Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core View of the Report The fundamentals of the zinc market have shifted from previously negative to positive. The current zinc valuation is low, and there is optimism about future consumption. The expectation of interest rate cuts remains unchanged, and re - inflation has not yet been reflected. The zinc market is expected to perform well [5]. 3. Directory Summary 3.1 Important Data - **Spot**: The LME zinc spot premium is $166.73 per ton. SMM Shanghai zinc spot price changed by 60 yuan/ton to 23,190 yuan/ton, with a spot premium of 65 yuan/ton. SMM Guangdong zinc spot price changed by 70 yuan/ton to 23,100 yuan/ton, with a spot premium of - 25 yuan/ton. Tianjin zinc spot price changed by 60 yuan/ton to 23,070 yuan/ton, with a spot premium of - 55 yuan/ton [2]. - **Futures**: On December 9, 2025, the SHFE zinc main contract opened at 23,250 yuan/ton and closed at 23,070 yuan/ton, down 40 yuan/ton from the previous trading day. The trading volume was 129,703 lots, and the position was 101,254 lots. The highest price was 23,255 yuan/ton, and the lowest was 23,005 yuan/ton [3]. - **Inventory**: As of December 9, 2025, the total inventory of SMM seven - region zinc ingots was 136,000 tons, a decrease of 4,300 tons from the previous period. As of the same date, the LME zinc inventory was 58,150 tons, an increase of 400 tons from the previous trading day [4]. 3.2 Market Analysis The TC of the zinc ore end continues to decline. With the absolute price falling from a high level, the losses of smelters have expanded. The raw material inventory of smelters is still decreasing, and their procurement enthusiasm remains high, which may lead to a continuous decline in TC. The smelting enthusiasm has significantly declined, and the smelting output has decreased month - on - month, alleviating the supply pressure. The consumption end maintains strong resilience, the social inventory has continued to decline, the spot premium has shown a stable and positive performance, and the discount of the near - month contract has narrowed to par. The LME inventory remains at a low level, the spot premium is relatively high, and the export window remains open [5]. 3.3 Strategy - **Unilateral**: Cautiously bullish. - **Arbitrage**: Calendar spread positive arbitrage [6].

Report Industry Investment Rating - Unilateral: Neutral [3] Core View - The closing price of the main EG contract was 3,691 yuan/ton (a change of -10 yuan/ton from the previous trading day, a decrease of -0.27%), and the spot price of EG in the East China market was 3,646 yuan/ton (a change of -44 yuan/ton from the previous trading day, a decrease of -1.19%). The spot basis of EG in East China was -11 yuan/ton (a decrease of -2 yuan/ton month-on-month). Recently, Sanjiang reduced its load, and Xinjiang Zhongkun planned to carry out maintenance, both of which were unplanned. As a result, the EG load decreased, and the price rebounded after a decline [1] - According to Longzhong data, the production profit of ethylene-based EG was -$90/ton (a decrease of -$5/ton month-on-month), and the production profit of coal-based syngas EG was -1,138 yuan/ton (a decrease of -29 yuan/ton month-on-month) [1] - According to CCF data released every Monday, the inventory of MEG at the main ports in East China was 819,000 tons (an increase of 66,000 tons month-on-month); according to Longzhong data released every Thursday, the inventory of MEG at the main ports in East China was 719,000 tons (an increase of 11,000 tons month-on-month). According to CCF data, the total planned arrivals at the main ports in East China last week were 163,000 tons, and the arrivals at the auxiliary ports were 51,000 tons; this week, the total planned arrivals at the main ports in East China are 155,000 tons, and the arrivals at the auxiliary ports are 20,000 tons, which is relatively high overall. It is expected that the inventory at the main ports will continue to accumulate [2] - On the supply side, as the maintenance is implemented, the domestic ethylene glycol load has decreased from its high level, and the short-term supply pressure has been alleviated. However, high supply will resume in January. In the future, attention should be paid to the new maintenance situation of ethylene glycol plants after the price decline. In terms of overseas supply, the supply of Middle Eastern goods is at a high level, and there are many long-distance cargo arrivals within the month. The port inventory will still show an upward trend in the first half of the month. On the demand side, the polyester load remains firm at a low inventory level, but the orders are gradually weakening [2] Summary by Directory Price and Basis - The closing price of the main EG contract was 3,691 yuan/ton, and the spot price of EG in the East China market was 3,646 yuan/ton. The spot basis of EG in East China was -11 yuan/ton [1] Production Profit and Operating Rate - The production profit of ethylene-based EG was -$90/ton, and the production profit of coal-based syngas EG was -1,138 yuan/ton [1] International Price Difference - No specific data or analysis provided in the given text Downstream Production and Sales and Operating Rate - No specific data or analysis provided in the given text Inventory Data - According to CCF data, the inventory of MEG at the main ports in East China was 819,000 tons, and according to Longzhong data, it was 719,000 tons. The planned arrivals at the main and auxiliary ports are relatively high, and the inventory at the main ports is expected to continue to accumulate [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The PX market is in a high - level volatile state, with tight supply and demand, and may be strong before the holiday. It is recommended to hold long PX and short BZ positions. Do not chase high in the short term, and go long on dips [8]. - The PTA market is also in a high - level volatile state, supported by PX costs. It is recommended to hold long PX and short PTA positions in the 05 contract and conduct 5 - 9 positive spreads. Be vigilant against the negative feedback of the industrial chain caused by the early holiday of terminals from late December to early January [9]. - The MEG market has short - term support due to multiple device planned out - of - schedule load reductions. The price is expected to operate in the range of 3600 - 3900 yuan/ton. However, in the medium term, it is in a pattern of increasing supply and decreasing demand [10][11]. Summary by Related Catalogs Market Dynamics - On December 9, the Asian paraxylene UNV1/China and FOB Korea indicators both fell by $9/ton compared to the previous day. The market activity was quiet, and the daily price fluctuations of PX spot were mainly driven by upstream crude oil. Asian market participants are concerned about the development of the physical market in 2026 and the PX regular contract settlement [4][5]. - As the PX contract negotiation nears the end, the focus will gradually shift to the PTA contract negotiation. A 530,000 - ton/year ethylene glycol plant in Kuwait and a 600,000 - ton/year synthetic gas - to - ethylene glycol plant in Xinjiang plan to shut down for maintenance. A 1,000,000 - ton/year EO/EG plant in Zhejiang has seen a continuous decline in load. The sales of polyester in Jiangsu and Zhejiang are weak, and the sales of direct - spun polyester staple fiber are average [7]. Trend Intensity - The trend intensity of paraxylene is - 1, PTA is - 1, and MEG is 0 [8]. Futures and Spot Data - The closing prices of PX, PTA, MEG, PF, and SC futures all declined yesterday, with the decline rates of - 1.42%, - 1.07%, - 0.27%, - 0.71%, and - 2.51% respectively. The prices of PX CFR China, PTA in East China, MEG spot, naphtha MOPJ, and Dated Brent in the spot market also decreased compared to the previous day [2]. PX Market - The domestic PX operating rate remains at 88.2% (- 0.3%). The GS device has a shutdown plan in December, the Middle East Satorp700,000 - ton device restarts. The supply side of PX is expected to shrink. The PTA operating rate remains at 73.7%. Under the current high - operating mode of polyester, there is a certain supply gap for PX. The PXN continues to expand, and the supply recovery space of PX is limited. Pay attention to the warehouse receipt pressure of the PX01 contract [8]. PTA Market - The PTA operating rate this week remains at 73.7%. The polyester operating rate remains at a high level of 91.8% (+ 0.3%). Supported by the cost of PX, the unilateral price is in a high - level volatile state. The current PTA processing fee is 170 yuan/ton. If there are certain warehouse receipts in the 01 - contract PX, there may be an opportunity for the PTA processing fee to expand [9]. MEG Market - Multiple MEG devices have announced production cuts. According to the current new maintenance situation, there will be no inventory accumulation or even a small - scale inventory reduction in December. In the medium term, new devices such as Ningxia Kunpeng and BASF Zhanjiang will be put into production successively, and the polyester device operating rate will drop to 84% in February. The upper - price limit has not been opened, and the unilateral price is recommended to operate in the range of 3600 - 3900 yuan/ton [10][11]

甲醇日报 | 2025-12-10 内地方面：Q5500鄂尔多斯动力煤465元/吨（+0），内蒙煤制甲醇生产利润575元/吨（-15）；内地甲醇价格方面，内 蒙北线1980元/吨（-15），内蒙北线基差514元/吨（+8），内蒙南线1950元/吨（-50）；山东临沂2222元/吨（-8），鲁 南基差356元/吨（+15）；河南2110元/吨（+0），河南基差244元/吨（+23）；河北2125元/吨（-50），河北基差319元/ 吨（-27）。隆众内地工厂库存361320吨（-12392），西北工厂库存205000吨（-4000）；隆众内地工厂待发订单239715 吨（+9005），西北工厂待发订单128500吨（+15000）。 港口方面：太仓甲醇2075元/吨（-5），太仓基差9元/吨（+18），CFR中国242美元/吨（+1），华东进口价差-25元/吨 （-13），常州甲醇2325元/吨；广东甲醇2065元/吨（-10），广东基差-1元/吨（+13）。隆众港口总库存1349430吨（-14070）， 江苏港口库存703300吨（-44700），浙江港口库存235500吨（+46000），广东港口库存25 ...

