Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - For the EC2602 contract, as it enters the delivery logic and the subsequent price - decline rhythm is hard to predict, it is not recommended to enter the market at the current level [3]. - The EC2604 contract has a moderately high valuation, but there is a short - term upward risk. The strategy is mainly to go short at high levels [3]. - The far - month contracts are greatly affected by geopolitical factors. Under the long - term logic of resumption of navigation and off - season, the strategy for the EC2610 contract is mainly to go short when the price rises [3]. 3. Summary by Related Content Market Data - **Contract Prices and Changes**: The EC2602 contract closed at 1801.3 with a 0.35% increase; EC2604 at 1166.0 with a 0.50% increase; EC2606 at 1367.9 with a - 0.11% decrease; EC2608 at 1500.0 with a - 0.01% decrease; EC2610 at 1060.0 with a 0.38% increase [2]. - **Volume and Open Interest**: The trading volume of EC2602 was 21505, and the open interest was 24130 with a decrease of 3725; for EC2604, the trading volume was 4507, and the open interest was 20919 with a decrease of 322; for EC2606, the trading volume was 414, and the open interest was 2152 with a decrease of 78; for EC2608, the trading volume was 65, and the open interest was 1195 with a decrease of 1; for EC2610, the trading volume was 319, and the open interest was 6024 with a decrease of 60 [2]. - **Month - to - Month Spreads**: The spread of EC2502 - 2604 was 635.3, with a daily increase of 0.4 and a weekly increase of 0.1; the spread of EC2504 - 2606 was - 201.9, with a daily increase of 7.9 and a weekly decrease of 46.4 [2]. - **Spot Indicators**: The SCEIS (for the European line) was 1742.64 on December 29, 2025, with a 9.66% increase from the previous period and a 5.21% increase from the period before the previous one; the SCH (for the European line) was 1690 dollars/TEU on December 26, 2025, with a 10.24% increase from the previous period and a - 0.3% decrease from the period before the previous one [2]. Spot Situation in the European Line - **Week 2**: MSK's price was flat at 2500 dollars, but the price at Hamburg Port was 2600 dollars (+100). PA had some price drops, and OA had price increases. The central price was 2860 dollars, equivalent to about 2000 points on the disk [4]. - **Price Increase Notices**: Some shipping companies issued price - increase notices for January. MSC announced price increases for 20GP and 40GP containers on the European line to 2400/4000 dollars respectively in the second half of January [4]. - **Week 3**: MSK's opening price was 2600 dollars, and the price at Hamburg was 2700 dollars (+100) [4]. News - **Military Actions**: On January 1, 2026, the Israeli military chief of staff stated that the Israeli army would continue to disarm Hamas. On January 4, Saudi Arabia carried out an air strike on Yemen's eastern province of Mahra [5]. Graphs - The report includes graphs such as the EC main - contract price trend, EC forward curve, price ratio between different contracts (02/04, 04/06), shipping - company quotation structure (converted to the disk), European - line spot freight - rate index, and freight - rate indices of other routes (TCI of various regions) [6][7][11]

| | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1450.00 | 0.00 | -50.00 | -55.00 | 2.11% Peak Downs | 228.50 | 0.00 | 0.50 | 13.00 | 20.50 | | 原煤口岸库提价 | 960.00 | -10.00 | -25.00 | -27.00 | 5.49% Goonyella | 229.50 | 0.00 | 0.50 | 15.00 | 18.50 | | 沙河驿蒙5# | 1340.00 | 0.00 | 0.00 | -80.00 | -4.29% 盘面05 | 1110.00 | 1.50 | -14.00 | -69.00 | -3.48% | | 安泽主焦 | 1500.00 | -100.00 | -100.00 | 0.00 | 4.90% 盘面09 | 1192.50 | 4.50 ...

