1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The LPG market has shown significant fluctuations. The LPG futures price has increased, while the spot price has largely given back the gains of the previous two days. The market is affected by geopolitical factors, and the impact of the supply interruption in the Middle East may gradually emerge in late March or April. The domestic basis is weak, the import profit has dropped to a deep negative value, and the 4 - 5 month spread may remain strong in the short term under the sign of rising geopolitical tensions [1] 3. Summary by Relevant Catalogs 3.1 Daily Data - **Prices**: From March 5 - 11, 2026, prices of LPG in South China, East China, and Shandong, as well as propane CFR South China, showed various changes. For example, on March 5, South China LPG was 5160, and on March 11, it was 6120. Propane CIF daily prices also fluctuated. The paper - import profit and the main basis also changed daily [1] - **Futures**: On March 11, the PG2604 contract closed at 5447 (+175) at 3 pm, with a 4 - 5 month spread of 159 (+7). The number of warehouse receipts was 3108 (-2268). At night, it closed at 5624 (+290), and the 4 - 5 month spread was 174 (+15) [1] - **Spot**: The spot price significantly gave back the gains of the previous two days. Shandong's civil LPG mainstream price was 5005 - 7000, down 500 - 1400, and the transaction was active after the price drop. The propane DES price at Longkou Port was 923 (-5). The East China market maintained stable prices, with the mainstream transaction price at 6100 - 6700 yuan/ton [1] 3.2 Weekly Data - **Market Trends**: The futures price rose significantly last week, mainly affected by geopolitical factors. The basis first decreased and then increased, with the latest at - 688 (-346). The 4 - 5 month spread was 127 (+60). The number of warehouse receipts was 4652 (-2027) [1] - **Related Indicators**: The FEI month spread was 57 US dollars (+32), and the oil - gas price ratio increased significantly. The PG - FEI c1 reached 97 (+2). The East China propane arrival premium was 208 (+101); the AFEI, US Gulf, and Middle East propane FOB premiums were 92 (+72), 159 (+81), and 0 (+0) respectively. The FEI - MOPJ spread was - 68 [1] - **Profit and Inventory**: The PDH spot profit increased significantly, and the paper profit first decreased and then increased. The port inventory ratio was 35.6% (+2.5pct). The production and sales rate of LPG sample enterprises was 103% (+3pct), the external supply was 56.2 tons (-1.87%). The PDH operating rate was 64.93% (+1.7pct) [1] 3.3 Market Outlook - In the second week after the holiday, downstream demand recovered slowly, and supply was not substantially affected. The fundamental pattern was weak. The impact of the supply interruption in the Middle East may gradually emerge in late March or April. The domestic basis is weak, and the PG import profit has dropped to a deep negative value. The 4 - 5 month spread is mainly affected by the development of the Middle East situation and may remain strong in the short term under the sign of rising geopolitical tensions [1]

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

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

Group 1: Report Industry Investment Rating - No information provided in the content Group 2: Report Core Views Polyolefin Industry - Market short - covering sentiment cooled, spot trading worsened. For PE, HD - LLDPE spread narrowed, with increased marginal supply of LLDPE and weakening downstream demand in the off - season. For PP, supply and demand were both weak, with more maintenance, expected destocking in January, and improved balance. Pay attention to the implementation of future maintenance [2]. Methanol Industry - Methanol futures opened lower and then fluctuated narrowly, with light spot trading. Inland prices are expected to fluctuate, while port prices are under pressure due to factors such as low MTO