1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The supply - side is at a major cycle inflection point. Demand is supported by interest rate cuts, and policies and replacement cycles are favorable for heavy - truck demand. However, the real estate sector is a major drag. With relatively small supply - demand contradictions and current low valuations, inflation and the capacity cycle inflection point raise the lower limit. It is predicted that the center of rubber prices will increase. It is advisable to buy at an appropriate time, with the ru operating range expected to be between 14,000 - 18,000 yuan/ton, and the short - to - medium - term support for nr at 12,400 - 12,600 yuan/ton. Also, reduce the position of the long - ru and short - nr arbitrage strategy [6]. 3. Summary According to Relevant Catalogs 3.1 Macro - There are policy expectations for the real estate sector, which is yet to stabilize. Domestically, there is a trend against excessive competition. Abroad, the Fed's interest rate cuts are beneficial for the capital market, but the spill - over effects of a potential US recession should be guarded against. The US aims to increase its GDP to 40 trillion US dollars by 2030, which implies an average annual nominal GDP growth rate of about 5.5% in the next five years, and inflation will provide support [6]. 3.2 Supply - The major cycle inflection point has arrived. Raw materials are prone to price increases and difficult to decline. Rubber farmers' inventories were cleared at a high level in 2024 - 2025. High prices will stimulate output with high elasticity, while low prices may lead to reduced production or hoarding. Price has the greatest impact on output, followed by weather. The strength of raw materials and basis reflects the current strength, but the weak spread between latex and cup lump reflects the current weakness. Currently, the enthusiasm for rubber tapping is fair. This year, the phenology in natural rubber producing areas is average, with more rainfall and floods in southern Thailand in November, making raw materials relatively firm and the processing sector unprofitable. The global output is expected to increase by 0.75% this year. Crude oil is relatively sluggish, synthetic rubber is at a medium - low level relative to crude oil, and natural rubber is relatively high compared to synthetic rubber. The substitution space of synthetic rubber for natural rubber is approaching its peak [6]. 3.3 Inventory - Qingdao's inventory is around the middle level, having increased significantly compared to 2016. The inventory - to - sales ratio is not low, but considering the large increase in imports this year and the high proportion of exports from producing areas to China, the inventory is not considered high, with an overall neutral evaluation. Attention should be paid to the seasonal peak of inventory accumulation. Due to the diversion of concentrated latex and capacity issues in Thailand, Vietnam, and China, the output of full - latex is squeezed, and the exchange warehouse receipts are at a ten - year low. The inventory of butadiene rubber is relatively high. The inventory of full - steel truck tires is lower than last year, and the inventory of semi - steel tires is at a high level with marginal destocking. Considering the market expansion, it is also evaluated as neutral [6]. 3.4 Demand - In 2025, real estate data continued to deteriorate, dragging down the market. The current new construction area is less than one - third of the peak. Given the long real - estate cycle and the unfavorable population situation, a turnaround in the difficult situation will take time. Affected by the sharp decline in real - estate physical work, the recovery of road freight volume is difficult. It caught up with 2019 levels in 2024 and continued to grow in 2025. However, heavy - truck sales are still supported by policies and replacement cycles. Domestic passenger - car sales (including exports) performed well under policy stimulus, domestic substitution, and overseas market expansion, but the marginal growth rate has shown signs of fatigue. Overseas automobile sales are fluctuating weakly. Overseas markets rely more on tire replacement demand, and the Fed's interest rate cuts are conducive to stimulating demand. Rubber demand follows the macro - economy, and it is expected that global demand will grow by about 2% in 2026 [6]. 3.5 Market Data Analysis - **Price Relationship**: The basis of ru is at a multi - year high; the spread between full - latex and Thai mixed rubber is at a low level; the ru 9 - January spread is 680, stronger than last year; the nr continuous 1 - continuous 3 spread is around - 80 and weakening; the br continuous 1 - continuous 3 spread is around - 65; the spread between full - latex and 20 - type rubber has rebounded from a low level to a relatively high level in the past year; synthetic rubber Br is at a relatively low position compared to natural rubber [16][20][25]. - **Raw Material Prices**: Thai raw materials are consolidating with an upward bias. In 2025, Thai raw material prices were relatively strong compared to finished products, indicating a tightening of raw material production capacity. However, the continuous weakness of the spread between latex and cup lump suggests that supply problems are not significant [35]. - **Processing Profits**: Thai processing profits are low and still in the negative range, reflecting over - capacity in processing and tight raw materials in Thailand [40]. - **Inventory Data**: Qingdao's inventory is at a medium level, but considering imports, it is not overly high. Exchange ru warehouse receipts are at a ten - year low, and nr warehouse receipts are at a medium - low level. Synthetic rubber inventory is moderately high. Full - steel truck tire inventory days are at a medium - high level in recent years, and semi - steel tire inventory days are at a high level [46][56][66]. 3.6 Supply - Side Analysis - **Production**: According to ANRPC, the cumulative global natural rubber production in the first three quarters of this year is expected to increase by 2.3%, and consumption is expected to decrease by 1.5%. As of October, ANRPC's production increased slightly. China's natural rubber production in the first nine months of 2025 increased by over 7%. The global production is expected to increase by 0.75% this year. The global rubber production capacity is approaching the ceiling, and ANRPC's capacity will enter a deficit mode (excluding Africa, Myanmar, and Laos). High prices stimulate output, but low prices lead to reduced production. The price has the greatest impact on output, followed by weather [75][83]. - **Imports**: In 2024, rubber imports were lower than in previous years due to EU Eudr diversion, overseas restocking, and reduced arbitrage demand. In the first ten months of 2025, the cumulative imports of natural and synthetic rubber (including latex) in China increased by 15% compared to the same period in 2024. Currently, the implementation of EUDR has been postponed until the end of 2026 and 2027 [86]. 