Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Before the holiday, the 380 cracking spread fluctuated, and after the holiday, it weakened slightly. The 380 monthly spread rebounded from its low but remained weak year-on-year. The high-sulfur cracking spread in Europe weakened, and the monthly spread oscillated at a low level. [3] - The 0.5% cracking spread in Singapore oscillated at a historical low, with the structure turning to Contango at a historical low and the basis oscillating at a historical low. [3] - In terms of inventory, Singapore's residue stocks increased significantly, high-sulfur floating storage decreased significantly, ARA's residue stocks increased slightly, Fujairah's residue stocks decreased, high-sulfur floating storage decreased, and EIA's residue stocks increased slightly. [4] - The conflict in Venezuela escalated over the weekend, having a short-term positive and long-term negative impact on heavy crude oil. Attention should be paid to the duration of logistics disruptions. The arrival premium of Merey crude at the end of December remained around -12. [4] - The high-sulfur spot market remained loose. Attention should be paid to the boost brought by the premium and discount of heavy raw materials recently. The low-sulfur market maintained a weak oscillation pattern. [4] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data | Product | Change from 2026/01/09 - 2026/01/15 | | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | -9.08 | | Rotterdam 0.5% VLS FO Swap M1 | -13.40 | | Rotterdam HSFO - Brent M1 | 0.78 | | Rotterdam 10ppm Gasoil Swap M1 | -18.15 | | Rotterdam VLSFO - Gasoil M1 | 4.75 | | LGO - Brent M1 | 0.00 | | Rotterdam VLSFO - HSFO M1 | -4.32 | [1] Singapore Fuel Oil Swap Data | Product | Change from 2026/01/09 - 2026/01/15 | | --- | --- | | Singapore 380cst M1 | 0.78 | | Singapore 180cst M1 | -2.68 | | Singapore VLSFO M1 | -3.01 | | Singapore Gasoil M1 | -0.60 | | Singapore 380cst - Brent M1 | 0.27 | | Singapore VLSFO - Gasoil M1 | 1.43 | [1][9] Singapore Fuel Oil Spot Data | Product | Change from 2026/01/09 - 2026/01/15 | | --- | --- | | FOB 380cst | 0.78 | | FOB VLSFO | -2.72 | | 380 Basis | 0.05 | | High-Sulfur Domestic-International Spread | 0.9 | | Low-Sulfur Domestic-International Spread | -1.1 | [2] Domestic FU Futures Data | Product | Change from 2026/01/09 - 2026/01/15 | | --- | --- | | FU 01 | -3 | | FU 05 | -12 | | FU 09 | -13 | | FU 01 - 05 | 9 | | FU 05 - 09 | 1 | | FU 09 - 01 | -10 | [2] Domestic LU Futures Data | Product | Change from 2026/01/09 - 2026/01/15 | | --- | --- | | LU 01 | 7 | | LU 05 | -13 | | LU 09 | -22 | | LU 01 - 05 | 20 | | LU 05 - 09 | 9 | | LU 09 - 01 | -29 | [3]

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。 LPG = FA 台H 研究中心能化团队 2026/01/16 -P G 丙烷CIF日| CP预测合 山东烷基 丙烷CFR华南 纸面进口利润 日期 华南液化气 华东液化 山东液化气 山东醚后碳四 主力基差 k 同价 化油 4467 2026/01/09 4840 4400 595 541 523 4390 7100 69 346 2026/01/12 538 523 4350 4890 4483 4390 . 596 7100 115 344 2026/01/13 4950 4500 4420 548 528 4350 7150 ୧୦୧ 103 287 2026/01/14 4542 4440 529 5045 606 559 4380 7180 193 415 4440 530 4380 2026/01/15 5045 4543 612 222 7180 151 407 1 日度变化 ogift 0 ( 6 -4 0 張思 0 -42 -8 1 ]周四，盘后地缘风险有所缩小，油价回落，PG夜盘下跌。02-03月差65（+う），0 ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The rubber market is expected to experience wide - range fluctuations [1] - The trend strength of rubber is 0, indicating a neutral outlook [2] Summary of Related Catalogs Fundamental Data - **Futures Market**: The daily closing price of the rubber main contract was 16,160 yuan/ton, up 185 yuan from the previous day; the night - closing price was 16,155 yuan/ton, up 15 yuan. The trading volume was 481,772 lots, an increase of 101,516 lots. The open interest of the 05 contract was 199,739 lots, an increase of 5,065 lots, and the number of warehouse receipts remained