1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports 2.1 Palm Oil - Affected by a mix of bullish and bearish fundamentals, palm oil futures prices will continue to trade in a range. In the domestic market, Dalian palm oil futures are consolidating, with short - term prices holding above 8,500 yuan. Attention should be paid to whether it can effectively break through the moving average resistance and whether Malaysian palm oil can hold above 4,000 ringgit [1]. 2.2 Soybean Oil - Uncertainty in the US biodiesel policy makes CBOT soybean oil vulnerable to the movements of related varieties. Although the purchase of US soybeans by Cofco this week boosted CBOT soybean prices, global soybean supply remains ample, keeping CBOT soybeans under pressure. In the domestic market, the pre - Spring Festival stocking period and reduced soybean imports are positive factors, but CBOT soybeans may still correct after a short - term rebound, and the May contract of Dalian soybean oil faces resistance around 7,950 - 8,000 yuan [1]. 2.3 Rapeseed Oil - With limited available domestic rapeseed oil in the spot market, the market is closely watching whether COFCO will start operations on the 10th. Supported by tight spot supply, the downside for rapeseed oil in the short term is limited, and the overall trend will be a wide - range shock adjustment [1]. 2.4 Red Dates - Downstream demand is on a need - to - buy basis, with more buyers inspecting goods, but there is no significant improvement in trading volume. Spot prices are weakly stable. Driven by positive sentiment in the commodity market, futures prices rebounded, and the basis narrowed. The generation of new - season warehouse receipts is accelerating. The pre - Spring Festival stocking and actual inventory - reduction progress should be monitored. In the short term, there is no obvious fundamental driver, and futures prices will fluctuate and consolidate [2]. 2.5 Corn - In the northeast, corn trading is average, and prices are stable, while in the north port, prices declined slightly due to increased arrivals. In the north China region, farmers are reluctant to sell, and the number of trucks arriving at deep - processing plants is low. However, due to profit losses, plants are not willing to raise prices, so prices are generally stable. On the demand side, low inventory at the north port supports prices, but deep - processing plants' profit losses limit their acceptance of high - priced corn, and feed companies have sufficient inventory. Policy - wise, the targeted auction of imported corn and the start of competitive sales supplement market supply but have limited short - term impact. In the short term, the reluctance to sell and downstream restocking support the futures market, but selling pressure and policy - driven supply limit the upside. Attention should be paid to policy implementation and farmers' selling attitudes [5]. 2.6 Sugar - As the Brazilian sugarcane crushing season nears its end, its influence on the raw sugar market is diminishing. The market focus has shifted to the northern hemisphere's sugarcane production. India's sugar production in the 2025/26 season is increasing, while Thailand's production is still down year - on - year. In the short term, prices are expected to trade in the range of 14.5 - 15.5 cents per pound. In the domestic market, pre - Spring Festival stocking has boosted sales, and December's Guangxi production and sales data met expectations. However, as it is the peak of the sugar - making season, market participants are cautious, and price increases face resistance. Sugar prices are expected to remain in a low - level range - bound pattern [8][9]. 2.7 Apples - With the approaching Spring Festival stocking season, the trading atmosphere in the apple market has warmed up, and the number of trucks arriving at wholesale markets has increased. High - quality apples are in short supply and prices are firm, but high prices may suppress consumption, and competition from other fruits (such as citrus) has put pressure on ordinary apples' inventory. Futures prices have rebounded, and delivery profits have improved. Attention should be paid to inventory - reduction progress [13]. 2.8 Cotton - ICE cotton futures declined due to falling crude oil prices and a stronger US dollar. In the US cotton - growing areas, rising temperatures, reduced precipitation, and an increasing drought index are in line with the winter La Nina weather pattern. USDA export sales have returned to normal levels, and shipments have slowed. In the domestic market, processing enterprises are holding firm on prices, and the basis is strong. The core drivers are the expected reduction in cotton planting in Xinjiang and downstream restocking, but low - cost foreign cotton and the off - season demand limit price increases. In the short term, cotton prices are expected to remain bullish, but there is a risk of correction after continuous price increases [16]. 2.9 Eggs - Based on previous chick sales data, the number of laying hens entering the laying period in January is expected to be lower than the number of old hens leaving the flock, potentially reducing the laying - hen inventory and easing supply pressure. After continuous price increases, the downstream market is resistant to high - priced eggs, and all sectors are actively selling. Egg prices in the production areas are mixed. Market circulation is smooth, and inventory levels are low. As the traditional consumption peak approaches, downstream stocking demand is rising, but due to relatively ample supply, the main contract is expected to trade in a low - level range [18]. 2.10 Pigs - Spot pig prices have returned to a range - bound pattern. After the New Year's Day, market demand has declined significantly. In the north, pig sales have decreased, but high prices have dampened slaughterhouses' purchasing enthusiasm. In the south, demand has dropped sharply, providing little support for prices. Some second - fattening operations are still buying, but overall enthusiasm is low due to high current prices and weak future expectations. The market is betting on pre - Spring Festival consumption, but pigs are expected to be sold in mid - to - late January, and the overall supply in January is expected to be ample. Futures prices were previously strong due to market sentiment, but the upside is limited, and there will be pressure later [19]. 