红枣产业日报 2026-01-05 | 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:红枣(日,元/吨) | 8955 | -10 主力合约持仓量:红枣(日,手) | 113035 | 679 | | | 期货前20名持仓:净买单量:红枣(日,手) | -15918 | 695 仓单数量:红枣(日,张) | 2102 | -18 | | | 有效仓单预报:红枣:小计(日,张) | 511 | 89 | | | | 现货市场 | 喀什红枣统货价格(日,元/公斤) | 6.5 | 0 河北一级灰枣批发价格(日,元/斤) | 4.1 | -0.05 | | | 阿拉尔红枣统货价格(日,元/公斤) | 5.65 | 0 河南一级灰枣批发价格(日,元/斤) | 4.35 | 0 | | | 阿克苏红枣统货价格(日,单位:元/公斤) | 5.15 | 0 河南红枣特级价格(元/公斤) | 9.7 | 0 | | | 河北红枣特级价格(元/公斤) | 9.52 | -0.01 广 ...

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！ 观望为主。 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 白糖产业日报 2026-01-05 | 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) | 5257 | 6 主力合约持仓量:白糖(日,手) | 422565 | 6906 -3022 | | | 仓单数量:白糖(日,张) | 6005 | 823 期货前20名持仓:净买单量:白糖(日,手) | -65309 | | | | 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/ | 4563 | 873 | | | | 现货市场 | | 4085 5177 | 36 进口加工估算价(配额内):泰国糖(日,元/ | 4131 5236 | 34 45 | | | 吨) 进口巴糖估算价(配额外,50%关税)(日,元 | | 吨) 48 进口泰糖估算价 ...

Report Summary 1) Report Industry Investment Rating - The report suggests a light - position trial of going long on the far - month contracts of eggs [2] 2) Core View - The market is in a game between weak reality and strong expectations. In the short term, near - month contracts may be in a state of wide - range low - level oscillation, while far - month contracts are expected to perform better than near - month ones due to the expected decline in production capacity [2] 3) Summary by Relevant Catalogs Futures Market - The futures closing price (active contract) of eggs is 2992 yuan/500 kilograms, with the net long position of the top 20 futures holders decreasing by 7280 hands to - 45397 hands. The egg futures monthly spread (5 - 9) is - 459 yuan/500 kilograms, and the futures trading volume (active contract) increases by 113657 hands to 219525 hands. The registered warehouse receipt volume is 0 [2] Spot Market - The egg spot price is 3.1 yuan/jin, and the basis (spot - futures) is 113 yuan/500 kilograms, down 30 yuan/500 kilograms [2] Upstream Situation - The laying hen inventory index nationwide is 112.03 (2015 = 100), down 2.21; the eliminated laying hen index is 101.18 (2015 = 100), down 13.26. The average price of laying hen chicks in the main production areas is 2.8 yuan/feather, and the new chick index nationwide is 93.62 (2015 = 100), up 26.53. The average price of laying hen compound feed is 2.8 yuan/kg, and the laying hen breeding profit is - 0.39 yuan/hen, up 0.08 yuan/hen. The average price of eliminated chickens in the main production areas is 7.9 yuan/kg, up 0.16 yuan/kg, and the age of eliminated chickens nationwide is 500 days, down 10 days [2] Industry Situation - The average wholesale price of 28 key - monitored vegetables is 17.96 yuan/kg, up 0.2 yuan/kg; the average wholesale price of pork is 5.65 yuan/kg, up 0.04 yuan/kg; the average wholesale price of white - striped chickens is 17.8 yuan/kg, up 0.26 yuan/kg. The weekly inventory in the circulation link is 1.21 days, up 0.09 days; the weekly inventory in the production link is 1.09 days, up 0.09 days. The monthly export volume of fresh eggs is 13394.53 tons, up 178.74 tons [2] Downstream Situation - The weekly consumption of eggs in the sales areas is 7147 tons [2] Industry News - The average price of eggs in Shandong's main production area is 6.12 yuan/kg, unchanged from yesterday; in Hebei, it is 5.66 yuan/kg, up 0.06 yuan/kg from yesterday; in Guangdong, it is 6.73 yuan/kg, unchanged from yesterday; in Beijing, it is 6.16 yuan/kg, unchanged from yesterday. The continuous losses of the breeding end have led to a decline in the enthusiasm for replenishment and an increase in the elimination of old chickens. The laying hen inventory has slightly decreased, and the market atmosphere has slightly improved [2] Viewpoint Summary - The spot price remains low, and the breeding end is still in a loss state. The market's enthusiasm for replenishment is poor, which is beneficial to the forward price. However, the current inventory of laying hens in production is still at a high level, and the enthusiasm for eliminating old chickens has slightly slowed down recently. High production capacity still restricts the performance of the near - month market price. Overall, the market