profits and potential device maintenance [5]. Pure Benzene and Styrene Industry - Pure benzene has a weak short - term supply - demand pattern but is supported by the strong performance of downstream styrene. Styrene has short - term supply shortages but may accumulate inventory around the Spring Festival [8]. Natural Rubber Industry - Supply: Domestic production is ending, and raw material prices are rising. Demand: Some semi - steel tire export orders are increasing, and inventory is accumulating. The price is expected to fluctuate in the range of 15,500 - 16,500 [9][10]. Glass and Soda Ash Industry - Soda ash futures are expected to fluctuate weakly in the short term, with high inventory and weak downstream demand. Glass futures are also expected to decline, with weakening supply and demand in the off - season [11]. Urea Industry - Urea supply is high, but short - term regional agricultural demand boosts market confidence. Prices are expected to be strong in the short term, and attention should be paid to downstream agricultural demand and plant restart schedules [12]. PVC and Caustic Soda Industry - Caustic soda prices are expected to be weak, with increased supply and lack of demand improvement. PVC fundamentals are under pressure, with high supply, low demand, and inventory accumulation [13]. LPG Industry - No specific view provided in the content Crude Oil Industry - Oil prices fell on Thursday. Geopolitical risks have eased, and the supply - demand outlook is weak. Attention should be paid to geopolitical conflicts in the Middle East [17]. Polyester Industry Chain - PX is expected to fluctuate at a high level before the Spring Festival and may be tight in the second quarter. PTA and MEG are expected to have weak supply - demand in January and February. Short - fiber and bottle - chip prices are mainly driven by raw materials [19]. Group 3: Summary by Related Catalogs Polyolefin Industry - **Price Changes**: L2605 and L2609 closed down, PP2605 slightly up, PP2609 down. Some spreads and basis had significant changes [2]. - **Inventory and开工率**: PE and PP enterprise and social inventories decreased, while PE device and downstream weighted开工率 decreased, and PP device开工率 slightly increased [2]. Methanol Industry - **Price Changes**: MA2605 and MA2609 closed down, with significant changes in some spreads and basis [5]. - **Inventory and开工率**: Methanol enterprise inventory increased slightly, while port and social inventories decreased. Upstream and downstream开工率 had different changes [5]. Pure Benzene and Styrene Industry - **Price Changes**: Many prices such as crude oil, pure benzene, and styrene decreased, with some spreads and basis changing [8]. - **开工率 and Inventory**: Some开工率 increased, while some decreased. Pure benzene port inventory reached a record high, and styrene port inventory decreased [8]. Natural Rubber Industry - **Price Changes**: Spot prices of natural rubber decreased, and some spreads changed significantly [9]. - **Production,开工率, and Inventory**: Production in some regions changed, tire开工率 increased, and inventory in China continued to accumulate [9]. Glass and Soda Ash Industry - **Price Changes**: Glass and soda ash prices were mostly stable, with some futures prices down [11]. - **Supply, Demand, and Inventory**: Soda ash production increased, demand was weak, and inventory was high. Glass supply and demand were weak, and inventory was still relatively high year - on - year [11]. Urea Industry - **Price Changes**: Futures prices fluctuated down, and spot prices were stable with a slight upward trend [12]. - **Supply and Demand**: Supply was high, industrial demand was stable, and agricultural demand in some regions increased [12]. - **Inventory**: Factory and port inventories decreased [12]. PVC and Caustic Soda Industry - **Price Changes**: Caustic soda and PVC prices decreased slightly, with some spreads and basis changing [13]. - **Supply, Demand, and Inventory**: Caustic