Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - The PX market has experienced a rapid increase, mainly driven by speculative funds rather than fundamental changes. The futures market dominates price discovery, showing "irrational exuberance" characteristics. Although there are concerns about bubbles, the PX fundamentals are supported, and the market is expected to remain tight in 2026. The PX - naphtha spread has widened to $360, and the PX - mixed xylene spread has reached $155, improving aromatics extraction economics. The PX market is at a critical point where speculative sentiment and fundamentals are intertwined. Domestic PTA maintains high operation rates, benefiting from stable domestic demand and the resumption of exports to India since the end of November. High gasoline spreads support aromatics. New polyester installations drive high polyester loads, keeping PTA consumption high, and the market's inventory intention increases with a rapidly strengthening basis. Although domestic polyester demand weakens seasonally, polyester factory production cuts are insufficient to form a negative feedback [2]. 3) Summary by Relevant Catalog Price Changes - PTA spot price increased from 5060 to 5075, a change of 15 [2]. - MEG domestic price increased from 3686 to 3711, a change of 25 [2]. - PTA closing price decreased from 5140 to 5116, a change of -24 [2]. - MEG closing price increased from 3815 to 3867, a change of 52 [2]. - 1.4D direct - spun polyester staple fiber price decreased from 6520 to 6510, a change of -10 [2]. - Short - fiber basis increased from 34 to 42, a change of 8 [2]. - 2 - 3 spread decreased from 16 to 18, a change of -2 [2]. - Polyester staple fiber cash flow increased from 240 to 246, a change of 6 [2]. - 1.4D direct - spun and imitation large - chemical fiber spread decreased from 1270 to 1260, a change of -10 [2]. - East China water - bottle chip price increased from 6097 to 6148, a change of 51 [2]. - Hot - filling polyester bottle chip price increased from 6097 to 6148, a change of 51 [2]. - Carbonated - grade polyester bottle chip price increased from 6197 to 6248, a change of 51 [2]. - T32S pure polyester yarn price remained unchanged at 10600 [2]. - T32S pure polyester yarn processing fee increased from 4080 to 4090, a change of 10 [2]. - Polyester - cotton yarn 65/35 45S price remained unchanged at 16600 [2]. - Cotton 328 price increased from 15610 to 15615, a change of 5 [2]. - Polyester - cotton yarn profit increased from 1377 to 1381, a change of 5 [2]. - Primary three - dimensional hollow (with silicon) price remained unchanged at 7210 [2]. - Hollow staple fiber 6 - 15D cash flow decreased from 449 to 428, a change of -21 [2]. - Primary low - melting - point staple fiber price remained unchanged at 7775 [2]. Market Conditions - Short - fiber: The short - fiber main futures dropped 32 to 6470. The price of polyester staple fiber production factories was stable, while traders' prices slightly declined. Downstream buyers purchased as needed, and on - site transactions were cautious. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market was 6370 - 6650 RMB/ton (cash, spot, tax - included, self - pick - up), 6490 - 6770 RMB/ton (cash, spot, tax - included, delivered) in the North China market, and 6430 - 6630 RMB/ton (cash, spot, tax - included, delivered) in the Fujian market [2]. - Bottle chips: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 6140 - 6200 RMB/ton, with the average price increasing by 30 RMB/ton compared to the previous working day. PTA and bottle - chip futures were strong, with strong cost - side support. Most supply - side offers were raised, market spot supplies were tight, the low - end price center continued to move up, and the market negotiation center increased [2]. Operating Rates and Sales Ratios - Direct - spun staple fiber load (weekly) increased from 86.77% to 88.84%, a change of 2.07% [3]. - Polyester staple fiber sales ratio decreased from 80.00% to 72.00%, a change of -8.00% [3]. - Polyester yarn startup rate (weekly) remained unchanged at 66.00% [3]. - Recycled cotton - type load index (weekly) remained unchanged at 51.10% [3].