Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. Core Views - The current supply and demand in the steel market are both weak, with steel prices showing small fluctuations [1]. - The trading atmosphere in the glass and soda ash market is cold, and the prices are weakly oscillating [1]. - The market fluctuations of ferrosilicon and silicomanganese have weakened, and the alloys are oscillating within a narrow range [3]. Summary by Related Catalogs Glass and Soda Ash Market Analysis - Glass: The main glass contract showed a weakly oscillating trend throughout the day. With the Spring Festival holiday approaching, the trading volume decreased, and the trading atmosphere in the spot and futures markets was cold [1]. - Soda Ash: The main soda ash contract continued to operate weakly, with narrow - range oscillations. The trading atmosphere in the spot market was cold, and the market was mainly for rigid - demand purchases [1]. Supply and Demand Logic - Glass: The fundamentals are still weak. There is an increasing expectation of production suspension in the Shahe area, which supports the market. However, the downstream is in the traditional consumption off - season, and the demand is cold. The current low price allows the market to tolerate higher inventory. In the short term, it will continue to operate in an oscillating manner [1]. - Soda Ash: The supply of soda ash remains loose. With the progress of new production projects, the supply pressure continues to increase. As the Spring Festival approaches, downstream consumption shows a seasonal decline due to more cold repairs. The total inventory of domestic soda ash manufacturers is still at a high level, and the de - stocking process is slow, with large overall supply - demand contradictions [1]. Strategy - Glass: Oscillating [2] - Soda Ash: Oscillating [2] Ferrosilicon and Silicomanganese Market Analysis - Silicomanganese: The silicomanganese futures showed a small - scale oscillation, and the volatility decreased compared to the previous period. The spot market was stable. There were new ignition situations in northern factories, with the price of 6517 in the northern market ranging from 5580 - 5680 yuan/ton and in the southern market from 5700 - 5750 yuan/ton [3]. - Ferrosilicon: The ferrosilicon futures followed the overall black market and operated weakly. The spot market was weak, and the market was full of a strong wait - and - see sentiment. The ex - factory price of 72 - grade ferrosilicon natural lumps in the main production areas was 5250 - 5350 yuan/ton, and the price of 75 - grade ferrosilicon was 5850 - 6000 yuan/ton [3]. Supply and Demand Logic - Silicomanganese: The fundamentals of silicomanganese have improved. There is an expectation of an increase in molten iron production, and the demand for silicomanganese has marginally improved. However, the inventory pressure is still large, and the supply - demand pattern remains loose. The recent South African tariff policy may increase the cost of manganese ore, and attention should be paid to the cost support of manganese ore and inventory changes [3]. - Ferrosilicon: The fundamental contradictions of ferrosilicon are controllable. Enterprises have actively reduced production loads. Considering the resumption of production in steel mills, the demand for ferrosilicon is expected to improve marginally. The overall over - capacity of ferrosilicon suppresses the price increase, and continuous attention should be paid to the de - stocking situation and power price policies in production areas [3]. Strategy - Silicomanganese: Oscillating [4] - Ferrosilicon: Oscillating [4]

1. Report Industry Investment Rating No relevant information provided in the report. 2. Core Viewpoints of the Report Industrial Silicon - The supply of industrial silicon last week was 71,000 tons, a week - on - week decrease of 13.41%. Demand was 60,000 tons, a week - on - week decrease of 20%. Demand remained sluggish. The cost support increased during the dry season. The 2605 contract is expected to fluctuate in the range of 8,275 - 8,465 [6]. - The overall fundamental situation is bearish, but there are positive factors such as rising cost support and manufacturers' plans to stop or reduce production. Negative factors include the slow recovery of demand after the holiday and the strong supply and weak demand of downstream polysilicon [13][14]. Polysilicon - The polysilicon production last week was 20,100 tons, a week - on - week decrease of 0.49%. The scheduled production in February is expected to be 79,700 tons, a month - on - month decrease of 20.93%. The overall demand shows a continuous decline. The cost support remains stable. The 2605 contract is expected to fluctuate in the range of 48,075 - 50,285 [8][11]. - The fundamental situation is bearish, but there are positive factors such as the net long position of the main contract (with a decrease in long positions) and the spot price premium over the futures price [10][11]. 