Report Industry Investment Rating - Unilateral: Neutral - Inter - period: UR05 - 09 buy low for positive spread arbitrage - Inter - variety: None [3] Core Viewpoints - Partially affected by snow and rain, logistics was hindered, market trading cooled, and spot prices were stable with a slight decline. Manufacturers cut prices to attract orders, and some trading improved. In January, some gas - based and technical - reformed enterprises resumed production, increasing supply. On the demand side, some winter and spring fertilizers started to be purchased, and off - season storage procurement was in progress. The environmental protection restrictions in some areas for compound fertilizers were lifted, leading to increased production and better procurement. Melamine plants resumed production, with increased operation rates and rigid - demand procurement. Affected by weather and logistics, new order trading was average this week, but the demand in the Northeast drove inventory reduction in Inner Mongolia. Overall, the in - factory inventory of urea decreased, and port inventory decreased slightly. Affected by the situation in Iran, international urea prices rose, but there was no new news about domestic export quotas. Continued attention should be paid to export dynamics, the national off - season storage rhythm, and the sustainability of spot procurement sentiment [2] Summary by Directory 1. Urea Basis Structure - On January 21, 2026, the closing price of the urea main contract was 1779 yuan/ton (+4). The ex - factory price of small - particle urea in Henan was 1740 yuan/ton (unchanged), in Shandong was 1750 yuan/ton (unchanged), and in Jiangsu was 1750 yuan/ton (- 10). The price of small - block anthracite was 800 yuan/ton (unchanged). The basis in Shandong was - 29 yuan/ton (- 4), in Henan was - 39 yuan/ton (- 14), and in Jiangsu was - 29 yuan/ton (- 14) [1] 2. Urea Production - As of January 21, 2026, the enterprise capacity utilization rate was 85.25% (0.08%) [1] 3. Urea Production Profit and Operation Rate - The urea production profit was 185 yuan/ton (unchanged) [1] 4. Urea FOB Price and Export Profit - The export profit was 859 yuan/ton (- 1) [1] 5. Urea Downstream Operation and Orders - As of January 21, 2026, the capacity utilization rate of compound fertilizers was 42.96% (+2.88%), the capacity utilization rate of melamine was 62.18% (+7.83%), and the pre - received order days of urea enterprises were 5.88 days (- 0.18) [1] 6. Urea Inventory and Warehouse Receipts - As of January 21, 2026, the total inventory of sample enterprises was 94.60 tons (- 4.01), and the port sample inventory was 12.90 tons (- 0.60) [1]

液化石油气日报 | 2026-01-22 市场制约因素仍存，上行驱动有限 市场分析 1、\t1月21日地区价格：山东市场，4450-4500；东北市场，3910-4050；华北市场，4300-4410；华东市场，4270-4340； 沿江市场，4720-5030；西北市场，4250-4400；华南市场，4790-4920。（数据来源：卓创资讯） 2、\t2026年2月下半月中国华东冷冻货到岸价格丙烷610美元/吨，涨2美元/吨，丁烷601美元/吨，稳定，折合人民 币价格丙烷4702元/吨，涨16元/吨，丁烷4632元/吨，稳定。（数据来源：卓创资讯） 3、\t2026年2月下半月中国华南冷冻货到岸价格丙烷602美元/吨，涨2美元/吨，丁烷593美元/吨，稳定，折合人民 币价格丙烷4640元/吨，涨16元/吨，丁烷4570元/吨，稳定。（数据来源：卓创资讯） 昨日国内液化气现货价格普遍下跌，整体氛围偏弱。其中，华东民用气市场主流成交价格出现下跌，醚后碳四市 场主流成交价格持稳。下游入市谨慎，心态较为观望，市场按需采购为主。整体来看，虽然外盘价格走势相对坚 挺，但内盘受到更多因素制约，一方面PDH等下游化工装置利 ...

