Group 1 - The core viewpoint of the article highlights that disruptions in steel supply are intensifying, particularly due to safety inspections following an accident at Baogang, which may lead to temporary production cuts [1] - The Tangshan Emergency Management Bureau has initiated a safety inspection across all steel enterprises in the city, focusing on heat storage devices and pressure vessels, which could slightly reduce local production capacity and provide cost and supply support [1] - As of January 23, the profit for rebar steel per ton is reported at 61 yuan/ton, indicating a favorable profit margin for the industry [1] Group 2 - The steel sector is expected to see improved performance for general steel companies, with potential for value recovery amid a backdrop of "anti-involution" in the industry [1] - The Steel ETF (515210) tracks the CSI Steel Index (930606), which selects relevant listed companies in the steel industry from the Shanghai and Shenzhen markets to reflect the overall performance of steel sector securities [1] - The CSI Steel Index covers various sub-sectors, including general and special steel, and demonstrates significant cyclical characteristics of the steel industry [1]

2026年1月24日，网民王某某为博眼球、涨粉丝，在某短视频平台传播所谓包钢内部录音不实信息，扰 乱公共秩序。目前，公安机关已依法对王某某予以行政拘留。 案例二：欧某某在社交平台杜撰、编造伤亡人数 2026年1月21日，网民欧某某为博眼球、涨粉丝，在某社交平台发布不实信息称"说死了三十几个"。目 前，公安机关已依法对欧某某予以行政罚款。 来源：互联网联合辟谣平台 近日，针对包钢板材厂爆炸事故的网络谣言，包括散布所谓内部通话录音、编造夸大伤亡人数等不实信 息，公安机关持续加大打击力度，现再次公布2起典型案例。 案例一：王某某在短视频平台传播不实信息 警方提醒 网络空间不是法外之地，谨言慎行要牢记。任何企图通过编造传播谣言牟取私利、扰乱秩序的行为，都 将受到法律的严厉制裁。对网上各类"博眼球"信息，广大网民要加强鉴别、识别，关注权威发布信息， 做到不造谣、不传谣、不信谣，如发现网络谣言，请及时向公安机关或相关网络平台投诉举报，共同维 护清朗网络空间。 来源："内蒙古互联网违法和不良信息举报"微信公众号 ...

Core Viewpoint - The report highlights a projected decline in China's steel production in December 2025, with a year-on-year decrease of 3.8%, while the cumulative production for the year is expected to grow by 3.1% to 1.45 billion tons [1]. Group 1: Industry Overview - According to the National Bureau of Statistics, China's steel production is forecasted to be 120 million tons in December 2025, reflecting a year-on-year decline of 3.8% [1]. - The cumulative steel production in China for the year 2025 is projected to reach 1.45 billion tons, indicating a cumulative growth of 3.1% [1]. Group 2: Companies Mentioned - Listed companies in the steel sector include Baosteel Co., Ltd. (600019), Ansteel Co., Ltd. (000898), Maanshan Iron & Steel Co., Ltd. (600808), Shagang Group (002075), Shougang Group (000959), Baotou Steel (600010), Taiyuan Iron & Steel (000825), Hunan Valin Steel (000932), Hebei Iron & Steel (000709), and Nanjing Steel (600282) [1]. Group 3: Research Report - The report titled "Analysis of Competitive Landscape and Investment Development Research on China's Steel Deep Processing Industry from 2026 to 2032" was published by Zhiyan Consulting, a leading industry consulting firm in China [1]. - Zhiyan Consulting has been dedicated to industry research for over a decade, providing in-depth industry reports, business plans, feasibility studies, and customized services [1].

2020-2025年中国粗钢产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：宝钢股份（600019）,鞍钢股份（000898）,马钢股份（600808）,沙钢股份（002075）,首钢股 份（000959）,包钢股份（600010）,太钢不锈（000825）,华菱钢铁（000932）,河钢股份（000709）,八 一钢铁（600581） 相关报告：智研咨询发布的《2026-2032年中国粗钢行业市场运行态势及发展趋势分析报告》 根据国家统计局数据显示：2025年12月中国粗钢产量为0.7亿吨，同比下降10.3%；2025年中国粗钢累计 产量为9.6亿吨，累计下降4.4%。 ...

