1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - After the bullish factors of asphalt raw materials are gradually digested, the supply and demand return to an equilibrium level, and the price is expected to fluctuate. Attention should be paid to the performance of oil prices [7] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: The opening price of BU2603 was 3150 yuan/ton, the closing price was 3157 yuan/ton, the highest was 3167 yuan/ton, the lowest was 3134 yuan/ton, the increase was 0.45%, and the trading volume was 148,500 lots. The opening price of BU2604 was 3164 yuan/ton, the closing price was 3170 yuan/ton, the highest was 3180 yuan/ton, the lowest was 3147 yuan/ton, the increase was 0.51%, and the trading volume was 16,900 lots [6] - **Spot Market**: The asphalt spot prices in North China, South China, and Sichuan-Chongqing regions decreased, while those in other regions remained stable. Affected by cooling and rain-snow weather, the rigid demand for asphalt continued to decline [6] - **Supply**: Shengxing Petrochemical planned to switch to asphalt production on the 16th, but Qilu Petrochemical switched to residue production on the 15th. The operating load rate of asphalt plants is expected to remain basically the same next week [7] - **Demand**: In the next ten days, the cold air will strengthen, and there will be obvious rain-snow processes from the Huanghuai region to the Yangtze River. Road construction projects in East China and Central China may gradually enter the final or suspension stage. Winter storage contracts in the northern region will continue to arrive, and the overall demand is expected to fluctuate limitedly. With the seasonal decline in terminal demand and the lack of new positive factors, the sentiment in the asphalt market may remain cautious, and the speculative demand is expected to increase limitedly [7] 3.2 Industry News - **Shandong Market**: The mainstream transaction price of 70A grade asphalt was 3000 - 3240 yuan/ton, remaining stable compared with the previous working day. International oil prices and asphalt futures maintained a narrow range of fluctuations, providing no directional guidance for the asphalt spot market. Affected by the low temperature in Shandong and surrounding areas, the market demand was weak, and the spot trading remained light. The mainstream quotations of traders were mainly stable [8] - **East China Market**: The mainstream transaction price of 70A grade asphalt was 3130 - 3230 yuan/ton, remaining stable compared with the previous working day. The rise in crude oil provided some support for the asphalt market, but affected by the rain-snow weather, the terminal demand for asphalt in the East China region continued to weaken, and downstream purchases were rare. The market trading was light, and the mainstream spot transaction price in East China remained stable today [8] 3.3 Data Overview - The report presents multiple data charts, including asphalt cracking, social inventory, daily operating rate, comprehensive profit in Shandong, spot price in South China, basis in Shandong, manufacturer inventory, and warehouse receipts, with data sources from wind and the Research and Development Department of CCB Futures [13][14][19][22]

Group 1: Market Information - Futures: CF01 closed at 15155 with a 10-point increase, CF05 at 14535 (10-point increase), CF09 at 14705 (5-point increase), CY05 at 20515 (unchanged), and CY09 at 20625 (55-point decrease). CY01 had no trading [2]. - Spot: CCIndex3128B was 15819 yuan/ton (-61), Cot A was 74.80 cents/pound, and various other spot prices were provided with their respective changes [2]. - Spreads: Cotton and棉纱跨期 spreads, as well as跨品种 and内外价差, were presented with their corresponding values and changes [2]. Group 2: Market News and Views Cotton Market - On January 21, 2026, the Xinjiang cotton road transport price index was 0.1678 yuan/ton·km, up 0.96% from the previous day. It's expected to fluctuate within a narrow range in the short term [4]. - As of January 15, 2026, Pakistan's 2025/26 new cotton market volume reached 85.1 tons, almost the same as the previous year. Textile mills purchased 75 tons (down 1%), and unsold new cotton was 7.4 tons (down 5%) [4]. - In December 2025, the export of all-cotton grey cloth was 48.85 million meters (up 9.3% year-on-year), and the export value was $45.68 million (up 5.3%). For the whole year of 2025, the