is in a game between weak reality and strong expectations [2]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoint of the Report The I2605 contract fluctuated strongly on Monday. In terms of macro, on January 4th, US President Trump threatened Venezuelan Acting President Rodriguez. In terms of supply and demand, the shipment volume of Australian and Brazilian iron ore decreased, the arrival volume increased, the blast furnace operating rate of steel mills and molten iron output increased slightly, and the iron ore port inventory continued to increase. Overall, the ports are in a trend of inventory accumulation, while the in - plant inventory is at a medium - low level, and there is still an expectation of stockpiling in the long term. Technically, the 1 - hour MACD indicator of the I2605 contract shows that DIFF and DEA are sorted above the 0 axis. It is recommended for short - term trading with attention to risk control [2]. 3) Summary by Relevant Catalogs Futures Market - The closing price of the I main contract was 797 yuan/ton, up 7.5 yuan; the position volume was 618,775 lots, up 25,428 lots. The I 5 - 9 contract spread was 22 yuan/ton, up 1 yuan; the net position of the top 20 in the I contract was - 16,904 lots, up 1,762 lots. The DCE warehouse receipts were 2,000 lots, up 700 lots. The Singapore iron ore main contract was quoted at 105.75 US dollars/ton at 15:00, up 0.41 US dollars [2]. Spot Market - The price of 61.5% PB powder ore at Qingdao Port was 854 yuan/dry ton, up 6 yuan; the price of 56.5% Super Special powder ore at Jingtang Port was 756 yuan/dry ton. The price of 60.5% Macfayden powder ore at Qingdao Port was 856 yuan/dry ton, up 5 yuan. The I main contract basis (Macfayden powder dry ton - main contract) was 59 yuan, down 2 yuan. The 62% Platts iron ore index was 105.50 US dollars/ton (previous day), down 3 US dollars. The ratio of Jiangsu scrap steel to 60.5% Macfayden powder ore at Qingdao Port was 3.01, down 0.02. The estimated import cost was 852 yuan/ton, down 25 yuan [2]. Industry Situation - The global iron ore shipment volume (weekly) was 3,213.70 million tons, down 463.40 million tons; the arrival volume at 47 ports in China (weekly) was 2,824.70 million tons, up 96.90 million tons. The iron ore inventory at 47 ports (weekly) was 16,721.79 million tons, up 101.83 million tons; the iron ore inventory of sample steel mills (weekly) was 8,946.54 million tons, up 86.35 million tons. The iron ore import volume (monthly) was 11,054.00 million tons, down 77.00 million tons; the available days of iron ore (weekly) were 22 days, up 5 days. The daily output of 266 mines (weekly) was 36.56 million tons, down 0.25 million tons; the operating rate of 266 mines (weekly) was 0%, down 58.66%. The iron concentrate inventory of 266 mines (weekly) was 0 million tons, down 45.90 million tons. The BDI index was 1,882, up 5. The iron ore freight rate from Tubarao, Brazil to Qingdao was 22.21 US dollars/ton, down 1.40 US dollars; the iron ore freight rate from Western Australia to Qingdao was 8.46 US dollars/ton, down 0.45 US dollars [2]. Downstream Situation - The blast furnace operating rate of 247 steel mills (weekly) was 78.96%, up 0.66%; the blast furnace capacity utilization rate of 247 steel mills (weekly) was 85.28%, up 0.32%. The domestic crude steel output (monthly) was 6,987 million tons, down 213 million tons [2]. Option Market - The 20 - day historical volatility of the underlying (daily) was 14.57%, up 0.09%; the 40 - day historical volatility of the underlying (daily) was 13.88%, up 0.16%. The implied volatility of at - the - money call options (daily) was 17.14%, down 0.25%; the implied volatility of at - the - money put options (daily) was 17.72%, up 1.46% [2]. Industry News - From December 29, 2025 to January 4, 2026, the global iron ore shipment volume was 3,213.7 million tons, down 463.4 million tons. The shipment volume of Australian and Brazilian iron ore was 2,742.7 million tons, down 316.9 million tons. The arrival volume at 47 ports in China was 2,824.7 million tons, up 96.9 million tons; the arrival volume at 45 ports in China was 2,756.4 million tons, up 155.0 million tons; the arrival volume at six northern ports was 1,512.9 million tons, up 182.3 million tons [2]. Viewpoint Summary - The I2605 contract fluctuated strongly on Monday. The Australian and Brazilian iron ore shipment volume decreased, the arrival volume increased, the blast furnace operating rate of steel mills and molten iron output increased slightly, and the iron ore port inventory continued to increase. The ports showed a trend of inventory accumulation, the in - plant inventory was at a medium - low level, and there was still an expectation of stockpiling in the long term. Technically, the 1 - hour MACD indicator of the I2605 contract showed that DIFF and DEA were sorted above the 0 axis. It was recommended for short - term trading with attention to risk control [2].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The US's tough actions against Venezuela have briefly increased market risk aversion, leading to a strong performance in the precious metals market today, with significant rebounds in the platinum and palladium futures contracts on both domestic and international exchanges [2]. - Fundamentally, platinum may continue to see price support in the medium to long - term due to expectations of Fed easing, a continued structural supply - demand deficit, and expanding long - term demand expectations in the hydrogen economy. Palladium's demand outlook is weakening due to over - concentration in the automotive catalyst sector and the continuous spread of new energy vehicles. The palladium market is shifting from supply shortage to surplus, but the bullish sentiment driven by interest rate cut expectations may provide some price support, and its low current price may make it a cost - effective option again [2]. - In the short term, the Venezuela - US situation increases the risk premium and attracts risk - averse funds to the precious metals market, potentially supporting prices. In the long term, the divergence in supply - demand patterns may continue to drive the "platinum strong, palladium weak" market trend. The upper resistance for London platinum is at $2400 per ounce, and the lower support is at $1900 per ounce; for London palladium, the upper resistance is at $1800 per ounce, and the lower support is at $1500 per ounce [2]. 3. Summary by Relevant Catalog 3.1 Futures Market - Palladium's main contract closing price was 583.95 yuan/gram, up 35.55 yuan; platinum's main contract closing price was 452.85 yuan/gram, up 36.95 yuan. The main contract holding volume of platinum was 10387.00 hands, down 277.00 hands; the main contract holding volume of palladium was 3179.00 hands, up 90.00 hands [2]. 3.2 Spot Market - The average spot price of Yangtze River palladium was 573.65 yuan, up 62.15 yuan; the spot price of platinum (Pt9995) on the Shanghai Gold Exchange was 413.00 yuan, up 5.00 yuan. The basis of the palladium main contract was - 10.30 yuan/gram, up 26.60 yuan; the basis of the platinum main contract was - 39.85 yuan/gram, down 31.95 yuan [2]. 3.3 Supply - Demand Situation - In 2025, the total supply of palladium was expected to be 220.40 tons, down 0.80 tons; the total supply of platinum was expected to be 293.00 tons, down 5.00 tons. The total demand for platinum was expected to be 261.60 tons, up 25.60 tons; the total demand for palladium was expected to be 287.00 tons, down 27.00 tons. The non - commercial long positions of palladium in CFTC were 9966.00 contracts, down 243.00 contracts; the non - commercial long positions of platinum in CFTC were 3003.00 contracts, down 342.00 contracts [2]. 3.4 Macroeconomic Data - The US dollar index was 98.03, up 0.12; the 10 - year US Treasury real yield was 1.91%, unchanged. The VIX volatility index was 13.60, up 0.13 [2]. 3.5 Industry News - Venezuela's Constitutional Court ruled that the executive vice - president should act as "acting president". US former vice - president Harris opposed the US using military means to overthrow Venezuela's President Maduro. Philadelphia Fed President Anna Paulson thought there might be a moderate further interest rate cut later in 2026, depending on the economic outlook. According to CME's "FedWatch", the probability of a 25 - basis - point rate cut by the Fed in January was 17.2%, and the probability of keeping the rate unchanged was 82.8%. By March, the probability of a cumulative 25 - basis - point rate cut was 44.1%, the probability of keeping the rate unchanged was 48.9%, and the probability of a cumulative 50 - basis - point rate cut was 7.0% [2]. 