部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 台H 研究中心能化团队 2025/12/26 -P G 内院CFR华 CP预测合 山东烷基 山东液化气 丙烷CIF日本 纸面进口利润 日期 华南液化气 山东醚后碳四 主力基差 华东液化气 目似 化油 E 2025/12/19 4398 4500 4380 573 504 497 4610 7150 -142 399 2025/12/22 4370 | 7150 4480 4388 580 536 202 4580 -213 355 2025/12/23 4475 4377 4370 7180 444 590 550 507 4580 -291 2025/12/24 4392 4320 4480 590 543 510 4570 7180 -277 398 2025/12/25 4520 4505 4389 4310 539 7150 413 l l I 0 B 日度变化 -10 -4 -50 -30 15 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - This week, the high - sulfur cracking spread rebounded, the monthly spread rebounded from a low level, and the basis rebounded. European high - sulfur cracking spread fluctuated, and the monthly spread weakened, while the EW continued to strengthen. The 0.5% cracking spread in Singapore weakened, the monthly spread fluctuated at a low level, and the basis also fluctuated at a low level. The European V low - sulfur cracking spread fluctuated at a low level [3][5]. - In terms of inventory, Singapore's residue oil inventory decreased, high - sulfur floating storage inventory increased, ARA's residue oil inventory was basically flat, Fujairah's residue oil inventory decreased significantly, high - sulfur floating storage inventory decreased, and EIA's residue oil inventory increased slightly [3][5]. - This week, the cracking spreads of gasoline and diesel in the external market continued to decline, and the price difference between low - sulfur and diesel continued to rebound. After the Al Zour refinery shut down due to a fire on October 21, the external low - sulfur market faced support, but the short - term upside space was limited [5]. - The global residue oil entered the off - season for inventory accumulation. The external cracking spread was affected by crude oil fluctuations and feedstock price premiums. This week, the external market's inventory decreased and the monthly spread strengthened, remaining volatile in the short term. The low - sulfur valuation was low but lacked a driving force [5]. 3. Data Summaries Rotterdam Fuel Oil Swap Data | Product | 2025/12/19 | 2025/12/22 | 2025/12/23 | 2025/12/24 | 2025/12/25 | Change | | --- | --- | --- | --- | --- | --- | --- | | 3.5% HSF O Swap M1 | 323.91 | 332.23 | 333.06 | 331.79 | 331.98 | 0.19 | | 0.5% VLS FO Swap M1 | 370.46 | 379.22 | 381.38 | 379.41 | 379.54 | 0.13 | | HSFO - Brent M1 | - 8.86 | - 8.91 | - 9.15 | - 9.49 | - 9.56 | - 0.07 | | 10ppm Gasoil Swap M1 | 588.07 | 597.32 | 607.46 | 608.64 | 607.21 | - 1.43 | | VLSFO - Gasoil M1 | - 217.61 | - 218.10 | - 226.08 | - 229.23 | - 227.67 | 1.56 | | LGO - Brent M1 | 20.77 | 20.41 | 21.48 | 22.69 | - | - | | VLSFO - HSF M1 | 46.55 | 46.99 | 48.32 | 47.62 | 47.56 | - 0.06 | [1] Singapore Fuel Oil Swap Data | Product | 2025/12/19 | 2025/12/22 | 2025/12/23 | 2025/12/24 | 2025/12/25 | Change | | --- | --- | --- | --- | --- | --- | --- | | 380cst M1 | 335.69 | 340.79 | 347.07 | 347.60 | 344.23 | - 3.37 | | 180cst M1 | 342.69 | 347.66 | 352.82 | 352.53 | 349.23 | - 3.30 | | VLSFO M1 | 404.73 | 411.59 | 417.13 | 420.80 | 417.54 | - 3.26 | | GO M1 | 78.63 | 79.11 | 79.71 | 81.24 | 80.63 | - 0.61 | | 380cst - Brent M1 | - 6.57 | - 6.90 | - 6.88 | - 7.39 | - 7.63 | - 0.24 | | VLSFO - Gasoil M1 | - 177.13 | - 173.82 | - 172.72 | - 180.38 | - 179.12 | 1.26 | [1] Singapore Fuel Oil Spot Data | Product | 2025/12/19 | 2025/12/22 | 2025/12/23 | 2025/12/24 | 2025/12/25 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 332.35 | 337.57 | 344.15 | 343.65 | - | - | | FOB VLSFO | 403.41 | 410.73 | 