Group 1 - Nanhua Futures Co., Ltd. (02691.HK) experienced a significant increase in stock price, rising over 10% in the afternoon session [1] - As of the report, the stock price is up 7.85%, trading at HKD 10.17 [1] - The trading volume reached HKD 17.3672 million [1]

Core Viewpoint - Nanhua Futures Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, establishing an "A+H" dual capital platform to enhance its global development strategy [1] Group 1: Company Overview - Nanhua Futures shares rose over 10% in the afternoon trading session, with a current price of HKD 10.17 and a trading volume of HKD 17.37 million [1] - The company aims to utilize the net proceeds from its H-share listing to strengthen its capital base in key regions, with specific allocations for various markets [1] Group 2: Fund Allocation - 30% of the raised funds will be allocated to enhance operations in Hong Kong and expand into Malaysia [1] - 30% will be directed towards the UK and European markets [1] - 20% is planned for North American business development [1] - 10% will be used to expand operations in Singapore, with the remaining 10% allocated for general corporate purposes and working capital [1] Group 3: Business Performance - Nanhua Futures' overseas business is identified as a core competitive advantage, with projected overseas financial business revenue of CNY 654 million in 2024, representing a year-on-year growth of 15.3% [1] - The overseas revenue is expected to account for 48.3% of total revenue, significantly higher than industry peers [1] - The company and its subsidiaries hold derivatives trading and clearing licenses in major markets such as Hong Kong, the US, the UK, and Singapore, ensuring comprehensive coverage of key global futures trading hours [1]

消息面上，12月22日，南华期货正式在港交所主板挂牌上市，成功构筑"A+H"双资本平台，开启全球化 发展新篇章。公司此次H股上市募资净额将重点投向境外业务，预计募资净额将精准用于强化核心区域 资本基础。其中，30%加码香港业务及扩展马来西亚业务、30%投向英国及欧洲市场、20%布局北美业 务、10%拓展新加坡业务，剩余10%用作一般企业用途及补充营运资金。 南华期货（603093）股份(02691)午后涨超10%，截至发稿，涨7.85%，报10.17港元，成交额1736.72万 港元。 华西证券（002926）指出，南华期货境外业务为核心竞争力，2024年境外金融业务收入达6.54亿元，同 比增长15.3%，占总营收比例达48.3%，显著高于同业。横华国际及其子公司拥有中国香港、美国、英 国、新加坡等主流市场衍生品交易及清算牌照，实现全球主要期货交易时段全覆盖。 ...

Group 1 - The core viewpoint of the news is that Nanhua Futures has shown significant stock performance with a year-to-date increase of 64.40%, despite recent fluctuations in trading volume and price [1] - As of December 29, Nanhua Futures' stock price reached 19.44 yuan per share, with a market capitalization of 13.953 billion yuan [1] - The company has experienced a net inflow of main funds amounting to 338,700 yuan, with large orders accounting for 11.32% of total purchases [1] Group 2 - Nanhua Futures, established on May 28, 1996, is located in Hangzhou, Zhejiang Province, and was listed on August 30, 2019 [2] - The company's main business segments include risk management (50.19%), overseas financial services (29.70%), futures brokerage (17.32%), wealth management (2.51%), and other services (0.28%) [2] - As of September 30, 2025, Nanhua Futures reported a revenue of 941 million yuan, a year-on-year decrease of 78.92%, and a net profit attributable to shareholders of 351 million yuan, down 1.92% year-on-year [2] Group 3 - Nanhua Futures has distributed a total of 173 million yuan in dividends since its A-share listing, with 120 million yuan distributed in the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 12.94% to 37,600, while the average circulating shares per person increased by 14.86% to 16,231 shares [2][3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 3.0049 million shares, a decrease of 2.4675 million shares from the previous period [3]

Core Viewpoint - The recent surge in gold prices is driven by multiple factors, including expectations of liquidity easing due to the Federal Reserve's resumption of interest rate cuts and technical balance sheet expansion, a global trend towards de-dollarization exacerbated by trade tariff policies, and a weakening of the dollar's position due to concerns over U.S. fiscal sustainability [1] Group 1: Gold Market Analysis - Strong investor demand has replaced central bank gold purchases as the primary force driving gold prices higher [1] - The macroeconomic backdrop includes a combination of liquidity expectations and geopolitical factors influencing market dynamics [1] Group 2: Silver Market Analysis - The silver market is experiencing a more structural supply-demand imbalance, characterized by persistently low global silver inventories [1] - A "structural squeeze" phenomenon is observed in the market, driven by increasing rigid industrial demand in sectors such as solar photovoltaic, electronics, and healthcare, leading to soaring spot premiums [1]