2.11 Meal - Affected by funds and sentiment, US soybean prices are strong, but the global supply - demand situation remains loose, and the expected high - yield in South America continues to suppress prices. The market is waiting for the USDA supply - demand report next Monday for new trading guidance. In the domestic market, the supply of soybeans and soybean meal remains ample, but the expected future tightness supports the 3 - 5 spread and basis. The expected low arrivals in the first quarter are uncertain due to auctions and arrival schedules. The downside for soybean meal is limited, and the upside is mainly affected by policy. In the short term, with positive macro sentiment, the futures market will be range - bound and bullish [21]. 3. Summary by Related Catalogs 3.1 Price and Spread Data 3.1.1 Oils - **Soybean Oil**: On January 7, the spot price in Jiangsu was 8,460 yuan, the May 2026 futures price (Y2605) was 7,958 yuan, up 0.58% from the previous day, and the basis was 502 yuan, down 8.39% [1]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong was 8,570 yuan, the May 2026 futures price (P2605) was 8,562 yuan, up 0.73%, and the basis was 8 yuan, down 88.57%. The import cost at Guangzhou Port for May was 8,930 yuan, down 0.18%, and the import profit was - 368 yuan, up 17.58% [1]. - **Rapeseed Oil**: The spot price of third - grade rapeseed oil in Jiangsu was 9,900 yuan, the May 2026 futures price (OI605) was 9,130 yuan, down 0.38%, and the basis was 802 yuan, up 4.55% [1]. - **Spreads**: The 05 - 09 spread for the three oils was 150 yuan, up 8.70%; for palm oil, it was 110 yuan, down 6.78%; for rapeseed oil, it was 14 yuan, down 73.08%. The spot soybean - palm oil spread was - 110 yuan, unchanged; the 2605 spread was - 604 yuan, down 2.72%. The spot rapeseed - soybean oil spread was 1,440 yuan, unchanged; the 2605 spread was 1,137 yuan, down 6.65% [1]. 3.1.2 Red Dates - On January 8, the price of the main contract (2605) was 9,150 yuan/ton, up 1.95%. The 5 - 7 spread was - 45 yuan/ton, up 35.71%, and the 5 - 9 spread was - 180 yuan/ton, up 18.18%. The basis for Cangzhou's top - grade red dates was - 75 yuan/ton, up 60%. The total number of warehouse receipts and valid forecasts was 3,008, up 1.72% [2]. 3.1.3 Corn - The price of the March 2026 corn contract (2603) was 2,248 yuan/ton, up 1.17%. The basis was 72 yuan, down 30.10%. The 3 - 7 spread was - 36 yuan, up 21.74%. The north - south trading profit was - 21 yuan, down 31.25%, and the import profit was 267 yuan, up 3.71% [5]. 3.1.4 Sugar - The May 2026 sugar futures price (2605) was 5,281 yuan/ton, up 0.42%. The 5 - 9 spread was - 12 yuan, up 25%. The spot price in Nanning was 5,350 yuan/ton, up 0.19%, and the basis was 69 yuan, down 14.81%. Nationwide, the cumulative sugar production was 105 million tons, down 23.24%, and the cumulative sales were 35 million tons, down 42.53% [8]. 3.1.5 Apples - The price of the main contract (2605) was 8,583 yuan/ton, down 0.32%. The 5 - 10 spread was 1,109 yuan, up 2.40%. The basis was - 1,383 yuan, up 2.19%. The total number of trucks arriving at three major fruit wholesale markets increased, and the national cold - storage inventory was 733.56 million tons, down 1.41% [10]. 3.1.6 Cotton - The May 2026 cotton futures price (2605) was 15,035 yuan/ton, up 1.21%. The 5 - 9 spread was - 190 yuan, down 2.70%. The Xinjiang ex - factory price of 3128B cotton was 15,574 yuan/ton, up 0.56%. The commercial inventory was 534.9 million tons, up 14.2%, and the industrial inventory was 98.39 million tons, up 4.7% [16]. 3.1.7 Eggs - The March 2026 egg futures price (03) was 3,011 yuan/500 kg, up 0.37%. The basis was 86 yuan/500 kg, up 69.26%. The 3 - 4 spread was - 253 yuan, down 1.20%. The price of egg - laying chicks was 2.8 yuan per chick, unchanged, and the price of culled hens was 3.95 yuan per catty, up 2.07% [18]. 3.1.8 Pigs - The price of the May 2026 pig futures contract (2605) was 12,260 yuan/ton, up 0.04%. The basis of the main contract was 1,215 yuan, up 6.58%. The 3 - 5 spread was - 475 yuan, down 6.74%. The spot price in Henan was 13,000 yuan/ton, up 0.39%. The self - breeding profit per pig was - 35 yuan, up 73.41%, and the number of fertile sows was 3,990 million heads, down 1.12% [19]. 3.1.9 Meal - For soybean meal, the spot price in Jiangsu was 3,120 yuan, up 0.65%. The May 2026 futures price (M2605) was 2,811 yuan, up 1.26%, and the basis was 300 yuan, down 4.63%. The import crushing profit for Brazilian soybeans for February shipment was 157 yuan, up 45.4%. For rapeseed meal, the spot price in Jiangsu was 2,490 yuan, up 2.05%, and the May 2026 futures price (RM2605) was 2,419 yuan, up 1.21% [21].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports 2.1 Oils and Fats - Palm oil: There is a risk of a decline in the Malaysian palm oil market after breaking below 4000 ringgit. In China, the futures of Dalian palm oil are also expected to be weak in the short - term due to high port inventories and the potential weakness of Malaysian palm oil [1]. - Soybean oil: The CBOT soybean oil may be affected by related varieties. In China, the inventory of soybean oil in oil mills is decreasing, and the fundamentals are positive [1]. - Rapeseed oil: Attention should be paid to whether COFCO can start pressing on time. There may be a risk of further decline in the futures price, and the spot price fluctuates with the market [1]. 2.2 Cotton The ICE cotton futures are rising. The US cotton is expected to be volatile. In China, the cotton sales progress is faster than last year, and there are no obvious negative factors. The cotton price is expected to be slightly stronger in the short - term [3]. 2.3 Sugar The ICE raw sugar futures are slightly rising, and the price is expected to fluctuate between 14.5 - 15.5 cents per pound. In China, the sugar price is expected to be weak and volatile due to the expected increase in production [4]. 