3.7 Demand - Side Analysis - **Tire Industry**: In 2025, the overall operating rate of full - steel truck tires was on the rise but still low, at a low level in recent years. The current operating rate of semi - steel tires is not high. As of November 2025, the cumulative year - on - year growth rate of tire outer - tube production was 0.6%, with the marginal growth rate continuing to decline and significantly slower than last year. The cumulative year - on - year growth rate of tire exports as of November was 3.8%, with the growth rate also marginally decreasing, performing relatively well but still lower than last year [107][111]. - **Heavy - Trucks**: Heavy - truck sales are still supported by policies and replacement cycles. Despite weak real - estate data, the trade - in policy boosts heavy - truck sales. In December 2025, China's heavy - truck market sold about 95,000 vehicles (wholesale basis, including exports and new - energy vehicles), a month - on - month decrease of about 16% compared to November 2025 and a year - on - year increase of about 13% compared to 84,200 vehicles in the same period last year. Large infrastructure projects such as the Yajiang Hydropower Station are beneficial for long - term heavy - truck demand [116]. - **Passenger Cars**: Domestic passenger - car sales (including exports) performed well under policy stimulus, domestic substitution, and overseas market expansion, but the marginal growth rate has shown signs of fatigue. Overseas automobile sales are fluctuating weakly [119]. - **Infrastructure and Real Estate**: The real - estate sector in 2025 continued to deteriorate, dragging down the market. The current new construction area is less than one - third of the peak. Given the long real - estate cycle and the unfavorable population situation, a turnaround will take time. Cement production had negative growth last year and is marginally improving this year, but as of November, the cumulative year - on - year negative growth has deepened. Transportation investment is an important measure for stable growth. Major infrastructure projects such as large - scale hydropower and railway projects have started, opening up new space for infrastructure construction [129][133][139]. - **Freight Volume**: Road freight volume is recovering with difficulty. It caught up with 2019 levels in 2024 and continued to grow in 2025. It is affected by the sharp decline in real - estate physical work and the substitution of railway and waterway transportation [145].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Next week (01.19 - 01.23), it is expected that the prices of Dalian soybean meal and soybean futures may rebound. For soybean meal, although the January USDA report and the progress of China - Canada consultations had a bearish impact on prices, the market has already factored them in. After these events, there is no further negative news, so the soybean meal price is expected to rebound from a low level. For soybeans, the spot price is stable with a slight upward trend, and the futures price depends on the sentiment of the soybean market [6]. 3. Summary by Related Content International Soybean Market - **US Soybean Futures Prices**: Last week (01.12 - 01.16), US soybean futures prices first declined due to the bearish USDA report and then rose because of Chinese purchases and the increase in US soybean oil prices (due to the possible formulation of 2026 biofuel blending quotas in March in the US). From a weekly K - line perspective, in the week of January 16, the main March 2026 contract of US soybeans had a weekly decline of 0.61%, and the main March 2026 contract of US soybean meal had a weekly decline of 4.58% [2]. - **Fundamental Factors**: - **Chinese Purchases**: From January 12 to January 16, the cumulative large - scale orders of US soybeans sold to China, Mexico, and unknown destinations were about 1.4 million tons (mostly for 2025/26 delivery, and a few for 2026/27 delivery) [2]. - **USDA Export Sales Report**: In the week of January 8, 2026, for 2025/26 US soybeans, the export shipments were about 1.64 million tons, with a week - on - week increase of 47% and a year - on - year increase of about 16%; the cumulative export shipments were about 17.98 million tons, with a year - on - year decrease of about 42%. The current - year (2025/26) weekly net sales were about 2.06 million tons (about 0.88 million tons in the previous week), and the next - market - year (2026/27) weekly net sales were 10,000 tons (0 in the previous week), with a total of about 2.07 million tons (about 0.88 million tons in the previous week). The current - crop - year (2025/26) weekly net sales to China were about 1.22 million tons (0.47 million tons in the previous week), and the cumulative sales were about 8.12 million tons [2]. - **Brazilian Soybean Import Cost**: As of the week of January 16, the average CNF premium of Brazilian soybeans for February 2026 delivery increased slightly week - on - week, the average import cost decreased week - on - week, and the average crushing profit on the futures market increased week - on - week [2]. - **USDA Reports**: The January USDA monthly supply - demand report showed an increase in the ending stocks of US and Brazilian soybeans in 2025/26, while those of Argentina and China remained unchanged. According to the USDA quarterly grain inventory report, as of the quarter ending December 1, 2025, the total US soybean inventory was about 3.29 billion bushels, a year - on - year increase of about 6%, slightly higher than the market expectation of 3.25 billion bushels. These two reports had a short - term bearish impact on soybean prices [2]. - **South American Weather Forecast**: According to the January 17 weather forecast, in the next two weeks (January 18 - February 1), the precipitation in the main soybean - producing areas of Brazil will be slightly less, and the temperature will be basically normal. In Argentina, the precipitation will be less, and the temperature will be higher in some periods (January 24 - February 1). Currently, the weather in the Argentine产区 has a bullish impact and needs to be monitored [2][3]. Domestic Soybean Meal Market - **Futures Prices**: Last week (01.12 - 01.16), domestic soybean meal futures prices were weak, mainly affected by the bearish January USDA report and the progress of China - Canada trade consultations. From a weekly K - line perspective, in the week of January 16, the main May 2026 contract of soybean meal (m2605) had a weekly decline of 2.12% [2]. - **Spot Market**: - **Trading Volume**: The trading volume of soybean meal increased week - on - week, with more long - term basis contracts traded. As of the week of January 16, the average daily trading volume of soybean meal in major domestic oil mills was about 670,000 tons, compared with about 360,000 tons in the previous week [4]. - **Pick - up Volume**: The pick - up volume of soybean meal increased week - on - week. As of the week of January 16, the average daily pick - up volume of soybean meal in major oil mills was about 186,000 tons, compared with about 174,000 tons in the previous week [4]. - **Basis**: The basis of soybean meal increased week - on - week. As of the week of January 16, the average weekly basis of soybean meal in Zhangjiagang was about 372 yuan/ton, compared with about 344 yuan/ton in the previous week and about 247 yuan/ton in the same period last year [4]. - **Inventory**: The inventory of soybean meal decreased week - on - week and increased year - on - year. As of the week of January 9, the inventory of soybean meal in major domestic