3. Summary According to the Directory 3.1 Daily Views Industrial Silicon - **Supply**: Last week's supply was 71,000 tons, down 13.41% week - on - week [6]. - **Demand**: Last week's demand was 60,000 tons, down 20% week - on - week. The inventory and profit status of downstream products vary: polysilicon inventory is at a neutral level; organic silicon inventory is at a low level with a production profit of 2,570 yuan/ton and a comprehensive operating rate of 64.02%, flat week - on - week and lower than the historical average; aluminum alloy ingot inventory is at a high level [6]. - **Cost**: The production cost of sample oxygen - passing 553 in Xinjiang is 9,769.7 yuan/ton, unchanged week - on - week. Cost support has increased during the dry season [6]. - **Basis**: On February 11, the spot price of non - oxygen - passing silicon in East China was 9,200 yuan/ton, and the basis of the 05 contract was 830 yuan/ton, with the spot price at a premium to the futures price [6]. - **Inventory**: Social inventory was 562,000 tons, up 1.44% week - on - week; sample enterprise inventory was 206,000 tons, down 1.43% week - on - week; major port inventory was 136,000 tons, down 1.44% week - on - week [6]. - **Market**: The MA20 is downward, and the price of the 05 contract closed below the MA20 [6]. - **Main Position**: The main position is net short, with an increase in short positions [6]. - **Expectation**: Supply scheduling has decreased and remains at a low level. Demand recovery is emerging. Cost support is rising. The 2605 contract is expected to fluctuate in the range of 8,275 - 8,465 [6]. Polysilicon - **Supply**: Last week's production was 20,100 tons, down 0.49% week - on - week. The scheduled production in February is 79,700 tons, down 20.93% month - on - month [8]. - **Demand**: Last week's silicon wafer production was 10.38GW, down 11.65% week - on - week, with an inventory of 283,200 tons, up 3.77% week - on - week, and the production is currently in a loss state. The production of battery cells and components also shows a downward trend, but battery cells and components are currently in a profitable state [9]. - **Cost**: The average production cost of N - type polysilicon is 40,830 yuan/ton, with a production profit of 11,920 yuan/ton [9]. - **Basis**: On February 11, the price of N - type dense material was 52,750 yuan/ton, and the basis of the 05 contract was 4,470 yuan/ton, with the spot price at a premium to the futures price [11]. - **Inventory**: Weekly inventory was 341,000 tons, up 2.40% week - on - week, at a neutral level compared to the historical average [11]. - **Market**: The MA20 is upward, and the price of the 05 contract closed below the MA20 [11]. - **Main Position**: The main position is net long, with a decrease in long positions [10]. - **Expectation**: Supply scheduling continues to decrease, and overall demand shows a continuous decline. Cost support remains stable. The 2605 contract is expected to fluctuate in the range of 48,075 - 50,285 [11]. 3.2 Market Overview Industrial Silicon - The report provides the price, change, and inventory data of various industrial silicon contracts and spot products, including different grades of silicon in East China, contract prices from 01 to 12, and various inventory data such as social inventory, sample enterprise inventory, and major port inventory [17]. Polysilicon - It presents the price, change, and inventory data of polysilicon contracts, as well as the price, production, and inventory data of downstream products such as silicon wafers, battery cells, and components [19]. 3.3 Other Aspects - The report also includes multiple charts and data on the price, production, inventory, and cost of industrial silicon and its downstream products (organic silicon, aluminum alloy, polysilicon, etc.). These charts show the historical trends and current situations of various indicators, providing a comprehensive reference for analyzing the market situation of industrial silicon and related industries [21][24][27] etc.

