Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [8] - Arbitrage: Short the gold-silver ratio at high levels [9] - Options: On hold [9] Core Viewpoints - Geopolitical events and economic data may boost the allocation value of physical assets such as gold, and the market's risk sentiment has increased, leading to a potential increase in the demand for gold investment. It is expected that the gold price will mainly show a volatile and upward trend in the near future, and the silver price will also maintain a volatile and upward pattern, with the gold-silver ratio expected to narrow [1][8] Market Analysis - Geopolitical aspect: Switzerland has frozen all assets held by Maduro and related individuals in Switzerland, which may further promote the allocation value of physical assets such as gold [1] - Economic data: The US ISM manufacturing index in December 2025 slightly decreased from 48.2 to 47.9, remaining below 50 for 10 consecutive months and reaching a new low since October 2024. New orders have contracted for four consecutive months, export orders remain weak, and employment has declined for 11 consecutive months [1] Futures Quotes and Trading Volumes - On January 5, 2026, the Shanghai gold main contract opened at 991.00 yuan/gram and closed at 995.00 yuan/gram, a change of 1.78% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. The night session closed at 1001.60 yuan/gram, a 0.66% increase from the afternoon close [2] - On January 5, 2026, the Shanghai silver main contract opened at 18,200.00 yuan/kilogram and closed at 18,247.00 yuan/kilogram, a change of 6.87% from the previous trading day's close. The trading volume was 671,811 lots, and the open interest was 238,881 lots. The night session closed at 18,745 yuan/kilogram, a 2.73% decrease from the afternoon close [2] US Treasury Yield and Spread Monitoring - On January 5, 2026, the US 10-year Treasury yield closed at 4.165%, unchanged from the previous trading day, and the 10-year - 2-year spread was 0.71%, also unchanged from the previous trading day [3] Changes in Positions and Trading Volumes of Gold and Silver on the SHFE - On the Au2602 contract, the long positions changed by 214 lots compared to the previous day, and the short positions changed by -2,347 lots. The total trading volume of the Shanghai gold contract on the previous trading day was 191,025 lots, a change of -27.68% from the previous trading day [4] - On the Ag2604 contract, the long positions changed by 9,187 lots, and the short positions changed by 3,136 lots. The total trading volume of the silver contract on the previous trading day was 1,079,343 lots, a change of -6.54% from the previous trading day [4] Tracking of Precious Metal ETF Holdings - The gold ETF holdings were 1,065.13 tons, unchanged from the previous trading day. The silver ETF holdings were 16,444 tons, also unchanged from the previous trading day [5] Precious Metal Arbitrage Tracking - On January 5, 2026, the domestic gold premium was 4.45 yuan/gram, and the domestic silver premium was -834.29 yuan/kilogram [6] - The price ratio of the main gold and silver contracts on the SHFE was approximately 54.53, a change of 5.27% from the previous trading day, and the overseas gold-silver ratio was 59.11, a change of 2.03% from the previous trading day [6] Fundamentals - On January 5, 2026, the trading volume of gold on the Shanghai Gold Exchange T+d market was 44,012 kilograms, a change of -29.34% from the previous trading day. The trading volume of silver was 657,430 kilograms, a change of -2.87% from the previous trading day. The gold delivery volume was 11,872 kilograms, and the silver delivery volume was 9,030 kilograms [7] Strategy - Gold: It is expected that the gold price will mainly show a volatile and upward trend in the near future, and the Au2602 contract's oscillation range may be between 970 yuan/gram and 1020 yuan/gram [8] - Silver: The silver price is expected to maintain a volatile and upward pattern, and the Ag2604 contract's oscillation range may be between 18,400 yuan/kilogram and 19,400 yuan/kilogram. The gold-silver ratio is expected to narrow [8] - Arbitrage: Short the gold-silver ratio at high levels [9] - Options: On hold [9]