oil mills was about 930,000 tons, a week - on - week decrease of about 13% and a year - on - year increase of about 66% [4]. - **Crushing Volume**: The soybean crushing volume increased week - on - week and is expected to continue to rise next week. As of the week of January 16, the weekly soybean crushing volume in domestic oil mills was about 1.99 million tons (1.77 million tons in the previous week and 2.41 million tons in the same period last year), with an operating rate of about 55% (49% in the previous week and 68% in the same period last year). Next week (January 17 - January 23), the soybean crushing volume of oil mills is expected to be about 2.2 million tons (2.08 million tons in the same period last year), with an operating rate of 61% (58% in the same period last year) [4]. - **Imported Soybean Auction**: On January 13, the National Grain Trading Center planned to auction 1.1396 million tons of imported soybeans, all of which were sold at an average transaction price of 3,812 yuan/ton, with a premium of 0 - 170 yuan/ton [4]. Domestic Soybean Market - **Futures Prices**: Last week (01.12 - 01.16), domestic soybean futures prices fluctuated, mainly affected by the bearish atmosphere in the soybean market, but the stable and slightly upward spot price provided support. From a weekly K - line perspective, in the week of January 16, the main May 2026 contract of soybeans (a2605) had a weekly decline of 1.23% [2]. - **Spot Market**: - **Prices**: In Northeast China, the net grain purchase price of soybeans (the mainstream purchase price of clean grain passing through a 4.5 - mesh sieve) was in the range of 4,280 - 4,380 yuan/ton, an increase of 20 yuan/ton compared with the previous week. In inland areas, the net grain purchase price of soybeans was in the range of 4,860 - 5,100 yuan/ton, the same as the previous week. In the sales areas, the sales price of Northeast edible soybeans was in the range of 4,640 - 4,840 yuan/ton, an increase of 0 - 20 yuan/ton compared with the previous week [5]. - **Farmer and Market Sentiment**: In the Northeast production area, farmers are reluctant to sell, and the market is cautious. Many grass - roots farmers still expect prices to rise and ask for high prices. Most traders are cautious about purchasing and consume their inventories, and the speed of goods flowing to the market is slow. High prices suppress transactions, and there is a situation of "high prices but no trading" in some markets. In the sales areas, the soybean price increased slightly, but the downstream acceptance is low. Many dealers said that the loading price at the origin increased, the arrival cost continued to rise, and the selling price was adjusted accordingly. However, limited by the low acceptance of the downstream market, the price increase was smaller than that at the origin. The new demand for terminal soy products was limited, which suppressed the overall trading speed of the market [5].

Report Industry Investment Ratings - Propylene: ★★★ (indicating a more distinct upward trend with relatively appropriate investment opportunities currently) [1] - Polypropylene: ★★★ [1] - Plastic: ★★★ [1] - Pure Benzene: ★★★ [1] - Styrene: ★★★ [1] - PTA: ★★★ [1] - Ethylene Glycol: ★★★ [1] - Short Fiber: ★★★ [1] - Bottle Chip: ★★★ [1] - Methanol: ★★★ [1] - Urea: ★★★ [1] - PVC: ★★★ [1] - Caustic Soda: ★★★ [1] - Soda Ash: ★☆☆ (indicating a bullish/bearish bias with a driving force for price increase/decrease, but poor operability on the market) [1] - Glass: ★★★ [1] Core Viewpoints - The chemical market shows a mixed trend with different products having their own supply - demand and price characteristics. Some products are affected by supply shortages, while others are influenced by demand changes, geopolitical factors, and production schedules [2][3][5]. Summaries by Relevant Catalogs Olefins - Polyolefins - Propylene futures fluctuated within the day. Supply was tight, inventory was controllable, and some offers continued to rise. Downstream factories followed well, driving up the trading center [2]. - Plastic and polypropylene futures also fluctuated. For polyethylene, pre - sales during the Spring Festival continued, the overall transaction center of spot goods moved up, and production confidence was enhanced. For polypropylene, although the futures maintained a high level, the market was cautious due to concerns about demand [2]. Pure Benzene - Styrene - Pure benzene futures fluctuated, and spot prices in East China continued to decline slightly. Supply was abundant, and the port was accumulating inventory. In the short - term, it would fluctuate due to geopolitical risks, and in the long - term, de - stocking was difficult [3]. - Styrene futures had a narrow - range consolidation. The supply - demand was in a tight balance, the port inventory was decreasing, the export market was good, and the downstream was bullish [3]. Polyester - As oil prices fell, the cost support for PX and PTA weakened. In the short - term, the upward drive for PX was weak, but the medium - term outlook was positive. PTA's main driver was from raw materials, and the processing margin would moderately recover [5]. - For ethylene glycol, new domestic plants were put into operation, while overseas plants stopped production. The industry was mixed. In the short - term, falling oil prices were a major negative, but in the second quarter, there were expectations of improvement [5]. - Short - fiber enterprises had low inventory, but downstream orders were weak. Demand would continue to decline, and the price would fluctuate with raw materials [5]. - Bottle - chip production decreased, downstream demand was for rigid needs, and the processing margin recovered, but long - term capacity pressure remained [5]. Coal Chemical Industry - Due to the cooling of the geopolitical situation in Iran, the methanol market declined. Overseas plant operation rates were low, and the port was de - stocking. However, with demand weakening, the de - stocking speed was expected to slow down, and the market was in a multi - empty game [6]. - Urea futures declined slightly, while spot prices were stable with a slight increase. With the approaching of spring demand and positive macro factors, the market was expected to be strong [6]. Chlor - Alkali Industry - PVC weakened within the day. Although production increased slightly and exports of some enterprises increased, downstream demand was weak, and inventory increased. In 2026, it was expected to reduce capacity, and the futures price center would rise [7]. - Caustic soda was in a weak position, and the industry was accumulating inventory. Although the profit of integrated enterprises was okay, the industry was generally in a loss, and it was necessary to track whether there would be production cuts [7]. Soda Ash - Glass - Soda ash fluctuated within the day. Production continued to rise, supply pressure was high, downstream procurement was weak, and the industry was accumulating inventory. It was recommended to short on rebounds [8]. - Glass was strong within the day and continued to de - stock. However, production lines were in a loss, capacity was compressed, and demand was insufficient. It might accumulate inventory seasonally, but in the long - term, supply reduction would relieve pressure, and it was recommended to buy on dips [8].