1. Report Industry Investment Ratings - Steel: Oscillating [2] - Iron Ore: Oscillating with a bearish bias [4] - Coking Coal and Coke: Oscillating [6] - Thermal Coal: Stable with a slight upward trend before the holiday, potentially under pressure after the holiday [7] 2. Core Views - The current supply - demand situation of steel is weak, with prices slightly fluctuating. The overall contradiction is not prominent, but the pre - holiday inventory is increasing, and the supply - demand pressure is slightly rising [1]. - The iron ore market is in a state of cautious waiting, with prices oscillating. The supply - demand contradiction is deepening, and the support from raw material prices is weakening [3]. - The downstream replenishment of coking coal and coke is completed, and the trading atmosphere is dull. The prices are expected to oscillate before the holiday [5][6]. - The output of thermal coal is continuously shrinking, and the price lacks driving force. The pre - holiday price is expected to be stable with a slight upward trend, and may face pressure after the holiday [7]. 3. Summary by Related Catalogs Steel - **Market Analysis**: The steel futures market oscillated downward yesterday, while the spot prices were generally stable. This week, the inventory accumulation of building materials continued to increase, and the plate inventory also rose. The output of building materials decreased significantly, and the output of hot - rolled coils increased slightly [1]. - **Supply - Demand and Logic**: Before the holiday, the production and sales of building materials declined simultaneously. The short - process production suspension scale increased, and the inventory continued to grow. The demand for plates was relatively stable, but the high inventory restricted the price space of hot - rolled coils. Overall, the pre - holiday inventory of steel continued to increase, the supply - demand pressure increased slightly, and the raw material prices weakened. The steel price is expected to oscillate weakly, and the margin increase and position reduction before the holiday may affect the market fluctuations [1]. - **Strategy**: Unilateral trading: Oscillation; No strategies for inter - period, inter - variety, spot - futures, and options trading [2] Iron Ore - **Market Analysis**: Yesterday, the iron ore futures prices oscillated. The prices of mainstream imported iron ore varieties at Tangshan ports fluctuated slightly. Traders' quotes mostly followed the market, and steel mills' purchases were mainly for rigid demand. The total transaction volume at major domestic ports was 238,000 tons, a 57.21% decrease from the previous day; the total transaction volume of forward - looking spot was 380,000 tons (5 transactions), a 45.32% decrease from the previous day [3]. - **Supply - Demand and Logic**: On the supply side, the non - mainstream shipments remained high at high ore prices, and the global shipment volume decreased seasonally. On the demand side, the daily average pig iron output remained stable, and the iron ore consumption increased slightly month - on - month. The port inventory of iron ore continued to increase, and as the steel mills' replenishment was nearing completion, the support from raw material prices weakened. The supply - demand contradiction of iron ore continued to deepen, and if the port liquidity factors were removed, the port supply would cause a great impact [3]. - **Strategy**: Unilateral trading: Oscillation with a bearish bias; No strategies for inter - period, inter - variety, spot - futures, and options trading [4] Coking Coal and Coke - **Market Analysis**: Yesterday, the main futures contracts of coking coal and coke oscillated within a narrow range. For coking coal, as the holiday approached, coal mines successively announced production suspension and holiday plans, and downstream procurement slowed down or stopped, resulting in a dull trading atmosphere. For coke, the spot price was relatively stable. After the first price increase was implemented, the profits of coke enterprises gradually recovered. Most steel mills had completed their winter stockpiling [5]. - **Supply - Demand and Logic**: For coke, the supply increased slightly recently. Most steel mills had completed their winter stockpiling. As the holiday approached, coking plants adjusted their production independently, and the price was expected to oscillate in the short term, following the cost fluctuations. For coking coal, the pig iron output of steel mills increased slightly, and the rigid demand for coking coal remained resilient. As the downstream replenishment was nearing completion, the speculative demand shrank. As the Spring Festival approached, coal mines successively stopped production for holidays, and the Mongolian coal customs clearance was suspended during the Spring Festival, so the supply pressure of coking coal was relieved. The coal price before the Spring Festival was expected to be stable with a