丙烯日报 | 2025-12-10 供应端存增量，盘面延续偏弱 市场要闻与重要数据 丙烯方面：丙烯主力合约收盘价5787元/吨（-32），丙烯华东现货价6000元/吨（+0），丙烯华北现货价6090元/吨（+0）， 丙烯华东基差213元/吨（+32），丙烯华北基差125元/吨（+0）。丙烯开工率74%（+0%），中国丙烯CFR-日本石脑油 CFR179美元/吨（-8），丙烯CFR-1.2丙烷CFR44美元/吨（-10），进口利润-341元/吨（+12），厂内库存47890吨（-1080）。 丙烯下游方面：PP粉开工率40%（-1.98%），生产利润-330元/吨（+10）；环氧丙烷开工率76%（+1%），生产利润-190 元/吨（-93）；正丁醇开工率74%（-8%），生产利润412元/吨（-30）；辛醇开工率74%（-7%），生产利润693元/吨（+0）； 丙烯酸开工率78%（+1%），生产利润415元/吨（+0）；丙烯腈开工率81%（+0%），生产利润-676元/吨（-70）；酚酮 开工率82%（+1%），生产利润-977元/吨（+0）。 市场分析 供应端东莞巨正源、山东滨华PDH装置存重启预期，PDH亏 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The overall market demand for black building materials is weak, with steel, iron ore, coking coal, coke, and thermal coal all showing downward or weakening trends [1][3][5][7] - For steel, the supply - demand fundamentals of building materials are improving, while those of plates need improvement through production cuts [1] - Iron ore is facing a situation where supply may increase and demand is weakening, and the accumulation of supply - demand contradictions may lead to price pressure [3] - The demand for coking coal and coke is soft, and the price of coking coal is falling, while the price of coke is under downward pressure [5][6] - The thermal coal market is also weak, with falling prices at the mine mouth and in ports, and a supply - demand pattern of loose supply [7] 3. Summary by Related Catalogs Steel - **Market Analysis**: The futures prices of rebar and hot - rolled coils are at 3079 yuan/ton and 3252 yuan/ton respectively. The spot market has weak trading, with poor speculative sentiment and mainly low - price terminal purchases [1] - **Supply - Demand and Logic**: The supply - demand fundamentals of building materials are improving, with declining consumption and production, and reduced inventory pressure. The supply - demand of plates needs improvement through production cuts to reduce seasonal inventory pressure. With the arrival of the off - season for building materials, attention should be paid to the impact on fundamentals and the changes in production cuts and profits [1] - **Strategy**: Unilateral trading is expected to be in a range - bound state, and there are no strategies for inter - period, inter - variety, spot - futures, or options trading [2] Iron Ore - **Market Analysis**: The futures price of iron ore is weak. The prices of mainstream imported iron ore varieties in Tangshan ports fluctuate slightly, and the trading volume in major ports is 113.7 million tons, a 1.25% increase from the previous period [3] - **Supply - Demand and Logic**: Supply has slightly increased this week. High prices may stimulate supply, but some inventories are locked. Demand is weakening, with a decline in daily average pig iron production and seasonal decline expectations. The supply - demand contradiction is accumulating, and price pressure may occur if external factors are removed [3] - **Strategy**: Unilateral trading is expected to be range - bound, and there are no strategies for inter - period, inter - variety, spot - futures, or options trading [4] Coking Coal and Coke - **Market Analysis**: The futures prices of coking coal and coke are falling. The demand for coke in some regions is weak due to blast furnace maintenance, and the price of coking coal at the mine mouth is continuously falling. The price of imported Mongolian coal has also declined, with the price of Mongolian No. 5 raw coal dropping to about 970 yuan/ton [5] - **Supply - Demand and Logic**: The trading of coking coal is weak, and the supply - demand structure of coke is relatively loose. The price of coke is under downward pressure due to the weak cost side. Attention should be paid to the impact of autumn - winter environmental protection on enterprises and coal price trends [6] - **Strategy**: Both coking coal and coke are expected to trade in a range - bound state, and there are no strategies for inter - period, inter - variety, spot - futures, or options trading [6] Thermal Coal - **Market Analysis**: The prices of thermal coal at the mine mouth in the main production areas are falling. The market demand is weak, with terminal demand - based procurement and traders having a bearish outlook. The port market is also weak, with rising inventories and difficult trading. The prices of both domestic and imported coal are falling, and imported coal has a cost - performance advantage [7] - **Supply - Demand and Logic**: The market sentiment is pessimistic, and the price is in a range - bound state. In the long - term, the supply is loose, and attention should be paid to the consumption and inventory replenishment of non - power coal [7] - **Strategy**: No strategy is provided [7]