焦炭日报 研究中心黑色团队 2026/1/5 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1430.97 | 0.00 | -54.61 | -163.84 | -14.09% 高炉开工率 | 85.26 | | 0.32 | -1.82 | -0.34% | | 河北准一干熄 | 1680.00 | 0.00 | -55.00 | -165.00 | 4.35% 铁水日均产量 | 227.43 | | 0.85 | -4.87 | 0.99% | | 山东准一干熄 | 1625.00 | 0.00 | -35.00 | -145.00 | -11.92% 盘面05 | 1714.5 | 7.00 | -25.00 | -28.50 | -4.03% | | 江苏准一干熄 | 1645.00 | 0.00 | -55.00 | -165.00 | -12.73% 盘面09 | 1 ...

| | | | | | 玻璃纯碱早报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 研究中心能化团队 | | | 2026/1/5 | | | | | | | 玻 璃 | | | | | | | | | | | 2025/12/24 2025/12/30 2025/12/31 周度变化 日度变化 | | | | | | 2025/12/24 2025/12/30 2025/12/31 周度变化 日度变化 | | | | 沙河安全 5mm大 板 | 976.0 | 959.0 | 959.0 | -17.0 | 0.0 | FG05合约 | 1048.0 | 1087.0 | 1087.0 | 39.0 | 0.0 | | 沙河长城 5mm大板 | 959.0 | 954.0 | 954.0 | -5.0 | 0.0 | FG01合约 | 941.0 | 950.0 | 949.0 | 8.0 | -1.0 | | 沙河5mm大 板低价 | 950 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The Venezuelan event may affect crude oil and then impact LPG prices; the overseas LPG market remains supported in the near - term. The domestic LPG market shows an over - valued situation between domestic and foreign markets but a low basis. The feedback of poor PDH profits may occur, and the decline in the premium indicates a bearish driver. Future attention should be paid to oil prices and PDH device conditions [1]. 3) Summary by Related Content Market Price Changes - This week, the domestic LPG market fluctuated. It rose on Wednesday due to the high - opening of CP and then declined. The 02 basis was 118 (-92), the 02 - 03 month - spread was 119 (+7), the 03 - 04 month - spread was -184 (+14), and the number of warehouse receipts was 6398 (+3) [1]. - Domestic civil LPG prices were differentiated. The cheapest deliverable was Shandong civil LPG at 4250 (-20); in East China, it was 4376 (-8), and in South China, it was 4590 (+80) [1]. - The overseas market rose. The official January CP prices opened higher than expected, with propane and butane at 520/525 (+35/+30) respectively [1]. Price Spread and Premium Changes - The PG - FEI spread reached 85 (+25). The East China propane arrival premium was 66 (-18). The January FOB premiums of AFEI, Middle East, and US propane were 8.25 (-10.5), 50 (+0), and 37.8 (-5.21) respectively [1]. - Freight rates declined. The FEI - MOPI spread was -15 (a month - on - month decrease of 5.5) [1].

Report Overview - Report Title: Asphalt Morning Report [2][10] - Research Team: Research Center Energy and Chemicals Team [3][11] - Report Date: December 31, 2025 [3][11] 1. Report Investment Rating - No investment rating provided in the report. 2. Core Viewpoints - No clear core viewpoints are presented in the given content; it mainly provides data on asphalt - related indicators. 3. Summary by Relevant Catalog 3.1 Basis and Spread - **Basis**: The Shandong basis (+80) (non - Jingbo) was - 68 on December 30, with no daily change and a weekly change of - 12; the East China basis (Zhenjiang warehouse) was - 118, with no daily change and a weekly change of - 2; the South China basis (Foshan warehouse) was - 138, with a daily change of 40 and a weekly change of 28 [4][12]. - **Month - to - month spreads**: The 01 - 03 spread was - 43 on December 30, with a daily change of - 8 and a weekly change of - 9; the 02 - 03 spread was - 7, with a daily change of - 3 and a weekly change of 3; the 03 - 06 spread was - 24, with a daily change of 1 and a weekly change of 4 [4][12]. 3.2 BU Main Contract (02) - **Price**: It was 3038 on December 30, with a daily change of 30 and a weekly change of 42 [4][12]. - **Trading Volume**: The trading volume on December 30 was 465,494, with a daily increase of 79,321 and a weekly increase of 170,851 [4][12]. - **Open Interest**: The open interest on December 30 was 440,255, with a daily decrease of 2,448 and a weekly decrease of 31,865 [4][12]. - **Combination**: It was 8,260 on December 30, with a daily and weekly increase of 4,080 [4][12]. 3.3 Spot Market - **Brent Crude Oil**: It was 61.9 on December 30, with a daily increase of 1.3 and a weekly decrease of 0.4 [4][12]. - **Jingbo**: The price was 2,980 on December 30, with a daily and weekly increase of 40 [4][12]. - **Shandong (non - Jingbo)**: The price was 2,890 on December 30, with a daily and weekly increase of 30 [4][12]. - **Zhenjiang Warehouse**: The price was 2,920 on December 30, with a daily and weekly increase of 30 [4][12]. - **Foshan Warehouse**: The price was 2,900 on December 30, with a daily increase of 70 and a weekly increase of 100 [4][12]. 3.4 Profit - **Asphalt - Marrow Profit**: It was 385 on December 30, with a daily decrease of 42 and a weekly increase of 45 [4][12].

