Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Iron ore is expected to fluctuate repeatedly [2] - Rebar and hot-rolled coil prices are likely to remain range-bound, supported by macro factors but constrained by the industry [2] - Ferrosilicon and silicomanganese are expected to experience a bullish oscillation due to the game between long and short funds [2] - Coke is expected to experience high-level oscillations as the fourth round of price cuts begins [2] - Coking coal is expected to experience high-level oscillations due to year-end production cuts [2] - Logs are expected to experience low-level oscillations [2] Summary According to Relevant Catalogs Iron Ore - **Fundamental Data**: The closing price of the I2605 futures contract was 789.0 yuan/ton, down 7.5 yuan/ton or 0.94% from the previous day. The open interest decreased by 16,080 lots to 613,601 lots. The prices of imported and domestic iron ore increased slightly, and the basis widened [5] - **Macro and Industry News**: From January to November, the total operating income of state-owned enterprises was 75.62576 trillion yuan, a year-on-year increase of 1.0%; the total profit was 3.71945 trillion yuan, a year-on-year decrease of 3.1%; and the taxes payable were 5.2803 trillion yuan, a year-on-year increase of 0.2% [5] - **Trend Intensity**: The trend intensity of iron ore is 0, indicating a neutral outlook [5] Rebar and Hot-Rolled Coil - **Fundamental Data**: The closing prices of the RB2605 and HC2605 futures contracts were 3,134 yuan/ton and 3,282 yuan/ton, down 3 yuan/ton (-0.10%) and 11 yuan/ton (-0.33%) respectively. The open interest of RB2605 increased by 30,014 lots, and that of HC2605 increased by 7,022 lots. Spot prices remained stable, and the basis and spreads changed slightly [7] - **Macro and Industry News**: On December 25, the weekly data from Steelhome showed that rebar production increased by 2.71 tons, hot-rolled coil production increased by 1.63 tons, and the total inventory of the five major varieties decreased by 36.79 tons. In mid-December 2025, the average daily output of key steel enterprises decreased, and the steel inventory increased. The Ministry of Commerce and the General Administration of Customs will implement export license management for some steel products. In mid-November, the social inventory of five major steel products in 21 cities decreased. In October 2025, China's steel imports decreased [9] - **Trend Intensity**: The trend intensities of rebar and hot-rolled coil are both 0, indicating a neutral outlook [10] Ferrosilicon and Silicomanganese - **Fundamental Data**: The closing prices of the Ferrosilicon2603 and Ferrosilicon2605 futures contracts were 5,750 yuan/ton and 5,706 yuan/ton, up 74 yuan/ton. The closing prices of the Silicomanganese2603 and Silicomanganese2605 futures contracts were 5,942 yuan/ton and 5,948 yuan/ton, up 80 yuan/ton and 60 yuan/ton respectively. Spot prices increased, and the basis and spreads changed [11] - **Macro and Industry News**: On December 30, the prices of ferrosilicon and silicomanganese in different regions increased. The export tariffs of ferrosilicon and silicomanganese will remain unchanged in 2026. In December, the average operating rate of ferrosilicon enterprises decreased, and the production decreased year-on-year. The production in Ningxia and Shaanxi increased compared with November [12][13] - **Trend Intensity**: The trend intensities of ferrosilicon and silicomanganese are both 0, indicating a neutral outlook [13] Coke and Coking Coal - **Fundamental Data**: The closing prices of the JM2605 and J2605 futures contracts were 1,119.5 yuan/ton and 1,715 yuan/ton, up 31.5 yuan/ton (2.9%) and 34.5 yuan/ton (2.1%) respectively. Spot prices remained stable, and the basis and spreads changed [15] - **Macro and Industry News**: On December 30, the CCI metallurgical coal index and the Mysteel metallurgical coke (dry quenching) domestic spot price index remained unchanged [15] - **Trend Intensity**: The trend intensities of coke and coking coal are both 0, indicating a neutral outlook [18] Logs - **Fundamental Data**: The closing prices of the 2603, 2605, and 2607 futures contracts were 776, 787.5, and 796.5 respectively, with small fluctuations in prices and trading volumes. Spot prices remained stable [19] - **Macro and Industry News**: On December 29, the State Council Tariff Commission issued the "2026 Tariff Adjustment Plan", which will be implemented from January 1, 2026 [21] - **Trend Intensity**: The trend intensity of logs is 0, indicating a neutral outlook [21]

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 1 2 月 3 0 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 796.5 | 783.0 | 13.5 | I05-I09 | 23.0 | 22.0 | 1.0 | | I09 | 773.5 | 761.0 | 12.5 | I09-I01 | -42.5 | -40.5 | -2.0 | | I01 | 816.0 | 801.5 | 14.5 | I01-I05 | 19.5 | 18.5 | 1.0 | 图表1：05-09合约价差（单位：元/吨） 图表2：01-05合约价差（单位：元/吨） p 2 -100 -50 0 50 100 150 05 06 07 08 09 10 11 12 01 2101-210 ...