甲醇产业期现日报 投资咨询业务资格:证监许可【2011】1292号 张晓珍 Z0003135 甲醇价格及价差 | 品种 | 12月9日 | 12月8日 | 涨跌 | 涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | | MA2601 收盘价 | 2066 | 2089 | -23 | -1.10% | | | MA2605 收盘价 | 2143 | 2177 | -34 | -1.56% | | | MA15价差 | -77 | -88 | 11 | -12.50% | | | 太仓基差 | 8 | -3 | 11 | -366.67% | | | MTO05盘面 | -149 | -161 | 12 | -7.45% | | | 内蒙北线现货 | 1980 | 1995 | -15 | -0.75% | TI./048 | | 河南洛阳现货 | 2108 | 2100 | 8 | 0.36% | | | 港口太仓现货 | 2070 | 2070 | 0 | 0.00% | | | 区域价差: 太仓-内蒙北线 | 90 | 75 | 15 | 20.00% | ...

白糖产业期现日报 元 F / 发期货 投资咨询业务资格:证监许可 【2011】1292号 2025年12月10日 70016336 刘珂 | 期货市场情况 | | | | | | | --- | --- | --- | --- | --- | --- | | 指标 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 白糖2601 | 5343 | 5337 | 6 | 0.11% | | | 白糖2605 | 5247 | 5244 | 3 | 0.06% | 元/吨 | | ICE原糖主力 | 14.66 | 14.83 | -0.17 | -1.15% | 美分/磅 | | 白糖1-5价差 | 96 | ਰੇਤੇ | 3 | 3.23% | 元/吨 | | 主力合约持仓量 | 260465 | 289716 | -29251 | -10.10% | ਜੇ | | 仓单数量 | 181 | 181 | 0 | 0.00% | | | 有效预报 | 1705 | 1490 | 215 | 14.43% | इर | | 现货市场价格 | | | | | | | 指标 | 现值 | 前值 | 涨跌 | ...

Report Industry Investment Ratings There is no mention of the overall industry investment rating in the report. Core Views - The report analyzes the fundamentals, market trends, and investment suggestions of various energy - chemical futures such as PX, PTA, MEG, etc. Most products are in a state of shock, with some showing short - term strength or weakness, and investors are advised to operate according to different product characteristics and market conditions [2][12][13] - For example, PX is in a high - level shock market, with tight supply and certain demand support; PTA is supported by cost and shows a high - level shock trend; MEG has limited downside space in the short term due to device production cuts, but faces supply - increase and demand - decrease pressure in the medium term [12][13][14] Summary by Related Catalogs 1. PX, PTA, MEG - **PX**: High - level shock market. Supply has a contraction expectation, but demand is still high under the high - start mode of polyester. Do not chase high in the short term, and go long on dips. Pay attention to the warehouse receipt pressure of the PX01 contract [12] - **PTA**: High - level shock market, cost - supported. Hold the strategy of going long on PX and short on PTA for the 05 contract, and conduct a 5 - 9 positive spread. The unilateral price is in a high - level shock due to PX support [13] - **MEG**: Multiple devices have planned out - of - plan production cuts, providing short - term support. The price is expected to operate in the range of 3600 - 3900 yuan/ton. However, in the medium term, it is in a pattern of supply increase and demand decrease [14][15] 2. Rubber - The rubber market is oscillating strongly. The trading volume and open interest have increased, and the net short position of the top 20 members has decreased. The increase in heavy - truck sales in November supports the demand for commercial vehicle tires, but the replacement demand for all - steel tires in the fourth quarter is weak [16][17][18] 3. Synthetic Rubber - The synthetic rubber market is in a range - bound operation. The inventory of butadiene is still at a relatively high level, and the futures price of butadiene rubber is expected to operate in a short - term range [19][20][22] 4. Asphalt - The asphalt market is weakly oscillating. The weekly output has increased, the factory inventory has increased, and the social inventory has decreased. The trend strength is weak [24][32][33] 5. LLDPE - The LLDPE market has a unilateral decline, and the basis is passively positive. The upstream selling pressure is high, and the downstream demand is weak. The supply may increase in the future, and the trend strength is neutral [34][35] 6. PP - The PP market is under upstream selling pressure, and the price difference between powder and pellet materials is inverted. The cost support is limited, the supply pressure