soda supply increased, demand was weak, and inventory increased in some regions. PVC supply was stable, demand was low, and inventory accumulated [13]. LPG Industry - **Price Changes**: Some futures prices changed slightly, and spot prices were stable [15]. - **Inventory and开工率**: LPG refinery and port inventories decreased slightly, and some开工率 increased while some decreased [15]. Crude Oil Industry - **Price Changes**: Brent and WTI prices decreased, while SC increased slightly. Many refined oil product prices decreased [17]. - **Spread Changes**: Some spreads such as Brent - WTI changed [17]. Polyester Industry Chain - **Price Changes**: Upstream and downstream product prices in the polyester industry chain mostly decreased, with changes in some spreads and basis [19]. - **开工率 and Inventory**: Some开工率 increased slightly while some decreased. MEG port inventory increased, and the arrival forecast decreased [19].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Views - PX: Valuation is following the cost - end to回调, relatively neutral. Future supply is expected to be loose, and attention should be paid to the subsequent terminal restocking strength and the long PX - short PTA hedging position [5]. - PTA: The processing fee is at a high level, and attention should be paid to the position of narrowing the processing fee. The supply increase space is limited, and the actual implementation of polyester production cuts needs to be observed. The downside space for the unilateral price is limited [6]. - MEG: It shows a short - term strong rebound, and short positions should be closed. Attention should be paid to the spring maintenance execution of coal - chemical ethylene glycol plants, and long the 5 - 9 spread at low prices. The supply pressure is alleviated, and there is strong support at 3,600 yuan/ton [6]. 3. Summary by Related Catalogs Futures Market - PX, PTA, MEG, PF, and SC futures all declined in the previous trading day. The PX main contract closed at 7,130 with a decline of 1.82%, the PTA main contract closed at 5,048 with a decline of 1.33%, and the MEG main contract closed at 3,817 with a decline of 1.29% [2]. - Regarding the month - spread, the PX5 - 9 month - spread closed at 54, down 6 from the previous day; the PTA5 - 9 month - spread closed at 38, down 8; the MEG5 - 9 month - spread closed at - 111, up 1 [2]. Spot Market - The PX CFR China price was 881.33 dollars/ton, down 16 dollars from the previous day; the PTA East China price was 5,047 yuan/ton, down 25 yuan; the MEG spot price was 3,677 yuan/ton, down 41 yuan [2]. - The PX - naphtha spread was 339.75 dollars/ton, down 6.17 dollars; the PTA processing fee was 320.45 yuan/ton, down 52.31 yuan [2]. Fundamental Data - PX: The Chinese PX load is 89.4%. The naphtha price declined in the late session, and the PX price also dropped. The 2 - month MOPJ is currently estimated at 554 dollars/ton CFR [3]. - PTA: The Dushan 300 - million - ton plant is restarting and increasing load, while the 360 - million - ton new material plant has shut down. The PTA load is 76.9%, and the calculated PTA operating rate is around 82.9% [3]. - MEG: As of January 15, the overall operating load of ethylene glycol in the Chinese mainland is 74.43% (up 0.5% from the previous period), and the operating load of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) is 80.21% (up 1.58% from the previous period) [3]. - Polyester: As of Thursday, the domestic polyester load is around 89.9%. The sales of direct - spun polyester staple fibers are highly differentiated, with an average sales - to - production ratio of 76%. The sales of polyester yarns in Jiangsu and Zhejiang are weak, with an average sales - to - production ratio of about 40% [5]. Trend Intensity - The trend intensity of PX is - 1, indicating a weak downward trend; the trend intensity of PTA is - 1, also showing a weak downward trend; the trend intensity of MEG is 0, indicating a neutral trend [5].

