Report Core View - There are five reasons to be bullish on the coking coal main contract, including strong cost support, supply contraction, rigid demand and restocking, resonance of technology and funds, and positive policy expectations [2][4] - The Shanghai Composite Index has continued to set records with 16 consecutive positive days, and the trading volume has continued to increase. Technically, there is a small - cycle adjustment [7] - The entire precious metal market has increased volatility, and caution is also advised when participating in the gold market [10] - With the commissioning of the Simandou project, the expectation of loose supply has further fermented. The demand side has weak domestic demand support. Technically, after a breakthrough, there is a pull - back, and the idea of buying on dips remains unchanged for iron ore [12][13] - For glass, technically, it is consolidating at a high level after a breakthrough, and the idea of buying on dips remains unchanged. The main drivers are policy - side stimulus policies and anti - involution policies for supply - side clearance [15][16] - It is estimated that the methanol import volume in December may exceed 1.7 million tons, with a significant month - on - month increase. The Iranian methanol export volume has significantly decreased, and the port is likely to enter a destocking cycle. The short - term price is mainly fluctuating upwards [19] - As of January 8, 2026, the inventory of mainstream Chinese pulp ports has continued to accumulate, and the futures market has recently shown a range - bound trend [22] Summary of Related Catalogs Coking Coal - Cost support: The spot price has reached the coal mine cost line, and some have fallen below the imported coal cost. A strong support is formed around 1,000 yuan/ton, and the valuation is at a historical low with sufficient repair momentum [4] - Supply: Safety inspections in major production areas have been upgraded, some coal mines in Shanxi and Inner Mongolia have shut down for maintenance in advance, and the production capacity in Yulin has been reduced by about 19 million tons, resulting in a tight supply of high - quality coking coal [4] - Demand: Steel mills will resume production after maintenance in January, and the daily hot metal output is expected to rise to around 2.3 million tons. The coking coal inventory of steel mills is at a medium - low level, and the rigid restocking demand before the Spring Festival is clear [4] - Technology and funds: The price has broken through the previous shock platform, with a MACD golden cross and a long - arranged moving average. The main contract has increased positions and risen, and the willingness of bulls to enter the market is stronger than that of bears, with active capital layout [4] - Policy: The "anti - involution" and capacity optimization of the steel industry are advancing, and macro - level stable growth measures have been intensified. The 2605 contract bears the pricing expectation of demand recovery in the second quarter, and both sentiment and valuation are being repaired [4] Stock Index Futures - The Shanghai Composite Index has continued its upward trend. Every intraday adjustment is a good opportunity to buy on dips [6][7] Gold - The entire precious metal market has increased volatility, and caution is required when participating [10] Iron Ore - Supply: With the commissioning of the Simandou project, the expectation of loose supply has further fermented [13] - Demand: Except for exports, the domestic demand in the real estate and infrastructure sectors is still weak [13] - Technology: After a breakthrough, there is a pull - back, and the idea of buying on dips remains unchanged [12] Glass - Supply and demand: The daily melting volume has continued to decline slightly, and the inventory has also decreased. The main drivers are policy - side stimulus policies and anti - involution policies for supply - side clearance [16] - Technology: It is consolidating at a high level after a breakthrough, and the idea of buying on dips remains unchanged [15] Methanol - Supply: It is estimated that the methanol import volume in December may exceed 1.7 million tons, with a significant month - on - month increase. The Iranian methanol export volume has significantly decreased, and the port is likely to enter a destocking cycle [19] - Price: The short - term price is mainly fluctuating upwards [19] Pulp - Inventory: As of January 8, 2026, the inventory of mainstream Chinese pulp ports was 2.007 million tons, an increase