Report Information - Report Title: Methanol Industry Daily Report 2025-12-11 [2] - Analyst: Lin Jingyi [3] - Analyst Qualification: Futures Practitioner Qualification No. F03139610, Futures Investment Consulting Practitioner Certificate No. Z0021558 [3] Industry Investment Rating - Not provided Core Viewpoints - The short - term total inventory of domestic methanol producers may accumulate due to factors such as the decline in MTO industry operation, abundant supply in the main production areas, and some large methanol plants increasing production. The port inventory has decreased significantly, and future attention should be paid to the unloading of foreign vessels. The demand side shows a downward trend in industry operation, and the MA2601 contract is expected to fluctuate in the range of 2000 - 2100 in the short term [3] Summary by Directory 1. Futures Market - The closing price of the main methanol contract is 2074 yuan/ton, with a daily increase of 21 yuan/ton; the 1 - 5 spread is - 46 yuan/ton, with a daily increase of 30 yuan/ton. - The position of the main contract is 550,185 hands, a decrease of 91,950 hands; the net long position of the top 20 futures holders is - 160,992 hands. - The number of warehouse receipts is 8,723, an increase of 1 [3] 2. Spot Market - The price in Jiangsu Taicang is 2070 yuan/ton, an increase of 5 yuan/ton; the price in Inner Mongolia is 1975 yuan/ton, unchanged. - The price difference between East China and Northwest China is 95 yuan/ton, an increase of 5 yuan/ton; the basis of the main Zhengzhou methanol contract is 17 yuan/ton, an increase of 18 yuan/ton. - The CFR price of methanol at the main Chinese port is 242 US dollars/ton, unchanged; the CFR price in Southeast Asia is 317 US dollars/ton, unchanged. - The FOB price in Rotterdam is 253 euros/ton, a decrease of 4 euros/ton; the price difference between the main Chinese port and Southeast Asia is - 75 US dollars/ton, unchanged [3] 3. Upstream Situation - The price of NYMEX natural gas is 4.63 US dollars/million British thermal units, an increase of 0.05 US dollars [3] 4. Industry Situation - The inventory in East China ports is 83.06 tons, a decrease of 10.82 tons; the inventory in South China ports is 40.38 tons, a decrease of 0.68 tons. - The import profit of methanol is 2.42 yuan/ton, an increase of 5 yuan/ton; the monthly import volume is 161.26 tons, an increase of 18.57 tons. - The inventory of inland enterprises is 352,800 tons, a decrease of 8,700 tons; the operating rate of methanol enterprises is 89.09%, unchanged [3] 5. Downstream Situation - The operating rate of formaldehyde is 42.91%, a decrease of 0.07%; the operating rate of dimethyl ether is 7.88%, unchanged. - The operating rate of acetic acid is 69.62%, a decrease of 3.44%; the operating rate of MTBE is 69.97%, unchanged. - The operating rate of olefins is 90.82%, an increase of 0.89%; the on - disk profit of methanol - to - olefins is - 845 yuan/ton, a decrease of 48 yuan/ton [3] 6. Option Market - The 20 - day historical volatility of methanol is 20.3%, an increase of 0.41%; the 40 - day historical volatility is 18.55%, an increase of 0.05%. - The implied volatility of at - the - money call options for methanol is 17.94%, a decrease of 0.57%; the implied volatility of at - the - money put options is 17.94%, a decrease of 0.57% [3] 7. Industry News - As of December 10, the inventory of China's methanol sample production enterprises was 35.28 tons, a decrease of 0.87 tons from the previous period, a month - on - month decrease of 2.40%; the pending orders of sample enterprises were 20.75 tons, a decrease of 3.22 tons from the previous period, a month - on - month decrease of 13.45%. - As of December 10, the total inventory of China's methanol ports was 123.44 tons, a decrease of 11.5 tons from the previous data. The inventory in East China decreased by 10.82 tons, and the inventory in South China decreased by 0.68 tons. - As of December 11, the production loss of domestic methanol due to maintenance and production reduction was less than the output increase from the recovery of production capacity, and the overall output increased [3] 8. Suggested Attention - Pay attention to the enterprise inventory and port inventory data from Longzhong on Wednesday [3]

螺纹钢产业链日报 2025/12/11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,069.00 | -48↓ RB主力合约持仓量(手) | 1602075 | +87857↑ | | | RB合约前20名净持仓(手) | -20066 | -33005↓ RB1-5合约价差(元/吨) | 16 | +18↑ | | | RB上期所仓单日报(日，吨) | 62879 | 0.00 HC2605-RB2605合约价差(元/吨) | 169 | +4↑ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,290.00 | -20↓ 杭州 HRB400E 20MM(过磅，元/吨) | 3,374 | -21↓ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,510.00 | 0.00 天津 HRB400E 20MM(理计，元/吨) | 3,160.00 | -20↓ | | | RB 主力合约基差 (元 ...

