Report Industry Investment Ratings - Not provided in the given content Core Views of the Report - The sentiment for soybean meal is bullish, but there is a lack of obvious bullish drivers, so it should be treated as a short - term bullish technical play [1]. - The sentiment for rapeseed meal is also bullish, but the rebound space of the main and near - month contracts may be limited [1]. - Palm oil has entered a stage of weakening supply - demand, and the price is in a low - level consolidation [1]. - Soybean oil is in a short - term consolidation, with a lack of strong bullish drivers [1]. - Rapeseed oil is expected to stop falling and rebound in the short - term [1]. - Cotton prices are under upward pressure, but there may be short - term low - buying opportunities [1]. - The outlook for red dates is cautiously bearish, with the disk expected to fluctuate weakly [1]. - The outlook for live pigs is a short - term rebound, and it is recommended to short on rebounds for near - month contracts [1]. Summaries by Variety Soybean Meal - Brazil's rainfall in the next 15 days is expected to be slightly lower than normal. The sales pressure of spot oil mills has decreased, and they have a price - supporting mentality. The US - China tariff issue on soybean imports remains unresolved. The latest weekly inventory has decreased month - on - month. The futures price of the main contract closed at 3063 yuan/ton, up 5 yuan or 0.16% from the previous day. The national average spot price is 3104 yuan/ton, up 6.29 yuan or 0.20% [1][3]. Rapeseed Meal - The port inventory of rapeseed meal is high, and it is the off - season for downstream consumption, which puts pressure on the market. Canada's inability to cancel tariffs on China has cooled the market's expectation of improved Sino - Canadian trade tariffs. The futures price of the main contract closed at 2527 yuan/ton, down 12 yuan or 0.47% from the previous day. The national average spot price is 2617.37 yuan/ton, down 9.47 yuan or 0.36% [1][5]. Palm Oil - Palm oil has entered a stage of weakening supply - demand, with expected continuous inventory accumulation in October and November in Malaysia. However, the inverted import profit may lead to insufficient imports in December and January. The futures price of the main contract closed at 8690 yuan/ton, up 30 yuan or 0.35% from the previous day. The national average price is 8688 yuan/ton, up 28 yuan or 0.67% [1][8]. Cotton - In the international market, the increased supply from the US and other Northern Hemisphere countries puts pressure on prices, while India's MSP provides some support. In the domestic market, the new cotton harvest is almost complete, and the commercial inventory is higher than the same period in previous years. The downstream demand is weak, but the sales progress is relatively fast, which may relieve the hedging pressure faster than in previous years. The futures price of the main contract (CF2601) closed at 13580 yuan/ton, unchanged from the previous day [1][10]. Red Dates - The market has seen a large - scale harvest, and the new - season output is gradually becoming clear. With high - inventory old dates, the downstream acceptance of new products is limited. The futures price of the main contract (CJ2601) closed at 9585 yuan/ton, down 5 yuan or 0.05% from the previous day [1][14]. Live Pigs - In November, the planned slaughter volume has slightly decreased, but there is still some pressure due to weight gain. The supply pressure is expected to increase in the fourth quarter. The futures price of the main contract (lh2601) closed at 11955 yuan/ton, up 90 yuan or 0.76% from the previous day. The national average spot price is 12020 yuan/ton, up 10 yuan or 0.08% [1][17].

商 品 研 究 2025 年 11 月 11 日 LLDPE：单体环节利润压缩，关注进口压力 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 | | --- | --- | --- | --- | --- | --- | | | L2601 | 6802 | 0.00% | 298530 | 930 | | 基差月差变化 | | 昨日价差 | | 前日价差 | | | | 01合约基差 | -32 | | -22 | | | | 01-05合约价差 | -76 | | -79 | | | 重要现货价格 | | 昨日价格 | （元/吨） | 前日价格 | （元/吨） | | | 华 北 | 6770 | | 6780 | | | | 东 华 | 6900 | | 6900 | | | | 华 南 | 7050 | | 7050 | | 资料来源：卓创资讯，国泰君安期货 【现货消息】 今日 LLDPE 市场价格延续弱调，幅度在 10-50 元/吨。线性期货低开震荡 ...