Report Industry Investment Rating - Not provided in the content Core Viewpoints Polyester Sector - In the short - term, the supply - demand outlook for the polyester sector has worsened. PX and PTA should be treated with an adjustment mindset, and attention should be paid to the risk of crude oil price fluctuations due to unstable geopolitical situations. The sector lacks fundamental support and will follow the general trend of commodities, fluctuating in a low - level range. - In the long - term, the polyester sector will show a differentiated trend. With supply expected to remain relatively tight, the operating centers of PX and PTA will tend to move up. Due to increasing supply pressure, ethylene glycol will perform relatively weakly. [30] Methanol - In the short - term, affected by the geopolitical situation in Iran, the price fluctuations of methanol have increased, maintaining a wide - range oscillation pattern. Methanol is in a deep game between strong expectations and weak reality, with limited upward space and potential for a slight adjustment. - In the long - term, the import volume of methanol is expected to decrease in February, but demand recovery is weak. Methanol will likely continue to oscillate widely until there is obvious recovery momentum in demand. [58] Plastic - In the short - term, the supply - demand situation of plastic has marginally improved this week, and the price has continued to rebound due to strong macro - sentiment. However, as geopolitical concerns ease, the cost - side support weakens, and plastic may return to fundamental operation, with a possible weak and oscillatory trend. - In the long - term, the supply pressure of plastic is unlikely to decrease due to new capacity releases, and overall demand is in the off - season. Plastic is expected to continue its weak trend. [59] Summary by Relevant Catalogs Macro and Crude Oil Important Information - Iran's short - term possibility of blocking the Strait of Hormuz has significantly decreased, and the risk premium has been quickly squeezed out. The US has imposed sanctions on multiple Iranian individuals, entities, and foreign companies associated with Iran. The US has completed the first - batch sale of Venezuelan crude oil as part of a $2 billion deal, and plans to continue selling Venezuelan crude oil indefinitely. [3] - The EIA has slightly revised up its future oil - price forecast, expecting the average price of WTI crude oil in 2026 to reach $52.21 per barrel, and maintaining the 2027 forecast at $50.36. US crude - oil production is expected to decline from a peak of 13.61 million barrels per day in 2025 to 13.59 million barrels per day in 2026 and 13.25 million barrels per day in 2027. The rebound in Venezuelan crude - oil production may exacerbate market oversupply. [4] - As of the week ending January 9, 2026, US commercial crude - oil inventories increased by 3.39 million barrels to 422.447 million barrels. The US refinery operating rate was 95.3%, up 0.6 percentage points from the previous week, while gasoline inventories surged by 8.977 million barrels to 251.013 million barrels. [4] Polyester Sector Spot and Futures Price Trends - Futures prices: WTI crude oil continuous increased by 0.03%, PX603 decreased by 0.53%, TA605 decreased by 0.75%, EG605 decreased by 0.75%, PF602 decreased by 1.21%, and PR603 decreased by 0.03%. - Spot prices: Naphtha increased by 2.87%, PX CFR: Taiwan decreased by 0.68%, PTA spot benchmark price decreased by 0.49%, ethylene glycol East China mainstream price decreased by 0.57%, polyester staple fiber East China mainstream price decreased by 0.84%, and polyester bottle - chip East China mainstream price increased by 0.50%. - Basis: PX basis decreased by 10.64 yuan/ton, PTA basis increased by 13 yuan/ton, ethylene glycol basis increased by 8 yuan/ton, short - fiber basis increased by 23 yuan/ton, and polyester bottle - chip basis increased by 32 yuan/ton. - Polyester filament prices: POY150D/48F increased by 2.29%, FDY150D/96F increased by 1.47%, and DTY150D/48F increased by 1.29%. [6] Supply and Demand Analysis of Polyester Sector PX - Last week, the restart of Fujia Dahua's 1 - million - ton PX plant increased supply. As of January 15, the domestic weekly average PX capacity utilization rate was 91.95%, up 2.83 percentage points, and the PX output was 760,600 tons, up 1.46%. - South Korea's GSCX Line 3's 550,000 - ton PX plant has restarted, and Asia's PX load has slightly rebounded. As of January 15, Asia's weekly average PX capacity utilization rate was 79.84%, up 0.66%. - There are no planned plant changes next week, and domestic PX supply is expected to remain stable. [12] PTA - During the week, Yisheng New Materials shut down for maintenance, and Xin Fengming restarted. As of January 15, the domestic PTA weekly capacity utilization rate was 77.22%, down 0.19 percentage points, and the weekly output was 1.4504 million tons, down 1,800 tons. - This week, the pace of PTA social inventory reduction has slowed. As of January 15, PTA in - plant inventory days were 3.62 days (+0.02 days), polyester factory PTA inventory was 7.5 days (+0 days), and PTA social inventory was about 2.8674 million tons (-16,800 tons). - There are maintenance plans for plants in South China next week, and domestic supply is expected to decline slightly. [15][16] Ethylene Glycol - This week, Yongcheng Yongjin restarted, and some plants increased their loads, while Sinopec Sichuan Petrochemical had a short - term shutdown, and some plants decreased their loads. As of January 15, the domestic weekly average ethylene glycol capacity utilization rate was 62.69% (-0.37 percentage points), with the integrated plant capacity utilization rate at 62.51% (-1.14 percentage points) and the coal - based ethylene glycol capacity utilization rate at 62.98% (+0.89 percentage points); the weekly output was 395,600 tons (-2,300 tons). Sinopec Sichuan Petrochemical will undergo maintenance next week, and domestic supply will decrease. - This week, port inventories increased. As of January 15, the total inventory at East China ports was 728,000 tons, down 9,000 tons from Monday and up 38,000 tons from last Thursday. Although the arrival of imported goods will decrease next week, considering the decline in shipments, port inventories are expected to increase