Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - In the first half of 2026, PX is expected to be the strongest variety in the polyester industry chain [13]. - PTA is expected to enter a pattern of declining demand, but currently, with polyester production not significantly decreased and PTA inventory in a state of low - level depletion, the unilateral price is still expected to be strong [4]. - The current low price of ethylene glycol (MEG) is mainly due to the reduced turnover efficiency in the intermediate trading link, but this situation will improve in the future. With strong support at 3,600 yuan/ton, it is recommended to close short positions [5]. 3. Summary by Relevant Catalogs PX - **Valuation**: PX is in a high - level volatile market with a weakening monthly spread. The PXN spread is weak, the gasoline inventory is rising, the aromatics blending oil demand is weak, and the aromatics blending oil economy is deteriorating [15][24][27][37]. - **Supply and Demand**: The domestic PX production rate is at a historical high, with the domestic production rate reaching 90.9% (+0.3%). The Asian total production rate is 81.2% (+0.3%). The PX inventory in December was 402 million tons (-5) [54][58][85]. - **Import**: In November, the PX import volume was 820,000 tons. Imports from South Korea and Japan continued to increase, while those from Brunei decreased [60]. PTA - **Valuation**: The basis and monthly spread of PTA rebounded, and the number of warehouse receipts decreased marginally. The processing fee rebounded from its bottom [91][100]. - **Supply and Demand**: The PTA production rate was 78%. The PTA export volume in November was 360,000 tons, with significant increases in exports to Egypt, Oman, and India. The inventory decreased marginally [103][106][120]. MEG - **Valuation**: The unilateral price of MEG rebounded from its bottom, but the monthly spread structure was still weak. The relative valuation continued to decline. The profit of coal - based plants was - 261 yuan/ton (-35), and oil - based plants continued to operate at a loss [138][142][144]. - **Supply and Demand**: The MEG production rate was 74%. Affected by the naphtha consumption tax policy and spring maintenance of syngas plants, the supply pressure eased. The import volume in November was 580,000 tons, lower than market expectations. Overseas plants reduced their loads, and the import volume is expected to decline. The port inventory remained flat [147][148][151]. Polyester Segment - **Production Rate**: The polyester production rate was 90.8%. It is expected to drop to 84% at the end of January, with an average monthly production rate of 88 - 89% in January [4][5][166]. - **Inventory**: The inventory of polyester products is expected to accumulate again after the slow sales during the New Year's Day [168]. - **Export**: From January to November, the total polyester export volume was 13.3 million tons, a year - on - year increase of 14.7% [176]. - **Profit**: The losses of filament producers widened, while the profits of staple fiber and bottle chip producers were acceptable [178]. Terminal: Weaving and Textile and Apparel - **Domestic Market**: From January to November, the retail sales of Chinese textile and apparel reached 135.97 billion yuan, a year - on - year increase of 3.5%. The export volume from January to November was 137.8 billion US dollars, a year - on - year decrease of 4.4% [207][213]. - **Overseas Market**: The retail data of textile and apparel in the US and Europe showed strong growth. The inventory of overseas textile and apparel decreased slightly month - on - month [217][222].

Company Overview - DOW (NYSE:DOW) is a significant player in the chemical industry, providing a diverse range of materials science solutions across various sectors such as packaging, infrastructure, and consumer care [1] - The company faces competition from other major chemical firms like BASF and DuPont, which also hold substantial market shares [1] Stock Performance - As of January 8, 2026, DOW's stock price is $24.80, reflecting a decrease of 2.82% or $0.72 from the previous trading session [3][5] - The stock has shown volatility, with a trading range today between $24.55 and $25.61, and over the past year, it has fluctuated between a high of $42.17 and a low of $20.40 [3][5] Market Capitalization and Trading Activity - DOW's market capitalization is approximately $17.56 billion, indicating its substantial size within the industry [4][5] - The trading volume today is 6,453,484 shares, demonstrating active investor interest despite the broader market downturn [4][5] Analyst Outlook - John Roberts from Mizuho Securities has set a price target of $27 for DOW, suggesting a potential increase of about 8.87% from the current stock price [2][5] - This optimistic outlook persists even amid a broader market downturn, as indicated by declines in futures for the Dow and S&P 500 [2]

