1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - There are five reasons to be bullish on the glass main contract, including rigid cost support, double verification of technical support, rising policy expectations, clear signal of capital layout, and significant valuation advantages [3][4] - For stock index futures, the trend is good, with small - cycle adjustments sufficient. As long as the Shanghai Composite Index does not fall below the 3910 - 3920 support range, continue to buy on dips [6] - The overall trend of the three major A - share indexes is to rise first and then fall. Except for the Shanghai Composite Index, the Shenzhen Component Index and the ChiNext Index perform well in the afternoon [7] - For the gold market, due to increased volatility in the entire precious metal market, it is advisable to participate with caution [10] - For iron ore, with the commissioning of the Simandou project, the expectation of loose supply is further fermented. The demand side is weak, and it should be treated with a wide - range oscillation strategy, buying low and selling high [12][13] - For glass, the bottom has stabilized recently, and it is advisable to maintain a long - buying strategy [15] - For methanol, as of December 24, 2025, the total inventory of Chinese methanol ports is 141.25 million tons, with an increase of 19.37 million tons from the previous period. The market in the sales area is strong under multiple positive factors [18] - For pulp, as of December 25, 2025, the inventory of mainstream Chinese pulp ports is 190.6 million tons, a decrease of 8.7 million tons from the previous period, a month - on - month decrease of 4.4%. The inventory has been decreasing for five consecutive weeks, and it is judged to be in an oscillatory state [21] 3. Summary by Related Catalogs 3.1 Reasons for Being Bullish on Glass Main Contract - Cost support: The entire industry is in a loss, leading to cold repair of production capacity. The daily average output has dropped to 154,500 tons, and the cost side provides strong support [3] - Technical support: The 1015 - 1025 point range has withstood multiple tests, becoming a short - term strong defense. The lower track of the weekly Bollinger Band is rising, narrowing the long - term downward space [3] - Policy expectations: The "guaranteeing the completion of pre - sold housing" policy supports long - term demand, and the optimization of real - estate regulation releases positive signals, with policy dividends expected to gradually reach the completion end [3] - Capital layout: The recent open interest has increased steadily, and long - position funds have actively intervened, injecting momentum into price rebound [4] - Valuation advantages: The contract price is at a low level since June, close to the cost line, with a prominent profit - loss ratio. Technical signals such as the enlargement of the MACD red column and the imminent golden cross of short - term moving averages indicate high cost - effectiveness for bottom - fishing [4] 3.2 Technical Analysis of Different Futures - Stock index futures: The trend is good, with small - cycle adjustments sufficient. As long as the Shanghai Composite Index does not fall below the 3910 - 3920 support range, continue to buy on dips [6] - Gold: The entire precious metal market has increased volatility, so it is advisable to participate with caution [10] - Iron ore: With the commissioning of the Simandou project, the expectation of loose supply is further fermented. The demand side is weak, and it should be treated with a wide - range oscillation strategy, buying low and selling high [12][13] - Glass: The bottom has stabilized recently, and it is advisable to maintain a long - buying strategy. The daily melting volume has continued to decline slightly, and inventory has accumulated this week. The main drivers are policy - side stimulus and supply - side clearance [15][16] - Methanol: As of December 24, 2025, the total inventory of Chinese methanol ports is 141.25 million tons, with an increase of 19.37 million tons from the previous period. The market in the sales area is strong under multiple positive factors [18] - Pulp: As of December 25, 2025, the inventory of mainstream Chinese pulp ports is 190.6 million tons, a decrease of 8.7 million tons from the previous period, a month - on - month decrease of 4.4%. The inventory has been decreasing for five consecutive weeks, and it is judged to be in an oscillatory state [21]

金 信 期 货 P T A 乙 二 醇 日 刊 本刊由金信期货研究院撰写 PTA 主力合约：12月30日PTA主力期货合约TA605今天上涨0.16%，基差走强至-47元/吨。 ibaotu.com 日度市场情况 基本面：今日PTA华东地区市场价5105元/吨，较前一交易日上涨35元/吨。成本端布伦特原油下跌后持稳在61.5美元/桶左右；供给端 一套220万吨装置近日重启，PTA产能利用率较上一工作日+0.76%至73.60%；周度PTA工厂库存天数3.61天，环比减少0.15天。 主力动向：多头主力增仓 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 走势预期：PTA供应端有增量预期，下游聚酯负荷也从高位下调，供需格局相较之前转向宽松；关注聚酯工厂节前提前放假情况，终 端需求或将转弱。对上游PX2026年的市场一致看法供需偏紧，预计PTA价格跟随成本端高位震荡。 MEG 主力合约：12月30日乙二醇主力期货合约eg2605上涨0.50%，基差走强至-132元/吨。 基本面：今日乙 ...