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Report Core View - No explicit core view presented in the given content. 3. Summary Based on Related Catalogs SP Main Contract Information - The closing price of the SP main contract on December 30, 2025, was 5568.00 [3]. - The closing prices and related data for the previous days (December 24 - 29, 2025) are also provided, including the closing price, converted US - dollar price, daily change, and basis differences in Shandong and Jiangsu - Zhejiang - Shanghai regions [3]. Import Pulp Information - With a 13% VAT calculation, for Canadian pulp brands like Golden Lion (CFR price 780 in US dollars) and Lion (CFR price 730 in US dollars), and Chilean Silver Star (CFR with 90 - day letter of credit, price 700 in US dollars), their corresponding RMB prices in Shandong and import profits are presented. The import profit for Golden Lion is 69.01, Lion is - 271.05, and Silver Star is - 9.09 [4]. Pulp Price Averages - From December 24 - 30, 2025, the national and Shandong regional average prices of softwood pulp, hardwood pulp, natural pulp, and chemical mechanical pulp remained unchanged. The changes were all 0.00 [4]. Paper Product Indexes and Margins - The indexes of cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) showed little change from December 25 - 30, 2025. The changes were all 0 [4]. - The estimated profit margins of double - offset paper, double - copper paper, white - card paper, and living paper also had little change during this period, with the change in living paper profit margin being 0.0000 [4]. Pulp Price Spreads - From December 24 - 30, 2025, the price spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemical mechanical pulp, and softwood and waste paper pulp remained constant [4].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Report's Core View - During the Christmas holiday, trading volume in the overseas market was light, and crude oil prices fell on Friday night. The market is focused on geopolitical situations. Iran claims to have more powerful weapons and warns Israel and the US not to launch attacks. EIA weekly reports and ARA inventories have suspended updates. Global oil inventories are being depleted, while Singapore's oil inventories are increasing. Gasoline and diesel cracks are oscillating weakly, with a large fundamental surplus. If geopolitical risks decline, the surplus in the first quarter will be four times the seasonal level. In the short - term, monthly spreads and absolute prices should be short - allocated [6]. 3. Summary by Relevant Catalogs 3.1 Price Data - From December 24 to December 30, 2025, WTI crude oil price changed by -$0.13, BRENT by -$0.61, and DUBAI remained unchanged at $0.00. Other price differentials and related products also showed various changes, such as a -$0.15 change in BRENT 1 - 2 month spread and a $0.58 change in NYMEX RBOB [3]. 3.2 Daily News - Israeli Prime Minister Netanyahu stated that Iran is resuming ballistic missile production. - US API crude oil inventory for the week ending December 26 was 174.7 million barrels, against an expected -230 million barrels and a previous value of 239.1 million barrels. API gasoline inventory was 624.8 million barrels, against an expected 155 million barrels and a previous value of 109 million barrels. API精炼油 inventory was 97.7 million barrels, against an expected 175 million barrels and a previous value of 68.5 million barrels. - Some Fed officials are cautious about further interest rate cuts early next year. - Zelensky denied the claim of a breakdown in talks, stating that the dialogue with the US continues daily. He is negotiating with US President Trump about deploying US troops to Ukraine, and hopes Trump can visit Ukraine [3][4]. 3.3 Inventory - EIA report: US crude oil exports in the week ending December 19 decreased by 1.048 million barrels per day to 3.616 million barrels per day. - US domestic crude oil production in the week ending December 19 decreased by 0.018 million barrels to 13.825 million barrels per day. - Commercial crude oil inventory excluding strategic reserves increased by 0.405 million barrels to 425 million barrels, a 0.1% increase. - US strategic petroleum reserve (SPR) inventory in the week ending December 19 increased by 0.8 million barrels to 413 million barrels, a 0.19% increase. - US crude oil imports excluding strategic reserves in the week ending December 19 were 6.086 million barrels per day, a decrease of 0.439 million barrels per day from the previous week [4][5][18].

