Core Insights - The article highlights the trading success of Wu Weimiao, who achieved second place in the long-term stable profit category during a trading competition, showcasing his expertise in short-term trading strategies [1] Group 1: Trading Strategy - Wu Weimiao specializes in intraday short-term trading, focusing on high-volatility commodities such as coking coal, polysilicon, and lithium carbonate during the competition [2] - He emphasizes the importance of rhythm control in trading, advocating for decisive action during market volatility and remaining inactive during sideways markets [2] - The trading approach is likened to a bee collecting honey, where high-frequency trading during liquid periods converts probability advantages into stable returns [2] Group 2: Career Development - Wu Weimiao began his trading career ten years ago in the futures market, transitioning from stock index trading to commodities after learning from early mistakes [3] - A significant loss in cotton futures taught him to respect the market and improve his trading strategies by implementing protective measures [3] - He views his first profit milestone of 100,000 yuan as a validation of his trading system's viability, progressing steadily to 1 million and then 10 million yuan [3] Group 3: Trading Philosophy - The concept of "trade-offs" is central to Wu Weimiao's trading philosophy, where he believes that risk management is crucial, and pre-defined stop-loss plans are more important than entry reasons [4] - He maintains that trading strategies should evolve while adhering to core logic, requiring continuous optimization of entry timing and filtering out ineffective signals [4] - A strong risk awareness helps him remain composed during market fluctuations, emphasizing the need for traders to trust their stop-loss levels based on objective analysis [4] Group 4: Personal Life and Advice - Outside of trading, Wu Weimiao engages in sports like table tennis and badminton, which help alleviate stress and foster social connections [5] - He advises new traders to enter the market with manageable capital and time, preparing for potential failures while maintaining a dedicated attitude [5] - The importance of enjoying the trading journey and valuing the process is highlighted as essential for long-term success in the market [5]

Report Industry Investment Ratings - Cotton: Not clearly indicated, but the operation suggestion is to wait and see [2] - Pulp: One star, representing a bullish bias, but limited operability on the trading floor [1] - Sugar: Not clearly indicated, but the price is expected to remain weak [3] - Apple: Not clearly indicated, but short - term prices are expected to remain strong [4] - Log: Not clearly indicated, but the operation suggestion is to wait and see [7] - 20 - rubber, Natural rubber, Butadiene rubber: One star, representing a bullish bias, but limited operability on the trading floor [1][5] Core Views - The prices of different soft commodities show different trends. Factors such as supply, demand, cost, and inventory influence their prices. The report provides corresponding operation suggestions for each commodity [2][3][4] Summary by Commodity Cotton & Cotton Yarn - Zhengzhou cotton prices declined slightly, with a risk of short - term downward break. New cotton cost provides some support, but price increases face hedging pressure. The cotton yarn market is stable with stable demand. It is recommended to wait and see [2] Sugar - Brazilian production data in mid - October was neutral. Domestic sugar prices are weakly oscillating. The market's focus is on the next season's production estimate. Sugar prices are expected to remain weak [3] Apple - Futures prices rose significantly. The inventory decreased year - on - year. Short - term prices are strong, but the long - term de - stocking situation is the key trading point [4] 20 - rubber, Natural rubber, Synthetic rubber - Futures prices of natural rubber and 20 - rubber rose, and butadiene rubber futures prices rose slightly. Supply pressure is easing, demand is slowly increasing, and there are opportunities for cross - variety arbitrage [5] Pulp - Pulp futures prices continued to rise. The inventory decreased. Short - term upward space may be limited, but there is a risk of a short squeeze. It is recommended to hold long positions cautiously [6] Log - Futures prices are weakly operating. Supply may remain low, demand