金信期货日刊 本刊由金信期货研究院撰写 2 0 2 5 / 1 2 / 3 0 GOLDTRUST FUTURES CO.， LTD 沪银下午暴跌，后市怎么看 ibaotu.com 热点聚焦 沪银2602 ，12月29日下午下跌，是宏观预期逆转+投机集中离场+技术破位共振的结果，短期波动放大，中 期逻辑未完全破坏。 操作与节奏： 短期关注17000元/千克支撑，若快速反弹需看资金回流与19000整数关口收复情况 ； 中期供给偏紧、库存低位逻辑仍在，不宜单边看空； 建议严控仓位、带止损，以短线应对为主，避免追涨杀跌 。 核心驱动： 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 1. 降息预期骤降：美国经济韧性超预期，1月降息概率降至约15%，高利率延续推升无息白银的机会成本； 美元指数走强，以美元计价的白银吸引力下降。 2. 获利了结踩踏：年内涨幅超160%，投机多头头寸拥挤；午后关键支撑位失守触发程序化止损，多杀多加 剧，资金净流出明显，流动性偏紧放大跌幅 。 3. 地缘避险退潮 ...

金 信 期 货 P T A 乙 二 醇 日 刊 本刊由金信期货研究院撰写 2 0 2 5 / 1 2 / 2 9 GOLDTRUST FUTURES CO.，LTD PTA 主力合约：12月29日PTA主力期货合约TA605今天下跌2.25%，基差走强至-66元/吨。 ibaotu.com 日度市场情况 基本面：今日PTA华东地区市场价5070元/吨，较前一交易日下跌100元/吨。成本端布伦特原油下跌后持稳在61美元/桶左右；供给端 一套220万吨装置近日重启，PTA产能利用率较上一工作日持平至72.84%；周度PTA工厂库存天数3.61天，环比减少0.15天。 主力动向：多空主力分歧 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 走势预期：PTA供应端小幅缩量，下游聚酯负荷也从高位下调，工厂库存窄幅去库；关注聚酯工厂节前提前放假情况，终端需求或将 转弱。2026年对上游PX的市场一致看法供需偏紧，预计PTA价格高位震荡。 MEG 主力合约：12月29日乙二醇主力期货合约eg26 ...

GOLDTRUST FUTURES CO.，LTD GOLDTRUST FUTURES IFind、Mysteel、金信期货 观点仅供参考，市场有风险，入市需谨慎 PX&PTA 本周px国内负荷平稳，开工维持在高位，1月份国内外仍有装置有检修计划，供应有收缩预期。整体供需偏紧的格局下支撑周内PX加工费继 续上涨。单边价格趋势偏强，PX偏紧的预期暂时无法证伪。本周国内PTA装置基本无变化。供应收紧，成本支撑偏强，单边趋势向上，库存小幅 去化，下游聚酯负荷维持高位，当前聚酯开工继续超预期，不过终端织造的订单天数和库存水平已显示需求转弱，高开工或不可持续。需要注意 1月上旬终端提前放假带来的产业链负反馈，预计价格短期内震荡偏强。 MEG 本周国内乙二醇开工率下降，现货价格触"底"回升，低价下多套装置检修、降负。本周港口库存去化，但仍处高位。乙二醇进口量有下调 预期。下游聚酯周开工环比走弱，近期聚酯产销好转，下游库存下降，终端织造季节性转弱，聚酯开工有下调预期，乙二醇供需双弱，库存持续 去化有压力。预计乙二醇价格反弹高度有限。 BZ&EB 海外汽油裂解价差偏弱，海外调油对纯苯支撑减弱。国内纯苯到港高峰虽已过，但仍有一 ...