2.4 Jujube The current spot market trading of jujube is light, and the price is loose. The new - season warehouse receipt cost supports the futures price. Attention should be paid to the pre - Spring Festival stocking and inventory reduction [6]. 2.5 Corn In the short - term, the corn price will be volatile due to the co - existence of farmers' reluctance to sell and policy supply. The price will be suppressed by policy releases and potential pre - festival selling pressure [8]. 2.6 Pork The spot price of pork has returned to a volatile pattern. The futures price is expected to be in a consolidation phase in the short - term, with limited upward space [10]. 2.7 Meal The global soybean supply is loose, and the South American soybean harvest is expected to be good. The domestic meal market is expected to be slightly stronger in the short - term, with limited downward space [13]. 2.8 Eggs The inventory of laying hens may decrease, and the supply pressure may ease. The egg price is expected to be in a low - level volatile pattern due to the relatively loose supply [15]. 3. Summary by Related Catalogs 3.1 Oils and Fats 3.1.1 Price Changes - Soybean oil: The spot price in Jiangsu remained unchanged at 8410 yuan/ton, the futures price of Y2605 decreased by 0.08% to 7856 yuan/ton, and the basis increased by 1.09% to 554 yuan/ton [1]. - Palm oil: The spot price in Guangdong decreased by 1.16% to 8490 yuan/ton, the futures price of P2605 decreased by 1.12% to 8488 yuan/ton, and the basis decreased by 66.67% [1]. - Rapeseed oil: The spot price in Jiangsu increased by 0.20% to 10050 yuan/ton, the futures price of OI605 decreased by 0.47% to 9044 yuan/ton, and the basis increased by 6.68% [1]. 3.1.2 Spread Changes - The soybean - palm oil spread increased, and the rapeseed - soybean oil spread decreased [1]. 3.2 Cotton 3.2.1 Futures Market - The futures price of cotton 2605 increased by 0.48% to 14655 yuan/ton, and the futures price of cotton 2609 increased by 0.58% to 14845 yuan/ton [3]. 3.2.2 Spot Market - The Xinjiang arrival price of 3128B increased by 0.32% to 15442 yuan/ton, and the CC Index: 3128B increased by 0.38% to 15615 yuan/ton [3]. 3.2.3 Industry Situation - Industrial inventory, imports, and cotton outbound transportation volume increased, while textile industry inventory decreased [3]. 3.3 Sugar 3.3.1 Futures Market - The futures price of sugar 2605 increased by 0.11% to 5257 yuan/ton, and the futures price of sugar 2609 increased by 0.06% to 5269 yuan/ton [4]. 3.3.2 Spot Market - The spot price in Nanning decreased by 0.37% to 5330 yuan/ton, and the spot price in Kunming decreased by 0.19% to 5200 yuan/ton [4]. 3.3.3 Industry Situation - National and regional sugar production and sales decreased, and the inventory in some regions decreased [4]. 3.4 Jujube 3.4.1 Futures Price - The futures price of jujube 2601 increased by 1.82% to 9250 yuan/ton, and the futures price of jujube 2605 decreased by 0.11% to 8955 yuan/ton [6]. 3.4.2 Spot Price - The spot price of Cangzhou super - grade jujube decreased by 0.63% to 9460 yuan/ton, and the spot price of first - grade jujube remained unchanged at 8200 yuan/ton [6]. 3.5 Corn 3.5.1 Corn - The futures price of corn 2603 decreased by 0.09% to 2224 yuan/ton, and the basis decreased by 17.31% [8]. 3.5.2 Corn Starch - The futures price of corn starch 2603 decreased by 0.24% to 2509 yuan/ton, and the basis increased by 10.91% [8]. 3.6 Pork 3.6.1 Futures Market - The futures price of the main contract decreased by 25.86% to 1190 yuan/ton, and the futures price of live hogs 2605 decreased by 0.45% to 12110 yuan/ton [10]. 3.6.2 Spot Market - The spot price in Henan decreased by 550 yuan/ton to 12850 yuan/ton, and the spot price in Shandong decreased by 150 yuan/ton to 12900 yuan/ton [10]. 3.6.3 Spot Indicators - The slaughter volume increased by 0.07% to 225069 heads, and the self - breeding and reproduction profit increased by 73.41% [10]. 3.7 Meal 3.7.1 Price Changes - The spot price of soybean meal in Jiangsu remained unchanged at 3100 yuan/ton, and the futures price of M2605 increased by 0.18% to 2754 yuan/ton [13]. - The spot price of rapeseed meal in Jiangsu increased by 0.41% to 2440 yuan/ton, and the futures price of RM2605 decreased by 0.17% to 2361 yuan/ton [13]. 3.7.2 Spread Changes - The soybean - rapeseed meal spread increased, and the oil - meal ratio decreased slightly [13]. 3.8 Eggs 3.8.1 Futures Market - The futures price of egg 03 increased by 1.39% to 2992 yuan/500KG, and the futures price of egg 04 increased by 1.15% to 3214 yuan/500KG [15]. 3.8.2 Spot Market - The egg产区 price increased by 0.23% to 3.02 yuan/jin [15]. 3.8.3 Related Indicators - The egg - feed ratio decreased by 2.08%, and the breeding profit decreased by 13.96% [15].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The domestic LPG market showed internal differentiation this week, with the internal market fluctuating. It soared after the high - opening of CP on Wednesday and then declined. The external market rose, and the official price of January CP was higher than expected. The overall market was affected by factors such as the Venezuela event, oil prices, and PDH device conditions. The internal - external valuation was high, but the basis was low, and the feedback of poor PDH profits might occur, with a bearish driving force [1]. 3. Summary by Relevant Catalogs Daily Data - On January 5, 2026, the prices of civil LPG in East China, Shandong, and South China were 4413 (+37), 4400 (+150), and 4860 (+270) respectively. The price of ether - post carbon four was 4470 (+30). The lowest delivery location was Shandong. The basis was 216 (-49), the 02 - 03 month spread was 109 (+2), and the 03 - 04 month spread was - 180 (+14). As of 20:00 PM, the FEI and CP paper - cargo prices were 512 and 517.5 US dollars respectively [1]. Weekly Data - This week, the internal market fluctuated. The 02 basis was 118 (-92), the 02 - 03 month spread was 119 (+7), the 03 - 04 month spread was - 184 (+14), and the number of warehouse receipts was 6398 (+30). The domestic civil LPG was differentiated, with the cheapest delivery product being Shandong civil LPG at 4250 (-20), East China at 4376 (-8), and South China at 4590 (+80). The external market rose, and the official price of January CP for propane and butane was 520/525 (+35/+30) respectively. The internal - external market strengthened. The PG - FEI reached 85 (+25). The arrival premium of propane in East China was 66 (-18), and the FOB premiums of AFEI, Middle - East, and US propane in January were 8.25 (-10.5), 50 (+0), and 37.8 (-5.21) respectively. Freight rates declined, and the FEI - MOPJ spread was - 15 (a month - on - month decrease of 5.5) [1].