supports prices, and low inventory also provides some support. It is recommended to wait and see [7]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The US corn market is in a narrow - range oscillation. Although the recent Sino - US relations have eased and the price has rebounded, the production remains high. The import profit of foreign corn is falling, and the Brazilian import price in December is 2156 yuan. [4] - The spot price of domestic corn is relatively strong in the short - term. The northern port closing price has risen, the supply in North China has decreased, and the downstream feed enterprises have low inventory. However, the market is concerned about the seasonal selling pressure of Northeast corn and downstream inventory - building. [4][6] - The starch price is mainly affected by corn price and downstream stocking. The inventory of corn starch has decreased this week. The 01 starch follows the corn to oscillate strongly, but the corn in North China may fall in December, and the rebound space of the 01 starch is limited. [7] - For trading strategies, the US corn may continue to adjust the yield per unit downward, but it is expected to increase production, remaining in a narrow - range oscillation. The 01 corn rebound space is limited, and it is advisable to wait and see for 05 and 01 corn. One can try to shrink the spread between 01 corn and starch when it is high. [8][9] - For option strategies, a short - term cumulative put strategy with rolling operations is recommended. [11] 3. Summary by Directory 3.1 Data - **Futures Disk**: For corn futures, C2601 closed at 2186, up 9 (0.41%), with a trading volume of 540,710 (up 18.39%) and an open interest of 957,369 (down 0.61%); C2605 closed at 2257, up 6 (0.27%), with a trading volume of 58,889 (up 38.10%) and an open interest of 275,208 (up 4.37%); C2509 closed at 2282, up 3 (0.13%), with a trading volume of 3,043 (up 27.59%) and an open interest of 15,950 (down 0.57%). For corn starch futures, CS2601 closed at 2507, up 17 (0.68%), with a trading volume of 109,742 (up 33.81%) and an open interest of 236,760 (up 0.70%); CS2605 closed at 2583, up 6 (0.23%), with a trading volume of 570 (up 41.58%) and an open interest of 5,988 (down 0.93%); CS2509 closed at 2628, up 3 (0.11%), with a trading volume of 47 (up 34.29%) and an open interest of 533 (up 2.50%) [2]. - **Spot and Basis**: Corn spot prices in different regions showed different trends. The prices in Qinggang, Songyuan Jiji, etc. were reported, with some prices rising. The basis of corn and starch in different regions was also provided. For example, the basis of corn in Qinggang was - 322, and the basis of starch in Longfeng was 67 [2]. - **Spreads**: Corn inter - period spreads (e.g., C01 - C05 was - 71, up 3), starch inter - period spreads (e.g., CS01 - CS05 was - 76, up 11), and cross - variety spreads (e.g., CS09 - C09 was 346, unchanged) were presented [2]. 3.2 Market Judgment - **Corn**: The US corn market is oscillating narrowly. The import profit of foreign corn is falling. The spot price of domestic corn is relatively strong in the short - term, with the northern port closing price rising, the supply in North China decreasing, and the downstream feed enterprises having low inventory. However, the market is concerned about the seasonal selling pressure of Northeast corn and downstream inventory - building [4][6]. - **Starch**: The number of vehicles arriving at Shandong deep - processing plants has decreased, and the corn spot price in Shandong is stable. The corn starch inventory has decreased this week. The starch price is mainly affected by corn price and downstream stocking. The 01 starch follows the corn to oscillate strongly, but the corn in North China may fall in December, and the rebound space of the 01 starch is limited [7]. 3.3 Corn Options The option strategy is a short - term cumulative put strategy with rolling operations. Information on option contracts such as C2605 - P - 2160.DCE and C2601 - P - 2080.DCE, including the underlying asset price, closing price, and change in implied volatility, was provided [11]. 3.4 Related Attachments Graphs such as the spot price of corn in different regions, the basis of corn 01 contract, the 1 - 5 spread of corn, the 1 - 5 spread of corn starch, the basis of corn starch 01 contract, and the spread of corn starch 01 contract were presented, showing the price trends of different periods [13][15][19].