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The domestic refined oil market is expected to continue its weak pattern next week, with both gasoline and diesel showing a supply - demand imbalance, and gasoline being relatively better due to stocking expectations [7] Summary by Directory Comprehensive Analysis Market Overview - Supply: The national refinery operating rate increased by 0.4 percentage points to 70.6% this week. The operating rate of major refineries increased, while that of Shandong local refineries decreased slightly. Major refineries increased gasoline production, with gasoline output rising and diesel output falling slightly. Local refinery output of both gasoline and diesel decreased, and the diesel - gasoline ratio rose to 1.49 [6][37][46] - Demand: The weekly average sales - to - production ratio of Shandong refineries for both gasoline and diesel declined, with gasoline at 97% and diesel at 95% [6] - Inventory: Commercial inventories of both gasoline and diesel increased. Gasoline inventory was 1095 tons, up 22 tons (+2.1%), and diesel inventory was 1254 tons, up 13 tons (+1.1%). Local refinery inventories increased, while social inventories decreased [6][77] Market Outlook - Supply: The operating rate of major refineries is expected to increase, while that of local refineries and their output are expected to continue to decline, but the decline will narrow. Overall domestic output is expected to decrease [7] - Demand: Demand will remain weak. Gasoline terminal demand will not improve, and diesel demand will continue to decline [7] - Inventory: Shandong independent refinery gasoline inventory will face upward pressure, and diesel inventory is also expected to increase [7] Core Logic Analysis and Data Tracking Price - Gasoline and diesel market prices have declined. For example, the gasoline market price on January 8, 2026, was 7253 yuan/ton, down 72 yuan/week and 1159 yuan/year. The diesel market price was 5992 yuan/ton, down 184 yuan/week and 1004 yuan/year [13] Profit - Major refinery refining profit was 677.46 yuan/ton, up 1.85% week - on - week. The weekly average profit of Shandong independent refineries processing imported crude oil was 368.79 yuan/ton, up 0.13% week - on - week and 71.18% year - on - year [19] Supply - Operating Rate: The national refinery operating rate increased to 70.6%. Major refinery operating rates increased, while independent and Shandong local refinery operating rates decreased [36][37] - Maintenance Plan: As of January 9, 2026, the total maintenance capacity was 57 million tons/year, and Shenchi Chemical started full - plant maintenance [42] - Output: Major refineries increased gasoline production, while local refineries' output of both gasoline and diesel decreased. The diesel - gasoline ratio increased [44][46] Sales - The weekly average sales - to - production ratio of Shandong refineries for both gasoline and diesel declined. The market sentiment was negative, and the increase in sales - to - production ratio was limited [50][54] Demand - Gasoline: The consumption index is mainly used for reference. The demand is affected by factors such as urban congestion index, flight schedules, and service industry PMI [59][60] - Diesel: The demand is related to manufacturing PMI, cement and asphalt shipments, steel consumption, and express delivery volume [70][71] Inventory - Commercial inventories of gasoline and diesel increased. Local refinery inventories increased, and social inventories decreased. Next week, Shandong independent refinery gasoline and diesel inventories are expected to increase [73][77]

Group 1: Report Industry Investment Rating - No relevant information found Group 2: Core Viewpoints of the Report - Gasoline crack spreads are declining, but PX prices are strong, supporting the PX - naphtha spread. Despite no significant fundamental changes, PTA units maintain high - load operation, and PX consumption remains stable. Korean manufacturers plan to cut STDP operation and shut down relevant units in the second half of December due to the widened PX - mixed xylene spread. PX costs are high while PTA profits are under pressure, but integrated enterprises' economic benefits improve. New polyester installations keep the polyester load high, increasing PTA consumption and market inventory intention, and strengthening the basis. Although domestic demand is seasonally weak, polyester factories have low inventories and low willingness to cut production, and the cancellation of India's BIS certification may drive export growth [2] Group 3: Summary by Related Catalogs Price and Market