Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - The report presents the latest price, production and sales, inventory and profit data of glass and soda ash, and shows the relevant historical data trends through charts, but does not clearly put forward the core viewpoints [1][2][3][4]. 3. Summary by Category Glass - **Price**: From November 26 to December 3, 2025, the price of 5mm glass in some regions changed slightly. For example, the price of 5mm large - plate glass of Shahe Safety increased from 1044.0 to 1061.0, while that of Shahe Great Wall decreased from 1044.0 to 1036.0. The FG05 contract price decreased from 1169.0 to 1125.0, and the FG01 contract price decreased from 1037.0 to 1020.0 [1]. - **Production and Sales**: On December 3, 2025, the production - sales ratio of glass in Shahe was 109, in Hubei was 99, in East China was 98, and in South China was 131 [2]. - **Profit**: The profit of North China's coal - fired glass increased from 105.7 to 113.3, while the profit of South China's natural gas glass remained at - 188.1. The profit of North China's natural gas glass increased from - 306.6 to - 304.5. The profit of 05FG and 01FG on the natural gas futures market decreased [1]. Soda Ash - **Price**: From November 26 to December 3, 2025, the price of heavy soda ash in some regions changed. For example, the price of Shahe heavy soda ash decreased from 1160.0 to 1130.0. The SA05 contract price decreased from 1244.0 to 1233.0, and the SA01 contract price decreased from 1183.0 to 1165.0 [1]. - **Industry Situation**: The inventory of the mid - upstream of the soda ash industry continued to decline, and the second - phase project of Yuanxing was put into production. The spot price of heavy soda ash in Hebei delivery warehouses was about 1120, and the price delivered to Shahe was about 1130 [1]. - **Profit**: The profit of North China's ammonia - soda process first increased and then decreased, while the profit of North China's combined - soda process increased [1].

中 信 期 货 国 际 化 研 究 | 中 信 期 货 研 究 所 International 2024-10-09 中信期货国际化研究 | CITIC Futures International Research 2025/12/04 China Futures Daily Note 中国期货每日简报 桂晨曦 Gui Chenxi 从业资格号 Qualification No：F3023159 投资咨询号 Consulting No.：Z0013632 CITIC Futures International Service Platform：https://internationalservice.citicsf.com 摘要 Abstract Macro News: China-Russia Strategic Security Consultation was held. Investment consulting business qualification：CSRC License [2012] No. 669 投资咨询业务资格：证监许可【2012】669 号 Futures Prices: On ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|农业策略⽇报 2025-12-4 停产消息刺激纸浆上涨，但维持宽幅震 荡格局 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。中信期货不会因为关注、收到或阅读本报告内 容而视相关人员为客户；市场有风险，投资需谨慎。如本报告涉及行业分析或上市公司相关内容，旨在对期货市场及其相关性进行比较论证，列举解释期货品种 相关特性及潜在风险，不涉及对其行业或上市公司的相关推荐，不构成对任何主体进行或不进行某项行为的建议或意见，不得将本报告的任何内容据以作为中信 期货所作的承诺或声明。在任何情况下，任何主体依据本报告所进行的任何作为或不作为，中信期货不承担任何责任。 油脂：关注上方技术阻力有效性 蛋白粕：美豆震荡，豆菜粕价差如期扩大 玉米/淀粉：盘内冲高，玉米维持偏紧格局 生猪：供需宽松，猪价偏弱运行 天然橡胶：回归窄幅震荡走势 合成橡胶：消息面情绪提振幅度有限 棉花：近月合约下方支撑较强，上方空间受套保限制 白糖：糖价承压，小幅下跌 纸浆：停产消息刺激盘面继续上涨，但维持宽幅震荡格局 双胶纸：现货维稳，盘面跟随 ...