unchanged at 105,590 tons. The net short position of the top 20 members increased by 1,154 lots to 47,479 lots [2] - **Spread Data**: The basis of spot - futures main contract decreased by 35 to - 310, the basis of mixed - futures main contract decreased by 85 to - 1,010, and the monthly spread of RU05 - RU09 decreased by 10 to 20 [2] - **Spot Market**: The outer - market quotes of RSS3, STR20, SMR20, and SIR20 remained unchanged. The prices of Qilu styrene - butadiene rubber and Qilu cis - butadiene rubber increased by 100 yuan/ton. The prices of Thai mixed rubber and Thai standard rubber in the Qingdao market decreased by 10 dollars/ton, and the price of African 10 decreased by 15/10 dollars/ton [2] Industry News - As of January 11, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 56.82 million tons, a month - on - month increase of 1.98 million tons or 3.62%. The bonded area inventory increased by 6.14% to 9.35 million tons, and the general trade inventory increased by 3.13% to 47.47 million tons. The inbound rate of sample bonded warehouses decreased by 1.64 percentage points, and the outbound rate increased by 1.97 percentage points; the inbound rate of general trade warehouses decreased by 0.33 percentage points, and the outbound rate increased by 0.33 percentage points [3][4] - The spread between the main contracts of RU and NR widened by 10 yuan/ton to 3,145 yuan/ton, and the spread between mixed standard rubber and the main RU contract widened by 85 yuan/ton to - 1,010 yuan/ton [4] - There is a certain difference in the release of production capacity between enterprises. Some semi - steel tire enterprises have an increase in foreign trade orders, and their production has been further released. Some are still under production control due to sales pressure. Overall, foreign trade shipments support the overall shipments, but domestic sales pressure remains high [4]

Report Summary 1) Report Industry Investment Rating - No information provided on the industry investment rating. 2) Core Viewpoints - LLDPE futures and spot market continue to resonate with low standard product production. The spot market has tightened liquidity in the short - term, with improved trade - sample transactions. The outer - market quotation is rising, and the long - term import profit is open, but downstream factories are mostly cautious. The raw material end has mixed trends, and the supply side has some changes with potential future supply - demand pressure [1][2]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing price of L2605 is 6820, with a daily increase of 0.80%. The trading volume is 640471, and the open interest decreased by 10862. The 05 - contract basis is - 120 (compared to - 66 the previous day), and the 05 - 09 contract spread is - 35 (compared to - 36 the previous day) [1]. - **Spot Price Data**: In the north, the price is 6700 yuan/ton (unchanged from the previous day); in the east, it is 6850 yuan/ton (up from 6750 yuan/ton the previous day); in the south, it is 6900 yuan/ton (up from 6850 yuan/ton the previous day) [1]. Spot News - The futures rally continues. The spot market has short - term liquidity tightening due to active short - covering and hedging transactions. PE spot prices are rising actively, and the east - China basis has strengthened and turned positive. Downstream product profits are compressed, but rigid demand orders are maintained, and trade - sample transactions have improved significantly. Outer - market quotations are rising, and long - term import profits are open, with increased importer transactions, while downstream factories are cautious [1]. Market Condition Analysis - The raw material crude oil price is stabilizing and fluctuating, the ethylene monomer segment is weakening, and the profit of PE ethylene and ethane processes has improved. The PE