1.02%，现货基差 OI05+750.00，环比变化+14.00元。 近期市场咨询汇总：南部半岛棕榈油压榨商协会（SPPOMA）数据显示，2026年1月1-5日马来西亚棕榈油单产环比 上月同期减少34.7%，出油率环比上月同期增长0.04%，产量环比上月同期减少34.48%。加拿大菜籽(3月船 ...

Report Industry Investment Rating - Unilateral: Neutral, short - term wait - and - see, focus on the geopolitical situation in the Middle East [2] - Inter - period: None [2] - Inter - variety: None [2] - Spot - futures: None [2] - Options: None [2] Core View - The domestic LPG market shows a pattern of "strong overseas and weak domestic". Although overseas supply has tightened marginally and the external market is strong, the domestic market's response is limited. The price inversion of ether - after carbon four and civil gas suppresses the PG market, and the game between warehouse receipts and delivery also disturbs the market. In the short - term, the fundamentals are mixed, and in the medium - term, the global LPG balance is expected to be oversupplied. The escalation of the geopolitical situation may lead to a supply shortage [1] Market Analysis Summary Regional Spot Prices - On January 6, regional prices were as follows: Shandong market 4400 - 4460 yuan/ton; Northeast market 3960 - 4150 yuan/ton; North China market 4000 - 4420 yuan/ton; East China market 4300 - 4500 yuan/ton; Yangtze River market 4750 - 4950 yuan/ton; Northwest market 4200 - 4350 yuan/ton; South China market 4800 - 4950 yuan/ton [1] Import Prices - In the first half of February 2026, the CIF price of frozen propane in East China was 596 US dollars/ton, down 1 US dollar/ton, and butane was 591 US dollars/ton, down 1 US dollar/ton, equivalent to 4608 yuan/ton for propane and 4569 yuan/ton for butane, both down 8 yuan/ton. In South China, the CIF price of propane was 589 US dollars/ton, stable, and butane was 584 US dollars/ton, stable, equivalent to 4554 yuan/ton for propane and 4515 yuan/ton for butane, both stable [1] Market Situation - The domestic civil gas spot price continued to rise, but the ether - after carbon four market was relatively flat. The LPG market is "strong overseas and weak domestic". The short - term fundamentals are mixed, and the medium - term global supply is expected to exceed demand. The escalation of the geopolitical situation may tighten the LPG supply [1] Chart Information - The report provides charts on spot prices of civil liquefied gas and ether - after carbon four in different regions, as well as closing prices, price differences, and trading volumes of PG futures contracts [3][10][17]

Report Industry Investment Ratings - Cotton: Neutral to bullish [3] - Sugar: Neutral [7] - Pulp: Neutral [10] Core Views of the Report - The cotton market shows a short - term supply - demand imbalance with pressure on ICE cotton in the short - term, while long - term cotton prices are expected to be bullish. The sugar market is in a surplus situation in the short - to - medium term, but long - term prices are not overly pessimistic. The pulp market is affected by supply disruptions and may see a short - term bullish trend, but the long - term depends on demand improvement and inventory digestion [2][5][9] Summary by Related Catalogs Cotton Market News and Important Data - Futures: The closing price of cotton 2605 contract was 14,855 yuan/ton, up 200 yuan/ton (+1.36%) from the previous day. Spot: The Xinjiang arrival price of 3128B cotton was 15,487 yuan/ton, up 45 yuan/ton; the national average price was 15,711 yuan/ton, up 96 yuan/ton. As of December 25, 2025, the US had cumulatively signed 1.519 million tons of 2025/26 cotton exports, reaching 57.20% of the annual expected exports, and shipped 674,000 tons with a shipment rate of 44.39%. China had cumulatively signed 68,000 tons of US cotton and shipped 26,000 tons [1] Market Analysis - Internationally, the USDA's December adjustment to global cotton supply - demand data was small, with both production and demand decreasing in the 25/26 season and a slight increase in ending inventory. US cotton production increased slightly, with greater inventory pressure. The short - term ICE cotton is under pressure, and the long - term downward space is limited. Domestically, cotton production increased significantly in the 25/26 season. As the sales progress accelerated, the hedging resistance on the disk weakened. However, downstream demand showed a marginal weakening trend [2] Strategy - The strategy is neutral to bullish. In the whole year, domestic cotton consumption is expected to increase due to the expansion of spinning capacity. With high production and consumption and low imports, the supply - demand is expected to be balanced, and there may be a tight inventory situation at the end of the year. Considering the possible reduction in Xinjiang's cotton planting area next year, long - term cotton prices are expected to be bullish, but short - term high - level corrections should be vigilant [3] Sugar Market News and Important Data - Futures: The closing price of sugar 2605 contract was 5259 yuan/ton, up 2 yuan/ton (+0.04%) from the previous day. Spot: The sugar spot price in Nanning, Guangxi was 5340 yuan/ton, up 10 yuan/ton; in Kunming, Yunnan, it was 5200 yuan/ton, unchanged. Bihar in India plans to expand sugarcane planting area and restart and build sugar mills [4] Market Analysis - The Zhengzhou sugar futures price fluctuated narrowly. In the 25/26 season, the global sugar market is in a surplus. In the short - term, the further decline space of raw sugar is limited, but the rebound momentum is restricted. In the long - term, there are uncertainties in weather and sugar - making ratio, and some institutions predict a decline in Brazil's sugar production in the 26/27 season and a reduction in Thailand's planting area. Domestically, sugar production is expected to increase for the third year, and the supply is seasonally increasing. The import profit from Brazil is high, and the supply pressure is still there, but the import of syrup and premix may decrease next year [5][6] Strategy - The strategy is neutral. The domestic fundamental driving force is still downward. Although the valuation is low, there is still a possibility of a new low, but the overall decline space is limited. In the short - to - medium term, sugar prices are expected to fluctuate and bottom out [7] Pulp Market News and Important Data - Futures: The closing price of pulp 2605 contract was 5612 yuan/ton, up 82 yuan/ton (+1.48%) from the previous day. Spot: The spot price of Chilean Silver Star softwood pulp in Shandong was 5590 yuan/ton, unchanged; the price of Russian softwood pulp was 5175 yuan/ton, unchanged. The import wood pulp spot market showed a strengthening trend, with some prices of imported softwood and hardwood pulp rising by 10 - 50 yuan/ton, while the prices of imported natural and chemimechanical pulp remained stable [8] Market Analysis - The pulp futures price was strong. On the supply side, there were continuous news of overseas pulp mill shutdowns and maintenance. On the demand side, the European port wood pulp inventory continued to decline in November, indicating improving demand. Domestically, although there was a large - scale production capacity of finished paper this year, the terminal demand was insufficient, and the port inventory was still at a high level. However, the port inventory has been declining recently, and the expansion of downstream paper production capacity next year may support pulp prices [9] Strategy - The strategy is neutral. Overseas supply disruptions continue, and there is an expectation of inventory replenishment before the Spring Festival. The domestic demand may show a moderate recovery, and the short - term trend is expected to be bullish, but the upward height depends on the improvement of demand and inventory digestion [10]