新能源及有色金属日报 | 2026-01-06 氧化铝现货价格继续下调 重要数据 铝现货方面：SMM数据，华东A00铝价23310元/吨，较上一交易日变化850元/吨，华东铝现货升贴水-220元/ 吨，较上一交易日变化-10元/吨；中原A00铝价23080元/吨，现货升贴水较上一交易日变化-20元/吨至-450元/ 吨；佛山A00铝价录23250元/吨，较上一交易日变化870元/吨，铝现货升贴水较上一交易日变化10元/吨至-280 元/吨。 铝期货方面：2026-01-05日沪铝主力合约开于23085元/吨，收于23645元/吨，较上一交易日变化905元/吨，最 高价达23780元/吨，最低价达到23065元/吨。全天交易日成交335721手，全天交易日持仓261132手。 库存方面，截止2026-01-05，SMM统计国内电解铝锭社会库存68.4万吨，较上一期变化1.5万吨，仓单库存82796 吨，较上一交易日变化1127吨，LME铝库存506750吨，较上一交易日变化-2500吨。 氧化铝现货价格：2026-01-05SMM氧化铝山西价格录得2665元/吨，山东价格录得2610元/吨，河南价格录得 269 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Affected by the stock market, the Political Bureau meeting signaled loose monetary policy, LPR remained unchanged, and the Fed's interest - rate cut expectation continued. With rising global trade uncertainty increasing the uncertainty of foreign capital inflows, the bond market oscillates between stable growth and loose expectations. Short - term attention should be paid to the policy signals at the end of the month [1][3]. - The current fiscal policy stabilizes the total amount, adjusts the structure, and provides support. In the short term, it supports the economy, but stronger impetus depends on the implementation of quasi - fiscal funds and next year's policy reinforcement. In the context of weakening demand and expected policy easing, subsequent stable growth relies more on monetary policy [2]. Summary by Directory 1. Interest Rate Pricing Tracking Indicators - Price indicators: China's CPI monthly环比 is - 0.10% and同比 is 0.70%; China's PPI monthly环比 is 0.10% and同比 is - 2.20% [9]. - Monthly economic indicators: Social financing scale is 440.07 trillion yuan, with a环比 increase of 2.35 trillion yuan and a环比 growth rate of 0.54%; M2同比 is 8.00%, down 0.20% from the previous period; Manufacturing PMI is 50.10%, up 0.90% from the previous period with a环比 growth rate of 1.83% [10]. - Daily economic indicators: The US dollar index is 98.33, down 0.11 with a环比 change rate of - 0.11%; The offshore US dollar - to - RMB exchange rate is 6.9760, up 0.005 with a环比 change rate of 0.07%; SHIBOR 7 - day is 1.42, down 0.01 with a环比 change rate of - 0.35%; DR007 is 1.43, up 0.00 with a环比 change rate of 0.18%; R007 is 1.51, up 0.00 with a环比 change rate of - 0.31%; The 3 - month yield of inter - bank certificates of deposit (AAA) is 1.58, up 0.06 with a环比 change rate of 3.61%; The AA - AAA credit spread (1Y) is 0.09, up 0.00 with a环比 change rate of 3.61% [11]. 2. Overview of the Treasury Bond and Treasury Bond Futures Market - On 2026 - 01 - 05, the closing prices of TS, TF, T, and TL were 102.41 yuan, 105.71 yuan, 107.86 yuan, and 111.32 yuan respectively, with price changes of - 0.03%, - 0.02%, 0.03%, and - 0.05% respectively [3]. - The average net basis of TS, TF, T, and TL were 0.015 yuan, - 0.037 yuan, 0.042 yuan, and - 0.025 yuan respectively [3]. 3. Overview of the Money Market Funding Situation - In November, the general public budget revenue slowed down year - on - year due to the high base, but the annual revenue progress was still fast. The expenditure decline narrowed significantly, with a more people - oriented and investment - in - people structure. Government - managed funds revenue was still dragged down by real estate, but the accelerated issuance of special bonds drove the expenditure to turn positive year - on - year, supporting the broad - based fiscal situation [2]. - In November, financial data was generally weak. Credit was still supported by bills and short - term loans, and the medium - and long - term financing demand of residents and enterprises continued to decline. The social financing growth rate remained at 8.5%, mainly hedged by corporate bonds and off - balance - sheet financing. M1 and M2 growth rates declined simultaneously, indicating weak economic vitality [2]. - On 2026 - 01 - 05, the central bank conducted 13.5 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate of 1.4% [2]. - The main repurchase rates for 1D, 7D, 14D, and 1M were 1.264%, 1.423%, 1.457%, and 1.574% respectively, and the repurchase rates have recently declined [2]. 4. Spread Overview - There are various spread indicators such as the inter - period spread of treasury bond futures, the spread between spot bond term spreads and futures cross - variety spreads (e.g., 4*TS - T, 2*TS - TF, 2*TF - T, 3*T - TL, 2*TS - 3*TF + T) [29][34][36]. 