narrow - range adjustment [6]. - **Strategy**: Coking coal: Oscillation; Coke: Oscillation; No strategies for inter - period, inter - variety, spot - futures, and options trading [6] Thermal Coal - **Market Analysis**: In terms of production areas, the number of coal mines on holiday in the main production areas continued to increase, and the operating mines were mainly large state - owned mines, with the supply continuously decreasing. Under the current situation of weak supply and demand, the main transactions were concentrated in long - term contracts, and the pre - holiday price was expected to change little. At ports, the market trading was dull, mainly with long - term contract coal. More traders were on holiday, and basically all had entered the holiday state. Affected by the shortage of imported coal and the rise in domestic prices, sellers were more willing to hold prices. In the import market, the RKAB in Indonesia was not fully implemented, the offers from Indonesian miners were scarce, and the market quotes and tender prices increased significantly [7]. - **Supply - Demand and Logic**: Recently, the supply decreased due to coal mine holidays, and downstream factories were also gradually on holiday, so both supply and demand were weak. Affected by the supply in the import market, the price of domestic trade coal continued to rise slightly. Recently, the full approval of RKAB by leading mines in Indonesia was expected, and the approval results of other mines were expected to be announced successively. The supply in Indonesia was expected to recover. Overall, the pre - holiday price increase was limited, and it was expected to run stably with a slight upward trend. After the holiday, as the coal mine supply recovered and the peak season was approaching the end, the coal price may be under pressure [7].

1. Report Industry Investment Rating - The report gives a mid - term cautious and bullish rating for PX/PTA/PF/PR, suggesting to control positions before the Spring Festival [3] 2. Core Viewpoints - Cost side: The market is still fluctuating around the Iran situation, and attention should be paid to the geopolitical situation. The PXN has significantly declined, and the floating price of PX remains weak. Although the short - term fundamentals are weak, the mid - term expectation is good [1] - TA: The spot processing fee of PTA has significantly declined, the supply - demand pattern has weakened, and the spot basis is weak. In the short term, the supply - demand situation is accumulating, but in the long - term, the processing fee is expected to improve [1] - Demand: The polyester operating rate is 78.2% (a 6.0% month - on - month decrease). The weaving load has accelerated its decline, and the polyester load has also dropped to a low level. The inventory has started to accumulate. The average monthly load in February is estimated to be 79% [2] - PF: The spot production profit is - 16 yuan/ton (a 42 - yuan/ton month - on - month decrease). The demand before the Spring Festival is weak, and the load is gradually declining [2] - PR: The spot processing fee of polyester bottle chips is 619 yuan/ton (a 42 - yuan/ton month - on - month decrease). The pre - holiday inventory reduction is smooth, and the processing fee has rebounded [2] 3. Summary by Related Catalogs Price and Basis - The report includes figures on TA and PX's main contract, basis, and inter - period spread trends, as well as PTA's East China spot basis and short - fiber basis [7][8][13] Upstream Profit and Spread - It shows figures on PX processing fee (PXN), PTA spot processing fee, South Korea's xylene isomerization profit, and South Korea's STDP selective disproportionation profit [15][19] International Spread and Import - Export Profit - Figures on toluene's US - Asia spread, toluene's South Korea FOB - Japan naphtha CFR, and PTA's export profit are presented [21][23] Upstream PX and PTA Operation - The report provides figures on the operating rates of PTA in China, South Korea, and Taiwan, as well as the operating rates of PX in China and Asia [24][27][29] Social Inventory and Warehouse Receipts - Figures on PTA's weekly social inventory, PX's monthly social inventory, PTA's total warehouse receipts + forecast volume, and various warehouse receipt inventories are included [34][37][38] Downstream Polyester Load - It shows figures on the production and sales of filaments and short - fibers, polyester load, and the inventory days and profits of filament factories, as well as the operating rates of weaving, texturing, and dyeing in Jiangsu and Zhejiang [46][48][56] PF Detailed Data - Figures on the load of polyester staple fibers, factory equity inventory days, physical and equity inventories, and the operating rates and profits of pure polyester yarns and polyester - cotton yarns are provided [66][73][77] PR Fundamental Detailed Data - Figures on the load of polyester bottle chips, factory inventory days, spot and export processing