1. Report Industry Investment Rating - Not provided in the content 2. Core Views - The steel market sentiment is weak, and steel prices are oscillating within a range. The fundamentals of building materials are improving, but there are still expectations of seasonal decline in demand. The high inventory of plates continues to suppress price performance [1]. - The iron ore market is mainly in a wait - and - see state, with prices fluctuating narrowly. The supply of iron ore is relatively sufficient, but due to reduced liquidity of some port supplies, the price remains high. The demand for iron ore is marginally weakening, and there will be downward pressure on prices if port supply liquidity recovers [3]. - The supply - demand of coking coal and coke is in a weak balance, and prices are maintaining an oscillating trend. After the third round of price cuts for coke, the supply - demand is in a weak balance, and the price is still under pressure. The supply of coking coal is tightening, but demand is insufficient, and the fundamentals are weak [5][6]. - The price of thermal coal in the production area has stopped falling and stabilized, while the port price is continuously declining. Near the end of the month, the supply is shrinking, demand is stable, and the price is oscillating. In the long - term, the supply is still loose [8]. 3. Summary by Commodity Steel Market Analysis - Futures and spot: Steel futures oscillated, and according to Steel Valley data, steel inventory decreased yesterday, with hot - rolled coil inventory decreasing faster and demand rising. Building material inventory decline converged, and demand slightly decreased [1]. - Supply - demand and logic: The fundamentals of building materials are improving, with off - season consumption maintaining resilience, a slight increase in production, and continuous decline in inventory. With cooling, there are expectations of seasonal decline in demand. Plate production declined, consumption and exports slightly decreased but remained resilient. High inventory continued to suppress plate prices, and the spread between hot - rolled coil and rebar weakened [1]. Strategy - Unilateral: Oscillation; Cross - period, cross - variety, spot - futures, and options: None [2] Iron Ore Market Analysis - Futures and spot: Iron ore futures prices oscillated. The prices of mainstream imported iron ore varieties at Tangshan Port fluctuated slightly. Traders' enthusiasm for quoting was average, and steel mills' procurement was mainly for rigid demand. The cumulative transaction volume of iron ore at major ports was 1.288 million tons, a month - on - month increase of 8.51%. The cumulative transaction volume of forward spot was 835,000 tons (10 transactions), a month - on - month decrease of 14.80% [3]. - Supply - demand and logic: The supply - demand contradiction of iron ore is accumulating, the price remains relatively high, and the supply is relatively sufficient. However, due to reduced liquidity of some port supplies, the price remains high. Some steel mills are reducing production to relieve restocking pressure, and short - term restocking willingness is insufficient. If port supply liquidity recovers, the price will face downward pressure [3]. Strategy - Unilateral: Oscillation; Cross - variety, cross - period, spot - futures, and options: None [4] Coking Coal and Coke Market Analysis - Futures and spot: The main futures contracts of coking coal and coke oscillated. Some steel mills controlled coke purchases, providing weak support for coke. Some coking coal varieties with inventory pressure saw prices drop by 20 - 30 yuan/ton, and overall transactions were average. The customs clearance at the Ganqimaodu Port for imported Mongolian coal remained high, and the price of Mongolian No. 5 raw coal was weakly stable at around 960 - 980 yuan/ton [5]. - Supply - demand and logic: After the third - round price cut for coke, production increased slightly, and pig iron production remained low. The short - term supply - demand of coke was in a weak balance, and the price was still under pressure. The supply of coking coal tightened as some coal mines completed their annual tasks and stopped or reduced production, but downstream demand was insufficient, and the fundamentals were weak [5][6]. Strategy - Coking coal and coke: Oscillation; Cross - variety, cross - period, spot - futures, and options: None [7] Thermal Coal Market Analysis - Futures and spot: In the production area, coal prices oscillated. Some coal mines stopped or reduced production after completing annual tasks, and the supply tightened. The market maintained rigid procurement, and the sales of some cost - effective coal mines improved slightly, with a few coal types slightly increasing in price. At the port, the market was still weak. Some rigid demand and short - covering inquiries near the end of the month increased slightly, and the pessimistic sentiment eased slightly. The actual procurement by downstream power plants and end - users was still weak, and short - term prices were weak. The imported coal market was stable, with the demand for medium - and high - calorie coal average and prices weakly stable. The demand for low - calorie coal increased, and quotes rose slightly [8]. - Supply - demand and logic: Near the end of the month, the supply contracted, demand was stable, and the price oscillated. In the long - term, the supply was still in a loose pattern [8]. Strategy - Not provided in the content