of 10,000 tons from the previous period, a month - on - month increase of 0.5%. The inventory has continued to accumulate, and the daily shipment speed in Qingdao Port has not changed much [22] - Market: The futures market has recently shown a range - bound trend [22]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - For crude oil, the oversupply pressure in 2026 is the most core driver of oil prices. Non - OPEC+ supply will increase by 1.2 million barrels per day. The return of the remaining 1.65 million barrels per day of OPEC+ production will be a key variable. Short - term fluctuations may be dominated by the Iran situation and the Russia - Ukraine war, while the medium - term downward trend remains [4]. - For PX & PTA, PX supply is expected to increase. PTA is still de - stocking, but terminal demand is weakening. Prices are expected to fluctuate at a high level with the cost side in the short term [4]. - For MEG, affected by the coal sector, the ethylene glycol盘面 rebounded. However, the medium - term supply surplus situation is difficult to change, and it is expected to fluctuate at a low level [5]. - For BZ & EB, pure benzene has high inventory pressure and is expected to fluctuate widely. Styrene is expected to be slightly stronger than pure benzene in the long - term [5]. 3. Summary by Related Catalogs Crude Oil - In 2026, non - OPEC+ crude oil supply will increase by 1.2 million barrels per day, with certain increments from Brazil, Guyana, and Canada. The return of the remaining 1.65 million barrels per day of OPEC+ production will be a key variable for the market direction. Trump said Venezuela will supply 50 million barrels of oil to the US [4]. PX & PTA - PX: Domestic and overseas PX plants are operating stably. PX load can be effectively maintained. PXN has risen to a seasonal high, and supply is expected to increase. The domestic PX weekly average capacity utilization rate is 89.12%, up 0.72% from last week; the Asian PX weekly average capacity utilization rate is 79.18%, up 0.41% from last week. The PX - naphtha spread is at a high level. New PX capacity will be added in the second half of next year, and there are many maintenance plans in the second quarter [4][8]. - PTA: This week, domestic PTA plants have basically no changes. PTA is still de - stocking, but terminal demand is weakening. The PTA spot market price this week is 5,067 yuan/ton, down 25 yuan/ton from last week. The weekly average capacity utilization rate is 77.41%, up 3.21% from last week. The in - factory inventory days are 3.60 days, down 0.05 days from last week. The processing fee is 339 yuan/ton, up 3 yuan/ton from last week [4][13]. MEG - Affected by the coal sector, the ethylene glycol盘面 rebounded. The domestic ethylene glycol comprehensive capacity utilization rate is 63.06%, down 0.1% from last week. The coal - based ethylene glycol capacity utilization rate is 62.09%, up 1.61% from last week. The production profit is - 867 yuan/ton, up 24 yuan/ton month - on - month. The arrival of goods has risen to over 170,000 tons again, and the port inventory in the East China region is 690,000 tons, an increase of 34,000 tons from the previous period. The medium - term supply surplus situation is difficult to change [5][18]. BZ & EB - Pure benzene: The port inventory has further accumulated to 318,000 tons, up 18,000 tons from last week. The downstream demand is weak, and the supply - demand pattern is loose, expected to fluctuate widely. The pure benzene开工 rate is 74.38%, down 0.8% from last week [5][27][28]. - Styrene: The开工 rate has rebounded slightly from the bottom, and the port inventory has decreased slightly. The downstream 3S trends are differentiated. The long - term 3S capacity is expanding while the new styrene capacity is limited, and it is expected to be slightly stronger than pure benzene. The styrene开工 rate is 70.92%, up 0.69% from last week, and the port inventory is 132,300 tons, down 6,500 tons from last week [5][27][28]. Polyester and Terminal Weaving - The weekly average capacity utilization rate of the domestic polyester industry is 87.16%, up 0.22% from last week. The inventory levels of polyester staple fiber and filament have increased slightly. The开工 rate of sample enterprises in Jiangsu and Zhejiang weaving is 57.89%, down 1.66% from the previous data. The average terminal weaving order days are 8.68 days, down 0.72 days from last week. The average terminal weaving finished product inventory level is 27.57 days, an increase of 0.60 days from last week [22].