416.98 | 417.55 | - | - | | 380 Basis | - 2.95 | - 2.80 | - 1.85 | - 1.60 | - | - | | High - Sulfur Domestic - Foreign Spread | 2.9 | 5.0 | 3.8 | 5.3 | - | - | | Low - Sulfur Domestic - Foreign Spread | 6.5 | 8.6 | 8.3 | 9.8 | - | - | [2] Domestic FU Data | Product | 2025/12/19 | 2025/12/22 | 2025/12/23 | 2025/12/24 | 2025/12/25 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2356 | 2413 | 2433 | 2415 | 2431 | 16 | | FU 05 | 2415 | 2474 | 2496 | 2498 | 2499 | 1 | | FU 09 | 2382 | 2440 | 2463 | 2468 | 2466 | - 2 | | FU 01 - 05 | - 59 | - 61 | - 63 | - 83 | - 68 | 15 | | FU 05 - 09 | 33 | 34 | 33 | 30 | 33 | 3 | | FU 09 - 01 | 26 | 27 | 30 | 53 | 35 | - 18 | [2] Domestic LU Data | Product | 2025/12/19 | 2025/12/22 | 2025/12/23 | 2025/12/24 | 2025/12/25 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 2886 | 2969 | 2976 | 3000 | 3070 | 70 | | LU 05 | 2912 | 2974 | 2994 | 3013 | 3008 | - 5 | | LU 09 | 2952 | 3010 | 3026 | 3039 | 3044 | 5 | | LU 01 - 05 | - | - 5 | - 18 | - 13 | 62 | 75 | | LU 05 - 09 | - 40 | - 36 | - 32 | - 26 | - 36 | - 10 | | LU 09 - 01 | 66 | 41 | 50 | 39 | - 26 | - 65 | [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - In the short - term, the price of the apple futures AP2605 contract is expected to show a volatile and slightly stronger trend. The current trading atmosphere in the apple sales area is light, the New Year's Day holiday stocking has not brought obvious improvement, the terminal sales speed is slower than the same period last year, and second and third - level wholesalers are less enthusiastic about purchasing due to high apple prices. Technically, the AP2605 contract showed a bullish trend on the day, with bulls taking the initiative in the short - term [12]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract行情**: On December 23, 2025, the apple AP2605 futures contract fluctuated upwards, closing at 9230 points, a 0.49% increase from the previous day. The daily trading volume was 93,740 lots, and the open interest was 144,841 lots, a decrease of 3,937 lots from the previous trading day [2]. - **Variety Price**: All apple futures contracts rose on the day. The trading volume was 99,112 lots, and the total open interest of the variety was 168,460 lots, a decrease of 4,885 lots from the previous trading day [4]. - **Associated Market**: The apple options had a total trading volume of 6,247 lots and a total open interest of 31,782 lots, an increase of 630 lots. The total number of exercises on the day was 0 lots [6]. 3.2 Spot Market - **Basis Data**: The current spot price of apples is 8,200 yuan/ton, the futures settlement price is 9,209 yuan/ton, and the basis is - 1,009 yuan/ton [7]. - **Registered Warehouse Receipts**: According to the warehouse receipt daily report of the Zhengzhou Commodity Exchange, the number of registered warehouse receipts today is 0 lots [8]. 3.3 Influencing Factors - **Industry News**: As Christmas approaches, the market for late - harvested Fuji apples in storage remains stable. The stocking atmosphere in the production areas is not strong, the sales of farmers' apples are weak, and merchants are gradually packaging and shipping their own inventory [9]. - **Technical Analysis**: The daily K - line of the AP2605 contract on the day showed a positive line, with an overall trend of opening high and moving higher. After closing with a negative line the previous day, the positive line on the day directly covered the previous day's negative line entity, indicating that the bulls took the initiative in the intraday game [10].