Report Industry Investment Ratings - Glass: Oscillatory [2] - Soda Ash: Oscillatory and Weakening [2] - Ferrosilicon Manganese: Oscillatory [4] - Ferrosilicon: Oscillatory [4] Core Views - Market sentiment is low, and steel prices are oscillating within a range. Glass prices are oscillating upward with increased production line maintenance, while soda ash prices are oscillating narrowly. The sentiment of waiting and seeing is growing for ferrosilicon and ferrosilicon manganese, and their alloy prices are consolidating [1][3]. - For glass, the supply is contracting due to cold - repairs in some production lines in late December, but the supply contraction is insufficient, the rigid demand lacks improvement, and there is still an expectation of further decline in rigid demand as the Spring Festival approaches. High inventory also suppresses prices. For soda ash, although production has declined, it is still at a relatively high level, and with new production lines coming into operation, supply may increase further. High inventory and potential cold - repairs of float glass production lines pose challenges to heavy soda demand [1]. - For ferrosilicon manganese, enterprises are in continuous losses, with production and operating rates at relatively low levels, but the reduction in production is insufficient, leading to record - high enterprise inventories. The cost support has weakened. For ferrosilicon, production decreased significantly last week, inventory pressure has been relieved, and the fundamental contradictions have eased [3]. Summary by Related Catalogs Glass and Soda Ash Market Analysis - Glass: Futures oscillated upward yesterday, while the market transaction center of spot goods moved downward, and downstream buyers mainly purchased on demand. Some production lines are expected to undergo cold - repairs in late December, leading to a contraction in glass supply [1]. - Soda Ash: Futures oscillated narrowly yesterday, and downstream buyers showed strong waiting - and - seeing sentiment, mainly purchasing for rigid demand [1]. Supply - Demand and Logic - Glass: Production is oscillating at a high level, the supply contraction is insufficient, rigid demand lacks improvement, and there is an expectation of further decline in rigid demand as the Spring Festival approaches. High inventory suppresses prices. Attention should be paid to glass cold - repair situations and the impact of macro - policies on speculative demand [1]. - Soda Ash: Production has declined but is still at a relatively high level compared to the same period. With new production lines coming into operation, supply may increase further. High inventory and potential cold - repairs of float glass production lines pose challenges to heavy soda demand. Attention should be paid to downstream demand situations [1]. Strategy - Glass: Oscillatory [2] - Soda Ash: Oscillatory and Weakening [2] Ferrosilicon Manganese and Ferrosilicon Market Analysis - Ferrosilicon Manganese: Futures oscillated narrowly yesterday, and spot prices were consolidating at a high level. Steel tenders are ongoing, with prices in the northern market ranging from 5,520 - 5,570 yuan/ton and in the southern market from 5,620 - 5,670 yuan/ton [3]. - Ferrosilicon: Futures maintained narrow - range oscillations yesterday. Steel tenders are imminent, and spot prices are stable. The cash - inclusive ex - factory price of 72 - grade ferrosilicon in the main production areas is 5,200 - 5,250 yuan/ton, and the price of 75 - grade ferrosilicon is 5,600 - 5,650 yuan/ton [3]. Supply - Demand and Logic - Ferrosilicon Manganese: Enterprises are in continuous losses, with production and operating rates at relatively low levels, but the reduction in production is insufficient, leading to record - high enterprise inventories. Port manganese ore inventories continue to rise, and the total manganese element inventory has slightly increased, weakening the cost support. Attention should be paid to cost support and production changes [3]. - Ferrosilicon: Production decreased significantly last week as enterprises actively adjusted their production rhythms to cope with declining demand. Inventory pressure has been relieved, and the fundamental contradictions have eased. Attention should be paid to inventory reduction, cost - end changes, and regional policies [3]. Strategy - Ferrosilicon Manganese: Oscillatory [4] - Ferrosilicon: Oscillatory [4]