1. Report's Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The price of waste paper rebounded due to the price increase by leading paper mills but will be weak after the festival as downstream demand remains unimproved [5] - The price of box - board paper will remain stable, with supply contraction expected but short - term supply remaining ample, and it may see a price recovery window after the Spring Festival if production halts and demand picks up [12] - The price of double - offset paper will fluctuate within a range, with small mills likely to continue trading at lower prices, and the futures market has limited upside in the medium - to - long term [20] - The pulp futures market has a strong bullish sentiment, but the de - stocking pressure remains. It is recommended to trade within a range, with short positions on high prices and long positions on low prices under certain conditions [29] 3. Summary by Related Catalogs Waste Paper - **Price**: On January 9, the national benchmark price was 1,622 yuan/ton, with a daily decline of 1.1%, continuing the downward trend [4] - **Supply - Demand**: Supply is relatively sufficient, and the recycling system operates normally. Some areas have slight fluctuations in recycling volume due to weather. Paper mills have regional price adjustments. Demand is weak, and downstream packaging factories mainly make rigid purchases with weak pre - festival stocking intentions [4] - **Inventory**: The inventory of paper mills and packing stations is at a medium level. Some paper mills control the inbound volume due to price fluctuations, and the inventory pressure of some paper mills in South China and East China has slightly increased, slowing down the overall de - stocking pace [4] - **Profit**: The profit of packing stations is meager, and the profit of the waste carton recycling link is at a low level, with the overall profitability being weak [4] Box - Board Paper - **Price**: On January 9, the overall price remained stable, and Jiulong Paper's 140g box - board paper was quoted at 4,600 yuan [12] - **Supply**: The supply is abundant. Some paper mills plan to shut down for maintenance or switch production due to poor profitability. Leading paper enterprises have announced shutdown plans at the beginning of 2026, increasing the expectation of supply contraction, but the short - term supply remains sufficient [12] - **Demand**: Downstream demand is still weak. The packaging industry has insufficient orders, and transactions are light. The shipment in coastal areas is relatively better than that in inland areas, and end - customers purchase cautiously to digest existing inventories [12] - **Inventory**: The inventory of paper mills continues to rise, and the industry inventory level is at a relatively high level within the year. Due to weak downstream demand, paper mills have a large pressure on inventory de - stocking [12] - **Profit**: The profit margin is limited. Affected by raw material costs and high inventory, the profitability of box - board paper enterprises is low. Some small paper mills are near the break - even point, while large paper mills have relatively better profit conditions through scale effects and cost control, but the overall industry profit is under pressure [12] Double - Offset Paper - **Price**: The price is stable. In the Shandong market, the mainstream transaction price of high - white double - offset paper is 4,650 - 4,750 yuan/ton, and that of natural - white double - offset paper is 4,300 - 4,500 yuan/ton [20] - **Supply - Demand**: The supply is abundant, and the paper mill operating rate has increased. Some paper mills exchange volume for price to maintain market share. The futures market has rebounded to repair the previous discount, but the upside is limited in the medium - to - long term [20] Pulp - **Price**: On January 9, the price of softwood pulp in Shandong increased by 50 yuan [29] - **Supply - Demand**: Downstream paper mills' profits are weak, and they mainly make purchases as needed. The operating rates of double - offset paper and white cardboard have declined month - on - month, and spot transactions are light. The futures market has a strong bullish sentiment [29] - **Inventory**: The de - stocking pressure has not been fundamentally alleviated. The port inventory has fallen below 2 million tons and has been de - stocking for 5 consecutive weeks [29]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - Bullish on the coking coal main contract due to cost support, supply contraction, demand and