Core Viewpoint - International value stocks have underperformed US counterparts for over a decade, but the recent 47% surge of the Dimensional International Value ETF (DFIV) raises questions about whether this represents a genuine rotation or a temporary reversal [1][6]. Group 1: Fund Overview - DFIV provides exposure to undervalued companies in developed markets outside the US, using an active, research-driven approach to identify stocks trading below intrinsic value [2]. - The fund emphasizes strong profitability metrics and systematically tilts toward value characteristics, financial health indicators, and smaller market capitalizations, differentiating it from passive international funds [2]. - DFIV combines potential revaluation of underpriced stocks with a current dividend yield near 3%, delivering meaningful cash flow alongside capital appreciation potential [3]. Group 2: Performance Analysis - DFIV gained 47% over the past year, significantly outperforming the S&P 500's 16% and the iShares MSCI EAFE ETF by approximately 14 percentage points, while surpassing US value strategies by over 30 percentage points [6]. - This performance validates the international value thesis but complicates decisions for new investors, as much of the gain reflects a catch-up after years of underperformance [7]. Group 3: Portfolio Composition - Top holdings include European energy giants like Shell and TotalEnergies, financial institutions such as Banco Santander and HSBC, and Japanese industrials like Toyota, indicating a portfolio heavily weighted toward sectors trading at depressed valuations [4]. - The portfolio is concentrated in European financials and energy companies, which are vulnerable to regional economic slowdowns, regulatory pressures, and commodity price swings [9]. Group 4: Investment Considerations - DFIV is not suitable for short-term traders or those seeking growth characteristics, as it focuses on mature, often undervalued businesses and has a quarterly dividend structure [10]. - For broader international exposure without a value tilt, the Vanguard Total International Stock ETF (VXUS) offers a compelling alternative, charging lower fees and providing exposure to both value and growth stocks across developed and emerging markets [11].

Core Insights - IonQ is expanding its strategic partnerships in healthcare, logistics, and academia to promote the adoption of quantum computing in real-world applications [2][3][4][8] Healthcare Partnerships - IonQ has partnered with the Centre for Commercialization of Regenerative Medicine (CCRM) to develop next-generation therapeutics using hybrid quantum and quantum-AI technologies, with initial projects set to launch in Canada and Sweden in 2026 [2][8] Logistics Partnerships - IonQ has formed an investment partnership with Einride, a global leader in digital, electric, and autonomous logistics solutions, aiming to enhance efficiency, reliability, and sustainability in the freight industry through the integration of quantum systems [3][8] Academic Collaborations - A strategic agreement with the University of Chicago will establish the IonQ Center for Engineering and Science, where a next-generation quantum computer and an entanglement distribution quantum network will be deployed to support research and generate intellectual property [4][8] Industry Updates - Quantum Computing Inc. (QUBT) and POET Technologies Inc. (POET) are collaborating to develop high-performance 400G/Lane modulators, which will significantly increase networking speeds [5] - D-Wave Quantum Inc. (QBTS) and BASF have completed a proof-of-concept project that optimized manufacturing workflows, reducing production scheduling time from 10 hours to seconds [6] Stock Performance - Year-to-date, IonQ's shares have increased by 4.2%, slightly underperforming the industry growth of 4.5% [7] - IonQ's current forward Price-to-Sales (P/S) ratio is 81.07X, significantly higher than the industry average of 3.70X, indicating an expensive valuation [10] Earnings Estimates - In the past 30 days, IonQ's loss per share estimate for 2025 has narrowed by 6 cents [12] - Current estimates for the upcoming quarters show a loss per share of -0.48 for the current quarter and -0.47 for the next quarter [13]