警方提醒，网络空间不是法外之地，谨言慎行要牢记。任何企图通过编造传播谣言牟取私利、扰乱秩序 的行为，都将受到法律的严厉制裁。对网上各类"博眼球"信息，广大网民要加强鉴别、识别，关注权威 发布信息，做到不造谣、不传谣、不信谣，如发现网络谣言，请及时向公安机关或相关网络平台投诉举 报，共同维护清朗网络空间。 此前，呼和浩特警方已通报一网民散播包钢板材厂事故谣言被处以行政拘留的案例。 1月22日，青城网警在工作中发现，呼和浩特市网民李某在抖音平台发布视频，声称内容为"包钢板材厂 爆炸现场"，经核实，该视频系由多地火灾画面拼接而成，与真实事故现场严重不符。为遏制谣言扩 散、消除不良影响，青城网警迅速出击，在李某家中将其抓获。 据内蒙古包头市公安局微信公众号"平安包头"1月27日通报，近日，针对包钢板材厂爆炸事故的网络谣 言，包括散布所谓内部通话录音、编造夸大伤亡人数等不实信息，公安机关持续加大打击力度，现再次 公布2起典型案例。 1月24日，网民王某某为博眼球、涨粉丝，在某短视频平台传播所谓包钢内部录音不实信息，扰乱公共 秩序。目前，公安机关已依法对王某某予以行政拘留。 1月21日，网民欧某某为博眼球、涨粉丝，在某社 ...

中国发展网讯 1月22日，在市十一届人大六次会议开幕大会上，政府工作报告明确提出："2026年，建成投产安宁钛材等10亿元以上项目3个、亿元以上项 目9个，加快建设钒化工、钛金属深加工、特色铸造产业园，钒钛产业产值突破650亿元。" 提出这一目标的底气，来自全市钒钛产业发展的坚实基础。自2023年起，攀枝花钒钛产业产值连续3年超过钢铁产业。目前，攀枝花已建成全国最大的钛 原料生产基地、唯一的全流程钛工业基地。 目标的落地，离不开有力的支撑。此前一周，攀枝花市人民政府与四川产业振兴基金投资集团有限公司签订《攀枝花钒钛产业发展基金框架协议》，共同 在攀组建总规模50亿元的钒钛产业发展基金，以市场化力量为产业升级注入蓬勃动力。目标与支撑同向发力，攀枝花钒钛产业发展的路径愈发清晰：向 着"十五五"建设高能级"中国钒钛之都"的目标扎实迈进。 过去，攀枝花守着钛宝库，却常面临"富矿穷技术"的尴尬。资源型城市如何跳出"挖矿卖石"的老路？攀枝花的答案是：向科技创新要未来。 "钛这东西，在石头里藏得深、取出难。"攀钢研究院研究员李开华一句话道出关键。从2007年开始，攀钢历时8年攻关，终于从本地矿石里炼出海绵钛； 又用7年时间 ...