投资咨询业务资格:证监许可【2012】31号 投资咨询号: Z0021658 从业资格号: F03110419 2025/12/15 | 指标 | | 12月12日 | 涨跌 | | | | 豆粕主力合约基差(张家港) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大连 | 97 | 12 | 1600 | == ====== 22/23 | | == == | == - 24/25 | | == - 25/26 | | 43%豆粕现货基差 (对主力合约) | 天津 日照 | 37 | 32 | 1200 400 -400 | | | | | | | | | | 57 | 32 | | | | | | | | | | | | | 800 | | | | | | | | | 张家港 | 17 | 32 | | | | | | | | | | | | | 01/21 | 02/21 03/24 | 04/24 | 05/25 06/25 07/26 08/26 09/26 | | | 10/27 11 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, oil prices should not be overly shorted in the short - term. A low - buy and high - sell range strategy is maintained, but it's advisable to wait and see for now to test OPEC's export price - support willingness [2]. - For methanol, after the bullish factors are realized, the market enters short - term consolidation. With high import arrivals and expected port olefin plant maintenance, there is still pressure on the port. The supply is at a high level, and the market is expected to consolidate at a low level. A wait - and - see approach is recommended for single - side trading [3]. - For urea, the market is rising in a volatile manner. Demand has improved in the short - term due to reserve needs and increased compound fertilizer production. Supply is expected to decline seasonally. With export policy and cost support, the downside space is limited, and it is expected to build a bottom in a volatile manner. Buying on dips is recommended [6]. - For rubber, a neutral approach is taken, suggesting short - term operations. Holding a hedging position of buying RU2601 and selling RU2609 is advised [12]. - For PVC, the enterprise's comprehensive profit is at a historical low, but supply reduction is limited, and demand is under pressure. With strong supply and weak demand in the domestic market, shorting on rallies is recommended before significant industry production cuts [13][15]. - For pure benzene and styrene, when the inventory reversal point appears, going long on the non - integrated profit of styrene can be considered. Currently, styrene's non - integrated profit is neutral to low, with potential for upward valuation repair [18]. - For polyethylene, OPEC +'s plan to suspend production growth in Q1 2026 may lead to a bottoming of oil prices. With high inventory and seasonal demand decline, shorting the LL1 - 5 spread on rallies is recommended [21]. - For polypropylene, with expected supply surplus in the cost side and high inventory pressure, the market may be supported when the supply - surplus pattern changes in Q1 next year [24]. - For PX, it is expected to slightly accumulate inventory in December. With a neutral valuation, opportunities for going long on dips can be considered [27]. - For PTA, supply maintenance is expected to decrease, and demand will decline due to the off - season. With limited upside for processing fees, opportunities for going long on expected trading can be watched [29]. - For ethylene glycol, although domestic supply has improved due to unexpected maintenance, overall load is still high, and ports are in a inventory - accumulation cycle. Attention should be paid to the risk of a rebound caused by increased maintenance [31]. Summary by Related Catalogs Crude Oil - **Market Information**: INE's main crude oil futures closed down 3.60 yuan/barrel, a 0.82% decline, at 437.60 yuan/barrel. Singapore's ESG gasoline inventory increased by 1.86 million barrels to 14.99 million barrels, a 14.20% increase; diesel inventory decreased by 0.68 million barrels to 8.36 million barrels, a 7.48% decrease; fuel oil inventory increased by 0.50 million barrels to 26.06 million barrels, a 1.97% increase; total refined oil inventory increased by 1.69 million barrels to 49.41 million barrels, a 3.54% increase [8]. - **Strategy**: Wait and see in the short - term, and maintain a low - buy and high - sell range strategy [2]. Methanol - **Market Information**: Regional spot prices in Jiangsu rose 13, in Lunan rose 20, in Inner Mongolia fell 2.5, in Henan remained unchanged, and in Hebei remained unchanged. The main futures contract fell 7 yuan/ton, to 2067 yuan/ton, with a basis of +31. MTO profit was - 72 yuan [2]. - **Strategy**: Wait and see for single - side trading as the market is expected to consolidate at a