slightly. [17] Polyester End - The weekly capacity utilization rate of the polyester end decreased by 0.5 percentage points to 86.7%. [18] Polyester Inventory - This week, the inventory of short - fiber and long - fiber polyester decreased slightly. [22] Terminal - As of January 15, the operating rate of Jiangsu and Zhejiang looms was 54.94% (-2.95 percentage points), the order days of Chinese weaving sample enterprises were 7.73 days (-0.95 days), and the坯布 inventory days were 28.27 days (+0.7 days). [27] Methanol and Polyolefin Spot and Futures Price Trends - Futures: MA2605 decreased by 1.50%, MA basis increased by 54.84%, L2605 increased by 0.31%, and L basis increased by 158.51%. - Methanol prices: Methanol (Taicang) increased by 0.40%, and methanol CFR increased by 0.65%. - Plastic prices: LLDPE increased by 2.58%, HDPE increased by 2.88%, and LDPE increased by 2.22%. [33] Supply and Demand Analysis of Methanol Supply Side - As of January 15, the domestic methanol operating rate was 91.11%, down 0.31 percentage points, and the output was 2.0353 million tons, down 6,990 tons (0.34%) from the previous period. - This week, Xinxiang Zhongxin's plant was under maintenance, with a loss of 300,000 tons/year of production capacity, and Inner Mongolia Jiuding's plant resumed operation, with a recovery of 100,000 tons/year of production capacity. - There are still some maintenance plans next week, and the operating rate is expected to continue to decline slightly. [40] Demand Side - As of January 15, the MTO operating rate decreased by 2.29 percentage points to 85.77%. Ningbo Fude continued to be shut down, and Zhejiang Xingxing shut down on January 12 due to economic pressure. Sierbang has a maintenance plan in February, and the support for coastal olefins is weakening. Other traditional downstream sectors are in the off - season, and although there is a slight increase in plant restarts, there is no obvious positive news. Olefins may continue to weaken in the next period. [43] Inventory - As of January 14, port inventories were 1.4353 million tons, down 101,900 tons (6.63%) from the previous period, and inland inventories were 450,900 tons, up 3,270 tons (0.73%). - The overall unloading volume this period was not large, and port inventories decreased. Although coastal olefins in Zhejiang weakened due to plant shutdowns, inventories also decreased significantly due to less unloading. However, this inventory reduction was mainly driven by unloading volume, and there was no obvious positive news on the demand side. There is still a large risk of inventory accumulation in the next period, and the turning point for effective inventory reduction has not yet arrived. Inland inventories are higher than in previous years due to high operating pressure and seasonal weakening of demand, and there is still pressure to reduce inventories. [46] Supply and Demand Analysis of Plastic Supply Side - As of January 15, the domestic plastic operating rate was 81.6%, down 2.07 percentage points, and the output was 669,800 tons, down 17,000 tons (2.47%) from the previous period. - This week, plants such as Guangdong Petrochemical and Dushanzi Petrochemical were under maintenance, with a total loss of about 480,000 tons/year of production capacity, and plants such as Yangzi Petrochemical and Dushanzi Petrochemical resumed operation, with a total recovery of about 280,000 tons/year of production capacity. - Next week, there are many plants resuming operation, with a total recovery of about 1.5 million tons/year of production capacity, and the operating rate is expected to increase. [49] Demand Side - As of January 15, the downstream plastic operating rate was 40.93%, down 0.28 percentage points. The agricultural film sector continued to weaken seasonally, with the operating rate continuing to decline (-0.91%), and the packaging film sector was slightly boosted by post - holiday replenishment demand, but order follow - up was weakening. [54] Inventory - As of January 13, social inventories were 484,300 tons, down 500 tons (0.1%) from the previous period, and two - oil enterprise inventories were 302,000 tons, down 23,000 tons (7.08%). - This period, the macro - news was positive, market sentiment was strong, and prices continued to rise. However, after the downstream had completed phased inventory replenishment, the trading atmosphere was stalemate. Two - oil enterprises successfully reduced inventories, but overall inventories fluctuated little. [57]

后市来看，兴业期货表示，市场情绪角度，交易所提升风险控制措施，碳酸锂期货减仓下行，价格博弈 强度同步减弱，市场情绪逐步降温；基本面角度，本周周产环比继续增加，冶炼环节保持积极开工，库 存压力虽向上游转移，但总库存重回降库趋势，下游产线检修力度或不及预期，锂价下方存在支撑，走 势或震荡为主。 需求方面，海证期货指出，目前多渠道表示锂电出口退税下调/取消或推升抢出口订单，从而带动一季 度表现淡季不淡的特征。不过仍需关注动力领域需求的季节性变化。 库存端，据光大期货介绍，周度碳酸锂社会库存环比减少263吨至109679吨，其中下游环比下降888吨至 35652吨，其他环节减少720吨至54300吨，上游环比增加1345吨至19727吨。 1月16日，国内期市有色金属板块大面积飘绿。其中，碳酸锂期货市场情绪转弱，呈现震荡下行走势。 截至发稿，碳酸锂主力合约大幅走低8.99%，报146200.0元/吨。 从基本面来看，华联期货分析称，本周国内碳酸锂维持小幅增长，行业整体开工率维持高位，新增产能 贡献增量。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The geopolitical situation in Iran has eased, the upward trend of oil prices has slowed down, and the focus will return to the fundamentals of pure benzene and styrene [3]. - The fundamentals of pure benzene have improved, with downstream开工率 bottoming out and rebounding. However, the port inventory is still at a historical high, and the sustainability of the improvement in downstream开工率 needs to be monitored [3]. - For styrene, the port inventory is still being depleted, the recovery rate of styrene开工率 is slow, and the downstream开工率 has increased, with the inventory pressure of ABS gradually alleviating [3]. 