周三（12月3日）纽约尾盘，现货黄金大致持平，报4207.07美元/盎司，日内呈现出M形走势，交投于 4241.50-4194.65美元区间。 纽约证交所ARCA金矿开采商指数收跌0.47%，报2278.38点，美股开盘之前微幅上涨，随后快速走高至 2321.09点——短时呈现出M形走势。 现货白银大致持平，报58.4880美元/盎司，日内交投于58.9789-57.5578美元区间。 COMEX黄金期货涨0.44%，报4239.30美元/盎司，交投于4273.30-4225.10美元区间。 费城金银指数收跌0.35%，报318.01点。 COMEX白银期货涨0.49%，报58.990美元/盎司，日内交投于58.210-59.655美元区间。 COMEX铜期货涨2.87%，报5.3935美元/磅，全天处于上涨状态，北京时间00：00过后高位持稳。 现货铂金涨1.98%，现货钯金跌0.40%。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：丁文武 周三（12月3日）纽约尾盘，现货黄金大致持平，报4207.07美元/盎司，日内呈现出M形走势，交投于 4241.50-4194.65美元区间。 COMEX黄金期货 ...

沪铜期货主力合约站上9万元/吨大关，现涨1.4%，创历史新高。 沪铜期货主力合约站上9万元/吨大关，现涨1.4%，创历史新高。 ...

多晶硅、碳酸锂、工业硅日报 （一）多晶硅 市场走势：今日多晶硅期货偏强运行，主力 2601 合约较上一交 易日收盘价下跌 1.98%，报 57430 元/吨。 核心逻辑：11 月底多晶硅仓单集中注销后，仓单量大幅减少。 当前主要交易逻辑集中在市场上符合要求的可交割资源偏紧，资金面 扰动较大。从过去交易所介入后对行情的影响来看，本次交易所限仓 提保对盘面的影响相对较小，今日延续偏强运行。若交割规则问题不 解决，叠加新仓单数量不多的格局延续，谨慎防范 2601 合约复刻 2512 合约 11 月底的走势。基本面来看，多晶硅现货价格持稳，延续累库 格局，全产业链需求整体疲弱，下游硅片及电池片价格均有一定程度 下调。 技术面分析：今日多晶硅期货整体持仓量小幅增加，仍是多头控 盘。日内 9：05 有"首 K 突破法"叠加成交量大放量的上行介入机会， 给到了 1：2 盈亏比。目前多晶硅主力 2601 合约 5 分钟级别周期为红 线红带红阶梯，隔夜 2 小时级别周期仍是红色阶梯线偏强，仍在震荡 区间上沿，关注是否能突破震荡区间，多空分水位 55235 元/吨。 策略建议：本次交易所限仓提保对多晶硅盘面影响较小，仍维持 偏强 ...

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Report's Core View - PTA market is expected to follow the cost - side fluctuations in the short term, with supply reduction and potential restarts of previously - shut - down capacity, and downstream polyester开工 to seasonally weaken [3] - The ethylene glycol market is expected to oscillate at low levels under the expectation of reduced supply and demand, with continuous inventory accumulation in recent weeks [4] 3. Summary by Related Catalogs PTA - **Market Performance**: On December 03, the PTA main futures contract TA2601 dropped 0.46%, and the basis strengthened to - 29 yuan/ton [2] - **Fundamentals**: The market price in East China was 4705 yuan/ton, down 15 yuan/ton from the previous day. The crude oil price in the cost side dropped, and the OPEC+ meeting maintained the decision to suspend production increase in Q1 2026. The PTA capacity utilization rate was 73.81%, and the weekly PTA factory inventory days were 3.78 days, a decrease of 0.03 days from the previous week [3] - **Main Force Movements**: The long - position main force reduced positions [3] - **Expectations**: There has been significant reduction in PTA supply recently, with previously - shut - down capacity gradually restarting. There is a phased de - stocking. The cancellation of export restrictions by India's BIS boosts exports. The downstream polyester开工 is expected to seasonally decline. Attention should be paid to plant restarts under the repair of processing fees [3] MEG (Ethylene Glycol) - **Market Performance**: On December 03, the ethylene glycol main futures contract eg2601 dropped 1.55%, and the basis strengthened to 1 yuan/ton [4] - **Fundamentals**: The market price in East China was 3829 yuan/ton, down 47 yuan/ton from the previous day. The crude oil price in the cost side dropped, and the production profit of coal - based ethylene glycol remained in the red. The weekly inventory at East China's MEG ports totaled 70.8 tons, an increase of 7.5 tons from the previous week [4] - **Main Force Movements**: The short - position main force increased positions [4] - **Expectations**: Ethylene glycol has been continuously accumulating inventory in recent weeks, and the expectation has not changed. Some domestic plants plan to reduce production or conduct maintenance, alleviating the supply - side pressure. A 3.3 - million - ton Iranian plant has recently shut down, with an undetermined restart time. The downstream polyester开工 remains stable but has entered the off - season [4]