甲醇聚烯烃早报 研究中心能化团队 2025/12/25 甲 醇 日期 动力煤期 货 江苏现货 华南现货 鲁南折盘 面 西南折盘面 河北折盘 面 西北折盘 面 CFR中国 CFR东南 亚 进口利润 主力基差 盘面MTO 利润 2025/12/1 8 801 2168 2120 2440 2485 2385 2525 251 318 0 20 - 2025/12/1 9 801 2157 2115 2435 2485 2385 2508 249 320 1 20 - 2025/12/2 2 801 2142 2115 2430 2485 2385 2500 248 320 11 20 - 2025/12/2 3 801 2137 2115 2420 2485 2355 2505 248 320 20 20 - 2025/12/2 4 801 2172 2135 2395 2485 2355 2470 - - - 15 - 日度变化 0 35 20 -25 0 0 -35 - - - -5 - 观点 伊朗装置开始停车，港口内地共振反弹，基差小幅走强，卸货慢，港口连续两周去库，浮仓很多，预计后期回归 累库，11月伊朗 ...

Report Overview - The report is a "All-variety Spread Daily Report" dated December 25, 2025, providing price and basis information for various futures and spot products [2]. Industry Investment Rating - Not provided in the report. Core View - Not provided in the report. Summary by Commodity Categories Black Series - **Silicon Iron (SF603)**: The basis rate is 52.30%, the spot price is 5628, and the futures price is 5656, with a change of -0.50% [1]. - **Silicon Manganese (SM603)**: The basis rate is 26.70%, the spot price is 5840, and the futures price is 5835 [1]. - **Rebar (RB2605)**: The basis rate is 69.60%, the spot price is 3320, and the futures price is 3270, with a change of -0.46% [1]. - **Hot Rolled Coil (HC2605)**: The basis rate is 12.20%, the spot price is 3285 [1]. - **Iron Ore (I2605)**: The basis rate is 46.90%, the spot price is 838, and the futures price is 837, with a change of -0.06% [1]. - **Coke (J2605)**: The basis rate is 63.56%, the spot price is 1745, and the futures price is 1746 [1]. - **Coking Coal (JM2605)**: The basis rate is 31.60%, the spot price is 1156, and the futures price is 1132, with a change of 2.12% [1]. Non-ferrous Series - **Copper (CU2602)**: The basis rate is -1.47%, the spot price is 94690, and the futures price is 96100 [1]. - **Aluminum (AL2602)**: The basis rate is -1.34%, the spot price is 22030, and the futures price is 22330, with a change of 1.45% [1]. - **Alumina (AO2605)**: The basis rate is 7.16%, the spot price is 2554 [1]. - **Zinc (ZN2602)**: The basis rate is -0.17%, the spot price is 23190, and the futures price is 23230 [1]. - **Tin (SN2602)**: The basis rate is 2.08%, the spot price is 336350, and the futures price is 341800, with a change of -1.59% [1]. - **Nickel (NI5602)**: The basis rate is -0.63%, the spot price is 127200, and the futures price is 128000 [1]. - **Stainless Steel (SS2602)**: The basis rate is 1.11%, the spot price is 13075, and the futures price is 13220 [1]. - **Lithium Carbonate (LC2605)**: The basis rate is -18.62%, the spot price is 101500, and the futures price is 124720, with a change of -23220 [1]. Precious Metals Series - **Gold (AU2602)**: The basis rate is -0.74%, the spot price is 1007.2, and the futures price is 1014.7, with a change of 0.30% [1]. - **Silver (AG2602)**: The basis rate is 0.60%, the spot price is 17714.0, and the futures price is 17609.0 [1]. Agricultural Products Series - **Soybean Meal (M2605)**: The basis rate is 11.07%, the spot price is 3030, and the futures price is 2728.0, with a change of 302.0 [1]. - **Soybean Oil (Y2605)**: The basis rate is 5.74%, the spot price is 8210, and the futures price is 7764.0, with a change of 446.0 [1]. - **Palm Oil (P2605)**: The basis rate is 0.02%, the spot price is 8490, and the futures price is 8488.0 [1]. - **Rapeseed Meal (RM605)**: The basis rate is 7.51%, the spot price is 2520, and the futures price is 2344.0, with a change of 176.0 [1]. - **Rapeseed Oil (Oleos)**: The basis rate is 6.35%, the spot price is 9550, and the futures price is 8980.0, with a change of 570.0 [1]. - **Corn (C2603)**: The basis rate is 3.83%, the spot price is 2280, and the futures price is 2196.0, with a change of 84.0 [1]. - **Corn Starch (CS2603)**: The basis rate is 5.05%, the spot price is 2620, and the futures price is 2494.0, with a change of 126.0 [1]. - **Live Hogs (H2603)**: The basis rate is 2.35%, the spot price is 11750, and the futures price is 11480.0, with a change of 270.0 [1]. - **Eggs (JD2602)**: The basis rate is -1.93%, the spot price is 2947.0, and the futures price is 2890, with a change of -57.0 [1]. - **Cotton (CF605)**: The basis rate is 6.35%, the spot price is 15081, and the futures price is 14180.0, with a change of 901.0 [1]. - **Sugar (SR605)**: The basis rate is 3.00%, the spot price is 5420, and the futures price is 5262.0, with a change of 158.0 [1]. - **Apples (AP605)**: The basis rate is -2.08%, the spot price is 9000, and the futures price is 9191.0, with a change of -191.0 [1]. - **Red Dates (CJ605)**: The basis rate is 15.10%, the spot price is 8400, and the futures price is 8890.0, with a change of -490.0 [1]. Energy and Chemical Series - **Para-xylene (PX603)**: The basis rate is -0.11%, the spot price is 7294.0, and the futures price is 7286.0 [1]. - **PTA (TA605)**: The basis rate is -1.65%, the spot price is 5094.0, and the futures price is 5010.0 [1]. - **Ethylene Glycol (EG2605)**: The basis rate is -4.53%, the spot price is 3818.0, and the futures price is 3645.0, with a change of -173.0 [1]. - **Polyester Staple Fiber (PF602)**: The basis rate is -0.52%, the spot price is 6484.0, and the futures price is 6450.0 [1]. - **Styrene (EB2602)**: The basis rate is 0.86%, the spot price is 6655.0, and the futures price is 6598.0 [1]. - **Methanol (MA605)**: The basis rate is -0.78%, the spot price is 2172.0, and the futures price is 2155.0 [1]. - **Urea (UR605)**: The basis rate is -0.29%, the spot price is 1735.0, and the futures price is 1730.0 [1]. - **LLDPE (L2605)**: The basis rate is -2.08%, the spot price is 6408.0, and the futures price is 6275.0, with a change of -133.0 [1]. - **PP (PP2605)**: The basis rate is -0.61%, the spot price is 6278.0, and the futures price is 6240.0 [1]. - **PVC (V2605)**: The basis rate is -6.30%, the spot price is 4480.0, and the futures price is 4781.0, with a change of -301.0 [1]. - **Caustic Soda (SH603)**: The basis rate is 0.00%, the spot price is 2250.0, and the futures price is 2250.0 [1]. - **LPG (PG2602)**: The basis rate is 9.70%, the spot price is 4478.0, and the futures price is 4082.0 [1]. - **Asphalt (BU2602)**: The basis rate is -2.54%, the spot price is 2920.0, and the futures price is 2996.0 [1]. - **Butadiene Rubber (BR2602)**: The basis rate is 1.30%, the spot price is 11395.0, and the futures price is 10700.0, with a change of -695.0 [1]. - **Glass (FG605)**: The basis rate is 12.93%, the spot price is 928.0, and the futures price is 1048.0, with a change of -120.0 [1]. - **Soda Ash (SA605)**: The basis rate is -4.13%, the spot price is 1184.0, and the futures price is 1137.0, with a change of -47.0 [1]. - **Natural Rubber (RU2605)**: The basis rate is -3.64%, the spot price is 15650.0, and the futures price is 15100.0 [1]. Financial Series - **IF2603.CFE**: The basis rate is -0.89%, the spot price is 4595.0, and the futures price is 4634.1 [1]. - **IH2603.CFE**: The basis rate is 0.06%, the spot price is 3025.2, and the futures price is 3027.0 [1]. - **IC2603.CFE**: The basis rate is -1.54%, the spot price is 7240.4, and the futures price is 7352.0 [1]. - **IM2603.CFE**: The basis rate is -2.4%, the spot price is 7327.6, and the futures price is 7506.4 [1]. - **2-year Treasury Bond (TS2603)**: The basis rate is -0.06%, the spot price is 100.15, and the futures price is 102.53 [1]. - **5-year Treasury Bond (TF2603)**: The basis rate is -0.05%, the spot price is 106.03, and the futures price is 108.22 [1]. - **10-year Treasury Bond (T2603)**: The basis rate is 0.03%, the spot price is 100.54, and the futures price is 100.54 [1]. - **30-year Treasury Bond (TL2603)**: The basis rate is 0.43%, the spot price is 112.78, and the futures price is 127.51 [1].