Report Investment Rating - Not provided in the content Core Viewpoints - Overseas, the US GDP growth rate in Q3 significantly exceeded market expectations, boosting global market confidence and driving the three major US stock indexes to rise for four consecutive days [1][2] - Domestically, the market continues its recovery trend, with the Shanghai Composite Index returning to the central area of the box-shaped oscillation. The current market still shows the characteristic of sector rotation, and trading mainlines may gradually emerge [2] Summary by Directory Macro Economic Charts - The charts include the relationship between the US dollar index and A-share trends, the US Treasury yield and A-share trends, the RMB exchange rate and A-share trends, and the US Treasury yield and A-share style trends [6][9] Spot Market Tracking Charts - The daily performance of major domestic stock indexes on December 23, 2025, shows that the Shanghai Composite Index rose 0.07% to 3919.98 points, the Shenzhen Component Index rose 0.27%, the ChiNext Index rose 0.41%, the CSI 300 Index rose 0.20%, the SSE 50 Index rose 0.24%, the CSI 500 Index rose 0.02%, and the CSI 1000 Index fell 0.22% [13] - The charts also show the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [14] Stock Index Futures Tracking Charts - The trading volume and open interest of stock index futures show that the trading volume of IF decreased by 789 to 92029, IH increased by 817 to 37812, IC decreased by 7094 to 96094, and IM decreased by 1632 to 144993; the open interest of IF increased by 7033 to 270424, IH decreased by 761 to 82828, IC decreased by 1024 to 255760, and IM increased by 2002 to 351928 [15] - The basis of stock index futures shows that the basis of IC and IM was slightly repaired [1] - The inter - delivery spread of stock index futures is also presented in the report [40][41][42]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report presents the daily market situation of stock index options on December 23, 2025, covering option trading volume, PCR, and VIX data of various stock index options [1][2][3] 3. Summary by Relevant Catalogs Option Trading Volume - On December 23, 2025, the trading volume of Shanghai - Shenzhen 300 ETF options (Shanghai market) was 101.88 million contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 135.54 million contracts; the trading volume of Shenzhen 100 ETF options was 7.06 million contracts; the trading volume of ChiNext ETF options was 206.89 million contracts; the trading volume of Shanghai - Shenzhen 300 stock index options was 7.07 million contracts; the total trading volume of CSI 1000 options was 15.72 million contracts [1] Option PCR - The turnover PCR of Shanghai 50 ETF options was reported at 0.52, with a month - on - month change of +0.05; the position PCR was reported at 1.02, with a month - on - month change of +0.05. Similar data were provided for other types of options [2] Option VIX - The VIX of Shanghai 50 ETF options was reported at 12.99%, with a month - on - month change of +0.27%. Similar data were also provided for other types of options [3]

Group 1: Report Industry Investment Rating - The investment strategy for the industry is neutral [3] Group 2: Core View of the Report - The price of palm oil is expected to fluctuate at the bottom due to lower production expectations. The prices of the three major oils fluctuated yesterday. After India increased its import channels for oils this year, the pace of India's palm oil purchases slowed down, and recent export data also slowed. However, with the arrival of the seasonal production - reduction season, the market expects future supply to decrease synchronously, and the overall situation will continue to fluctuate [1][2] Group 3: Market Analysis Summary Futures Prices - The closing price of the palm oil 2605 contract yesterday was 8,486 yuan/ton, a change of +72 yuan or +0.86% compared to the previous day; the closing price of the soybean oil 2605 contract was 7,772 yuan/ton, with no change; the closing price of the rapeseed oil 2605 contract was 8,847 yuan/ton, a change of -17 yuan or -0.19% [1] Spot Prices - The spot price of palm oil in Guangdong was 8,430 yuan/ton, a change of +150 yuan or +1.81%, and the spot basis was P05 - 56 yuan, a change of +78 yuan; the spot price of first - grade soybean oil in Tianjin was 8,190 yuan/ton, a change of +30 yuan or +0.37%, and the spot basis was Y05 + 418 yuan, a change of +30 yuan; the spot price of fourth - grade rapeseed oil in Jiangsu was 9,400 yuan/ton, a change of +70 yuan or +0.75%, and the spot basis was OI05 + 553 yuan, a change of +87 yuan [1] Market News - As of December 21, the EU's soybean imports in the 2025/26 season (starting in July) reached 6 million tons, a year - on - year decrease of 14%; the total imports of rapeseed were 1.72 million tons, a year - on - year decrease of 41%; the imports of soybean meal decreased by 11% to 8.83 million tons, and the imports of palm oil were 1.45 million tons, a year - on - year decrease of 9%. The Indonesian Meteorological Agency stated that the rainy season in Indonesia is expected to return to normal in 2026, and the authorities should strive to improve efficiency during the harvest period of major crops such as palm oil. As of December 1, 2025, the soybean inventory in Argentine factories was 2,148,146 tons [2]

化工日报 | 2025-12-24 据隆众资讯了解，目前半钢四季胎市场货源相对充足，市场以消化前期库存为主，出货节奏放缓；个别规格存在 缺货情况，但需求疲软压制市场进货情绪，商家操作趋于谨慎。半钢雪地胎渠道货源储备充足，当前处于终端去 库阶段，需等待降雪频次增加以进一步释放替换需求。整体来看，市场成交平淡，价格呈弱势运行态势。 现货方面，云南产全乳胶上海市场价格14950元/吨，较前一日变动+100元/吨。青岛保税区泰混14520元/吨，较前 一日变动+50元/吨。青岛保税区泰国20号标胶1845美元/吨，较前一日变动+10美元/吨。青岛保税区印尼20号标胶 1765美元/吨，较前一日变动+10美元/吨。中石油齐鲁石化BR9000出厂价格10900元/吨，较前一日变动+0元/吨。浙 江传化BR9000市场价10950元/吨，较前一日变动+50元/吨。 市场资讯 2025年11月中国天然橡胶（含技术分类、胶乳、烟胶片、初级形状、混合胶、复合胶）进口量64.36万吨，环比增 加25.98%，同比增加14.69%，2025年1-11月累计进口数量587.16万吨，累计同比增加16.98%。 ANRPC最新发布的20 ...