Group 1: Criminal Justice and Public Safety - The number of criminal cases nationwide decreased by 12.8% year-on-year, marking the lowest level since the beginning of the century [1] - The national sense of security among the public is projected to reach 98.23% by 2025, maintaining above 98% for six consecutive years [1] - Significant achievements in combating telecom and internet fraud, with 57,000 criminals repatriated and the head of a gambling fraud group apprehended [1] - Drug-related crimes saw a historic decline, with the number of drug users down by 63% since the end of 2020 [1] Group 2: Judicial System and Credit Repair - In 2025, over 37 million judicial execution cases were accepted, with a year-on-year increase of over 10% [1] - The number of criminal cases and defendants in first-instance criminal cases decreased, while civil and commercial cases increased by over 11% [1] - The number of credit repairs exceeded the number of new entries into the dishonesty list for seven consecutive quarters, aiding many businesses in resuming normal operations [1] Group 3: Environmental and Industrial Policy - Five departments issued guidelines for the construction of zero-carbon factories, emphasizing technological innovation and management optimization to reduce CO2 emissions [4] - The initiative will prioritize industries with urgent decarbonization needs and gradually expand to sectors with higher carbon intensity by 2030 [4] Group 4: Economic Indicators - In 2025, China's GDP reached 14,018.79 billion yuan, growing by 5.0% year-on-year [8] - The first, second, and third industries saw respective growth rates of 3.9%, 4.5%, and 5.4% [8] - The per capita disposable income for residents was 43,377 yuan, also reflecting a nominal growth of 5.0% [8] Group 5: Real Estate Market - In December 2025, new residential sales prices in first-tier cities fell by 0.3% month-on-month, while second and third-tier cities saw declines of 0.4% [8] - Year-on-year, new residential prices in first-tier cities decreased by 1.7%, with second and third-tier cities experiencing declines of 2.5% and 3.7% respectively [8] - Second-hand residential prices in first-tier cities dropped by 7.0% year-on-year, with notable declines in major cities like Beijing and Shanghai [8]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Last week, long - term bonds in the bond market performed well, with trading sentiment significantly boosted. The main driving factors were central bank fund support and stock market consolidation. The 30 - year bond had an independent market. Medium - and long - term credit bonds continued to generate excess returns. The yield curve showed a bull - flattening trend. Looking forward, the bond market is expected to fluctuate within a range, and long - term bond market continuation requires more catalysts [5][8]. - There is little difference in the short - and medium - term of credit bonds. The short - term can continue with carry trades. The 2 - 3 - year period is the current main focus for funds after liability - side repair, but it's difficult to find returns. In the medium - to long - term, there are some differences. The yield curve steepness of some 3 - 4 - year entities has increased, and there are convex points for some entities. The 5 - year and above ultra - long - term credit bonds are niche products, and institutions with stable liability sides can focus on coupon value [5][8]. - For Tier 2 and perpetual bonds, medium - and long - term ones performed well last week but faced increased profit - taking sentiment. The catch - up market this year may be near the end. There is still some space for 4 - 5 - year bonds, but valuation fluctuations may be large [5][9]. Summary by Related Catalogs 1 Credit Bond Weekly Viewpoint: Potential Convex Points in Medium - Term Credit Bonds - Long - term bonds in the bond market performed well last week. The main driving factors were central bank fund support and stock market consolidation. Medium - and long - term credit bonds continued to generate excess returns. The yield curve showed a bull - flattening trend. The bond market is expected to fluctuate within a range, and long - term bond market continuation requires more catalysts [5][8]. - Short - term credit bonds can continue with carry trades. The 2 - 3 - year period is the main focus for funds after liability - side repair but has limited returns. Some 3 - 4 - year entities have convex points, and 5 - year and above ultra - long - term credit bonds are suitable for institutions with stable liability sides [5][8]. - Medium - and long - term Tier 2 and perpetual bonds performed well last week but faced profit - taking. The catch - up market may end soon. There is space for 4 - 5 - year bonds but with large valuation fluctuations [5][9]. 2 Credit Bond Weekly Review: Comprehensive Credit Repair and Gradual Strengthening 2.1 Negative Information Monitoring - From January 19 to January 25, 2026, Sunshine City Group failed to pay the principal and interest of "H1 Yangcheng 01". Moody's downgraded the ratings of Dalian Wanda Commercial Management Group and related entities. Several companies had negative events such as debt defaults, explosions, and regulatory penalties [12][14][15]. 2.2 Primary Issuance: Net Financing Returns to Over 10 Billion, and Coupon Rates of High - Grade New Bonds Drop Significantly - From January 19 to January 25, 2026, the primary issuance of credit bonds was 331.4 billion yuan, with total repayment of 187.9 billion yuan, and net financing of 143.5 billion yuan. The number of cancelled or postponed bond issuances remained low. The average coupon rates of AAA and AA+ grades decreased by 21bp and increased by 3bp respectively [16][17]. 2.3 Secondary Trading: Positive Sentiment in Medium - and Long - Term Credit Bonds - Last week, the valuations of credit bonds across all grades and terms declined by about 3bp on average. The risk - free rate also decreased but with a smaller margin, and credit spreads narrowed slightly. The 3Y - 1Y and 5Y - 1Y term spreads of all grades narrowed by about 2bp on average, and the AA - AAA grade spread had narrow fluctuations. Provincial credit spreads of urban investment bonds narrowed by about 3bp on average, and industry spreads of industrial bonds also narrowed slightly, except for a 2bp widening in the real estate industry. The weekly turnover rate increased to 2.02%, and the issuers of the top - ten turnover bonds were mostly central and state - owned enterprises. Credit bonds of Country Garden and Vanke had discounts of over 10% in trading [19][24][29].