Report Industry Investment Rating - Not provided in the report Core Viewpoint - The report presents the daily arbitrage data of various futures varieties, including power coal, energy and chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures on December 25, 2025, covering aspects such as basis, inter - month spreads, and inter - commodity spreads [1] Summary by Directory 1. Power Coal - Power coal basis data from December 18 to December 24, 2025 are provided, showing a continuous decline from - 90.4 yuan/ton on December 18 to - 120.4 yuan/ton on December 24. The inter - month spreads of 5 - 1, 9 - 1, and 9 - 5 are all 0.0 [2] 2. Energy and Chemicals (1) Energy Commodities - Basis data of fuel oil and crude oil/asphalt from December 18 to December 24, 2025 are provided, along with the ratio of crude oil to asphalt and the basis of INE crude oil [7] (2) Chemical Commodities - **Basis**: Basis data of rubber, methanol, PTA, LLDPE, V, and PP from December 18 to December 24, 2025 are presented [9] - **Inter - month Spreads**: Inter - month spreads (5 - 1, 9 - 1, 9 - 5) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are provided [11] - **Inter - commodity Spreads**: Inter - commodity spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) from December 18 to December 24, 2025 are given [11] 3. Black Metals - **Basis**: Basis data of rebar, iron ore, coke, and coking coal from December 18 to December 24, 2025 are provided [21] - **Inter - month Spreads**: Inter - month spreads (5 - 1, 9(10) - 1, 9(10) - 5) of rebar, iron ore, coke, and coking coal are presented, with a note that the main contracts of rebar are in January, May, and October [20] - **Inter - commodity Spreads**: Inter - commodity spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot - rolled coil) from December 18 to December 24, 2025 are given [20] 4. Non - ferrous Metals (1) Domestic Market - Domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from December 18 to December 24, 2025 are provided [30] (2) London Market - LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on December 24, 2025 are presented [35] 5. Agricultural Products - **Basis**: Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 18 to December 24, 2025 are provided [43] - **Inter - month Spreads**: Inter - month spreads (5 - 1, 9 - 1, 9 - 5) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented [43] - **Inter - commodity Spreads**: Inter - commodity spreads (soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, corn - corn starch) from December 18 to December 24, 2025 are given [43] 6. Stock Index Futures - **Basis**: Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 18 to December 24, 2025 are provided [54] - **Inter - month Spreads**: Inter - month spreads (next - month - current - month, next - quarter - current - quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented [54]

Report Industry Investment Rating No information is provided in the given reports regarding the industry investment rating. Core Views 粕类产业 - The US soybean market has support at the bottom due to ongoing exports, but the strong expectation of a bumper harvest in South America restricts the upside potential. The domestic soybean meal market remains in a loose supply - demand situation, with limited downside and no clear upward drivers [1]. 生猪产业 - Spot prices are slightly stronger. The demand for curing around the Winter Solstice has increased, and the slaughter cycle is extended. The market shows a short - term trend of being slightly stronger in a volatile manner [2]. 油脂 industry - Palm oil may enter the production - reduction season, with exports improving, providing support to the market. Soybean oil has potential support from increased bio - diesel production due to tax credits, and the domestic demand may increase. Rapeseed oil's focus is on whether the 05 contract can break through the 9000 - yuan resistance [4]. 