研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | I 主力合约收盘价（元/吨） | 757.00 | -12.00↓ I 主力合约持仓量(手) | 468,056 | -1378↓ | | 期货市场 | I 1-5合约价差（元/吨） | 23 | +4.50↑ I 合约前20名净持仓(手) | 11500 | +3615↑ | | | I 大商所仓单（手） | 1,800.00 | 0.00 | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 101.35 | -1.35↓ | | | | | 青岛港61.5%PB粉矿 (元/干吨) | 857 | -1↓ 青岛港60.5%麦克粉矿 (元/干吨) | 847 | -1↓ | | | 京唐港56.5%超特粉矿 (元/干吨) | 761 | -3↓ I 主力合约基差 (麦克粉干吨-主力合约) | 90 | +11↑ | | 现货 ...

研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 热轧卷板产业链日报 2025/12/11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | HC 主力合约收盘价(元/吨) | 3,238 | -44↓ HC 主力合约持仓量(手) | 1148348 | +42440↑ | | | HC 合约前20名净持仓(手) | -290 | +4751↑ HC1-5合约价差(元/吨) | 5 | +7↑ | | | HC 上期所仓单日报(日，吨) | 136914 | 0.00 HC2605-RB2605合约价差(元/吨) | 169 | +4↑ | | | 杭州 4.75热轧板卷(元/吨) | 3,290.00 | -30.00↓ 广州 4.75热轧板卷(元/吨) | 3,260.00 | -40.00↓ | | 现货市场 | 武汉 4.75热轧板卷(元/吨) | 3,330.00 | 0.00 天津 4.75热轧板卷(元/吨) | 3,200.00 | ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The total inventory at Qingdao Port continues to accumulate, with the overall accumulation rate narrowing month - on - month. Overseas shipments to the port remain at a high level, and rubber prices fluctuate downward. Tire companies make purchases according to demand, and the overall procurement sentiment has slightly improved. The warehouse outbound volume has increased slightly month - on - month, but it is still in the inventory accumulation cycle. - The resumption of production by previously - overhauled enterprises has driven up the capacity utilization rate of domestic tire enterprises this week. Entering the seasonal off - season, the overall shipment pace of enterprises is slow, and most enterprises are in a state of flexible production control, which limits the increase in the overall capacity utilization rate. As the finished product inventory continues to rise, some enterprises may carry out overhauls or reduce production in the later stage. - The ru2601 contract is expected to fluctuate in the range of 14,900 - 15,500 in the short term, and the nr2601 contract is expected to fluctuate in the range of 12,000 - 12,300 in the short term [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the main Shanghai rubber contract is 15,185 yuan/ton, down 30 yuan; the 1 - 5 spread of Shanghai rubber is 20 yuan/ton, up 15 yuan. The closing price of the main 20 - number rubber contract is 12,270 yuan/ton, down 25 yuan; the 1 - 2 spread of 20 - number rubber is - 25 yuan/ton, up 5 yuan. - The spread between Shanghai rubber and 20 - number rubber is 2,915 yuan/ton, down 30 yuan. The trading volume of the main Shanghai rubber contract is 124,546 lots, down 1,503 lots; the trading volume of the main 20 - number rubber contract is 58,112 lots, down 1,198 lots. - The net position of the top 20 in Shanghai rubber is - 28,509 lots, down 2,179 lots; the net position of the top 20 in 20 - number rubber is - 9,670 lots, up 1,129 lots. The warehouse receipts of Shanghai rubber in the exchange are 53,430 tons, unchanged; the warehouse receipts of 20 - number rubber in the exchange are 60,380 tons, up 101 tons [2] Spot Market - The price of state - owned whole - latex in the Shanghai market is 14,850 yuan/ton, up 150 yuan; the price of Vietnamese 3L is 15,200 yuan/ton, up 50 yuan. The price of Thai standard STR20 is 1,840 US dollars/ton, up 25 US dollars; the price of Malaysian standard SMR20 is 1,830 US dollars/ton, up 20 US dollars. - The price of Thai RMB mixed rubber is 14,500 yuan/ton, up 150 yuan; the price of Malaysian RMB mixed rubber is 14,450 yuan/ton, up 150 yuan. The price of Qilu Petrochemical's styrene - butadiene 1502 is 11,000 yuan/ton, unchanged; the price of Qilu Petrochemical's cis - butadiene BR9000 is 10,600 yuan/ton, unchanged. - The basis of Shanghai rubber is - 365 yuan/ton, down 80 yuan; the basis of non - standard products of the main Shanghai rubber contract is - 715 yuan/ton, down 80 yuan. The price of 20 - number rubber in the Qingdao market is 12,810 yuan/ton, down 34 yuan; the basis of the main 20 - number rubber contract is 540 yuan/ton, down 224 yuan [2] Upstream Situation - The market reference price of Thai raw rubber (smoked sheets) is 58.14 Thai baht/kg, down 0.37 Thai baht; the market reference price of Thai raw rubber (film) is 55.75 Thai baht/kg, down 1.4 Thai baht. The market reference price of Thai raw rubber (glue) is 55 Thai baht/kg, unchanged; the market reference price of Thai raw rubber (cup glue) is 52.95 Thai baht/kg, up 0.85 Thai baht. - The theoretical production profit of RSS3 is 125 US dollars/ton, down 23.2 US dollars; the theoretical production profit of STR20 is 43.2 US dollars/ton, up 70.2 US dollars. - The monthly import volume of technically - specified natural rubber is 126,100 tons, up 3,500 tons; the monthly import volume of mixed rubber is 256,400 tons, down 61,100 tons [2] Downstream Situation - The operating rate of all - steel tires is 63.5%, up 0.17 percentage points; the operating rate of semi - steel tires is 70.92%, up 1.73 percentage points. - The inventory days of all - steel tires in Shandong are 39.51 days, down 0.44 days; the inventory days of semi - steel tires in Shandong are 44.95 days, down 0.28 days. - The monthly output of all - steel tires is 13.01 million pieces, up 590,000 pieces; the monthly output of semi - steel tires is 58.31 million pieces, up 6.63 million pieces [2] Option Market - The historical 20 - day volatility of the underlying is 13.38%, down 0.69 percentage points; the historical 40 - day volatility of the underlying is 15.87%, up 0.01 percentage points. - The implied volatility of at - the - money call options is 18.63%, down 0.61 percentage points; the implied volatility of at - the - money put options is 18.64%, down 0.6 percentage points [2] Industry News - In November 2025, China's heavy - truck market sold about 100,000 vehicles (wholesale basis, including exports and new energy), a month - on - month decrease of about 6% compared with October this year, and a year - on - year increase of about 46% compared with 68,500 vehicles in the same period last year. From January to November this year, the cumulative sales of China's heavy - truck market exceeded 1 million vehicles, reaching 1.03 million vehicles, a year - on - year increase of about 26%. - As of December 7, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 488,700 tons, a month - on - month increase of 7,200 tons, an increase of 1.49%. The bonded area inventory was 73,900 tons, an increase of 2.08%; the general - trade inventory was 414,800 tons, an increase of 1.38%. - As of December 11, the capacity utilization rate of China's semi - steel tire sample enterprises was 70.14%, a month - on - month increase of 1.81 percentage points and a year - on - year decrease of 8.49 percentage points; the capacity utilization rate of China's all - steel tire sample enterprises was 64.55%, a month - on - month increase of 0.55 percentage points and a year - on - year increase of 6.07 percentage points [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The capacity utilization rate of urea enterprises was 81.85%, a 0.02% increase from the previous period, with a slight fluctuating trend. There were 2 new enterprise device stoppages and 5 restarted devices during the cycle, and the output fluctuated slightly this week. The reserve demand slowed down in December, but there was still short - term replenishment demand. The demand for urea from the compound fertilizer industry was strong, and the capacity utilization rate of compound fertilizers was expected to increase steadily. Urea was being shipped to ports in batches, and some enterprises were ending their shipments. The