Group 1: Price Performance - London gold's latest price is 4367.80 with a change of 30.75 [1] - London silver's latest price is 74.84 with a change of 0.20 [1] - London platinum's latest price is 2180.00 with no change [1] - London palladium's latest price is 1648.00 with no change [1] - WTI crude's latest price is 58.08 with no change [1] - LME copper's latest price is 12476.50 with a change of -76.50 [1] - The latest value of the US dollar index is 98.22 with a change of 0.22 [1] - The latest exchange rate of euro against US dollar is 1.17 with no change [1] - The latest exchange rate of pound against US dollar is 1.35 with no change [1] - The latest exchange rate of US dollar against Japanese yen is 156.43 with a change of 0.39 [1] - The latest yield of the US 10 - year TIPS is 1.90 with no change [1] Group 2: Trading Data - COMEX silver's latest inventory is 13960.19 with a change of -9.24 [2] - SHFE silver's latest inventory is 755.75 with a change of -40.99 [2] - Gold ETF's latest holding is 1071.99 with no change [2] - Silver ETF's latest holding is 16455.42 with a change of 149.46 [2] - SGE silver's latest inventory is 714.41 with no change [2] - SGE gold's latest deferred - fee payment direction value is 1 with no change [2] - SGE silver's latest deferred - fee payment direction value is 2 with no change [2]

Report Information - Report Title: Coking Coal Daily Report - Report Date: December 31, 2025 - Research Team: Black Team of the Research Center [1] Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Relevant Catalogs Price Information - **Coal Types**: The latest price of Liulin Main Coking Coal is 1450.00, with no daily change, a weekly decrease of 50.00, a monthly decrease of 55.00, and a yearly increase of 2.11%. The price of Peak Downs is 228.00, with no daily and weekly changes, a monthly increase of 13.50, and a yearly increase of 14.00. Other coal types such as raw coal port pick - up price, Shaheyi Meng 5, and Anze Main Coking Coal also have their respective price changes [2]. - **Futures Prices**: The latest price of Futures 05 is 1110.00, with a daily increase of 1.50, a weekly decrease of 14.00, a monthly decrease of 69.00, and a yearly decrease of 3.48%. Futures 09 and Futures 01 also have corresponding price and change data [2]. Inventory and Utilization Information - **Inventory**: The total inventory is 4011.40, with a weekly increase of 77.29, a monthly increase of 290.20, and a yearly decrease of 15.69%. Different inventory types like coal mine inventory, port inventory, steel mill coking coal inventory, and coking coking coal inventory have their own change trends [2]. - **Utilization Rate**: The coking capacity utilization rate is 71.66, with a weekly decrease of 0.39, a monthly decrease of 1.29, and a yearly decrease of 1.97%. The coking coke inventory is 85.52, with a daily decrease of 0.21, a monthly increase of 0.10, and a yearly decrease of 0.86% [2]. Spread Information - **Futures Spreads**: The 5 - 9 spread is - 82.50, with a daily decrease of 3.00, a weekly decrease of 3.00, a monthly decrease of 18.50, and a yearly increase of 0.15%. The 9 - 1 spread and 1 - 5 spread also have their respective change data [2]. - **Futures Basis**: The 05 basis is - 121.72, with a daily decrease of 1.50, a weekly decrease of 23.93, a monthly decrease of 26.40, and a yearly decrease of 32.41%. The 09 basis and 01 basis also have corresponding change trends [2].