每经AI快讯，1月26日，钧达股份（002865）(002865.SZ)公告称，公司A股股票连续3个交易日收盘价格 涨幅累计偏离值达到20%，属于股票交易异常波动情况。经核实，公司前期披露的信息无需要更正、补 充之处；公司目前经营正常，近期经营情况及内外部经营环境未发生重大变化；公司近期布局的领域目 前仍处于技术探索阶段，未来市场空间与产业化节奏存在较大不确定性，可能面临技术路线迭代与市场 竞争加剧等风险。目前，相关业务正处于研发阶段，公司尚无在手订单，未来市场开拓进展存在不确定 性。 ...

Report Summary 1) Report Industry Investment Ratings - **Bullish**: Palm oil, soybean oil, natural rubber, BR rubber [1] - **Bearish**: Industrial silicon [1] - **Sideways**: Stock index, treasury bond, copper, alumina, zinc, nickel, stainless steel, tin, silver, gold, platinum, palladium, rebar, hot - rolled coil, iron ore, ferrosilicon, manganese silicon, soda ash, coking coal, coke, rapeseed oil, cotton, sugar, corn, soybean meal, pulp, log, live pig, fuel oil, ethylene glycol, styrene, methanol, asphalt, PTA, short - fiber, PVC, LPG, container shipping on the European route [1] 2) Core Viewpoints - **Macro - financial**: Policy cools market speculative sentiment, stock index oscillates, long - term bulls can look for opportunities; asset shortage and weak economy benefit treasury bond futures, but short - term interest rate risks are prompted [1] - **Non - ferrous metals**: With policy changes, most non - ferrous metals prices are in a state of high - level or range oscillation, and supply - side factors need attention [1] - **Precious metals and new energy**: Market uncertainty supports precious metals prices, but the suspension of key mineral tariffs may suppress platinum and palladium prices [1] - **Black metals**: The situation of weak reality and strong expectation coexists, and the supply may be affected by energy consumption control and anti - involution [1] - **Agricultural products**: The market conditions vary, some are affected by supply and demand, some by policies and weather, and some are in a state of "supported but lack of drive" [1] - **Energy and chemicals**: Affected by multiple factors such as geopolitical conflicts, supply and demand changes, and device maintenance, prices show different trends [1] 3) Summary by Categories Macro - financial - **Stock index**: Policy regulates the market, short - term oscillation adjustment space is limited, long - term bulls can look for opportunities [1] - **Treasury bond**: Asset shortage and weak economy are beneficial, but short - term interest rate risks are prompted, and attention should be paid to the Japanese central bank's interest rate decision [1] Non - ferrous metals - **Copper**: With the suspension of key mineral taxes in the US, short - term concerns ease, and the price oscillates at a high level [1] - **Alumina**: Supply exceeds demand in China, the industry is weak, but the price is near the cost line, so it is expected to oscillate [1] - **Zinc**: The cost center is stable, the fundamentals have few contradictions, and the price fluctuates in a range [1] - **Nickel**: Supply is tight, but inventory accumulation restricts price increase, short - term high - level oscillation [1] - **Stainless steel**: Supply - side disturbances in Indonesia, raw material prices rise, futures run at a high level, beware of squeeze - out risks [1] - **Tin**: The upward trend is suppressed, and attention should be paid to low - buying opportunities in the oscillation range [1] Precious metals and new energy - **Silver, Gold**: Market uncertainty supports prices [1] - **Platinum, Palladium**: Short - term wide - range oscillation, long - term can allocate platinum at low prices or use the "long platinum, short palladium" arbitrage strategy [1] - **Industrial silicon**: Northwest production increases, Southwest production decreases, and polysilicon and organic silicon production decreases in December [1] - **Lithium carbonate**: In the off - season of new energy