氧化铝少量检修压产过剩格局不改 重要数据 铝现货方面：SMM数据，华东A00铝价23710元/吨，较上一交易日变化30元/吨，华东铝现货升贴水-150元/吨， 较上一交易日变化10元/吨；中原A00铝价23610元/吨，现货升贴水较上一交易日变化30元/吨至-250元/吨；佛 山A00铝价录23740元/吨，较上一交易日变化20元/吨，铝现货升贴水较上一交易日变化5元/吨至-115元/吨。 铝期货方面：2026-01-21日沪铝主力合约开于23965元/吨，收于24155元/吨，较上一交易日变化135元/吨，最 高价达24250元/吨，最低价达到23660元/吨。全天交易日成交468256手，全天交易日持仓343223手。 新能源及有色金属日报 | 2026-01-22 库存方面，截止2026-01-21，SMM统计国内电解铝锭社会库存74.9万吨，较上一期变化1.3万吨，仓单库存138755 吨，较上一交易日变化-1196吨，LME铝库存507175吨，较上一交易日变化24175吨。 氧化铝现货价格：2026-01-21SMM氧化铝山西价格录得2615元/吨，山东价格录得2560元/吨，河南价格录得 264 ...

石油沥青日报 | 2026-01-22 降温抑制刚需，局部现货下跌 市场分析 1、1月21日沥青期货下午盘收盘行情：主力BU2603合约下午收盘价3157元/吨，较昨日结算价上涨14元/吨，涨幅 0.45%；持仓187438手，环比下降3111手，成交148540手，环比上涨29623手。 2、卓创资讯重交沥青现货结算价：东北，3406—3500元/吨；山东，3000—3240元/吨；华南，3150—3250元/吨； 华东，3130—3230元/吨。 昨日华北、华南以及川渝地区沥青现货价格出现下跌，其余地区沥青现货价格基本持稳。随着南方地区大范围降 温，沥青刚性需求持续下滑，制约现货情绪。前来看，盘面在定价委油供应收紧预期后进入震荡阶段。在南美局 势升级、美国意图加强控制委内瑞拉资源的背景下，委内瑞拉原油对国内炼厂供应收紧的预期持续兑现，市场开 始关注替代原料的可获得性以及对成本的影响。目前来看，如果原本流向亚洲地区的委内瑞拉原油持续流向欧美， 在库存原料消耗后(预计能够用到3月份），未来国内炼厂需要从中东、加拿大、南美等地寻找替代重质原料，其中 可能包括俄罗斯与伊朗的折价资源，使得成本与产品收率的变化会更为 ...

油脂日报 | 2026-01-22 生柴政策主导行情，油脂盘面震荡 油脂观点 市场分析 期货方面，昨日收盘棕榈油2605合约8832.00元/吨，环比变化+84元，幅度+0.96%；昨日收盘豆油2605合约8044.00 元/吨，环比变化+12.00元，幅度+0.15%；昨日收盘菜油2605合约8947.00元/吨，环比变化-1.00元，幅度-0.01%。现 货方面，广东地区棕榈油现货价8810.00元/吨，环比变化+80.00元，幅度+0.92%，现货基差P05-22.00，环比变化-4.00 元；天津地区一级豆油现货价格8390.00元/吨，环比变化-20.00元/吨，幅度-0.24%，现货基差Y05+346.00，环比变 化-32.00元；江苏地区四级菜油现货价格9780.00元/吨，环比变化+0.00元，幅度+0.00%，现货基差OI05+833.00， 环比变化+1.00元。 近期市场咨询汇总：南部半岛棕榈油压榨商协会（SPPOMA）数据显示，2026年1月1-20日马来西亚棕榈油单产环 比上月同期减少16.49%，出油率环比上月同期增加0.08%，产量环比上月同期减少16.06%。特朗普政府将在3 ...