3. Summary by Related Catalogs I. Pure Benzene and EB's Basis Structure, Inter - Period Spreads - Figures include pure benzene's main basis and main futures contract price, main contract basis, spot - M2 paper cargo spread, and the spread between the first - and third - month contracts; also styrene's main basis and main contract, EB main contract basis, and the spread between the first - and third - month contracts [8][12][17] II. Pure Benzene and Styrene Production Profits, Domestic - Foreign Spreads - Figures cover naphtha processing fee, the difference between pure benzene FOB Korea and naphtha CFR Japan, styrene non - integrated device production profit, and various spreads and profits related to pure benzene and styrene in different regions [19][22][29] III. Pure Benzene and Styrene Inventory, Operating Rates - Figures show pure benzene's East China port inventory and operating rate, and styrene's East China port inventory, commercial inventory, factory inventory, and operating rate [35][38][40] IV. Styrene Downstream Operating Rates and Production Profits - Figures display the operating rates and production profits of EPS, PS, and ABS [49][51][53] V. Pure Benzene Downstream Operating Rates and Production Profits - Figures present the operating rates and production profits of caprolactam, phenol - acetone, aniline, adipic acid, and other downstream products of pure benzene [59][61][70] 4. Strategy - Unilateral: Cautiously go long and hedge EB2602 and BZ2603 at low prices [4] - Basis and inter - period: No strategy [4] - Cross - variety: No strategy [4]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Views of the Report Copper - Overnight, both domestic and international copper prices initially declined and then rebounded, with losses in domestic refined copper imports persisting. The US labor market remains resilient, and a Fed official said there's no reason to cut interest rates. China's central bank cut the interest rates of various structural monetary policy tools by 0.25 percentage points. LME copper inventories decreased by 500 tons, Comex inventories increased by 4,653 tons, SHFE copper warrants increased by 13,378 tons, and BC copper increased by 2,098 tons. As copper prices rose again, downstream procurement became more cautious, and the export window is gradually opening. Trump said he would not impose tariffs on key minerals like copper. The high - level instability of copper prices is evident, and there is a divergence between foreign capital's bullish sentiment and the industrial situation [1]. Aluminum - Overnight, alumina, Shanghai aluminum, and aluminum alloy all trended weakly. Spot alumina prices fell, and the spot discount of aluminum ingots widened. Alumina producers have high ore reserves, and costs are under pressure. With the end of environmental controls and increased production, along with imports, inventories are accumulating. The processing end of the photovoltaic industry may maintain resilience, and the pressure on aluminum ingot inventory accumulation has eased slightly. Aluminum prices continue to be high, and the spot discount is narrowing [1][2]. Nickel - Overnight, LME nickel fell 1.04% and Shanghai nickel fell 0.24%. LME and SHFE nickel inventories increased. Indonesia plans to reduce its nickel ore production target in 2026, which may lead to a global primary nickel supply - demand gap and stimulate nickel price increases. The first - level nickel production has increased significantly, and hedging demand may put pressure on prices. Short - term, it is advisable to look for buying opportunities near the cost line [2]. 3. Summary by Relevant Catalogs Research Views - **Copper**: The US labor market data is strong, and China's central bank cut interest rates. Inventory changes vary in different markets. High copper prices make downstream procurement cautious, and the export window is opening. Trump's statement on tariffs and external risks affect copper prices, with a divergence between market sentiment and the industrial situation [1]. - **Aluminum**: Futures and spot prices of aluminum - related products are weak. Alumina costs are under pressure, inventories are accumulating, and the processing end may maintain resilience, with aluminum prices remaining high and the discount narrowing [1][2]. - **Nickel**: Nickel prices declined overnight, inventories increased. Indonesia's production cut plan may drive up prices, while increased production and hedging demand pose challenges [2]. Daily Data Monitoring - **Copper**: On January 15, 2026, the price of flat - water copper decreased by 1,325 yuan/ton compared to the previous day. LME inventories decreased by 500 tons, SHFE warrants increased by 13,378 tons, and social inventories increased by 20,000 tons. The active - contract import loss widened by 1,070 yuan/ton [3]. - **Lead**: The average price of 1 lead increased by 130 yuan/ton. LME inventories decreased by 3,800 tons, and SHFE inventories increased by 2,107 tons. The active - contract import profit increased by 140 yuan/ton [3]. - **Aluminum**: The Wuxi and Nanhai aluminum prices decreased by 470 yuan/ton. LME inventories decreased by 2,000 tons, SHFE inventories increased by 14,010 tons, and electrolytic aluminum social inventories increased by 16,000 tons. The active - contract import loss widened by 280 yuan/ton [4]. - **Nickel**: The price of Jinchuan nickel increased by 3,350 yuan/ton. LME inventories increased by 624 tons, SHFE inventories increased by 1,700 tons, and social inventories increased by 2,126 tons. The active - contract import profit increased by 6,230 yuan/ton [4]. - **Zinc**: The main - contract settlement price increased by 1.8%. LME inventories decreased by 25 tons, SHFE inventories increased by 793 tons, and social inventories decreased by 5,000 tons. The active - contract import loss turned to zero [6]. - **Tin**: The main - contract settlement price increased by 8.3%. LME inventories decreased by 5 tons, SHFE inventories decreased by 1,001 tons. The active - contract import loss turned to zero [6]. Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [11]. - **SHFE Near - Far Month Spread**: Charts display the historical trends of the near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2021 - 2026 [12]. - **LME Inventory**: Charts present the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [18]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [24]. - **Social Inventory**: Charts display the historical trends of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2026 [30]. - **Smelting Profit**: Charts present the historical trends of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit margin from 2019 - 2026 [37]. Team Introduction - The team includes Zhan Dapeng, the director of non - ferrous research at Everbright Futures Research Institute, with extensive experience and many honors; Wang Heng, a researcher focusing on aluminum and silicon; and Zhu Xi, a researcher focusing on lithium and nickel, both with significant achievements and media exposure [44][45].

