Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - No relevant content Group 3: Summary by Directory 1. Basis and Spread - The Shandong basis (+80) (non-Jingbo) was -79 on 1/26, with a daily change of 10 and a weekly change of -52 [3][6] - The East China basis (Zhenjiang warehouse) was -79 on 1/26, with a daily change of 80 and a weekly change of 8 [3][6] - The South China basis (Foshan warehouse) was -49 on 1/26, with a daily change of 70 and a weekly change of 48 [3][6] - The 01 - 03 spread was -69 on 1/26, with a daily change of -24 and a weekly change of -29 [3][6] - The 02 - 03 spread was -17 on 1/26, with a daily change of 9 and a weekly change of 8 [3][6] - The 03 - 06 spread was -7 on 1/26, with a daily change of 18 and a weekly change of 24 [3][6] 2. BU Main Contract - The BU main contract (02) price was 3279 on 1/26, with a daily change of 0 [3] - The trading volume was 316451 on 1/26, with a daily change of -37346 and a weekly change of 105185 [3][6] - The open interest was 416650 on 1/26, with a daily change of -3538 and a weekly change of 7270 [3][6] - The contract volume was 10000 on 1/26, with a daily change of 0 and a weekly change of -5010 [3][6] 3. Crude Oil and Asphalt Prices - Brent crude oil price was 65.6 on 1/26, with a daily change of -0.3 and a weekly change of 0.7 [3][6] - Jingbo asphalt price was 3180 on 1/26, with a daily change of 0 and a weekly change of 80 [3][6] - Shandong (non-Jingbo) asphalt price was 3130 on 1/26, with a daily change of 10 and a weekly change of 70 [3][6] - Zhenjiang warehouse asphalt price was 3280 on 1/26, with a daily change of 80 and a weekly change of 130 [3][6] - Foshan warehouse asphalt price was 3300 on 1/26, with a daily change of 70 and a weekly change of 170 [3][6] 4. Profit - The asphalt - Ma Rui profit was 365 on 1/26, with a daily change of 16 and a weekly change of 35 [3][6]

Report Summary Report Industry Investment Rating No information provided. Core View This week, the domestic LPG market rose significantly influenced by geopolitical factors and the international market. The overall internal and external valuation is moderately high. Despite the decline in PDH operation rate, the fundamentals remain tight in the short term due to the cold wave in the US and the peak combustion season. However, as the cold wave ends and Middle - East supply resumes, combined with negative feedback from poor PDH profits and the maintenance season in March, the upward momentum will weaken. The domestic LPG spread valuation is neutral, and the fundamentals support bull spreads, but attention should be paid to the situation of warehouse receipts. [4] Summary by Relevant Content 1. Price and Spread Data - **Daily Price Changes**: From 2026/01/21 to 2026/01/27, prices of LPG in South China, East China, and Shandong, as well as related products like propane CFR South China, showed fluctuations. The daily change on 2026/01/27 included a 70 - yuan increase in South China LPG, a 2 - yuan increase in East China LPG, and a 10 - yuan decrease in Shandong LPG. [4] - **Spread Data**: The 03 - 04 spread was - 274 (- 6), and the 04 - 05 spread was 88 (- 5). As of 9 pm, FEI and CP paper prices reached $539.64 and $534.64 respectively. Weekly spreads also changed, with the 03 basis at 96 (- 83), 02 - 03 spread at 64 (- 16), and 03 - 04 spread at - 261 (- 32). [4] 2. Market Conditions and Factors - **Domestic Market**: The domestic market was significantly affected by geopolitical and international factors this week. Civil LPG prices were divergent, with Shandong at 4460 (+ 20), East China at 4372 (- 151), and South China at 4780 (- 255). The cheapest deliverable was Shandong ether - after carbon four at 4350 (+ 10). Warehouse receipts were 5898 lots (- 79). [4] - **International Market**: FEI spreads rose, while MB and CP spreads slightly declined. The oil - gas ratio decreased slightly, FEI strengthened against CP and MB, and MB - CP also strengthened. The PG - FEI c1 spread was 55.1 (- 18.7). Propane arrival discounts in East China, and FOB discounts in AFEI, the Middle East, and the US also changed. Freight rates decreased, and the FEI - MOPJ spread was - 18 (weekly + 9). [4] 3. Profit and