vehicles, but storage demand is strong, and there is a battery export rush [1] Black metals - **Rebar, Hot - rolled coil, Iron ore**: High production and inventory suppress price increases, and the transmission of futures prices to spot is not smooth [1] - **Ferrosilicon, Manganese silicon**: Weak reality and strong expectation coexist, and supply may be affected by energy consumption control and anti - involution [1] - **Soda ash**: Follows glass, with looser medium - term supply and demand and price pressure [1] - **Coking coal, Coke**: The market is pessimistic about the coking coal 05 contract, and the price may be priced according to Mongolian coal long - term agreement cost [1] Agricultural products - **Palm oil, Soybean oil**: Main consumer countries start purchasing, production areas may reduce production and inventory, and biodiesel themes may ferment [1] - **Rapeseed oil**: Affected by tariff and customs clearance expectations, it is expected to be difficult to fall smoothly, and it is recommended to wait and see [1] - **Cotton**: New crop harvest is expected to be good, but there is a rigid demand for replenishment, and future policies and weather need attention [1] - **Sugar**: Global surplus and domestic new supply increase, short - term fundamentals lack continuous drive [1] - **Corn**: Northeast sales progress is fast, port inventory is low, and there is a pre - holiday replenishment demand [1] - **Soybean meal**: Brazil's harvest progresses, Argentina's weather may cause short - term speculation, and M05 is expected to oscillate weakly [1] - **Pulp, Log**: Affected by macro and external factors, prices are in a state of oscillation [1] - **Live pig**: Supply capacity needs to be further released [1] Energy and chemicals - **Crude oil, Fuel oil**: OPEC+ suspends production increase, affected by the uncertainty of the Russia - Ukraine peace agreement and US sanctions on Venezuela [1] - **Natural rubber**: Short - term supply - demand contradiction is not prominent, follows crude oil, and asphalt profit is high [1] - **BR rubber**: Cost support is strong, market price - support atmosphere is strong, and attention should be paid to downstream acceptance [1] - **PTA, Short - fiber**: PX price rises, PTA maintains high - level operation, and short - fiber follows cost fluctuations [1] - **Ethylene glycol**: Supply - side news stimulates price rebound, and downstream demand exceeds expectations [1] - **Styrene**: Supply - demand fundamentals improve, inventory decreases, and price rebounds [1] - **Methanol**: Affected by the Iranian situation, there is a reduction in expected imports, and downstream feedback is negative [1] - **Asphalt**: Geopolitical conflicts may cause price increases, supply increases, and downstream demand weakens [1] - **PVC**: Global production is low in 2026, but the domestic fundamentals are poor, and there may be a rush to export [1] - **LPG**: February CP is expected to rise, cost support is strong, and inventory is decreasing [1] Others - **Container shipping on the European route**: It is expected to peak in mid - January, airlines' resumption of flights is cautious, and pre - holiday replenishment demand still exists [1]

一、外围市场与关联资产 隔夜美股三大股指收盘普跌，道指跌1.82%，纳指跌2.42%，标普500指数跌2.07%，主要因特朗普威胁 提高对欧洲八国关税引发市场避险情绪升温。 科技股集体下挫，英伟达跌超4%，苹果跌超3%，特斯拉跌超3%，台积电跌超4%。 纳斯达克中国金龙指数收跌1.50%，中进医疗、晶科能源、世纪互联等多只中概股跌超10%。 国际贵金属价格受地缘政治危机推动再创历史新高，纽约商品交易所2月黄金期价一度突破每盎司4760 美元，3月白银期价一度突破每盎司95美元。 截至今日凌晨，纽约期金进一步突破4780美元/盎司，日内涨0.31%；现货黄金突破4770美元/盎司，日 内涨0.16%。 加密货币市场大幅波动，比特币日内跌破89000美元，跌幅达4.46%，随后进一步下探至88000美元，日 内跌5.00%。 以太坊也跌破3000美元，日内跌5.98%。 原油价格小幅上涨，布伦特原油突破65美元/桶，日内涨1.68%；WTI原油突破60美元/桶，日内涨 1.13%。 国内白银期货表现疲软，连续主力合约日内跌2%，现报22680.00元。 二、宏观经济与市场分析 美国商务部长卢特尼克表示，若降息10 ...