Report Industry Investment Ratings - Propylene: Not clearly rated - Plastic: ☆☆☆ (White stars, indicating short - term balance and poor operability) [1] - Pure Benzene: ☆☆☆ [1] - Styrene: なな☆ - PX: ☆☆☆ [1] - PTA: 女女女 - Ethylene Glycol: 女女女 - Short - fiber: ☆☆☆ [1] - Methanol: ☆☆☆ [1] - Urea: ななな - PVC: ☆☆☆ [1] - Caustic Soda: ななな - Soda Ash: ☆☆☆ [1] - Glass: ☆☆☆ [1] Core Viewpoints - The chemical market shows a complex situation with different products having their own supply - demand relationships and price trends. Some products are in a state of supply - demand balance, while others face supply or demand pressures. Overall, the market is affected by factors such as production capacity, inventory, and downstream demand [2][3][5] Summary According to Related Catalogs Olefins - Polyolefins - Propylene futures fluctuate widely, with good downstream demand and rising offers. Plastic and polypropylene futures oscillate. Polyethylene has limited market drivers and a weakening cost - support. Polypropylene may see a slight increase in production as some maintenance devices restart [2] Pure Benzene - Styrene - Pure benzene futures are in a low - level oscillation, with a slight rebound in East China's spot and rising buying interest in Shandong. There is a downward pressure due to high arrival expectations and falling demand. Styrene futures rise, supported by an improved supply - demand structure [3] Polyester - PX and PTA fall as the impact of the blending market weakens. PX is expected to be strong in the medium - term, while PTA may continue with cost - driven logic. Ethylene glycol has a weak medium - term outlook but limited downward space. Short - fiber has a relatively good long - term supply - demand pattern, while bottle - grade PET has a weakening demand and over - capacity pressure [5] Coal Chemical Industry - Methanol futures oscillate and correct. The port inventory may remain high, and the market may continue to oscillate in a range. Urea futures rise, and production enterprises are destocking. However, the overall supply is still loose, and the downstream chasing sentiment may decline [6] Chlor - alkali - PVC shows an oscillating trend. Export may improve, but domestic demand is weak. Supply pressure may ease, and it is expected to operate in a low - level range. Caustic soda continues to decline due to high supply, low demand, and still - profitable conditions [7] Soda Ash - Glass - Soda ash falls. The industry is destocking, and the supply is expected to oscillate at a high level. The demand for heavy soda is shrinking. Glass futures are weak, with low demand and a need for further cold - repair to drive up prices [8]

Commodity Index - The article discusses the performance of various commodity indices, indicating a focus on market trends and price movements [1]. Stock Indices - The Shanghai Composite Index closed at 3878.00 points, down 19.71 points or 0.51% on December 3 [5]. - The Shenzhen Component Index closed at 12955.25 points, down 101.45 points or 0.78% on the same day [5]. - The CSI 300 Index closed at 4531.05 points, down 23.29 points or 0.51% [5]. - The ChiNext Index closed at 3036.79 points, down 34.36 points or 1.12% [5]. - The STAR Market 50 Index closed at 1308.37 points, down 11.79 points or 0.89% [5].

