1. Report Information - Report Title: Jinxin Futures PTA Ethylene Glycol Daily [1] - Date: January 5, 2026 [1] 2. PTA Analysis 2.1 Main Contract - On January 5, the PTA main futures contract TA605 fell 1.87%, and the basis weakened to -50 yuan/ton [2] 2.2 Fundamental Information - The market price of PTA in East China today was 5030 yuan/ton, down 67 yuan/ton from the previous trading day [3] - Affected by the situation in Venezuela, the cost-side Brent crude oil fell to around $60/barrel [3] - PTA capacity utilization rate remained flat at 77.41% compared with the previous working day [3] - The weekly inventory days of PTA factories were 3.65 days, a week-on-week increase of 0.04 days [3] 2.3 Main Force Movements - There was a divergence between long and short main forces [3] 2.4 Trend Expectation - There was an expectation of an increase in the PTA supply side, and the downstream polyester load also decreased from a high level. The supply-demand pattern became looser compared to before [3] - Attention should be paid to the situation of polyester factories taking early holidays before the Spring Festival, and the terminal demand might weaken [3] - The market generally believed that the supply and demand of upstream PX was tight. It was expected that the PTA price would fluctuate at a high level following the cost side [3] 3. MEG Analysis 3.1 Main Contract - On January 5, the ethylene glycol main futures contract eg2605 fell 2.51%, and the basis weakened to -126 yuan/ton [4] 3.2 Fundamental Information - The market price of ethylene glycol in East China today was 3640 yuan/ton, down 38 yuan/ton from the previous trading day [4] - The cost-side crude oil and coal prices were under pressure [4] - The total inventory of MEG in the main ports of East China was 65.6 tons, a decrease of 0.35 tons from the previous period [4] 3.3 Main Force Movements - Short main forces increased their positions [4] 3.4 Trend Expectation - Previously, multiple sets of devices were shut down for maintenance, and the arrival of cargo ships was delayed due to windy weather, which alleviated the pressure on the ethylene glycol supply side [4] - There was still seasonal inventory accumulation pressure in the near term, and the supply pressure in 2026 remained high [4] - It was expected that the ethylene glycol price would continue to fluctuate at the bottom in the short term [4]

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 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The sharp decline of Shanghai Silver in the afternoon of December 29, 2025, was the result of the resonance of macro - expectation reversal, concentrated speculation exit, and technical breakdown. Although short - term fluctuations have increased, the medium - term logic has not been completely broken [3]. - For A - shares, except for the Shanghai Composite Index's 9 - day consecutive positive trend, the other indexes showed high - level oscillations. The Shanghai Stock Index is expected to have limited adjustment, and low - buying is recommended if it doesn't effectively break below the 3910 - 3920 support range [5][6]. - Due to the continuous short - squeeze in silver and increased market volatility, caution is advised when participating in the gold market [9]. 3. Summary by Related Catalog 3.1 Shanghai Silver - **Reasons for decline**: The probability of a US interest rate cut in January dropped to about 15%, increasing the opportunity cost of non - interest - bearing silver; there was a rush to take profits, with significant net capital outflows; geopolitical risk - aversion receded; and policy and delivery factors influenced the market [3]. - **Operation suggestions**: In the short term, focus on the 17,000 yuan/kg support. If it rebounds quickly, observe capital inflows and the recovery of the 19,000 integer mark. In the medium term, due to the tight supply and low inventory, one should not take a unilateral short position. It is recommended to control positions strictly, set stop - losses, and focus on short - term operations [3]. 3.2 Stock Index Futures - The market showed a significant decline, dragging down the entire index. Technically, the daily - line upward trend is intact, while small - cycle adjustments are occurring, with limited expected adjustment intensity. Low - buying is recommended if the Shanghai Stock Index does not effectively break below the 3910 - 3920 support range [5]. 3.3 Gold - Due to the continuous short - squeeze in silver and increased market fluctuations, caution is advised when participating in the gold market [9]. 3.4 Iron Ore - With the commissioning of the Simandou project, the expectation of a supply surplus is intensifying. On the demand side, except for exports, the real estate and infrastructure sectors are still in the process of bottom - seeking, with weak domestic demand support. Technically, a wide - range oscillation approach is recommended, with high - selling and low - buying [11][12]. 3.5 Glass - Technically, there are signs of bottom - stabilization recently, and bottom - fishing buying can be considered. The daily melting volume has been slightly decreasing, and inventory has accumulated this week, mainly driven by policy - side stimulus and supply - side clearance policies [15][16]. 3.6 Methanol - As of December 24, 2025, the total inventory of Chinese methanol ports was 1.4125 million tons, an increase of 193,700 tons from the previous period. The inventory in East China increased by 207,700 tons, while that in South China decreased by 14,000 tons. The market in the sales area is relatively strong under multiple positive factors [17]. 3.7 Pulp - As of December 25, 2025, the inventory of mainstream ports of Chinese pulp was 1.906 million tons, a decrease of 87,000 tons from the previous period, a month - on - month decline of 4.4%. The inventory has been decreasing for five consecutive weeks, and the market is expected to be in an oscillating state [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 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 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For crude oil, geopolitical factors bring short - term price rebounds, but the supply surplus pressure in 2026 remains the dominant factor, and significant price surges are unlikely [4] - For PX & PTA, the supply is expected to contract in January, the price trend is strong in the short - term, but attention should be paid to the negative feedback from the early holiday of the terminal in early January [4] - For MEG, the price rebound is limited due to the dual - weak supply and demand and inventory reduction pressure [5] - For BZ & EB, pure benzene is expected to fluctuate widely, and the price center of styrene is expected to rise in the medium - long term [5] Summary by Variety Crude Oil - US WTI crude oil price is stable above $58 per barrel, with a weekly cumulative increase of over 3%. Geopolitical situations such as US actions in Venezuela and Nigeria and the attack on a Russian refinery are beneficial to the market, but supply surplus in 2026 is the core driving factor [4] PX & PTA - PX domestic load is stable, with high - level operation. There are maintenance plans in January, and the processing fee continues to rise. PTA supply tightens, with strong cost support, but the terminal demand is weakening, and the price is expected to fluctuate strongly in the short - term [4] MEG - The domestic ethylene glycol (MEG) operating rate decreases, the price rebounds from the bottom. The port inventory decreases but remains high. The import volume is expected to decline, and the price rebound is limited due to dual - weak supply and demand [5][18] BZ & EB - The overseas gasoline cracking spread is weak, the support for pure benzene from overseas oil blending weakens. The pure benzene port inventory accumulates, and it is expected to fluctuate widely. Styrene operating rate rebounds, and its price center is expected to rise in the medium - long term [5][27] Polyester and Terminal - The polyester industry's average operating rate is basically stable, with significant inventory reduction in polyester filament. The terminal weaving market is weak, with fewer new orders, and the production load is gradually decreasing [22] Pure Benzene and Styrene - The pure benzene operating rate slightly decreases, and the styrene operating rate rebounds. The port inventories of both increase. The downstream demand shows certain resilience, and further observation is needed [27]

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]