cumulative export was 639 million meters (up 23.17%) and the cumulative export value was $613 million (up 9.34%) [5]. Trading Logic - Cotton sales are progressing quickly and are at a high level compared to previous years. Downstream demand for stocking is increasing, but considering the approaching Spring Festival, the market is expected to fluctuate within a range in the short term [6]. Trading Strategy - Unilateral: Both US cotton and Zhengzhou cotton are expected to fluctuate within a range in the short term. - Arbitrage: Hold off on trading. - Options: Hold off on trading [7]. Cotton Yarn Industry - The domestic pure cotton yarn market is sluggish overall, with a differentiation between product categories. High-count combed yarns are in high demand, while low-count yarn prices are stable or decreasing, and regular yarn orders are mediocre [8]. - The all-cotton grey cloth market has continuous transactions, mainly small and scattered orders. Some areas are starting to collect payments, and factories are increasing production to fulfill orders [8]. Group 3: Options - Volatility: On January 19, 2026, the 60-day HV of cotton was 9.2812, slightly higher than the previous day. The implied volatilities of CF605-C-14600, CF605-C-14200, and CF605-P-13800 were 13.3%, 11.3%, and 11.2% respectively [10]. - Strategy: Hold off on trading options [12]. Group 4: Related Attachments - The report includes charts showing various cotton price spreads and basis, such as the 1% tariff on the domestic and international cotton price spread, cotton 1st, 5th, and 9th month basis, CY05-CF05 and CY01-CF01 spreads, and CF9-1 and CF5-9 spreads [14][17][21]

Group 1: Report Industry Investment Rating - The investment rating for the styrene industry is "stronger oscillation" [1] Group 2: Core View of the Report - Short - term styrene exports continue to exceed expectations, the downstream replenishment cycle begins, leading to a rapid market rebound. It will mainly be in a high - level oscillation in the short term. Overseas styrene plant maintenance in the first quarter drives marginal market benefits. New domestic supply is limited, and the downstream 3s shows stronger - than - expected resilience, triggering a short - term positive feedback in the market. This round of styrene rebound drives pure benzene up. Pure benzene currently has large physical pressure, but the long - term expectation is gradually improving [2] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - Styrene futures prices: Styrene 2601 was 6,994 (unchanged from the previous day), Styrene 2602 was 7,203 (-92 from the previous day), Styrene 2603 was 7,248 (-100 from the previous day) [1] - Spreads and profits: EB - BZ was 1,655 (-90 from the previous day), non - integrated profit was 386 (-78 from the previous day), integrated profit was 1,055 (+109 from the previous day) [1] - Contract spreads: EB01 - 02 was -209 (+92 from the previous day), EB02 - 03 was -45 (+8 from the previous day) [1] - N + 1 contract was 7,310 (-40 from the previous day), N + 2 contract was 7,345 (-45 from the previous day) [1] 2. Trend Intensity - The trend intensity of styrene is 0, with a range of [-2, 2]. -2 means most bearish and 2 means most bullish [1] 3. Spot News - There is a situation of weak pure benzene and strong styrene, with a high - level spread. Overseas styrene plant maintenance in the first quarter leads to continuous export negotiations. Domestic new supply is limited, and the downstream 3s has stronger - than - expected resilience [2]

1. Report Industry Investment Ratings - Urea: ★☆☆ (One star, indicating a bullish/bearish bias, with a driving force for price increase/decrease, but limited operability in the market) [1] - Methanol: ★☆☆ [1] - Styrene: ☆☆☆ (White star, suggesting a relatively balanced short - term trend and poor market operability, with a wait - and - see approach) [1] - Polypropylene: ★☆☆ [1] - Plastic: ★★★ (Three stars, representing a clearer bullish/bearish trend and a relatively appropriate investment opportunity currently) [1] - PVC: ★☆☆ [1] - Caustic Soda: ★☆☆ [1] - PTA: ★☆☆ [1] - Ethylene Glycol: ★☆☆ [1] - Short - fiber: ★☆☆ [1] - Glass: ★☆☆ [1] - Soda Ash: ★☆☆ [1] - Bottle Chips: ★☆☆ [1] - Propylene: ★☆☆ [1] 2. Core Views - The overall chemical futures market is in a complex situation, with different products showing various trends and drivers. Some products are affected by supply - demand