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The current situation of loose supply and demand in the cotton market continues. New cotton sales progress is significantly slow, market digestion rhythm is lower than expected, and port inventory remains high. Downstream demand has no obvious improvement, new orders of textile enterprises have decreased, and the overall market trading atmosphere is weak. The short - term rebound space of cotton prices is limited. Later, attention should be paid to the improvement of actual replenishment willingness and macro - dynamics [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price was 13,780 yuan/ton, down 20 yuan; cotton yarn main contract closing price was 19,925 yuan/ton, down 80 yuan. - Cotton futures top 20 net positions were - 128,839 hands, down 3,568 hands; cotton yarn futures top 20 net positions were - 447 hands, up 249 hands. - Cotton main contract positions were 522,168 hands, down 21,990 hands; cotton yarn main contract positions were 4,916 hands, down 1,081 hands. - Cotton warehouse receipts were 2,589 sheets, up 90 sheets; cotton yarn warehouse receipts were 13 sheets, down 1 sheet. - China Cotton Price Index (CCIndex:3128B) was 15,005 yuan/ton, up 25 yuan; China Yarn Price Index (pure cotton carded yarn 32 - count) was 20,770 yuan/ton, unchanged [2] 3.2现货市场 - China's imported cotton price index (FCIndexM:1% tariff) was 12,941 yuan/ton, down 15 yuan; the arrival price of imported cotton yarn price index (pure cotton carded yarn 32 - count) was 20,959 yuan/ton, down 25 yuan. - China's imported cotton price index (FCIndexM: sliding duty) was 13,937 yuan/ton, down 4 yuan; the arrival price of imported cotton yarn price index (pure cotton combed yarn 32 - count) was 22,214 yuan/ton, down 26 yuan [2] 3.3 Upstream Situation - The national cotton sowing area was 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output was 6.16 million tons, an increase of 0.54 million tons [2] 3.4 Industry Situation - The cotton - yarn price difference was 5,765 yuan/ton, down 25 yuan; the national industrial inventory of cotton was 785,000 tons, down 76,000 tons. - The monthly import volume of cotton was 90,000 tons, down 10,000 tons; the monthly import volume of cotton yarn was 140,000 tons, up 10,000 tons. - The profit of imported cotton was 1,043 yuan/ton, up 48 yuan; the national commercial inventory of cotton was 2.9306 million tons, up 1.9089 million tons [2] 3.5 Downstream Situation - The inventory days of yarn were 26.12 days, up 1.27 days; the inventory days of grey cloth were 31.97 days, up 0.85 days. - The monthly output of cloth was 2.62 billion meters, down 0.18 billion meters; the monthly output of yarn was 2.001 million tons, down 0.073 million tons. - The monthly export value of clothing and clothing accessories was 110,034,804,300 US dollars, down 14,497,665,700 US dollars; the monthly export value of textile yarns, fabrics and products was 112,584,189,200 US dollars, down 7,080,970,800 US dollars [2] 3.6 Option Market - The implied volatility of cotton at - the - money call options was 9.53%, up 1.51%; the implied volatility of cotton at - the - money put options was 9.53%, up 1.62%. - The 20 - day historical volatility of cotton was 5.96%, down 0.3%; the 60 - day historical volatility of cotton was 6.67%, down 0.64% [2] 3.7 Industry News - As of October 21, 2025, the non - commercial long positions of US cotton decreased by 1,181 hands to 72,047 hands; the non - commercial short positions decreased by 4,202 hands to 134,658 hands; the net short positions decreased by 3,021 hands to 62,611 hands. - ICE cotton futures stabilized on Tuesday, rebounding after the previous day's decline, supported by bargain - hunting. The ICE March cotton futures contract fell 0.06 cents, or 0.10%, to settle at 64.57 cents per pound [2] 3.8 View Summary - The new cotton delivery is coming to an end, the cost is fixed with the price of seed cotton, but the sales progress of new cotton is significantly slow, the market digestion rhythm is lower than expected, and the port inventory remains high. The downstream demand has no obvious improvement, the new orders of textile enterprises have decreased significantly, the shipment rhythm of cotton yarn has slowed down, and the overall market trading atmosphere is weak. The current situation of loose supply and demand continues, and the short - term rebound space of cotton prices is limited [2] 3.9 Prompt Attention - Today there is no news. Later, attention should be paid to the improvement of actual replenishment willingness and macro - dynamics [2]