| | 1 | N | | | | | --- | --- | --- | --- | --- | --- | | I 11 | 1 Company of Alleria | S | 10 | 197 | X 16 2 | 中辉有色观点 | 品种 | 核心观点 | 主要逻辑 | | --- | --- | --- | | 美国政府关门风险消除，流动性危机解，但是数据缺失,美国就业市场受到挑战。黄 | 黄金 | | | 长线做多 | | 金价格走强，不过因为缺少新的驱动，短期高度也有限。但是黄金中长期地缘秩序 | | ★ | | 重塑，央行继续买黄金，长期战略配置价值不变。 | | 伦敦市场白银逼仓风险解除，另外盘面跟随相关市场波动，基本面全球政策刺激白 | | | | 白银 | 长线做多 | 银需求，供需缺口持续变，宽松货币投放提供流动性。11400 支撑较强。长线做多持 | | ★ | | 有 | | 美国政府关门风险消除，美元流动性释放，国内核心 | | CPI 连续 6 个月上涨，市场风险 | | 铜 | 长线持有 | 偏好走高，建议背靠均线逢低轻仓试多，中长期，铜精矿紧张和绿色铜需求爆发， | | ★ ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Based on fundamental analysis, trend - bearish varieties include zinc; shock - bearish varieties include egg, plastic, methanol; shock varieties include soda ash, glass, asphalt, etc.; shock - bullish varieties include lithium carbonate, apple; trend - bullish varieties are not mentioned [2]. - Based on quantitative indicators, bearish varieties include corn, PTA, glass, etc.; shock varieties include coking coal, hot - rolled coil, etc.; bullish varieties include methanol, palm oil, rapeseed oil, etc. [4]. Summary by Related Catalogs Macro News - The US suspends the 301 investigation on China's shipbuilding and other industries for one year. China suspends the special port fees for US ships and anti - countermeasures against 5 US subsidiaries of Hanwha Ocean Co., Ltd. for one year. China adds the US, Mexico, and Canada to the export control list of precursor chemicals [6]. - The US Senate passes a temporary appropriation bill to end the government shutdown, but the final vote time is not arranged, and the bill still needs to be voted by the House of Representatives. The US government shutdown may end before this weekend [6]. - The State Council issues measures to promote private investment, including encouraging private capital to participate in the construction and operation of small - scale urban infrastructure projects [6]. - The Asset Management Association solicits opinions on the management guidelines for the investment style of public - offering theme funds to regulate style drift [7]. - The State Administration for Market Regulation issues compliance tips for the "Double Eleven" online promotion, banning illegal acts such as "big data price discrimination" [7]. - The US and Thailand reach a reciprocal trade framework agreement. Thailand cancels 99% of tariff barriers, and the US maintains a 19% reciprocal tariff [7]. - Switzerland is close to reaching an agreement with the US to reduce tariffs on Swiss goods to 15% [7]. - Fed Governor Milan supports further interest rate cuts. San Francisco Fed President Daly suggests discussing further rate cuts with an "open mind" [8]. - In October, US container imports were 2.31 million TEU, down 7.5% year - on - year and 0.1% month - on - month. November and December imports are expected to decline [8]. - The new Japanese government asks the central bank to postpone interest rate hikes until at least January next year, but the central bank may raise rates as early as December [8]. Macro Finance Stock Index Futures - Adopt a shock - rising strategy and pay attention to the style switch between IH and IC. The A - share market shows differentiation, with inflation data better than expected and export decline affected by high - base and holiday factors [10][11]. Treasury Bond Futures - Monetary policy implementation is in the realization period, and bonds still have upward momentum. Pay attention to the rhythm. The market digests inflation data, and bonds show a strong trend. The decline in exports is affected by multiple factors, and moderately loose monetary policy should be implemented [12]. Black Steel and Iron Ore - In the short term, the black market will be in shock consolidation, and in the medium term (winter), it will maintain a short - on - rallies strategy. Policy events are basically settled, and the industry will return to fundamentals. Demand for building materials is weak, while demand for coils is okay. Steel mills' profits are low, and iron ore and other raw material prices are weak [14]. Coking Coal and Coke - The prices of coking coal and coke may continue to fluctuate in the short term. Pay attention to the impact of mine inspections and downstream molten iron output. In the short term, molten iron output may decline, and coking coal supply is restricted. However, weak steel demand in the off - season and potential negative feedback will limit price increases [16][17]. Ferroalloys - In the long - term, the oversupply of ferrosilicon and silicomanganese is difficult to ease. Adopt a short - on - rallies strategy. In the short - term, also take a short - on - rallies approach, but be cautious due to the firm performance of manganese ore and rising lanthanum charcoal prices [18]. Soda Ash and Glass - Currently, adopt a wait - and - see strategy. Glass prices are weak, and soda ash prices