Report Industry Investment Rating - Bullish on the glass main contract [2] Core Viewpoints of the Report - There are five reasons to be bullish on the glass main contract, including low historical valuation, policy benefits, marginal relief of inventory pressure, expected technical rebound, and strengthened industry supply constraints. It is recommended to gradually lay out long positions on dips in the medium - to - long - term and strictly control positions in the short - term [3] - For stock index futures, it is expected that the adjustment will be limited and the strong feature remains unchanged. It is recommended to continue to buy on dips [5] - Gold has a sign of starting to move upwards after a period of sideways consolidation, and it is possible to try to go long [8] - For iron ore, with the supply expected to be loose and weak domestic demand support, it is recommended to maintain a wide - range oscillation mindset and buy low and sell high [9] - Glass has shown signs of bottoming out recently, and it is advisable to consider buying on dips [11] - As of December 24, 2025, the total inventory of Chinese methanol ports increased, with inventory accumulation in East China and destocking in South China, and the sales area market is strong under multiple positive factors [13] - As of December 25, 2025, the inventory of China's mainstream pulp ports continued to decline, with a 4.4% month - on - month decrease, and a shock judgment is made [16] Summary by Related Catalogs Glass - **Valuation**: The current contract price is approaching the key level of 1000 yuan/ton, close to the cost line, with a significant discount compared to the historical center, sufficient safety margin and limited downside space [3] - **Policy**: Real estate relief policies are continuously implemented, and the funds for ensuring the completion of buildings support the completion demand. Renovation of old communities and construction of affordable housing bring incremental structural demand [3] - **Inventory**: Some glass factories actively reduce production, and with the gradual start of winter storage, the "inventory dam" risk will be slowly released, and the supply - demand pattern is expected to improve. For example, the No. 4 line of Xinyi Ultra - thin Glass (Dongguan) Co., Ltd. with a design capacity of 900 tons/day stopped production for cold repair on December 24 [3] - **Technical**: After the price fell below multiple long - term moving averages, the short - selling momentum was fully released, and oversold signals appeared, with a short - term need for technical repair [3] - **Supply**: The Ministry of Industry and Information Technology prohibits new capacity, and the industry supply side continues to tighten. In the long run, the repair of supply - demand mismatch will support the price to return to a reasonable range [3] Stock Index Futures - The three major A - share indices continued to rise, with the Shanghai Composite Index having seven consecutive positive days. Technically, there is a divergence in the short - term 5 - and 15 - minute cycles, but the 60 - minute pattern remains intact. It is expected that the adjustment will be limited and the strong feature remains unchanged. It is recommended to continue to buy on dips [5][6] Gold - After a period of sideways consolidation, gold shows a sign of starting to move upwards, and it is possible to try to go long [8] Iron Ore - With the commissioning of the Simandou project, the expectation of loose supply is further fermented. On the demand side, except for exports still having some momentum, the real estate and infrastructure sectors are still in the process of bottom - seeking, and domestic demand support is weak. Technically, it is recommended to maintain a wide - range oscillation mindset and buy low and sell high [9][10] Methanol - As of December 24, 2025, the total inventory of Chinese methanol ports was 1.4125 million tons, an increase of 193,700 tons compared with the previous period. Among them, the inventory in East China increased by 207,700 tons, and the inventory in South China decreased by 14,000 tons. The sales area market is strong under multiple positive factors [13] Pulp - As of December 25, 2025, the inventory of China's mainstream pulp ports was 1.906 million tons, a decrease of 87,000 tons compared with the previous period, a month - on - month decrease of 4.4%. The inventory has continued to decline for five consecutive weeks, and a shock judgment is made [16]

金 信 期 货 P T A 乙 二 醇 日 刊 本刊由金信期货研究院撰写 2 0 2 5 / 1 2 / 2 5 GOLDTRUST FUTURES CO.，LTD PTA 主力合约：12月25日PTA主力期货合约TA605今天上涨0.98%，基差走强至-72元/吨。 ibaotu.com 日度市场情况 基本面：今日PTA华东地区市场价5060元/吨，较前一交易日上涨42元/吨。成本端布伦特原油上涨到62.5美元/桶；供给端一套220万吨 装置近日重启，PTA产能利用率75.24%，较前日+2.32%；周度PTA工厂库存天数3.61天，环比减少0.15天。 主力合约：12月25日乙二醇主力期货合约eg2605上涨2.25%，基差走弱至-184元/吨。 基本面：今日乙二醇华东地区市场价3635元/吨，较前一交易日上涨37元/吨。成本端原油价格、煤炭价格反弹；华东主港地区MEG库 存总量64.5万吨，较上一期降低1.48万吨。 主力动向：多空主力分歧 走势预期：港口库存高位去化带动乙二醇价格底部反弹，加上之前多套装置停车检修对乙二醇供应端压力形成缓解，但26年的供应压 力仍然偏大。预计乙二醇在春节前需求走弱的预期 ...

