Summary of Conference Call Records Industry Overview - The records primarily discuss the methanol and urea markets, focusing on supply-demand dynamics, geopolitical influences, and pricing forecasts. Methanol Market Insights - **Geopolitical Impact**: The ongoing strikes in Iran are expected to disrupt methanol production and delay the planned restart of facilities in March. The situation is exacerbated by potential U.S. intervention, which could further affect supply [1][4]. - **Supply Adjustments**: India has ceased accepting Iranian methanol, leading to a price increase in India. This has prompted a shift in supply sources from the Middle East, Russia, and China to India for arbitrage opportunities. Non-Iranian imports are adjusted to approximately 300,000 tons, with total imports revised to around 1.25 million tons [1][3]. - **Domestic Production**: Methanol production in China is projected to reach 8.05 million tons in January, a significant year-on-year increase due to favorable profit margins and new production facilities coming online [1][5]. - **Market Balance**: The methanol market is expected to shift to a tight balance in January-February, despite high port inventories. The price range for the methanol 05 contract is set between 2,000 and 2,400 RMB/ton, with attention needed on geopolitical risks and downstream demand [1][6]. Urea Market Insights - **Price Forecast**: Urea prices are anticipated to range between 1,650 and 2,000 RMB/ton, influenced by factors such as spring planting preparations and potential tightening of export policies [2][11]. - **Supply Dynamics**: The urea market has seen strong performance since late December, driven by low valuation levels, consistent supply, and robust winter storage demand. The allocation of export quotas is linked to the completion of winter storage, which is expected to boost storage demand [10][12]. - **Inventory Levels**: Current enterprise inventories are lower than the previous year, and the demand for spring planting will further facilitate inventory reduction. Although there may be temporary inventory accumulation before the Lunar New Year, overall inventory pressure remains low [13][14]. Additional Considerations - **Downstream Demand**: While the methanol-to-olefins (MTO) sector is experiencing weak demand, other downstream sectors are performing well, contributing to a balanced market despite high inventories [8][9]. - **Import Profitability**: Current import profits are negative, around -30, indicating challenges in market valuation. However, the expected restart of MTO facilities may provide a temporary boost to methanol production rates [7]. - **Global Supply Constraints**: The global urea market is facing tight supply due to Iranian gas shortages and maintenance in other countries, which supports higher domestic pricing [12]. This summary encapsulates the key points from the conference call records, highlighting the critical factors influencing the methanol and urea markets.

Report Industry Investment Rating - Not provided in the report Core Views - In the short - term, for the polyester sector, PX and PTA will continue to rebound due to support from raw materials and limited supply pressure; ethylene glycol will have a restorative rebound due to expected tightening of overseas supply. For methanol, it will maintain a wide - range oscillation. For plastics, it shows a short - term rebound trend but lacks fundamental support. [33][34][62] - In the long - term, the polyester sector will show a differentiated trend. The operating centers of PX and PTA tend to move up, while the medium - term rebound space of ethylene glycol is limited. Methanol may maintain a wide - range oscillation, and plastics may continue to show a weak trend. [34][62][63] Summary by Relevant Catalogs Macro and Crude Oil Important Information - The possibility of the escalation of the EU - US trade war has decreased, reducing global economic downward pressure and boosting the commodity market. [3] - Arctic cold air has affected the Northern Hemisphere, causing the US natural gas futures price to soar, driving up the prices of EU and US diesel. Freezing damage in Texas may lead to the shutdown of oil wells and pipelines. [3] - The IEA has slightly improved the forecast of future energy demand, but the growth rate of the supply side is significantly faster, and there may be a significant supply surplus in Q1 2026. [3] - The situation in Iran remains uncertain, and the US - Russia - Ukraine tripartite talks are scheduled to be held. [4] - Last week, US crude oil, gasoline, and distillate inventories all increased, and crude oil production decreased. [5] Polyester Sector - **Price Trends**: The futures and spot prices of most products in the polyester sector increased this week, while the basis of most products decreased. [7] - **PX**: This week, the domestic PX supply decreased due to Zhejiang Petrochemical's overhaul, and it is expected to increase slightly next week. The Asian PX load decreased slightly. [11] - **PTA**: This week, the PTA supply decreased due to the shutdown of Ineos' device. Next week, the supply is expected to remain stable, and social inventory may increase. [13][15] - **Ethylene Glycol**: This week, the domestic ethylene glycol supply decreased, and it is expected to increase slightly next week. The port inventory increased slightly and is expected to continue to increase slightly. [21] - **Polyester End**: The weekly capacity utilization rate decreased by 3.20 percentage points to 83.49%. [22] - **Polyester Inventory**: This week, the inventory of staple fiber, FDY, and DTY decreased, while the inventory of POY continued to increase. [26] - **Terminal**: Orders remained sluggish, and the operating rate of looms in Jiangsu and Zhejiang continued to decline. [30][31] Methanol and Polyethylene - **Price Trends**: The futures prices of methanol and LLDPE increased, while the basis of both decreased. The spot prices of methanol decreased, and the prices of some plastics decreased. [36] - **Methanol Supply**: As of January 22, the domestic methanol operating rate and production decreased. The loss of production capacity this week was greater than the recovery, but production is expected to increase slightly next week. [43] - **Methanol Demand**: As of January 22, the MTO operating rate decreased, and the support of coastal olefins in the Yangtze River Delta weakened. Other traditional downstream sectors remained in the off - season. [46] - **Methanol Inventory**: As of January 21, the port inventory increased, and the inland inventory decreased. [49] - **Plastic Supply**: As of January 22, the domestic plastic operating rate and production increased. The number of devices returning to operation next week is expected to be large. [52] - **Plastic Demand**: As of January 22, the downstream plastic operating rate decreased, and the demand will continue to weaken seasonally before the Spring Festival. [56] - **Plastic Inventory**: As of January 21, both the social inventory and the inventory of Sinopec and PetroChina decreased, and the current inventory pressure is not large. [60]

Group 1 - The core view is that 2025 was a year of significant decline for crude oil prices, contrasting with the strong performance of precious metals like gold and silver, with Brent crude oil prices dropping approximately 20% [2] - The oil market faced multiple bearish factors, including reduced demand due to U.S. fiscal cuts and trade tariffs, and increased supply from OPEC and U.S. producers [2][3] - The oil price dynamics in 2026 are expected to be influenced primarily by supply and demand interactions, with a potential stabilization of prices as bearish factors diminish [3][6] Group 2 - Supply-side pressures are expected to ease in 2026, as the growth of non-OPEC production, particularly from the U.S., is anticipated to slow down due to rising costs and reduced capital expenditure [6][9] - The U.S. active rig count is declining, indicating a weakening growth momentum in oil production, with EIA predicting a slowdown in U.S. crude oil production growth in 2026 [9][12] - Non-OPEC countries like Brazil and Guyana are also expected to see a slowdown in production growth, with high-cost projects becoming less economically viable in a low-price environment [12][17] Group 3 - OPEC+ is likely to regain pricing power in 2026, as their spare capacity has significantly reduced, and they have a strong incentive to maintain stable production levels to support prices [17][20] - The fiscal breakeven price for core OPEC members is relatively high, which increases their desire to stabilize oil prices amidst low price environments [20][23] - OPEC+ has already taken steps to pause production increases in early 2026, aiming to consolidate market balance and prevent further price declines [23][26] Group 4 - Demand-side factors are showing signs of improvement, with reduced tariff impacts and potential fiscal expansion in major economies expected to boost oil demand [34][36] - The anticipated implementation of fiscal and monetary policies in the U.S. and Europe could stimulate economic recovery, thereby increasing oil consumption [34][41] - Emerging market economies are also expected to contribute positively to global oil demand, providing a solid support base against fluctuations in developed economies [36][41] Group 5 - Overall, the probability of a significant decline in oil prices in 2026 is reduced, with expectations of Brent crude prices fluctuating between $60 and $70 per barrel [41][43] - Geopolitical risks remain a concern, as conflicts in key oil-producing regions could lead to supply disruptions, potentially pushing prices above the upper range [43]