is not large in the short term, but the demand is weak, and the trend strength is neutral [36][37] 7. Caustic Soda - It is not advisable to chase short on caustic soda. The market is in a pattern of high production and high inventory, and the demand is weak. The cost has certain support, but the rebound is difficult [38][40][41] 8. Pulp - The pulp market is oscillating. The inventory is at a relatively high level, and the downstream demand is weak. The market is under the dual pressure of high inventory and weak demand [43][46][47] 9. Glass - The glass market has stable original - sheet prices. The supply pressure has been relieved, but the rigid - demand orders are still weak, and the trend strength is weak [49][50] 10. Methanol - The methanol market is under pressure. The short - term is weakly operating, and the 01 contract has high supply pressure in the medium term. In 2026, the fundamentals may improve marginally in the first quarter, and the trend strength is weak [52][55][56] 11. Urea - The urea market is oscillating. Pay attention to the inventory index during the day. The demand has improved temporarily, and the inventory is decreasing. The price is expected to oscillate, with the upper pressure at 1700 yuan/ton and the lower support at 1580 - 1600 yuan/ton [57][58][59] 12. Styrene - The styrene market is in short - term shock. The short - term pure benzene market is oscillating at the bottom, and the supply pressure of styrene is not large. The port inventory is slightly decreasing [60][61] 13. Soda Ash - The soda ash spot market has little change. The supply is expected to increase, and the downstream demand is general. The trend strength is weak [64][65] 14. LPG and Propylene - **LPG**: The short - term demand is strong, but the medium - and long - term is under pressure. The trend strength is neutral [67][71] - **Propylene**: The supply has an incremental expectation, and the upward driving force is limited. The trend strength is weak [67][71] 15. PVC - The PVC market is weakly oscillating. The supply is at a high level, and the inventory is under pressure. The short - term is not advisable to chase short, but the high - production and high - inventory pattern is difficult to change in the short term [75][76] 16. Fuel Oil and Low - Sulfur Fuel Oil - **Fuel Oil**: The market has weakened again, and the center of the disk has continued to move down [78] - **Low - Sulfur Fuel Oil**: The market is in a narrow - range shock, and the price difference between high - and low - sulfur in the overseas spot market is temporarily stable [78] 17. Container Shipping Index (European Line) - The container shipping index (European line) market is oscillating. The 2602 contract may experience price increases in January, but the high price is difficult to sustain. The 2604 contract has a relatively high probability of short - selling at high levels, and the trend strength is neutral [80][90][91] 18. Short - Fiber and Bottle Chip - **Short - Fiber**: There is medium - term pressure, and it is advisable to shrink the processing fee at high levels. The futures are weakly adjusted, and the spot price is mostly stable [93][94] - **Bottle Chip**: There is medium - term pressure, and it is advisable to shrink the processing fee at high levels. The upstream raw material futures are weakly oscillating, and the factory price is partially reduced [93][94] 19. Offset Printing Paper - It is advisable to wait and see in the offset printing paper market. The spot price is stable, the market demand is weak, and the paper mill's order - receiving situation is general [96][97][98] 20. Pure Benzene - The pure benzene market is in short - term shock. The port inventory has increased, and the demand is weak in December but may improve after January [101][102]

2025 年 12 月 10 日 商 品 研 究 豆粕：USDA 报告平淡，盘面低位震荡 豆一：反弹震荡 吴光静 投资咨询从业资格号：Z0011992 wuguangjing@gtht.com 【基本面跟踪】 豆粕/豆一基本面数据 12 月 9 日 CBOT 大豆日评：中国需求担忧及南美大豆丰产，大豆跌至一个多月最低。北京德润林 2025 年 12 月 10 日消息：周二，芝加哥期货交易所（CBOT）大豆期货收盘下跌，因为市场仍担心中国对 请务必阅读正文之后的免责条款部分 1 泰 君 安 期 货 研 究 所 期货研究 国 | | | 收盘价 （日盘） | 涨 跌 收盘价 （夜盘） | 涨 跌 | | --- | --- | --- | --- | --- | | | DCE豆一2601 （元/吨） | 4089 | +5（+0.12%） 4092 | +6（+0.15%） | | 期 货 | DCE豆粕2605（元/吨） | 2763 | -30（-1.07%） 2752 -19 | （-0.69%） | | | CBOT大豆01 （美分/蒲） | 1087.75 | -6.0（-0.55%） | | | | ...