Group 1: Investment Ratings - The investment rating for both the apple and红枣 industries is neutral [4][8] Group 2: Core Views - Apple: The apple market shows a pattern of active production areas but sluggish sales areas, with the overall demand being weak. The price trend is clearly differentiated, with high - quality fruits supported by high warehouse - receipt costs and low excellent - fruit rates, while general - quality fruits are under pressure. The apple stocking progress is slow, and attention should be paid to the pre - Spring Festival stocking, terminal consumption, and the sales of citrus fruits [3] - Red dates: Although the output of red dates this season has decreased, the overall market supply is still relatively abundant due to the combination of old - date inventory and new - date listing. The downstream stocking is mainly based on on - demand purchases, and the consumption recovery strength needs further observation. Attention should be paid to the pre - Spring Festival terminal sales, inventory reduction progress, and the impact of weather on logistics [7] Group 3: Market News and Important Data Apple - Futures: The closing price of the apple 2605 contract yesterday was 9418 yuan/ton, a change of +47 yuan/ton from the previous day, with a change rate of +0.50% [1] - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 4.10 yuan/jin, with no change from the previous day; the price of Shaanxi Luochuan 70 and above semi - commercial late Fuji was 4.20 yuan/jin, also with no change from the previous day. The spot basis AP05 - 1218 changed by - 47 compared to the previous day, and the spot basis AP05 - 1018 also changed by - 47 [1] Red dates - Futures: The closing price of the red date 2605 contract yesterday was 8740 yuan/ton, a change of +40 yuan/ton from the previous day, with a change rate of +0.46% [5] - Spot: The price of first - grade grey dates in Hebei was 8.00 yuan/kg, with no change from the previous day. The spot basis CJ05 - 740 changed by - 40 compared to the previous day [5] Group 4: Recent Market Information Apple - The overall market situation in the production areas is stable, and the Spring Festival stocking is gradually progressing. The transaction has slightly improved compared to the previous period, but the volume of farmers' fruit sales is still limited. The sales areas have slow sales, and the transit warehouses are seriously overstocked [2] Red dates - The purchase of grey dates in Xinjiang production areas has ended. The raw material purchase adheres to the principle of pricing based on quality. In the sales areas, the market is in the Spring Festival stocking stage, and the actual prices vary according to the origin and quality [6][7] Group 5: Market Analysis Apple - The apple futures price rose and then fell yesterday, closing higher. The overall demand in the market is weak, and the price trend is differentiated. The current pattern is active production areas but sluggish sales areas, and it is significantly affected by low - price fruits such as cherries. Attention should be paid to the pre - Spring Festival stocking and terminal consumption [3] Red dates - The red date futures price fluctuated upward after opening lower yesterday. The purchase in the production areas has ended, and the industry's focus has shifted to terminal consumption. Although the output has decreased, the supply is still abundant. The downstream stocking is on - demand, and the consumption recovery needs further observation [7] Group 6: Strategy - The strategy for both the apple and red date industries is neutral [4][8]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The market analysis shows that the closing price of the EG main contract was 3689 yuan/ton (a change of +15 yuan/ton or +0.41% from the previous trading day), the spot price in the East China market was 3581 yuan/ton (a change of -14 yuan/ton or -0.39% from the previous trading day), and the spot basis in East China was -110 yuan/ton (a month-on-month increase of +2 yuan/ton) [1]. - The production profit data indicates that the production gross profit of ethylene - made EG was -83 US dollars/ton (a month-on-month decrease of -6 US dollars/ton), and that of coal - based syngas - made EG was -958 yuan/ton (a month-on-month decrease of -31 yuan/ton) [1]. - Regarding inventory, according to CCF data, the inventory at the main ports in East China was 79.5 tons (a month-on-month decrease of -0.7 tons); according to Longzhong data, it was 64.5 tons (a month-on-month increase of +2.8 tons). The planned arrival volume at the main ports in East China this week is high, and it is expected that the main ports will continue to accumulate inventory [1]. - The overall supply - demand logic of the fundamentals is that