Report Industry Investment Rating - Not provided Core View of the Report - This week, the crude oil market lacks continuous driving factors. Geopolitical uncertainty makes the market direction unclear, and the market shows a wide - range shock. Trump's hint of non - military intervention in Iran cools down geopolitical risks and causes the market to decline. However, the US military build - up in the Middle East still poses a risk of rising geopolitical tensions, and market concerns support prices. In the short term, geopolitics will dominate oil price trends. OPEC+ suspends the Q1 production increase plan, and global crude oil production decreases month - on - month, tightening the supply side and supporting the market. But the long - term supply surplus pattern remains, suppressing the oil price rebound. Although the geopolitical tension has temporarily eased, the risk remains, and the market's short - term focus will be on geopolitical developments. Due to high uncertainty, market volatility may increase, and it is recommended to pay continuous attention to geopolitical trends. The trading strategy is to wait and see first [8][46] Summary by Relevant Catalogs Report Summary - IEA raises the 2026 global oil supply growth forecast from 2.4 million barrels per day to 2.5 million barrels per day. India's Reliance Industries will resume receiving Russian oil in February and March after a one - month suspension. Kazakhstan's Kashagan oilfield diverts crude oil to the domestic market for the first time due to CPC pipeline bottlenecks [7] - Key data: US EIA crude oil inventory for the week ending January 16th is 3.602 million barrels (expected 1.131 million barrels, previous 3.391 million barrels); EIA Cushing crude oil inventory in Oklahoma is 1.478 million barrels (previous 0.745 million barrels); EIA strategic petroleum reserve inventory is 0.806 million barrels (previous 0.214 million barrels) [7] Multi - empty Focus - Bullish factors: Geopolitical disturbances, Kazakhstan - related factors [10] - Bearish factors: Venezuela's hand - over of crude oil to the US, supply surplus expectations [10] Macro Analysis - Geopolitical risks have temporarily declined but not disappeared. The Middle East situation is tense again as the US is sending more troops to the Middle East. Trump says he won't impose tariffs on Europe. Venezuela has handed over 50 million barrels of crude oil to the US [11] - IEA raises global supply and demand growth forecasts. It raises the 2026 global oil supply growth forecast to 2.5 million barrels per day, the oil demand growth forecast to 0.93 million barrels per day, and the non - OPEC+ supply growth forecast to 1.3 million barrels per day. It expects a supply surplus in Q1 2026. Russia's crude oil production increased from 9 million barrels per day in November to 9.56 million barrels per day in December [12] Supply - demand Analysis Supply - US crude oil production decreased by 0.021 million barrels to 13.732 million barrels per day for the week ending January 16th. With downstream demand entering the off - season, production may decline further [13] - US oil drilling rig count increased slightly to 410 (previous 409). It is expected to remain at a low level due to capital expenditure cuts and low - oil - price impacts [16] Demand - US refinery utilization rate was 93.3% for the week ending January 16th, down week - on - week. US refineries are entering the maintenance season, and the utilization rate will face downward pressure in Q1 [18] - In December, the refinery utilization rate of 16 European countries was 85.78%, up 2.02 percentage points month - on - month. It will face seasonal downward pressure [21] - As of January 22nd, China's major refinery utilization rate was 78.78%, up 1.54 percentage points, and is expected to rise. The local refinery utilization rate was 60.75%, down 0.26 percentage points week - on - week but up 1.23 percentage points year - on - year. Major refineries will see a seasonal rise, while local refineries will decline seasonally before the Spring Festival [26] Profit - As of January 23rd, the comprehensive refining profit of China's major refineries was 761.48 yuan/ton, down 0.86 yuan/ton. The comprehensive refining profit of local refineries was 254.37 yuan/ton, down 24.89 yuan/ton [31] Inventory - US EIA crude oil inventory for the week ending January 16th was 3.602 million barrels, higher than expected. EIA strategic petroleum reserve inventory was 0.806 million barrels. Due to refinery maintenance, inventory may increase [36] - US Cushing crude oil inventory was 1.478 million barrels for the week ending January 16th, up from the previous week. EIA gasoline inventory was 256.99 million barrels, up 5.977 million barrels [41] Crack Spread - As of January 21st, the crack spread of Louisiana Light Sweet crude oil in the US Gulf was $25.37/barrel, up week - on - week, supported by lower refinery utilization rates and downstream demand recovery [42] Market Outlook and Judgment - Similar to the core view, the market lacks continuous drivers, and geopolitics will dominate short - term oil prices. Supply is tightening in the short - term but the long - term surplus remains. Geopolitical risks remain, and market volatility may increase [46]

Core Viewpoint - Denmark's decision to sell off $100 million in U.S. Treasury bonds signals a significant shift in investment strategy due to concerns over the U.S. fiscal situation and rising debt risks, amidst geopolitical tensions surrounding Greenland [1][3]. Group 1: Denmark's Actions - A Danish pension fund managing approximately $25 billion announced it will completely liquidate its holdings of about $100 million in U.S. Treasury bonds by the end of the month, citing the deteriorating U.S. fiscal condition as the primary reason [1]. - The fund's Chief Investment Officer, Anders Schelde, indicated that the ongoing geopolitical tensions regarding Greenland made the decision more acceptable within the fund [3]. Group 2: U.S. Fiscal Situation - The U.S. budget deficit reached $1.78 trillion last year, and despite high tariff policies, fiscal pressures remain unresolved, leading to a reevaluation of U.S. Treasuries as a risk-free asset [3]. - The pension fund's actions reflect a broader sentiment that U.S. debt is no longer viewed as a safe investment, highlighting a shift in financial judgment [3]. Group 3: Geopolitical Tensions - The Greenland dispute has become a catalyst for these financial decisions, with former President Trump expressing interest in Greenland and hinting at using tariffs or military means to pressure Denmark [3]. - European nations, including Denmark, France, and Germany, have publicly stated that sovereignty issues are non-negotiable, with the EU Commission President emphasizing the need to respect existing international agreements [3]. Group 4: U.S. Response and Market Reaction - In response to the financial market's pressure, Trump retracted threats of using force against Denmark and suggested that a long-term agreement framework regarding Greenland and Arctic affairs is being discussed [5]. - The U.S. stock market reacted positively to Trump's statements, with the S&P 500 index experiencing its largest single-day gain in two months, indicating a market belief in a return to negotiation [5]. Group 5: Ongoing Negotiations and Challenges - Reports indicate that a proposed framework agreement involves Denmark ceding a small portion of land in Greenland for a U.S. military base in exchange for the lifting of tariff threats, resembling the UK's overseas base model in Cyprus [5]. - Local political figures in Greenland have expressed dissatisfaction over their exclusion from negotiations, highlighting ongoing trust issues between the U.S. and Europe despite potential technical compromises [6].

Core Viewpoint - Since the beginning of the year, international gold prices have been continuously rising, leading to record high gold prices in RMB terms, driven by both long-term favorable factors and geopolitical events [1]. Group 1: Gold Price Trends - On January 23, several gold retailers reported that the price of pure gold jewelry exceeded 1500 RMB per gram, with some brands reaching 1548 RMB per gram, an increase of over 50 RMB from the previous day [1]. - In January, the London spot gold price rose from around 4300 USD per ounce to over 4960 USD per ounce on January 23, marking a nearly 15% increase within the month [1]. - The Shanghai Gold Exchange's spot gold price and the main contract of gold futures on the Shanghai Futures Exchange both surpassed 1110 RMB per gram on January 23, setting new records [1]. Group 2: Factors Influencing Gold Prices - The recent rise in domestic and international gold prices is supported by long-term favorable factors such as central bank gold purchases and strong investment demand [1]. - Geopolitical factors have also contributed to increased safe-haven investments, further driving up gold prices [1].