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - In the first half of 2026, PX is expected to be the strongest variety in the polyester industry chain [15] - The cost - driven PX market has strong support, and the long - spread position should be held; the PTA market is in a high - level oscillation range with cost - driven strength and the long - spread position should be maintained; the MEG market is suitable for range operation with a weak mid - term trend and a short - spread position [3][4][5] 3. Summary by Directory PX Valuation and Profit - PX price fluctuates and the curve near - end is flat; the 05 - 9 month spread strengthens, while the 1 - 5 spread weakens [17][19] - PXN expands due to weak naphtha demand, and the aromatics blending oil demand is weak [24][27] - The aromatics blending oil economy weakens, the PX - MX spread hits a new high, and the overseas MX isomerization economy improves [38][42][46] - The profitability of STDP units at home and abroad recovers, and the enthusiasm for starting work is restored [48] Supply and Demand, Inventory - The domestic PX operating rate is at a historical high. The 100 - million - ton PX device of Dalian Fujia is restarting, and the Asian overall operating rate is 79.5% (+0.6%) [53][55] - In November, PX imports were 820,000 tons, with an increase in imports from South Korea and Japan and a decline from Brunei [60] - In November, Japan's aromatics production and inventory declined; South Korea's aromatics export and inventory data show certain trends [71][78] - In November, the long - term PX monthly inventory accumulated by 50,000 tons to 4.07 million tons [85] PTA Valuation and Profit - The PTA price rises significantly, the basis rebounds steadily, the basis and month - spread of the 1 - 5 contract change, and the warehouse receipt volume decreases marginally [87][91] - The processing fee rebounds from the bottom, the overall price of the polyester chain moves up, and the downstream follow - up increase is limited [93][94] Supply and Demand, Inventory - The PTA operating rate stabilizes at 71 - 72%. The 2.5 - million - ton device of Xin凤鸣 Phase I and the 1.2 - million - ton device of Zhongtai Chemical are restarting [96] - In November, PTA exports were 360,000 tons, with significant increases in Egypt, Oman, and India [99] - The PTA inventory decreases marginally [114] Position - The long - position holdings of Morgan Qiankun in PTA increase, and foreign - funded seats increase their long - position holdings to 154,000 lots (+40,000 lots) [118][120] MEG Valuation and Profit - The MEG month - spread declines, the basis weakens, and the single - side price trend is weak [132] - The relative valuation continues to decline, and the trend continues until active production cuts [136] - The coal - based device profit is - 217 yuan/ton (+43), and the oil - based device continues to be in a loss pattern [138] Supply and Demand, Inventory - In 2026, many MEG production projects are put into production. The domestic MEG operating rate is 72% (+2%), and the weekly supply is about 400,000 tons [128][144] - In November, MEG imports were 580,000 tons, lower than market expectations. Overseas multiple devices reduce their loads, and imports are expected to decline [146][149] - The MEG port inventory continues to rise [154] Polyester Segment Operating Rate and Inventory - The current polyester operating rate is 89.5%. The production reduction of the three major polyester filament factories is about 2.819 million tons. The polyester load in January is adjusted from 89% to 88%, and is expected to be 84% in February [161] - During the New Year's Day, the sales volume is light, and the inventory is expected to accumulate again. The equity inventory of filament (POY/FDY) is 5 - 10 days [165][171] Export and Profit - From January to November, the total polyester exports were 13.3 million tons, +14.7%. The export growth rates of various polyester products are different [173] - The losses of filament factories expand, while the profitability of staple fiber and bottle chips is acceptable [175] Terminal: Weaving, Textiles and Apparel Operating Rate and Order - The operating rate of Jiangsu and Zhejiang looms is 60% (-2%), and the texturing machine operating rate is 79% [196] - Domestic orders weaken, and raw material inventory increases. The weaving end has weak new orders, and the坯布 inventory accumulates again [199][201] Retail and Export - From January to November, the retail sales of Chinese textile and apparel were 1.3597 trillion yuan, +3.5% [202] - From January to November, the cumulative export of Chinese textile and apparel was 137.8 billion US dollars, with a cumulative year - on - year decrease of 4.4% [208] Overseas Market - The retail data of textile and apparel in the US and Europe show strong growth. The US clothing retail in January - September 2025 was 160.7 billion US dollars, +7.5% [212][214] - The UK clothing retail in January - November was 43.8 billion pounds, +6% [216] - The overseas textile and apparel inventory declines slightly month - on - month [218]