Group 1 - COMEX gold inventory recorded at 1123.95 tons on January 16, unchanged from the previous trading day [1][2] - COMEX gold price closed at $4676.70 per ounce on January 19, up 1.90%, with an intraday high of $4698.00 and a low of $4622.20 [1][2] - The latest COMEX gold inventory data shows no increase on January 19, maintaining the level from January 16 [2] Group 2 - The European Union will hold an emergency summit on January 22 to discuss U.S. tariffs on European countries regarding Greenland and evaluate potential countermeasures [2] - Japan's Prime Minister announced the dissolution of the House of Representatives on January 23, with elections scheduled for February 8 [2] - The International Monetary Fund (IMF) raised the global economic growth forecast for 2026 by 0.2 percentage points to 3.3% [2] - Current geopolitical tensions are escalating, particularly regarding Greenland, contributing to increased market uncertainty [2] - Investment demand for silver remains resilient, with inventory declining and the physical market remaining tight [2]

Group 1: Energy and Metals Crude Oil - Geopolitical risks in Iran drive up oil prices, but short - term upside is limited due to significant inventory pressure and supply surplus in Q1 2026 [2] Precious Metals - International gold and silver hit new highs. Geopolitical chaos and concerns about the Fed's independence make precious metals easy to rise and hard to fall [3] Copper - Overnight copper prices rose. Sentiment from Powell's possible prosecution and market spread logistics support copper prices. A previous option strategy can still be held [4] Aluminum - Overnight, Shanghai aluminum briefly broke through 25,000 yuan and then fell. It's important to see if it can stabilize above 24,800 yuan. Aluminum producers can consider selling hedging [5] Cast Aluminum Alloy - It follows aluminum price fluctuations passively. Scrap aluminum is tight, and tax adjustments may increase costs. The price difference with Shanghai aluminum will be weaker than usual [6] Alumina - Domestic operating capacity remains around 95 million tons, with a significant surplus. The spot price is under pressure, and the futures face resistance at 3,000 yuan [7] Zinc - Domestic and imported ore TC are low. Supply pressure is not significant in the short - term. Consumption is picking up after the holiday. It is expected to fluctuate between 23,500 - 24,500 yuan/ton [8] Lead - Bullish sentiment is strong in the Shanghai lead market. The cost of recycled lead is rising, providing support. It is expected to fluctuate between 17,000 - 17,800 yuan/ton [9] Nickel and Stainless Steel - The nickel market is active. Stainless steel production is expected to increase in January. The short - term is still dominated by policy sentiment, and a long - position strategy is recommended [10] Tin - Overnight, Shanghai tin continued to rise. The market gives high premiums to semiconductor consumption and geopolitics. Consider selling out - of - the - money call options [11] Lithium Carbonate - It hit the daily limit again. Demand is expected to surge in Q1. The inventory situation is complex, and the futures price is strong but with high short - term uncertainty [12] Industrial Silicon - The fundamentals are weak in both supply and demand. The price is expected to fluctuate. Consider short - selling if it breaks through 9,000 yuan/ton [13] Polysilicon - The cancellation of export tax rebates boosts short - term demand, but the market sentiment is weak. The price is seeking cost support [14] Steel and Iron Ore - Steel prices were weak at night. Demand for rebar and hot - rolled coils is weak, and inventory is changing. Iron ore supply is strong, and demand is weak. Both are expected to fluctuate [15][16] Coke and Coking Coal - Both prices are expected to fluctuate strongly. Carbon element supply is abundant, and downstream demand is at a low level in the off - season [17][18] Manganese Silicon and Ferrosilicon - Manganese silicon prices fell. The manganese ore inventory has a structural problem. Ferrosilicon supply decreased, and demand has some resilience. Both suggest buying on dips [19][20] Group 2: Chemicals Container Shipping Index (European Line) - The cancellation of export tax rebates may stimulate pre - shipment. The impact on spot freight rates needs further observation [21] Fuel Oil and Low - Sulfur Fuel Oil - Fuel oil follows crude oil. Geopolitical risks affect high - sulfur fuel oil, and low - sulfur supply is expected to increase [22] Asphalt - Crude oil rebounds, but asphalt futures are weak. Pay attention to the arrival of Venezuelan crude oil [23] Urea - The futures price is firm. Production is increasing, and demand is picking up. The price may decline slightly in the short - term [24] Methanol - Overseas supply is low, and domestic production is high. Demand is weakening, and the driving force for price increase is weakening [25] Pure Benzene - Import is sufficient, and the port inventory is high. It is affected by oil