Group 1 - The core viewpoint of the news highlights the rising importance of rare earth resources and the transition of the rare earth industry into a new era of high-quality development, driven by both supply constraints and increasing demand from emerging sectors such as electric vehicles and humanoid robots [1][2] - As of January 26, 2026, the China Securities Rare Earth Industry Index rose by 0.91%, with notable increases in stocks such as Zhongke Co. (up 9.39%) and Xiamen Tungsten (up 8.21%) [1] - A superconducting magnet vibration sample magnetometer, developed by Baotou Rare Earth Research Institute, has been put into operation, featuring a maximum magnetic field of 6T and a maximum measurement temperature of 800°C, which enhances measurement capabilities for permanent magnet materials [1] Group 2 - By December 31, 2025, the top ten weighted stocks in the China Securities Rare Earth Industry Index accounted for 60.4% of the index, including companies like Northern Rare Earth and Jin Feng Technology [2] - The rare earth ETF managed by Jiashi (516150) closely tracks the China Securities Rare Earth Industry Index, providing a convenient tool for investors to access the domestic rare earth industry chain [2] - The formation of a MACD golden cross signal indicates a positive trend in stock performance within the rare earth sector [2]

Report Summary 1. Report Industry Investment Ratings No investment ratings were provided in the report. 2. Core Views - **Global Fixed - Income Market**: A new logic has emerged where bonds have shifted from traditional safe - havens to risk sources. Fiscal sustainability has become the core anchor for bond pricing, and the new logic is driven by the combination of fiscal, monetary, and inflationary pressures. It is also globally contagious, affecting both developed and emerging markets. The fiscal health of economies and policy games are key considerations for fixed - income investment [2]. - **Renminbi Exchange Rate**: The RMB has a solid foundation for appreciation, supported by domestic export and settlement data. However, the appreciation process will be regulated by the central bank and may be affected by the strength of the US dollar index. Short - term export enterprises are advised to lock in forward settlements, and import enterprises can adopt a rolling foreign exchange purchase strategy [6][7]. - **Equity Index**: The medium - to long - term upward trend of the equity index is supported by policy and liquidity, but the small - and medium - cap indices may experience short - term technical adjustments due to overheating [7]. - **Container Shipping to Europe**: The market is in a game between the weak current reality and the uncertain future. There are both positive factors such as the delay of full - scale resumption of navigation and local improvements in macro data, and negative factors like the sharp decline in spot freight rates and trade protectionism. The future price trend depends on the realization of resumption of navigation [11]. - **Commodities** - **Carbonate Lithium**: Before the Spring Festival, it is recommended to reduce positions. Attention should be paid to the opportunity of selling volatility [16]. - **Industrial Silicon and Polysilicon**: In the short term, the price of industrial silicon is likely to rise, but the upward elasticity is restricted by the polysilicon inventory. Long - term investors can consider a long - position strategy at low prices [18][19]. - **Copper**: The price is in a narrow - range shock. It is not recommended to build new positions above 100,000 yuan, and long - positions built in the range of 90,000 - 95,000 yuan can be held [24]. - **Aluminum and Its Products**: Aluminum prices are expected to be volatile and slightly stronger in the short term and bullish in the long term; alumina is expected to be weak; cast aluminum alloy is expected to be slightly stronger [25][26][27]. - **Zinc**: The price may be volatile and slightly stronger, but it is also affected by macro and geopolitical factors [27]. - **Nickel - Stainless Steel**: The supply side is facing disturbances, and the market is in a state of long - short competition. Attention should be paid to supply - side news and inventory changes [29]. - **Tin**: The price may be in a high - level wide - range shock due to geopolitical factors [31]. - **Lead**: The price is expected to be in a narrow - range shock, and selling options to collect premiums is recommended [32]. - **Oilseeds and Oils**: External soybean futures are weakly oscillating, and domestic soybean meal is expected to stop falling in the short term. Rapeseed meal may return to international pricing. Oils are expected to remain strong, with palm oil being the strongest [33][35][36]. - **Fuel Oil**: The high - sulfur fuel oil market has a poor fundamental situation, but the Iranian issue provides support at the bottom [39]. - **Asphalt**: The short - term price is expected to be in a shock state. The 02 and 03 contracts' premium opportunities may be stable trading opportunities [41]. - **Platinum and Palladium**: In the medium - to long - term, the bull market foundation remains. The price is expected to be in a high - level wide - range shock, and attention should be paid to position control [47][48]. - **Gold and Silver**: The prices have reached new highs, driven by geopolitical risks, policy uncertainties, and the weakening of the US dollar. They are in an upward - prone state, and short - term corrections can be considered as opportunities to build long - positions [48][49]. - **Paper Pulp and Offset Paper**: It is recommended to wait and see for both paper pulp and offset paper futures [53]. - **LPG**: The short - term price is supported by external cold snaps and geopolitical factors, but the demand side is weakening [54]. - **PTA - PX**: The prices are strongly rising due to concentrated long - positions. However, the high - valuation situation is not suitable for chasing long - positions. It is recommended to wait for corrections to build long - positions [58]. - **MEG - Bottle Chips**: The price of ethylene glycol has bottomed out and is expected to fluctuate widely with the macro - environment. It is not suitable to be used as a short - position target in the short term [60]. - **Methanol**: The price has rebounded, mainly due to geopolitical risks and the improvement of the energy - chemical sector's sentiment. It is recommended to wait and see for single - side trading and consider 3 - 5 reverse spreads and expanding MTO profits [62]. - **PP and PE**: Both are affected by market sentiment and sector rotation. Their fundamentals are weak, and it is recommended to wait and see [64][67]. - **Pure Benzene - Styrene**: Both are running strongly. It is recommended to wait and see and look for opportunities to buy on dips for styrene [68]. - **Urea**: It is recommended to hold long - positions for the 05 contract, but the price may correct in the short term [70]. - **Glass and Soda Ash**: The price elasticity of soda ash is limited, and glass is in a state of weak supply and demand, with no obvious trend [72][73]. - **Propylene**: The price is affected by cost and supply - demand factors. Attention should be paid to geopolitical and device - related changes [75]. - **Black Commodities** - **Rebar and Hot - Rolled Coil**: The prices are in a range - bound shock, with the rebar 2605 contract in the range of 3050 - 3200 yuan and the hot - rolled coil 2605 contract in the range of 3200 - 3350 yuan [76][77]. - **Iron Ore**: The price has limited downward space. Although the supply is abundant, the demand has certain resilience, and the steel mill's restocking demand is strong [78][80]. - **Coking Coal and Coke**: The demand for coking coal and coke may be insufficient in the short term. The coking coal spot price may face downward pressure, and attention should be paid to post - holiday mine resumption and macro - sentiment changes [83]. - **Silicon Ferrosilicon and Manganese Silicon**: They are in a range - bound shock, with silicon ferrosilicon in the range of 5400 - 5900 yuan and silicon manganese in the range of 5700 - 6100 yuan [84][85]. - **Agricultural and Soft Commodities** - **Live Pigs**: The main 03 contract may rise in an oscillating manner [88]. - **Cotton**: The domestic cotton price has an upward drive in the medium - to long - term, but the short - term upward space is restricted by the internal - external price difference. It is recommended to build long - positions on dips [90][91]. - **Sugar**: The domestic sugar price has limited probability of further increase due to the decline of raw sugar and weak demand [93]. - **Eggs**: The main contract may weaken in an oscillating manner [95]. - **Apples**: The futures price may continue to rise if the demand continues to improve and inventory is removed more than expected [96]. - **Red Dates**: The short - term price may be in a low - level shock, and the long - term price is under pressure due to sufficient supply [97]. - **Logs**: The price is in a range of 750 - 795, and a double - selling strategy of put at 750 and call at 800 can be considered [101]. 