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - No clear core viewpoints presented in the reports Summary by Directory 1. Stock Index Futures Spread Daily Report - **IF Futures** - The current-futures spread is -1.93, up 0.50 from the previous day, with a 1-year historical quantile of 58.50% and an all-time quantile of 67.50% [1] - The cross-period spreads show various values and changes, e.g., the next-month - current-month spread is 2.60, up 5.80, with a 1-year historical quantile of 65.90% [1] - **IH Futures** - The current-futures spread is 1.93, down 2.74, with a 1-year historical quantile of 77.00% and an all-time quantile of 67.50% [1] - Cross-period spreads also have different values and changes [1] - **IC Futures** - The current-futures spread is -29.90, down 17.82, with a 1-year historical quantile of 73.70% and an all-time quantile of 40.90% [1] - Cross-period spreads vary [1] - **IM Futures** - The current-futures spread is -101.17, up 2.88, with a 1-year historical quantile of 70.00% and an all-time quantile of 16.80% [1] - Cross-period spreads show different values [1] - **Cross-variety Ratios** - Ratios such as CSI 500/CSI 300, CSI 500/SSE 50, etc., have specific values and changes [1] 2. Treasury Bond Futures Spread Daily Report - **Basis** - TS basis is 1.3180, up 0.0083, with a post-listing quantile of 12.90% [2] - TF basis is 1.4635, down 0.0035, with a post-listing quantile of 36.70% [2] - T basis is 1.3385, up 0.0792, with a post-listing quantile of 44.90% [2] - TL basis is 1.5197, up 0.3068, with a post-listing quantile of 51.80% [2] - **Cross-period Spreads** - TS cross-period spreads have different values and changes for different periods [2] - TF cross-period spreads also vary [2] - T cross-period spreads show specific values and changes [2] - TL cross-period spreads have their own characteristics [2] - **Cross-variety Spreads** - Spreads like TS - TF, TS - T, etc., have specific values and changes [2] 3. Container Shipping Industry Spot and Futures Daily Report - **Shipping Indexes** - SCFIS (European route) settlement price index is 1956.39, up 160.6 (8.94%) from January 5th [3] - SCFIS (US West route) is 1323.98, up 73.9 (5.91%) [3] - SCFI comprehensive index is 1647.39, down 8.9 (-0.54%) from December 26th [3] - SCFI for different routes (European, US West, US East) shows different changes [3] - **Futures Prices and Basis** - Futures contracts such as EC2602, EC2604 (main contract), etc., have price changes [3] - The basis of the main contract is 423.8, down 2.7 (-0.63%) [3] - **Fundamental Data** - Global container shipping capacity supply is 3369.48 million TEU, down 0.16 (0.00%) from January 13th [3] - Port - related indicators in Shanghai (quasi - punctuality rate, port calls) and export amount show changes [3] - Overseas economic indicators (eurozone PMI, EU consumer confidence index, US manufacturing PMI) have different trends [3] - OECD comprehensive leading indicators for the G7 group show a 0.06% increase [3]

1. Report Industry Investment Rating No relevant information provided in the reports. 2. Core Views of the Reports Polyolefin Industry - LLDPE: Supply is expected to increase marginally, and demand enters the seasonal off - season with weakening downstream开工率. There is a positive feedback in the spot market, and the sustainability of demand should be monitored [1]. - PP: Both supply and demand are weak. There are many maintenance plans, and there is an expectation of inventory reduction in January. The balance has improved significantly, and attention should be paid to the implementation of maintenance plans [1]. Methanol Industry - The methanol futures are oscillating strongly. The inland price is expected to oscillate, and the port price is restricted by factors such as low MTO profits and potential maintenance of MTO devices [3]. Pure Benzene - Styrene Industry - Pure benzene: The short - term supply - demand pattern is weak, but it is driven by the strong performance of styrene and oil prices. The short - term trend is strong. It is recommended to wait and see for BZ2603 unilaterally and narrow the EB - BZ spread when it is high [5]. - Styrene: The short - term supply - demand is tight, but there is an expectation of inventory accumulation around the Spring Festival, and the upward space is limited. It is recommended to look for shorting opportunities for EB03 and narrow the EB processing fee when it is high [5]. Natural Rubber Industry - The rubber price is expected to oscillate in the range of 15,500 - 16,500. The raw material price provides support at the lower end, and the weak demand suppresses the upper end. Attention should be paid to the raw material output in Thailand [6]. Glass - Soda Ash Industry - Soda ash: The futures price is expected to oscillate weakly in the short term. Attention should be paid to the production load adjustment and inventory situation of soda ash plants [9]. - Glass: The price is expected to continue