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - For methanol, the inland market has bottomed out, and the port market is trading on significant inventory reduction. However, the pre - condition for significant inventory reduction is high MTO operation rate. Currently, MTO profit is average, which restricts the upside of methanol. Venezuelan shipments are expected to be 2 - 3 vessels per month, with an average of 80,000 - 100,000 tons per month. Pay attention to subsequent developments, and short - term shipments may remain normal. Also, monitor the change in oil prices. The limited upside of methanol is due to the poor performance of other downstream sectors, and if oil prices drive up other products, it may lift the upper limit of methanol prices [2]. - For polyethylene, the inventory of Sinopec and PetroChina is neutral year - on - year. The upstream (Sinopec and PetroChina) and coal - chemical enterprises are reducing inventory, while social inventory remains flat. Downstream inventory of raw materials and finished products is also neutral. Overall inventory is neutral. The 09 contract basis is around - 110 in North China and - 50 in East China. The overseas market in Europe, America, and Southeast Asia is stable. The import profit is around - 200, with no further increase for now. The price of non - standard HD injection molding remains stable, other price spreads are fluctuating, and LD is weakening. The number of maintenance in September is flat compared to the previous month, and the domestic linear production has decreased recently. Pay attention to the LL - HD conversion situation and US quotes. In 2025, the pressure from new plants is significant, so monitor the commissioning of new plants [6]. - For polypropylene, the upstream (Sinopec and PetroChina) and mid - stream are reducing inventory. In terms of valuation, the basis is - 60, the non - standard price spread is neutral, and the import profit is around - 700. Exports have been performing well this year. The non - standard price spread is neutral, and the markets in Europe and America are stable. The PDH profit is around - 400, propylene prices are fluctuating, and the powder production rate is stable. The production of drawn products is neutral. The subsequent supply is expected to increase slightly month - on - month. Currently, downstream orders are average, and the inventory of raw materials and finished products is neutral. In the context of over - capacity, the pressure on the 01 contract is expected to be moderately excessive. If exports continue to increase or there are more PDH plant maintenance, the supply pressure can be alleviated to a neutral level [7]. - For PVC, the basis remains at 01 - 270, and the ex - factory basis is - 480. Downstream operation rate is seasonally weakening, and the willingness to hold inventory at low prices is strong. The inventory of mid - upstream is continuously accumulating. In summer, Northwest plants have seasonal maintenance, and the load center is between the spring maintenance and the high production in Q1. In Q4, pay attention to the commissioning of new plants and the sustainability of exports. The recent export orders have declined slightly. The sentiment in the coal market is positive, the cost of semi - coke is stable, and the profit of calcium carbide is under pressure due to PVC maintenance. The counter - offer for caustic soda exports is FOB380. Pay attention to whether subsequent export orders can support the price of caustic soda. The comprehensive profit of PVC is - 100. Currently, the accumulation of static inventory contradictions is slow, the cost is stable, downstream performance is mediocre, and the macro - environment is neutral. Monitor exports, coal prices, commercial housing sales, terminal orders, and operation rate [7]. 3. Summary by Commodity Methanol - **Price Data**: From December 26, 2025, to January 5, 2026, the price of动力煤期货 remained at 801. The price of Jiangsu spot increased from 2145 to 2233, with a daily change of 23 on January 5. The price of South China spot increased from 2120 to 2205, with a daily change of 12 on January 5. Other regional prices also showed certain changes [2]. - **Viewpoint**: The inland market has bottomed out, and the port market is trading on significant inventory reduction. However, MTO profit restricts the upside of methanol. Monitor Venezuelan shipments and oil price changes [2]. Polyethylene - **Price Data**: From December 26, 2025, to January 5, 2026, the price of华东LD increased from 8175 to 8700, with a daily change of 375 on January 5. Other prices also had corresponding changes. The主力期货 price decreased from 6465 to 6449, with a daily change of - 23 on January 5 [6]. - **Viewpoint**: Overall inventory is neutral. Pay attention to LL - HD conversion, US quotes, and new plant commissioning [6]. Polypropylene - **Price Data**: From December 26, 2025, to January 5, 2026, the price of山东丙烯 increased from 5690 to 5730, with a daily change of 50 on January 5. The主力期货 price decreased from 6292 to 6330, with a daily change of - 18 on January 5 [7]. - **Viewpoint**: Upstream and mid - stream are reducing inventory. Monitor exports and PDH plant maintenance [7]. PVC - **Price Data**: From December 26, 2025, to January 5, 2026, the price of电石法 - 华东 decreased from 4520 to 4530, with a daily change of - 70 on January 5. The基差(高端交割品) increased from - 20 to - 250, with a daily change of 10 on January 5 [7]. - **Viewpoint**: Downstream operation rate is seasonally weakening, and mid - upstream inventory is accumulating. Monitor exports, coal prices, etc. [7].