Report Industry Investment Rating - The rating for unilateral trading is neutral [4] - For the spread between MA2605 - MA2609, the strategy is to widen the spread when it is low [4] - For the spread between LL2605 - 3*MA2605, the strategy is to narrow the spread when it is high [4] Core Viewpoints - The delayed unloading pressure at ports has started to materialize, and there is pressure for inventory accumulation at Jiangsu ports [2] - After the winter maintenance of Iranian plants was concentrated, a 1.65 million - ton/year Iranian plant restarted on Monday, and the situation of the plants is fluctuating [2] - Although the Iranian plants are operating at a low level, the actual decline in shipping volume due to plant maintenance still needs further confirmation [2] - The MTO maintenance at Ningbo Fude is dragging down port demand [2] - Coal - based methanol production is still operating well, and there is seasonal winter maintenance for southwest gas - based methanol production [3] - The new MTO plant, Lianhong Phase II, is operating stably [3] - Among traditional downstream industries, acetic acid production has a slight increase but remains at a low level, MTBE production remains at a high level, and formaldehyde production has a slight decline [3] Summary by Directory I. Methanol Basis & Inter - term Structure - Figures show methanol basis in different regions (such as Taicang, Lunan, Inner Mongolia North Line, etc.) and inter - term spreads between different methanol futures contracts [7][13][19] II. Methanol Production Profit, MTO Profit, Import Profit - Figures present Inner Mongolia coal - based methanol production profit, East China MTO profit (PP&EG type), and import spreads between different regions (Taicang - CFR China, CFR Southeast Asia - CFR China, etc.) [24][28][29] III. Methanol开工, Inventory - Figures display methanol port total inventory, MTO/P operating rate (including integrated plants), inland factory sample inventory, and China's methanol operating rate (including integrated plants) [31][39] IV. Regional Price Spreads - Figures show regional price spreads such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [37][44][48] V. Traditional Downstream Profits - Figures present the production profits of traditional downstream industries such as Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [46][56]

1. Report Industry Investment Rating - Unilateral: Neutral, wait for the bottom signal to be clear and consider left - side dip - buying [2] - Cross - variety: None [2] - Cross - period: None [2] - Spot - futures: None [2] - Options: None [2] 2. Core View of the Report - Despite the recent rebound in crude oil prices and escalating geopolitical tensions in South America, the actual fundamentals of asphalt are still weak, restricting the market's upward momentum. The overall terminal demand for asphalt is weak, and market resources are abundant, especially in South China. The supply - demand imbalance in the southern region needs time to resolve, while the risk of raw material supply tightening is a potential upward driver. The market is influenced by both bullish and bearish factors, and the bottom rebound requires clearer signals [1] 3. Summary of Related Catalogs Market Analysis - On December 23, the closing price of the main asphalt futures contract BU2602 in the afternoon session was 2977 yuan/ton, up 8 yuan/ton or 0.27% from the previous settlement price. The open interest was 204,742 lots, down 12,429 lots from the previous day, and the trading volume was 242,206 lots, down 124,436 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are: 3156 - 3500 yuan/ton in Northeast China, 2850 - 3190 yuan/ton in Shandong, 2750 - 2950 yuan/ton in South China, and 3000 - 3150 yuan/ton in East China [1] - The spot price of asphalt in North China rose slightly yesterday, while those in Shandong and East China declined significantly, and prices in other regions remained generally stable [1] Strategy - Unilateral: Neutral, wait for the bottom signal to be clear and try left - side dip - buying [2] - Cross - variety: None [2] - Cross - period: None [2] - Spot - futures: None [2] - Options: None [2]