restocking needs, technical and capital resonance, and positive policy expectations [2][4] - The Shanghai Composite Index is expected to continue to expand upward, and dips are good opportunities for low - level buying [6] - Caution is advised when participating in the gold market due to increased volatility [9] - For iron ore, maintain a low - buying strategy despite supply expansion and weak domestic demand [11][12] - For glass, maintain a low - buying strategy with policy as the main driver [13][14] - Methanol prices are expected to be volatile and bullish in the short term due to supply risks and import decline expectations [17] - Pulp futures show a range - bound trend with inventory accumulation [20] 3. Section Summaries View on Coking Coal - Cost strong support: Spot prices are at the coal mine cost line, with some below the import coal cost, forming strong support around 1000 yuan/ton and having sufficient repair momentum [4] - Supply contraction: Safety inspections in major production areas have been upgraded, leading to early shutdowns and overhauls of some coal mines, and a reduction of about 19 million tons in Yulin's production capacity, resulting in a tight supply of high - quality coking coal [4] - Rigid demand and restocking: Steel mills will resume production after maintenance in January, with daily hot metal production expected to rise to around 2.3 million tons. Steel mills' coking coal inventories are at a medium - low level, and there is a clear rigid restocking demand before the Spring Festival [4] - Technical and capital resonance: The price has broken through the previous shock platform, with a MACD golden cross and a long - position arrangement of moving averages. The main contract has increased positions while rising, indicating strong willingness of long - positions to enter the market [4] - Positive policy expectations: The "anti - involution" and capacity optimization of the steel industry are advancing, and macro - level growth stabilization measures are increasing. The 2605 contract reflects the pricing expectation of demand recovery in the second quarter [4] Technical Analysis of Stock Index Futures - The Shanghai Composite Index has achieved a 15 - day consecutive positive trend, with two consecutive doji stars at a high level. Trading volume has not shrunk, and capital turnover is active. Technically, it is a strong adjustment, and it is expected to continue to expand upward [6] Technical Analysis of Gold - The entire precious metals market has increased volatility, so caution is advised when participating in the gold market [9] Technical Analysis of Iron Ore - With the commissioning of the Simandou project, the expectation of a loose supply has further fermented. On the demand side, except for exports, the real estate and infrastructure sectors are still in the process of bottom - seeking, and domestic demand support is weak. Technically, after a breakthrough, it is in a retracement phase, and the low - buying strategy remains unchanged [11][12] Technical Analysis of Glass - Technically, there was an adjustment today, and the low - buying strategy remains unchanged. The daily melting volume has been slightly decreasing, and inventory has accumulated this week. The main drivers are policy - side stimulus policies and the "anti - involution" policy for supply - side clearance [13][14] Technical Analysis of Methanol - In terms of imports, some port arrivals have been delayed, most Iranian plants have shut down, and international geopolitical risks have increased, with an expected decline in imports in January. In the downstream olefin sector, some port olefin plants will shut down until January, while new plants are being put into operation in Shandong. Overall, international supply risks have increased, and short - term prices are expected to be volatile and bullish [17] Technical Analysis of Pulp - As of January 8, 2026, the inventory of mainstream Chinese pulp ports was 2.007 million tons, a week - on - week increase of 10,000 tons or 0.5%. The inventory has continued to accumulate, and the futures market has shown a range - bound trend [20]

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 6 / 0 1 / 0 8 GOLDTRUST FUTURES CO.，LTD PTA 主力合约：1月8日PTA主力期货合约TA605今天下跌1.05，基差走弱至-48元/吨。 ibaotu.com 日度市场情况 基本面：今日PTA华东地区市场价5072元/吨，较前一交易日下跌23元/吨。成本端布伦特原油下跌至60美元/桶左右；PTA产能利用率 较上一工作日持平至77.41%；周度PTA工厂库存天数3.60天，环比减少0.05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PX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：1月8日乙二醇主力期货合约eg2605下跌0.21%，基差走弱至-163元/ ...