Core Viewpoint - Europe is determined to retaliate against the U.S. after the announcement of new tariffs, marking a significant shift from previous restraint to a more aggressive stance in the transatlantic relationship [1] Group 1: Economic Measures - The U.S. has implemented a new tariff policy with rates ranging from 10% to 25%, targeting EU countries that did not concede on the Greenland issue [1] - The EU plans to activate a retaliatory tariff plan against approximately €93 billion (about 753 billion RMB) worth of U.S. goods [1] - The EU is considering the use of an unprecedented legal mechanism to counter U.S. economic pressure, which may restrict access for U.S. companies, particularly large tech firms, to the EU market [1] Group 2: Geopolitical Implications - Greenland's strategic value extends beyond geography, as it is rich in resources like oil, rare earths, and minerals, which are crucial for global supply chains and future green transitions [4] - The island's location is vital for international logistics and trade, controlling key maritime routes between the North Atlantic and the Arctic [6] - U.S. strategic interests in Greenland include intelligence monitoring and military deployment, making it a core asset in the global power balance [8] Group 3: Trade Dynamics - The ongoing negotiations reflect a complex interdependence, with the EU holding a €93 billion retaliatory tariff list and the U.S. imposing a 25% punitive tax rate [9] - By 2025, EU exports to the U.S. are projected to reach $501 billion, accounting for 18% of total EU exports, while U.S. exports to the EU are expected to be $406 billion, making up 15% [9] - The competition is not only about trade but also extends to digital economy, energy security, and global rule-making, with the outcome depending on which side can adapt to the pressures of systemic change [9]

Core Viewpoint - Since the beginning of the year, international gold prices have been continuously rising, leading to record high gold prices in RMB terms, with significant increases observed in both retail and market prices [1] Group 1: Gold Price Trends - On January 23, multiple gold retailers reported that the price of 24K gold jewelry exceeded 1500 RMB per gram, with some brands reaching 1548 RMB per gram, marking an increase of over 50 RMB from the previous day [1] - In January, the London spot gold price surged from around 4300 USD per ounce to over 4960 USD per ounce on January 23, reflecting a nearly 15% increase within the month [1] - The Shanghai Gold Exchange's spot gold price and the main contract of gold futures on the Shanghai Futures Exchange both surpassed 1110 RMB per gram on January 23, setting new records [1] Group 2: Factors Influencing Gold Prices - The recent rise in domestic and international gold prices is supported by long-term favorable factors, such as central bank gold purchases and strong investment demand [1] - Geopolitical factors have also contributed to an influx of safe-haven funds, further driving up gold prices [1]

Group 1 - Domestic futures market saw significant gains on January 23, with platinum rising over 8%, silver over 7%, synthetic rubber over 6%, and ethylene glycol, lithium carbonate, and tin over 4% [7][8] - In contrast, crude oil and European shipping indices fell by more than 1% [7][8] Group 2 - Overnight market in London saw spot gold surge past $4900 per ounce, reaching a new high, while COMEX silver futures rose by 4.05% and SHFE gold increased by 1.53% [5][9] - Geopolitical tensions have escalated, with the U.S. declaring intentions for "full entry" into Greenland and threatening Europe with repercussions if they sell off U.S. debt assets [5][9] - Analysts suggest that the uncertainty from military threats and asset constraints may lead to a short-term bullish trend for precious metals [5][9]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The current oil price performance is still disorderly. Against the backdrop of geopolitical easing, the oil price has returned to a downturn. However, the US natural gas price has been relatively strong recently due to concerns about the impact of the cold wave on the supply side and a marginal increase in heating demand, resulting in a divergence in the performance of oil and gas prices [1]. - The absolute prices of FU and LU may still mainly fluctuate following the oil price, with the volatility of FU significantly higher than that of other oil products. Attention should be paid to further disturbances