3. Section - by - Section Summaries Macroeconomic and Financial Futures - **Macro**: The probability of Rick Rieder of BlackRock being elected as the Fed Chairman has soared. His policy stance may lead to a further cut in policy rates. Japan's Prime Minister will take measures against abnormal market fluctuations, and the US is affected by a winter storm [1]. - **Renminbi Exchange Rate**: The on - shore RMB against the US dollar closed higher in the previous trading day. The RMB is supported by domestic data for appreciation, but the process will be regulated by the central bank [3][6]. - **Equity Index**: The previous trading day's index showed a differentiated trend, with large - cap indices weak and small - and medium - cap indices rising. The market may have short - term corrections due to overheating [7]. - **Treasury Bonds**: The bond market rebounded last week, but the short - term may continue to oscillate. Medium - term long - positions can be held, and short - term investors can wait and see [8][9]. Container Shipping to Europe - **Market Review**: The futures contracts showed a differentiated trend, with the near - term contracts relatively stable and the far - term contracts showing different trends. The主力合约 EC2604 slightly declined, and the次主力合约 EC2606 rose [10]. - **Information Summary**: There are positive factors such as the delay of full - scale resumption of navigation and local improvements in macro data, and negative factors like the sharp decline in spot freight rates, the weakening of freight rate indices, and trade protectionism [11]. - **Trading Judgment**: The 02 and 04 contracts' prices decreased year - on - year. If the resumption of navigation cannot be realized, the 06 contract may have some upward space [12][13]. Commodities - **New Energy** - **Carbonate Lithium**: The price rose last week, and the market is active. It is recommended to reduce positions before the Spring Festival and pay attention to selling volatility [15][16]. - **Industrial Silicon and Polysilicon**: The prices of both showed certain changes last week. In the short term, the price of industrial silicon is likely to rise, but the polysilicon inventory restricts its upward elasticity [17][19]. - **Non - Ferrous Metals** - **Copper**: The price was in a narrow - range shock last week. The LC spread narrowed, and LME copper warehouse receipts in US warehouses flowed in. It is not recommended to build new positions above 100,000 yuan [21][24]. - **Aluminum and Its Products**: The prices of aluminum, alumina, and cast aluminum alloy showed different trends. Aluminum is expected to be slightly stronger in the short term and bullish in the long term; alumina is expected to be weak; cast aluminum alloy is expected to be slightly stronger [25][26][27]. - **Zinc**: The price was oscillating strongly. The supply is expected to be relatively loose, and the demand is weak. It may oscillate strongly following the sector [27]. - **Nickel - Stainless Steel**: The prices of nickel and stainless steel showed different trends. The supply side is facing disturbances, and the market is in a state of long - short competition [28][29]. - **Tin**: The price was oscillating strongly and reached a new high at night. It is affected by geopolitical factors [30][31]. - **Lead**: The price was oscillating weakly. The supply and demand are both weak, and it is recommended to sell options to collect premiums [32]. - **Oilseeds and Oils** - **Oilseeds**: External soybean futures are weakly oscillating, and domestic soybean meal is expected to stop falling in the short term. Rapeseed meal may return to international pricing [33][35]. - **Oils**: Oils are expected to remain strong, with palm oil being the strongest. The market is affected by geopolitical factors and bio - fuel policies [36][37]. - **Energy and Oil and Gas** - **Fuel Oil**: The high - sulfur fuel oil market has a poor fundamental situation, but the Iranian issue provides support at the bottom [39]. - **Asphalt**: The short - term price is expected