fees, export profit, and month - on - month spreads are presented [82][84][90]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The cost side of propylene has strong support, and the market performance is firm. The supply of propylene is expected to have a slight increase, while the demand follow - up may be limited due to high prices. The future trend mainly depends on the cost side and downstream demand. The strategy suggests a wait - and - see approach for the single - side trading, and there are no suggestions for inter - period and inter - variety trading [1][2] 3. Summary According to the Catalog 3.1 Propylene Basis Structure - Propylene main contract closing price is 6272 yuan/ton (+48), propylene East China spot price is 6430 yuan/ton (+0), propylene North China spot price is 6445 yuan/ton (+5), propylene East China basis is 158 yuan/ton (-48), and propylene Shandong basis is 173 yuan/ton (-43) [1] 3.2 Propylene Production Profit and Capacity Utilization - Propylene capacity utilization is 72% (+1%), China propylene CFR - Japan naphtha CFR is 213 US dollars/ton (-15), propylene CFR - 1.2 propane CFR is 76 US dollars/ton (-8), and import profit is - 385 yuan/ton (-49) [1] 3.3 Propylene Downstream Profit and Capacity Utilization - PP powder capacity utilization is 31% (-0.61%), production profit is - 245 yuan/ton (-5); epoxy propane capacity utilization is 70% (-3%), production profit is - 783 yuan/ton (-328); n - butanol capacity utilization is 85% (-2%), production profit is 422 yuan/ton (-53); octanol capacity utilization is 91% (+0%), production profit is 88 yuan/ton (-203); acrylic acid capacity utilization is 82% (-2%), production profit is 235 yuan/ton (+0); acrylonitrile capacity utilization is 69% (+0%), production profit is - 1252 yuan/ton (-55); phenol - acetone capacity utilization is 86% (-2%), production profit is - 716 yuan/ton (+0) [1] 3.4 Propylene Inventory - Propylene plant inventory is 40470 tons (-2320) [1]

Report Industry Investment Rating - Not provided Core Viewpoints - PX is in a pre - holiday range - bound market with support at the bottom, and a reverse spread for the monthly spread is recommended. Investors should pay attention to position management during the long Spring Festival holiday [5]. - PTA has limited downside space, and the monthly spread is bearish. Short PTA when the processing fee is above 450. Pay attention to the support at 5100 yuan/ton. Position management is necessary during the Spring Festival [6]. - MEG's inventory continues to rise, with large supply pressure. A reverse spread operation for the basis and monthly spread is suggested. The basis and monthly spread trends remain weak, and investors should manage positions during the Spring Festival [6]. Summary by Related Catalogs Futures Market - **PX**: The closing price of the PX main contract was 7378, up 70 (0.96%) from the previous day. The PX5 - 9 monthly spread was 22, up 14 from the previous day [2]. - **PTA**: The closing price of the PTA main contract was 5260, up 30 (0.57%) from the previous day. The PTA5 - 9 monthly spread was 24, down 4 from the previous day [2]. - **MEG**: The closing price of the MEG main contract was 3764, up 31 (0.83%) from the previous day. The MEG5 - 9 monthly spread was - 110, down 2 from the previous day [2]. - **PF**: The closing price of the PF main contract was 6654, up 28 (0.42%) from the previous day. The PF3 - 4 monthly spread was - 66, up 8 from the previous day [2]. - **SC**: The closing price of the SC main contract was 476.8, up 0.7 (0.15%) from the previous day. The SC2 - 3 monthly spread was 1, up 3.7 from the previous day [2]. Spot Market - **PX**: The PX CFR China price was 917.33 dollars/ton, up 8.33 dollars/ton from the previous day. The PX - naphtha spread was 294.05 dollars/ton, up 5.96 dollars/ton from the previous day [2]. - **PTA**: The PTA price in East China was 5180 yuan/ton, up 35 yuan/ton from the previous day. The PTA processing fee was 378.86 yuan/ton, down 49.15 yuan/ton from the previous day [2]. - **MEG**: The MEG spot price was 3663 yuan/ton, up 38 yuan/ton from the previous day [2]. Market News - **PX**: On February 11, PX prices rose. The Platts - assessed Asian p - xylene CFR Unv1/China and FOB Korea indicators both rose 8.33 dollars/ton. The futures market rise was due to short - covering rather than fundamental changes in the physical market [3][4]. - **MEG**: A 400,000 - ton/year syngas - to - ethylene glycol unit in Xinjiang restarted one line and plans to restart another line around this Friday. A 900,000 - ton/year ethylene glycol unit in Lianyungang has stopped production for conversion, with an initial plan of at least 2 - 3 months [4]. - **Polyester**: On February 11, the sales of polyester yarn in Jiangsu and Zhejiang increased individually but remained weak overall, with an average sales rate of over 40% by 4:30 pm. The average sales rate of direct - spun polyester staple fiber factories was 29% by 3:00 pm [4][5].