Market Overview - Major U.S. index futures indicate a lower open on Monday, with stocks expected to give back gains after a strong performance last week [1] - Profit taking may contribute to initial weakness as traders look to cash in on recent gains ahead of the year-end [1] - The Dow and S&P 500 reached record closing highs last Thursday before slightly declining on Friday [1] Tech Sector Performance - A pullback in big-name tech companies, including Oracle, which is down over 2 percent in pre-market trading, may weigh on the market [2] - Nvidia and Micron Technology also show notable pre-market weakness after strong gains last week [2] Trading Activity - Stocks showed a lack of direction on Friday, with major averages bouncing around the unchanged line before closing slightly lower [3] - The S&P 500 reached a new record intraday high before closing down 2.11 points, or less than 0.1 percent, at 6,929.94 [3] Weekly Performance - Despite choppy trading, major averages posted strong weekly gains: S&P 500 up 1.4 percent, Dow and Nasdaq both up 1.2 percent [4] Sector Movements - Gold stocks showed significant strength, with the NYSE Arca Gold Bugs Index climbing 1.4 percent to a new record closing high [6] - Steel stocks also performed well, while airline and telecom stocks experienced moderate declines [6] Commodity and Currency Markets - Crude oil futures surged $1.41 to $58.15 a barrel after a previous drop [7] - Gold futures fell $84.30 to $4,460.40 an ounce after a significant increase in the prior session [7] - The U.S. dollar is trading at 156.26 yen, down from 156.54 yen, and at $1.1767 against the euro, slightly down from $1.1771 [7] Asian Market Performance - Asian stock markets displayed mixed performance amid weak sentiment from Wall Street futures and rising geopolitical tensions [8] - China's Shanghai Composite Index edged higher, recording a nine-session winning streak [9] European Market Performance - European stocks fluctuated between gains and losses amid cautious trading, with defense stocks declining due to progress in Ukraine peace talks [15] - The German DAX Index fell by 0.1 percent, while the U.K.'s FTSE 100 Index and the French CAC 40 Index rose by 0.1 percent and 0.2 percent, respectively [15] Economic Indicators - The National Association of Realtors is set to release a report on pending home sales, expected to increase by 0.8 percent in November [20] - The Energy Information Administration will report on crude oil inventories, anticipated to decrease by 2.6 million barrels [21]