to weaken in the short term and can be treated bearishly [9]. Crude Oil Industry - The oil price is generally strong due to the instability in Iran, but the increase is limited by the weak supply - demand expectation. Attention should be paid to geopolitical conflicts such as the Russia - Ukraine peace talks and the Middle East situation [11]. LPG Industry No specific views provided in the report other than price and inventory data. Polyester Industry - PX: The short - term price is expected to oscillate at a high level before the Spring Festival, and the mid - term can be treated bullishly at low levels. It is recommended to do a long - short spread for PX5 - 9 at a low level [16]. - PTA: The short - term price is expected to oscillate between 5,000 - 5,300, and the mid - term can be treated bullishly at low levels. It is recommended to do a long - short spread for TA5 - 9 at a low level [16]. - MEG: The price is under pressure. It is recommended to pay attention to the pressure at around 4,000 for EG2605, do a short - long spread for EG5 - 9 at a high level, and sell out - of - the - money call options EG2605 - C - 4100 at a high level [16]. - Short fiber: The price is driven by raw materials in the short term. It is recommended to have the same strategy as PTA unilaterally and narrow the PF processing fee when it is high [16]. - Bottle chips: The price and processing fee are expected to follow the cost side. It is recommended to have the same strategy as PTA unilaterally [16]. PVC - Caustic Soda Industry - Caustic soda: The price is expected to be stable and weak. Attention should be paid to the procurement volume of the main downstream and the price fluctuation of liquid chlorine [18]. - PVC: The fundamentals are still under pressure, but the short - term price fluctuates emotionally. It is recommended to wait and see for short positions [18]. Urea Industry - The urea price is expected to be strong in the short term. Attention should be paid to the follow - up of downstream agricultural demand and the resumption rhythm of devices [19]. 3. Summaries According to Relevant Catalogs Polyolefin Industry - **Prices and Spreads**: Futures and spot prices of LLDPE and PP increased, and there were changes in various spreads such as L59, PP59, and LP05 [1]. - **Inventory**: PE enterprise inventory decreased by 11.41%, and PP trader inventory decreased by 5.28% [1]. - **开工率**: PE装置开工率 increased by 0.52%, and PP装置开工率 decreased by 1.65% [1]. Methanol Industry - **Prices and Spreads**: Methanol futures and spot prices increased, and there were changes in various spreads such as MA59 and regional spreads [3]. - **Inventory**: Methanol enterprise inventory increased by 0.73%, and port inventory decreased by 6.63% [3]. - **开工率**: The upstream domestic enterprise开工率 increased by 0.54%, and some downstream device开工率 decreased [3]. Pure Benzene - Styrene Industry - **Prices and Spreads**: The prices of pure benzene, styrene, and related products increased, and there were changes in various spreads such as EB - BZ [5]. - **Inventory**: The pure benzene port inventory reached a record high, and the styrene port inventory decreased significantly [5]. - **开工率**: The开工率 of some pure benzene and styrene downstream industries changed, with some increasing and some decreasing [5]. Natural Rubber Industry - **Prices and Spreads**: The spot price of natural rubber increased, and there were changes in various spreads such as the 9 - 1 spread [6]. - **Inventory**: The bonded area inventory increased by 3.62%, and the factory - warehouse futures inventory decreased by 1.74% [6]. - **Production and开工率**: The production in Thailand, Indonesia, and other countries decreased in November, and the开工率 of automobile tires changed [6]. Glass - Soda Ash Industry - **Prices and Spreads**: The spot prices of glass and soda ash were generally stable, and there were changes in futures prices and spreads [9]. - **Inventory**: The glass factory - warehouse inventory decreased by 5.69%, and the soda ash factory - warehouse inventory increased by 4.25% [9]. - **Supply and开工率**: The开工率 and supply of soda ash remained at a high level, and the glass melting volume and产能利用率 decreased slightly [9]. Crude Oil Industry - **Prices and Spreads**: The prices of Brent, WTI, and SC crude oil increased, and there were changes in various spreads such as Brent - WTI [11]. - **Refined Oil**: The prices of refined oil products such as NYM RBOB and NYM ULSD increased, and there were changes in cracking spreads [11]. LPG Industry - **Prices and Spreads**: The LPG futures prices changed slightly, and the spot price increased. There were changes in various spreads such as PG02 - 03 [14]. - **Inventory**: The LPG refinery storage capacity ratio decreased by 1.94%, and the port inventory decreased by 0.41% [14]. - **开工率**: The upstream main refinery开工率 increased by 2.49%, and the downstream PDH开工率 increased by 0.68% [14]. Polyester Industry - **Prices and Spreads**: The prices of PX, PTA, MEG, and polyester products changed, and there were changes in various spreads such as PX - naphtha [16]. - **Inventory**: The MEG port inventory increased [16]. - **开工率**: The开工率 of PX, PTA, and polyester products changed, with some increasing and some decreasing [16]. PVC - Caustic Soda Industry - **Prices and Spreads**: The prices of PVC and caustic soda decreased slightly, and there were changes in various spreads such as V2605 - V2601 [18]. - **Inventory**: The inventory of liquid caustic soda and PVC increased [18]. - **开工率**: The开工率 of the caustic soda and PVC industries changed, with some increasing and some decreasing [18]. Urea Industry - **Prices and Spreads**: The urea futures price increased, and the spot price was stable with a slight upward trend. There were changes in various spreads and basis [19]. - **Inventory**: The domestic urea factory - warehouse inventory decreased by 3.53%, and the port inventory remained unchanged [19]. - **Supply and Demand**: The daily and weekly production of urea increased, and the agricultural demand in some regions increased [19].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The rubber market is expected to experience wide - range fluctuations [1] - The trend strength of rubber is 0, indicating a neutral outlook [2] Summary of Related Catalogs Fundamental Data - **Futures Market**: The daily closing price of the rubber main contract was 16,160 yuan/ton, up 185 yuan from the previous day; the night - closing price was 16,155 yuan/ton, up 15 yuan. The trading volume was 481,772 lots, an increase of 101,516 lots. The open interest of the 05 contract was 199,739 lots, an increase of 5,065 lots, and the number of warehouse receipts remained unchanged at 105,590 tons. The net short position of the top 20 members increased by 1,154 lots to 47,479 lots [2] - **Spread Data**: The basis of spot - futures main contract decreased by 35 to - 310, the basis of mixed - futures main contract decreased by 85 to - 1,010, and the monthly spread of RU05 - RU09 decreased by 10 to 20 [2] - **Spot Market**: The outer - market quotes of RSS3, STR20, SMR20, and SIR20 remained unchanged. The prices of Qilu styrene - butadiene rubber and Qilu cis - butadiene rubber increased by 100 yuan/ton. The prices of Thai mixed rubber and Thai standard rubber in the Qingdao market decreased by 10 dollars/ton, and the price of African 10 decreased by 15/10 dollars/ton [2] Industry News - As of January 11, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 56.82 million tons, a month - on - month increase of 1.98 million tons or 3.62%. The bonded area inventory increased by 6.14% to 9.35 million tons, and the general trade inventory increased by 3.13% to 47.47 million tons. The inbound rate of sample bonded warehouses decreased by 1.64 percentage points, and the outbound rate increased by 1.97 percentage points; the inbound rate of general trade warehouses decreased by 0.33 percentage points, and the outbound rate increased by 0.33 percentage points [3][4] - The spread between the main contracts of RU and NR widened by 10 yuan/ton to 3,145 yuan/ton, and the spread between mixed standard rubber and the main RU contract widened by 85 yuan/ton to - 1,010 yuan/ton [4] - There is a certain difference in the release of production capacity between enterprises. Some semi - steel tire enterprises have an increase in foreign trade orders, and their production has been further released. Some are still under production control due to sales pressure. Overall, foreign trade shipments support the overall shipments, but domestic sales pressure remains high [4]