5. Two - Year Treasury Bond Futures - There are indicators such as the implied interest rate of the two - year treasury bond futures main contract and the treasury bond yield to maturity, the IRR of the TS main contract and the funding rate, and the three - year basis and net basis trends of the TS main contract [38][41][45]. 6. Five - Year Treasury Bond Futures - There are indicators such as the implied interest rate of the five - year treasury bond futures main contract and the treasury bond yield to maturity, the IRR of the TF main contract and the funding rate, and the three - year basis and net basis trends of the TF main contract [46][53]. 7. Ten - Year Treasury Bond Futures - There are indicators such as the implied yield of the ten - year treasury bond futures main contract and the treasury bond yield to maturity, the IRR of the T main contract and the funding rate, and the three - year basis and net basis trends of the T main contract [54][55]. 8. Thirty - Year Treasury Bond Futures - There are indicators such as the implied yield of the thirty - year treasury bond futures main contract and the treasury bond yield to maturity, the IRR of the TL main contract and the funding rate, and the three - year basis and net basis trends of the TL main contract [60][62]. Strategies - Unilateral: With the decline of repurchase rates and the oscillation of treasury bond futures prices, the 2512 contract is neutral [4]. - Arbitrage: Pay attention to the decline of the 2512 basis [4]. - Hedging: There is medium - term adjustment pressure, and short - position holders can moderately hedge with far - month contracts [4].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - On January 5, 2026, the lithium carbonate futures price was driven by funds and sentiment, with the main contract 2605 opening at 125,000 yuan/ton and closing at 129,980 yuan/ton, a 7.74% change from the previous settlement price. The price increase was due to new long - term funds entering the market, the overall strength of the non - ferrous metals sector, and technical factors, although it didn't break through the 130,000 yuan/ton mark. The news about Ningde Times' lithium mine tailings affected the bulls but its authenticity needs verification. The inventory depletion speed continued to slow down, and the market showed a divergence between futures and spot prices. The current futures price is mainly dominated by funds and sentiment, with over - speculation [1]. 3. Summary by Related Catalogs Market Analysis - **Futures Market**: On January 5, 2026, the lithium carbonate main contract 2605 opened at 125,000 yuan/ton and closed at 129,980 yuan/ton, up 7.74% from the previous settlement price. The trading volume was 343,623 lots, and the open interest increased from 490,194 lots to 515,292 lots. The basis was - 4,360 yuan/ton, and the number of warehouse receipts remained unchanged at 20,281 lots [1]. - **Spot Market**: According to SMM data, the price of battery - grade lithium carbonate was 117,000 - 122,000 yuan/ton, up 1,000 yuan/ton from the previous day, and the price of industrial - grade lithium carbonate was 115,000 - 119,000 yuan/ton, up 1,500 yuan/ton. The price of 6% lithium concentrate was 1,568 US dollars/ton, up 18 US dollars/ton [1]. - **Driving Factors**: The price increase was driven by new long - term funds entering the market, the overall strength of the non - ferrous metals sector, and technical factors. The news about Ningde Times' lithium mine tailings affected the bulls but its authenticity needs verification [1]. Inventory and Production - **Inventory**: The total spot inventory was 109,605 tons, a decrease of 168 tons. Among them, the smelter inventory decreased by 184 tons to 17,667 tons, the downstream inventory decreased by 894 tons to 38,998 tons, and other inventories increased by 910 tons to 52,940 tons. The de - stocking speed continued to slow down [2]. - **Production**: The weekly output reached 22,000 tons, a 1.2% increase from the previous week [2]. Strategy - **Unilateral**: Short - term range operation, pay attention to consumption and inventory inflection points, and choose the opportunity to sell and hedge at high prices [3]. - **Options**: None [3] - **Inter - delivery Spread**: None [4] - **Cross - variety**: None [4] - **Futures - spot**: None [4]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The overall supply - demand pattern of the PVC market is weak, but the release of the draft for comments on the differential electricity price policy in Shaanxi and overseas device outages support the PVC futures to rebound. The policy has not directly impacted the current PVC supply, and its implementation needs continuous attention. The domestic PVC supply is abundant, downstream开工 has declined slightly, and social inventory has increased slightly. The overall supply - demand of PVC remains weak, and it is expected to rebound with the macro - sentiment. [3] - The spot price of caustic soda is stable with a downward trend. The inventory in Shandong and Jiangsu has increased. The supply - side is operating at a high level, and the demand - side has general receiving sentiment. The demand for caustic soda may decline in the long - term due to the anti - involution policy of alumina. The supply - demand of caustic soda is weak, and attention should be paid to changes in liquid chlorine prices, device dynamics, and the implementation of macro anti - involution details. [3] Group 3: Summary by Related Catalogs PVC Market Data - Futures price: The closing price of the PVC main contract is 4764 yuan/ton (- 41). The East China basis is - 284 yuan/ton (+ 31), and the South China basis is - 234 yuan/ton (+ 31). [1] - Spot price: The East China calcium carbide - based PVC is quoted at 4480 yuan/ton (- 10), and the South China calcium carbide - based PVC is quoted at 4530 yuan/ton (- 20). [1] - Upstream production profit: The semi - coke price is 750 yuan/ton (+ 0), the calcium carbide price is 2780 yuan/ton (+ 0), the calcium carbide profit is - 110 yuan/ton (+ 0), the gross profit of calcium carbide - based PVC production is - 714 yuan/ton (+ 47), the gross profit of ethylene - based PVC production is - 279 yuan/ton (+ 56), and the PVC export profit is - 15.6 US dollars/ton (+ 0.2). [1] - Inventory and开工: The in - factory PVC inventory is 30.9 tons (+ 0.3), the social PVC inventory is 52.5 tons (+ 1.1), the calcium carbide - based PVC开工 rate is 77.46% (+ 0.45%), the ethylene - based PVC开工 rate is 70.73% (- 3.33%), and the overall PVC开工 rate is 75.42% (- 0.70%). [1] - Downstream orders: The pre - sales volume of production enterprises is 81.6 tons (+ 0.9). [1] Strategy - Single - side: Rebound with the macro - sentiment [5] - Inter - period: Wait - and - see [5] - Inter - variety: None [5] Caustic Soda Market Data - Futures price: The closing price of the SH main contract is 2164 yuan/ton (- 78), and the basis of 32% liquid caustic soda in Shandong is - 8 yuan/ton (+ 37). [1] - Spot price: The price of 32% liquid caustic soda in Shandong is 690 yuan/ton (+ 0), and the price of 50% liquid caustic soda in Shandong is 1090 yuan/ton (+ 0). [2] - Upstream production profit: The single - variety profit of caustic soda in Shandong is 1131 yuan/ton (+ 0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 604.0 yuan/ton (+ 40.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is - 287.95 yuan/ton (- 10.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 555.00 yuan/ton (+ 0.00). [2] - Inventory and开工: The liquid caustic soda factory inventory is 48.57 tons (+ 4.35), the flake caustic soda factory inventory is 3.02 tons (+ 0.05), and the caustic soda开工 rate is 86.40% (+ 0.40%). [2] - Downstream开工: The alumina开工 rate is 84.67% (- 0.47%), the dyeing开工 rate in East China is 60.81% (- 0.47%), and the viscose staple fiber开工 rate is 85.05% (- 1.98%). [2] Strategy - Single - side: Oscillate weakly [5] - Inter - period: Wait - and - see [5] - Inter - variety: None [5]

燃料油日报 | 2026-01-06 上期所燃料油期货主力合约日盘收跌1.18%，报2427元/吨；INE低硫燃料油期货主力合约日盘收跌2.2%，报2891 元/吨。 元旦假期期间委内瑞拉局势升级，但对原油市场直接影响有限，油价维持弱势震荡态势，对FU、LU单边价格形成 压制。 就燃料油自身基本面而言，当前市场多空因素交织，整体驱动有限。其中，高硫燃料油裂解价差与贴水下跌后， 带动炼厂端需求边际改善，中国高硫燃料油进口量近期有所回升。如果委油断供问题持续，可能会导致国内地炼 增加燃料油采购需求。不过目前来看，高硫燃料油货源依然较为充裕，市场暂无紧缺预期。 低硫燃料油方面，由于装置检修状态的变动（阿祖尔和Dangote），科威特与尼日利亚地区供应存在回升预期。但 汽柴油溢价会通过RFCC装置对低硫油组分进行分流，市场压力暂有限。 高硫方面：短期中性，中性偏空 低硫方面：短期中性，中性偏空 跨品种：无 跨期：无 期现：无 期权：无 风险 原油端弱势延续，关注炼厂端需求潜在增量 市场分析 策略 2026年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 宏观风险、关税风险、制裁风险、原油价格大幅波动等、 ...