rigid demand from the industrial compound fertilizer, appropriate replenishment of reserve demand, and fulfillment of some export orders led to a continued decline in urea factory inventories. In the short term, the high start - up of industrial compound fertilizers continued to drive demand, and there were still some reserve gaps, so urea factory inventories might continue to decline slightly. The UR2601 contract was expected to fluctuate in the range of 1630 - 1680 in the short term [2] Group 3: Summary of Each Section Futures Market - The closing price of the Zhengzhou urea main contract was 1638 yuan/ton, a decrease of 7 yuan; the 1 - 5 spread was - 65 yuan/ton, an increase of 3 yuan; the main contract position was 127,530 lots, a decrease of 15,261 lots; the net position of the top 20 was - 5262, an increase of 62; the exchange warehouse receipts were 11,652, an increase of 424 [2] Spot Market - The spot prices in Hebei, Henan, Jiangsu, Shandong, and Anhui were 1720 yuan/ton (unchanged), 1690 yuan/ton (an increase of 10 yuan), 1680 yuan/ton (unchanged), 1700 yuan/ton (an increase of 10 yuan), and 1670 yuan/ton (a decrease of 10 yuan) respectively. The basis of the Zhengzhou urea main contract was 55 yuan/ton, an increase of 8 yuan. The FOB prices in the Baltic and China's main ports were 352.5 US dollars/ton (unchanged) and 391.5 US dollars/ton (unchanged) respectively [2] Industry Situation - The port inventory was 10.5 million tons, an increase of 0.5 million tons; the enterprise inventory was 123.42 million tons, a decrease of 5.63 million tons. The urea enterprise operating rate was 81.83%, a decrease of 1.88%; the daily urea output was 197,900 tons, a decrease of 4,500 tons. The urea export volume was 1.2 billion tons, a decrease of 170 million tons; the monthly output was 6,000,330 tons, an increase of 129,060 tons [2] Downstream Situation - The compound fertilizer operating rate was 40.53%, an increase of 3.47%; the melamine operating rate was 61.66%, an increase of 0.86%. The weekly profit of compound fertilizers was 56 yuan/ton, an increase of 12 yuan; the weekly profit of melamine with externally purchased urea was - 29 yuan/ton, a decrease of 129 yuan. The monthly output of compound fertilizers was 4.3825 billion tons, an increase of 753.8 million tons; the weekly output of melamine was 32,100 tons, an increase of 600 tons [2] Industry News - As of December 10, the total inventory of Chinese urea enterprises was 123.42 million tons, a decrease of 5.63 million tons from the previous week, a 4.36% decrease. As of December 11, the port inventory of Chinese urea was 12.3 million tons, an increase of 1.8 million tons, a 17.14% increase. The export was being shipped to ports, and the shipping rhythm was accelerating. As of December 11, the output of Chinese urea production enterprises was 1.3854 billion tons, an increase of 0.03 million tons from the previous period, a 0.02% increase. Some previously overhauled devices had resumed production, driving a slight increase in domestic urea output. Two enterprises' devices were planned to stop next week, and one stopped enterprise's device might resume production [2] Suggested Focus - Pay attention to Longzhong's enterprise inventory, port inventory, daily output, and operating rate on Thursday [2]