玉米 industry - The supply of corn is affected by weather in the Northeast and the selling rhythm in the North China. The demand from deep - processing and feed enterprises is weak. The market shows a short - term weak and volatile pattern with limited downside [5]. 红枣 industry - The raw material acquisition in Xinjiang is almost finished, and the market arrival is less than in previous years. The hedging profit is negative, and the future trend depends on the consumption situation [8]. 白糖 industry - The ICE raw sugar futures are in a short - term rebound, but the overall supply outlook is loose, keeping the trend bearish. The domestic sugar market has stopped falling and is rebounding, but the rebound is limited by supply pressure [10]. 棉花 industry - ICE cotton futures are rising slightly due to weak dollar and strong export demand. The domestic cotton supply pressure is gradually released, and the demand from downstream spinning mills is weakening. The market is expected to fluctuate in a relatively strong range [12]. 鸡蛋 industry - The supply of laying hens is gradually decreasing, and the demand is expected to improve during the New Year and Spring Festival. However, the overall supply - demand contradiction is only marginally alleviated, and the near - term contracts are expected to fluctuate at the bottom [14]. 苹果 industry - The market consumption has slightly improved during the festival, but the apple market is squeezed by citrus fruits. Attention should be paid to the inventory - reduction rhythm, and long positions are advised to exit at an appropriate time [16]. Summary by Related Catalogs 粕类产业 - **Prices**: Jiangsu soybean meal spot price is 3100 yuan/ton, M2605 futures price is 2728 yuan/ton; Jiangsu rapeseed meal spot price is 2420 yuan/ton, RM2605 futures price is 2344 yuan/ton [1]. - **Spreads**: The soybean meal 05 - 09 spread is - 122, the rapeseed meal 05 - 09 spread is - 56, and the oil - meal ratio shows an increase [1]. 生猪产业 - **Futures**: The main contract basis is - 15 yuan/ton, the price of Niu Zhu 2605 is 11985 yuan/ton, and the price of Sheng Zhu 2603 is 11480 yuan/ton [2]. - **Spot**: The average spot price in various regions shows a slight increase, and the sample - point slaughter volume has increased by 0.16% [2]. 油脂 industry - **Prices**: The spot price of Jiangsu first - grade soybean oil is 8350 yuan/ton, Y2605 futures price is 7992 yuan/ton; the spot price of Guangdong 24 - degree palm oil is 8470 yuan/ton, P2605 futures price is 8486 yuan/ton; the spot price of Jiangsu third - grade rapeseed oil is 9560 yuan/ton, OI605 futures price is 9302 yuan/ton [4]. - **Spreads**: The soybean oil 05 - 09 spread is 64, the palm oil 05 - 09 spread is 124, and the rapeseed oil 05 - 09 spread is 42 [4]. 玉米 industry - **Prices**: The price of Yu Mi 2603 is 2196 yuan/ton, the Jinzhou Port FOB price is 2280 yuan/ton; the price of Yu Mi Dian Fen 2603 is 2494 yuan/ton [5]. - **Spreads**: The corn 3 - 5 spread is - 35, the corn starch 3 - 5 spread is - 44 [5]. 红枣 industry - **Prices**: The price of Hong Zao 2601 is 8800 yuan/ton, the price of Hong Zao 2605 (main contract) is 8890 yuan/ton [8]. - **Spreads**: The 1 - 5 spread of red dates is - 90, and the 5 - 9 spread is - 245 [8]. 白糖 industry - **Futures**: The price of Bai Tang 2601 is 5392 yuan/ton, the price of Bai Tang 2605 is 5262 yuan/ton, and the ICE raw sugar main contract price is 15.30 cents/pound [10]. - **Spot**: The Nanning spot price is 5340 yuan/ton, and the Kunming spot price is 5240 yuan/ton [10]. 棉花 industry - **Futures**: The price of Mian Hua 2605 is 14180 yuan/ton, the price of Mian Hua 2601 is 14210 yuan/ton, and the ICE cotton main contract price is 64.20 cents/pound [12]. - **Spot**: The Xinjiang arrival price of 3128B is 15081 yuan/ton, and the CC Index: 3128B is 15271 yuan/ton [12]. 鸡蛋 industry - **Prices**: The price of Ji Dan 01 contract is 3027 yuan/500KG, the price of Ji Dan 02 contract is 2947 yuan/500KG, and the egg - producing area price is 2.89 yuan/jin [14]. - **Spreads**: The 1 - 2 spread of eggs is 125 [14]. 