1. Report Industry Investment Ratings and Core Views Investment Ratings - **Positive Trends**: PX, MEG, synthetic rubber, methanol, urea, fuel oil, low - sulfur fuel oil [10][11][16][39][44][69] - **Neutral Trends**: Rubber, LLDPE, PP, paper pulp, glass, benzene, styrene, soda ash, LPG, propylene, short - fiber, bottle - chip, pure benzene [13][19][22][30][35][48][52][57][58][87][95] - **Negative Trends**: Caustic soda, PVC, container shipping index (European line), offset printing paper [25][66][71][90] Core Views - The report analyzes the fundamentals of various energy and chemical futures, including price changes, supply - demand relationships, and market news, and provides investment suggestions based on trend strength and market conditions [1][2] 2. Summary by Commodity PX, PTA, MEG - **PX**: Cost - supported, supply is loose, and downstream demand is expected to decline. Suggest long PX short PTA and long SC short PX hedging [6][10] - **PTA**: Cost - supported, high processing fees, and polyester production cuts need to be observed. Suggest long SC short PTA [10][11] - **MEG**: Short - term rebound, pay attention to the implementation of spring maintenance of coal - chemical ethylene glycol plants [11] Rubber - Wide - range oscillation, with inventory increasing in Qingdao and mixed performance in the tire industry [13][14][15] Synthetic Rubber - The price center moves up, affected by geopolitical conflicts and the supply - demand of butadiene [16][18] LLDPE - Futures and spot prices resonate, with low standard product production. There are still concerns about supply - demand pressure in the medium term [19][20] PP - Cost - supported by downstream export rush, but overall fundamentals are weak at the end of the year [22][23] Caustic Soda - Weak oscillation, facing problems of high production, high inventory, and weak demand [25][27] Paper Pulp - Oscillation, with weak downstream demand and price adjustment of broad - leaf pulp [30][33][34] Glass - The original sheet price is stable, and the market trading atmosphere is average [35][36] Methanol - Oscillation with support, affected by geopolitical conflicts and inventory expectations [39][42] Urea - Medium - term upward oscillation, with inventory reduction and improved fundamentals [44][46][47] Benzene, Styrene - Short - term oscillation, with high valuation and concerns about supply - demand in the medium term [48][49][50] Soda Ash - The spot market changes little, and the demand support is gradually weakening [52][54] LPG, Propylene - LPG: Short - term supply is tight, affected by geopolitical factors. Propylene: Spot supply - demand tightens, with a strong trend [57][58] PVC - Weak oscillation, with high production, high inventory, and weak demand [66][67] Fuel Oil, Low - Sulfur Fuel Oil - Fuel oil: Sharp rise, short - term easy to rise and hard to fall. Low - sulfur fuel oil: Follow the rise, with a slight contraction in the price difference between high - and low - sulfur fuels [69] Container Shipping Index (European Line) - Weak operation, affected by geopolitical situations and supply - demand in the shipping market [71][82][83] Short - Fiber, Bottle - Chip - Both are oscillating strongly. For short - fiber, hold long TA short PF; for bottle - chip, hold long - short spread arbitrage [87][88] Offset Printing Paper - Hold short positions, with stable prices and weak demand in the market [90][91][93] Pure Benzene - Short - term oscillation, with inventory accumulation and price adjustment [95][96]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The report indicates that the kinetic energy of US soybeans is limited, and the soybean oil market will mainly operate within a certain range [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: The closing prices and price changes of palm oil, soybean oil, and rapeseed oil futures are presented. For example, the closing price of palm oil (day session) is 8,724 yuan/ton with a 0.48% increase, and the closing price of soybean oil (day session) is 7,994 yuan/ton with no change [2]. - **Trading Volume and Open Interest**: The trading volume and