to be in a shock state. The 02 and 03 contracts' premium opportunities may be stable trading opportunities [41]. - **Precious Metals** - **Platinum and Palladium**: The prices rose last week. In the medium - to long - term, the bull market foundation remains. The price is expected to be in a high - level wide - range shock [44][48]. - **Gold and Silver**: The prices reached new highs, driven by geopolitical risks, policy uncertainties, and the weakening of the US dollar. They are in an upward - prone state [48][49]. - **Chemicals** - **Paper Pulp and Offset Paper**: The paper pulp futures price is affected by the spot market and may have limited upward space. The offset paper futures price is affected by cost and supply - side factors. It is recommended to wait and see for both [51][53]. - **LPG**: The short - term price is supported by external cold snaps and geopolitical factors, but the demand side is weakening [54]. - **PTA - PX**: The prices are strongly rising due to concentrated long - positions. However, the high - valuation situation is not suitable for chasing long - positions. It is recommended to wait for corrections to build long - positions [55][58]. - **MEG - Bottle Chips**: The price of ethylene glycol has bottomed out and is expected to fluctuate widely with the macro - environment. It is not suitable to be used as a short - position target in the short term [59][60]. - **Methanol**: The price has rebounded, mainly due to geopolitical risks and the improvement of the energy - chemical sector's sentiment. It is recommended to wait and see for single - side trading and consider 3 - 5 reverse spreads and expanding MTO profits [61][62]. - **PP and PE**: Both are affected by market sentiment and sector rotation. Their fundamentals are weak, and it is recommended to wait and see [63][67]. - **Pure Benzene - Styrene**: Both are running strongly. It is recommended to wait and see and look for opportunities to buy on dips for styrene [68]. - **Urea**: The price of the 05 contract may continue to rise, but there may be short - term corrections. It is recommended to hold long - positions [69][70]. - **Glass and Soda Ash**: The soda ash market has an over - supply expectation, and the glass market is in a state of weak supply and demand. Both have limited price elasticity [71][73]. - **Propylene**: The price is affected by cost and supply - demand factors. Attention should be paid to geopolitical and device - related changes [74][75]. - **Black Commodities** - **Rebar and Hot - Rolled Coil**: The prices are in a range - bound shock. The supply is expected to increase slightly, and the demand will weaken seasonally [76][77]. - **Iron Ore**: The price has limited downward space. Although the supply is abundant, the demand has certain resilience, and the steel mill's restocking demand is strong [78][80]. - **Coking Coal and Coke**: The demand for coking coal and coke may be insufficient in the short term. The coking coal spot price may face downward pressure, and attention should be paid to post - holiday mine resumption and macro - sentiment changes [81][83]. - **Silicon Ferrosilicon and Manganese Silicon**: They are in a range - bound shock, with silicon ferrosilicon in the range of 5400 - 5900 yuan and silicon manganese in the range of 5700 - 6100 yuan [84][85]. - **Agricultural and Soft Commodities** - **Live Pigs**: The spot price has stabilized. The main 03 contract may rise in an oscillating manner [87][88]. - **Cotton**: The domestic cotton price has an upward drive in the medium - to long - term, but the short - term upward space is restricted by the internal - external price difference. It is recommended to build long - positions on dips [89][91]. - **Sugar**: The domestic sugar price has limited probability of further increase due to the decline of raw sugar and weak demand [92][93]. - **Eggs**: The main contract may weaken in an oscillating manner due to the weakening of pre - holiday demand [94][95]. - **Apples**: The futures price may continue to rise if the demand continues to improve and inventory is removed more than expected [95][96]. - **Red Dates**: The short - term price may be in a low - level shock, and the long - term price is under pressure due to sufficient supply [97]. - **Logs**: The price is in a range of 750 - 795, and a double - selling strategy of put at 750 and call at 800 can be considered [98][101].