low level [3]. Urea - **Market Information**: Regional spot prices in Shanxi fell 10, in Shandong remained unchanged, and in Hebei remained unchanged. The total basis was reported at 65 yuan/ton. The main futures contract fell 13 yuan/ton, to 1625 yuan/ton [5]. - **Strategy**: Buy on dips as the market is expected to build a bottom in a volatile manner [6]. Rubber - **Market Information**: Rubber prices fluctuated. Exchange RU inventory warrants were low. As of December 4, 2025, the operating rate of all - steel tires in Shandong was 62.99%, down 0.92 percentage points from the previous week but up 4.16 percentage points from the same period last year; the operating rate of semi - steel tires was 73.50%, up 1.13 percentage points from the previous week but down 5.15 percentage points from the same period last year. As of December 7, 2025, China's natural rubber social inventory was 112.3 tons, a 1.9% increase; the total inventory of dark - colored rubber was 73 tons, a 2.4% increase; the total inventory of light - colored rubber was 39.3 tons, a 1% increase. Qingdao's rubber total inventory was 48.48 (+0.98) tons [10]. - **Strategy**: Adopt a neutral approach, short - term operations, and hold a hedging position of buying RU2601 and selling RU2609 [12]. PVC - **Market Information**: The PVC01 contract fell 56 yuan, to 4220 yuan. The spot price of Changzhou SG - 5 was 4250 (- 50) yuan/ton, with a basis of 30 (+6) yuan/ton, and the 1 - 5 spread was - 253 (+33) yuan/ton. The overall PVC operating rate was 79.4%, a 0.5% decrease; the downstream operating rate was 48.9%, a 0.2% decrease. Factory inventory was 34.4 tons (+1.8), and social inventory was 105.9 tons (unchanged) [12]. - **Strategy**: Short on rallies before significant industry production cuts due to strong supply and weak demand [13][15]. Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene in East China was 5225 yuan/ton, a 40 - yuan decrease; the closing price of the active contract was 5420 yuan/ton, a 41 - yuan decrease; the basis was - 195 yuan/ton, a 1 - yuan increase. The spot price of styrene was 6120 yuan/ton, an 80 - yuan decrease; the closing price of the active contract was 6442 yuan/ton, an 82 - yuan decrease; the basis was - 322 yuan/ton, a 2 - yuan increase. The BZN spread was 101 yuan/ton, a 0.5 - yuan decrease; the non - integrated device profit of EB was - 225.25 yuan/ton, a 15.5 - yuan increase; the EB consecutive 1 - consecutive 2 spread was - 6 yuan/ton, a 5 - yuan increase. The upstream operating rate was 67.29%, a 1.66% decrease; the inventory in Jiangsu ports was 16.42 tons, an increase of 1.59 tons. The weighted operating rate of three S was 42.34%, a 0.10% increase; the PS operating rate was 57.60%, a 1.70% increase; the EPS operating rate was 54.75%, a 1.52% decrease; the ABS operating rate was 71.20%, a 1.20% decrease [17]. - **Strategy**: Go long on the non - integrated profit of styrene when the inventory reversal point appears [18]. Polyethylene - **Market Information**: The closing price of the main contract was 6486 yuan/ton, a 121 - yuan decrease; the spot price was 6500 yuan/ton, a 100 - yuan decrease; the basis was 14 yuan/ton, a 21 - yuan weakening. The upstream operating rate was 84.12%, a 0.05% decrease. The production enterprise inventory was 45.4 tons, a decrease of 4.93 tons; the trader inventory was 4.71 tons, a decrease of 0.33 tons. The downstream average operating rate was 44.8%, a 0.11% increase. The LL1 - 5 spread was - 10 yuan/ton, a 18 - yuan increase [20]. - **Strategy**: Short the LL1 - 5 spread on rallies [21]. Polypropylene - **Market Information**: The closing price of the main contract was 6129 yuan/ton, a 73 - yuan decrease; the spot price was 6130 yuan/ton, a 70 - yuan decrease; the basis was 1 yuan/ton, a 3 - yuan strengthening. The upstream operating rate was 77.97%, a 0.8% increase. The production enterprise inventory was 54.63 tons, a decrease of 4.75 tons; the trader inventory was 20.05 tons, a decrease of 1.29 tons; the port inventory was 6.53 tons, a decrease of 0.05 tons. The downstream average operating rate was 53.7%, a 0.13% increase. The LL - PP spread was 347 yuan/ton, a 30 - yuan decrease [22][23]. - **Strategy**: Wait for the supply - surplus pattern in the cost side to change in Q1 next year for potential support [24]. PX - **Market Information**: The PX01 contract fell 48 yuan, to 6786 yuan; the PX CFR fell 5 dollars, to 831 dollars; the basis was 8 yuan (+13), and the 1 - 3 spread was 28 yuan (+10). China's PX load was 88.1%, a 0.1% decrease; Asia's load was 79.3%, a 0.7% increase. In December, South Korea's PX exports to China in the first ten days were 13.9 tons, a 0.5 - ton decrease year - on - year. The inventory at the end of October was 407.4 tons, a 4.8 - ton increase month - on - month. The PXN was 282 dollars (+9), the South Korean PX - MX was 144 dollars (+15), and the naphtha crack spread was 103 dollars (+2) [26]. - **Strategy**: Consider going long on dips as it is expected to slightly accumulate inventory in December with a neutral valuation [27]. PTA - **Market Information**: The PTA01 contract fell 50 yuan, to 4614 yuan; the East China spot price fell 30 yuan, to 4610 yuan; the basis was - 20 yuan (+1), and the 1 - 5 spread was - 60 yuan (- 2). The PTA load was 73.7%, unchanged. The downstream load was 91.2%, a 0.6% decrease. The social inventory (excluding credit warrants) on December 5 was 216.9 tons, a decrease of 0.4 tons. The PTA spot processing fee remained unchanged at 172 yuan, and the futures processing fee fell 12 yuan to 181 yuan [28]. - **Strategy**: Watch for opportunities to go long on expected trading as supply maintenance is expected to decrease and demand will decline in the off - season with limited upside for processing fees [29]. Ethylene Glycol - **Market Information**: The EG01 contract rose 28 yuan, to 3627 yuan; the East China spot price fell 28 yuan, to 3603 yuan; the basis was - 18 yuan (- 3), and the 1 - 5 spread was - 84 yuan (+24). The ethylene glycol load was 69.9%, a 2.9% decrease. The downstream load was 91.2%, a 0.6% decrease. The import arrival forecast was 15.5 tons, and the East China departure on December 11 was 1.3 tons. The port inventory was 81.9 tons, a 6.6 - ton increase. The naphtha - based profit was - 1015 yuan, the domestic ethylene - based profit was - 1005 yuan, and the coal - based profit was 121 yuan [30]. - **Strategy**: Be aware of the risk of a rebound caused by increased maintenance as the overall load is high and ports are in an inventory - accumulation cycle [31].

Report Summary Report Industry Investment Rating No information provided in the content. Core Viewpoints The report presents the latest market information on the oilseeds and oils industry, including inventory, export, production, price, and spread data in countries such as the United States, Brazil, and Canada [1]. Detailed Summaries 1. Inventory and Export Data - Analysts expect the US 2025 - 26 soybean year - end inventory to rise to 302 million bushels, up from the USDA's November 14 estimate of 290 million bushels [1]. - For the week ending October 30, US soybean export sales increased by 1.2485 million tons, in line with expectations, with exports to the Chinese mainland up 232,000 tons. Export shipments were 1.0285 million tons [1]. - For the week ending October 30, US soybean meal export sales increased by 219,800 tons, meeting expectations, and export shipments were 238,700 tons [1]. - ANEC predicts that Brazil's December soybean exports will reach 2.81 million tons, up from 1.47 million tons last year, and soybean meal exports are expected to be 1.33 million tons, down from 2.17 million tons last year [1]. - Secex data shows that Brazil exported 4.19717712 million tons of soybeans in November, a 64.40% year - on - year increase [1]. 2. Production Data - Canada's 2025 rapeseed production reached a record high, with the national yield rising to 44.7 bushels per acre and production increasing by 13.3% to 21.8 million tons [1]. 3. Price and Spread Data - **Spot Prices**: From November 28 to December 4, 2025, the spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, and palm oil in Guangzhou fluctuated [2]. - **Basis**: The report provides basis data for soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil at different periods and locations [3][4][5]. - **Price Spreads**: The report includes various seasonal price spreads of oilseeds and oils, such as the spreads between different contract months of soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil, as well as the spreads between different varieties [16].