open - interest changes of palm oil, soybean oil, and rapeseed oil futures are provided. For instance, the trading volume of palm oil futures is 512,074 lots, with an increase of 145,968 lots [2]. - **Spot Prices**: The spot prices of palm oil (24 - degree in Guangdong), first - grade soybean oil in Guangdong, and fourth - grade imported rapeseed oil in Guangxi, along with their price changes, are given. For example, the spot price of palm oil in Guangdong is 8,650 yuan/ton, with a decrease of 30 yuan/ton [2]. - **Basis and Spreads**: The basis of palm oil, soybean oil, and rapeseed oil in different regions, as well as various spreads such as the spread between rapeseed oil and palm oil futures, are presented [2]. 3.2 Macro and Industry News - **Malaysian Palm Oil**: From January 1 - 10, 2026, Malaysian palm oil exports increased by 17.65% compared to the same period last month. The yield decreased by 20.49% during this period, and the inventory in December 2025 increased by 7.58% month - on - month [3][5]. - **Global Soybeans**: In the 2025/26 season, global soybean production increased by 3.1 million tons to 425.7 million tons. As of December 1, 2025, the total US soybean inventory was 3.29 billion bushels, a year - on - year increase of 6% [5]. - **US Soybean and Soybean Oil**: The 2025/2026 US soybean planting area is expected to increase by 100,000 acres, and the soybean production is expected to increase by 9 million bushels. The US soybean oil production is expected to decrease by 210 million pounds, and the ending inventory is expected to increase by 26 million pounds [6][7]. - **Brazilian Soybeans**: As of last Thursday, the harvesting rate of Brazilian 2025/26 soybeans was 0.6%, compared to 0.3% in the same period last year [8]. 3.3 Trend Intensity The trend intensity of palm oil and soybean oil is 1 [9].

Group 1: Investment Ratings - The investment rating for short fibers is "shockingly bullish" [1] - The investment rating for bottle chips is "shockingly bullish" [1] Group 2: Core Views - The short - fiber futures are generally volatile, with stable spot factory quotes and a 72% average sales - to - production ratio as of 3:00 pm [1][2] - The upstream raw material futures of bottle chips are mainly volatile, and the quotes of polyester bottle chip factories are mostly stable with some local price cuts. The market trading atmosphere is average [2] Group 3: Summary by Catalog Fundamental Tracking - **Short Fibers**: The price of short - fiber 2602 increased by 14 to 6472, short - fiber 2603 increased by 14 to 6504, and short - fiber 2604 decreased by 34. The PF03 - 04 spread increased by 48. The short - fiber主力持仓量 increased by 22874 to 135252, while the主力 trading volume decreased by 14836 to 99224. The short - fiber East China spot price decreased by 5 to 6,520 [1] - **Bottle Chips**: The price of bottle chip 2602 increased by 32, bottle chip 2603 increased by 20, and bottle chip 2604 increased by 18. The PR01 - 02 spread increased by 12, and the PR02 - 03 spread increased by 2. The bottle - chip主力持仓量 increased by 1025 to 43240, and the主力 trading volume increased by 3821 to 56496. The bottle - chip East China spot price remained unchanged at 6030, and the South China spot price decreased by 10 to 6080 [1] Spot News - **Short Fibers**: Short - fiber futures fluctuated, and spot factory quotes were mainly stable. The sales of direct - spun polyester staple fibers were highly differentiated [1][2] - **Bottle Chips**: Upstream raw material futures fluctuated. Polyester bottle - chip factory quotes were mostly stable, with some local price cuts of 10 - 20 yuan. The market trading atmosphere was average, and orders from January to March were mostly traded at 6000 - 6100 yuan/ton ex - factory [2] Trend Strength - The trend strength of short fibers is 0, and that of bottle chips is 0, referring only to the daily - session main - contract futures price fluctuations on the report day [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The nickel market is influenced by the tense situation in Venezuela and Indonesian policies, with funds flowing