Conditions - PTA spot price increased from 5015 to 5050, MEG inner - market price rose from 3573 to 3653, and PTA closing price went up from 5094 to 5152. The price of 1.4D direct - spun polyester staple fiber increased from 6550 to 6575. Polyester bottle - chip prices in the Jiangsu and Zhejiang markets rose, with the average price up 30 yuan/ton. Cotton 328 price increased from 14910 to 15000 [2] Market Transaction - In the short - fiber market, downstream purchasing is cautious, and the market is mainly bought by futures - spot traders with scarce transactions. In the bottle - chip market, the trading atmosphere is cautious, and downstream terminals are on the sidelines [2] Industry Operation Indicators - The direct - spun short - fiber load increased from 88.37% to 89.32%, and the polyester short - fiber production and sales rate decreased from 80.00% to 56.00%. The polyester yarn startup rate and the recycled cotton - type load index remained unchanged [2][3] Profit and Cost - The polyester short - fiber cash flow increased from 240 to 246, the bottle - chip spot processing fee decreased from 527 to 469, the T32S pure - polyester yarn processing fee decreased from 3800 to 3775, and the polyester - cotton yarn profit decreased from 1321 to 1271. The cash flow of 6 - 15D hollow short - fiber decreased from 465 to 408 [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This week, the national refinery operating rate increased slightly, with the main refineries' operating rate rising and the independent refineries' operating rate falling. Gasoline production decreased, while diesel production showed a mixed trend. The diesel - to - gasoline ratio increased. Market sentiment was cautious, with low purchasing enthusiasm for gasoline and improved sales of diesel due to low - price support. Both gasoline and diesel commercial inventories increased. Next week, overall production is expected to decline slightly, demand will be weak, and there will be a supply - demand imbalance, with possible price differentiation and increased inventory pressure [6][7]. 3. Summary by Directory 3.1 Comprehensive Analysis 3.1.1 Market Overview - Supply: The national refinery operating rate was 70.8% this week, up 0.2% from the previous week. Main refineries' operating rate increased slightly as Guangzhou Petrochemical's atmospheric and vacuum distillation unit resumed operation after maintenance. Independent refineries' operating rate decreased slightly due to the new coking unit maintenance at Jiangsu Xinhai Petrochemical. Gasoline production from both main and independent refineries decreased, while diesel production from main refineries increased and that from independent refineries decreased. The diesel - to - gasoline ratio rose by 0.02 to 1.48 [6]. - Demand: Market sentiment was cautious. The purchasing enthusiasm of downstream gasoline vehicle orders was low, while diesel orders from ships and vehicles increased due to low - price support, and the sales - to - production ratio increased. Neither gasoline nor diesel achieved a sales - production balance [6]. - Inventory: Commercial inventories of both gasoline and diesel increased. Gasoline inventory was 10.74 million tons, up 280,000 tons (+2.7%) from the previous week; diesel inventory was 12.39 million tons, up 250,000 tons (+1.8%). Independent refinery inventories increased due to high - level operation after the issuance of crude oil quotas and low market purchasing enthusiasm. Social gasoline inventory increased as some resources were stored, while diesel inventory decreased as some areas still faced a shortage of main refinery resources [6]. 3.1.2 Future Outlook - Supply: Next week, the operating rate of main refineries is expected to remain stable, while independent refineries may reduce their load slightly due to increased sales pressure. Overall, gasoline and diesel production is expected to decline slightly [7]. - Demand: Demand will be weak. The inventory - building sentiment in the gasoline market will cool down, but prices will be relatively stable due to cost support. Diesel demand will continue to weaken due to the significant cooling and snowfall in the north, and the market's bearish expectation will increase. Price promotions will have limited impact on sales [7]. - Inventory: Shandong independent refineries' gasoline inventory may increase slightly as some ship orders are concentrated for delivery, but terminal vehicle orders are weak. Diesel inventory pressure will increase as production is expected to increase while demand decreases seasonally [7]. 