prices in the short - term and has difficulty in de - stocking in the long - term [26] Styrene - Crude oil price increase supports the cost. Supply and demand are in a tight balance, and the price is rising [27] Polypropylene, Plastic, and Propylene - Supply is supported. Polyethylene has cost support, and polypropylene has reduced production due to more maintenance [28] PVC and Caustic Soda - PVC is weak. It may have export - driven arbitrage opportunities. Caustic soda is weak, and the industry may face profit compression [29] PX and PTA - Polyester demand will decline, but oil price rebound provides support. PX has a strong long - term expectation, and PTA's processing margin is moderately repaired [30] Ethylene Glycol - Supply is expected to increase domestically and decrease overseas. It is under pressure in the short - term and may improve in Q2 [31] Short - Fiber and Bottle Chip - Short - fiber demand is weakening, and bottle - chip demand is turning weak. Both follow raw material prices [32] Group 3: Building Materials Glass - It is weak. Supply is shrinking, and demand is insufficient. Consider buying on dips after a long - term decline [33] Rubber - Natural rubber supply is decreasing, and synthetic rubber supply is increasing. Demand is slowly recovering. The strategy is to go long on natural rubber and wait and see on butadiene rubber [34] Soda Ash - It is weak. Supply pressure is high, and demand is weak. Consider short - selling on rebounds [35] Group 4: Agricultural Products Soybeans, Bean Meal, and Bean Oil - USDA data shows an increase in soybean supply. Bean meal may follow the weak trend of US soybeans. Soybean oil and palm oil prices are affected by supply, policy, and weather [36][37] Rapeseed Meal and Rapeseed Oil - The US Department of Agriculture report is bearish on rapeseed. The market expects the improvement of China - Canada relations to put pressure on rapeseed prices [38] Domestic Soybeans - Spot prices are rising. Supply is tight at the grassroots level, but demand is cautious. Pay attention to policies and the spot market [39] Corn - Northeast spot prices are firm. US corn prices fell after the USDA report. Dalian corn futures are expected to fluctuate widely [40] Livestock and Poultry - Pig prices are oscillating. Supply pressure is high before the Spring Festival, and a second bottom is possible in the medium - long term. Egg prices may strengthen in H1 2026 due to supply and demand changes [41][42] Cotton - US cotton prices are strong due to reduced production. Zhengzhou cotton is adjusting. Demand is stable in the off - season [43] Sugar - International sugar production varies by country. Domestic sugar may rebound weakly due to production expectations [44] Apples - Futures prices are oscillating at a high level. The market focuses on demand, and the high price and poor quality may affect inventory clearance [45] Wood and Pulp - Wood prices are low. Supply and demand are weak, and low inventory provides some support. Pulp prices are limited by weak demand, and inventory is increasing [46][47] Group 5: Financial Products Stock Index - The Shanghai Composite Index had a 17 - day consecutive rise. A - share trading volume hit a record high. The stock index futures are expected to be strong [47] Treasury Bonds - Treasury bond futures rose on January 12. A bull - flattening trend between 10 - 30Y is expected [48]

Core Viewpoint - The Bloomberg Dollar Index fell by 0.2%, marking its largest decline in about three weeks, amid escalating attacks from the Trump administration on the Federal Reserve, raising concerns about the central bank's independence [2][7]. Group 1: Market Reactions - The Federal Reserve Chairman Jerome Powell stated that the U.S. Department of Justice has issued a grand jury subpoena related to his previous testimony regarding the Fed's headquarters renovation [2][8]. - The market is focused on the implications of this situation for Trump's nominee for the Federal Reserve chair and how the U.S. Supreme Court will rule on the Lisa Cook case [2][8]. - The dollar/yen increased by 0.2% to 158.14, while the Swiss franc declined by 0.5% to 0.7975, with the franc performing well among G10 currencies [3][11]. Group 2: Economic Outlook - Analysts suggest that the recent U.S. economic data may not lead to a significant weakening of the dollar, as the likelihood of the Fed not lowering interest rates in the next three to six months is higher [9]. - Short-term forecasts indicate that the dollar may strengthen, especially if funds do not flow out of the U.S. into other stock markets [9]. - Upcoming important data includes the December inflation report, which is expected to influence market sentiment [9]. Group 3: Currency Performance - The Japanese yen is under pressure due to speculation that Prime Minister Fumio Kishida may announce early elections, contributing to market uncertainty [10][11]. - The British pound rose by 0.5% to 1.3468, and the euro increased by 0.3% to 1.1668 against the dollar [12].