on the domestic supply side, the extrusion of the syngas - made load is not obvious, the domestic ethylene glycol load is still rising at a high level, and the inventory accumulation pressure is still large under the high supply and weakening demand from January to February. On the overseas supply side, with the maintenance of plants in Saudi Arabia and Taiwan, the import pressure will be relieved after February, but the import volume contraction is slow, and the pressure in January is still high. On the demand side, the Spring Festival maintenance plans will be gradually implemented in mid - January, and the weaving load and polyester load may decline rapidly, weakening the rigid demand support [2]. - The strategies are as follows: for single positions, it is neutral in the short term and a short - side allocation in the medium term. The current price is not high, and there is certain buying support at the low level, but the downstream hidden inventory has also reached a high level. With the increase in port inventory, the liquidity of goods in the market increases, and the inventory accumulation pressure from January to February is still large under the supply pressure, and the import volume contraction is slow, so the overall trend is weakening in a volatile manner. For inter - period trading, conduct a reverse spread of EG2603 - EG2605. For inter - variety trading, go long on PTA and short on MEG [3]. 3. Summary by Directory Price and Basis - The report includes figures on the ethylene glycol spot price in East China and the ethylene glycol spot basis in East China, sourced from Longzhong and CCF, as well as the Huatai Futures Research Institute [1][6][8] Production Profit and Operating Rate - Figures on ethylene - made EG gross profit, coal - based syngas - made EG gross profit, naphtha - integrated EG gross profit, and methanol - made EG gross profit are included. The data sources are Flush, Longzhong, and the Huatai Futures Research Institute [10][14][15]. - Figures on the total EG load and the syngas - made EG load are included, with data from CCF and the Huatai Futures Research Institute [16][17] International Price Difference - The report contains a figure on the international price difference of ethylene glycol (US FOB - China CFR), sourced from Longzhong and the Huatai Futures Research Institute [19] Downstream Sales, Production, and Operating Rate - Figures on filament sales, staple fiber sales, polyester load, direct - spun filament load, polyester staple fiber load, and polyester bottle chip load are included, with data from CCF and the Huatai Futures Research Institute [20][23][24] Inventory Data - Figures on ethylene glycol inventory at East China ports, Zhangjiagang, Ningbo Port, and the combined inventory of Jiangyin + Changzhou Port and Shanghai + Changshu Port are included, with data from CCF and Longzhong, as well as the Huatai Futures Research Institute [28][31][33]. - Figures on the inventory days of MEG raw materials in Chinese polyester factories and the daily outbound volume of ethylene glycol at East China ports are included, sourced from Longzhong and the Huatai Futures Research Institute [37]

Group 1: Report Industry Investment Rating - PVC: Unilateral - Oscillation; Inter - period - V03 - 05 long at low prices; Inter - variety - None [4] - Caustic Soda: Unilateral - Cautiously bearish; Inter - period - SH03 - 05 short at high prices; Inter - variety - None [5] Group 2: Core Viewpoints of the Report - The overall supply - demand pattern of the PVC market remains weak, but the recent rush to export has supported the spot. After April, the export is expected to decline significantly, further loosening the supply - demand relationship [3] - The caustic soda spot price is weak due to low - price warehouse receipts, and the supply - demand is weak. Shandong's inventory continues to accumulate. Attention should be paid to downstream receiving sentiment and fluctuations in downstream liquid chlorine devices [3] Group 3: Summary by Related Catalogs PVC Market News and Important Data - Futures price and basis: The closing price of the PVC main contract is 4,743 yuan/ton (- 64); the East China basis is - 243 yuan/ton (+ 24); the South China basis is - 203 yuan/ton (+ 24) [1] - Spot price: The East China calcium carbide - based PVC is quoted at 4,500 yuan/ton (- 40); the South China calcium carbide - based PVC is quoted at 4,540 yuan/ton (- 40) [1] - Upstream production profit: The semi - coke price is 750 yuan/ton (+ 0); the calcium carbide price is 2,855 yuan/ton (+ 0); the calcium carbide profit is - 35 yuan/ton (+ 0); the gross profit of PVC calcium carbide - based production is - 662 yuan/ton (- 29); the gross profit of PVC ethylene - based production is - 138 