Report Summary 1) Report Industry Investment Rating - Single side: Neutral, mainly wait - and - see in the short term; No suggestions for inter - period, cross - variety, spot - futures, and options strategies [2] 2) Core View of the Report - The LPG market currently shows a pattern of "strong overseas and weak domestic". Although overseas supply has tightened marginally recently and the external market price is relatively firm, the domestic market's reaction is limited. The price inversion of ether - after carbon four and civil gas suppresses the PG futures market. The game between warehouse receipts and delivery also disturbs the market. In the short term, the fundamentals of LPG have both positive and negative factors, and in the medium term, the overseas supply is expected to increase, with a supply - surplus global balance sheet, so there is still resistance above the market [1] 3) Summary According to Related Content Market Analysis - On January 5th, the regional prices were as follows: Shandong market 4380 - 4430 yuan/ton, Northeast market 3960 - 4200 yuan/ton, North China market 4000 - 4400 yuan/ton, East China market 4250 - 4450 yuan/ton, Yangtze River market 4700 - 4900 yuan/ton, Northwest market 4200 - 4350 yuan/ton, South China market 4800 - 4900 yuan/ton [1] - In the first half of February 2026, the CIF prices of propane and butane in East China were 597 dollars/ton and 592 dollars/ton respectively, up 2 dollars/ton, equivalent to 4616 yuan/ton and 4577 yuan/ton in RMB, up 12 yuan/ton. In South China, the CIF prices of propane and butane were 589 dollars/ton and 584 dollars/ton respectively, up 2 dollars/ton, equivalent to 4554 yuan/ton and 4515 yuan/ton in RMB, up 12 yuan/ton and 11 yuan/ton [1] - The spot prices of LPG in Shandong, East China, and South China rose yesterday, and the market atmosphere was fair. The short - term fundamentals of LPG have both positive and negative factors, and in the medium term, the overseas supply is expected to increase, with a supply - surplus global balance sheet [1] Strategy - Single side: Neutral, mainly wait - and - see in the short term; no suggestions for inter - period, cross - variety, spot - futures, and options strategies [2]

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core View of the Report The risk on the raw material side has intensified, causing the asphalt market to strengthen significantly. The concern about asphalt raw materials has increased due to the US airstrike on Venezuela and the control of President Maduro. As Venezuelan Merey crude oil is the main raw material for domestic asphalt production, the supply of Merey crude oil may tighten in the medium - term, leading to an increase in the asphalt cost center [1][2]. 3) Summary by Related Content Market Analysis - On January 5th, the closing price of the main BU2602 asphalt futures contract in the afternoon session was 3,133 yuan/ton, up 119 yuan/ton or 3.95% from the previous day's settlement price. The open interest was 95,437 lots, down 139 lots from the previous day, and the trading volume was 297,779 lots, up 133,632 lots from the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast: 3,306 - 3,500 yuan/ton; Shandong: 3,020 - 3,190 yuan/ton; South China: 3,140 - 3,150 yuan/ton; East China: 3,050 - 3,150 yuan/ton [1]. Strategy - Unilateral: Be cautiously bullish. Go long on the main BU contract on dips, and avoid excessive chasing of the upside [3]. - Inter - delivery: Go long on the BU2303/2306 spread on dips (calendar spread) [3]. - Cross - commodity: No strategy [3]. - Spot - futures: No strategy [3]. - Options: No strategy [3]. Figures The report presents various figures related to asphalt, including spot prices in different regions (Shandong, East China, South China, North China, Southwest, Northwest), futures index and contract closing prices, trading volume and open interest, production volume in different regions and overall domestic weekly production, consumption in different fields (road, waterproof, coking, ship fuel), and refinery and social inventories [4].