caused by geopolitical situations [2]. - The asphalt market will be in a game between "weak demand reality" and "strong cost expectation" in the short term. Attention should be paid to further disturbances caused by geopolitical situations [2]. - The supply - demand expectation of polyester has improved, but the cost pressure brought by the continuous rise of raw materials to the downstream and the terminal is relatively large, and the downstream's carrying capacity is limited. The volatility of the market has increased. Attention should be paid to the price increase range of the downstream and the changes in TA processing plants [3]. - The rubber price is expected to fluctuate widely in the short term [3]. - Methanol is expected to maintain a bottom - range oscillation, and the market will focus on the changes in key MTO plants in East China [5]. - Polyolefins will continue to oscillate at the bottom [7]. - PVC is expected to maintain a bottom - range oscillation [7]. 3. Summary According to Relevant Catalogs 3.1 Research Viewpoints - **Crude Oil**: On Thursday, the oil price declined. The WTI March contract closed down $1.26 to $59.36 per barrel, a decrease of 2.08%. The Brent March contract closed down $1.18 to $64.06 per barrel, a decrease of 1.81%. SC2603 closed at 436.6 yuan per barrel, down 9.7 yuan per barrel, a decrease of 2.17%. As of the week ending January 16, crude oil inventories increased by 3.6 million barrels, far exceeding analysts' forecasts. Gasoline inventories reached the highest level since 2021, and exports decreased by more than 500,000 barrels per day. A drone attack on a Russian port occurred. The oil price shows an oscillatory trend [1]. - **Fuel Oil**: On Thursday, the main fuel oil futures contracts on the Shanghai Futures Exchange closed higher. As of the week ending January 19, Singapore's on - land fuel oil inventories decreased, while Fujairah's inventories increased. The low - sulfur supply is generally sufficient, and the demand has some support recently. The high - sulfur market structure has strengthened slightly, but the inflow of Venezuelan resources may have a negative impact. The prices of FU and LU may follow the oil price, with high volatility of FU. It is in an oscillatory state [1][2]. - **Asphalt**: On Thursday, the main asphalt futures contract on the Shanghai Futures Exchange closed up 0.45% at 3,157 yuan per ton. This week, the shipment volume of domestic asphalt enterprises increased, the capacity utilization rate of modified asphalt enterprises decreased slightly, and the consumption of modified asphalt decreased. The market's concerns about raw materials have eased slightly, and the price is affected by the Iranian situation. It will be in a game between weak demand and strong cost, showing an oscillatory trend [2]. - **Polyester**: TA605 and EG2605 closed higher on Thursday. The production and sales of polyester yarn in Jiangsu and Zhejiang were fair. Some production facilities in Saudi Arabia and the United States were shut down for maintenance, increasing the expectation of reduced imports in the far - month. The supply - demand expectation has improved, but the cost pressure on the downstream is high. It is in an oscillatory state [2][3]. - **Rubber**: On Thursday, rubber futures prices closed higher. In December 2025, China's rubber tire production increased year - on - year, while synthetic rubber production decreased. The price of butadiene rubber increased, driving the rise of rubber prices. The peak production season overseas is coming to an end, tire companies are restocking, and inventories are accumulating seasonally. It is in a wide - range oscillation [3][5]. - **Methanol**: On Thursday, the spot price in Taicang was 2,238 yuan per ton. The domestic supply is at a high - level oscillation, and the Iranian supply remains low. The MTO operating load has weakened. The arrival volume in January has declined significantly, but the port still has pressure to reduce inventory. It is expected to oscillate at the bottom [5]. - **Polyolefins**: On Thursday, the prices of polyolefins in East China were in a certain range. In January, some upstream plants had temporary shutdowns, and the supply decreased slightly. The demand recovered in the first half of the month and will weaken in the second half as the Spring Festival approaches. Inventories are expected to rise, showing an oscillatory trend at the bottom [5][7]. - **Polyvinyl Chloride (PVC)**: On Thursday, the PVC market prices in East China, North China, and South China increased. The supply remains at a high - level oscillation, and domestic demand has slowed down. The 05 contract is at a large premium. Exports will no longer be tax - refunded after April 1, which will increase the upward pressure on far - month contracts. It is expected to oscillate at the bottom [7]. 