fundamentals, while others are influenced by policy, cost, and geopolitical factors. The market is generally in a state of shock, and different products have different investment opportunities and risks [2][3][5] 3. Summary by Relevant Catalogs 3.1 Olefins - Polyolefins - Both olefin and polyolefin futures contracts closed down in intraday trading. The supply of domestic olefins tightened due to individual plant shutdowns, but weak downstream demand restricted the buying pace. For polyethylene, inventory was smoothly reduced, but the overall downstream operating rate declined slightly, and demand support is expected to weaken. For polypropylene, although there is policy support, demand is weak as downstream factories have completed year - end orders, and the future demand has been pre - consumed [2] 3.2 Polyester - PX and PTA prices fluctuated in the morning and rose rapidly in the afternoon, mainly driven by sentiment due to a rumored unplanned maintenance of a PK plant in the second quarter. Before and after the Spring Festival, demand weakens, and there is limited upward driving force. In the second quarter, there are opportunities for PX processing margin to go long on dips and for positive spreads after the spread narrows, subject to downstream demand. For ethylene glycol, domestic new plants are put into production while overseas plants shut down, with expected supply increase at home and decrease abroad. There is a risk of inventory accumulation in the future, but the supply - demand situation may improve in the second quarter. Short - fiber is mainly driven by cost, and attention should be paid to downstream stocking rhythm around the Spring Festival. Bottle chips' processing margin has recovered, but long - term capacity pressure remains [3] 3.3 Pure Benzene - Styrene - The pure benzene futures market adjusted in shock, while the spot price continued to rise. Supply decreased due to refinery production cuts and reduced imports, and demand increased, leading to significant inventory reduction at East China ports. The short - term market is expected to be strong in shock. The styrene futures market consolidated in intraday trading. The current supply - demand balance is tight, with limited port arrivals and expected further inventory reduction. Domestic producers' sales are good, and exports provide some support [5] 3.4 Coal Chemical Industry - The methanol market continued to decline. Import arrivals decreased significantly, but demand decreased due to plant shutdowns and reduced loads, and the inventory reduction speed is expected to slow down. Although there is support from the expected significant reduction in imports in the first quarter, the short - term market is expected to be in a stalemate. Urea prices are weakly stable. Daily production has recovered, downstream demand has increased, and production enterprises are reducing inventory. In the short term, the market may decline slightly, but in the long term, it is likely to fluctuate strongly within a range [6] 3.5 Chlor - alkali Industry - PVC showed an intraday shock trend. The cost pressure of ethylene - based PVC decreased, while that of calcium carbide - based PVC increased. The operating rate of some enterprises decreased, and the export volume was affected by price changes. It is expected that the price center will rise, and the strategy is to go long on dips. Caustic soda continued to be weak, with high inventory pressure. Although the price of liquid chlorine is strong and the integrated profit is acceptable, the industry is generally in a loss, and the future production reduction needs to be continuously monitored [7] 3.6 Soda Ash - Glass - Soda ash is operating weakly. Although the weekly inventory has decreased slightly, the overall pressure is still large. Supply pressure is high in the long term, and downstream procurement sentiment is poor. The strategy is to go short on rebounds and wait and see when the price drops near the cost. Glass futures prices have declined. Affected by weather and approaching the holiday, inventory may accumulate. The industry is losing money, but there is a rumor of new production line ignition, and supply may increase slightly. In the long term, the industry needs to reduce capacity. When the futures price drops to around 1000 yuan, there may be a long - buying opportunity [8]