futures market has continued to rebound, with most transactions concentrated in the middle - stream, and downstream has not chased the price to replenish inventory. The near - end downstream agricultural film market is weakening, the packaging film industry maintains rigid demand, but the willingness of middle and lower - stream to hold inventory has weakened after the recent decline. The upstream is offering discounts to sell at the end of the year, and the factory inventory has decreased slightly, with a weak basis. On the supply side, Guangxi Petrochemical is gradually starting up, the maintenance plan in January has decreased month - on - month, and some FD has switched back to standard products. In the medium - term, attention should be paid to the supply - demand pressure brought by high existing production capacity and weakening demand [2]. Trend Intensity - The LLDPE trend intensity is 0 [3].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Before the holiday, the 380 cracking spread fluctuated, and it weakened slightly after the holiday. The 380 monthly spread rebounded from its low but remained weak year - on - year. The high - sulfur cracking spread in Europe weakened, and the monthly spread oscillated at a low level. The 0.5% cracking spread in Singapore oscillated at a historical low, with the structure turning to C at a historical low and the basis oscillating at a historical low [3]. - In terms of inventory, Singapore's residual fuel oil had a significant inventory build - up, the high - sulfur floating storage had a significant drawdown, ARA's residual fuel oil had a slight inventory build - up, Fujairah's residual fuel oil had an inventory drawdown, the high - sulfur floating storage had an inventory drawdown, and EIA's residual fuel oil had a slight inventory build - up. The conflict in Venezuela escalated over the weekend, having a short - term positive and long - term negative impact on heavy crude oil. Attention should be paid to the duration of logistics interruption. The arrival premium of Merey crude oil at the end of December remained around - 12. The high - sulfur spot market remained loose, and attention should be paid to the boost brought by the premium and discount of heavy raw materials recently. The low - sulfur market maintained a weak oscillation pattern [10]. 3. Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From January 7 to January 13, 2026, the price of Rotterdam 3.5% HSF O swap M1 increased by 19.81, Rotterdam 0.5% VLS FO swap M1 increased by 9.97, Rotterdam HSFO - Brent M1 increased by 1.23, Rotterdam 10ppm Gasoil swap M1 increased by 26.90, Rotterdam VLSFO - Gasoil M1 decreased by 16.93, LGO - Brent M1 remained unchanged, and Rotterdam VLSFO - HSFO M1 decreased by 9.84 [1]. Singapore Fuel Oil Swap Data - From January 7 to January 13, 2026, the price of Singapore 380cst M1 increased by 26.04, Singapore 180cst M1 increased by 23.27, Singapore VLSFO M1 increased by 10.53, Singapore Gasoil M1 increased by 3.65, Singapore 380cst - Brent M1 increased by 1.87, and Singapore VLSFO - Gasoil M1 decreased by 16.48 [1][9]. Singapore Fuel Oil Spot Data - From January 7 to January 13, 2026, the high - sulfur internal - external price difference decreased by 1.0, and the low - sulfur internal - external price difference increased by 3.6. The data for FOB 380cst, FOB VLSFO, and 380 basis on January 13 were not provided [2]. Domestic FU Data - From January 7 to January 13, 2026, FU 01 increased by 15, FU 05 increased by 4, FU 09 increased by 15, FU 01 - 05 increased by 11, FU 05 - 09 decreased by 11, and FU 09 - 01 remained unchanged [2]. Domestic LU Data - From January 7 to January 13, 2026, LU 01 increased by 24, LU 05 increased by 44, LU 09 increased by 31, LU 01 - 05 decreased by 20, LU 05 - 09 increased by 13, and LU 09 - 01 increased by 7 [3].