Inventory - **Profit**: PDH spot profits fluctuated, and paper profits dropped significantly. [4] - **Inventory**: Port inventory decreased by 1.53%, and incoming shipments decreased by 13.21%. Refinery storage utilization increased by 1.21 pct, and external sales increased by 2.11%. [4] 4. Industry Operation PDH operation rate was 62.25% (- 10.82 pct). Juzhengyuan Phase II was under maintenance, and Ruiheng had a breakdown and stopped production, expected to resume next week. [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Steel: The supply - side has stable blast furnace profits and rising disk profits, so steel mills may continue to increase production with a low probability of significant reduction. The demand - side is affected by winter cold, with seasonal weakening of rebar demand and inventory accumulation, and hot - rolled coil demand may slow down and turn to inventory accumulation. The fundamentals are neutral, and prices will fluctuate within a range [3]. - Iron Ore: Overall, the fundamentals of iron ore are weak, but the downside is supported by the healthy fundamentals of steel, good profits of steel mills, and inventory replenishment expectations. Additionally, attention should be paid to the impact of rainy seasons in Australia and Brazil on shipments. It is expected that the price decline space is limited [23]. - Coal and Coke: Coking coal is in a pattern of "strong spot, weak disk" with a high basis. Without strong policy expectations to boost the disk, as winter storage enters the second half, the demand sustainability is limited, and the spot price of coking coal may face downward pressure in the short term. In the medium - to - long term, if there is a combination of "exceeding - expected domestic supply recovery" and "weakening macro - sentiment", the prices of coal and coke will face significant downward pressure [36]. - Ferroalloys: Ferroalloys are supported by the cost side. The upper limit of silicon - manganese is restricted by high inventory, and the fundamentals of silicon - iron are slightly better than those of silicon - manganese. In the short term, ferroalloys will fluctuate within a range between the cost line and the previous pressure level [52]. - Soda Ash: The short - term commodity sentiment is warming up, which may drive some low - valued varieties. If the disk rises, there is some inventory replenishment space for middle and downstream players, but the demand is average with limited elasticity. In terms of fundamentals, as new production capacity gradually releases output, the daily production of soda ash reaches a new high, and the oversupply expectation is intensifying. The export of soda ash remains high, which alleviates the domestic pressure to some extent. The high - level inventory of the upper and middle reaches restricts the price of soda ash [66]. - Glass: Although the daily melting of float glass has dropped to a certain low level, the demand reality and expectation are also weak. Under the pattern of weak supply and demand, there is no trend - based movement. Before the Spring Festival, there are still some glass production lines for cold - repair and ignition, which may affect the far - month pricing and market expectation. Currently, the high inventory of the middle reaches of glass needs to be digested, and the spot pressure still exists [90]. Summary by Related Catalogs Steel - **Prices and Spreads**: On January 27, 2026, the closing prices of rebar and hot - rolled coil contracts changed compared with the previous day. For example, the rebar 01 contract closed at 3199 yuan/ton (down 20 yuan from January 26), and the hot - rolled coil 01 contract closed at 3330 yuan/ton (down 11 yuan from January 26). The basis and month - spreads also had corresponding changes [4][10][12]. - **Ratio Analysis**: The ratios of rebar to iron ore and rebar to coke remained stable on January 27, 2026, compared with the previous day. For example, 01 rebar/01 iron ore was 4, and 01 rebar/01 coke was 2 [20]. Iron Ore - **Price Data**: On January 27, 2026, the closing prices of iron ore contracts increased slightly compared with the previous day. For example, the 01 contract closed at 757 yuan/ton (up 2 yuan from January 26). The basis also increased, and the prices of various iron ore varieties such as Rizhao PB powder also rose [24]. - **Fundamental Data**: From January 16 - 23, 2026, the daily average pig iron output increased slightly, the 45 - port desilting volume decreased, the global and Australia - Brazil shipments increased, the 45 - port inventory and 247 - steel mill inventory increased, and the available days of 247 steel mills also increased [30]. Coal and Coke - **Price Spreads**: On January 27, 2026, compared with the previous day, the month - spreads of coking coal and coke contracts changed. For example, the coking coal 09 - 01 month - spread was - 178 (down 12.5 from January 26). The disk coking profit increased, and the ratios such as the main ore - coke ratio also changed [39]. - **Spot Prices**: The spot prices of coking coal and coke in various regions remained relatively stable on January 27, 2026, with some slight changes in the import profit of different types of coal [42]. Ferroalloys - **Silicon - Iron**: On January 27, 2026, compared with the previous day, the basis of silicon - iron in Ningxia increased, the month - spreads changed, and the spot prices in some regions decreased slightly. The prices of raw materials such as semi - coke and动力煤 decreased slightly, and the number of silicon - iron warehouse receipts decreased [53]. - **Silicon - Manganese**: On January 27, 2026, the basis of silicon - manganese in Inner Mongolia increased, the month - spreads changed slightly, the spot prices in various regions remained stable, and the prices of some manganese ores decreased slightly. The number of silicon - manganese warehouse receipts increased slightly [54][56]. Soda Ash - **Prices and Spreads**: On January 27, 2026, the prices of soda ash contracts decreased. For example, the soda ash 05 contract closed at 1194 yuan/ton (down 11 yuan from January 26). The month - spreads and basis also had corresponding changes [67]. - **Production and Inventory**: The daily production of soda ash reaches a new high, and the overall inventory of the upper and middle reaches remains high, restricting the price [66]. Glass - **Prices and Spreads**: On January 27, 2026, the prices of glass contracts decreased. For example, the glass 05 contract closed at 1066 yuan/ton (down 21 yuan from January 26). The month - spreads and basis changed [91]. - **Sales and Production**: The daily sales - to - production ratios in different regions such as Shahe, Hubei, East China, and South China fluctuated in the period from January 17 - 23, 2026 [92].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints - There is no clear core viewpoint presented in the provided content. Group 3: Summary by Relevant Catalogs 1. Basis and Month Spread - The Shandong basis (+80) (non-Jingbo) changed from -55 to -79, with a daily change of -23 [3]. - The East China basis (Zhenjiang warehouse) had a value of -56 on 1/23 [3]. - The South China basis (Foshan warehouse) changed from -195 to -49, with a daily change of 7 [3]. - The 01 - 03 spread changed from -32 to -69, with a daily change of 19 [3]. - The 02 - 03 spread changed from -7 to -17, with a daily change of -3 [3]. - The 03 - 06 spread remained at -7, with a daily change of 0 [3]. 2. Futures Contracts - The BU main contract (02) price increased from 2992 to 3279, with a daily increase of 43 [3]. - The trading volume of the BU main contract (02) changed from 251935 to 348643, with a daily increase of 52773 [3]. - The open interest of the BU main contract (02) changed from 461234 to 419657, with a daily decrease of 3533 [3]. 3. Spot Market - Brent crude oil price increased from 63.9 to 65.9, with a daily increase of 1.8 [3]. - Jingbo asphalt price increased from 2940 to 3180, with a daily increase of 30 [3]. - Shandong (non-Jingbo) asphalt price increased from 2860 to 3120, with a daily increase of 20 [3]. - Zhenjiang warehouse asphalt price increased from 2880 to 3200, with a daily increase of 20 [3]. - Foshan warehouse asphalt price increased from 2800 to 3230, with a daily increase of 50 [3]. 4. Profit - The asphalt - Ma Rui profit changed from 376 to 349, with a daily decrease of 36 [3].