Report Industry Investment Ratings No relevant information provided. Core Views Oils and Fats - Palm oil: Facing pressure from high inventory, slow - down in export growth, and policy changes, it may weaken further after potentially breaking through the 4000 - ringgit support. Domestic palm oil may also fall below 8500 yuan [1]. - Soybean oil: CBOT soybean oil may oscillate narrowly. In the domestic market, although it is in the Spring Festival stocking season, the supply of soybeans and soybean oil is sufficient, and the spot basis quotation will have limited short - term fluctuations [1]. - Rapeseed oil: Affected by macro - sentiment and international oil price drops, as well as news from Canada, the rapeseed oil futures market is under pressure [1]. Cotton - ICE cotton futures are affected by the strong US dollar and demand concerns but supported by a strong export sales report. It is expected to maintain a low - level oscillation. Zhengzhou cotton may face short - term adjustments, but the overall bullish trend remains [2]. Sugar - ICE raw sugar futures continue to decline due to increased sugar production in India and sufficient supply. The domestic sugar market is expected to maintain a low - level oscillation [3]. Red Dates - With sufficient supply and weak demand in the 2025/26 production season, the futures price of red dates is running weakly [4]. Apples - In the short - term, the price in the production area is weakly stable, and the market activity in the sales area has declined. In the long - term, high prices may suppress consumption, and the futures market shows a pattern of near - strong and far - weak [7][12]. Corn and Corn Starch - The corn price in the Northeast is strong, and in North China, it oscillates narrowly. The demand side has different inventory situations. In the short - term, the corn price is supported by supply tightness and pre - holiday stocking, but the increase is limited by policy auctions [16][17]. Pigs - The spot price of pigs is back in an oscillatory pattern. The overall supply in January is expected to be sufficient. The basis is strong, but there is no obvious fundamental positive. It is recommended to short at high levels after the price stabilizes [18]. Meal - USDA's report has a short - term negative impact on the market, but the decline space of CBOT is limited. The domestic meal market is in a loose situation, but the low - level arrival expectation in the first quarter limits the downward space. The market will oscillate in the short - term [21]. Eggs - The egg market is in a situation of overall supply exceeding demand. The pre - holiday stocking drives up demand, but the price may experience short - term digestion pressure and a slight correction. The futures price is expected to oscillate within a range [25]. Summaries by Catalog Oils and Fats - **Price Changes**: On January 15, the prices of soybean oil, palm oil, and rapeseed oil all declined. The decline rates of soybean oil, palm oil, and rapeseed oil futures were - 0.78%, - 1.94%, and - 1.35% respectively [1]. - **Inventory and Warehouse Receipts**: The inventory and warehouse receipts of palm oil decreased, and the inventory of soybean oil and rapeseed oil also showed certain changes [1]. Cotton - **Futures Market**: On January 16, the prices of cotton 2605 and 2609 decreased, and the ICE cotton price increased slightly. The 5 - 9 spread decreased significantly [2]. - **Spot Market**: The spot prices of cotton in Xinjiang and the CC Index increased slightly [2]. - **Industry Situation**: The commercial inventory of Xinjiang cotton is rising, and the export sales of US cotton are strong [2]. Sugar - **Futures Market**: On January 16, the prices of sugar 2605 and 2609 decreased, and the ICE raw sugar price also declined [3]. - **Spot Market**: The spot price in Nanning remained unchanged, and the price in Kunming decreased slightly [3]. - **Industry Situation**: The sugar production in India increased, and the domestic sugar production, sales, and inventory showed different trends [3]. Red Dates - **Futures Market**: On January 16, the prices of red dates 2605, 2607, and 2609 all decreased [4]. - **Spot Market**: The spot prices of red dates in Cangzhou remained unchanged [4]. Apples - **Futures Market**: On January 16, the prices of apple 2605 and 2610 decreased, and the 5 - 10 spread decreased [7]. - **Spot Market**: The prices in the main production areas were weakly stable [12]. - **Market Activity**: The arrival volume in the wholesale market increased slightly, and the inventory in the cold storage decreased [7]. Corn and Corn Starch - **Corn**: The price of corn in the Northeast is strong, and in North China, it oscillates narrowly. The demand side has different inventory situations [16]. - **Corn Starch**: The price of corn starch increased slightly, and the basis decreased [16]. Pigs - **Futures Market**: On January 16, the prices of pig 2605 and 2603 decreased, and the 3 - 5 spread decreased [18]. - **Spot Market**: The spot prices in different regions showed different trends [18]. - **Industry Situation**: The slaughter volume decreased slightly, and the prices of piglets and sows increased slightly [18]. Meal - **Price Changes**: On January 16, the prices of soybean meal and rapeseed meal futures decreased slightly [21]. - **Inventory and Warehouse Receipts**: The warehouse receipts of soybean meal increased, and those of rapeseed meal remained unchanged [21]. - **Spreads and Ratios**: The spreads and ratios such as the oil - meal ratio and the soybean - rapeseed meal spread changed slightly [21]. Eggs - **Futures Market**: On January 16, the prices of egg 03 and 04 increased, and the 3 - 4 spread increased [25]. - **Spot Market**: The prices of egg - related products such as egg - laying chicken seedlings and culled chickens increased [25]. - **Industry Situation**: The egg market is in a situation of supply exceeding demand, but the pre - holiday stocking drives up demand [25].

Group 1: Report Industry Investment Rating - No information provided in the content Group 2: Report Core Views Polyolefin Industry - Market short - covering sentiment cooled, spot trading worsened. For PE, HD - LLDPE spread narrowed, with increased marginal supply of LLDPE and weakening downstream demand in the off - season. For PP, supply and demand were both weak, with more maintenance, expected destocking in January, and improved balance. Pay attention to the implementation of future maintenance [2]. Methanol Industry - Methanol futures opened lower and then fluctuated narrowly, with light spot trading. Inland prices are expected to fluctuate, while port prices are under pressure due to factors such as low MTO profits and potential device maintenance [5]. Pure Benzene and Styrene Industry - Pure benzene has a weak short - term supply - demand pattern but is supported by the strong performance of downstream styrene. Styrene has short - term supply shortages but may accumulate inventory around the Spring Festival [8]. Natural Rubber Industry - Supply: Domestic production is ending, and raw material prices are rising. Demand: Some semi - steel tire export orders are increasing, and inventory is accumulating. The price is expected to fluctuate in the range of 15,500 - 16,500 [9][10]. Glass and Soda Ash Industry - Soda ash futures are expected to fluctuate weakly in the short term, with high inventory and weak downstream demand. Glass futures are also expected to decline, with weakening supply and demand in the off - season [11]. Urea Industry - Urea supply is high, but short - term regional agricultural demand boosts market confidence. Prices are expected to be strong in the short term, and attention should be paid to downstream agricultural demand and plant restart schedules [12]. PVC and Caustic Soda Industry - Caustic soda prices are expected to be weak, with increased supply and lack of demand improvement. PVC fundamentals are under pressure, with high supply, low demand, and inventory accumulation [13]. LPG Industry - No specific view provided in the content Crude Oil Industry - Oil prices fell on Thursday. Geopolitical risks have eased, and the supply - demand outlook is weak. Attention should be paid to geopolitical conflicts in the Middle East [17]. Polyester Industry Chain - PX is expected to fluctuate