are strong. Glass enterprises reduce prices after poor sales, and some soda ash plants raise prices due to cost increases and production cuts [19]. Non - ferrous Metals and New Materials Zinc - Hold short positions at high levels. Domestic zinc inventories slightly increase, and zinc prices are high due to inventory fluctuations and macro - positive factors. Downstream demand is cautious, and spot trading is mainly among traders [21]. Lithium Carbonate - In the short - term, the fundamentals are good, but there is an expectation of weakening demand in Q1 next year. After the price correction, consider buying on dips [21]. Industrial Silicon and Polysilicon - Industrial silicon has no prominent supply - demand contradiction and will fluctuate within a range. Polysilicon's price is supported by spot prices, and its upper limit depends on capacity merger policies. It will also fluctuate within a narrow range [24]. Agricultural Products Cotton - Cotton prices will fluctuate at a low level. Supply pressure is increasing, and demand is weak. The end of the US government shutdown is beneficial for market confidence. Pay attention to USDA reports [28]. Sugar - Domestic sugar prices are under pressure from supply expectations but supported by production costs. Adopt a wait - and - see strategy before new sugar supply increases significantly. Global sugar supply is expected to be in surplus [30]. Eggs - Egg futures are strong due to "capacity reduction" expectations, but the premium over spot may limit the upside. Spot prices may be strong in November but with limited upside. It is recommended to wait and see, and aggressive investors can short near - month contracts [33]. Apples - Apple prices will fluctuate strongly. The apple storage season is nearly over, and inventory is lower than last year. Pay attention to price trends and post - storage sales [35]. Corn - Adopt a wait - and - see strategy and pay attention to the upside pressure on the futures. Corn prices have rebounded, but supply pressure is still accumulating. Pay attention to new - grain sales progress and wheat policy [36]. Red Dates - Adopt a wait - and - see strategy. Weak spot sales in the distribution area drag down new - jujube ordering prices, and the futures fluctuate [38]. Pigs - Supply pressure continues, and demand is average. Adopt a short - on - rallies strategy for near - month contracts and control positions. Supply is high, and short - term sales pressure remains [38]. Energy and Chemicals Crude Oil - Crude oil prices are expected to fluctuate. EIA inventories are increasing, and there is an expectation of supply surplus in Q1 next year. OPEC+ slows down production increases, but the long - term supply - demand imbalance remains [41]. Fuel Oil - Fuel oil prices will follow crude oil prices. Supply is loose, and demand is weak. The focus is on supply concerns after sanctions on Russia [43]. Plastics - Polyolefins are expected to fluctuate weakly due to supply pressure, but production losses may provide some support [44]. Rubber - Rubber prices are expected to fluctuate slightly stronger. Consider going long on dips with stop - losses. Pay attention to the spread between RU and NR [45]. Synthetic Rubber - Be cautious about going long on synthetic rubber. It may continue to fluctuate weakly due to raw material drag. Pay attention to downstream procurement and macro - sentiment [46]. Methanol - Methanol prices fluctuate greatly. Adopt a short - on - rallies strategy for near - month contracts and wait for a long - entry opportunity for far - month contracts after a rebound driver appears [47]. Caustic Soda - Adopt a short - on - rallies strategy for caustic soda and consider going long on dips. Spot prices are stable, and futures prices are affected by coking coal prices [49]. Asphalt - Asphalt prices are expected to have a larger fluctuation range. The focus is on the price bottom after winter - storage games. Crude oil prices are stable, and asphalt demand is entering the end - stage [50]. Polyester Industry Chain - The polyester industry chain is expected to be strong in the short - term. Pay attention to unexpected device changes. PX supply is stable, PTA supply pressure may ease, and ethylene glycol inventory is high [51]. Liquefied Petroleum Gas (LPG) - In the long - term, adopt a short strategy for LPG. In the short - term, prices may fluctuate strongly due to the approaching peak demand season [53]. Pulp - Adopt a wait - and - see strategy for pulp. Fundamentals are stable, and the upside space is limited [53]. Logs - Log prices are expected to be under pressure. Fundamentals are weakly balanced, and inventory is expected to increase [54]. Urea - Operate according to policies and pay attention to basis pressure. Adopt a wide - range fluctuation strategy. Spot prices are rising, but the follow - up power is insufficient [54].