into the nickel sector, causing the price of the Shanghai nickel futures contract to hit a new high since June 2024. Although the fundamentals show high inventory and oversupply, it is expected to remain strong due to favorable policies from Indonesia and attention from profitable funds in the precious metals and non - ferrous sectors [1][3]. - The stainless - steel market is affected by the cost transmission of the sharp rise in Shanghai nickel and Indonesian nickel export restrictions. The short - term trend depends on the performance of Shanghai nickel, and the medium - to - long - term trend needs to focus on the improvement of spot trading and policy implementation [4][6]. Summary by Related Catalogs Nickel Variety Market Analysis - **Futures**: On January 7, 2026, the Shanghai nickel main contract 2601 opened at 143,500 yuan/ton and closed at 147,720 yuan/ton, up 8.00% from the previous trading day. The trading volume was 1,132,256 (+393,922) lots, and the open interest was 132,955 (+1,474) lots. The price hit a new high since June 2024, and the bullish sentiment of funds reached a climax [1]. - **Nickel Ore**: The nickel ore market has limited resources, and the price is stable with an upward trend. The 1.25 - grade nickel ore tender in the Philippines' Benguet mine was settled at $32.5, up from the previous level. In Indonesia, the first - phase domestic trade benchmark price in January 2026 increased by $0.05 - 0.08 per wet ton, and the second - phase domestic trade base price is expected to rise by $3 - 5 [1]. - **Spot**: The sales price of Jinchuan Group in the Shanghai market was 153,300 yuan/ton, up 5,600 yuan/ton from the previous trading day. The downstream acceptance of high prices was limited, and spot trading was cold. The premium of Jinchuan nickel changed by 500 yuan/ton to 9,250 yuan/ton, the premium of imported nickel remained unchanged at 600 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 38,776 (-612) tons, and the LME nickel inventory was 275,634 (+20,088) tons [2]. Strategy - The operation strategy is mainly range trading for the single - side, and no operations are recommended for the inter - period, cross - variety, spot - futures, and options [3][4]. Stainless - Steel Variety Market Analysis - **Futures**: On January 7, 2026, the stainless - steel main contract 2602 opened at 13,450 yuan/ton and closed at 14,025 yuan/ton. The trading volume was 288,456 (+151,355) lots, and the open interest was 112,880 (-4,171) lots. Affected by the cost transmission of Shanghai nickel and Indonesian policies, it showed a one - way upward trend and closed at the daily limit. The spot price increased synchronously, but the market was in a state of "high price but few transactions" [4]. - **Spot**: The futures price hit the daily limit, and the spot price increased significantly. The downstream inquiry was active, but the transaction was cautious. Some steel mills suspended orders. The stainless - steel price in the Wuxi market was 13,900 (+600) yuan/ton, and in the Foshan market was also 13,900 (+600) yuan/ton. The premium of 304/2B was 100 - 300 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron changed by 12.50 yuan/nickel point to 947.5 yuan/nickel point [5]. Strategy - The short - term trend depends on the performance of Shanghai nickel, and the medium - to - long - term trend needs to focus on the improvement of spot trading and policy implementation. The operation strategy is neutral for the single - side, and no operations are recommended for the inter - period, cross - variety, spot - futures, and options [6].

商 品 研 究 2026 年 1 月 6 日 LLDPE：上游库存转移，基差走强 周富强 投资咨询从业资格号：Z0023304 zhoufuqiang@gtht.com 【基本面跟踪】 LLDPE 基本面数据 | 期 货 | | 昨日收盘价 | 日涨跌 | 昨日成交 | 持仓变动 | | --- | --- | --- | --- | --- | --- | | | L2605 | 6449 | -0.36% | 452112 | 7498 | | 基差月差变化 | | 昨日价差 | | 前日价差 | | | | 05合约基差 | -129 | | -182 | | | | 05-09合约价差 | -47 | | -37 | | | 重要现货价格 | | 昨日价格 | （元/吨） | 前日价格 | （元/吨） | | | 北 华 | 6320 | | 6290 | | | | 华 东 | 6400 | | 6380 | | | | 华 南 | 6470 | | 6370 | | 资料来源：卓创资讯，国泰君安期货 【现货消息】 期货震荡，节前盘面反弹给到代理、期现商建仓机会，市场补空和套保成交积极，现货短期正反 ...