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Report's Core View - The price of waste paper rebounded due to the price increase of leading paper mills but will be weak after the festival as downstream demand has not improved [5]. - For box - board paper, although the supply contraction expectation is increasing, the current supply - demand situation is still supply - strong and demand - weak, with high inventory and price stability but profit pressure. After the Spring Festival, if the shutdown plan is implemented and demand recovers, there may be a price repair window [13]. - The price of double - offset paper will be range - bound. Small paper mills may continue to exchange price for volume, while large - scale mills are more likely to hold prices. The futures price has rebounded to repair the previous discount, but the upside space is limited in the medium - long term [20]. - For pulp futures, it is recommended to trade in a range. Short positions can be lightly tried at high prices, and long positions can be tried at low prices when the port inventory falls below 2 million tons and has been decreasing for 5 consecutive weeks [29]. 3. Summary by Related Catalogs Waste Paper - **Price**: On January 8, the China Renewable Resources Waste Paper Price Index (mainstream caliber) was 1598.24, with a daily - on - daily decrease of 0.44%, and many paper mills across the country lowered prices by 20 - 30 yuan [4]. - **Supply and Demand**: Supply is relatively sufficient, with some fluctuations in recycling volume due to weather. Paper mills adjust prices regionally. Demand is weak, and downstream packaging factories mainly make rigid purchases with weak pre - festival stocking willingness [4]. - **Inventory**: The inventory of paper mills and packing stations is at a medium level. The inventory pressure of some paper mills in South and East China has slightly increased, and the overall inventory reduction rhythm has slowed down [4]. - **Profit**: The profit of packing stations is meager, and the profit of the waste carton recycling link is at a low level, with the overall profitability being weak [4]. Box - Board Paper - **Price**: On January 8, the domestic packaging box - board paper was generally stable but slightly declined. Jiulong Paper in some areas such as Jiangsu Taicang and Tianjin lowered the price by 20 yuan/ton [13]. - **Supply**: The supply is abundant. Some paper mills plan to shut down for maintenance or switch production due to poor profitability. Leading paper enterprises have announced shutdown plans at the beginning of 2026, increasing the supply contraction expectation, but the short - term supply is still sufficient [13]. - **Demand**: Downstream demand is still weak, with insufficient orders in the packaging industry. Coastal areas have relatively better shipment, while inland areas are slower. Terminal customers are cautious in purchasing and mainly consume existing inventory [13]. - **Inventory**: Paper mill inventory continues to rise, and the industry inventory level is at a relatively high level this year. The inventory reduction pressure is large due to weak downstream demand [13]. - **Profit**: The profit margin is limited. Affected by raw material costs and high inventory, the profitability of box - board paper enterprises is low. Some small paper mills are near the break - even point, while large paper mills have relatively better profitability through scale effects and cost control, but the overall industry profit is under pressure [13]. Double - Offset Paper - **Price**: The price of double - offset paper is stable. In the Shandong market, the mainstream transaction price of high - white double - offset paper is 4650 - 4750 yuan/ton, and that of natural - white double - offset paper is 4300 - 4500 yuan/ton [20]. - **Supply**: The supply is abundant, the paper mill operating rate has increased, and the production capacity is sufficient. Some paper mills exchange price for volume to maintain market share [20]. - **Futures**: The futures price has rebounded to repair the previous discount, but the upside space is limited in the medium - long term, and it is recommended to short at high prices [20]. Pulp Futures - **Price**: On January 8, the quotation of softwood pulp in Shandong area decreased by 50 yuan [29]. - **Supply and Demand**: Downstream paper mills' profits are weak, and they mainly make rigid purchases. The operating rates of double - offset paper and white cardboard have decreased month - on - month, and the spot trading is light, but the futures market is bullish [29]. - **Inventory**: The port inventory has fallen below 2 million tons and has been decreasing for 5 consecutive weeks, which can be used as a signal for long - position entry [29].