1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The propylene market faces continuous supply pressure and weakens in a volatile manner. The overall propylene production remains high, and the supply pressure persists. Although the overall downstream operation has slightly increased, the cost pressure restricts the demand recovery, and the demand support is limited. Recently, the cost - end support has strengthened, and attention should be paid to the shutdown of PDH plants in the future [2] 3. Summary According to the Directory 3.1 Market News and Key Data - **Propylene**: The closing price of the propylene main contract is 5,632 yuan/ton (-15), the spot price in East China is 5,850 yuan/ton (-75), the spot price in North China is 5,810 yuan/ton (-80), the basis in East China is 218 yuan/ton (-60), the basis in North China is -114 yuan/ton (-118), the operating rate is 74% (+0%), the difference between China's propylene CFR and Japan's naphtha CFR is 202 US dollars/ton (-9), the difference between propylene CFR and 1.2 propane CFR is 50 US dollars/ton (-4), the import profit is -320 yuan/ton (+4), and the in - plant inventory is 46,560 tons (+600) [1] - **Propylene Downstream**: The operating rate of PP powder is 37% (-2.62%), and the production profit is -80 yuan/ton (+80); the operating rate of propylene oxide is 76% (+0%), and the production profit is -276 yuan/ton (-30); the operating rate of n - butanol is 78% (+9%), and the production profit is 336 yuan/ton (+100); the operating rate of octanol is 82% (+5%), and the production profit is 545 yuan/ton (+58); the operating rate of acrylic acid is 79% (+0%), and the production profit is 372 yuan/ton (+28); the operating rate of acrylonitrile is 81% (+0%), and the production profit is -466 yuan/ton (+91); the operating rate of phenol - acetone is 76% (-4%), and the production profit is -902 yuan/ton (+25) [1] 3.2 Market Analysis - **Supply Side**: The overall propylene production remains at a high level. The short - term loss and maintenance of PDH are not obvious, and some integrated enterprises stop PP production and release propylene. The commercial sales volume of propylene may continue to increase, and the supply pressure persists [2] - **Demand Side**: The overall downstream operation has slightly increased. Among them, the operating rate of butanol - octanol has increased the most due to the restart of maintenance plants, while the operating rate of phenol - acetone has decreased significantly. Due to serious profit inversion, the main PP powder plants have reduced production or stopped production, and the operating rate of the main downstream PP powder has continued to decline. The operating rate of propylene oxide remains stable. In the future, the cost pressure on the downstream will still restrict the demand recovery, and the demand support for propylene is limited [2] - **Cost Side**: The international oil price has rebounded recently, and the price of propane in the overseas market has also increased. Recently, the cost - end support has strengthened, and attention should be paid to the shutdown of PDH plants [2] 3.3 Strategy - **Unilateral**: Adopt a wait - and - see attitude. As the supply and demand remain loose and the downstream support weakens, the market will mainly fluctuate weakly in the short term. Wait for marginal plant maintenance [3] - **Inter - period**: No strategy provided - **Inter - variety**: No strategy provided

市场分析 价格与基差：2025-12-23，尿素主力收盘1721元/吨（+23）；河南小颗粒出厂价报价：1680 元/吨（0）；山东地区小 颗粒报价：1720元/吨（-10）；江苏地区小颗粒报价：1710元/吨（-10）；小块无烟煤820元/吨（+0），山东基差：-1 元/吨（-33）；河南基差：-41元/吨（-33）；江苏基差：-11元/吨（-33）；尿素生产利润141元/吨（-10），出口利润824 元/吨（-22）。 供应端：截至2025-12-23，企业产能利用率80.69%（0.08%）。样本企业总库存量为117.97 万吨（-5.45），港口样本 库存量为13.80 万吨（+1.50）。 需求端：截至2025-12-23，复合肥产能利用率39.37%（-1.25%）；三聚氰胺产能利用率为58.55%（-3.31%）；尿素企 业预收订单天数6.24日（-0.70）。 尿素日报 | 2025-12-24 市场交投氛围好转 本周环保限产逐渐恢复，尿素企业及下游工业开工均有小幅提升。近期尿素现货受下游开工小幅恢复及市场宏观 氛围影响，成交好转，主流生产企业待发增加，预计价格小幅上行。供应端四季度气头检修1 ...