Group 1: Gold Market Insights - The spot gold reached a record high of $4690 per ounce, closing at $4670.76, with a rise of 1.64% [1][6] - The silver market also saw significant gains, closing at $94.30 per ounce, up 4.69% [1][6] - The market is currently experiencing a strong upward trend, with a focus on potential short-term corrections and resistance levels between $4680 and $4700 [2][7] Group 2: Oil Market Insights - WTI crude oil closed at $59.42 per barrel, up 0.32%, while Brent crude oil closed at $63.24 per barrel, up 0.12% [1][6] - The oil market is showing signs of stabilization, with effective support around the $58.5 area and potential resistance between $60.5 and $61.5 [3][8] Group 3: Nasdaq Market Insights - The Nasdaq index closed at $25242.98 after a day of volatility, indicating a potential for low-level consolidation [4][9] - The index is currently testing support around the $25000 level, with resistance levels identified between $25350 and $25520 [4][9]

Report Summary 1. Report Industry Investment Rating No specific investment rating is provided in the report. 2. Core Views - PX: The valuation follows the cost - end correction, being relatively neutral. Future PX supply is expected to be loose, and the processing fee is maintained at 330 USD/ton. It's advisable to focus on the long - PX short - PTA and long - MX short - PX hedges [7]. - PTA: The PTA processing fee is at a high level. It's recommended to focus on reducing the processing - fee position. Future supply and demand will be weak, and the inventory will accumulate. The unilateral price has limited downside space [8]. - MEG: It is in a range - bound market with limited downside space. Attention should be paid to basis and 5 - 9 calendar spreads. The supply pressure is still large, but the basis and monthly spreads can cover storage costs [8]. 3. Summary of Related Catalogs 3.1 Futures Market Data | Futures | Closing Price | Change | Change Rate | Month - spread Closing Price | Month - spread Change | | ---- | ---- | ---- | ---- | ---- | ---- | | PX Main | 7106 | 20 | 0.28% | 68 | 8 | | PTA Main | 5030 | 12 | 0.24% | 42 | - 2 | | MEG Main | 3755 | - 41 | - 1.08% | - 108 | - 4 | | PF Main | 6398 | - 2 | - 0.03% | - 44 | 0 | | SC Main | 437.4 | - 1.4 | - 0.32% | - 1.2 | 2.3 | [2] 3.2 Spot Market Data | Spot | Price | Change | | ---- | ---- | ---- | | PX CFR China (USD/ton) | 879 | 0 | | PTA East China (CNY/ton) | 4972 | 12 | | MEG Spot | 3638 | - 57 | | Naphtha MOPJ (USD/ton) | 548.5 | 0 | | Dated Brent (USD/barrel) | 67.76 | 1.45 | [2] 3.3 Spot Processing Fee Data | Processing Fee | Price | Change | | ---- | ---- | ---- | | PX - Naphtha Spread | 330.5 | 4.42 | | PTA Processing Fee | 309.31 | - 70.31 | | Staple Fiber Processing Fee | 120.64 | - 21.37 | | Bottle Chip Processing Fee | 149.42 | 47.24 | | MOPJ Naphtha - Dubai Crude Spread | - 4.34 | 0 | [2] 3.4 Fundamental Data - **PX**: On January 19, the PX price remained stable, with an April Asian spot deal at 881. The estimated PX price was 879 USD/ton, unchanged from last Friday. The domestic PX plant operating rate increased to 89.6% [3][7]. - **PTA**: On January 19, the PTA spot price rose to 4970 CNY/ton. The current PTA operating rate is maintained at 76.9%, and the load - increasing space is limited [3][8]. - **MEG**: On January 19, the MEG port inventory in some main ports in East China was about 79.5 tons, a decrease of 0.7 tons from the previous period. The domestic ethylene glycol operating rate was 74.4%, and the coal - based operating rate was 80.2% (+1.6%) [4][8]. 3.5 Device Operation and Sales - **MEG**: An Anhui 300,000 - ton/year syngas - to - ethylene glycol plant recently reduced its load to 80 - 90%. A 360,000 - ton/year ethylene glycol plant in the southwest began maintenance last weekend, expected to last about 10 days [6]. - **Polyester**: Two polyester plants in Xiaoshan with a total capacity of 400,000 tons started maintenance on Saturday, planning to restart on February 12. On January 19, the sales of direct - spun polyester staple fibers were polarized, with an average sales rate of 60% [6]. - **Polyester Yarn**: On January 19, the sales of polyester yarn in Jiangsu and Zhejiang were weak, with an average sales rate of 40 - 50% [6].