1. Industry Investment Rating - No information provided 2. Core Viewpoints - Before the holiday, the 380 cracking spread fluctuated, and after the holiday, it weakened slightly. The 380 monthly spread rebounded from its low point but remained weak year-on-year. The high-sulfur cracking spread in Europe weakened, and the monthly spread oscillated at a low level. The 0.5% cracking spread in Singapore oscillated at a historical low, with the structure turning to C at a historical low and the basis oscillating at a historical low [3]. - In terms of inventory, Singapore's residual fuel oil stocks increased significantly, high-sulfur floating storage decreased significantly, ARA's residual fuel oil stocks increased slightly, Fujairah's residual fuel oil stocks decreased, high-sulfur floating storage decreased, and EIA's residual fuel oil stocks increased slightly. The conflict in Venezuela escalated over the weekend, having a short-term positive and long-term negative impact on heavy crude oil. Attention should be paid to the duration of logistics disruptions. The arrival premium for Merey crude in late December remained around -12. The high-sulfur spot market remained loose. Attention should be paid to the boost brought by the premium of heavy raw materials recently. The low-sulfur market maintained a weak oscillation pattern [9]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From January 6 to January 12, 2026, the price of Rotterdam 3.5% HSF O swap M1 decreased by 0.76, Rotterdam 0.5% VLS FO swap M1 increased by 0.63, Rotterdam HSFO - Brent M1 decreased by 0.58, Rotterdam 10ppm Gasoil swap M1 decreased by 0.35, Rotterdam VLSFO - Gasoil M1 increased by 0.98, LGO - Brent M1 decreased by 0.95, and Rotterdam VLSFO - HSFO M1 increased by 1.39 [1]. Singapore Fuel Oil Swap Data - From January 6 to January 12, 2026, the price of Singapore 380cst M1 increased by 1.60, Singapore 180cst M1 decreased by 2.67, Singapore VLSFO M1 increased by 8.50, Singapore Gasoil M1 increased by 1.31, Singapore 380cst - Brent M1 decreased by 1.46, and Singapore VLSFO - Gasoil M1 decreased by 1.19 [1]. Singapore Fuel Oil Spot Data - From January 6 to January 12, 2026, the FOB price of 380cst decreased by 3.66, the FOB price of VLSFO increased by 3.80, the 380 basis increased by 0.21, the high-sulfur domestic - foreign price difference increased by 0.6, and the low-sulfur domestic - foreign price difference decreased by 1.5 [2]. Domestic FU Data - From January 6 to January 12, 2026, the price of FU 01 increased by 10, FU 05 decreased by 37, FU 09 decreased by 9, FU 01 - 05 increased by 47, FU 05 - 09 decreased by 28, and FU 09 - 01 decreased by 19 [2]. Domestic LU Data - From January 6 to January 12, 2026, the price of LU 01 increased by 33, LU 05 increased by 1, LU 09 increased by 8, LU 01 - 05 increased by 32, LU 05 - 09 decreased by 7, and LU 09 - 01 decreased by 25 [3].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The Venezuelan event may affect crude oil and then disrupt LPG prices; the overseas LPG market still has support in the near - term [1] - From the perspective of the domestic market valuation, the difference between domestic and foreign prices is high, but the basis is low; the spot is strong, but the feedback of poor PDH profits may appear, and subsequent drivers may be bearish [1] - Follow - up attention should be paid to oil prices and PDH device conditions [1] 3. Summary by Related Catalogs 3.1 Daily Data - From December 31, 2025, to January 8, 2026, prices of华南液化气,华东液化气,山东液化气,丙烷CFR华南,丙烷CIF日本,CP预测合同价,山东醚后碳四,山东烷基化油,纸面进口利润, and主力基差 changed. For example, the price of华南液化气 increased from 4590 to 4855, and the纸面 import profit increased from - 80 to 234 [1] - On January 8, 2026, compared with the previous day, the price of华南液化气 decreased by 10,华东液化气 increased by 10, and山东液化气 decreased by 20, etc. The daily change of the纸面 import profit was 126, and that of the主力基差 was 36 [1] 3.2 Daily Viewpoint - On Thursday, the futures market fluctuated mainly. The 02 - 03 spread was 103 (+18), and the 03 - 04 spread was - 170 (-11). As of 8 p.m., the FEI and CP paper prices were 505.24 and 518.24 US dollars respectively, down 8 and 6 US dollars from the previous trading day [1] 3.3 Weekly Viewpoint - This week, the domestic futures market fluctuated. It soared