Core Viewpoint - The enthusiasm for A-share companies to list in Hong Kong has surged since 2025, with a significant increase in the "A+H" dual listing model, reflecting a growing trend among quality mainland enterprises to leverage global resources for high-quality development [1][3]. Group 1: A+H Dual Listing Growth - As of December 28, 2025, 19 A-share companies successfully listed in Hong Kong, a 533% increase from 3 companies in 2024, accounting for over 50% of the total fundraising in the Hong Kong IPO market [1]. - Over 160 A-share companies have disclosed plans for Hong Kong listings in 2025, covering key sectors such as new energy, healthcare, and smart home technology [2]. - The number of companies listed on the Hong Kong stock market reached 111 in 2025, with total financing amounting to approximately 2786.78 billion HKD, including 1399.93 billion HKD raised by the 19 A-share companies [3]. Group 2: Factors Driving the Trend - The core drivers for the surge in A-share companies listing in Hong Kong include policy optimization, financing advantages of the Hong Kong market, valuation complementarity between the two markets, and the need for global expansion [3]. - The Hong Kong Stock Exchange has implemented significant reforms in 2025, enhancing its role as a capital hub connecting mainland and global markets, which supports A-share companies in their globalization strategies [4]. Group 3: Benefits of A+H Listing - A+H listings significantly broaden financing channels for companies, allowing them to connect with a wider international capital market [5]. - The dual regulatory standards of A-shares and H-shares compel companies to improve governance structures and information disclosure, enhancing operational transparency [6]. - Successfully listing in Hong Kong serves as a strong international brand endorsement, increasing global recognition and market credibility for companies [6].

南华期货铜产业周报 ——持仓创新高，多空资金博弈加剧 南华有色金属研究团队 傅小燕 投资咨询证号：Z0002675 联系邮箱：fxiaoyan@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 2025/12/28 第一章 核心矛盾与策略建议 1.1 核心矛盾 上周美国初请失业金人数小于预期，降息概率小幅下修。据CME"美联储观察"：美联储明年1月降息25个 基点的概率为17.7%，维持利率不变的概率为82.3%。数据还表明，到明年3月累计降息25个基点的概率为 45.6%，维持利率不变的概率为46.7%，累计降息50个基点的概率为7.7%。但市场并未过多解读。CFTC持仓 显示，Comex铜投机净多头资金继续增仓，价格顺势大涨。 基本面上，上游冶炼企业采购情绪较强，但中游电解铜买卖双方购销情绪偏弱，因为下游加工企业采购畏高 情绪仍在，实际成交量偏少，甚至有企业开始"躺平"，现货价格涨幅受限。LME铜注销仓单仍维持在 50000吨上下，局部供应紧张支撑中国保税区铜溢价回升，目前出口窗口依然打开。 CSPT不对2026年一季度设定现货采购指导价，打破往年惯例，表明当前铜价已超出企业认知，一季 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Urea is in a stage of supply surplus due to the continuous release of new production capacity, and its price center in 2026 will further decline, but the decline will be supported by export policies. In the first half of 2026, corresponding to the peak agricultural demand season, exports are likely to be suspended, and the urea market will fluctuate according to the demand rhythm. In the second half of the year, export policies will be relied on to relieve the domestic supply pressure, and the price trend will be policy - dominated. The urea 05 contract has an expectation of price increase during the domestic demand peak season, probably starting one month before the Spring Festival in 2026, with the top - end range between 1850 - 1950 yuan/ton. It is recommended to try to buy far - month contracts [3]. - The short - term domestic urea market is in a weak and stalemate state. The current urea market is mainly in a narrow - range rebound and then a stalemate, with an overall oscillating trend, but the bottom - end range may continue to rise [11][17]. Summary by Directory Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - The urea market is in a supply - surplus stage due to new capacity release. In 2026, the price center will decline but be supported by export policies. The 05 contract has a price - increase expectation during the domestic demand peak season, likely starting one month before the 2026 Spring Festival, with a top - end range of 1850 - 1950 yuan/ton. It is advisable to try buying far - month contracts [3]. - Although new delivery warehouses have been added for urea, the cheapest deliverable locations are still Henan and Shandong. Considering the disappearance of the export expectation for the 01 contract, the 1 - 5 month spread should be in a reverse - arbitrage position. The 01 contract still has a premium due to the autumn fertilizer expectation [6]. 