Core Viewpoint - The article emphasizes the importance of having a comprehensive trading tool for futures trading, highlighting the capabilities of the Sina Finance APP as a one-stop solution for market data, news, and trading functionalities. Group 1: Market Data - The APP provides access to all major exchanges including SHFE, DCE, CZCE, and CFFEX, offering real-time price updates with millisecond refresh rates [1] - Users can apply various free technical indicators such as Bollinger Bands, MACD, and Fibonacci retracement, making it accessible for beginners [1] - Custom price alerts can be set, allowing users to receive notifications for significant market movements [1] Group 2: News and Information - The APP features a 24/7 news service that delivers important data, sudden news, and policy documents instantly [2] - It includes a "Futures Live Room" where experts simplify complex macroeconomic factors, inventory levels, weather, and shipping information for users [2] - Users can view news articles directly linked to market charts, facilitating seamless analysis [3] Group 3: Trading Functionality - The APP collaborates with reputable futures companies like CITIC, Everbright, and COFCO, ensuring transparent commission structures [4] - Online account opening is streamlined with identity verification and progress notifications, taking only three minutes [5] - Features like conditional orders, stop-loss, and cloud-based orders allow for automated trading even when the user is offline [5] Group 4: Additional Features - The APP includes a fund flow heat map to visualize market sentiment regarding long and short positions [6] - It offers graphical representations of major players' positions, eliminating the need for manual data analysis [7] - The dark mode and landscape viewing options enhance user experience, especially during night trading [8] - Users can synchronize their favorite stocks, alert prices, and saved articles across devices [9]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - For lead, due to high lead prices, downstream purchasing enthusiasm has weakened. Meanwhile, refinery profits are good, and production has recovered, improving the supply shortage. Thus, the lead price is under pressure above [1]. - For zinc, overseas structural risks have weakened, and there is insufficient momentum for the zinc price to continue rising. Attention should be paid to trading opportunities brought by the recovery of the Shanghai-London ratio. In the medium term, the mine end will tighten in the fourth quarter [1]. Summary by Related Catalogs Lead Price - The average price of SMM1 lead ingots increased by 0.14% compared to the previous day, and the closing price of the Shanghai lead main contract rose by 1.26% compared to the previous day [1]. - The LME 3 - month lead futures closing price (electronic trading) was $2,092.00 per ton, up 1.21% [1]. Spread - The basis of Shanghai lead was -335.00 yuan/ton, a decrease of 195.00 yuan [1]. - The spreads of Shanghai lead in different months showed certain changes, such as the spread between the near - month and the continuous first contract being -60.00 yuan/ton, a decrease of 15.00 yuan [1]. Trading Volume and Open Interest - The trading volume of the active futures contract was 55,843.00 lots, an increase of 80.99% [1]. - The open interest of the active futures contract was 50,539.00 lots, a decrease of 8.29% [1]. Inventory - The LME inventory was 225,225.00 tons, with no change [1]. - The Shanghai lead warehouse receipt inventory was 24,686.00 tons, an increase of 3.86% [1]. Fundamental Analysis - On the supply side, there is no expected increase in lead concentrate imports, and processing fees are likely to rise but difficult to fall. Some refineries have maintenance arrangements, and the operation of primary lead has a slight fluctuation. The operation of secondary lead has recovered to over 50%, and the supply has increased, but the inventory accumulation of refineries is not obvious [1]. - On the demand side, the terminal market has improved, the operation of lead - acid battery enterprises is okay, and the demand has increased. However, due to high lead prices, the downstream purchasing enthusiasm has weakened [1]. Trading Strategy - Hold the previous short positions [1]. Zinc Price - The average price of SMM1 zinc ingots decreased by 0.22% compared to the previous day, and the Shanghai zinc main contract rose by 0.02% compared