Report Summary 1) Report Industry Investment Rating - No information provided on the industry investment rating. 2) Core Viewpoints - LLDPE futures and spot market continue to resonate with low standard product production. The spot market has tightened liquidity in the short - term, with improved trade - sample transactions. The outer - market quotation is rising, and the long - term import profit is open, but downstream factories are mostly cautious. The raw material end has mixed trends, and the supply side has some changes with potential future supply - demand pressure [1][2]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing price of L2605 is 6820, with a daily increase of 0.80%. The trading volume is 640471, and the open interest decreased by 10862. The 05 - contract basis is - 120 (compared to - 66 the previous day), and the 05 - 09 contract spread is - 35 (compared to - 36 the previous day) [1]. - **Spot Price Data**: In the north, the price is 6700 yuan/ton (unchanged from the previous day); in the east, it is 6850 yuan/ton (up from 6750 yuan/ton the previous day); in the south, it is 6900 yuan/ton (up from 6850 yuan/ton the previous day) [1]. Spot News - The futures rally continues. The spot market has short - term liquidity tightening due to active short - covering and hedging transactions. PE spot prices are rising actively, and the east - China basis has strengthened and turned positive. Downstream product profits are compressed, but rigid demand orders are maintained, and trade - sample transactions have improved significantly. Outer - market quotations are rising, and long - term import profits are open, with increased importer transactions, while downstream factories are cautious [1]. Market Condition Analysis - The raw material crude oil price is stabilizing and fluctuating, the ethylene monomer segment is weakening, and the profit of PE ethylene and ethane processes has improved. The PE futures market has continued to rebound, with most transactions concentrated in the middle - stream, and downstream has not chased the price to replenish inventory. The near - end downstream agricultural film market is weakening, the packaging film industry maintains rigid demand, but the willingness of middle and lower - stream to hold inventory has weakened after the recent decline. The upstream is offering discounts to sell at the end of the year, and the factory inventory has decreased slightly, with a weak basis. On the supply side, Guangxi Petrochemical is gradually starting up, the maintenance plan in January has decreased month - on - month, and some FD has switched back to standard products. In the medium - term, attention should be paid to the supply - demand pressure brought by high existing production capacity and weakening demand [2]. Trend Intensity - The LLDPE trend intensity is 0 [3].

Group 1: Report Overview - Report date: January 12, 2026 [1] - Report cycle: Daily [1] - Research variety: Palm oil [1] - Researcher: You Zhenqi (Qualification No.: F3012673; Investment consulting certificate No.: Z0012990) [1] Group 2: Futures Market - The closing price of the palm oil futures main contract P2605 was 8,724 yuan/ton, up 0.93% from the previous trading day. The opening price was 8,630 yuan/ton, the highest price was 8,748 yuan/ton, the lowest price was 8,574 yuan/ton, the trading volume was 512,074 lots, and the trading volume was 44.339 billion yuan [2] Group 3: Spot Market - The basis was -74.00 yuan/ton, and the basis rate was -0.86%, continuing the contango structure [4] Group 4: Influencing Factors - Malaysia's palm oil ending inventory was 2.34 million tons (data as of December 31, 2025), and the high inventory suppressed price increases. The national commercial inventory of palm oil was 765,000 tons (as of January 7, 2026), and the inventory in East China was 335,000 tons, and the inventory pressure remained. The spot price was lower than the futures price, and the basis remained negative, reflecting the market's expectation of loose future supply [5] Group 5: Market Outlook - It is expected to fluctuate in a range in the short term. Supported by a technical rebound in the short term, but the upside space is restricted by high inventory and import replenishment pressure. Attention should be paid to changes in Malaysia's production and the rhythm of domestic imports [7]

Report Overview - The report is titled "Guangda Futures Black: Iron Ore Basis and Spread Monitoring Daily Report" dated January 14, 2026, and it provides data on iron ore contract spreads, basis, and variety spreads [1]. 1. Contract Spreads - The closing prices of I05, I09, and I01 contracts are 819.5, 798.0, and 830.0 respectively, showing changes of -3.0, -4.0, and -34.0 from the previous day [3]. - The spreads of I05 - I09, I09 - I01, and I01 - I05 are 21.5, -32.0, and 10.5 respectively, with changes of 1.0, 30.0, and -31.0 from the previous day [3]. 