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports Polyolefin Industry - Overall, the polyolefin industry is pressured by supply and seasonal demand, but the upside space may be limited due to cost support and profit compression. Attention should be paid to the substantial changes in the demand side. For PE, the HD - LLDPE spread is narrowing, and the marginal supply of the standard product (LLDPE) is expected to increase, while the demand is in the seasonal off - season. For PP, the supply - demand is weak, but the balance has improved significantly, and attention should be paid to the implementation of future maintenance plans [1]. Methanol Industry - Methanol futures are oscillating weakly. The inland supply remains high, and the traditional demand is weak, with short - term pressure. Although the port inventory has decreased slightly, the MTO demand is weak, suppressing the price rebound. The key variables are the reduction rhythm of imported resources and the process of the risk premium fading caused by geopolitical factors [2]. Rubber Industry - Overseas raw material prices for natural rubber continue to decline, weakening the bottom support. The demand has increased slightly in some semi - steel tire foreign trade orders, and the inventory in China continues to accumulate. Considering that Thailand is about to enter the production - reduction period, the decline of raw materials is expected to be limited, and the rubber price is expected to be in the range of 15,500 - 16,500 [3]. Pure Benzene and Styrene Industry - The supply - demand of pure benzene has improved marginally, but the port inventory is still high. Styrene is strong due to export and device accidents, and the spread between styrene and pure benzene has widened. Strategies include looking for short - selling opportunities for BZ03 and narrowing the EB - BZ spread at high levels. Styrene may face inventory accumulation during the Spring Festival, and its upside space is limited [4]. PVC and Caustic Soda Industry - Caustic soda futures are weakly oscillating. The supply has increased slightly, and the demand lacks substantial improvement, so the price is expected to be weak. PVC futures are oscillating downwards. The supply is high, the demand is affected by the festival, and the inventory continues to accumulate, so the price is expected to be weak with limited downside space [5]. Urea Industry - Urea futures have declined, and the supply is at a high level. The demand is weak, and the price is expected to be weakly oscillating in the short term. Attention should be paid to the progress of downstream agricultural demand and the resumption rhythm of devices [6]. Glass and Soda Ash Industry - Soda ash futures are expected to be weakly oscillating in the short term due to high supply and weak demand, and the inventory is at a high level. Glass futures are affected by real - estate data, and the supply - demand is weak in the off - season. The price is expected to follow the decline of the futures price [7]. Crude Oil Industry - Short - term oil prices are still affected by news, and the supply - demand expectation is weak. Brent crude oil is expected to oscillate between 60 - 66 US dollars per barrel. Attention should be paid to the geopolitical conflicts in the Middle East [8]. LPG Industry - LPG futures prices have declined. The inventory has decreased, and the downstream PDH operating rate has decreased. The overall market is affected by supply and demand [11]. Polyester Industry - PX supply is at a high level, and demand is weak. It is expected to be high - level oscillating before the Spring Festival and low - level long - term treated in the medium term. PTA supply - demand is expected to weaken, and it is expected to follow the raw materials. MEG is expected to accumulate a large amount of inventory, and the price is under pressure. Short - fiber is weakly oscillating following the raw materials. Polyester bottle - chip supply is expected to decline, and it follows the cost [13]. 