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The methanol 2601 contract is expected to show a weak - running trend in the short - term and intraday, and a volatile trend in the medium - term [1][5]. - It is predicted that the domestic methanol futures 2601 contract may maintain a weak trend on Tuesday [5]. 3. Summary by Related Content 3.1 Time - cycle and Viewpoint Summary - For the methanol 2601 contract, the short - term view is weak, the medium - term view is volatile, and the intraday view is weak, with a reference view of weak operation. The core logic is that the weak supply - demand situation dominates, leading to a weak and volatile methanol market [1]. 3.2 Price and Market Logic Summary - The domestic methanol futures 2601 contract maintained a volatile consolidation trend in the overnight session on Monday, with the futures price slightly rising 0.00% to 2098 yuan/ton. The recent agreement in the US Senate to end the federal government "shutdown" has improved market sentiment and risk appetite. However, the domestic methanol operating rate and weekly output remain at relatively high levels, the external import pressure continues to increase, and the methanol inventories at ports in East and South China are high [5].

投资咨询业务资格：证监许可【2012】31号 【玻璃纯碱（ 】 供需有支撑，价格下行空间有限 国贸期货 黑色金属研究中心 2025-11-10 01 PART ONE 主要观点及策略概述 玻璃:需求有韧性，价格偏低 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | 供给 | 偏多 | 产量下滑。本周全国浮法玻璃日产量为15.91万吨，比30日-1.33%。行业开工率为75%，比30日-1.35个百分点；行业产能利用率为79.56%，比30 | | | | 日-1.07个百分点。本周1条前期点火产线开始出玻璃，4条燃煤产线集中停产，供应量环比下降明显。下周暂无产线存点火或者冷修预期，预估 | | | | 下周浮法玻璃日产量维持稳定。 | | 需求 | 中性 | 旺季需求有支撑，近期产销随着价格波动而波动。但总体看来，下游需求仍有较强韧性。 | | 库存 | 偏多 | 库存去化，企业库存6313.6万重箱，环比-265.4万重箱，环比-4.03%，同比+29.05%。折库存天数27.1天，较上期-0.9天。 | | 基差/价差 | 中性 | （1）本周基差震荡；（2）01-05 ...

Group 1: Report Industry Investment Ratings - Crude oil: Cautiously bearish [2] - LPG: Cautiously bearish [2] - L: Bearish continuation [2] - PP: Bearish continuation [2] - PVC: Bearish continuation [2] - PX: Cautiously bullish [2] - PTA: Cautiously bullish [4] - MEG: Cautiously bearish [4] - Methanol: Cautiously bearish [4] - Urea: Cautiously bullish [4] - Natural gas: Cautiously bullish [7] - Asphalt: Cautiously bearish [7] - Glass: Bearish consolidation [7] - Soda ash: Bearish rebound [7] Group 2: Core Views of the Report - For most energy and chemical products, the market is affected by factors such as supply - demand relationships, oil price trends, and inventory levels. Some products face supply - side pressure and bearish trends, while others show short - term improvements but still have uncertainties [2][4][7] Group 3: Summaries Based on Related Catalogs Crude Oil - Core view: Cautiously bearish. The core driver is the supply surplus in the off - season, and the upward pressure on oil prices is significant. OPEC+ is still in the production - expansion cycle, and the supply - surplus pressure is rising [2] - Basic logic: OPEC+ plans to expand production by 137,000 barrels per day in December and pause in early next year. The consumption off - season has begun, and the supply - surplus pressure is increasing. The US crude oil inventory increased by 5.2 million barrels to 421.2 million barrels in the week ending October 31 [10] - Strategy: Hold short positions and buy call options for risk control. Pay attention to the range of [455 - 465] for SC [11] LPG - Core view: Cautiously bearish. It follows the weakening of the cost - end oil price [2] - Basic logic: The cost - end is bearish due to factors such as the US sanctions on Russia and Saudi Arabia's reduction of the CP contract price. The supply has decreased slightly, and the downstream chemical operating rate has increased. The port and factory inventories have both declined [16] - Strategy: Hold short positions. Pay attention to the range of [4250 - 4350] for PG [17] L - Core view: Bearish continuation. The enterprise inventory pressure increases [2] - Basic logic: The spot and futures are still bottom - seeking. The enterprise inventory has reached a high