2. Basis 2.1 Basis Data - For various iron ore varieties such as Carajás fines (Carajás fines), BRBF, Newman fines, etc., the report shows their current prices, previous day prices, price changes, delivery costs, current basis, previous day basis, and basis changes [5]. - For example, the current price of Carajás fines is 908, down 12.0 from the previous day, with a delivery cost of 868, and the current basis is 49, down 10 from the previous day [5]. 2.2 Basis Charts - There are multiple charts showing the basis of different iron ore types including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, domestic ores, etc. over time [7][8][9]. 3. Variety Spreads 3.1 Variety Spread Data - The report presents data on spreads between different iron ore varieties such as PB lump - PB fines, Newman lump - Newman fines, etc. [12]. - For instance, the spread of PB lump - PB fines is 66.0, down 3.0 from the previous day, and the spread of PB fines - mixed fines is 69.0, up 6.0 from the previous day [12]. 3.2 Variety Spread Charts - There are numerous charts depicting different types of variety spreads including lump - fines spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc. [15][16][18][19]. 4. Rule Adjustments - Since December 2, the main iron ore contract is I2205. According to relevant regulations, 4 new deliverable varieties are added (Benxi Steel concentrate, IOC6, KUMBA, Ukrainian concentrate), and brand premiums for all are 0 starting from the I2202 contract [10]. - The brand premiums of existing varieties are adjusted. Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, and the rest are 0 yuan/ton [10]. - The allowable ranges of quality indicators for substitutes and their quality premiums are modified, and a dynamic adjustment mechanism for iron element premium values (X) is introduced [10]. - Four new deliverable brands (Taigang concentrate, Magang concentrate, Minmetals standard fines, SP10 fines) are added with brand premiums of 0 yuan/ton, and the adjusted deliverable brands and premiums apply to contracts starting from I2312 [10][11]. 5. Research Team - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with their own professional experience and qualifications [22].

Report Industry Investment Rating No relevant content provided. Core Viewpoints No core viewpoints are presented in the given content. It mainly consists of various commodity futures data. Summary by Commodity Categories 1. Power Coal - Provided power coal basis data from January 7 - 14, 2026, with the basis on January 13 being -100 yuan/ton [2] 2. Energy and Chemicals Energy Commodities - Presented basis data of fuel oil, crude oil, and asphalt from January 7 - 13, 2026, and the ratio of crude oil to asphalt [7] Chemical Commodities - Showed cross - period, cross - variety, and basis data of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol from January 7 - 13, 2026 [9][10] 3. Black Metals - Provided cross - period, cross - variety, and basis data of rebar, iron ore, coke, and coking coal from January 7 - 13, 2026 [19][20][21] 4. Non - ferrous Metals Domestic Market - Presented domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from January 7 - 13, 2026 [30] London Market - Showed LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss data of LME non - ferrous metals on January 13, 2026 [33] 5. Agricultural Products - Provided basis, cross - period, and cross - variety data of soybeans, soybean meal, soybean oil, corn, rapeseed meal, rapeseed oil, palm oil, sugar, and cotton from January 7 - 13, 2026 [38] 6. Stock Index Futures - Presented basis and cross - period data of CSI 300, SSE 50, CSI 500, and CSI 1000 from January 7 - 13, 2026 [49][51]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The futures price of LLDPE has continued to rise, leading to short - term tightening of spot liquidity. Spot prices are actively rising, and the basis in East China has strengthened and turned positive. However, downstream product profits are compressed, and the market is affected by factors such as raw material prices, supply, and demand [1][2] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of L2605 yesterday was 6766, with a daily increase of 0.43%. The trading volume was 631,718, and the open interest decreased by 13,392. The 05 - contract basis was - 66 (compared to - 87 the previous day), and the 05 - 09 contract spread was - 36 (compared to - 35 the previous day) [1] - **Spot Price**: The spot prices in North China, East China, and South China were 6700 yuan/ton, 6750 yuan/ton, and 6850 yuan/ton respectively yesterday, up from 6650 yuan/ton, 6650 yuan/ton, and 6780 yuan/ton the previous day [1] 3.2 Spot News - The futures rally continued, leading to short - term tightening of spot liquidity. PE spot prices actively rose, and the basis in East China strengthened and turned positive. Downstream product profits were compressed, but rigid demand orders were maintained, and the trading volume of traders improved significantly. The overseas offer increased, and the forward import profit was opened, but downstream factories were mostly cautious [1] 3.3 Market Condition Analysis - The price of crude oil, the raw material, has stabilized and fluctuated, while the ethylene monomer segment has weakened, and the profits of PE ethylene and ethane processes have improved. The PE futures price has continued to rebound, with most transactions concentrated in the middle reaches, and downstream buyers have not chased the rising price to replenish stocks. The demand for agricultural films in the near - term downstream has weakened, while the rigid demand in the packaging film industry has been maintained. After the recent price decline, the willingness of middle and downstream players to hold positions has weakened, and upstream producers have sold at discounted prices at the end of the year, resulting in a slight reduction in factory inventories, and the basis has been weak. On the supply side, Guangxi Petrochemical has gradually started production, and the planned maintenance in January has decreased compared to the previous month. Some FD has switched back to standard products, and the supply - demand pressure caused by high existing production capacity and weakening demand still needs to be noted in the medium term [2] 3.4 Trend Intensity - The trend intensity of LLDPE is 0 [3]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Before the holiday, the 380 cracking spread fluctuated, and it weakened slightly after the holiday. The 380 monthly spread rebounded from its low but remained weak year - on - year. The high - sulfur cracking spread in Europe weakened, and the monthly spread oscillated at a low level. The 0.5% cracking spread in Singapore oscillated at a historical low, with the structure turning to C at a historical low and the basis oscillating at a historical low [3]. - In terms of inventory, Singapore's residual fuel oil had a significant inventory build - up, the high - sulfur floating storage had a significant drawdown, ARA's residual fuel oil had a slight inventory build - up, Fujairah's residual fuel oil had an inventory drawdown, the high - sulfur floating storage had an inventory drawdown, and EIA's residual fuel oil had a slight inventory build - up. The conflict in Venezuela escalated over the weekend, having a short - term positive and long - term negative impact on heavy crude oil. Attention should be paid to the duration of logistics interruption. The arrival premium of Merey crude oil at the end of December remained around - 12. The high - sulfur spot market remained loose, and attention should be paid to the boost brought by the premium and discount of heavy raw materials recently. The low - sulfur market maintained a weak oscillation pattern [10]. 3. Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From January 7 to January 13, 2026, the price of Rotterdam 3.5% HSF O swap M1 increased by 19.81, Rotterdam 0.5% VLS FO swap M1 increased by 9.97, Rotterdam HSFO - Brent M1 increased by 1.23, Rotterdam 10ppm Gasoil swap M1 increased by 26.90, Rotterdam VLSFO - Gasoil M1 decreased by 16.93, LGO - Brent M1 remained unchanged, and Rotterdam VLSFO - HSFO M1 decreased by 9.84 [1]. Singapore Fuel Oil Swap Data - From January 7 to January 13, 2026, the price of Singapore 380cst M1 increased by 26.04, Singapore 180cst M1 increased by 23.27, Singapore VLSFO M1 increased by 10.53, Singapore Gasoil M1 increased by 3.65, Singapore 380cst - Brent M1 increased by 1.87, and Singapore VLSFO - Gasoil M1 decreased by 16.48 [1][9]. Singapore Fuel Oil Spot Data - From January 7 to January 13, 2026, the high - sulfur internal - external price difference decreased by 1.0, and the low - sulfur internal - external price difference increased by 3.6. The data for FOB 380cst, FOB VLSFO, and 380 basis on January 13 were not provided [2]. Domestic FU Data - From January 7 to January 13, 2026, FU 01 increased by 15, FU 05 increased by 4, FU 09 increased by 15, FU 01 - 05 increased by 11, FU 05 - 09 decreased by 11, and FU 09 - 01 remained unchanged [2]. Domestic LU Data - From January 7 to January 13, 2026, LU 01 increased by 24, LU 05 increased by 44, LU 09 increased by 31, LU 01 - 05 decreased by 20, LU 05 - 09 increased by 13, and LU 09 - 01 increased by 7 [3].