Core Insights - The benchmark price of diesel has experienced a significant decline, marking the largest drop in a five-week period in two years, with a decrease of 32.4 cents per gallon [1] - The current average retail diesel price is $3.544 per gallon, down from $3.868 prior to this decline [1] - The latest price is the lowest for the benchmark used for most fuel surcharges since June 11, when it was $3.471 [2] Diesel Price Trends - The price of ultra low sulfur diesel (ULSD) on the CME commodity exchange has shown some stabilization after a decline that began on November 18, with a recent settlement at $2.1581 per gallon [2][3] - The ULSD price fluctuated, reaching a low of $2.1219 per gallon before the recent rise [3] Geopolitical Factors - Uncertainty regarding U.S.-Venezuela relations may impact Venezuelan oil output, which is currently estimated at about 1 million barrels per day, significantly lower than the 3.5 million barrels per day prior to 1998 [4] - The market is also affected by uncertainties surrounding Russian oil production, contributing to fluctuations in oil prices despite a slight decline in ULSD [4] Market Dynamics - The ongoing discussions about a potential oil glut have been a primary driver of lower oil prices over the past six weeks, although geopolitical factors can temporarily overshadow supply and demand impacts [5]

Group 1 - The core market sentiment is characterized by a loss of calculability regarding the future rather than a loss of confidence [2] - The market reactions to the non-farm payroll data were mixed, with the dollar index initially falling before recovering, gold prices spiking then declining, and S&P 500 futures showing volatility before closing lower [2][3] - The U.S. Treasury bonds experienced a comprehensive rise, with yields dropping by 2 to 3.5 basis points, indicating a preference for assets that do not require narrative justification [2] Group 2 - The overall market response was moderate, suggesting that it was not a significant trading day, with expectations of increased volatility compared to the previous day [3] - The market is currently in a state of risk avoidance, with defensive sectors like healthcare, utilities, and real estate performing poorly, while technology stocks managed to show slight gains [4] - The implications of the non-farm data are troubling for the Federal Reserve, as it disrupts the sense of direction in the market, creating uncertainty in pricing models [4]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report Through macro - fundamental analysis and technical analysis such as the golden section line, horizontal line, and daily moving average, the report predicts the trend of today's futures main contracts. It also provides an analysis of the previous day's market conditions and future expectations for various futures including stock index futures, bond futures, precious metal futures, base metal futures, and commodity futures [2]. Summary by Relevant Catalogs 1. Futures Market Outlook - Stock index futures are likely to fluctuate and consolidate. For example, IF2512 has resistance levels at 4565 and 4575 points and support levels at 4511 and 4492 points [2][17]. - Ten - year treasury bond futures main contract T2603 is likely to have a wide - range fluctuation, with resistance levels at 108.10 and 108.20 yuan and support levels at 107.92 and 107.85 yuan [2][37]. - Thirty - year treasury bond futures main contract TL2603 is likely to have a weak wide - range fluctuation, with support levels at 113.7 and 113.3 yuan and resistance levels at 114.2 and 114.4 yuan [2][39]. - Gold futures main contract AU2602 is likely to have a weak fluctuation, with support levels at 945.5 and 939.6 yuan/gram and resistance levels at 963.3 and 968.3 yuan/gram [3][41]. - Silver futures main contract AG2602 is likely to have a strong - side fluctuation, attacking resistance levels at 13800 and 14000 yuan/kg, with support levels at 13423 and 13381 yuan/kg, and may hit a record high since listing [3][49]. - Platinum futures main contract PT2606 is likely to have a wide - range fluctuation, with resistance levels at 444.1 and 448.4 yuan/gram and support levels at 439.8 and 436.4 yuan/gram [3][52]. - Palladium futures main contract PD2606 is likely to have a strong - side fluctuation, attacking resistance levels at 385.7 and 390.3 yuan/gram, with support levels at 375.5 and 374.6 yuan/gram [3][56]. - Copper futures main contract CU2601 is likely to have a weak fluctuation, with support levels at 89000 and 88500 yuan/ton and resistance levels at 89700 and 90000 yuan/ton [4][57]. - Aluminum futures main contract AL2601 is likely to have a weak fluctuation, with support levels at 21830 and 21730 yuan/ton and resistance levels at 22000 and 22050 yuan/ton [4][64]. - Alumina futures main contract AO2601 is likely to have a weak fluctuation, hitting support levels at 2640 and 2620 yuan/ton, with resistance levels at 2677 and 2692 yuan/ton, and may hit a record low since listing [4][68]. - Polysilicon futures main contract PS2601 is likely to have a wide - range fluctuation, with support levels at 55700 and 55200 yuan/ton and resistance levels at 57400 and 57700 yuan/ton [4][73]. - Lithium carbonate futures main contract LC2605 