3. Summaries According to Related Catalogs Polyolefin Industry - **Futures Prices**: The closing prices of L2605, L2609, PP2605, and PP2609 have all declined to varying degrees [1]. - **Spreads**: The L59 spread has decreased, the PP59 spread has increased, and the LP05 spread has decreased [1]. - **Spot Prices**: The spot prices of华东PP拉丝,华北LLDPE, and other products have declined [1]. - **Operating Rates**: The PE device operating rate and downstream weighted operating rate have decreased, while the PP device operating rate has increased slightly, and the PP powder operating rate has decreased [1]. - **Inventory**: The PE and PP enterprise and social inventories have decreased [1]. Methanol Industry - **Futures Prices**: The closing prices of MA2605 and MA2609 have declined [2]. - **Spreads**: The MA59 spread has increased significantly [2]. - **Spot Prices**: The spot prices of methanol in various regions have declined [2]. - **Inventory**: The methanol enterprise inventory has increased slightly, while the port and social inventories have decreased [2]. - **Operating Rates**: The upstream domestic and overseas enterprise operating rates have decreased slightly, and the downstream MTO and other operating rates have changed to varying degrees [2]. Rubber Industry - **Spot Prices and Basis**: The spot prices of natural rubber products such as云南国营全乳胶 and泰标混合 rubber have declined, and the basis has changed [3]. - **Monthly Spreads**: The 9 - 1 and 5 - 9 spreads have changed [3]. - **Fundamental Data**: The production in Thailand, Indonesia, etc. has changed, and the operating rates of automobile tires and the production and export of domestic tires have increased [3]. - **Inventory**: The inventory in China has continued to accumulate [3]. Pure Benzene and Styrene Industry - **Upstream Prices and Spreads**: The prices of Brent crude oil and other products have changed, and the spreads between pure benzene and other products have also changed [4]. - **Benzene and Styrene Prices and Spreads**: The prices of benzene and styrene have increased, and the spreads between them have changed [4]. - **Downstream Cash Flows**: The cash flows of downstream products such as phenol and caprolactam have changed [4]. - **Inventory**: The inventories of pure benzene and styrene in Jiangsu ports have decreased [4]. - **Operating Rates**: The operating rates of various industries in the pure benzene and styrene industry chain have changed [4]. PVC and Caustic Soda Industry - **PVC and Caustic Soda Prices**: The prices of PVC and caustic soda products have changed to varying degrees [5]. - **Overseas Quotes and Export Profits**: The overseas quotes and export profits of PVC and caustic soda have changed [5]. - **Supply**: The operating rates of the caustic soda and PVC industries have increased slightly, and the profits have changed [5]. - **Demand**: The operating rates of the downstream industries of caustic soda and PVC have changed [5]. - **Inventory**: The inventories of caustic soda and PVC have changed [5]. Urea Industry - **Futures Prices and Positions**: The futures prices of urea have declined, and the positions of the top 20 long and short have changed [6]. - **Raw Material and Spot Prices**: The prices of upstream raw materials and urea spot have changed [6]. - **Spreads and Basis**: The spreads and basis of urea have changed [6]. - **Downstream Products**: The prices of downstream products such as melamine and compound fertilizer have changed [6]. - **Supply - Demand**: The daily and weekly production, inventory, and operating rate of urea have changed [6]. Glass and Soda Ash Industry - **Prices and Spreads**: The prices of glass and soda ash products and their spreads have changed [7]. - **Supply - Demand**: The operating rates, production, and inventory of glass and soda ash have changed [7]. Crude Oil Industry - **Crude Oil Prices and Spreads**: The prices of Brent, WTI, and SC crude oil and their spreads have changed [8]. - **Refined Oil Prices and Spreads**: The prices and spreads of refined oil products have changed [8]. - **Refined Oil Crack Spreads**: The crack spreads of refined oil products have changed [8]. LPG Industry - **LPG Prices and Spreads**: The prices of LPG futures and spot have declined, and the spreads have changed [11]. - **External Prices**: The external prices of LPG have declined slightly [11]. - **Inventory**: The LPG inventory has decreased [11]. - **Operating Rates**: The upstream and downstream operating rates of LPG have changed [11]. Polyester Industry - **Downstream Polyester Product Prices and Cash Flows**: The prices and cash flows of downstream polyester products have changed [13]. - **PX - Related Prices and Spreads**: The prices and spreads of PX have changed [13]. - **PTA - Related Prices and Spreads**: The prices and spreads of PTA have changed [13]. - **MEG - Related Prices and Spreads**: The prices and spreads of MEG have changed [13]. - **Operating Rates**: The operating rates of various industries in the polyester industry chain have changed [13].