1.2 Trading - Type Strategy Recommendations - **Trend Judgment**: Urea is expected to operate in a weak and oscillating manner. The UR2601 is expected to trade in the range of 1550 - 1750 yuan/ton. It is recommended to short at prices above 1750 yuan/ton and to conduct reverse - arbitrage for the 1 - 5 month spread when it is above - 10 [13]. - **Basis, Month - Spread, and Hedging Arbitrage Strategy Recommendations** - **Basis Strategy**: The 11, 12, and 01 contracts have a weak unilateral trend, while the 02, 03, 04, and 05 contracts are strong due to peak - season demand expectations [14]. - **Month - Spread Strategy**: The upper pressure on the 01 contract is 1710 - 1720 yuan/ton, and the lower static support is 1550 - 1620 yuan/ton, with dynamic fluctuations. It is recommended to short the 01 contract at high prices and conduct reverse - arbitrage for the 1 - 5 spread at high prices [14]. - **Hedging Arbitrage Strategy**: None [15]. Chapter 2: This Week's Important Information and Next Week's Attention Events 2.1 This Week's Important Information - **Positive Information**: The fourth quarter is the winter - storage period for the fertilizer industry. The national off - season reserve is concentrated from December to March, and the relatively low price may attract spontaneous reserves. India's NFL has issued a new urea import tender, intending to purchase 1.5 million tons (800,000 tons on the west coast and 700,000 tons on the east coast), with a bid - closing date of January 2, 2026, and a validity period until January 16, and the latest shipping date of February 20 [16]. - **Negative Information**: As of this week, the domestic daily urea production is 208,100 tons. Next week, the maintenance devices of Shandong Union and Jiangsu Linggu will gradually resume, while some gas - based urea plants in Inner Mongolia and Sichuan are expected to have concentrated maintenance. The domestic daily urea production is expected to decline significantly after a narrow - range upward fluctuation. If the maintenance expectation is fulfilled, the domestic daily urea production is likely to drop to around 200,000 tons [16]. 2.2 Next Week's Important Events to Watch - China's urea production this week is 1.3153 million tons, a week - on - week increase of 37,400 tons or 2.93%. Next week, China's weekly urea production is expected to be around 1.34 million tons, continuing to increase. There are no plans for plant shutdowns in the next cycle, and 5 - 6 plants may resume production [18]. Chapter 3: Disk Interpretation 3.1 Price - Volume and Capital Interpretation - The domestic urea market continued to rise firmly over the weekend, with an increase of 10 - 40 yuan/ton. The mainstream prices of small and medium - sized granules in the main regions are between 1510 - 1630 yuan/ton. Driven by the news of the fourth batch of urea export quotas and the new Indian tender, the market sentiment is strong, but the downstream resistance is emerging. The short - term market will continue to be stable with a slight upward trend [19]. - The weak domestic demand is the main contradiction. It is expected that the increase in exports cannot make up for the weakening domestic demand. The demand from compound fertilizer and industrial sectors is weak, and the price - driving force is limited. Therefore, the medium - term trend is under pressure, and the 1 - 5 month spread of urea is in a reverse - arbitrage pattern [20]. 3.2 Industry Hedging Recommendations - **Urea Price Range Forecast**: The price range of urea is predicted to be 1650 - 1950 yuan/ton, with a current 20 - day rolling volatility of 27.16% and a historical percentile of 62.1% over three years [26]. - **Urea Hedging Strategy Table** - **Inventory Management**: For enterprises with high finished - product inventory worried about price drops, they can short urea futures to lock in profits and cover production costs, with a 25% hedging ratio and an entry range of 1800 - 1950 yuan/ton. They can also buy put options to prevent large price drops and sell call options to reduce capital costs, with a 50% and 50% hedging ratio for buying put options and selling call options respectively, and corresponding entry ranges [26]. - **Procurement Management**: For enterprises with low regular procurement inventory, they can buy urea futures at present to lock in procurement costs, with a 50% hedging ratio and an entry range of 1650 - 1750 yuan/ton. They can also sell put options to collect premiums and reduce procurement costs, with a 75% hedging ratio and an entry range [26]. Chapter 4: Valuation and Profit Analysis 4.1 Upstream Profit Tracking of the Industrial Chain - The report provides seasonal data on the production cost and profit of urea production methods such as fixed - bed, water - coal slurry gasification, etc., but specific profit - related analysis is not elaborated [27][28][31]. 