is likely to have a strong wide - range fluctuation, with resistance levels at 98900 and 101200 yuan/ton and support levels at 95000 and 93500 yuan/ton [4][78]. - Rebar futures main contract RB2605 is likely to have a weak fluctuation, hitting support levels at 3146 and 3135 yuan/ton, with resistance levels at 3176 and 3186 yuan/ton [4][83]. - Hot - rolled coil futures main contract HC2605 is likely to have a weak fluctuation, hitting support levels at 3312 and 3298 yuan/ton, with resistance levels at 3340 and 3358 yuan/ton [4][85]. - Iron ore futures main contract I2601 is likely to have a weak fluctuation, with support levels at 795 and 790 yuan/ton and resistance levels at 805 and 808 yuan/ton [5][88]. - Coking coal futures new main contract JM2605 is likely to have a weak - side fluctuation, hitting support levels at 1144 and 1125 yuan/ton, with resistance levels at 1188 and 1201 yuan/ton [7][91]. - Glass futures main contract FG601 is likely to have a weak fluctuation, hitting support levels at 1016 and 1004 yuan/ton, with resistance levels at 1046 and 1051 yuan/ton [7][95]. - Soda ash futures main contract SA601 is likely to have a weak fluctuation, hitting support levels at 1155 and 1141 yuan/ton, with resistance levels at 1185 and 1191 yuan/ton [7][101]. - Crude oil futures main contract SC2601 is likely to have a weak fluctuation, hitting support levels at 445 and 441 yuan/barrel, with resistance levels at 453 and 456 yuan/barrel [7][105]. - PTA futures main contract TA601 is likely to have a weak fluctuation, hitting support levels at 4720 and 4688 yuan/ton, with resistance levels at 4756 and 4778 yuan/ton [7][110]. - PVC futures main contract V2601 is likely to have a weak fluctuation, hitting support levels at 4526 and 4500 yuan/ton, with resistance levels at 4576 and 4593 yuan/ton [7][112]. - Soybean meal futures main contract M2605 is likely to have a weak fluctuation, with support levels at 2835 and 2823 yuan/ton and resistance levels at 2865 and 2892 yuan/ton [7][114]. 2. Macro Information and Trading Tips - China and Russia held a strategic security consultation, reaching new consensus on major issues related to strategic security interests, including the issues of Japan and the Ukraine crisis [8]. - Some Japanese organizations expressed their willingness to visit China. The Chinese Foreign Ministry hopes these organizations play a positive role in Japan [8]. - Fujian issued 12 policies to support Taiwan - related businesses, promoting the construction of a cross - strait integration development demonstration zone [8]. - The head of the National Development and Reform Commission pointed out that the "15th Five - Year Plan" will prioritize the construction of a modern industrial system, focusing on optimizing traditional industries and developing emerging and future industries [8]. - The State Administration for Market Regulation issued a management method for credit restoration, which will be implemented on December 25 [9]. - Five departments including the National Development and Reform Commission proposed measures to strengthen the construction of data - related disciplines and talent teams [9]. - US President Trump plans to announce the next Federal Reserve Chairman in early 2026, and it is rumored that the White House National Economic Council Director Hassett is the likely candidate [9]. - The US and Ukraine held high - level talks, and the Ukrainian delegation submitted a detailed report on the talks [9]. - Costco sued the US government, claiming that the so - called "reciprocal tariffs" are illegal and seeking a full refund [10]. - The OECD predicted that the global economic growth rate will be 3.2% in 2025 and 2.9% in 2026, the US economy will grow by 2% and 1.7% respectively, and the eurozone economy will grow by 1.3% and 1.2% respectively [10]. - The United Nations Conference on Trade and Development predicted that the global economic growth will slow down to 2.6% in 2025, lower than 2.9% in 2024 [10]. - The preliminary value of the eurozone's CPI in November increased by 2.2% year - on - year, strengthening the market's expectation that the European Central Bank will not cut interest rates again this year [10]. 3. Commodity Futures - Related Information - On December 2, international precious metal futures closed with mixed results. COMEX gold futures fell 0.84% to $4238.70 per ounce, and COMEX silver futures rose 0.01% to $59.15 per ounce [11]. - On December 2, the US crude oil main contract fell 1.23% to $58.59 per barrel, and the Brent crude oil main contract fell 1.28% to $62.36 per barrel. The unexpected increase in US API crude oil inventory last week raised concerns about oversupply [11]. - On December 2, London base metals all declined. LME zinc futures fell 1.32% to $3055.50 per ton, LME nickel futures fell 1.26% to $14740.00 per ton, etc. [12]. - On December 2, the on - shore RMB against the US dollar closed at 7.0712 at 16:30, up 13 basis points from the previous trading day, and closed at 7.0725 at night. The central parity rate of the RMB against the US dollar was set at 7.0794, down 35 basis points [12]. - On December 2, at the New York session's end, the US dollar index fell 0.09% to 99.32, and most non - US currencies rose [12].