苹果 industry - **Prices**: The price of Ping Guo 2605 (main contract) is 9191 yuan/ton, and the basis is - 991 yuan/ton [16]. - **Spreads**: The 1 - 5 spread of apples is 473, and the 5 - 10 spread is 1022 [16].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the high - sulfur crack spread rebounded, the monthly spread rebounded from a low level, and the basis rebounded. In Europe, the high - sulfur crack spread fluctuated, the monthly spread weakened, and the EW continued to strengthen. The 0.5% crack spread in Singapore weakened, the monthly spread fluctuated at a low level, and the basis also fluctuated at a low level. The low - sulfur crack spread in Europe fluctuated at a low level [5]. - In terms of inventory, Singapore's residual fuel oil inventory decreased, high - sulfur floating storage inventory increased, ARA's residual fuel oil inventory was basically flat, Fujairah's residual fuel oil inventory decreased significantly, high - sulfur floating storage inventory decreased, and EIA's residual fuel oil inventory increased slightly [5][8]. - This week, the crack spreads of gasoline and diesel in the external market continued to decline, and the price difference between low - sulfur fuel oil and diesel continued to rebound. After the fire at the Al Zour refinery on October 21, the external low - sulfur fuel oil market is supported, but the short - term upside space is limited [8]. - The global residual fuel oil market has entered the off - season for inventory accumulation. The external crack spread depends on crude oil price fluctuations and feedstock premium levels. This week, the external market's inventory decreased and the monthly spread strengthened, and it is still expected to fluctuate in the short term. The valuation of low - sulfur fuel oil is low, but there is no driving force for now [8]. 3. Data Summary Rotterdam Fuel Oil Swap Data | Type | 2025/12/18 | 2025/12/19 | 2025/12/22 | 2025/12/23 | 2025/12/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 327.47 | 323.91 | 332.23 | 333.06 | 332.36 | - 0.70 | | Rotterdam 0.5% VLS FO Swap M1 | 369.76 | 370.46 | 379.22 | 381.38 | 379.92 | - 1.46 | | Rotterdam HSFO - Brent M1 | - 8.26 | - 8.86 | - 8.91 | - 9.15 | - 9.50 | - 0.35 | | Rotterdam 10ppm Gasoil Swap M1 | 593.29 | 588.07 | 597.32 | 607.46 | 607.21 | - 0.25 | | Rotterdam VLSFO - G O M1 | - 223.53 | - 217.61 | - 218.10 | - 226.08 | - 227.29 | - 1.21 | | LGO - Brent M1 | 22.13 | 20.77 | 20.41 | 21.48 | 22.69 | 1.21 | | Rotterdam VLSFO - H SFO M1 | 42.29 | 46.55 | 46.99 | 48.32 | 47.56 | - 0.76 |[3] Singapore Fuel Oil Swap Data | Type | 2025/12/18 | 2025/12/19 | 2025/12/22 | 2025/12/23 | 2025/12/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 341.67 | 335.69 | 340.79 | 347.07 | 344.78 | - 2.29 | | Singapore 180cst M1 | 352.34 | 342.69 | 347.66 | 352.82 | 352.53 | - 0.29 | | Singapore VLSFO M1 | 407.95 | 404.73 | 411.59 | 417.13 | 418.09 | 0.96 | | Singapore GO M1 | 79.76 | 78.63 | 79.11 | 79.71 | 80.63 | 0.92 | | Singapore 380cst - Brent M1 | - 6.01 | - 6.57 | - 6.90 | - 6.88 | - 7.53 | - 0.65 | | Singapore VLSFO - G O M1 | - 182.27 | - 177.13 | - 173.82 | - 172.72 | - 178.57 | - 5.85 |[3] Singapore Fuel Oil Spot Data | Type | 2025/12/18 | 2025/12/19 | 2025/12/22 | 2025/12/23 | 2025/12/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 339.30 | 332.35 | 337.57 | 344.15 | 343.65 | - 0.50 | | FOB VLSFO | 407.57 | 403.41 | 410.73 | 416.98 | 417.55 | 0.57 | | 380 Basis | - 3.00 | - 2.95 | - 2.80 | - 1.85 | - 1.60 | 0.25 | | High - sulfur Internal - External Spread | 3.3 | 2.9 | 5.0 | 3.8 | 5.3 | 1.5 | | Low - sulfur Internal - External Spread | 4.8 | 6.5 | 8.6 | 8.3 | 9.8 | 1.5 |[4] Domestic FU Data | Type | 2025/12/18 | 2025/12/19 | 2025/12/22 | 2025/12/23 | 2025/12/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2403 | 2356 | 2413 | 2433 | 2415 | - 18 | | FU 05 | 2464 | 2415 | 2474 | 2496 | 2498 | 2 | | FU 09 | 2431 | 2382 | 2440 | 2463 | 2468 | 5 | | FU 01 - 05 | - 61 | - 59 | - 61 | - 63 | - 83 | - 20 | | FU 05 - 09 | 33 | 33 | 34 | 33 | 30 | - 3 | | FU 09 - 01 | 28 | 26 | 27 | 30 | 53 | 23 |[4] Domestic LU Data | Type | 2025/12/18 | 2025/12/19 | 2025/12/22 | 2025/12/23 | 2025/12/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 2901 | 2886 | 2969 | 2976 | 3000 | 24 | | LU 05 | 2936 | 2912 | 2974 | 2994 | 3013 | 19 | | LU 09 | 2977 | 2952 | 3010 | 3026 | 3039 | 13 | | LU 01 - 05 | - 35 | - | - 5 | - 18 | - 13 | 5 | | LU 05 - 09 | - 41 | - 40 | - 36 | - 32 | - 26 | 6 | | LU 09 - 01 | 76 | 66 | 41 | 50 | 39 | - 11 |[5]