金 信 期 货 纸 业 日 刊 本刊由金信期货研究院撰写 2025/12 /25 品种聚焦 GOLDTRUST FUTURES CO. ， LTD 废纸箱基本面分析 基本情况 价格：12月25日，废纸收购价格整体以上涨为主，华北、华中、华东等地多家纸厂上调了价格，涨价30 元-70元不等。 供需：到货量尚可，部分纸厂上调收购价。下游纸厂采购仍偏谨慎，多按需补库。 库存：纸厂原料库存处于中位，打包站库存低位，产业链库存结构分化。 利润：打包站利润被挤压，纸厂原料成本下行但成品跌价，利润仍承压。 核心结论：短期受龙头纸厂提价带动止跌反弹，但下游需求未实质改善，持续性有待观察。 GOLDTRUST FUTURES 数据来源：公开资料、金信期货 观点仅供参考，市场有风险，入市需谨慎 热点聚焦 品种聚焦 废纸现货价格 GOLDTRUST FUTURES 数据来源：同花顺iFinD、金信期货 观点仅供参考，市场有风险，入市需谨慎 GOLDTRUST FUTURES CO. ， LTD 品种聚焦 GOLDTRUST FUTURES CO. ， LTD 箱板纸基本面分析 建议：成本下跌与自身高库存导致价格走弱。虽计划涨价，但 ...

1. Report Industry Investment Rating - The report is bullish on the glass main contract [2] 2. Core Viewpoints - The first wave of the glass main contract's rise is not over, and it maintains a strong feature. It is recommended to continue low - buying and not to chase after rising [5] - The three major A - share indices rose overall, with the Shanghai Composite Index achieving six consecutive positive days, showing a trend feature. The rebound cycle has increased from 15 minutes to 60 minutes [6] - Gold shows signs of starting an upward movement after a period of sideways oscillation, and it is advisable to try going long [8] - Iron ore is in the process of finding a bottom, with weak domestic demand support. Technically, it should be viewed with a wide - range oscillation mindset, adopting a strategy of high - selling and low - buying [9] - The daily melting of glass has declined, and there has been another inventory reduction this week. The main driving forces are policy - side stimulus and supply - side clearance. Technically, the daily line closed positive, and it can be viewed with an oscillation mindset in the near term [13][14] - The freight of methanol has increased significantly recently, increasing the arrival cost in the sales area. The new olefin project of Lianhong has a stable load of 80%, showing an incremental demand. After the continuous rise of port methanol prices, the amount of port goods flowing back to Shandong has gradually decreased. Under multiple positive factors, the market in the sales area is strong [16] - With domestic policies continuing to boost domestic demand, overseas pulp mills increasing production cuts, and the gradual elimination of backward papermaking production capacity, the demand for commercial pulp should see an accelerated overall improvement. It is judged to be in an oscillating state [19] 3. Summary by Related Catalogs Reasons for being bullish on the glass main contract - Valuation is at a historical low: The current contract price is approaching the 1000 - yuan/ton key level, close to the cost line, with a significant discount compared to the historical center, having sufficient safety margin and limited downside space [3] - Policy benefits are gradually transmitted: Real - estate relief policies are continuously implemented across the country. The arrival of funds for ensuring the completion of buildings supports the demand for completion. Renovation of old residential areas and construction of affordable housing bring incremental structural demand [3] - Inventory pressure is marginally relieved: Some glass factories actively cut production and reduce the daily melting volume. As winter storage gradually starts, the risk of the inventory "dam" will be slowly released, and the supply - demand pattern is expected to improve. On December 24, the fourth - line float - glass production line of Xinyi Ultra - thin Glass (Dongguan) Co., Ltd. with a designed capacity of 900 tons per day stopped production for cold repair [3] - A technical oversold rebound is expected: After the price fell below multiple long - term moving averages, the short - selling momentum was fully released, showing an oversold signal, with a short - term need for technical repair [3] - Industry supply constraints are strengthened: The Ministry of Industry and Information Technology strictly prohibits new production capacity, and the industry supply side continues to tighten. In the long run, the repair of the supply - demand mismatch will support the price to return to a reasonable range. For operation, in the medium - and long - term, gradually build long positions on pullbacks, and strictly control positions in the short - term [3]

金信期货日刊 本刊由金信期货研究院撰写 2 0 2 5 / 1 2 / 2 4 GOLDTRUST FUTURES CO.，LTD 看多焦煤主力合约的五大理由 ibaotu.com 热点聚焦 1.估值已至低位：12月累计跌幅超20%，创下年内新低，当前价格低于蒙煤进口成本线，现货升水期货形成 安全垫，估值修复空间显著。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 2.政策暖风护航：六部门发文推动煤炭清洁高效利用，《求是》强调整治"内卷式"竞争，政策引导行业 秩序改善，提振市场预期。 GOLDTRUST FUTURES 数据来源：公开资料、金信期货 观点仅供参考，市场有风险，入市需谨慎 GOLDTRUST FUTURES CO.，LTD | 主力动向 | | | | --- | --- | --- | | GOLDTRUST | FUTURES | CO.，LTD | | 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法 ...