Report Overview - Report Title: "GOLDTRUST FUTURES DAILY" - Report Date: January 8, 2026 - Report Author: GOLDTRUST FUTURES RESEARCH INSTITUTE Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - There are five reasons to be bullish on the glass main contract, including strong supply contraction, cost support, improved demand, clear technical rebound signals, and continuous policy dividends [3][4] - The Shanghai Composite Index has had 14 consecutive positive days and is expected to break through 4100 points tomorrow, with positive capital inflows and a strong short - term trend [7] - The entire precious metal market is experiencing increased volatility, and caution is advised when participating in the gold market [10] - For iron ore, supply is expected to be loose with weak domestic demand support, but it has broken through the previous consolidation platform and a low - buying strategy is recommended [11][12] - For glass, the daily melting volume is decreasing, inventory has accumulated this week, and the main drivers are policy - side stimulus and supply - side clearance. A low - buying strategy remains unchanged [14][15] - For methanol, international supply risks are rising, January imports are expected to decline, and short - term prices are expected to be slightly bullish [17] - For pulp, domestic pulp mills are operating normally, port inventories are fluctuating slightly, downstream demand is weak, and the futures market is in a range - bound trend [19] Summary by Related Catalogs Glass 2605 Contract - Supply: Industry losses have led to capacity reduction. As of January 7, the daily melting volume of float glass has dropped to 151,500 tons, the lowest in history [3] - Cost: The current price is approaching the cash - flow cost range of 900 - 1000 yuan/ton, and the stable prices of core raw materials such as liquid caustic soda provide strong cost support [3] - Demand: In 2026, the decline in real estate completion has narrowed and turned positive. Infrastructure special bonds, green building materials policies, and emerging fields such as photovoltaics and automotive glass drive demand growth, and the export market is expanding [3] - Technical: The price has broken through the downward trend line, stood above the 20 - day moving average, and the MACD has formed a golden cross. The 4 - hour level shows a stable support and a bullish pattern [3] - Policy: "14th Five - Year Plan" infrastructure development, green building standard upgrades, and capacity replacement policies are expected to shift the industry from destocking to restocking, with a potential supply - demand gap after the second quarter and a strong expectation of improved industry prosperity [4] Technical Analysis of Various Futures - **Stock Index Futures**: The large - cycle trend is intact. After a strong adjustment, it is expected to continue to expand upward tomorrow. A low - buying strategy is recommended [6][7] - **Gold**: The precious metal market is volatile, and caution is needed when participating [10] - **Iron Ore**: With the commissioning of the Simandou project, supply is expected to be loose. Domestic demand support is weak, but it has broken through the previous consolidation platform, and a low - buying strategy is recommended [11][12] - **Glass**: The daily melting volume is decreasing, inventory has accumulated this week. The main drivers are policy - side stimulus and supply - side clearance. A low - buying strategy remains unchanged [14][15] - **Methanol**: Port arrivals are delayed, most Iranian plants are shut down, and international geopolitical risks are rising. January imports are expected to decline, and short - term prices are expected to be slightly bullish [17] - **Pulp**: Domestic pulp mills are operating normally, port inventories are fluctuating slightly, downstream demand is weak, and the futures market is in a range - bound trend [19]

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 6 / 0 1 / 0 7 GOLDTRUST FUTURES CO.，LTD PTA 主力合约：1月7日PTA主力期货合约TA605今天上涨0.47%，基差走强至-45元/吨。 ibaotu.com 日度市场情况 基本面：今日PTA华东地区市场价5095元/吨，较前一交易日上涨15元/吨。成本端布伦特原油下跌至60美元/桶左右；PTA产能利用率 较上一工作日持平至77.41%；周度PTA工厂库存天数3.65天，环比增加0.04天。 主力动向：多头主力减仓 主力动向：多空主力分歧 走势预期：之前多套装置停车检修，加上受大风天气影响到港货轮延误，对乙二醇供应端压力形成缓解。近月仍存季节性累库压力， 26年的供应压力仍然偏大。预计短期乙二醇价格反弹高度有限。 GOLDTRUST FUTURES 数据来源：公开资料、Mysteel、金信期货 观点仅供参考，市场有风险，入市需谨慎 PTA 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 ...