Market Performance - The major European indices experienced slight gains, with the pan-European Stoxx 600 up 0.11% at 589.36, the UK's FTSE 100 rising 0.2% to 9,890.90, Germany's DAX increasing by 18.87 points or 0.1% to 24,358.93, and France's CAC 40 gaining 17.96 points or 0.22% to 8,121.54 [2] Sector Performance - In the UK market, mining stocks such as Fresnillo, Glencore, Anglo American Plc, and Antofagasta saw increases of 1% to 2%. Other notable gainers included Convatec Group, Entain, Mondi, Segro, Barratt Redrow, Berkeley Group Holdings, Persimmon, and Experian [2] - Conversely, Babcock International fell by about 2.5%, while companies like Beazley, Hiscox, British American Tobacco, BT Group, Endeavour Mining, BAE Systems, Melrose Industries, Easyjet, and Rolls-Royce Holdings experienced losses ranging from 0.9% to 1.7% [3] - In Germany, Rheinmetall slid nearly 2.5%, and Siemens Energy shed about 1%, with other companies like Munich RE, Qiagen, Fresenius, Scout 24, GEA Group, Allianz, and Deutsche Bank posting modest losses [3] - Continental saw an increase of 2.1%, with Adidas, Mercedes-Benz, BASF, Brenntag, Bayer, and Vonovia gaining between 1% to 1.7%. Other companies such as BMW, SAP, Beiersdorf, Heidelberg Materials, Zalando, and Merck also moved higher [4] - In France, ArcelorMittal climbed 1.3%, while Saint Gobain, TP, and Publicis Groupe gained between 1% to 1.2%. Moderate gains were also seen in companies like STMicroElectronics, Michelin, Sanofi, Edenred, TotalEnergies, Societe Generale, Accor, and Veolia Environment [4] - However, Thales, Safran, Eurofins Scientific, Kering, Pernod Ricard, AXA, and Danone experienced losses ranging from 0.4% to 1.2% [4] Economic Indicators - In economic news, the number of registered unemployed individuals in mainland France decreased by 21,500 in November 2025 to 3.129 million, following two consecutive periods of sharp increases. The jobless claims in October were at 3.151 million, marking a seven-month high. Year-on-year, the total number of registered unemployed increased by 197,300 compared to November 2024 [5]

Core Insights - Women We Admire has announced The Top 50 Women Leaders in Human Resources for 2025, highlighting the significant role of HR leaders in shaping workforce policies and practices across various industries [1] Group 1: Honorees and Their Contributions - Ola Snow, Chief Human Resources Officer at Cardinal Health, oversees multiple functions including human resources and diversity initiatives, focusing on workforce strength and employee growth [2] - Sandy McIntosh, Executive Vice President of People & Culture at TELUS, serves as a trusted advisor to leadership, leading strategies that enhance business and culture practices for better human outcomes [3] - Sherry Kenyon, Human Resources Business Partner at BASF, has over 25 years of experience in balancing company objectives with employee engagement, playing a key role in transitioning to new electronic processes [4] Group 2: Recognition and Impact - The announcement serves to celebrate the accomplishments of women leaders in HR, emphasizing their influence on organizational operations and employee experiences [5] - The full list of honorees includes notable figures from various companies, showcasing a diverse range of leadership in human resources [6]

Core Insights - ADAMA Ltd. and BASF have entered a strategic co-development and commercialization agreement for the fungicide active ingredient Gilboa, aimed at providing new disease management solutions for European cereal growers [1][2][3] Group 1: Partnership Details - The collaboration will leverage ADAMA's innovation and formulation expertise alongside BASF's development capabilities and market access, ensuring faster delivery of next-generation solutions to farmers [2][5] - Each company will independently manage its own concepts, pricing, sales, and market strategies [2] Group 2: Product Development and Launch Timeline - Pending product registration approvals, Gilboa-based formulations for wheat are expected to launch in Great Britain in 2027, followed by broader European launches in 2029 [5] Group 3: Market Context and Need - European farmers are facing increasing regulatory pressures and the phase-out of existing active ingredients, creating a demand for effective and reliable crop protection tools [3] - Gilboa offers a novel mode of action for cereals, classified under FRAC Group 32, and is designed to provide broad-spectrum, long-lasting disease control solutions [3] Group 4: Company Profiles - ADAMA Ltd. is recognized as a global leader in crop protection, focusing on innovative and sustainable solutions to address challenges faced by farmers [6] - BASF Agricultural Solutions emphasizes sustainability and invests significantly in R&D, with a reported sales figure of €9.8 billion in 2024 [8]

BASF will refrain from compulsory job reductions at its main Ludwigshafen site for at least three years, sparing the plant from forced cuts as German industry struggles https://t.co/GoTwe7XH0B ...