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 1 2 月 4 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 777.0 | 775.5 | 1.5 | I05-I09 | 24.0 | 24.0 | 0.0 | | I09 | 753.0 | 751.5 | 1.5 | I09-I01 | -46.5 | -49.0 | 2.5 | | I01 | 799.5 | 800.5 | -1.0 | I01-I05 | 22.5 | 25.0 | -2.5 | 图表1：05-09合约价差（单位：元/吨） 图表2：01-05合约价差（单位：元/吨） p 2 2025-03 2025-05 2025-07 2025-09 2025-11 图表3：基差标的：巴西粉矿（单位：元/吨） ...

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 1 2 月 2 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 777.5 | 768.0 | 9.5 | I05-I09 | 25.0 | 24.5 | 0.5 | | I09 | 752.5 | 743.5 | 9.0 | I09-I01 | -48.5 | -50.5 | 2.0 | | I01 | 801.0 | 794.0 | 7.0 | I01-I05 | 23.5 | 26.0 | -2.5 | 图表1：05-09合约价差（单位：元/吨） 图表2：01-05合约价差（单位：元/吨） p 2 -100 -50 0 50 100 150 05 06 07 08 09 10 11 12 01 2101-2105 220 ...

研究员：王玺圳、刘倩楠 期货从业证号： F03118729、F3013727 投资咨询证号： Z0022817、Z0014425 研究所 农产品研发报告 农产品日报 2024 年 12 月 01 日 | 期货盘面 | 收盘 | 涨跌幅 | 成交量(手) | 增减幅 | 空盘量 | 增减量 | | --- | --- | --- | --- | --- | --- | --- | | CF01合约 | 13765 | 40 | 200,316 | -66349 | 546,943 | 1675 | | CF05合约 | 13725 | 40 | 118,427 | -3732 | 370,519 | 22949 | | CF09合约 | 13860 | 70 | 4,067 | -1026 | 13,609 | 1112 | | CY01合约 | 20045 | -45 | 4978 | -8693 | 6543 | -1364 | | CY05合约 | 20040 | 60 | 60 | 55 | 46 | 6 | | CY09合约 | 20095 | -30 | 2 | -8 | 7 | 0 | | | | ...

Report Summary 1. Report Industry Investment Rating - No industry investment rating provided in the report. 2. Core View - The report focuses on the hog market, indicating that the inventory reduction node has arrived, and the near - term pressure is expanding. The trend strength is - 1, suggesting a bearish view on the market [1][3]. 3. Summary by Related Content Hog Fundamental Data - **Spot Prices**: The Henan spot price is 11,430 yuan/ton, down 50 yuan/ton; the Sichuan spot price is 11,550 yuan/ton, down 50 yuan/ton; the Guangdong spot price is 11,760 yuan/ton, down 400 yuan/ton [2]. - **Futures Prices**: The price of hog 2601 is 11,540 yuan/ton, up 125 yuan/ton; hog 2603 is 11,365 yuan/ton, up 70 yuan/ton; hog 2605 is 12,060 yuan/ton, up 65 yuan/ton [2]. - **Trading Volume and Open Interest**: The trading volume of hog 2601 is 92,861 lots, an increase of 40,389 lots compared to the previous day, and the open interest is 128,058 lots, a decrease of 2,774 lots. For hog 2603, the trading volume is 41,967 lots, an increase of 23,281 lots, and the open interest is 124,616 lots, an increase of 2,786 lots. For hog 2605, the trading volume is 22,335 lots, an increase of 11,915 lots, and the open interest is 69,132 lots, an increase of 1,973 lots [2]. - **Price Spreads**: The basis of hog 2601 is - 110 yuan/ton, down 175 yuan/ton; the basis of hog 2603 is 65 yuan/ton, down 120 yuan/ton; the basis of hog 2605 is - 630 yuan/ton, down 115 yuan/ton. The spread between hog 1 - 3 is 175 yuan/ton, up 55 yuan/ton; the spread between hog 3 - 5 is - 695 yuan/ton, up 5 yuan/ton [2]. Trend Intensity - The trend intensity is - 1, with a range of [-2, 2]. - 2 represents the most bearish view, and 2 represents the most bullish view [3].