Report Industry Investment Rating No information provided. Core View of the Report The geopolitical situation is tense but under control, with the three major US stock indexes closing higher. A-shares had a good start on the first trading day of the new year, with active trading volume in the two markets, indicating a slow and long bull market. Although there may be periodic corrections in the future, the long-term upward trend remains unchanged. Investors are advised to actively focus on long opportunities in stock index futures [3]. Summary According to Relevant Catalogs Macro Economy - Domestically, the CSRC held a symposium on the inter - departmental work promotion of the comprehensive punishment and prevention system for financial fraud in the capital market, aiming to strengthen the system and governance [1]. - Overseas, the US ISM manufacturing index in December 2025 dropped slightly from 48.2 to 47.9, remaining below 50 for 10 consecutive months and reaching a new low since October 2024. New orders have contracted for four consecutive months, export orders are still weak, and employment has declined for 11 consecutive months [1]. Spot Market - A - share indexes closed higher, with the Shanghai Stock Exchange Composite Index achieving 12 consecutive positive days, rising 1.38% to close at 4023.42 points, and the ChiNext Index rising 2.85%. Most industry sectors rose, with brain - computer interfaces leading the way in the daily limit, and sectors such as media, pharmaceutical biology, electronics, and non - bank finance rising more than 3%. A few sectors such as petroleum and petrochemicals, banking, and transportation closed lower. The trading volume of the two markets exceeded 2.5 trillion yuan [1]. - Overseas, the three major US stock indexes closed higher, with the Dow Jones Industrial Average rising 1.23% to 48977.18 points, setting a new record high [1]. Futures Market - In terms of basis, the basis of stock index futures was repaired, with the premium of the current - month contracts of IC and IM declining [2]. - In terms of trading volume and open interest, the trading volume and open interest of stock index futures increased simultaneously [2]. Strategy - Despite the tense but controllable geopolitical situation, the three major US stock indexes closed up. A - shares had a good start on the first trading day of the new year, with active trading volume in the two markets, showing a slow - and - long - bull market pattern. Although there may be periodic corrections in the future, the long - term upward trend remains unchanged. Investors are advised to actively focus on long opportunities in stock index futures [3]. Charts - **Macro - economic Charts**: This section includes charts such as the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, and US Treasury yields and A - share style trends [5][6]. - **Spot Market Tracking Charts**: It shows the daily performance of major domestic stock indexes on January 5, 2026 and January 4, 2026, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc., along with their daily percentage changes [5][6][12]. - **Stock Index Futures Tracking Charts**: It includes information on the trading volume, open interest, basis, and inter - term spreads of stock index futures such as IF, IH, IC, and IM [5][6][14][36][40].

1. Report Industry Investment Rating - Unilateral: Neutral [4] 2. Core Viewpoints - The real inventory pressure in the port area remains high, and the window for the port to flow back to the mainland is closed, dragging down port pick - up. Although the Iranian methanol plant is operating at a low level, the actual decline in shipping volume due to plant maintenance needs further confirmation, and the decline rate of shipping volume in December is still slow. There are concerns about the possible maintenance of Xingxing's MTO plant [2]. - Downstream demand in the mainland is in the seasonal off - season, and factory inventories are gradually rebuilding. Coal - based production maintains high operation rates, and attention should be paid to the resumption progress of southwest gas - based plants in the middle and late ten - days. The seasonal low of pending orders in the northwest drags down the pick - up demand for port - to - mainland back - flow. Among traditional downstream industries, the acetic acid operation rate has rebounded from the bottom, the MTBE operation rate is still acceptable, and the formaldehyde operation rate has declined slightly [3]. 3. Summary by Directory 3.1 Methanol Basis & Inter - Period Structure - The report presents charts of methanol basis in different regions (such as Taicang, Lunan, Inner Mongolia North Line, etc.) relative to the main futures contract, and the price differences between different methanol futures contracts (e.g., methanol 01 - 05, 05 - 09, 09 - 01) [7][9][21] 3.2 Methanol Production Profit, MTO Profit, and Import Profit - The report shows charts of Inner Mongolia coal - based methanol production profit, East China MTO profit (PP&EG type), Taicang methanol - CFR China import price difference, and price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [25][26][33] 3.3 Methanol Operation Rate and Inventory - The report provides charts of methanol port total inventory, MTO/P operation rate (including integrated plants), mainland factory sample inventory, and China's methanol operation rate (including integrated plants) [34][43] 3.4 Regional Price Differences - The report includes charts of price differences in different regions, such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [40][48][52] 3.5 Traditional Downstream Profits - The report shows charts of production profits of traditional downstream products such as Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [50][58] 3.6 Strategies - Inter - period: Expand the spread of MA2605 - MA2609 when it is low [4] - Cross - variety: Narrow the spread of LL2605 - 3*MA2605 when it is high [4]