每经AI快讯，2月12日，集运指数欧线期货连续主力合约日内涨5%，现报1242.50点。 ...

晨报 煤焦 成文时间： 2026 年 2 月 12 日 逻辑：昨日，煤焦期货价格延续弱势震荡运行，价格靠近近期震荡区 间下沿。近日季节性淡季，市场交投情绪降温，黑色金属板块整体走势偏 弱。 证监许可【2011】1452 号 从基上面来看，本周国内煤矿停产放假范围扩大，市场活跃度进一步 降温，焦钢企业补库基本完成，贸易商开始放假休市，市场成交氛围冷清， 竞拍价格继续下探。由于煤矿放假供应收缩，而焦钢采购需求低迷，市场 供需双弱，上游坑口库存变化不大。本周原煤、精煤日产 180.8 万吨、74.3 万吨，分别环比下降 11.8 万吨、1.2 万吨。进口端，上周蒙煤甘其毛都 口岸日通关量略有下降，根据中蒙两国双边协定，2026 年春节期间三大 口岸闭关，正月初一至初四（2 月 17 日至 20 日）闭关四天，2 月 15 日、 2 月 22 日周日正常闭关。需求端，钢厂生产相对平稳，日均铁水产量维 持 228 万吨左右。 成 材：武秋婷 原材料：程 鹏 观点：当前煤焦供需矛盾一般，黑色金属市场整体情绪偏弱，价格偏 弱势运行，节前最后一周，注意持仓风险控制。 煤焦：交投情绪降温 盘面弱势震荡 投资咨询业务资格： 负责 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Overnight US soybeans rose slightly, and Dalian soybean meal futures may fluctuate; the soybean No.1 futures market is strong, and attention should be paid to changes in positions [1] - The price of CBOT soybean futures closed higher on February 11, mainly affected by technical buying and expectations of Chinese demand. The prospect of China purchasing more US soybeans under the trade truce agreement boosted the futures market, but the uncertainty of China's procurement remains the main factor affecting the market [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Prices - DCE soybean No.1 2605 closed at 4,519 yuan/ton during the day session, up 60 yuan (+1.35%), and 4,563 yuan at night, up 62 yuan (+1.38%) [1] - DCE soybean meal 2605 closed at 2,773 yuan/ton during the day session, up 40 yuan (+1.46%), and 2,768 yuan at night, up 10 yuan (+0.36%) [1] - CBOT soybean 03 closed at 1,123.5 cents/bushel, up 0.25 cents (+0.02%) [1] - CBOT soybean meal 03 closed at 302.7 dollars/short ton, up 1.7 dollars (+0.56%) [1] 3.1.2 Spot Prices - In Shandong, the price of soybean meal (43%) is 3,060 - 3,100 yuan/ton, up 10 - 20 yuan from the previous day. Rizhao Bangji offers M2609 + 20, and the delivery from post - holiday to the end of March is M2605 + 310 [1] - In East China, the price of soybean meal at Taizhou Huifu is 3,050 yuan/ton, unchanged. Zhangjiagang Dafei offers different premiums for different delivery periods, all unchanged [1] - In South China, the price of soybean meal is 3,060 - 3,190 yuan/ton, up 10 - 30 yuan from the previous day. Dongguan Bangji and Qinzhou Gangqing offer different premiums for different delivery periods [1] 3.1.3 Main Industry Data - The trading volume of soybean meal was 4.54 million tons per day on the previous trading day, compared with 4.53 million tons two trading days ago [1] - The inventory of soybean meal was 88.16 million tons per week on the previous trading day, compared with 89.95 million tons two trading days ago [1] 3.2 Macro and Industry News - On February 11, CBOT soybean futures closed higher due to technical buying and expectations of Chinese demand. Traders have been evaluating the possibility of China increasing purchases of US soybeans. Brazil has started harvesting a record - breaking soybean crop, but the prospect of China's potential purchases of US soybeans boosted the market. The uncertainty of China's procurement remains a major factor. Heavy rainfall in Brazil's Mato Grosso state has raised concerns about soybean quality [3] 3.3 Trend