to the previous day [1]. - The LME 3 - month zinc futures closing price (electronic trading) was $3,072.00 per ton, up 0.10% [1]. Spread - The basis of Shanghai zinc was -140.00 yuan/ton, a decrease of 55.00 yuan [1]. - The spreads of Shanghai zinc in different months also had changes, such as the spread between the near - month and the continuous first contract being -70.00 yuan/ton, an increase of 15.00 yuan [1]. Trading Volume and Open Interest - The trading volume of the active futures contract was 71,426.00 lots, a decrease of 12.58% [1]. - The open interest of the active futures contract was 105,905.00 lots, a decrease of 1.46% [1]. Inventory - The LME inventory was 35,875.00 tons, with no change [1]. - The Shanghai zinc warehouse receipt inventory was 70,890.00 tons, an increase of 0.53% [1]. Fundamental Analysis - On the supply side, refineries have sufficient raw material stocks, zinc ore processing fees have continued to rise, but there may be a downward trend in domestic TC in October. The supply of refineries is expected to increase, and the export window of zinc ingots is expected to open [1]. - On the demand side, there is no significant improvement [1]. Trading Strategy - Wait for the opportunity to buy on dips after the callback [1]. Other Information - On November 11, the China Zinc Smelters Purchasing Team (CZSPT) held a quarterly meeting in Kunming, Yunnan, and released the guidance price range for the import zinc concentrate procurement US dollar processing fee before the end of the first quarter of 2026: 105 US dollars (average) - 120 US dollars (average) per dry ton [1]. - On November 11, the [LME0 - 3 zinc] was at a premium of $117.04 per ton, and the open interest was 219,916 lots, a decrease of 750 lots [1]. - On November 11, the [LME0 - 3 lead] was at a discount of $20.89 per ton, and the open interest was 153,641 lots, an increase of 2,117 lots [1].

Report Information - Report Name: Polyolefin Morning Report - Report Date: November 13, 2025 - Analyst: Jin Zebin from Dayue Futures Investment Consulting Department [2][3] Industry Investment Rating - Not provided in the report Core Viewpoints - The LLDPE and PP markets are expected to show weak and volatile trends today due to oversupply, with neutral to high industrial inventories and fluctuating crude oil prices [4][6] Summary by Related Catalogs LLDPE Overview - **Fundamentals**: In October, the official PMI was 49, down 0.8 points from the previous month, indicating a decline in manufacturing sentiment. After the China-US leaders' meeting, the US lifted some restrictions on Chinese goods, and OPEC+ announced a suspension of production increases in Q1 2026, causing oil prices to fluctuate. The peak demand season for agricultural films continues, but restocking for other films is ending. The current LLDPE delivery spot price is 6840 (+20), with overall bearish fundamentals [4] - **Basis**: The basis of the LLDPE 2601 contract is 52, with a premium ratio of 0.8%, indicating a bullish signal [4] - **Inventory**: The comprehensive PE inventory is 579,000 tons (+39,000), which is bearish [4] - **Market**: The 20-day moving average of the LLDPE main contract is downward, and the closing price is below the 20-day line, showing a bearish trend [4] - **Main Position**: The net long position of the LLDPE main contract is increasing, which is bullish [4] - **Expectation**: The LLDPE main contract is expected to show a weak and volatile trend today [4] - **Likely Factors**: Bullish factors include new sanctions on Russian oil leading to a rebound in oil prices and a phased easing in China-US talks; bearish factors are weak year-on-year demand and significant new production capacity in Q4 [5] PP Overview - **Fundamentals**: Similar to LLDPE, the manufacturing sentiment declined in October. After the China-US leaders' meeting and OPEC+ announcement, oil prices fluctuated. The demand for plastic weaving is supported by the peak season, and the demand for pipes is improving. The current PP delivery spot price is 6470 (-0), with overall bearish fundamentals [6] - **Basis**: The basis of the PP 2601 contract is 10, with a premium ratio of 0.2%, considered neutral [6] - **Inventory**: The comprehensive PP inventory is 620,000 tons (+20,000), which is bearish [6] - **Market**: The 20-day moving average of the PP main contract is downward, and the closing price is below the 20-day line, showing a bearish trend [6] - **Main Position**: The net short position of the PP main contract is decreasing, still bearish [6] - **Expectation**: The PP main contract is expected to show a weak and volatile trend today [6] - **Likely Factors**: Similar to LLDPE, bullish factors are new sanctions on Russian oil and a phased easing in China-US talks; bearish factors are weak year-on-year demand and significant new production capacity in Q4 [7] Spot and Futures Market Data - **LLDPE**: The spot delivery price is 6840 (+20), the 01 contract price is 6788 (+28), the basis is 52 (-8), the import price in US dollars is 813 (unchanged), the import conversion price is 7114 (unchanged), and the import spread is -274 (+20). The warehouse receipt is 12,067 (-6), the PE comprehensive factory inventory is 579,000 tons (+39,000), and the social inventory is 500,000 tons (-100,000) [8] - **PP**: The spot delivery price is 6470 (unchanged), the 01 contract price is 6460 (+31), the basis is 10 (-31), the import price in US dollars is 765 (unchanged), the import conversion price is 6702 (unchanged), and the import spread is -232 (unchanged). The warehouse receipt is 14,642 (+13), the PP comprehensive factory inventory is 620,000 tons (+20,000), and the social inventory is 324,000 tons (-9,000) [8] Supply and Demand Balance Sheets - **Polyethylene**: From 2018 - 2024, the production capacity, output, and apparent consumption generally showed an upward trend, while the import dependence gradually decreased. In 2025E, the production capacity is expected to reach 4,319.5 [13] - **Polypropylene**: From 2018 - 2024, the production capacity, output, and apparent consumption also generally increased, and the import dependence decreased. In 2025E, the production capacity is expected to reach 4,906 [15]

Group 1: Report Overview - Report Title: Methanol Daily Report, November 12, 2025 [1] - Researcher: Zhang Mengchao [5] - Contact: zhangmengchao_qh@chinastock.com.cn [5] Group 2: Market Review - Futures Market: The futures market rebounded with fluctuations, closing at 2108 (+14/+0.67%) [2] - Spot Market: Various regions had different spot prices, with production areas like Inner Mongolia南线 at 1960 yuan/ton, and consumption areas like Lunan at 2120 yuan/ton [2] Group 3: Important Information - Port Inventory: As of November 12, 2025, the total methanol port inventory in China was 154.36 million tons, an increase of 5.65 million tons from the previous period. East China saw an inventory increase of 6.49 million tons, while South China had a decrease of 0.84 million tons [3] Group 4: Logic Analysis - Supply: Coal - to - methanol profit was around 320 yuan/ton, with high and stable domestic production capacity utilization and continuous ample domestic supply [4] - Import: The US dollar price dropped rapidly, the import forwardation widened. Iranian production was fully normal, non - Iranian production capacity utilization increased slightly, and the foreign market's production capacity utilization returned to a high level [4] - Demand: The MTO device production capacity utilization increased, with some MTO devices operating stably and some at partial loads [4] - Inventory: Import arrivals decreased slightly, the port inventory accumulation cycle ended, and the basis was strong; inland enterprise inventory fluctuated slightly [4] - Overall Situation: With increased international production capacity utilization, resumed imports, and ample port spot liquidity, methanol continued its downward trend, especially considering the high - inventory background [4] Group 5: Trading Strategies - Unilateral: Hold short positions [5] - Arbitrage: Stay on the sidelines [6] - Options: Sell call options [6]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The global sugar supply surplus expectation suppresses the sugar market, with India increasing sugar production and allowing exports, and ICE raw sugar under pressure. In the domestic market, Zheng sugar has limited upside potential due to factors such as old sugar inventory clearance and new sugar listing [2]. - Pulp futures are relatively strong, but the fundamental improvement is limited, and the future supply pressure in China may still be high. The upward movement and sustainability depend on the performance of the finished paper market [5]. - The demand improvement for double - offset paper is limited, and the upward driving force is weak, although there is some cost support from the