Group 1: Investment Rating - No relevant information provided Group 2: Core Viewpoints - This week, the domestic LPG market rose significantly due to geopolitical factors and the influence of the external market. Although the PDH operating rate has decreased, the fundamentals are still tight in the short term due to the cold wave in the United States and the peak combustion season. However, as the cold wave ends, Middle - East supply returns, and considering the negative feedback of poor PDH profits and the maintenance season in March, the driving force will weaken. The domestic market's month - spread valuation is neutral, and the fundamentals support bull spreads, but attention should be paid to the situation of warehouse receipts [1] Group 3: Summary by Relevant Content 1. Daily Market Data - From January 20 to January 26, 2026, prices of LPG in South China, East China and Shandong, as well as related products like propane CFR South China, propane CIF Japan, CP forecast contract price, Shandong ether - after carbon four, and Shandong alkylation oil showed different changes. The paper import profit decreased from 148 to - 169, and the main contract basis decreased from 519 to 142. On January 26, compared with the previous day, the price of South China LPG decreased by 10, the price of East China LPG increased by 10, the price of Shandong LPG decreased by 40, and other indicators also had corresponding daily changes [1] 2. Daily Market Conditions - On Monday, under the influence of macro and geopolitical sentiments, the futures market showed a strong performance. The 03 - 04 month - spread was - 246 (+15), and the 04 - 05 month - spread was 91 (-13). As of 9 p.m., the FEI and CP paper - cargo prices reached 551 and 540 US dollars respectively [1] 3. Weekly Views a. Price and Basis Changes - The domestic market rose this week. The 03 basis was 96 (-83), the 02 - 03 month - spread was 64 (-16), and the 03 - 04 month - spread was - 261 (-32). Civil LPG prices were differentiated, with the price in Shandong being 4460 (+20), in East China 4372 (-151), and in South China 4780 (-255). The cheapest deliverable product was Shandong ether - after carbon four at 4350 (+10). The number of warehouse receipts was 5898 (-79) [1] b. International Market Indicators - The FEI month - spread increased, while the MB and CP month - spreads decreased slightly. The oil - gas ratio declined slightly. FEI strengthened compared to CP and MB, and MB - CP also strengthened. The domestic - foreign PG - FEI c1 reached 55.1 (-18.7). The arrival - at - shore discount of propane in East China, China was 85 (+8); the FOB discounts of propane in AFEI, the Middle East, and the United States were 36 (-1.75), 20 (-9), and 62.52 US dollars (+11.72) respectively. Freight rates decreased. The FEI - MOPJ spread was - 18 (week - on - week +9) [1] c. Profit and Inventory - PDH spot profits fluctuated, and paper - cargo profits dropped significantly. Port inventory decreased by 1.53%, and incoming shipments decreased by 13.21%, indicating a narrowing demand. The refinery storage capacity utilization rate increased by 1.21 pct, and external sales increased by 2.11%. The PDH operating rate was 62.25% (-10.82 pct), with Juzhengyuan Phase II under maintenance and Ruiheng out of operation due to a fault, expected to resume next week [1]

Report Industry Investment Rating - No relevant information provided. Core Viewpoints of the Report - This week, the near - month of Singapore 380cst has strengthened significantly, with both cracking and calendar spreads strengthening. Short - term arbitrage logistics have tightened to a 6 - month low, and Singapore residue inventory has dropped significantly to a 13 - week low. The 0.5 low - sulfur cracking strengthened on Friday compared to the previous week, at a historically low level year - on - year, and the calendar spread is at a low level for the same period in history. In terms of inventory, EIA residue has slightly reduced inventory, ARA residue has increased inventory, and Fujairah has slightly increased inventory. Under the new situation in Venezuela, heavy - oil logistics are tilted towards the United States, Canadian heavy oil is seeking new buyers, the price of Merey crude oil has risen, and trading is light. Recently, the Iranian situation and arbitrage logistics have affected 380, the high - sulfur spot has tightened, the cracking has rebounded, and in the short term, high - sulfur has the strongest driving force among oil products, while the low - sulfur external market remains weak [3][4]. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From January 19 to January 23, 2026, the price of Rotterdam 3.5% HSF O swap M1 increased from 336.61 to 345.50, with a change of 0.57; the price of Rotterdam 0.5% VLS FO swap M1 increased from 385.89 to 388.38, with a change of 2.30; the Rotterdam HSFO - Brent M1 changed from - 10.43 to - 9.41, with a change of - 0.15; the Rotterdam 10ppm Gasoil swap M1 decreased from 630.80 to 646.25, with a change of - 2.20; the Rotterdam VLSFO - Gasoil M1 changed from - 244.91 to - 257.87, with a change of 4.50; the LGO - Brent M1 remained unchanged at 25.00; the Rotterdam VLSFO - HSFO M1 increased from 49.28 to 42.88, with a change of 1.73 [1]. Singapore Fuel Oil Swap Data - From January 19 to January 23, 2026, the price of Singapore 380cst M1 and 180cst M1 data for January 23 are missing. The Singapore VLSFO M1 data for January 23 is missing. The Singapore Gasoil M1 data for January 23 is missing. The Singapore 380cst - Brent M1 changed from - 6.30 to - 4.78, with a change of 0.77 [1]. Singapore Fuel Oil Spot Data - From January 19 to January 23, 2026, the FOB 380cst data for January 23 is missing, and the FOB VLSFO data for January 23 is missing. The 380 - basis data for January 23 is missing. The high - sulfur internal - external spread decreased from 12.6 to 11.8, with a change of - 0.7; the low - sulfur internal - external spread increased from 15.6 to 18.0, with a change of 2.0 [2]. Domestic FU Data - From January 19 to January 23, 2026, FU 01 increased from 2478 to 2517, with a change of 2; FU 05 increased from 2526 to 2623, with a change of 41; FU 09 increased from 2500 to 2562, with a change of 17; FU 01 - 05 changed from - 48 to - 106, with a change of - 39; FU 05 - 09 changed from 26 to 61, with a change of 24; FU 09 - 01 changed from 22 to 45, with a change of 15 [2]. Domestic LU Data - From January 19 to January 23, 2026, LU 01 decreased from 3136 to 3183, with a change of - 3; LU 05 decreased from 3052 to 3106, with a change of - 20; LU 09 decreased from 3073 to 3121, with a change of - 16; LU 01 - 05 changed from 84 to 77, with a change of 17; LU 05 - 09 changed from - 21 to - 15, with a change of - 4; LU 09 - 01 changed from - 63 to - 62, with a change of - 13 [3].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - This week, the domestic market was greatly affected by geopolitical factors, rising first and then falling, with a slight upward shift in the weekly central value. The 02 basis was 138 (-41), the 02 - 03 spread was 70 (+15), and the 03 - 04 spread was -250 (-58). The price of civil gas increased, with Shandong at 4440 (+40), East China at 4523 (+56), and South China at 5035 (+195). The cheapest deliverable was Shandong ether - after 4340 (-50). The number of warehouse receipts was 5977 lots (-241). The FEI and CP spreads rose, the MB spread fell, the oil - gas ratio weakened, and FEI strengthened compared to CP and MB. The domestic and foreign PG - FEI reached 73.6 (-11.9), and PG - CP reached 69.6 (-8). The CIF discount for propane in East China, China was 77 (-2); the FOB discounts for propane in AFEI, the Middle East, and the United States were 37.75 (+3.75), 29 (-1), and 50.8 US dollars (+9.12) respectively. Freight rates increased, with the US Gulf - Japan at 139 (+7). The FEI - MOPJ spread was -27 (weekly +12). PDH profits significantly recovered but were still poor. Port inventories decreased by 4.9%, arrivals increased by 2.7%, and overall shipments increased significantly. The refinery storage capacity utilization rate decreased by 0.66 pct, and external releases decreased by 0.19%. PDH operating rate was 73.07% (-2.54 pct), and there were expectations of multiple plant shutdowns in February (Juzhengyuan Phase II and Zhongjing Phase II), with the