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoints - The overseas market remains tight with an expected increase in the official price of January CP. Domestically, the domestic - foreign price difference is relatively high, and the basis is relatively low, and the driving force needs further waiting. The profit of PDH is deteriorating, and the maintenance situation in January needs to be observed [1] 3. Summary by Relevant Data and Information Price Data - **Domestic Civil Gas**: On 2025/12/29, the price in East China was 4380 (-4), in Shandong was 4320 (+50), and in South China was 4510 (+0). The price of ether - post carbon four was 4430 (-70). The lowest delivery location was Shandong, with the latest basis at 244 (-30) [1] - **Futures Spreads**: The 02 - 03 month spread was 113 (+1), another 02 - 03 month spread was 126 (+13), and the 03 - 04 month spread was -190 (+10). For the inner - plate, the 02 basis was 186 (-95), the 01 - 02 month spread was 117 (-2), and the 03 - 04 month spread was -203 (-3) [1] - **Paper Goods Prices**: As of 9 p.m., the FEI and CP paper goods prices were 523 and 510 respectively, up 2 and 6 US dollars [1] - **1 - Month CP First - Round Recommended Values**: Propane and butane were 505/495 (+10/+10) respectively [1] - **Price Ratios**: PG - CP reached 100 (+1.86), PG - FEI reached 89 (+4.86), FEI - MB reached 185.6 (+10.6), and FEI - CP reached 11 (+3) [1] - **Propane Premiums**: The premium of propane arriving at East China was 4 (+1), and the premiums of AFEI, Middle - East, and US propane OB were 18.75 (+5.75), 50 (-1), and 43 (+0) respectively [1] - **FEL - MORI Price Difference**: -14 (up 4 month - on - month) [1] Inventory and Production Data - **Port Inventory**: The arrival rate of ships was 54.83%, and port inventory decreased by 14.3% [1] - **Refinery Data**: The refinery's commercial volume increased by 1.18%, and refinery inventory increased by 0.41% [1] - **PDH Data**: The operating rate of PDH was 76.36% (+1.36 pct) [1]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report Core View - The LPG market is characterized by a tight supply of Middle Eastern resources, rising premiums, and high prices in winter. The 1 - month CP official price is approaching release. The internal and external valuations are high, but the driving force is weak, and the internal and external trading logics are differentiated. The upward driving force of FEI is limited, and the domestic market needs to focus on the negative feedback between warehouse receipts and PDH, with high uncertainty [4] Group 3: Summary by Relevant Catalog Market Price and Basis - On December 15 - 19, 2025, the prices of Shandong LPG, propane CIF Japan, Shandong ether - after carbon four, etc. fluctuated. The lowest delivery location was Shandong, with a basis of 143 and a daily change of (- 19). The 01 - 02 month spread was 145 (+ 26), the 02 - 03 month spread was 166 (+ 5), and the 03 - 04 month spread was - 185 (+ 21). The FEI was 512 (+ 6) and the CP was 498 (- 1) US dollars/ton [4] Market Trends - The LPG futures price rebounded. The 01 basis was 162 (- 187), the 01 - 02 month spread was 119 (+ 35), and the 03 - 04 month spread was - 206 (+ 33). The number of warehouse receipts was 3368 lots (- 108). Domestic civil LPG prices were differentiated, with the most suitable delivery product being Shandong at 4380 (- 50), East China at 4398 (- 21), and South China at 4500 (+ 80). The FEI month spread strengthened, the CP month spread weakened, and the oil - gas ratio fluctuated [4] Profit and Inventory - The PDH spot profit was weak, but the futures profit rebounded. The number of arriving ships decreased by 7.64%, and the port inventory decreased by 7.89%. The refinery commercial volume increased by 0.82%, and the refinery inventory decreased by 0.03%. The PDH operating rate was 75% (+ 2.13 pct) [4]

Group 1: Core View - The LPG futures price declined due to falling oil prices, PDH shutdown news, and an increase in warehouse receipts. The domestic civil gas price also dropped. The external paper market first rose and then fell, with the FEI and CP spreads strengthening and the MB spread weakening. The oil - gas ratio declined, and the domestic - foreign spread weakened. The US - Asia arbitrage window opened. Overall, Middle Eastern supplies are tight, and winter prices are unlikely to fall significantly. The domestic market is expected to fluctuate weakly in the short term. Attention should be paid to the subsequent PDH start - up under high costs and the situation of factory warehouse receipts [4] Group 2: Data Summary Daily Price Changes - Civil gas prices: In East China, it was 4398 (-10); in Shandong, it was 4410 (-30); in South China, it was 4490 (+30). The price of ether - post - carbon four was 4600 (+30). The lowest delivery location was East China [4] - Basis daily change: 84 (-6); 01 - 02 spread: 124 (+0); 03 - 04 spread: -208 (-2). As of 22:00, FEI was 509 (+1) and CP was 501 (-2) dollars/ton [4] Futures - related Data - LPG futures basis was 265 (+122), 01 - 02 spread was 84 (+5), 03 - 04 spread was -223 (-12), and warehouse receipts were 5476 lots (+865) [4] Market Spread Data - PG - CP dropped to 71 (-28), PG - FEI dropped to 65 (-14). The East China propane arrival premium was 85 (-7), and the AFEI, Middle East, and US propane FOB premiums were 42 (+12), 42 (+17), and 47 (+4) respectively [4] Supply - related Data - The arrival volume increased by 12.25%, port inventory increased by 3.22%, external supply increased slightly by 1.3%, and refinery storage capacity increased slightly by 0.27%. The PDH operating rate was 72.87% (+2.65pct) [4]