pulp price increase [6]. - The cotton market, both domestically and internationally, is in a low - range fluctuation. The short - term upward potential is restricted by factors such as supply pressure and uncertain consumption recovery [8]. - For apples, the new - season initial inventory is lower year - on - year, and the futures price is expected to be oscillating strongly [9]. - The jujube market has seen a decline in the expectation of production reduction, and the futures price has fallen back. Attention should be paid to the new jujube opening price [10]. Summary According to the Directory First Part: Sector Strategy Recommendation - **Apple 2605**: Recommend buying on dips due to lower initial inventory year - on - year; also recommend closing short positions on dips because of high futures premium. Support range is 8500 - 8600, and pressure range is 9400 - 9500 [19]. - **Jujube 2601**: Aggressive investors can short on rallies around 9500 - 10500; cautious investors can hold a short 01 and long 05 spread position [11]. - **Sugar 2601**: Recommend shorting on rallies as supply pressure increases and domestic enterprises face old sugar inventory clearance. Support range is 5380 - 5400, and pressure range is 5510 - 5540 [2][19]. - **Pulp 2601**: Temporarily stay on the sidelines as the cost of warehouse receipts increases, but the supply remains high and the fundamental improvement is limited [5][19]. - **Double - offset paper 2601**: Temporarily stay on the sidelines as there is cost support from pulp price increase, but demand suppresses the price [6][19]. - **Cotton 2601**: Reduce short positions as the increase in new cotton production is slightly lower than expected and the price range has moved up slightly [8][19]. Second Part: Market News Changes Apple Market - **Fundamental Information**: In September 2025, fresh apple exports were about 7.08 tons, up 3.50% month - on - month and down 6.32% year - on - year. As of November 5, 2025, the national apple cold - storage inventory was 698.42 tons, 14.14% lower than the same period last year. As of November 6, 2025, it was 682.74 tons, 17.05% lower than last year [20]. - **Spot Market**: In the Shandong production area, the purchase of late - maturing bagged Fuji is in the final stage, and small and medium - sized fruits have started to be shipped out. In the Shaanxi production area, the mainstream price is stable, and the cold - storage fruits have started to be packed and shipped out [20][21]. Jujube Market As of this week, the physical inventory of 36 sample points is 9541 tons, up 2.06% month - on - month and 131.35% year - on - year. The futures price has fallen, and attention should be paid to the purchasing enthusiasm and structure of buyers [22]. Sugar Market Brazil exported 4,204,999.20 tons of sugar in October 2025, a 13% year - on - year increase. India has allowed 150 tons of sugar exports in the 2025/26 season. Guangxi sugar mills are about to start crushing, but the weather may affect sugar content [2][25]. Pulp Market As of October 27, 2025, the weekly pulp inventory in sample areas decreased by 1.58% month - on - month. The steam consumption of a thermal power plant in Baoding decreased, and the operating rate of household paper decreased [28]. Double - offset Paper Market In October 2025, the average theoretical gross profit margin of the double - offset paper industry was - 6.57%, down 1.38 percentage points from last month, and the decline rate narrowed month - on - month [29]. Cotton Market In September 2025, Australia's cotton exports were about 17.5 tons, down 4.4% month - on - month and 5% year - on - year. In October 2025, China's textile and clothing exports decreased both year - on - year and month - on - month. As of the end of October, the industrial and commercial cotton inventories increased [30][31][32]. Third Part: Market Review Futures Market Review - Apple 2601 closed at 9159, up 1.32% [31]. - Jujube 2601 closed at 9585, down 0.05% [31]. - Sugar 2601 closed at 5475, up 0.33% [31]. - Pulp 2511 closed at 4870, down 0.04% [31]. - Cotton 2601 closed at 13580, unchanged [31]. Spot Market Review - Apples were at 3.75 yuan per jin, unchanged month - on - month and up 0.55 yuan year - on - year [37]. - Jujubes were at 9.40 yuan per kg, down 0.10 yuan month - on - month and 5.30 yuan year - on - year [37]. - Sugar was at 5760 yuan per ton, up 10 yuan month - on - month and down 560 yuan year - on - year [37]. - Pulp (Shandong Silver Star) was at 5500 yuan, unchanged month - on - month and down 720 yuan year - on - year [37]. - Double - offset paper (Sun Tianyang - Tianjin) was at 4450 yuan, unchanged month - on - month and down 450 yuan year - on - year [37]. - Cotton was at 14844 yuan per ton, down 15 yuan month - on - month and 494 yuan year - on - year [37]. Fourth Part: Basis Situation No specific summary information provided other than figures. Fifth Part: Inter - month Spread Situation - Apple 1 - 5 spread is - 109, expected to oscillate downward, with a strategy of shorting on rallies [58]. - Jujube 9 - 1 spread is 340, expected to oscillate within a range, with a strategy of staying on the sidelines [58]. - Sugar 1 - 5 spread is 70, expected to oscillate, with a strategy of staying on the sidelines [58]. - Cotton 1 - 5 spread is 0, expected to fluctuate within a range, with a strategy of shorting on rallies [58]. Sixth Part: Futures Positioning Situation No specific summary information provided other than figures. Seventh Part: Futures Warehouse Receipt Situation - Apples have 0 warehouse receipts, unchanged month - on - month and year - on - year [85]. - Jujubes have 0 warehouse receipts, unchanged month - on - month and year - on - year [85]. - Sugar has 7663 warehouse receipts, up 281 month - on - month and down 4140 year - on - year [85]. - Pulp has 223997 warehouse receipts, unchanged month - on - month and down 157654 year - on - year [85]. - Cotton has 3294 warehouse receipts, up 281 month - on - month and up 168 year - on - year [85]. Eighth Part: Option - related Data No specific summary information provided other than figures.

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - PX and PTA market is expected to maintain a tight - balance with PTA prices oscillating upwards, while MEG, short - fiber, and bottle - chip markets are expected to experience short - term oscillations [7]. 3. Summary According to Related Catalogs 3.1 Comprehensive Analysis and Trading Strategies - **PX**: This week, PX supply increased while demand decreased. The spot floating price showed a near - strong and far - weak pattern, and the paper - goods maintained a back structure. The naphtha cracking spread strengthened, and the profitability of long - and short - process PX devices was good. The PX operating rate recovered and remained at a high level in Asia. The trading strategy is a long - position for unilateral trading, waiting and seeing for arbitrage, and selling both call and put options [7][22][26]. - **PTA**: This week, PTA's supply and demand both declined, and the social inventory continued to rise. The spot processing fee remained low. The trading strategy is a long - position for unilateral trading, waiting and seeing for arbitrage, and selling both call and put options [7][30]. - **MEG**: Recently, the willingness of holders to sell increased, and the basis fluctuated within a narrow range. The supply and demand both decreased, and there was still an expectation of inventory accumulation in the future. The trading strategy is short - term oscillation for unilateral trading, waiting and seeing for arbitrage, and selling out - of - the - money call options [7][43]. - **Short - fiber**: This week, short - fiber supply increased while demand remained stable. Factory sales were weak, and inventory rose. The trading strategy is short - term oscillation for unilateral trading, waiting and seeing for arbitrage, and selling both call and put options [7][21]. - **Bottle - chip**: The bottle - chip operating rate weakened slightly this week, and the trading atmosphere was light. The trading strategy is short - term oscillation for unilateral trading, waiting and seeing for arbitrage, and selling both call and put options [7][16]. 3.2 Core Logic Analysis 3.2.1 Polyester - The polyester operating rate decreased slightly, production and sales were average, raw - material inventory decreased slightly, and processing fees fluctuated within a narrow range [10]. - The comprehensive operating rate of Jiangsu and Zhejiang texturing increased by 2% to 88%, the comprehensive operating rate of weaving decreased by 1% to 75%, and the comprehensive operating rate of printing and dyeing decreased by 2% to 80% [12]. - The production and sales of polyester filaments were weak, the operating rate changed little, factory inventory increased, and processing fees strengthened slightly. The average inventory days of polyester filaments increased by 0.7 days to 16.5 days [14]. - The bottle - chip trading atmosphere weakened, the operating rate decreased slightly, and the demand improvement in the off - season was limited [16]. - Short - fiber supply increased while demand remained stable, factory inventory increased, and the future demand showed a seasonal decline [21]. 