PDH operating rate expected to continue to decline. Overall, domestic and foreign valuations were high; the expected supply - demand pattern in the foreign market weakened, as the impact of the US fog was expected to be small, and although the Middle East was tight in the short term, it would be loose later; the combustion demand was coming to an end in February, and the PDH operating rate decreased. The domestic valuation was neutral, with 2 - 3 and 3 - 4 spreads in reverse arbitrage, and subsequent attention should be paid to the situation of warehouse receipts [1] 3. Summary According to the Directory Daily Data - From January 16 to January 22, 2026, the prices of South China LPG changed from 5035 to 4815, East China LPG from 4523 to 4428, Shandong LPG from 4440 to 4480, propane CFR South China from 597 to 610, propane CIF Japan from 549 to 595, CP forecast contract price from 527 to 537, Shandong ether - after C4 from 4340 to 4360, Shandong alkylate from 7150 to 7150, paper import profit from 254 to -65, and the main basis from 486 to 394. The daily changes on January 22 were -25, -39, 10, 6, 24, 6, 30, 20, -74, -104 respectively [1] Daily View - On Thursday, the 02 - 03 spread was 67 (+2), the 03 - 04 spread was -275 (-11), and the 02 - 04 spread was -208 (-9). At 9:30 PM on Thursday, the FEI and CP paper prices reached 551.19 and 534.19 US dollars respectively [1] Weekly View - This week, the domestic market was greatly affected by geopolitical factors, with the weekly central value slightly shifting upward. The 02 basis decreased by 41, the 02 - 03 spread increased by 15, and the 03 - 04 spread decreased by 58. Civil gas prices increased, and the cheapest deliverable decreased by 50. The number of warehouse receipts decreased by 241. The FEI and CP spreads rose, the MB spread fell, the oil - gas ratio weakened, and FEI strengthened compared to CP and MB. The domestic - foreign spreads decreased, the CIF discount in East China decreased, the FOB discounts in AFEI, the Middle East, and the United States changed, the freight rate increased, and the FEI - MOPJ spread increased week - on - week. PDH profits recovered but were still poor. Port inventories decreased by 4.9%, arrivals increased by 2.7%, and overall shipments increased significantly. The refinery storage capacity utilization rate decreased by 0.66 pct, and external releases decreased by 0.19%. The PDH operating rate decreased by 2.54 pct, and there were expectations of multiple plant shutdowns in February, with the PDH operating rate expected to continue to decline. Overall, domestic and foreign valuations were high, the expected supply - demand pattern in the foreign market weakened, the domestic valuation was neutral, with 2 - 3 and 3 - 4 spreads in reverse arbitrage, and subsequent attention should be paid to the situation of warehouse receipts [1]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - PX is expected to open higher intraday due to the overnight sharp rebound in oil prices affected by the US-Iran conflict. The industry is a bit weak. The price has limited downside space before the Spring Festival and faces pressure after the festival. Attention should be paid to the hedging of going long on PX and short on PTA, and going long on SC/MX and short on PX. The future PX supply and demand are expected to gradually weaken [5]. - For PTA, the overnight oil price rebound supports its valuation. Attention should be paid to reducing the processing fee position. The future supply and demand of PTA are both weak, and it will enter a state of inventory accumulation [6]. - MEG has valuation support below 3600, showing a range - bound market. Attention should be paid to basis and 5 - 9 calendar spread arbitrage. The supply pressure is still large, but the downside space is limited [6]. Summary by Related Catalogs Futures Market - The closing prices of PX, PTA, MEG, PF, and SC futures on the previous day were 7206, 5154, 3689, 6496, and 440.8 respectively. The price changes were - 26, 10, 15, 2, and 3.8, with price change rates of - 0.36%, 0.19%, 0.41%, 0.03%, and 0.87% respectively [2]. - The month - spreads of PX5 - 9, PTA5 - 9, MEG5 - 9, PF3 - 4, and SC2 - 3 on the previous day were 42, 44, - 117, - 40, and - 0.6 respectively, with price changes of - 18, - 8, - 10, 2, and 1.3 respectively compared with the previous day [2]. Spot Market - The spot prices of PX CFR China, PTA in East China, MEG, naphtha MOPJ, and Dated Brent on the previous day were 888.33 dollars/ton, 5085 yuan/ton, 3581 yuan/ton, 558.5 dollars/ton, and 67.43 dollars/barrel respectively. The price changes were 0.33, 75, - 14, 9.5, and - 0.57 respectively compared with the previous day [2]. - The spot processing fees of PX - naphtha spread, PTA processing fee, short - fiber processing fee, bottle - chip processing fee, and MOPJ naphtha - Dubai crude oil spread on the previous day were 330.5, 309.31, 120.64, 149.42, and - 4.34 respectively. The price changes were 4.42, - 70.31, - 21.37, 47.24, and 0 respectively compared with the previous day [2]. Fundamental Data - Crude oil: Some oil fields in Kazakhstan have not resumed production, and geopolitical uncertainties remain, leading to an increase in international oil prices. The US military is strengthening its air power in the Middle East due to high - tension relations between the US and Iran [4]. - PX: The naphtha price was weakly maintained in the late trading. The estimated price of February MOPJ was 555 dollars/ton CFR. On January 21, the PX price remained stable. In 2025, the total PX import volume in mainland China was 9.607 billion tons, a year - on - year increase of 2.4%. The import dependence rebounded slightly to around 20% [4]. - Polyester: On January 21, the sales of polyester yarn in Jiangsu and Zhejiang partially increased, with an average sales rate of about 80% by 3:30 pm. The sales rate of direct - spun polyester staple fiber declined, with an average sales rate of 78% by 3:00 pm [5]. - Trend Intensity: The trend intensities of p - xylene, PTA, and MEG are all 1 [5].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the cracking of Singapore 380 strengthened, the monthly spread rebounded significantly, the high - sulfur cracking in Europe rebounded, the monthly spread rebounded significantly, and the high - sulfur EW oscillated at a high level. The cracking of Singapore 0.5% was at a historical low for the same period, rebounded month - on - month, the inter - month spread strengthened slightly, and the basis oscillated at a low level. [3] - In terms of inventory, Singapore residue oil slightly increased in stock, which was at a historical high year - on - year, ARA residue oil slightly decreased in stock, and Fujairah residue oil increased in stock. [3][4] - This week, the situation in Iran affected the global heavy oil valuation. In the short term, the driving force of high - sulfur was stronger than that of low - sulfur. The high - sulfur spot tightened, the cracking rebounded, and the short - term downside space was limited, while the low - sulfur external market remained weak. [4] 3. Data Summaries Rotterdam Fuel Oil Data | Type | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | 2026/01/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 333.76 | 341.06 | 336.61 | 344.17 | 347.28 | 3.11 | | Rotterdam 0.5% VLS FO Swap M1 | 384.56 | 389.58 | 385.89 | 387.29 | 392.05 | 4.76 | | Rotterdam HSFO - Brent M1 | - 10.45 | - 10.09 | - 10.43 | - 9.82 | - 9.95 | - 0.13 | | Rotterdam 10ppm Gasoil Swap M1 | 621.40 | 634.20 | 630.80 | 645.50 | 660.65 | 15.15 | | Rotterdam VLSFO - GO M1 | - 236.84 | - 244.62 | - 244.91 | - 258.21 | - 268.60 | - 10.39 | | LGO - Brent M1 | 21.81 | 23.19 | 22.94 | 23.87 | 23.87 | 0.00 | | Rotterdam VLSFO - HSFO M1 | 50.80 | 48.52 | 49.28 | 43.12 | 44.77 | 1.65 | [1] Singapore Fuel Oil Data | Type | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | 2026/01/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 359.16 | 356.84 | 359.12 | 355.91 | 372.09 | [1] | Singapore 180cst M1 | 363.46 | 363.27 | 364.49 | 364.98 | 374.36 | [1] | Singapore VLSFO M1 | 426.98 | 426.45 | 427.95 | 423.67 | 436.23 | [1] | Singapore GO M1 | 81.65 | 81.51 | 82.07 | 82.46 | 85.51 | [1] | Singapore 380cst - Brent M1 | - 7.10 | - 6.79 | - 6.30 | - 6.65 | - 5.97 | [1] | Singapore VLSFO - GO M1 | - 177.23 | - 