3.6 Key Events to Watch - On 01 - 06 at 23:00, the US ISM non - manufacturing PMI; on 01 - 07 at 21:15, the US ADP employment report; on 01 - 09 at 21:30, the US December non - farm payrolls report [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The alumina market may be in a stage of slightly converging supply and stable demand, suggesting light - position oscillatory trading [2]. - The Shanghai aluminum market may be in a stage of slightly increasing supply and off - season demand, with aluminum prices maintaining high - level oscillations due to positive macro expectations. It is recommended to go short - term long at low prices with a light position [2]. - The cast aluminum alloy market may be in a stage of converging supply and weakening demand, and light - position oscillatory trading is suggested [2]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the Shanghai aluminum main contract was 23,645 yuan/ton, up 720 yuan; the closing price of the alumina futures main contract was 2,770 yuan/ton, down 8 yuan [2]. - The LME electrolytic aluminum three - month quotation was 3,021 US dollars/ton, up 24 US dollars; the LME aluminum inventory was 509,250 tons, down 2,500 tons [2]. - The closing price of the cast aluminum alloy main contract was 22,520 yuan/ton, up 665 yuan; the registered warehouse receipts of the cast aluminum alloy on the Shanghai Futures Exchange were 69,620 tons, up 32 tons [2]. 3.2 Spot Market - The price of Shanghai Non - Ferrous Network A00 aluminum was 23,310 yuan/ton, up 850 yuan; the spot price of alumina in Shanghai Non - Ferrous was 2,610 yuan/ton, unchanged [2]. - The average price (tax - included) of ADC12 aluminum alloy ingots nationwide was 23,100 yuan/ton, up 650 yuan; the price of Yangtze River Non - Ferrous Market AOO aluminum was 22,520 yuan/ton, up 820 yuan [2]. 3.3 Upstream Situation - Alumina production in the current month was 813.80 million tons, up 27.30 million tons; the demand for alumina (electrolytic aluminum part) in the current month was 705.96 million tons, down 24.27 million tons [2]. - The average price of crushed raw aluminum in Foshan metal scrap was 17,500 yuan/ton, up 150 yuan; the average price of crushed raw aluminum in Shandong metal scrap was 17,050 yuan/ton, up 150 yuan [2]. 3.4 Industry Situation - The import volume of primary aluminum was 146,109.72 tons, down 101,652.54 tons; the export volume of primary aluminum was 53,047.69 tons, up 28,474.13 tons [2]. - The production of aluminum products was 593.10 million tons, up 23.70 million tons; the export volume of unwrought aluminum and aluminum products was 57.00 million tons, up 7.00 million tons [2]. 3.5 Downstream and Application - The production of recycled aluminum alloy ingots was 70.00 million tons, up 9.17 million tons; the export volume of aluminum alloy was 3.06 million tons, down 0.03 million tons [2]. - The automobile production was 351.90 million vehicles, up 24.00 million vehicles; the national real estate climate index was 91.90, down 0.52 [2]. 3.6 Option Situation - The historical volatility of Shanghai aluminum for 20 days was 17.05%, up 3.38%; the historical volatility for 40 days was 13.95%, up 1.88% [2]. - The implied volatility of the at - the - money option of the Shanghai aluminum main contract was 21.6%, up 0.0295; the call - put ratio of Shanghai aluminum options was 1.69, down 0.1008 [2]. 3.7 Industry News - In December 2025, China's manufacturing PMI, non - manufacturing PMI, and comprehensive PMI were 50.1%, 50.2%, and 50.7% respectively, up 0.9, 0.7, and 1.0 percentage points month - on - month [2]. - In 2025, the sales volume of trade - in related commodities nationwide exceeded 2.6 trillion yuan, benefiting more than 360 million people [2]. - The final value of the eurozone's manufacturing PMI in December 2025 was 48.8, with the expected and previous values both being 49.2 [2]. - Multiple car companies announced their December 2025 and full - year results. BYD's new - energy vehicle sales in December 2025 were 420,398 units, a year - on - year decline of about 18.2%; the full - year cumulative sales were 