4.2 Upstream Capacity Utilization Tracking - The report shows seasonal data on the daily production, weekly capacity utilization, coal - based capacity utilization, and natural - gas - based capacity utilization of urea, reflecting the production - side situation [36][37][38]. 4.3 Upstream Inventory Tracking - The report presents seasonal data on the weekly enterprise inventory, port inventory, and inventory in Guangdong and Guangxi of urea, as well as the total inventory of ports and inland areas [39][40][41]. 4.4 Downstream Price and Profit Tracking - The report provides seasonal data on the capacity utilization, inventory, production cost, production profit, and market price of downstream products such as compound fertilizer and melamine, reflecting the downstream market situation [45][46][47]. 4.5 Spot Sales and Production Tracking - The report shows seasonal data on the average sales and production of urea in different regions such as Shandong, Henan, etc., reflecting the spot - market sales and production situation [69][70][71].

南华期货铅产业周报 ——虚强实弱 傅小燕 （投资咨询证号：Z0002675） 交易咨询业务资格：证监许可【2011】1290号 2025年12月28日 第一章 核心矛盾及策略建议 1.1 核心矛盾 当前铅价的强势并非源自铅自身供需的内生驱动，而是宏观"强预期"与白银等副产品溢价在微观库存 低位上的投机性共振。宏观层面，海外市场正处于"圣诞避险"与"交易2026年宽松"的甜蜜期，国内则 在"十五五"规划纲要的政策强心针下，不仅地产止稳预期升温，新基建逻辑更是带动有色板块整体估值上 移，铅作为板块内的低估值品种被动跟涨。然而，剥离宏观滤镜回归产业现实，供需两端正在出现显著 的"剪刀差"背离：供应端随着环保扰动消退及冶炼利润修复，再生铅周度开工率已回升至45.4%，原生铅 检修恢复亦带来边际增量；反观需求端，正值2025年岁末关账节点，下游电池厂处于典型的"去库盘点"垃 圾时间，采购意愿降至冰点。值得注意的是，尽管供需边际走弱，但极低的社会库存（五地仅1.79万吨）成 为了多头最后的堡垒，这种"低库存+强宏观"的组合掩盖了现货成交的寡淡。因此，短期铅价的定价权已暂 时移交至宏观资金与白银情绪手中，基本面供需的实质性 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The core contradictions affecting the propylene trend include macro - sentiment and policy disturbances, relatively stable spot supply - demand, significant suppression from the main downstream PP, and PDH profit pressure. The propylene 03 contract may oscillate in the range of 5500 - 6000 yuan/ton in the short term. [2][3] - In the near - term, the trading logic is influenced by the overall loose fundamentals and the weak PP trend, with high enterprise inventories and continuous pressure from PP supply - demand. In the long - term, there are expectations of supply - side production capacity expansion, PP terminal demand falling short of supply growth leading to inventory accumulation, and cost - side pressure due to increased supply. [6][10] - The market is in an oscillating and weakening state, and may experience small rebounds due to some macro - factors, but is expected to maintain a weakening oscillation in the short term. Attention should be paid to policy implementation and PDH unit maintenance. [15] 3. Summary by Relevant Catalogs 3.1 Core Contradictions and Strategy Recommendations 3.1.1 Core Contradictions - **Macro - sentiment and Policy Disturbances**: The recent futures market has been affected by "anti - involution" news, driving some chemical products to rebound at low levels, which should be regarded as a rebound before the improvement of fundamentals. [2] - **Spot Supply - Demand**: The overall supply - demand difference has changed little this week. On the supply side, Guangzhou Petrochemical increased its load, Jinghai Chemical restarted, and Qinghai Salt Lake shut down, with little change in overall production and start - up rates. On the demand side, it increased slightly this week. PP start - up decreased slightly, while the start - up of other downstream products such as propylene oxide decreased slightly and n - butanol increased slightly. In the Shandong market, supply increased and demand decreased, and prices fell under pressure. [2] - **Main Downstream PP Suppression**: PP supply is sufficient, and the price difference with propylene is at a low level. The spot - end price difference is 265 yuan/ton this week, and the main futures - contract price difference is also at a low level. Although the price difference is at a low level, there has been no large - scale PP maintenance, and the price remains weak