Report Industry Investment Ratings No relevant information provided. Core Views Steel - Steel prices are expected to remain volatile. The upward elasticity of steel prices is constrained by weak demand, but the price is supported by steel mills' production cuts and inventory reduction. The reference range for rebar is 3000 - 3200, and for hot-rolled coils is 3150 - 3350. The rebar 1 - 5 positive spread can be gradually exited, and attention can be paid to the strategy of going long on the May rebar - iron ore ratio [1]. Iron Ore - Iron ore prices are expected to fluctuate. The supply is still at a high level, demand is weak, and inventory is accumulating. The short - term supply - demand contradiction is difficult to form a trend - like decline. The price is suppressed by high inventory above and supported by the replenishment expectation of steel mills with low inventory below. It is recommended to mainly conduct short - term range operations on the 05 contract, with the reference range of 760 - 810 [4]. Coke - Coke futures have fallen in advance. After the third round of spot price cuts, the basis has weakened, and the rebound driven by expectations is difficult to sustain. It is recommended to take profit on long positions in the coke 2605 contract and switch to shorting on rallies. Arbitrage suggests going long on coking coal and shorting on coke [7]. Coking Coal - The rebound expectation of coking coal has been overdrawn in advance. It is recommended to take profit on long positions and switch to shorting on rallies. Arbitrage suggests going long on coking coal and shorting on coke [7]. Ferrosilicon - The supply - demand contradiction of ferrosilicon still needs to be alleviated, but the production cut expectation has been priced in. The improvement expectation on the demand side is insufficient, and the price rebound lacks sustainability. It is expected that the price will fluctuate in the range of 5500 - 5700 in the short term [9]. Ferromanganese - The supply of ferromanganese has increased slightly, and the supply - demand contradiction still exists. The price is expected to continue to operate weakly. It is recommended to short when the price rebounds above the spot cost in Ningxia, with short - term operations as the main strategy [9]. Summary by Directory Steel Price and Spread - Rebar and hot - rolled coil spot prices mostly declined, and futures prices showed mixed trends. For example, the spot price of rebar in East China decreased from 3310 to 3290 yuan/ton, and the 05 contract price of hot - rolled coils increased from 3280 to 3283 yuan/ton [1]. Cost and Profit - Steel billet prices decreased by 10 yuan/ton, and the cost of some steel products decreased slightly. The profit of hot - rolled coils in North China decreased from - 99 to - 105 yuan/ton [1]. Supply - The daily average pig iron output decreased slightly, and the output of five major steel products decreased by 1.1 tons. However, rebar and hot - rolled coil production increased, with rebar production increasing by 2.7 tons (1.5%) and hot - rolled coil production increasing by 1.6 tons (0.6%) [1]. Inventory - The inventory of five major steel products decreased by 36.8 tons (- 2.8%), the rebar inventory decreased by 18.3 tons (- 4.0%), and the hot - rolled coil inventory decreased by 13.5 tons (- 3.5%) [1]. Transaction and Demand - The building materials transaction volume increased by 1.6 (19.1%), the apparent demand for five major steel products decreased by 1.7 tons (- 0.2%), the apparent demand for rebar decreased by 6.0 tons (- 2.9%), and the apparent demand for hot - rolled coils increased by 8.8 tons (2.9%) [1]. Iron Ore Price and Spread - The cost of iron ore warehouse receipts and spot prices mostly increased slightly, and