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of the Reports 2.1 Fats and Oils Industry - Malaysian palm oil futures may fall below 4000 ringgit and test 3900 ringgit due to expected inventory growth. Domestic palm oil futures are under pressure to decline further. - CBOT soybeans and soybeans may fall due to uncertainty in bio - fuel blending quotas,利空 export data, and expected record - high Brazilian soybean production. However, domestic soybean oil inventory reduction and expected reduced imports in Q1 may support the 5 - month contract [1]. 2.2 Sugar Industry - ICE raw sugar futures declined due to increased supply prospects. Indian sugar production has increased, and the price is expected to remain bearish. Domestic sugar prices are also weakening due to increased supply [3][4]. 2.3 Corn Industry - The current grain - selling progress is fast, but the effective market circulation is limited. The price is stable in the north and weak in the north. The demand from deep - processing enterprises is slow, while feed enterprises' demand is rising. The futures price decline is limited [5]. 2.4 Egg Industry - Egg prices are rising slightly, leading to farmers' reluctance to sell. The number of laying hens is expected to decline slowly, but the supply remains high. Demand is weak, and egg prices are expected to fluctuate weakly [8]. 2.5 Pig Industry - Spot prices are stable, and the southern curing demand is increasing. However, there is uncertainty in the December - January market due to the pandemic and secondary fattening. The supply is still large, and the price is hard to improve [10]. 2.6 Cotton Industry - ICE cotton futures rose due to a weak dollar and a rebound in the US stock market. US cotton is in a volatile market. Domestically, the expected decline in Xinjiang's planting area in the next year is optimistic in the long - term, but the downstream industry is weak [14]. 2.7 Meal and Soybean Industry - US soybeans are in a weak and volatile market due to lack of trading highlights and expected supply pressure from South America. Domestic soybean meal supply is loose, and the futures price is expected to be weak [17]. 2.8 Red Date Industry - The 2025/2026 Xinjiang red date production is less affected than expected, but there is pressure from new - product listing and old - stock clearance. The cost may support the price, and future consumption is to be observed [19]. 3. Summary by Relevant Catalogs 3.1 Fats and Oils Industry - **Price Changes**: On December 15, compared with December 12, soybean oil spot price in Jiangsu decreased by 0.58%, palm oil spot price in Guangdong decreased by 0.93%, and rapeseed oil spot price in Jiangsu decreased by 1.50%. - **Inventory and Basis**: Soybean oil inventory decreased by nearly 60,000 tons, and the 5 - month contract basis was supported. Palm oil and rapeseed oil had corresponding basis and inventory changes [1]. 3.2 Sugar Industry - **Price and Basis**: On December 15, compared with the previous value, sugar futures prices decreased, and spot prices in Nanning and Kunming also declined. The basis of Nanning and Kunming decreased. - **Industry Data**: National and Guangxi sugar production and sales decreased year - on - year, and the national sugar sales rate decreased [3]. 3.3 Corn Industry - **Price and Basis**: On December 15, compared with the previous value, corn futures prices decreased, and the basis increased. Corn starch futures prices decreased, and the basis increased. - **Industry Data**: The number of vehicles in Shandong deep - processing enterprises increased significantly, and the inventory of corn and corn starch decreased [5]. 3.4 Egg Industry - **Price Changes**: On December 15, compared with the previous value, egg futures prices increased, and the spot price in the production area decreased. The basis decreased significantly. - **Industry Data**: The price of egg - laying chicken seedlings decreased, and the price of culled chickens increased. The inventory in the production and circulation links changed [8]. 3.5 Pig Industry - **Price and Basis**: On December 15, compared with the previous value, pig futures prices had small changes, and the basis increased. Spot prices in different regions had different changes. - **Industry Data**: Slaughter volume decreased slightly, and the self - breeding and purchased piglet breeding profits increased [10]. 3.6 Cotton Industry - **Price and Basis**: On December 15, compared with the previous value, cotton futures prices increased, and spot prices decreased slightly. The basis decreased. - **Industry Data**: Inventory increased, import volume decreased, and textile export data had different changes [14]. 3.7 Meal and Soybean Industry - **Price and Basis**: On December 15, compared with the previous value, soybean meal, rapeseed meal, and soybean prices had corresponding changes, and the basis also changed. - **Industry Data**: The import crushing profit of Brazilian soybeans and Canadian rapeseed had different changes [17]. 3.8 Red Date Industry - **Price and Basis**: On December 15, compared with the previous value, red date futures prices increased, and spot prices remained stable. The basis decreased. - **Industry Data**: The 2025/2026 Xinjiang red date production decreased by 15% compared with normal years [19].

Group 1: Sugar Investment Rating Not provided Core View The sugar market is expected to remain weak next week due to a lack of positive factors and weak price rebound. The supply outlook is loose, which restricts the rebound of raw sugar prices. The increase in supply has led to a decline in futures prices and a subsequent drop in basis sugar prices. [2] Summary by Directory - **Futures Market**: The prices of sugar futures contracts have generally declined, while the ICE raw sugar主力 has increased slightly. The main contract's open interest has increased, and the number of warehouse receipts and effective forecasts remains unchanged. [2] - **Spot Market**: Spot prices have decreased, and the basis has changed. The price of imported Brazilian sugar has increased, and the spread between imported and domestic sugar has also changed. [2] - **Industry Situation**: The cumulative production and sales of sugar have decreased year - on - year, and the national sales rate has declined, while the sales rate in Guangxi has increased. Industrial inventories in most regions have decreased, except for an increase in Yunnan. Sugar imports have increased. [2] Group 2: Cotton Investment Rating Not provided Core View Internationally, US cotton maintains a volatile market. Domestically, the market expects a decline in Xinjiang's planting area next year, with a long - term optimistic outlook. However, the downstream industry is weak, and cotton prices face some upward pressure. [5] Summary by Directory - **Futures Market**: The price of some cotton futures contracts has declined slightly, and the open interest of the main contract has decreased. The number of warehouse receipts and effective forecasts has increased. [5] - **Spot Market**: Some spot prices have increased, and the basis has also changed. [5] - **Industry Situation**: The shortage has increased, industrial inventories have increased slightly, imports have decreased, and the inventory in bonded areas has decreased. The inventory