活控产状态，限制整体产能利用率提升幅度，随着成品库存继续攀升，后期不排除个别企业检修或降负运 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 行。br2601合约短线预计在10350-10800区间波动。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价:合成橡胶(日,元/吨) 105 主力合约持仓量:合成橡胶(日,元/吨) | 10710 | | 86990 | 6444 | | | 合成橡胶1-2价差(日,元/吨 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - The acquisition of grey jujubes in the Xinjiang main production area is nearing completion, with an overall progress of about 90%. As of December 4, 2025, the physical inventory of 36 sample points was 13,910 tons, a week - on - week increase of 3062 tons (28.23%) and a year - on - year increase of 135.16%. The acquisition progress in the Xinjiang Third Agricultural Division and Markit area accelerated this week, with high procurement enthusiasm from enterprises and merchants, and a significant increase in order signing. The product prices in the sales area are stabilizing. As downstream procurement increases, some holders are tentatively raising prices slightly. The short - term price center is starting to rise. Pay attention to the improvement of demand. If the actual demand improves, the probability of price rebound increases [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of jujubes was 9170 yuan/ton, a decrease of 120 yuan; the main contract position was 110,902 lots, an increase of 5245 lots. The net long position of the top 20 futures holders was - 14,644 lots, an increase of 1416 lots. The number of warehouse receipts was 851, an increase of 1; the total effective warehouse receipt forecast was 636, a decrease of 6 [2] Spot Market - The unified price of Kashgar jujubes was 6.5 yuan/kg, unchanged; the wholesale price of first - grade grey jujubes in Hebei was 4.4 yuan/jin, unchanged; the unified price of Alar jujubes was 5.65 yuan/kg, unchanged; the wholesale price of first - grade grey jujubes in Henan was 4.45 yuan/jin, unchanged; the unified price of Aksu jujubes was 5.15 yuan/kg, unchanged; the price of special - grade jujubes in Henan was 9.9 yuan/kg, unchanged; the price of special - grade jujubes in Hebei was 9.79 yuan/kg, a decrease of 0.05 yuan; the price of special - grade jujubes in Guangdong was 10.6 yuan/kg, a decrease of 0.2 yuan; the price of first - grade jujubes in Guangdong was 9.5 yuan/kg, a decrease of 0.1 yuan [2] Upstream Market - The annual jujube output was 6069,000 tons, an increase of 3187,000 tons; the planting area was 1.993 million hectares, a decrease of 41,000 hectares [2] Industry Situation - The national jujube inventory was 13,910 tons, an increase of 3062 tons; the monthly jujube export volume was 2,205,220 kg, a decrease of 78,451 kg; the cumulative monthly jujube export volume was 25,753,622 kg, an increase of 2,205,220 kg [2] Downstream Situation - The cumulative quarterly jujube sales volume of Hao Xiang Ni was 36,480.43 tons, a decrease of 2981.06 tons; the cumulative year - on - year increase in jujube production of Hao Xiang Ni was 1.47%, a decrease of 34.59 percentage points [2] Industry News - The acquisition of grey jujubes in the Xinjiang production area is almost finished, with little remaining supply in each area and a tail - end price increase for high - quality products. The mainstream price of general goods in Aksu is 5.00 - 5.30 yuan/kg, in Alar is 5.50 - 5.80 yuan/kg, in Kashgar is 6.20 - 6.80 yuan/kg, and in Markit is 6.00 - 6.30 yuan/kg. Some sellers are reluctant to lower prices due to limited supply [2]

锰硅硅铁产业日报 2025/12/11 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 徐玉花 期货从业资格号F03132080 期货投资咨询从业证书号 Z0021386 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任 自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任 何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞 达 研 究瑞达期货股份有限公司研究院，且不得对本报告进行有 悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | SM主力合约收盘价（日，元/吨） | 5,712.00 | -12.00↓ SF主力合约收盘价（日，元/吨） | 5,418.00 | -16.00↓ | | | SM期货合约持仓量（日，手） | 643,609.00 | +13508 ...

不完全统计，截至目前不完全统计，25/26榨季广西已开榨糖厂56家，同比减少11家；日榨甘蔗产能42.5万 数据来源第三方(同花顺、wind)，观点仅供参考，市场有风险，投资需谨慎！ 吨，同比减少11.25万吨，本周预计将有10家糖厂开榨。云南开榨糖厂已达12家，同比增加6家。总体上， 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 市场糖源多样，现货价格走弱，后市维持弱势，关注需求变化。 免责声明 白糖产业日报 2025-12-11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 5245 | -83 主力合约持仓量:白糖(日,手) | 391467 | 149966 | | | 仓单数量:白糖(日,张) | 611 | 215 期货前20名持仓:净买单量:白糖(日,手) | -65573 | -8850 | | | 有效仓单预报:白糖:小计(日,张) 进口加工估算价(配额内):巴西糖(日,元/ ...