the 5 - 9 spread increased by 0.5 (2.3%), while the 1 - 5 spread decreased by 1.0 (- 5.1%) [4]. Supply - The global iron ore shipment volume decreased by 128.0 tons (- 3.6%), and the 45 - port arrival volume decreased by 76.7 tons (- 2.8%) [4]. Demand - The daily average pig iron output of 247 steel mills remained unchanged, the 45 - port daily average ore handling volume increased by 1.6 tons (0.5%), and the national monthly pig iron and crude steel output decreased [4]. Inventory - The 45 - port inventory increased by 176.2 tons (1.1%), the imported ore inventory of 247 steel mills increased by 136.2 tons (1.6%), and the inventory available days of 64 steel mills decreased by 2.0 days (- 9.5%) [4]. Coke and Coking Coal Price and Spread - Coke and coking coal futures prices mostly declined. For example, the 01 contract price of coke decreased by 19 yuan/ton (- 1.1%), and the 01 contract price of coking coal decreased by 18 yuan/ton (- 1.8%) [7]. Supply - Coke production decreased slightly, and coking coal production decreased slightly. The daily average output of all - sample coking plants decreased from 63.0 to 62.7 tons (- 0.5%), and the raw coal output decreased from 856.1 to 853.4 tons (- 0.3%) [7]. Demand - The pig iron output of 247 steel mills remained unchanged, and the demand for coke decreased [7]. Inventory - Coke and coking coal inventories in ports, steel mills, and coking plants all increased. The total coke inventory increased from 900.5 to 912.6 tons (1.4%), and the coking coal inventory in all - sample coking plants increased from 1036.3 to 1039.7 tons (0.3%) [7]. Ferrosilicon and Ferromanganese Price and Spread - The ferrosilicon主力合约 price decreased by 20.0 yuan/ton (- 0.4%), and the ferromanganese主力合约 price decreased by 6.0 yuan/ton (- 0.1%) [9]. Cost and Profit - The production cost of ferrosilicon in some regions decreased, and the production profit increased. The production cost of ferromanganese in Inner Mongolia decreased by 6.7 yuan/ton (- 0.1%) [9]. Supply - Ferrosilicon production decreased slightly, and ferromanganese production increased slightly. Ferrosilicon production decreased by 0.1 tons (- 1.34%), and ferromanganese weekly production increased by 0.4 tons (2.34%) [9]. Demand - The demand for ferrosilicon and ferromanganese in steelmaking remained stable, and the steel mills' price - pressing sentiment in steel tenders was strong [9]. Inventory - The inventory of ferrosilicon and ferromanganese in some sample enterprises changed slightly. The inventory of 60 sample ferrosilicon enterprises decreased by 0.2 tons (- 2.4%), and the inventory of 63 sample ferromanganese enterprises increased by 0.1 tons (0.4%) [9].

ax 20 关注微信公众号 | 铁矿石产业期现日报 投资咨询业务资格:证监许可 【2011】1292号 | | | | | | | --- | --- | --- | --- | --- | --- | | 2025年12月22日 | | | | 徐艺丹 Z0020017 | | | 铁矿石相关价格及价差 | | | | | | | 品种 | 现值 | 前值 | 消歧失 | 狱跌幅 | 单位 | | 仓单成本:卡粉 | 841.3 | 839.1 | 2.2 | 0.3% | | | 仓单成本:PB粉 | 851.2 | 850.1 | 1.1 | 0.1% | | | 仓单成本:巴混粉 | 846.3 | 848.5 | -2.2 | -0.3% | | | 仓单成本:金布巴粉 | 888.3 | 887.3 | 1.1 | 0.1% | | | 09合约基差:卡粉 | 130.9 | et e | 69.3 | 112.5% | | | 09合约基差:PB粉 | 93.2 | 72.6 | 20.6 | 28.4% | 元/吨 | | 09合约基差:巴混粉 | 88.3 | 71.0 | 17.3 | 2 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 白糖： 消息方面，截至2025年12月15日，印度2025/26榨季糖产量达到782.5万吨，较去年同期的612.8万吨增加 169.7万吨，增幅27.69%；已开榨糖厂478家，较去年同期的477家略有增加。现货报价方面，广西新糖 报价5300~5400元/吨，多数下调10元/吨；云南制糖集团新糖报价5170~5280元/吨，下调10~20元/吨；加 工糖厂主流报价区间为5660~5900元/吨，个别下调10元/吨。原糖继续延续区间行情，短期无新的方 向，未来继续关注泰国印度压榨进度。国内现货价格继续下调，成交一般，期货价格经历本轮调整后， 绝对价格已经偏低，但市场情绪仍悲观，需静待现货市场回暖提振情绪。期货方面中期仍为空头思路， 但短期避免低位追空，谨防反弹。 棉花： 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 白糖： 消息方面，截至2025年12月15日，印度2025/26榨季糖产量达到782.5万吨，较去年同期的612.8万吨增加 169.7万吨，增幅27.69%；已开榨糖厂478家，较去年同期的477家略有增加。 ...