Report Industry Investment Rating - The investment rating for the pulp industry is "shockingly weak", and the trend strength is -1, indicating a bearish outlook [1][3] Core View of the Report - The current market has a bearish fundamental pattern due to high domestic inventory and weak demand. The downstream paper industry has limited order releases and only maintains rigid procurement, which drags down the raw material pulp market. Attention should be paid to the demand sentiment changes in the broadleaf pulp market, the impact of the futures market on spot prices, and whether there will be a small - scale restocking demand before the Spring Festival. In the tissue paper market, prices are stable, and the overall trading enthusiasm is average. The key is to focus on changes in raw material pulp prices and the operation of paper mill equipment [4][5] Summary by Relevant Catalogs 1. Fundamental Data - **Futures Market**: The daily - closing price of the pulp main contract remained unchanged at 5,362 yuan/ton, while the night - closing price dropped 36 yuan to 5,340 yuan/ton. The trading volume decreased by 197,806 lots to 186,669 lots, the open interest of the 05 contract increased by 5,808 lots to 249,298 lots, the number of warehouse receipts decreased by 9,550 tons to 139,584 tons, and the net position of the top 20 members decreased by 1,248 lots to - 17,075 lots [3] - **Spread Data**: The basis of "Silver Star - Futures Main" remained unchanged at 88, the "Goldfish - Futures Main (non - standard)" decreased by 50 to - 712, and the month - spread of SP03 - SP05 decreased by 2 to - 34 [3] - **Spot Market**: Among softwood pulps, the domestic prices of Northwood, Cariboo, Lion Brand, Moon, Silver Star, and Russian Needle are 5,700 yuan/ton, 5,650 yuan/ton, 5,600 yuan/ton, 5,400 yuan/ton, 5,450 yuan/ton, and 5,250 yuan/ton respectively. Among hardwood pulps, the domestic prices of Jinyou, Star, Xiaobian, and Bu are 4,650 yuan/ton, 4,650 yuan/ton, 4,650 yuan/ton, and 4,550 yuan/ton respectively. The domestic price of Kunhe chemical mechanical pulp is 3,800 yuan/ton, and the domestic price of Venus natural color pulp is 5,000 yuan/ton. Some international prices are also provided, such as 710 US dollars/ton for Silver Star, 590 US dollars/ton for Star, and 620 US dollars/ton for Venus [3] 2. Industry News - The trend of softwood pulp continued to be linked with the futures market, while the hardwood pulp market showed signs of loosening, with the tight supply situation alleviating and market sentiment weakening. The tissue paper market price remained stable, with average trading enthusiasm and cautious market sentiment. The raw material pulp price fluctuated, and the hardwood pulp price dropped slightly, providing insufficient support for tissue paper prices [4][5]

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoints - Short - fiber is in a short - term volatile market with processing fees operating at a low level, and bottle - chip is also in a short - term volatile market [1]. - The trend strength of short - fiber and bottle - chip is 0, indicating a neutral view on the day - session main contract futures price fluctuations of the report date [2]. 3) Summary by Relevant Catalogs Fundamental Tracking - Short - fiber: - Futures prices of short - fiber contracts 2602, 2603, and 2604 decreased by 6, 2, and 14 respectively compared to the previous day. - The spreads PF02 - 03 and PF03 - 04 changed by - 4 and 12 respectively. - The short - fiber main contract basis decreased by 18, the main contract open interest increased by 355, the main contract trading volume decreased by 6400, the East China spot price decreased by 20, and the production - sales ratio increased by 4% to 76% [1]. - Bottle - chip: - Futures prices of bottle - chip contracts 2602, 2603, and 2604 changed by 2, 4, and 6 respectively compared to the previous day. - The spreads PR01 - 02 and PR02 - 03 changed by - 2 and - 2 respectively. - The bottle - chip main contract basis decreased by 21, the main contract open interest decreased by 1121, the main contract trading volume decreased by 41151, the East China spot price decreased by 15, and the South China spot price increased by 10 [1]. Spot News - Short - fiber: The short - fiber futures fluctuated and consolidated. Factory quotes were mostly stable, with some down 50. The mainstream negotiation range of semi - dull 1.4D was 6350 - 6550. The average production - sales ratio was 60% as of 3:00 pm [1]. - Bottle - chip: Upstream raw materials fluctuated. Polyester bottle - chip factories lowered quotes by 20 - 50 yuan. The market trading atmosphere was okay, with different prices for different months' orders [2].