3.2 Core Logic Analysis and Data Tracking 3.2.1 Price - Gasoline market price: On December 11, 2025, the national average gasoline price was 7,381 yuan/ton, down 1 yuan from the previous day, up 39 yuan from the previous week, up 39 yuan from the previous month, and down 631 yuan from the previous year. Prices in different regions showed different trends [14]. - Diesel market price: On December 11, 2025, the national average diesel price was 6,416 yuan/ton, down 3 yuan from the previous day, down 100 yuan from the previous week, down 164 yuan from the previous month, and down 649 yuan from the previous year. Prices in different regions also showed different trends [14]. 3.2.2 Profit - Main refineries' refining profit: This cycle, the main refineries' refining profit was 645.47 yuan/ton, up 8.82% from the previous week. The calculated crude oil cost was 3,580 yuan/ton, down 26 yuan from the previous week. The average price of main refined products decreased by 0.2%, but the cost decrease was greater, resulting in a profit increase [19]. - Shandong independent refineries' refining profit: In the week of December 11, 2025, the average comprehensive profit of Shandong independent refineries processing imported crude oil was 442.61 yuan/ton, down 2.66% from the previous week and up 0.84% from the previous year. The average crude oil cost was 2,997 yuan/ton, down 29 yuan, and the comprehensive income was 4,982 yuan/ton, down 40 yuan. The cost decrease was less than the income decrease, so the refining profit decreased [19]. 3.2.3 Supply - Operating rate: This week, the national refinery operating rate was 70.8%, up 0.2% from the previous week. The main refineries' operating rate increased by 0.5 percentage points to 75.1%, and the independent refineries' operating rate decreased by 0.3 percentage points to 64.3%. Shandong independent refineries' average weekly operating rate was 55.9%, down 0.2 percentage points from the previous week [35]. - Maintenance plan: As of December 12, 2025, the total maintenance capacity was 72.4 million tons/year. Guangzhou Petrochemical's maintenance was expected to end, and Jiangsu Xinhai Petrochemical had a new coking unit under maintenance [39]. - Production: This week, gasoline production from both main and independent refineries decreased, while diesel production from main refineries increased and that from independent refineries decreased. The diesel - to - gasoline ratio increased by 0.02 to 1.48. Main refineries produced 1.92 million tons of gasoline, down 20,000 tons (-1.1%) from the previous week, and 2.18 million tons of diesel, up 10,000 tons (+0.3%). Shandong independent refineries' gasoline and diesel production both decreased, with gasoline production at 480,000 tons, down 2.4%, and diesel production at 1.06 million tons, up 0.3% [41][45]. 3.2.4 Sales - This week, the average weekly sales - to - production ratio of Shandong refineries for both gasoline and diesel increased but did not reach the sales - production balance. The gasoline sales - to - production ratio increased by 2 percentage points to 98%, and the diesel sales - to - production ratio increased slightly to 95%. Market sentiment was cautious, with low purchasing enthusiasm for gasoline from downstream vehicle orders, while diesel orders from ships and vehicles increased due to low - price support, and the sales - to - production ratio increased [53]. 3.2.5 Demand - Gasoline demand: The gasoline consumption index, congestion index in 15 Chinese cities, flight scheduling volume, and service industry PMI are used to measure gasoline demand, but specific analysis is not provided in the report [63][64][65][67]. - Diesel demand: The diesel consumption index, manufacturing PMI, cement and asphalt出库量, steel consumption, and express delivery volume are used to measure diesel demand, but specific analysis is not provided in the report [74]. 3.2.6 Inventory - This week, commercial inventories of both gasoline and diesel increased. Gasoline inventory was 10.74 million tons, up 280,000 tons (+2.7%) from the previous week; diesel inventory was 12.39 million tons, up 250,000 tons (+1.8%). Independent refinery inventories increased due to high - level operation after the issuance of crude oil quotas and low market purchasing enthusiasm. Social gasoline inventory increased as some resources were stored, while diesel inventory decreased as some areas still faced a shortage of main refinery resources. Next week, Shandong independent refineries' gasoline inventory is expected to increase slightly, and diesel inventory is expected to increase due to expected production increase and seasonal demand decline [76][80].