yuan/ton (+ 54); the PVC export profit is 0.1 US dollars/ton (- 10.3) [1] - PVC inventory and operation rate: The in - factory PVC inventory is 31.1 tons (- 1.7); the social PVC inventory is 56.2 tons (+ 1.5); the operation rate of PVC calcium carbide - based production is 80.66% (+ 0.43%); the operation rate of PVC ethylene - based production is 75.48% (- 0.21%); the overall PVC operation rate is 79.08% (+ 0.23%) [1] - Downstream order situation: The pre - sales volume of production enterprises is 92.6 tons (+ 1.7) [1] Market Analysis - Supply: Domestic PVC supply is abundant, and the operation rate has rebounded. Fujian Wanhua will enter maintenance this week, and the supply is expected to decline slightly [3] - Demand: Downstream operation rates have decreased, with the profile operation rate dropping, and the pipe and film operation rates remaining flat. There is an expectation of further decline in the future, and downstream enterprises purchase on dips [3] - Inventory: The social inventory has slightly increased and is at a high level compared to the same period [3] - Cost: The upstream chlor - alkali production profit has decreased this week due to the weak spot price of caustic soda, and is at a low level compared to the same period. The prices of calcium carbide and semi - coke are stable, and their profits are still in the red [3] - Other: PVC warehouse receipts are at a high level in the same period, and there is still pressure on the futures market for hedging [3] Caustic Soda Market News and Important Data - Futures price and basis: The closing price of the SH main contract is 1,939 yuan/ton (- 21); the basis of 32% liquid caustic soda in Shandong is 8 yuan/ton (+ 15) [1] - Spot price: The price of 32% liquid caustic soda in Shandong is 623 yuan/ton (- 2); the price of 50% liquid caustic soda in Shandong is 1,060 yuan/ton (+ 0) [1] - Upstream production profit: The single - variety profit of caustic soda in Shandong is 926 yuan/ton (- 6); the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 481.9 yuan/ton (- 6.3); the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is - 575.08 yuan/ton (- 26.25); the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 453.49 yuan/ton (- 50.00) [2] - Caustic soda inventory and operation rate: The liquid caustic soda factory inventory is 51.21 tons (+ 1.70); the flake caustic soda factory inventory is 2.90 tons (- 0.18); the caustic soda operation rate is 86.70% (+ 0.10%) [2] - Downstream operation rate: The alumina operation rate is 85.83% (+ 0.09%); the dyeing operation rate in East China is 58.76% (- 1.33%); the viscose staple fiber operation rate is 88.43% (+ 0.00%) [2] Market Analysis - Supply: The overall operation rate is at a high level, the price of liquid caustic soda is falling, and chlor - alkali enterprises have a stronger willingness to support the price of liquid chlorine. There are few planned maintenance enterprises [3] - Demand: The downstream receiving sentiment is average. The operation of alumina plants is relatively stable, but the unloading efficiency is average. The main alumina plants in Shandong have lowered the purchase price of 32% caustic soda to 615 yuan/ton. The commissioning progress of alumina in Guangxi has been postponed, and the market is pessimistic with insufficient purchasing power. Non - aluminum industries are gradually entering the seasonal off - season, and export orders remain sluggish [3]

Report Summary 1. Industry Investment Rating - Not mentioned in the provided content. 2. Core Viewpoints - The government has taken measures to address "involution" in different industries. For example, the Ministry of Finance issued a notice to solve the problem of abnormally low prices in government procurement, and the People's Bank of China plans to promote the high - quality development of the modern payment system [1][2] 3. Summary by Directory 3.1. Meso - level Event Overview Production Industry - The Ministry of Finance issued a notice to address "involution" in government procurement. Purchasers should form scientific procurement requirements and set reasonable maximum prices [1]. Service Industry - The Chinese Foreign Ministry responded to a question about potential Sino - US trade negotiations, emphasizing the need to implement the consensus of the two heads of state. The People's Bank of China plans to promote the high - quality development of the modern payment system, including accelerating the construction of the RMB cross - border payment system and strengthening supervision [2]. 