of the textile industry has decreased year - on - year, and the inventory days of yarn and grey cloth have changed. Cotton outbound shipments have increased, while the processing profit of spinning enterprises has decreased. Retail sales and export volumes in the textile and clothing industries have increased. [5] Group 3: Corn Investment Rating Not provided Core View The current grain sales progress is relatively fast, but the effective market circulation of grain is limited. The price is relatively stable in the short term due to factors such as farmers' reluctance to sell and low terminal inventory, but the supply pressure restricts the upward space of corn prices. [7] Summary by Directory - **Corn**: The price of the corn 2601 contract at Jinzhou Port has declined slightly, and the basis has increased. The 1 - 5 spread remains unchanged. The price at Shekou Port remains stable, and the north - south trade profit remains unchanged. The arrival - at - port duty - paid price has decreased slightly, and the import profit has increased. The number of remaining vehicles at Shandong deep - processing enterprises in the morning has decreased significantly, the open interest has decreased, and the number of warehouse receipts has decreased. [7] - **Corn Starch**: The price of the corn starch 2601 contract has increased slightly, and the spot prices in Changchun and Weifang remain unchanged. The basis has decreased, the 1 - 5 spread has increased, the 01 - contract spread between starch and corn has increased, and the profit of Shandong starch has increased. The open interest has decreased, and the number of warehouse receipts remains unchanged. [7] Group 4: Oils Investment Rating Not provided Core View For palm oil, there is a risk of further decline after breaking through the 4000 - ringgit support. Dalian palm oil futures are in a weak and volatile adjustment. For soybean oil, the potential reduction in US biodiesel production is negative for CBOT soybean oil, but the rebound of BMD palm oil provides some support. The domestic supply is sufficient, and the demand is limited, but the decline in basis quotes may be limited in the short term. [10] Summary by Directory - **Palm Oil**: The price of palm oil has declined, and the basis has changed. The import cost has decreased, and the import profit has increased. The number of warehouse receipts remains unchanged. [10] - **Soybean Oil**: The price of soybean oil remains unchanged, and the basis has increased. The supply of domestic factories is sufficient, and the demand is limited. [10] - **Rapeseed Oil**: The price of rapeseed oil has increased slightly, and the basis has also changed. [10] Group 5: Pigs Investment Rating Not provided Core View The spot price of pigs is stable, and the downward support has increased with the increase in southern curing demand. However, there is great uncertainty in the December - January market due to factors such as the increase in the epidemic and the potential entry of secondary fattening, and the overall supply pressure is still large. [12] Summary by Directory - **Futures Market**: The prices of some pig futures contracts have increased, and the 3 - 5 spread has changed. The open interest of the main contract has increased, and the number of warehouse receipts remains unchanged. [12] - **Spot Market**: Spot prices in different regions have changed, and the slaughter volume of sample points has increased. The weekly prices of pork strips remain unchanged, while the prices of piglets and sows have decreased slightly. The average slaughter weight has decreased slightly, and the breeding profits of self - breeding and purchased pigs have increased. The number of fertile sows has decreased. [12] Group 6: Eggs Investment Rating Not provided Core View The egg market is expected to be in a state of oversupply this week. Egg prices are expected to fluctuate weakly, but the downward space is limited due to insufficient terminal demand. [15] Summary by Directory - **Futures Market**: The prices of egg futures contracts have declined, and the basis has increased. The 1 - 2 spread has decreased. [15] - **Spot Market**: The price of eggs in the producing areas has decreased slightly, the price of egg - laying chicken seedlings has decreased, the price of culled chickens has increased, the egg - to - feed ratio has increased, and the breeding profit has increased. [15] - **Industry Situation**: The number of culled chickens has decreased slightly, and the number of newly - laying hens is still low. The inventory of laying hens is still at a high level, and the inventories at all links in the industry chain need to be digested. The terminal consumption is lower than expected, and the downstream purchasing sentiment has declined. [15] Group 7: Meal Investment Rating Not provided Core View US soybeans lack trading highlights, and the market is not optimistic about the medium - and long - term price of US soybeans. The domestic soybean meal supply is loose, but there is a sentiment of supporting prices in the market, and attention should be paid to the performance of the 1 - 5 positive spread. [17] Summary by Directory - **Soybean Meal**: The spot price of soybean meal has increased, the futures price has increased slightly, and the basis has increased. The import crushing profit has increased, and the number of warehouse receipts remains unchanged. [17] - **Rapeseed Meal**: The spot price of rapeseed meal remains unchanged, the futures price has increased, and the basis has decreased. The import crushing profit has decreased, and the number of warehouse receipts is zero. [17] - **Soybeans**: The spot price of soybeans in Harbin remains unchanged, the futures price has decreased, and the basis has increased. The spot price of imported soybeans in Jiangsu remains unchanged, the futures price has decreased slightly, and the basis has increased. The number of warehouse receipts remains unchanged. [17]