4,602,436 units, a year - on - year increase of 7.73% [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The short - term trend of L2605 is expected to be volatile, with the daily range estimated to be around 6360 - 6580 yuan/ton [2][3] 3. Summary by Relevant Categories Futures Market - The closing price of the main futures contract for polyethylene decreased by 23 yuan/ton to 6449 yuan/ton; the 1 - month contract decreased by 30 yuan/ton to 6240 yuan/ton, the 5 - month contract decreased by 23 yuan/ton to 6449 yuan/ton, and the 9 - month contract decreased by 13 yuan/ton to 6496 yuan/ton [2] - The trading volume of futures increased by 72,633 hands to 397,441 hands, and the open interest increased by 7,498 hands to 508,923 hands [2] - The 1 - 5 spread decreased by 7 to - 209 [2] - Among the top 20 futures positions, the buy volume increased by 19,428 hands to 424,068 hands, the sell volume increased by 8,277 hands to 486,835 hands, and the net buy volume increased by 11,151 hands to - 62,767 hands [2] Spot Market - The average price of LLDPE (7042) in North China increased by 53.91 yuan/ton to 6476.52 yuan/ton, and in East China increased by 30.93 yuan/ton to 6534.88 yuan/ton [2] - The basis was 27.52 yuan/ton, and the change value was NAN [2] Upstream Situation - The FOB mid - price of naphtha in Singapore decreased by 0.6 dollars/barrel to 56.36 dollars/barrel; the CFR mid - price of naphtha in Japan decreased by 6.25 dollars/ton to 530.13 dollars/ton [2] - The CFR mid - price of ethylene in Southeast Asia remained at 726 dollars/ton, and in Northeast Asia remained at 746 dollars/ton [2] Industry Situation - The national PE petrochemical plant operating rate increased by 0.59 percentage points to 83.23% [2] Downstream Situation - The operating rate of polyethylene (PE) packaging film increased by 0.19 percentage points to 48.41%, the operating rate of PE pipes decreased by 0.5 percentage points to 30.17%, and the operating rate of PE agricultural film decreased by 4.91 percentage points to 38.95% [2] Option Market - The 20 - day historical volatility of polyethylene decreased by 0.05 percentage points to 16.03%, the 40 - day historical volatility increased by 0.01 percentage points to 12.77% [2] - The implied volatility of at - the - money put options and at - the - money call options for polyethylene both decreased by 0.73 percentage points, to 14.15% and 14.14% respectively [2] Industry News - From December 27 to January 2, the PE plant operating rate increased by 0.59% to 83.23%, and the PE downstream operating rate decreased by 0.68% to 41.15%, with the agricultural film operating rate decreasing by 4.91% to 38.95% and the packaging film operating rate increasing by 0.19% to 48.41% [2] - As of January 2, the PE plant inventory was 37.07 tons, a week - on - week decrease of 19.17%, and the PE social inventory was 47.51 tons, a week - on - week increase of 0.76% [2] - From December 27 to January 2, the LLDPE oil - based production cost decreased by 0.55% to 6925.43 yuan/ton, the coal - based production cost remained stable at 5732 yuan/ton; the oil - based profit increased by 36.71 yuan/ton to - 630.29 yuan/ton, and the coal - based profit increased by 143.14 yuan/ton to - 63.57 yuan/ton [2]

研究员： 廖宏斌 期货从业资格号F30825507 期货投资咨询从业证书号Z0020723 | | | 贵金属期货日报 | | | 2026/1/5 | | --- | --- | --- | --- | --- | --- | | | 项目类别 数据指标 最新 | | 环比 数据指标 | 最新 | 环比 | | | 沪金主力合约收盘价（日，元/克） 995.000 期货市场 | | 17.4↑ 沪银主力合约收盘价（日，元/千克） | 18247 | +1173.00↑ | | | 主力合约持仓量:沪金(日,手) 132,523.00 | | -3780.00↓ 主力合约持仓量:沪银(日,手) | 2,370.00 | -238.00↓ | | | 主力合约成交量:沪金 115,296.00 | | -169259.00↓ 主力合约成交量:沪银 | 671,811.00 | -1627695.00↓ | | | 仓单数量:沪金(日,千克) 97704 | | 0↑ 仓单数量:沪银(日,千克) | 669,547 | -22091↓ | | | 上金所黄金现货价 993.57 现货市场 | | 18.67↑ 华 ...

免责声明 | 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) | 3,104.00 | -18↓ RB主力合约持仓量(手) | 1548351 | +43067↑ | | | RB合约前20名净持仓(手) | -22812 | -24902↓ RB5-10合约价差(元/吨) | -42 | -2↓ | | | RB上期所仓单日报(日，吨) | 78444 | 0.00 HC2605-RB2605合约价差(元/吨) | 144 | -4↓ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,320.00 | -10↓ 杭州 HRB400E 20MM(过磅，元/吨) | 3,405 | -10↓ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,510.00 | 0.00 天津 HRB400E 20MM(理计，元/吨) | 3,170.00 | 0.00 | | | RB 主力合约基差 (元/吨) | 216.00 | ...