overall. [2] - **PDH Profit Pressure**: The price of external propane remains strong. The current PDH cost is about 6200 - 6500 yuan/ton, and the industry is in a continuous loss state. Attention should be paid to the possible negative feedback caused by profit contraction. Although there are rumors of some PDH unit maintenance, the actual implementation needs to be tracked. [3] 3.1.2 Trading - type Strategy Recommendations - **Market Positioning**: Oscillating and weakening, with the PL03 price range at 5500 - 6000 yuan/ton. The overall market remains oscillating and weakening, may rebound slightly due to some macro - factors, but is expected to maintain a weakening oscillation in the short term. Attention should be paid to policy implementation and PDH unit maintenance. [15] - **Basis, Calendar Spread, and Hedging Arbitrage Strategy Recommendations** - **Basis Strategy**: Oscillating and narrowing. The spot price weakened slightly this week, and the futures oscillated upwards, causing the basis to narrow. Attention should be paid to unit maintenance. [16] - **Hedging Arbitrage Strategy**: Expand the PP - PL spread when it is low and wait; expand the PL/PG ratio and wait. The spot - end price difference between PP pellets and propylene is about 265 yuan/ton, and the main futures - contract price difference is 499 yuan/ton. One can enter the market when the price difference is low and pay attention to PP unit maintenance. There are rumors of PDH unit maintenance, so one can expand the PDH profit when the price is low and consider expanding the PP/PL and PG ratio in the domestic market. [16] 3.1.3 Industrial Customer Operation Recommendations - **Propylene Price Range Forecast**: The price range is predicted to be 5500 - 6000 yuan/ton, with the current 20 - day rolling volatility at 0.1254 and the historical percentage of the current volatility in the past 3 years at 0.5277. [17] - **Propylene Hedging Strategy Table** - To prevent inventory depreciation losses, enterprises can short - allocate propylene futures at high prices according to their inventory levels to lock in profits. For PL2603, the hedging ratio is 50%, and the recommended entry range is 6100 - 6200 yuan/ton. [19] - Sell call options to collect premiums and reduce costs. If the spot price rises, the selling price can be locked. For PL2603C6000, the hedging ratio is 25%, and the recommended entry range is 60 - 80. [19] - To prevent the increase in procurement costs due to rising propylene prices, enterprises can buy propylene futures at low prices and lock in procurement costs through futures trading. For PL2603, the hedging ratio is 25%, and the recommended entry range is 5500 - 5600 yuan/ton. [19] - Sell put options to collect premiums and reduce procurement costs. If the propylene price falls, the spot purchase price can be locked. For PL2603P5500, the hedging ratio is 25%, and the recommended entry range is 40 - 60. [19] 3.2 This Week's Important Information and Next Week's Attention Events 3.2.1 This Week's Important Information No information provided in the content. 3.2.2 Next Week's Important Events to Follow - On December 31, the Federal Reserve will release the minutes of its monetary policy meeting. - On December 31, China will release the December PMI. [24] 3.3 Futures Market Interpretation 3.3.1 Price - Volume and Capital Interpretation - **Domestic Market**: The PL03 contract oscillated this week. The net positions of the main profitable seats increased, there were no obvious changes in the top 5 long and short positions in the dragon - tiger list, the net long positions of the profitable seats decreased slightly, the net long positions of foreign capital decreased slightly, and the net long positions of retail investors increased slightly. Technically, it is still a rebound in a downward trend on the daily chart and may turn into an oscillation in the range of 5600 - 6000 yuan/ton. [22] - **Basis and Calendar Spread Structure**: The propylene 03 basis closed at - 58 yuan/ton this week, compared with - 278 yuan/ton last week. The spot price fell this week, and the futures oscillated upwards. The propylene 02 - 03 calendar spread closed at - 24 yuan/ton, compared with - 44 yuan/ton last week. [26] 3.4 Valuation and Profit Analysis 3.4.1 Up - and Downstream Profit Tracking in the Industrial Chain - **Upstream Profit**: The gross profit of major refineries this week was 664 yuan/ton (+50), and the gross profit of Shandong local refineries was 428 yuan/ton (-43). The start - up rate at the cracking end changed little this week. The PDH profit with FEI as the cost was - 346 yuan/ton (-73), and the PDH profit with CP as the cost was - 529 yuan/ton (-44). PDH remained in a loss state. Propane cracking profit declined significantly, and the cracking economy of LPG was inferior to that of naphtha. [28][29][30] - **Mid - stream Profit**: No specific profit data was provided, only some seasonal charts were presented. [31] - **Downstream Profit**: The price difference between PP拉丝 and propylene was 265 yuan/ton (+100), and the price difference between PP powder and propylene was 305 yuan/ton (+200). As the propylene price weakened, the price difference repaired slightly at the low level. The profit of the propylene oxide chlorohydrin method was 533 yuan/ton (+346.5), and the profit was still good. The profit of acrylonitrile was - 1333 yuan/ton (+51), and the overall loss was still large. The profit of acrylic acid was - 178 yuan/ton (-22), and the profit weakened. Currently, there is a divergence between profit and start - up rate, and attention should be paid to the subsequent start - up situation. The profit of n - butanol was 72 yuan/ton (+99), and the overall profit of n - butanol was around the break - even point. The profit of octanol was +580 yuan/ton (+180). As the supply decreased, the profit repaired at the low level. However, the 450,000 - ton unit of Bohua Yongli is expected to start in January, and Jiangsu Huachang is increasing its load. The profit of phenol - acetone was - 938 yuan/ton (-7), and the profit was weak. Currently, PO and butyl - octanol have a little profit, while others are basically in a loss state. [33] 3.4.2 Import - Export Profit Tracking The price difference between Chinese and South Korean propylene has been stable recently, with CFR China at 740 US dollars (0 change). [47] 3.5 Supply - Demand and Inventory Deduction 3.5.1 Supply - Demand Balance Sheet Deduction in the Shandong Market This week, in the Shandong market, supply increased and demand decreased slightly, and the spot price declined. The increase in supply mainly came from the increased load of PDH and the restart of the Jinghai unit. The decrease in demand came from the maintenance of the Jinneng and Yulong units in the PP sector and the maintenance of some units in the PO and acrylonitrile sectors. [49] 3.5.2 Market Supply - side and Deduction This week, there were both start - ups and shutdowns. The propylene output was 1.2271 million tons (+0.03), and the start - up rate was 74.11% (-0.1%), still at a relatively high level. The 210,000 - ton steam cracking unit of Jinghai Chemical was under maintenance, and the 160,000 - ton MTO unit of Qinghai Salt Lake had a short - term shutdown this week. The estimated decline in Shandong's market output in January mainly includes the expected maintenance of Jinneng. [52][53] 3.5.3 Demand - side and Deduction - **PP**: The price difference between PP pellets and powder and propylene rebounded slightly this week, and the start - up rate of the pellet sector remained stable. The price difference between powder and propylene also rebounded slightly this week but was still at a low level, and maintenance increased. [58][62] - **Propylene Oxide**: This week, Zhonghai Jingxi, Guoen, and Bohua shut down, and Huatai reduced its load. The overall inventory continued to decline, returning to the level of the same period in 2022. [63] - **Acrylonitrile**: This week, Shandong Haijiang started maintenance, with an expected duration of 20 days. [65] - **Butyl - Octanol**: Jilin Petrochemical and Qilu Petrochemical's units shut down, Zhanjiang BASF and Zhejiang Satellite's units were in normal production, Shandong Luxi's unit maintained a low - load operation, and Jiangsu Shuguang had a 3 - day short - term shutdown. The 450,000 - ton unit of Bohua Yongli is expected to start in January; the 180,000 - ton new unit of Jiangsu Huachang is increasing its load; Shandong Jianlan restarted. [69] - **Acrylic Acid**: Qilu Petrochemical slightly reduced its load this week, and the capacity utilization rate was at a phased high. There is a divergence between start - up and profit. [72] - **Phenol - Acetone**: Moyiwei Chemical reduced its load, and Shandong Fuyu increased its load. [74] - **Shandong Regional Demand**: The regional demand in Shandong increased this week, and the increase mainly came from the restart and increased load of PP, PO, acrylonitrile, and octanol. [76]