Financial Data and Key Metrics Changes - For Q3 2025, the company reported a profit of $57 million, translating to an earnings per share of $0.38, with a declared dividend of $0.40 per share, representing 75% of shipping NPAT [2][19] - The TCE income was reported at $51,300 per available day and $48,700 per calendar day, slightly below the guidance of $53,000 per day [2][3] - The net leverage ratio decreased to 29.7% from 32.7% at the end of 2024, primarily due to lower lease liabilities [19][20] Business Line Data and Key Metrics Changes - Product Services reported a gross loss of $23 million and a loss after tax of $29 million for the quarter, attributed to a negative mark-to-market valuation adjustment [3][17] - Despite the loss, the trading activities generated a realized gain of $15 million in Q3, bringing the total realized result to $54 million as of September 30 [3][17] Market Data and Key Metrics Changes - The VLGC market fundamentals remain strong, with expected growth in US LPG export volumes in the mid-high single digits, supported by increased gaseous drilling wells and terminal expansions [5][6] - The total Far East LPG imports on VLGCs remained stable compared to the previous year, with a slight decline in Chinese imports offset by higher Japanese imports [10][11] Company Strategy and Development Direction - The company aims to maintain about 40% of fleet capacity locked in on period charters and/or FFAs to protect against downside risks [23][24] - The focus remains on optimizing the performance of the fleet acquired from Avance Gas, with ongoing evaluations of time charter opportunities [31][32] Management's Comments on Operating Environment and Future Outlook - Management noted that geopolitical events and market disruptions have increased uncertainty in the shipping segment, impacting TCE guidance for Q4 [2][9] - The company expects continued growth in LPG exports from both North America and the Middle East, with stable OPEC+ production supporting the market [12][13] Other Important Information - The company has terminated two ship financing facilities as part of its refinancing strategy, leading to a repayment of $36 million [5][21] - The average OPEX per vessel increased to $9,300 per day, attributed to the integration of Avance Gas vessels and management changes [35][36] Q&A Session Summary Question: What is the targeted TC coverage for 2026 and 2027? - The company aims for about 40% of fleet capacity locked in on period charters and/or FFAs, with ongoing evaluations based on market conditions [23][24] Question: Can you provide price points for new builds and five-year-old VLGCs? - The estimated price for a dual fuel new build is approximately $116 million, while a five-year-old VLGC is around $90 million [25][26] Question: What is the contribution of the Avance Gas fleet acquisition to current quarterly profit? - The acquisition included 12 vessels, with minimal impact on time charter coverage as most were trading spot [27][30] Question: Do you see risks from the dark fleet of Russian ships affecting time charter pricing? - The impact of Russian LPG exports is negligible for the VLGC segment, as it primarily involves smaller vessels not affecting the market [29][30] Question: Will the board consider distributing realized gains from the product services division post-year-end? - The board's discretion will guide dividend distribution, with historical trends indicating a strong contribution from product services [31][32] Question: What is the outlook for long-term time charter rates? - The company is gradually reducing the time charter in fleet but remains open to attractive opportunities in the future [32][33] Question: How do you view the decrease in Chinese imports and its implications? - The reduction is partly due to insufficient propane supply from the Middle East to replace US imports, reflecting a new trend in demand [37][38]