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports Crude Oil - Monday saw a decline in international crude oil prices due to factors such as the resumption of normal operations in some Iraqi oil fields, the continuous production - increase plan of OPEC+, high - level US crude oil production, and an increase in crude oil inventory. However, the ongoing Russia - Ukraine peace talks and the expected Fed rate cut next week are likely to support prices. Short - term Brent crude is expected to trade between $60 - 65 per barrel [1]. Natural Rubber - On the supply side, the continuous decline in Thai raw material prices, the expected increase in overseas supply, the weakening of upstream cost support, and the seasonal increase in overseas shipments have led to a continuous build - up of natural rubber inventory, suppressing spot prices. On the demand side, although tire production is gradually recovering, the overall output increase is limited, and the market is mainly focused on inventory digestion. Short - term rubber prices are expected to be weak and volatile [3]. Methanol - Methanol futures fluctuated narrowly. Spot was purchased on - demand, and the basis was firm. Inland supply increased with plant restarts, but coal - and gas - based production profits were weak. Traditional downstream demand increased slightly, and winter fuel demand provided support. In ports, Iranian gas restrictions led to multiple plant shutdowns, strengthening the expectation of inventory reduction, but high overseas shipments and a large number of registered warrants kept prices weak. Attention should be paid to MTO05 [6][7]. LLDPE and PP - The operating load of polyethylene is gradually increasing, and supply is on the rise. Although upstream inventory is being depleted, it is still higher than the same period last year, and the profit from naphtha cracking is low. The supply of polypropylene is expected to increase after maintenance, and inventory depletion is accelerating, but the overall inventory level is still high. The cost of propylene is strong, compressing the profit of PP production processes. Overall, the fundamentals show a pattern of increasing supply and weak demand, with cost support and inventory pressure coexisting [11]. Pure Benzene and Styrene - For pure benzene, domestic supply is expected to remain stable, downstream cash flow has improved slightly, but demand support is limited. There will be a large number of imports arriving at ports, and port inventory is expected to continue to build up. The short - term price driver is weak, and it may follow oil prices and styrene fluctuations. For styrene, although planned and unplanned maintenance is expected to increase, the overall operating rate may rise slightly, and port inventory may continue to decline. However, due to weak cost support and seasonal weakening of terminal demand, the upside space is limited [14]. Urea - Supply pressure is continuously released as the daily production on December 8 reached a recent high. Demand is in the off - season, and downstream procurement willingness is weak. Although the inventory depletion rate of enterprises has accelerated, the overall inventory level is still high. The mismatch between supply and demand is the main reason for price decline, and short - term prices are expected to be weak and volatile [15]. Polyester Industry Chain - For PX, short - term supply is less affected, but there is an expected supply contraction in the medium - term. Demand is relatively strong, and short - term price drivers are limited, but medium - term support is strong. PTA supply is expected to decrease in November - December, and demand is relatively strong, with short - term price support. Ethylene glycol is expected to continue to decline due to high overseas supply and inventory build - up. Short - fiber supply remains high, and demand is seasonally weak, with limited price drivers. Polyester bottle - chip supply is expected to increase in December, and demand is weak, with processing fees expected to be squeezed [16]. LPG - The data shows price fluctuations in LPG futures and spot markets, as well as changes in inventory and operating rates. Overall, the market is in a state of adjustment, and attention should be paid to changes in supply and demand and international market prices [17]. Glass and Soda Ash - Soda ash production is at a high level, and it is expected to return to the inventory - build - up pattern this week. Downstream demand is shrinking, and the supply - demand pattern is bearish. Glass prices in some regions are weakening, and although there is still some short - term demand support, the medium - and long - term demand outlook is not optimistic [19]. PVC and Caustic Soda - Caustic soda industry supply is abundant, demand is weak, and prices are expected to be weak. PVC supply pressure remains high, demand is low, and although there is some export advantage, overall supply exceeds demand, and prices are expected to be weak [20]. 