at a high level before the Spring Festival and may be tight in the second quarter. PTA and MEG are expected to have weak supply - demand in January and February. Short - fiber and bottle - chip prices are mainly driven by raw materials [19]. Group 3: Summary by Related Catalogs Polyolefin Industry - **Price Changes**: L2605 and L2609 closed down, PP2605 slightly up, PP2609 down. Some spreads and basis had significant changes [2]. - **Inventory and开工率**: PE and PP enterprise and social inventories decreased, while PE device and downstream weighted开工率 decreased, and PP device开工率 slightly increased [2]. Methanol Industry - **Price Changes**: MA2605 and MA2609 closed down, with significant changes in some spreads and basis [5]. - **Inventory and开工率**: Methanol enterprise inventory increased slightly, while port and social inventories decreased. Upstream and downstream开工率 had different changes [5]. Pure Benzene and Styrene Industry - **Price Changes**: Many prices such as crude oil, pure benzene, and styrene decreased, with some spreads and basis changing [8]. - **开工率 and Inventory**: Some开工率 increased, while some decreased. Pure benzene port inventory reached a record high, and styrene port inventory decreased [8]. Natural Rubber Industry - **Price Changes**: Spot prices of natural rubber decreased, and some spreads changed significantly [9]. - **Production,开工率, and Inventory**: Production in some regions changed, tire开工率 increased, and inventory in China continued to accumulate [9]. Glass and Soda Ash Industry - **Price Changes**: Glass and soda ash prices were mostly stable, with some futures prices down [11]. - **Supply, Demand, and Inventory**: Soda ash production increased, demand was weak, and inventory was high. Glass supply and demand were weak, and inventory was still relatively high year - on - year [11]. Urea Industry - **Price Changes**: Futures prices fluctuated down, and spot prices were stable with a slight upward trend [12]. - **Supply and Demand**: Supply was high, industrial demand was stable, and agricultural demand in some regions increased [12]. - **Inventory**: Factory and port inventories decreased [12]. PVC and Caustic Soda Industry - **Price Changes**: Caustic soda and PVC prices decreased slightly, with some spreads and basis changing [13]. - **Supply, Demand, and Inventory**: Caustic soda supply increased, demand was weak, and inventory increased in some regions. PVC supply was stable, demand was low, and inventory accumulated [13]. LPG Industry - **Price Changes**: Some futures prices changed slightly, and spot prices were stable [15]. - **Inventory and开工率**: LPG refinery and port inventories decreased slightly, and some开工率 increased while some decreased [15]. Crude Oil Industry - **Price Changes**: Brent and WTI prices decreased, while SC increased slightly. Many refined oil product prices decreased [17]. - **Spread Changes**: Some spreads such as Brent - WTI changed [17]. Polyester Industry Chain - **Price Changes**: Upstream and downstream product prices in the polyester industry chain mostly decreased, with changes in some spreads and basis [19]. - **开工率 and Inventory**: Some开工率 increased slightly while some decreased. MEG port inventory increased, and the arrival forecast decreased [19].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For PTA, the near - end TA device has a slight reduction in load, the polyester load remains stable, and the inventory continues to decline. However, with the concentrated introduction of polyester maintenance plans, the basis weakens, and the spot processing fee shrinks. In the future, the domestic production of PX remains high due to high profits, and the overseas start - up recovers, resulting in a downward revision of the destocking amplitude for the far - month. The short - term upward space is limited, but the overall pattern has not changed before the new device is put into production. Attention should be paid to the progress of the overseas start - up increase [4]. - For MEG, the near - end domestic oil - based production has a partial reduction in load, and overseas maintenance increases month - on - month. The port inventory decreases at the beginning of the week, but the arrival forecast rebounds during the week, and the basis remains weak. The coal - based efficiency improves month - on - month. The overall inventory accumulation continues, and the pattern is expected to remain weak under the continued new production. Attention should be paid to the opportunity of short - selling on rebounds [4]. - For polyester staple fiber, the near - end device operates stably, the start - up rate is maintained at 97.6%, and the sales improve month - on - month, with a slight reduction in inventory. The downstream seasonal trend is expected to continue to weaken, and the start - up rate remains high with limited inventory pressure. It has a medium - low valuation and weak driving force, with limited overall contradictions. Attention should be paid to the situation of warehouse receipts [4]. Summaries by Related Contents PTA - **Price and Index Data**: From January 9th to 15th, 2026, the price of crude oil decreased from 6540 to 6380, the PX processing fee fluctuated slightly, the PTA load index remained at 80.4, and the polyester load remained at 78.2. The average daily trading basis of PTA was 2605(-64) [4]. - **Device Changes**: Yisheng New Materials' 3.6 million - ton device and Ineos' 1.25 million - ton device were under maintenance. The near - end TA device had a slight reduction in load, and the start - up rate decreased month - on - month [4]. - **Market Situation**: The polyester load remained stable, the inventory continued to decline, but the polyester maintenance plans were concentrated, the basis weakened, and the spot processing fee shrank. The domestic start - up of PX was at a high level, and the overseas load increase led to a month - on - month contraction of PXN, with the disproportionation benefit weakening and the isomerization benefit remaining high [4]. MEG - **Price and Index Data**: From January 9th to 15th, 2026, the price of MEG had small fluctuations, the coal - based MEG profit improved month - on - month, and the basis for 05 was around (-145) [4]. - **Device Changes**: Inner Mongolia Yankuang's 400,000 - ton device increased its load. The near - end domestic oil - based production had a partial reduction in load, and overseas maintenance increased month - on - month [4]. - **Market Situation**: The port inventory decreased at the beginning of the week due to low arrivals, but the arrival forecast rebounded during the week, and the basis remained weak. The overall inventory accumulation continued, and the absolute inventory was not low. The pattern was expected to remain weak under the continued new production [4]. Polyester Staple Fiber - **Price and Index Data**: The spot price was around 6472, and the market basis for 02 was around - 60. From January 9th to 15th, 2026, the prices of related products such as 1.4D cotton - type staple fiber remained relatively stable [4]. - **Device and Production**: The near - end device operated stably, the start - up rate was maintained at 97.6%, the sales improved month - on - month, and the inventory decreased slightly. The downstream yarn - making start - up rate remained stable, the raw material inventory decreased, and the finished product inventory increased [4]. - **Market Situation**: After the raw material price adjustment, the spot processing fee of staple fiber improved, but the futures price remained low. The downstream seasonal trend was expected to continue to weaken, and the start - up rate remained high with limited inventory pressure [4]. Natural Rubber and 20 - grade Rubber - **Price Data**: From January 9th to 15th, 2026, the prices of products such as US - dollar - denominated Thai standard rubber, US - dollar - denominated Thai mixed rubber, and Shanghai full - latex rubber had certain fluctuations. For example, the price of US - dollar - denominated Thai standard rubber increased from 1885 to 1920 [4]. - **Spread and Profit Data**: The spreads such as the difference between mixed rubber and RU main contract, and the processing profit of Thai standard rubber also changed. For example, the processing profit of Thai standard rubber increased from 3.8 to 5.2 [4].