after the high - opening of CP on Wednesday and then declined. The 02 basis was 118 (-92), the 02 - 03 spread was 119 (+7), the 03 - 04 spread was - 184 (+14), and the number of warehouse receipts was 6398 (+30) [1] - Domestic civil gas prices showed differentiation. The cheapest deliverable product was Shandong civil gas at 4250 (-20); the price in East China was 4376 (-8), and that in South China was 4590 (+80). The overseas market rose; the official price of January CP opened higher than expected, with propane and butane at 520/525 (+35/+30) respectively [1] - Both domestic and foreign markets strengthened, mainly because the overseas market fell on Friday while the domestic market was closed. The PG - FEI reached 85 (+25). The arrival premium of propane in East China was 66 (-18), and the FOB premiums of AFEI, Middle East, and US propane in January were 8.25 (-10.5), 50 (+0), and 37.8 (-5.21) respectively. Freight rates declined. The FEI - MOPJ spread was - 15 (down 5.5 month - on - month) [1]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The domestic LPG market showed mixed trends this week. The internal market fluctuated, with prices rising on Wednesday due to the high - opening of CP and then falling back. The external market rose, and the 1 - month CP official price opened higher than expected. Overall, the Venezuelan event may affect crude oil and disturb LPG prices. The overseas LPG market has near - term support. The internal valuation is high relative to the external, but the basis is low. The feedback of strong spot but poor PDH profits may emerge, and subsequent drivers may be bearish. Attention should be paid to oil prices and PDH device conditions [1] Summary by Directory Daily Situation - On Wednesday, the LPG futures market remained strong, possibly due to the rising prices of the LPG external market and downstream products. The 02 - 03 spread was 83 (-11), and the 03 - 04 spread was -165 (+20). As of 8 pm, the FEI and CP paper - cargo prices were 513.25 and 524.25 US dollars respectively, down 3.5 and 1.5 US dollars from the previous trading day [1] Weekly Situation - This week, the internal market fluctuated. On Wednesday, it soared after the high - opening of CP and then declined. The 02 basis was 118 (-92), the 02 - 03 spread was 119 (+7), the 03 - 04 spread was -184 (+14), and the number of warehouse receipts was 6398 (+30). Domestic civil gas prices were divided. The cheapest deliverable was Shandong civil gas at 4250 (-20); prices in East China were 4376 (-8), and in South China were 4590 (+80). The external market rose, and the 1 - month CP official price opened higher than expected, with propane and butane at 520/525 (+35/+30) respectively. The internal and external prices strengthened mainly because the external market fell on Friday while the internal market was closed. The PG - FEI reached 85 (+25). The arrival - at - shore premium of propane in East China was 66 (-18), and the 1 - month FOB premiums of AFEI, Middle - East, and US propane were 8.25 (-10.5), 50 (+0), and 37.8 (-5.21) respectively. Freight rates decreased. The FEI - MOPJ spread was -15 (down 5.5 month - on - month) [1]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - The report presents daily data on glass and soda ash, including price changes, basis, spreads, production and sales, and inventory status [1]. Group 3: Summary of Key Points by Category Glass - **Prices**: On January 6, 2026, the low - price of 5mm large plates in Shahe was 946, unchanged from January 5 and down 4 from December 30, 2025; the low - price of large plates in Hubei was 970, unchanged from the previous two time points; FG05 contract was 1092, up 5 week - on - week and 11 day - on - day; FG09 contract was 1194, up 3 week - on - week and 11 day - on - day; FG01 contract was 956, up 6 week - on - week and 8 day - on - day [1]. - **Basis and Spreads**: 01 Shahe basis was - 10 on January 6, down 10 week - on - week and 8 day - on - day; FG:1 - 5 was - 136, up 1 week - on - week and down 3 day - on - day; FG:5 - 9 was - 102, up 2 week - on - week and unchanged day - on - day [1]. - **Profits**: North China natural gas profit was - 392.4, down 1.9 week - on - week and 2.1 day - on - day; South China natural gas profit was - 188.1, unchanged; 01FG盘面North China