3.2 Daily Data Monitoring - The table shows the basis data of various energy and chemical products on January 23, 2026, including spot prices, futures prices, basis, basis rates, and their changes compared with the previous day, as well as the quantile of the latest basis rate in historical data [8]. 3.3 Market News - The US President Trump eased threats to Greenland and Iran, and there may be positive progress in resolving the Russia - Ukraine war. The leaders of the US, Russia, and Ukraine will hold a tri - party meeting, boosting the prospect of a breakthrough in the cease - fire [11]. - The US Energy Information Administration reported that as of the week ending January 16, crude oil inventories increased by 3.6 million barrels, far exceeding analysts' forecasts. Gasoline inventories reached the highest level since 2021, and exports decreased by more than 500,000 barrels per day [11]. 3.4 Chart Analysis 3.4.1 Main Contract Prices - There are 19 figures showing the closing prices of main contracts of various energy and chemical products from 2022 to 2026, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, LPG, PTA, ethylene glycol, short - fiber, LLDPE, polypropylene, PVC, methanol, styrene, 20 - number rubber, natural rubber, synthetic rubber, European line container shipping, p - xylene, and bottle chips [13][15][17][19][21][23][25][27][29]. 3.4.2 Main Contract Basis - There are 12 figures showing the basis of main contracts of various energy and chemical products from 2022 to 2026, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, ethylene glycol, PP, LLDPE, natural rubber, 20 - number rubber, p - xylene, synthetic rubber, and bottle chips [30][35][36][37][41][42]. 3.4.3 Inter - period Contract Spreads - There are 14 figures showing the spreads of inter - period contracts of various energy and chemical products, including fuel oil, asphalt, European line container shipping index, PTA, ethylene glycol, PP, LLDPE, and natural rubber [44][46][49][52][54][56][58]. 3.4.4 Inter - variety Spreads - There are 8 figures showing the spreads of inter - variety contracts of various energy and chemical products, including crude oil internal - external spreads, crude oil B - W spreads, fuel oil high - low sulfur spreads, fuel oil/asphalt ratio, BU/SC ratio, ethylene glycol - PTA spread, PP - LLDPE spread, and natural rubber - 20 - number rubber spread [60][62][65][66]. 3.4.5 Production Profits - There are 4 figures showing the production profits and processing fees of various energy and chemical products, including LLDPE production profit, PP production profit, PTA processing fee, and ethylene - based ethylene glycol cash flow [68][70]. 3.5 Team Member Introduction - **Zhong Meiyan**: Deputy Director of Everbright Futures Research Institute, with a master's degree from Shanghai University of Finance and Economics. She has won many awards and has more than ten years of experience in the futures derivatives market. Her qualification number is F3045334 (futures trading) and Z0002410 (futures trading consultation) [73]. - **Du Bingqin**: Director of the Energy and Chemical Research Department of Everbright Futures Research Institute, with a master's degree in applied economics from the University of Wisconsin - Madison, USA. She has won many awards and has in - depth research on the energy industry. Her qualification number is F3043760 (futures trading) and Z0015786 (futures trading consultation) [74]. - **Di Yilin**: Analyst of natural rubber and polyester at Everbright Futures Research Institute, with a master's degree in finance. She has won many awards and is mainly engaged in the research of related futures varieties. Her qualification number is F03107645 (futures trading) and Z0021445 (futures trading consultation) [75]. - **Peng Haibo**: Analyst of methanol, propylene, pure benzene, PE, PP, and PVC at Everbright Futures Research Institute, with an engineering master's degree and an intermediate economist title. He has relevant work experience and passed the CFA Level III exam. His qualification number is F03125423 (futures trading) and Z0022920 (futures trading consultation) [76].