Intensity - The trend intensity of soybean meal is 0, and the trend intensity of soybean No.1 is +1, referring to the price fluctuations of the main - contract futures on the day session of the reporting day [3]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints of the Report - The pulp market is expected to fluctuate within a range. Most industry players in the pulp market are in a pre - holiday wait - and - see attitude, with significantly reduced operation willingness. The spot market is in a state of having prices but no transactions, and the supply - demand fundamentals remain unchanged during the holiday, lacking immediate driving factors. The pulp price will end the period stably. It is recommended to pay attention to the changes in port inventory and the impact of the macro - market on the pulp market [4]. - The price of the household paper market is stable, and the overall trading atmosphere is somewhat light. The cost support from the raw material pulp market is not strong. The price of household paper is expected to remain stable in the short - term, and it is necessary to focus on the changes in raw material pulp prices and the operation of paper machines of major paper enterprises [5]. 3. Summary by Relevant Catalogs 3.1 Fundamental Data - **Futures Market**: The daily - session closing price of the pulp main contract was 5,236 yuan/ton, up 34 yuan from the previous day; the night - session closing price was 5,252 yuan/ton, up 42 yuan. The trading volume was 147,734 lots, a decrease of 76,128 lots; the open interest was 301,791 lots, a decrease of 5,225 lots. The number of warehouse receipts remained unchanged at 146,427 tons, and the net position of the top 20 members increased by 441 lots [3]. - **Spread Data**: The basis of "Silver Star - Futures Main Contract" decreased by 34 to 14; the basis of "Goldfish - Futures Main Contract (Non - standard)" decreased by 34 to - 656; the monthly spread of "SP03 - SP05" decreased by 4 to - 26 [3]. - **Spot Market**: The domestic prices of coniferous pulp such as Beimu and Kalip were 5,450 yuan/ton, and the price of Silver Star was 5,250 yuan/ton with an international price of 710 US dollars/ton. The domestic prices of broad - leaf pulp such as Jinse and Mingxing were around 4,580 yuan/ton. The domestic price of chemical mechanical pulp (Kunhe) was 3,800 yuan/ton, and the domestic price of natural color pulp (Venus) was 4,900 yuan/ton with an international price of 620 US dollars/ton [3]. 3.2 Trend Intensity - The pulp trend intensity is 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [3]. 3.3 Industry News - The pulp market is in a pre - holiday wait - and - see state, with few spot quotes and almost stagnant downstream procurement activities. The market is in a state of having prices but no transactions, and the supply - demand fundamentals remain unchanged during the holiday, lacking immediate driving factors [4]. - The household paper market price is stable, with a somewhat light trading atmosphere. The cost support from the raw material pulp market is not strong, and the price is expected to remain stable in the short - term [5].