natural gas profit was - 382.6, up 11 week - on - week and 4.6 day - on - day; 01FG盘面South China natural gas profit was - 178.3, up 12.9 week - on - week and 6.7 day - on - day [1]. - **Production and Sales**: Shahe's production and sales rate was 135, Hubei's was 118, East China's was 105, and South China's was 134. Shahe factory's production and sales were relatively high, but Shahe traders had average shipments at low prices, and the spot - futures shipments were poor; Hubei's factory transactions were weak, and the mid - stream spot - futures transactions in Hubei were also poor [1]. Soda Ash - **Prices**: On January 6, 2026, the price of heavy soda ash in Shahe was 1150, unchanged week - on - week and up 10 day - on - day; SA05 contract was 1190, down 23 week - on - week and up 13 day - on - day; SA09 contract was 1259, down 18 week - on - week and up 10 day - on - day; SA01 contract was 1111, down 24 week - on - week and up 16 day - on - day [1]. - **Basis and Spreads**: SA01 contract basis was 39, up 24 week - on - week and down 6 day - on - day; SA:1 - 5 was - 79, down 1 week - on - week and up 3 day - on - day; SA:5 - 9 was - 69, down 5 week - on - week and up 3 day - on - day [1]. - **Cost and Profits**: North China ammonia - soda process cost was 1333.6, up 11.4 week - on - week and 1.9 day - on - day; North China ammonia - soda process profit was - 223.6, down 21.4 week - on - week and up 8.1 day - on - day; North China combined - soda process profit was - 277.2, up 5.7 week - on - week and 2.8 day - on - day [1]. - **Market Situation**: The spot price of heavy soda ash at the Hebei delivery warehouse was around 1110, and the price delivered to Shahe was around 1150. The upstream inventory of the soda ash industry increased significantly on Monday [1].

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - **Daily Viewpoint**: On Monday, the futures market showed strong performance due to positive sentiment in energy - chemical products caused by geopolitical factors, rising overseas prices, and strong LPG spot prices. The 02 - 03 spread was 94 (-10), and the 03 - 04 spread was - 185 (-25). As of 8 pm, FEI and CP paper prices rose by $4.25 and $8.25 respectively compared to the previous trading day [1]. - **Weekly Viewpoint**: The domestic market fluctuated this week, rising after the high - opening of CP on Wednesday and then falling back. The 02 basis was 118 (-92), the 02 - 03 spread was 119 (+7), the 03 - 04 spread was - 184 (+14), and the number of warehouse receipts increased by 30 to 6398. Domestic civil gas prices were differentiated, with the cheapest deliverable being Shandong civil gas at 4250 (-20). Overseas prices rose, and the January CP official prices for propane and butane were 520/525 (+35/+30). The domestic - overseas price relationship strengthened. Overall, the Venezuela event may affect crude oil and thus LPG prices, and the overseas LPG market has near - term support. Domestically, the domestic - overseas price ratio is high but the basis is low. The strong spot and poor PDH profits may lead to negative feedback, and future drivers may be bearish. Attention should be paid to oil prices and PDH plant conditions [1]. 3. Summary by Relevant Data - **Price Data**: From December 29, 2025, to January 6, 2026, prices of LPG in South China, East China, and Shandong, as well as propane CFR South China, propane CIF Japan, CP forecast contract price, Shandong ether - after carbon four, and Shandong alkylation oil showed various changes. For example, South China LPG rose from 4510 on December 29, 2025, to 4865 on January 6, 2026. The daily change on January 6, 2026, showed a 5 - point increase in South China LPG, 44 points in East China LPG, etc. [1] - **Spread and Basis Data**: The 02 - 03 spread and 03 - 04 spread changed both on a daily and weekly basis. The basis of 02 also changed. For example, on a daily basis, the 02 - 03 spread was 94 (-10), and on a weekly basis, it was 119 (+7) [1]. - **Overseas Market Data**: FEI and CP paper prices rose on January 6. The January CP official prices for propane and butane were higher than before. The FEI - MOPJ spread was - 15 (down 5.5 from the previous period). East China propane arrival premium, AFEI, Middle East, and US propane January FOB premiums also changed [1].