3.2. Industry Overview Upstream - Black: Iron ore prices slightly declined. - Agriculture: Egg and pork prices continued to rise. - Non - ferrous: Copper prices slightly declined [2]. Midstream - Chemical: The operating rates of PX and urea remained high. - Energy: The coal consumption of power plants was at a low level [3]. Downstream - Real Estate: The sales of commercial housing in second - tier cities increased seasonally. - Services: The number of domestic flight schedules decreased [4]. 3.3. Key Industry Price Indicators | Industry | Indicator | Value on 1/21 | YoY | | --- | --- | --- | --- | | Agriculture | Corn spot price | 2264.3 yuan/ton | + 0.19% | | | Egg spot price | 7.9 yuan/kg | + 3.70% | | | Palm oil spot price | 8724.0 yuan/ton | + 1.09% | | | Cotton spot price | 15837.7 yuan/ton | - 0.62% | | | Average pork wholesale price | 18.5 yuan/kg | + 1.70% | | Non - ferrous Metals | Copper spot price | 100221.7 yuan/ton | - 3.75% | | | Zinc spot price | 24188.0 yuan/ton | - 1.31% | | | Aluminum spot price | 23721.7 yuan/ton | - 3.86% | | | Nickel spot price | 145100.0 yuan/ton | - 3.08% | | Ferrous Metals | Rebar spot price | 3204.7 yuan/ton | - 1.24% | | | Iron ore spot price | 807.6 yuan/ton | - 3.89% | | | Wire rod spot price | 3437.5 yuan/ton | - 1.72% | | | Glass spot price | 12.9 yuan/square meter | - 0.23% | | Non - metals | Natural rubber spot price | 15533.3 yuan/ton | - 1.32% | | | China Plastic City price index | 775.2 | + 0.14% | | Energy | WTI crude oil spot price | 60.4 dollars/barrel | - 0.94% | | | Brent crude oil spot price | 64.9 dollars/barrel | - 0.84% | | | Liquefied natural gas spot price | 3522.0 yuan/ton | - 1.29% | | | Coal price | 806.0 yuan/ton | + 0.62% | | Chemical | PTA spot price | 5044.9 yuan/ton | - 0.96% | | | Polyethylene spot price | 6725.0 yuan/ton | + 2.39% | | | Urea spot price | 1752.5 yuan/ton | + 0.29% | | | Soda ash spot price | 1202.9 yuan/ton | - 0.94% | | Real Estate | National cement price index | 133.7 | - 0.92% | | | Building materials composite index | 114.8 points | - 0.77% | | | National concrete price index | 90.2 points | - 0.17% | [37]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply side of styrene has increased disruptions, with port de - stocking, strengthening of port basis, but price fluctuations due to expected early resumption of a large device. EB downstream开工 shows a mixed performance with inventory pressure gradually easing. The fundamentals of pure benzene have improved, with port inventory declining and downstream demand picking up, but domestic pure benzene production remains low. Overseas, attention should be paid to the implementation progress of the expected reduction of the US tariff on South Korean pure benzene [3]. 3. Summary by Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure, Inter - period Spread - Pure benzene: The main basis is - 40 yuan/ton (+37), the spot - M2 spread is - 155 yuan/ton (+20), and the spread between the first - and third - consecutive contracts is not mentioned in terms of specific data. - Styrene: The main basis is 237 yuan/ton (+95), and the spread between the first - and third - consecutive contracts is not mentioned with specific data [1]. 3.2 Pure Benzene and Styrene Production Profits, Internal and External Spreads - Pure benzene: CFR China processing fee is 175 dollars/ton (- 3 dollars/ton), FOB South Korea processing fee is 176 dollars/ton (- 4 dollars/ton), and the US - South Korea spread is 131.0 dollars/ton (- 23.0 dollars/ton). - Styrene: Non - integrated production profit is 527 yuan/ton (+141 yuan/ton), expected to gradually compress [1]. 3.3 Pure Benzene and Styrene Inventory, Operating Rate - Pure benzene: Port inventory is 29.70 million tons (- 2.70 million tons), and the operating rate remains low. - Styrene: East China port inventory is 93,500 tons (- 7,100 tons), East China commercial inventory is 58,900 tons (- 1,000 tons), and the operating rate is 70.9% (- 0.1%) [1]. 3.4 Styrene Downstream Operating Rate and Production Profit - EPS: Production profit is 30 yuan/ton (- 48 yuan/ton), and the operating rate is 54.05% (+7.34%). - PS: Production profit is - 470 yuan/ton (- 148 yuan/ton), and the operating rate is 57.40% (- 1.50%). - ABS: Production profit is - 1,157 yuan/ton (- 179 yuan/ton), and the operating rate is 69.80% (+0.00%) [2]. 3.5 Pure Benzene Downstream Operating Rate and Production Profit - Caprolactam: Production profit is - 965 yuan/ton (+25), and the operating rate is 77.17% (+2.95%). - Phenol - acetone: Production profit is - 892 yuan/ton (+27), and the operating rate is 89.00% (+3.50%). - Aniline: Production profit is 1,171 yuan/ton (+262), and the operating rate is 73.26% (+11.95%). - Adipic acid: Production profit is - 989 yuan/ton (- 68), and the operating rate is 65.30% (- 2.30%) [1]. 4. Strategy - Unilateral: Cautiously go long and hedge for EB2602 and BZ2603 at low prices - Basis and inter - period: None - Cross - varieties: None [4]