Group 1 - The core viewpoint of the article highlights that Linglong Tire (601966) has reported a strong operational performance in Thailand, with an average capacity utilization rate of approximately 85% [1] - The average production and sales rate year-to-date is close to 100%, indicating robust demand and efficient operations [1]

Report Overview - The report is a weekly analysis of the black commodity sector, covering steel products, iron ore, glass, and soda ash, with data from November 28 to December 5, 2025 [1][2] 1. Report Industry Investment Rating - No industry investment rating is provided in the report 2. Report's Core View - In the medium to long - term, the steel industry's prosperity is declining, with weakening demand for rebar and downward pressure on iron ore futures prices. Glass and soda ash also face challenges, with limited upward momentum for glass and weak demand for soda ash [67][71] - In the short - term, rebar and iron ore are expected to trade in a range, while glass and soda ash are likely to show a weak and oscillating trend [68][72] 3. Summary by Related Catalogs 3.1 Black Commodities Weekly Market Review - **Rebar (RB2605)**: Futures price rose from 3117 to 3157 (up 1%), with a spot price of 3290 and a basis of 133 [2] - **Hot - rolled coil (HC2605)**: Futures price increased from 3288 to 3320 (up 1%), spot price 3300, basis - 20 [2] - **Iron ore (I2601)**: Futures price dropped from 794 to 786 (down 1%), spot price 810, basis 25 [2] - **Coke (J2601)**: Futures price rose from 1575 to 1585 (up 1%), spot price 1720, basis 135 [2] - **Coking coal (JM2605)**: Futures price decreased from 1152 to 1140 (down 1%), spot price 1510, basis 370 [2] - **Glass (FG601)**: Futures price fell from 1053 to 994 (down 6%), spot price 1130, basis 136 [2] - **Soda ash (SA601)**: Futures price declined from 1177 to 1137 (down 3%), spot price 1258, basis 121 [2] 3.2 Rebar Analysis - **Profit**: On December 4, the blast - furnace profit for rebar was 31 yuan/ton [6] - **Supply**: As of December 5, the blast - furnace operating rate was 80.16% (down 0.93 percentage points), daily hot - metal output was 232.3 tons (down 2.38 tons), and weekly rebar production was 189.31 tons (down 16.77 tons) [12] - **Demand**: In the week of December 5, the apparent consumption of rebar was 216.98 tons (down 10.96 tons). As of December 4, the trading volume of construction steel by major traders was 93,867 tons [18] - **Inventory**: In the week of December 5, social rebar inventory was 361.13 tons (down 23.62 tons), and in - plant inventory was 142.68 tons (down 4.05 tons) [23] 3.3 Iron Ore Analysis - **Supply**: In the week of November 28, global iron - ore shipments were 3323.2 tons (up 44.8 tons), and arrivals at 47 Chinese ports were 2784 tons (down 155.5 tons) [28] - **Inventory**: As of December 5, the inventory of imported iron ore at 47 ports was 15991.11 tons (up 89.89 tons), and the inventory of 247 steel enterprises was 8984.73 tons (up 42.25 tons) [33] - **Demand**: In the week of December 5, the average daily port clearance volume of imported iron ore at 47 ports was 334.23 tons (down 9.83 tons). As of December 4, the trading volume at major Chinese ports was 126.6 tons [38] 3.4 Float Glass Analysis - **Supply**: In the week of December 5, the number of operating float - glass production lines was 218 (down 2), weekly output was 1085095 tons (down 18800 tons). As of December 4, the capacity utilization rate was 77.25%, and the operating rate was 73.4% [43] - **Inventory**: In the week of December 5, in - plant float - glass inventory was 59.442 million weight - boxes (down 2.92 million tons), and the available inventory days were 26.8 days (down 0.7 days) [48] - **Demand**: In the week of December 1, the deep - processing order days of glass downstream manufacturers were 10.1 days [52] 3.5 Soda Ash Analysis - **Supply**: In the week of December 5, the capacity utilization rate of soda ash was 80.74% (down 0.66 percentage points), and production was 70.39 tons (up 0.57 tons) [55] - **Inventory**: As of December 5, in - plant soda - ash inventory was 153.86 tons (down 4.88 tons) [60] - **Sales Ratio**: As of December 5, the soda - ash sales ratio was 106.93% (down 1.23 percentage points) [64] 3.6 Strategy Recommendations - **Rebar and Iron Ore**: Medium - to long - term outlook is bearish due to weakening demand and low winter - storage willingness. Short - term trading should be based on a range - bound strategy [67][68] - **Glass and Soda Ash**: Medium - to long - term, glass has limited upward momentum, and soda - ash demand is weak. Short - term, they are expected to trade weakly and oscillate [71][72]