Report Summary 1. Investment Ratings The report does not provide overall industry investment ratings. 2. Core Views - **Iron Ore**: Expected to experience weak oscillations [2][4]. - **Rebar and Hot - Rolled Coil**: Affected by emergencies, raw materials drag down finished products [2][7]. - **Silicon Ferrosilicon and Manganese Silicide**: With tightened demand - side expectations, they will have wide - range oscillations [2][11]. - **Coke**: Disturbed by downstream accidents, it will oscillate at a high level [2][15]. - **Coking Coal**: Expected to oscillate at a high level [2][15]. - **Steam Coal**: Market sentiment is weak, and prices will have a short - term weak adjustment [2][19]. - **Logs**: Expected to experience weak oscillations [2][21]. 3. Summary by Commodity Iron Ore - **Price Movements**: The futures price closed at 794.0 yuan/ton, down 18.0 yuan/ton (-2.22%). Imported and domestic ore spot prices also declined. The basis and some spreads changed [4]. - **News**: On January 19, 2026, the central bank lowered the re - loan and rediscount rates by 0.25 percentage points [4]. Rebar and Hot - Rolled Coil - **Price Movements**: RB2605 closed at 3,140 yuan/ton, down 33 yuan/ton (-1.04%); HC2605 closed at 3,299 yuan/ton, down 25 yuan/ton (-0.75%). Spot prices in various regions decreased. Some spreads changed [7]. - **News**: On January 19, an explosion occurred at Baotou Baogang Plate Mill. Steel production and inventory data for December 2025 were released, and export license management was implemented for some steel products [8][9]. Silicon Ferrosilicon and Manganese Silicide - **Price Movements**: Futures and spot prices of silicon ferrosilicon and manganese silicide declined. There were changes in various spreads [12]. - **News**: In December 2025, China's crude steel output decreased year - on - year. Some steel companies' procurement prices for silicon ferrosilicon and manganese silicide were announced [13][14]. Coke and Coking Coal - **Price Movements**: JM2605 closed at 1,174.5 yuan/ton, up 3.5 yuan/ton (0.3%); J2605 closed at 1,721 yuan/ton, up 0.2%. Spot prices were mostly stable, and some spreads changed [15]. - **News**: On January 19, the CCI metallurgical coal index was released, and the coking coal online auction had a low failure rate and rising prices [15]. Steam Coal - **Price Movements**: Domestic and overseas prices, as well as long - term agreement prices, showed a downward trend [19]. - **News**: In December 2025, China's coal production increased month - on - month, coal imports increased significantly, and Indonesia's coal production quota is expected to tighten in 2026 [20]. Logs - **Price Movements**: Futures contract prices declined, and trading volume and open interest changed. Spot prices were mostly stable [22]. - **News**: China's December 2025 RatingDog composite PMI exceeded the boom - bust line [24].