176.72 | - 179.37 | - 186.53 | - 196.54 | [1] | Singapore FOB 380cst | 358.88 | 358.34 | 359.26 | 355.87 | 362.64 | 6.77 | [2] | Singapore FOB VLSFO | 429.02 | 429.37 | 431.00 | 425.98 | 428.48 | 2.50 | [2] | Singapore 380cst Basis | - 1.45 | - 1.65 | - 1.45 | - 0.80 | 0.25 | 1.05 | [2] | Singapore High - sulfur Domestic - Foreign Spread | 13.9 | 13.7 | 12.6 | 10.8 | 12.1 | 1.3 | [2] | Singapore Low - sulfur Domestic - Foreign Spread | 14.9 | 15.3 | 15.6 | 16.9 | 16.3 | - 0.6 | [2] Domestic FU Data | Type | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | 2026/01/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2510 | 2485 | 2478 | 2467 | 2482 | 15 | [2] | FU 05 | 2566 | 2520 | 2526 | 2507 | 2539 | 32 | [2] | FU 09 | 2533 | 2498 | 2500 | 2487 | 2510 | 23 | [2] | FU 01 - 05 | - 56 | - 35 | - 48 | - 40 | - 57 | - 17 | [2] | FU 05 - 09 | 33 | 22 | 26 | 20 | 29 | 9 | [2] | FU 09 - 01 | 23 | 13 | 22 | 20 | 28 | 8 | [2] Domestic LU Data | Type | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | 2026/01/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3166 | 3088 | 3136 | 3120 | 3135 | 15 | [3] | LU 05 | 3074 | 3041 | 3052 | 3066 | 3071 | 5 | [3] | LU 09 | 3090 | 3056 | 3073 | 3085 | 3090 | 5 | [3] | LU 01 - 05 | 92 | 47 | 84 | 54 | 64 | 10 | [3] | LU 05 - 09 | - 16 | - 15 | - 21 | - 19 | - 19 | 0 | [3] | LU 09 - 01 | - 76 | - 32 | - 63 | - 35 | - 45 | - 10 | [3]

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoints - This week, the domestic LPG market was greatly affected by geopolitical factors, rising first and then falling, with a slight upward shift in the weekly center. The 02-03 and 3-4 spreads form reverse spreads, and the follow - up needs to focus on the situation of warehouse receipts. Overall, the internal and external valuations are high, the supply - demand pattern of the external market is expected to weaken, while the domestic valuation is neutral [1]. 3) Summary by Relevant Content Daily Data - From January 14 to January 20, 2026, the prices of LPG in South China, East China, and Shandong, as well as related products such as propane CFR South China, propane CIF Japan, CP forecast contract price, Shandong ether - after carbon four, and Shandong alkylation oil, showed different degrees of changes. The daily changes on January 20 were - 60, - 50, 0, - 4, 0, - 2, 0, - 20, - 27, - 12 respectively [1]. Daily Viewpoint - On Tuesday, the futures market dropped significantly. The 02 - 03 spread was 90 (+3), the 03 - 04 spread was - 279 (-12), and the 02 - 04 spread was - 189 (-9). On Monday night at 10 o'clock, the FEI and CP paper - cargo prices rose slightly to 529.45 US dollars [1]. Weekly Viewpoint - This week, the domestic market was greatly affected by geopolitical factors, rising first and then falling, with a slight upward shift in the weekly center. The 02 basis was 138 (-41), the 02 - 03 spread was 70 (+15), and the 03 - 04 spread was - 250 (-58). The price of civil gas increased, with Shandong at 4440 (+40), East China at 4523 (+56), and South China at 5035 (+195). The cheapest deliverable was Shandong ether - after carbon four at 4340 (-50). The warehouse receipts were 5977 lots (-241). The FEI and CP spreads rose, the MB spread fell, the oil - gas ratio weakened, and FEI strengthened compared with CP and MB. The internal and external PG - FEI was 73.6 (-11.9), and PG - CP was 69.6 (-8). The arrival discount of propane in East China, China was 77 (-2), and the FOB discounts of propane from AFEI, the Middle East, and the United States were 37.75 (+3.75), 29 (-1), and 50.8 US dollars (+9.12) respectively. The freight increased, with the US Gulf - Japan at 139 (+7). The FEI - MOPJ spread was - 27 (week - on - week +12). The PDH profit was significantly repaired but still poor. The port inventory decreased by 4.9%, the arrival of ships increased by 2.7%, and the overall shipment increased significantly. The refinery storage capacity rate decreased by 0.66 pct, and the external supply decreased by 0.19%. The PDH operating rate was 73.07% (-2.54 pct), and there were expectations of multiple plant shutdowns in February, with the PDH operating rate expected to continue to decline [1].