1. Report Industry Investment Ratings There is no information provided regarding the industry investment ratings in the reports. 2. Core Views of the Reports Oils and Fats - Palm oil: Malaysian palm oil futures may face downward pressure if they cannot hold above 4,100 ringgit, with support at 4,000 ringgit. In China, Dalian palm oil futures could break down due to bearish fundamentals, with support around 8,000 yuan. - Soybean oil: The US EIA has lowered its forecasts for renewable diesel production in 2025 and 2026. However, the Fed's potential rate cuts and the rebound of BMD palm oil support CBOT soybean oil. In China, the spot basis is shifting to the May contract, and the first - quarter soybean imports are expected to decrease, which may reduce factory soybean oil inventories [1]. Meals - US soybeans: Lack trading highlights, with slow - growing Chinese demand and high crushing demand. South American new crops are progressing well with strong harvest expectations. The market is not optimistic about medium - to - long - term US soybean prices. - Domestic soybean meal: The loose supply pattern continues, but the market is speculating on longer soybean customs clearance times, and the 1 - 5 positive spread has strengthened. The spot pressure remains, but the future supply is expected to tighten [2]. Pigs - The market has some reluctance to sell, and the spot price is stable. The southern curing demand is increasing, but there are uncertainties in the December - January market due to the potential impact of the epidemic and secondary fattening. The overall supply pressure is large, and the price is hard to improve. The futures market is struggling to rise and has fallen in the past two days [4]. Sugar - ICE raw sugar futures are under pressure below 15 cents per pound. Indian sugar production in Maharashtra is increasing. The overall raw sugar price is bearish. In China, the sugar price is weak due to the accelerated sugar - cane crushing in Guangxi and Yunnan, and the market is expected to remain in a weak - oscillating pattern [8][9]. Corn - North port corn prices rose slightly due to insufficient arrivals, while prices in the Northeast and North China were stable to weak. The demand side is cautious, with deep - processing and feed enterprises mainly making purchases based on rigid needs. The short - term corn futures are expected to oscillate, and the follow - up supply volume should be monitored [10]. Eggs - The supply of eggs is relatively sufficient, although the November national laying - hen inventory decreased slightly. The market has a normal sales speed, but the demand is weak. Egg prices are expected to oscillate weakly with limited downside [14]. Cotton - ICE cotton futures fell due to weak US export demand. In China, Zhengzhou cotton faces increasing hedging pressure during the price increase, but the downstream demand is relatively strong, and the price decline space may be limited. Attention should be paid to the 14,000 pressure level [16]. 3. Summary by Related Catalogs Oils and Fats - **Soybean Oil**: On December 11, the spot price in Jiangsu was 8,600 yuan, up 0.58% from the previous day. The futures price of Y2605 was 8,268 yuan, up 0.56%. The basis was 328 yuan, and the warehouse receipts remained unchanged at 25,964 [1]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong was 8,680 yuan on December 11, up 0.46%. The futures price of P2605 was 8,656 yuan, up 1.33%. The basis was - 75.51%. The import cost was 9,102.8 yuan, and the import profit was - 447 yuan [1]. - **Rapeseed Oil**: The spot price of third - grade rapeseed oil in Jiangsu was 10,000 yuan on December 11, up 3.09%. The futures price of OI601 was 9,443 yuan, up 1.65%. The basis was 401 yuan, and the warehouse receipts were 3,490 [1]. Meals - **Soybean Meal**: The spot price in Jiangsu was 3,060 yuan on December 11, up 0.66%. The futures price of M2605 was 2,750 yuan, down 0.15%. The basis was 310 yuan, and the warehouse receipts were 23,830 [2]. - **Rapeseed Meal**: The spot price in Jiangsu was 2,410 yuan on December 11, up 1.26%. The futures price of RM2605 was 2,323 yuan, down 0.26%. The basis was 87 yuan, and the warehouse receipts were 0 [2]. - **Soybeans**: The spot price of Harbin soybeans was 3,940 yuan, unchanged. The futures price of the main soybean contract was 4,173 yuan, up 0.29%. The basis was - 233 yuan [2]. Pigs - **Futures**: The futures price of LH2605 was 11,820 yuan on December 11, down 0.17%. The futures price of LH2603 was 11,220 yuan, down 0.80%. The 3 - 5 spread was - 600 yuan, down 13.21%. The main - contract positions increased by 3.54% to 154,716, and the warehouse receipts increased by 40.21% to 523 [4]. - **Spot**: The spot price in Henan was 11,360 yuan, up 60 yuan; in Shandong, it was 11,330 yuan, up 130 yuan; in Sichuan, it was 12,000 yuan, up 200 yuan; in Liaoning, it was 11,390 yuan, up 90 yuan; in Guangdong, it was 12,460 yuan, unchanged; in Hunan, it was 11,160 yuan, unchanged; in Hebei, it was 11,660 yuan, up 160 yuan [4]. Sugar - **Futures**: The futures price of SR2601 was 5,358 yuan on December 11, up 0.56%. The futures price of SR2605 was 5,245 yuan, up 0.38%. The ICE raw sugar main - contract price was 14.86 cents per pound, down 0.27%. The 1 - 5 spread was 113 yuan, up 9.71%. The main - contract positions increased by 62.10% to 391,467, and the warehouse receipts increased by 54.29% to 611 [8]. - **Spot**: The spot price in Nanning and Kunming was unchanged. The Nanning basis was 115 yuan, down 14.81%; the Kunming basis was 75 yuan, down 21.05%. The in - quota imported Brazilian sugar price was 4,100 yuan, up 2.07%, and the out - of - quota price was 5,195 yuan, up 2.12% [8]. Corn - **Corn**: The futures price of C2601 was 2,243 yuan on December 11, up 0.09%. The Jinzhou Port flat - hatch price was 2,290 yuan, up 0.44%. The basis was 57 yuan, up 16.33%. The 1 - 5 spread was - 24 yuan, unchanged [10]. - **Corn Starch**: The futures price of CS2601 was 2,523 yuan, down 0.36%. The Changchun and Weifang spot prices were unchanged. The basis was 67 yuan, up 15.52%. The 1 - 5 spread was - 53 yuan, down 1.92% [10]. Eggs - **Futures**: The futures price of JD01 was 3,144 yuan on December 11, down 0.29%. The futures price of JD02 was 2,968 yuan, down 0.40%. The 1 - 2 spread was 176 yuan, up 1.73%. - **Spot**: The egg - producing area price was 3.09 yuan per catty, up 0.64%. The basis was - 57 yuan, up 33.37% [14]. Cotton - **Futures**: The futures price of CF2605 was 13,850 yuan on December 11, up 0.65%. The futures price of CF2601 was 13,860 yuan, up 0.58%. The ICE US cotton main - contract price was 64.00 cents per pound, down 0.19%. The 5 - 1 spread was - 10 yuan, up 50.00%. The main - contract positions decreased by 3.02% to 460,016, and the warehouse receipts decreased by 0.10% to 2,967 [16]. - **Spot**: The Xinjiang arrival price of 3128B cotton was 14,835 yuan, up 0.03%. The CC Index 3128B was 15,013 yuan, up 0.06%. The FC Index M 1% was 12,898 yuan, up 0.40% [16].