Report Summary - **Report Date**: January 5, 2026 [2] - **Report Type**: Urea Industry Daily Report 1. Industry Investment Rating - No investment rating is provided in the report 2. Core View - The resumption of some previously overhauled plants has led to an increase in domestic urea production. With 3 plants planning to stop production and 5 shut - down plants possibly resuming production this week, the probability of an increase in production is high. Agricultural demand is in the traditional off - season, trading atmosphere is tepid, and downstream buyers are resistant to high - price goods, mostly adopting a just - in - time purchasing strategy. Industrial sectors maintain rigid procurement. Considering some plant restarts, urea enterprise inventory may increase slightly this week. The UR2605 contract is expected to fluctuate in the range of 1730 - 1790 yuan/ton [3] 3. Summary by Category 3.1 Futures Market - **Closing Price**: The closing price of the Zhengzhou urea main contract is 1768 yuan/ton, up 19 yuan/ton [3] - **Spread**: The 5 - 9 spread of Zhengzhou urea is 38 yuan/ton, up 4 yuan/ton [3] - **Position**: The position of the Zhengzhou urea main contract is 218,596 lots, up 16,774 lots; the net position of the top 20 is - 30,527 [3] - **Warehouse Receipts**: The number of Zhengzhou urea exchange warehouse receipts is 12,376, down 5 [3] 3.2 Spot Market - **Domestic Prices**: Prices in Hebei are 1720 yuan/ton (unchanged); in Henan 1710 yuan/ton (up 10 yuan/ton); in Jiangsu 1710 yuan/ton (unchanged); in Shandong 1710 yuan/ton (unchanged); in Anhui 1710 yuan/ton (down 10 yuan/ton) [3] - **International Prices**: FOB Baltic is 355 US dollars/ton (up 5 US dollars/ton); FOB China's main port is 400 US dollars/ton (up 10 US dollars/ton) [3] - **Basis**: The basis of the Zhengzhou urea main contract is - 58 yuan/ton, up 15 yuan/ton [3] 3.3 Industry Situation - **Inventory**: Port inventory is 17.7 million tons, up 3.9 million tons; enterprise inventory is 101.92 million tons, down 4.97 million tons [3] - **Operating Rate**: The operating rate of urea enterprises is 80.29%, up 1.52 percentage points; the daily output of urea is 194,200 tons, up 3,700 tons [3] - **Export Volume**: Urea export volume is 60 million tons, down 60 million tons; the monthly output of urea is 6,000,330 tons, up 129,060 tons [3] 3.4 Downstream Situation - **Operating Rate**: The operating rate of compound fertilizer is 33.89%, down 3.86 percentage points; the operating rate of melamine is 47.65%, down 10.42 percentage points [3] - **Profit**: The weekly profit of compound fertilizer in China is 143 yuan/ton, up 3 yuan/ton; the weekly profit of melamine with externally - purchased urea is - 108 yuan/ton, down 72 yuan/ton [3] - **Output**: The monthly output of compound fertilizer is 438.25 million tons, up 75.38 million tons; the weekly output of melamine is 30,200 tons, down 300 tons [3] 3.5 Industry News - As of December 31, China's total urea enterprise inventory was 101.92 million tons, down 4.97 million tons from last week, a 4.65% decrease. The decline rate narrowed. The overall inventory is still in a downward trend due to some plant overhauls, reserves, and appropriate promotion of rigid demand [3] - As of December 31, the sample inventory of China's urea ports was 17.2 million tons, down 0.5 million tons, a 2.82% decrease. Port changes were small, and the pace of manufacturers' goods collection to ports slowed down approaching the holiday [3] - As of December 31, China's urea output was 1.3591 billion tons, up 25.7 million tons from last week, a 1.93% increase; the weekly average daily output was 194,200 tons, up 3,700 tons. The capacity utilization rate was 80.29%, up 1.52 percentage points [3] 3.6 Suggested Attention - The operating rate of enterprises fluctuates little. Pay attention to the weather and local environmental protection conditions. Also, pay attention to Longzhong's enterprise inventory, port inventory, daily output, and operating rate on Thursday [3]