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 6 / 0 1 / 0 6 GOLDTRUST FUTURES CO.，LTD PTA 主力合约：1月6日PTA主力期货合约TA605今天上涨1.38%，基差走强至-46元/吨。 ibaotu.com 日度市场情况 基本面：今日PTA华东地区市场价5080元/吨，较前一交易日上涨50元/吨。成本端布伦特原油持稳在61.5美元/桶左右；PTA产能利用 率较上一工作日持平至77.41%；周度PTA工厂库存天数3.65天，环比增加0.04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PX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：1月6日乙二醇主力期货合约eg2605上涨1.91%，基差走强至-11 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - There are five core reasons to be bullish on the glass main contract, including supply contraction, cost support, demand improvement, clear technical rebound signals, and continuous release of policy dividends [2][3][4] - In 2026, the A - share market had a good start with all indices rising, and the Shanghai Composite Index had 12 consecutive positive days. Technically, the daily - line upward trend is intact, and it is recommended to continue to buy on dips [6] - The entire precious metal market has increased volatility, and caution is advised when participating in the gold market [10] - For iron ore, with the commissioning of the Simandou project, the supply is expected to be more abundant. Demand is weak except for exports, and it is recommended to maintain a wide - range oscillation trading strategy [13][14] - For glass, the daily melting volume is slightly decreasing, inventory has accumulated this week, and the low - buying strategy remains unchanged [16][17] - For methanol, international supply risks are increasing, January imports are expected to decline, and short - term prices are mainly oscillating upward [19] - For paper pulp, the inventory at the mainstream Chinese ports has been decreasing for five consecutive weeks, and an oscillating trend is predicted [21] 3. Summary by Related Catalogs 3.1 Reasons to be Bullish on Glass Futures - Supply contraction: Industry losses are forcing capacity out. As of January 1, the float - glass industry's start - up rate was 72.05%, a 1.59 - percentage - point drop from December 25. Capacity utilization decreased by 1.53% to 75.73%, daily output dropped by 1.99% to 15.15 tons, and weekly output was 107.33 tons, down 0.99% week - on - week and 3.38% year - on - year [3] - Cost support: The current price is approaching the cash - flow cost range of 900 - 1000 yuan/ton, and raw material prices are stable, providing strong cost support [3] - Demand improvement: In 2026, the decline in real - estate completion has narrowed to positive growth. Infrastructure special bonds and green building materials policies are driving demand, and emerging sectors such as photovoltaic and automotive glass have growing demand, and the export market is expanding [3] - Technical signals: The price has broken through the downward trend line, stood above the 20 - day moving average, the MACD has formed a golden cross with an expanding red column, and the 4 - hour level support is stable, showing an oscillating and bullish pattern [4] - Policy dividends: The "14th Five - Year Plan" infrastructure development, green building standard upgrades, and capacity replacement policies are expected to shift the industry from destocking to restocking, and a supply - demand gap may appear after the second quarter, with strong expectations of a recovery in industry prosperity [4] 3.2 Technical Analysis of Different Futures 3.2.1 A - share Index Futures - The A - share market had a good start in 2026, with all indices rising. The Shanghai Composite Index had 12 consecutive positive days. Technically, the daily - line upward trend is intact. In the short - term, there may be an adjustment after a morning rally tomorrow, but the long - term trend is good. It is recommended to continue to buy on dips [6] 3.2.2 Gold Futures - The entire precious metal market has increased volatility, and caution is advised when participating in the gold market [10] 3.2.3 Iron Ore Futures - With the commissioning of the Simandou project, the supply is expected to be more abundant. Demand is weak except for exports. Technically, it is recommended to maintain a wide - range oscillation trading strategy, buying at lows and selling at highs [13][14] 3.2.4 Glass Futures - Technically, there was a slight adjustment today, and the low - buying strategy remains unchanged. The daily melting volume is slightly decreasing, and inventory has accumulated this week, mainly driven by policy - side stimulus and anti - involution policies for capacity reduction on the supply side [16][17] 3.2.5 Methanol Futures - In terms of imports, some port arrivals have been delayed, most Iranian facilities have stopped, and international geopolitical risks have increased. It is expected that imports in January will decline. For downstream olefins, some port olefin facilities will stop until January, and new facilities in Shandong are being put into operation. Overall, international supply risks are increasing, January imports are expected to decline, and short - term prices are mainly oscillating upward [19] 3.2.6 Paper Pulp Futures - As of December 25, 2025, the inventory of mainstream Chinese paper - pulp ports was 190.6 tons, a decrease of 8.7 tons from the previous period, a 4.4% month - on - month decline. The inventory has been decreasing for five consecutive weeks, and an oscillating trend is predicted [21]