3. Summaries According to Relevant Catalogs Crude Oil - **Prices and Spreads**: Brent crude fell from $63.75 to $62.49 per barrel (-1.98%), WTI from $60.08 to $58.88 per barrel (-2.00%), and SC rose from 453.40 to 456.40 yuan/ton (0.66%). Various spreads also showed different degrees of change [1]. - **Refined Oil**: Prices of NYM RBOB, NYM ULSD, and ICE Gasoil all declined, and their spreads also changed [1]. - **Refined Oil Crack Spreads**: Crack spreads of various refined oil products in different regions decreased [1]. Natural Rubber - **Spot Prices and Basis**: The price of Yunnan Guofu new - type rubber increased slightly, while the price of Thai standard mixed rubber decreased. The basis of whole - milk rubber increased [3]. - **Monthly Spreads**: The 9 - 1 spread increased significantly, while the 1 - 5 and 5 - 9 spreads decreased [3]. - **Fundamentals**: In October, production in Thailand, Indonesia, and China decreased, while production in India increased. Tire production and export decreased, and inventory increased [3]. Methanol - **Prices and Spreads**: Futures and spot prices showed small fluctuations, and various spreads also changed [6]. - **Inventory**: Methanol enterprise, port, and social inventories all decreased [6]. - **Operating Rates**: Upstream domestic enterprise operating rates increased slightly, while some downstream operating rates changed [7]. LLDPE and PP - **Prices and Spreads**: Futures and spot prices of LLDPE and PP decreased slightly, and various spreads changed [11]. - **Operating Rates and Inventory**: PE and PP operating rates showed different trends, and enterprise and social inventories decreased [11]. Pure Benzene and Styrene - **Upstream Prices and Spreads**: Crude oil, naphtha, and other upstream prices changed, and spreads between products also changed [14]. - **Styrene - Related Prices and Spreads**: Styrene prices and spreads showed different degrees of change [14]. - **Inventory and Operating Rates**: Pure benzene and styrene inventories and operating rates in different regions changed [14]. Urea - **Futures Prices and Spreads**: Futures prices and spreads changed [15]. - **Supply and Demand**: Supply increased, demand was weak, and inventory was at a high level [15]. Polyester Industry Chain - **Upstream and Downstream Prices**: Upstream crude oil, naphtha, and other prices changed, and downstream polyester product prices and cash flows also changed [16]. - **PX, PTA, and MEG**: Prices, spreads, inventory, and operating rates of PX, PTA, and MEG all changed [16]. LPG - **Prices and Spreads**: Futures and spot prices of LPG changed, and various spreads also changed [17]. - **External Market Prices**: LPG external market prices increased slightly [17]. - **Inventory and Operating Rates**: LPG inventory decreased, and upstream and downstream operating rates changed [17]. Glass and Soda Ash - **Prices and Spreads**: Glass and soda ash prices and spreads changed [19]. - **Supply, Inventory, and Real - Estate Data**: Supply, inventory, and real - estate data showed different trends [19]. PVC and Caustic Soda - **Prices and Spreads**: PVC and caustic soda prices and spreads changed [20]. - **Supply, Demand, and Inventory**: Supply, demand, and inventory of PVC and caustic soda showed different trends [20].

| | 收盘价 | 今日涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 生猪01 | 11385 | 0 | 0% | | 生猪03 | 11085 | -105 | -0.94% | | 生猪05 | 11805 | -65 | -0.55% | | 生猪07 | 12590 | -30 | -0.24% | | 生猪09 | 13515 | -10 | -0.07% | | 生猪11 | 13770 | -5 | -0.04% | 饲料养殖日报 2025/12/05 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z000220 审核：唐韵 Z0002422 【免责声明】本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客 ...