3.2.2 PX - The PX trading atmosphere was light this week. The December spot floating price was negotiated around +4 to +7, and the January floating price was around +2. The paper - goods monthly spread maintained a back structure [22]. - The naphtha cracking spread strengthened, and the profitability of long - and short - process PX devices was good. The average weekly spread of Asian PXN was 238 dollars/ton, and the average weekly spread of PX - MX was 110 dollars/ton [24]. - The PX operating rate recovered, and the Asian PX operating rate remained at a high level [26]. 3.2.3 PTA - Since late September, PTA's social inventory has continuously increased, and the basis and monthly spread have remained weak [28]. - PTA's supply and demand both decreased this week, and the spot processing fee remained low, with an average weekly processing fee of around 136 yuan/ton [30]. 3.2.4 MEG - Recently, the willingness of holders to sell increased, and the basis fluctuated within a narrow range [33]. - MEG's supply and demand both decreased this week, and the operating rate declined. There was still an expectation of inventory accumulation in the future [43]. 3.3 Weekly Data Tracking 3.3.1 PX - **Price**: It shows the price trends of Asian PX, naphtha, and PX in the Chinese market [47]. - **Spreads and Profits**: It includes various spreads and profit indicators such as NAP Japan CFR - BLENT, PX - BLENT, PX - MX, etc. [49]. - **Disproportionation and Blending Oil Spreads and Profits**: It involves indicators such as the Asian toluene disproportionation - blending oil spread, toluene blending oil spread, and disproportionation profit [53]. - **Regional Spreads and Profits**: It shows the spreads and profits between different regions such as the United States and South Korea for toluene, xylene, and PX [56][57][59]. - **Supply and Demand**: It shows the PX operating rate and load in China and Asia [61][62]. 3.3.2 PTA - **Price**: It shows the spot prices of PTA and PX, and the spot processing fee and internal - external spread of PTA [67][68]. - **Spreads**: It includes the PTA01 basis and the PTA1 - 5 monthly spread [71]. - **Profits**: It shows the profits of PTA from crude oil, naphtha, and PX [73]. - **Supply and Demand**: It shows the PTA load index and polyester load [77]. - **Inventory**: It shows the PTA social inventory, factory inventory, and warehouse receipts [79]. 3.3.3 MEG - **Price**: It shows the spot price of ethylene glycol in East China and the prices of related raw materials [81]. - **Spreads**: It includes various spreads such as the internal - external spread of ethylene glycol, the East - South China spread, and the spot basis [83][86]. - **Profits**: It shows the profits of oil - based ethylene glycol production, MTO, and coal - based ethylene glycol production [93]. - **Supply and Demand**: It shows the ethylene glycol load index and the operating rate of synthetic - gas - based MEG [99]. 3.3.4 Polyester - **Profits**: It shows the weighted profit of polyester, the average profit of filaments, and the profits of short - fiber and bottle - chip [104]. - **Supply**: It shows the operating rates of polyester, bottle - chip, filaments, and short - fiber [106]. - **Inventory**: It shows the average inventory days of filaments, short - fiber inventory days, and the inventory days of different types of polyester filaments [109]. - **Demand**: It shows the operating rates of Jiangsu and Zhejiang printing and dyeing, weaving, and texturing, as well as the operating rate and inventory of pure - polyester yarn, and the export amount of textiles and clothing [112][117][120].

Group 1 - The core point of the article highlights the performance of commodity futures, specifically the rise in crude oil futures and the mixed performance of gold and silver futures [1] Group 2 - The Shanghai crude oil futures contract 2512 closed up by 2.11%, reaching 468.90 RMB per barrel [1] - The night trading session saw Shanghai gold futures decrease by 0.01% while Shanghai silver futures increased by 0.74% [1]