level in the same period, and the cost support has weakened. The supply is in a loose pattern, and the downstream demand for replenishment is insufficient [21] - Strategy: Hold short positions. Pay attention to the range of [6700 - 6850] for L [21] PP - Core view: Bearish continuation. The inventory pressure in the industrial chain is high [2] - Basic logic: The fundamentals remain weak, following the weakening of oil prices and propylene. The upstream and mid - stream inventories are at a high level in the same period, and the de - stocking pressure is high [25] - Strategy: Hold short positions. Pay attention to the range of [6400 - 6550] for PP [25] PVC - Core view: Bearish continuation. The trading volume reaches a new high [2] - Basic logic: The trading volume reaches a new high, and attention should be paid to capital dynamics. The basis is strengthening, and the warehouse receipts are slowly decreasing from a high level. The upstream and mid - stream inventories are at a high level in the same period, but the low valuation provides support [29] - Strategy: The industry should conduct hedging at high prices. Be cautious about short - chasing. Pay attention to the range of [4550 - 4700] for PVC [29] PX - Core view: Cautiously bullish. The short - term supply - demand situation is improved, but the oil price is under pressure [31] - Basic logic: The supply - side domestic and overseas devices have increased their loads. The demand has improved recently but is expected to weaken. The PXN and PX - MX spreads are relatively high this year. The crude oil supply - demand pattern remains loose [30] - Strategy: Close short positions at low valuations. Pay attention to short - selling opportunities at high prices. Pay attention to the range of [6705 - 6810] for PX [31] PTA - Core view: Cautiously bullish. The supply - demand situation is slightly improved, but the oil price is under pressure [32] - Basic logic: The processing fee is low. The later device maintenance efforts are expected to increase, and the supply - side pressure is expected to ease. The downstream demand has improved, but the order stability needs to be observed. There is an inventory accumulation expectation in November - December [33] - Strategy: Focus on expanding the processing fee spread (long PTA, short PX). Pay attention to short - selling opportunities at high prices. Pay attention to the range of [4620 - 4695] for TA [34] MEG - Core view: Cautiously bearish. The valuation is low, but the oil price is under pressure [35] - Basic logic: The domestic device maintenance has increased, and the operating load has declined. New device production and the recovery of maintenance devices will increase the supply pressure. The downstream demand has improved but is expected to weaken. There is an inventory accumulation expectation in November [36] - Strategy: Pay attention to short - selling opportunities on rebounds. Pay attention to the range of [3880 - 3960] for EG [37] Methanol - Core view: Cautiously bearish. The fundamentals remain weak, and attention should be paid to the inventory de - stocking inflection point [38] - Basic logic: High inventory suppresses the rebound of the spot price. The supply - side domestic and overseas devices have increased their loads. The demand performance is average, and the cost support is weak and stable [40] - Strategy: Hold short positions carefully. Pay attention to the MA1 - 5 reverse spread [4] Urea - Core view: Cautiously bullish. Exports are short - term positive, but the fundamentals remain weak [43] - Basic logic: The spot price of small - particle urea is rising, and the negative basis is slightly weakening. The supply - side pressure is expected to increase, and the demand has slightly improved. The factory inventory is accumulating and at a high level in the same period. Exports have maintained a high growth rate since July [44] - Strategy: Be vigilant against the risk of the futures price falling after rising. Consider going long lightly at low prices for far - month contracts. Pay attention to the range of [1640 - 1680] for UR [45] Natural Gas - Core view: Cautiously bullish. The gas price is likely to rise due to the consumption peak season [46] - Basic logic: The global temperature is dropping, and the demand for natural gas for combustion and heating is increasing. The supply is sufficient, but the demand support is rising [48] - Strategy: Pay attention to the range of [4.400 - 4.600] for NG [49] Asphalt - Core view: Cautiously bearish. The supply and demand are both weak, and the asphalt price is under downward pressure [50] - Basic logic: The cost - end oil price has回调ed, and the comprehensive profit of asphalt has decreased. The supply is expected to decline in November, and the demand has also decreased. The social inventory has increased [53] - Strategy: Short - allocate lightly. Pay attention to the range of [2950 - 3050] for BU [54] Glass - Core view: Bearish consolidation. The capital game is intense, and caution is required [55] - Basic logic: The daily melting volume has decreased, and the coal - based process still has profits. The factory inventory is slowly decreasing but remains high. The domestic demand is weak, and the demand support is insufficient [56] - Strategy: In the short term, cold - repair provides support. In the long term, the real - estate demand is weak, and the loose pattern is difficult to change. Short on rebounds [56] Soda Ash - Core view: Bearish rebound. Device maintenance has increased, and the price has stopped falling in the short term [7] - Basic logic: The device maintenance has increased, and the factory inventory has decreased slightly. The demand is mostly rigid, and the supply will remain loose in the long term due to the high - production cycle [7] - Strategy: The industry should conduct sell - hedging at high prices [7]

【塑料数据周报（PP&PE ）】 国贸期货 能源化工研究中心 2025-11-10 叶海文 从业资格证号：F3071622 投资咨询证号：Z0014205 张国才 从业资格证号：F03133773 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 L L DPE :现货价格持稳，盘面震荡偏弱 投资咨询业务资格：证监许可【2012】31号 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | 供给 | 中性 | （1）本周国内聚丙烯产量79.65万吨，相较上周的78.92万吨增加0.73万吨，涨幅0.92%；相较去年同期的66.9万吨增加12.75万吨，涨幅19.06%。（2）聚丙 | | | | 烯平均产能利用率77.78%，环比上升0.72%；中石化产能利用率75.77%，环比下降0.19%。 | | | | （1）平均开工上涨0.52个百分点至53.14%。前期部分企业因原料波动或检修导致开工滞后，电商双十一备货拉动终端需求，BOPP、透明包装、物流包装 | | 需求 | 偏多 | 等应用领域订单小增，相关行业开工负荷稳 ...

Core Viewpoint - The article evaluates five mainstream futures trading apps, concluding that Sina Finance App stands out as the best choice for most investors due to its balanced performance across key dimensions of market data, information, and trading experience [1][17]. Group 1: Sina Finance App - Market Performance: Rated five stars for covering major global futures markets with real-time data and minimal latency, ensuring investors do not miss trading opportunities [1]. - Information Strength: Rated five stars for providing 24-hour global financial news and unique features like "Futures Giants Position Tracking" and "In-depth Industry Chain Analysis," which aid investment decisions [2]. - Trading Experience: Rated four stars for a simplified account opening process (3 minutes) and an intuitive interface that supports various smart trading options [3]. - Overall Assessment: No significant shortcomings, achieving an optimal balance in speed, depth of information, and ease of trading [4]. Group 2: Other Apps - Wenhua Finance: Rated four stars for reliable market data and professional analysis tools, but has a high entry barrier for beginners due to some paid advanced features [4][6]. - Boyi Master: Rated four stars for stable market performance and basic analysis tools, but lacks modern interface design and timely information updates [8][9]. - Tonghuashun: Rated three stars for strong stock market performance but limited futures coverage and analysis tools [12][13]. - Other Apps: Various niche tools and proprietary apps exist, but they generally have limited functionality and coverage, making them suitable as supplementary tools [16].

1. Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. 2. Core Viewpoints of the Report - The LPG futures market is expected to continue its oscillatory consolidation this week due to coastal cooling and increasing chemical demand. There are still traditional heating expectations in the market, causing the far - month prices to be stronger and the monthly spread to decline. The PG - SC ratio remains high. In the short term, the driving logic of PG is unclear, and the fundamentals remain tight. Attention should be paid to the price trends of crude oil and natural gas, as well as overseas fundamental changes [4]. 3. Summary by Relevant Catalogs 3.1 Energy Chemical Product Price Monitoring - The report provides the closing price, daily, weekly, monthly, and annual price changes of various energy - chemical products, including exchange rates, precious metals, crude oil, and chemical products. For example, the current price of LPG is 4272 yuan/ton, with a daily increase of 0.16%, a weekly decrease of 0.49%, a monthly increase of 4.96%, and an annual decrease of 3.09% [3]. 3.2 LPG Market Analysis 3.2.1 Supply - Last week, the total commercial volume of LPG decreased by 2.19% to about 519,000 tons, with industrial gas at 58,000 tons (-1.77%), and civil gas at 173,000 tons (-1.21%). The arrival volume of LPG was 72,000 tons (-29.35%). Some enterprises in Shandong and North China carried out device maintenance, and only one enterprise in the Northeast resumed production, leading to a decline in domestic commercial volume. International prices generally fell, and due to poor chemical profits and tight supply - demand of non - US goods, some Chinese buyers intended to purchase US goods [4]. 3.2.2 Demand - In winter, the heating demand for LPG is gradually increasing, and the combustion demand is improving, with a slow recovery in overall demand. In the C4 deep - processing sector, the resumption of maleic anhydride units downstream of n - butane in November may drive up demand, but the profit of deep - processing units is under pressure, which restricts the rebound of raw material prices. In the isobutane sector, the operation of dehydrogenation units has improved the demand. In the propane deep - processing sector, demand has increased month - on - month, and the operating rate has returned to a high level, but recent sharp increases in raw material prices and unchanged terminal demand have led to continuous losses in device profits, dampening the enthusiasm of enterprises [4]. 3.2.3 Inventory - Last week, the LPG inventory in factories was 418,800 tons (-0.18%), and the port inventory was 298,000 tons (-3.65%). Refineries in various regions were generally stable. Some regions improved sales through price advantages, while others withheld sales due to low - supply expectations. Port arrivals decreased, and with the improvement of chemical demand as the temperature dropped, the overall demand increased, resulting in a significant reduction in port inventory [4]. 3.2.4 Basis and Position - The average weekly basis was 81.80 yuan/ton in East China, 94.20 yuan/ton in South China, and 150.20 yuan/ton in Shandong. The total number of LPG warehouse receipts increased by 250 to 4444 lots, and the lowest deliverable area was East China [4]. 3.2.5 Chemical Downstream - The operating rates of PDH, alkylation, and MTBE were 75.45%, 56.50%, and 41.60% respectively. The profits of PDH - made propylene, MTBE isomerization, and alkylation in Shandong were - 461 yuan/ton, - 679 yuan/ton, and - 151 yuan/ton respectively [4]. 3.2.6 Valuation - The PG - SC ratio was 1.27 (-0.90%), and the PG secondary - to - main monthly spread was 72 yuan/ton (-10.00%). In the fourth quarter, gas prices remained strong, while crude oil trended downward, and the oil - gas cracking spread maintained high - level oscillations [4]. 3.2.7 Other Factors - The Fourth Plenary Session of the 20th Central Committee clarified the development goals and key tasks for the "15th Five - Year Plan" period. Positive progress was made in the China - US summit in Busan, with the US making a series of commitments to suspend or cancel tariffs, export controls, and industrial investigations against China. Military confrontation between the US and Venezuela intensified, and there were continuous market news disturbances. Russian energy facilities were attacked, and there were expectations of maintenance for some cracking units in Japan and South Korea. The US and Europe imposed sanctions on two Russian refineries, and India re - planned its energy procurement plan [4]. 3.3 Investment and Trading Strategies - Investment view: The LPG market is expected to oscillate. In the short term, the driving logic is unclear, and the fundamentals remain tight. - Trading strategy: For unilateral trading, it is recommended to wait and see; for arbitrage, go long on PG2604 and short on PG2603. Attention should be paid to China - US tariffs, US sanctions against Russia, freight rate changes, and device changes [4]. 3.4 Other Information - The report also provides information on LPG futures price trends, regional spot prices and basis, factory and PDH device maintenance plans, and various price spread data for different regions and products [5][8][9][10][12].