甲醇聚烯烃早报 研究中心能化团队 2025/12/24 甲 醇 日期 动力煤期 货 江苏现货 华南现货 鲁南折盘 面 西南折盘面 河北折盘 面 西北折盘 面 CFR中国 CFR东南 亚 进口利润 主力基差 盘面MTO 利润 2025/12/1 7 801 2130 2095 2440 2485 2385 2550 249 318 -5 25 - 2025/12/1 8 801 2168 2120 2440 2485 2385 2525 251 318 0 20 - 2025/12/1 9 801 2157 2115 2435 2485 2385 2508 249 320 1 20 - 2025/12/2 2 801 2142 2115 2430 2485 2385 2500 248 320 11 20 - 2025/12/2 3 801 2137 2115 2420 2485 2355 2505 - - - 20 - 日度变化 0 -5 0 -10 0 -30 5 - - - 0 - 伊朗装置开始停车，港口内地共振反弹，基差小幅走强，卸货慢，港口连续两周去库，浮仓很多，预计后期回归 累库，11月伊朗发 运11 ...

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - This week, the high - sulfur cracking spread rebounded, the monthly spread rebounded from a low level, and the basis rebounded. European high - sulfur cracking spread fluctuated, the monthly spread weakened, and the EW continued to strengthen. The 0.5% cracking spread in Singapore weakened, the monthly spread fluctuated at a low level, and the basis fluctuated at a low level. European V low - sulfur cracking spread fluctuated at a low level [3]. - In terms of inventory, Singapore's residual fuel oil inventory decreased, high - sulfur floating storage inventory increased, ARA's residual fuel oil inventory was basically flat, Fujairah's residual fuel oil inventory decreased significantly, high - sulfur floating storage inventory decreased, and EIA's residual fuel oil inventory increased slightly [3]. - This week, the cracking spreads of gasoline and diesel in the external market continued to decline, and the price difference between low - sulfur fuel oil and diesel continued to rebound. After the fire at the Al Zour refinery on October 21, it stopped production, providing support for the external low - sulfur fuel oil market, but the short - term upward space is limited. Global residual fuel oil enters the off - season for inventory accumulation. The external cracking spread should pay attention to crude oil fluctuations and feedstock premium/discount levels. This week, the external market's inventory decreased and the monthly spread strengthened, remaining volatile in the short term. The valuation of low - sulfur fuel oil is low, but there is no driving force [4]. 3. Data Summary Rotterdam Fuel Oil Data - From December 17 to December 23, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased from 325.12 to 335.28, a change of 3.05. The price of Rotterdam 0.5% VLS FO swap M1 increased from 368.94 to 383.22, a change of 4.00 [1]. Singapore Fuel Oil Data - From December 17 to December 23, 2025, the price of Singapore 380cst M1 increased from 337.69 to 348.22, a change of 7.43. The price of Singapore VLSFO M1 increased from 404.54 to 419.72, a change of 8.13 [1]. Singapore Fuel Oil Spot Data - From December 17 to December 23, 2025, the FOB price of 380cst increased from 333.61 to 344.15, a change of 6.58. The FOB price of VLSFO increased from 404.59 to 416.98, a change of 6.25 [2]. Domestic FU Data - From December 17 to December 23, 2025, the price of FU 01 increased from 2384 to 2433, a change of 20. The price of FU 05 increased from 2444 to 2496, a change of 22. The price of FU 09 increased from 2412 to 2463, a change of 23 [2]. Domestic LU Data - From December 17 to December 23, 2025, the price of LU 01 increased from 2864 to 2976, a change of 7. The price of LU 05 increased from 2912 to 2994, a change of 20. The price of LU 09 increased from 2956 to 3026, a change of 16 [3].