Report Industry Investment Ratings No information provided regarding industry investment ratings in the reports. Core Views Methanol - Short - term outlook is oscillating and slightly bullish. Inner - land marginal devices are in the red, and attention should be paid to their operation. Iranian devices are starting to limit gas and stop production, but the current shipment volume is still high [1][2]. Polyolefin - PP shows a pattern of both supply and demand increasing, with reduced maintenance driving supply recovery and slight inventory depletion. PE shows supply increasing and demand decreasing, with inventory slightly accumulating under the pressure of new production capacity. The 01 contract is under relatively high pressure [6]. Natural Rubber - The market is expected to enter a range - bound consolidation. The inventory is in a seasonal accumulation cycle, and terminal demand support is insufficient. The price trend depends on the raw material output in the main production areas and macro - level changes [7]. Crude Oil - Oil prices are expected to continue to oscillate weakly. Affected by news, the geopolitical premium is declining, and the supply - demand pattern is weak. Short - term attention should be paid to the support level of Brent at $60 per barrel and the results of the Russia - Ukraine negotiations [9]. Polyester Industry Chain - PX: Short - term drive is limited, but the medium - term supply - demand is expected to be tight, and it is expected to be in a high - level oscillation in the short term. - PTA: The supply - demand is expected to be tight in November - December, but loose from December to the first quarter. The absolute price is relatively firm in the short term, but the rebound space is limited. - Ethylene Glycol: Expected to oscillate at a low level. - Short - fiber: The absolute price drive is limited, and the processing fee is expected to be compressed. - Bottle chips: The supply - demand is in a loose pattern, and the processing fee is expected to decline [11]. Benzene - Styrene - Pure benzene: Supply is generally loose, demand support is limited, and the price may be adjusted due to the drag of oil prices in the short term. - Styrene: Although the short - term supply - demand is expected to improve, the overall drive is limited, and the 01 contract should be treated with oscillation [13]. Glass and Soda Ash - Soda Ash: The overall supply - demand pattern is bearish. Although there is short - term inventory depletion, the medium - term demand is expected to remain rigid. - Glass: There is short - term rigid demand support, but there are concerns about the long - term demand, and the price may be under pressure [14]. PVC and Caustic Soda - Caustic Soda: The supply - demand is under pressure, and the price is expected to be weak. - PVC: The supply - demand is in an oversupply pattern, and the price is difficult to be optimistic, continuing the weak trend [15]. Summary by Directory Methanol - **Price and Spread**: MA2601 and MA2605 closed down, while the regional spread between Taicang and Inner Mongolia's northern line increased by 8.70%. - **Inventory**: Methanol enterprise, port, and social inventories all decreased, with port inventory down 4.16% [1]. - **Upstream and Downstream Operating Rates**: The upstream domestic enterprise operating rate decreased slightly, while some downstream operating rates such as formaldehyde and glacial acetic acid increased [2]. Polyolefin - **Price and Spread**: L2601, L2605, PP2601, and PP2605 all closed down, and the regional spreads and basis had different degrees of changes. - **Inventory**: PE and PP enterprise and social inventories decreased to varying degrees. - **Upstream and Downstream Operating Rates**: PE and PP device operating rates decreased, while some downstream operating rates increased slightly [6]. Natural Rubber - **Price and Spread**: Spot prices such as Yunnan state - owned whole latex decreased, and the basis and non - standard price spread changed. - **Fundamentals**: Production in major producing countries decreased, tire production and exports decreased, and inventory increased. - **Inventory**: Bonded area inventory and warehouse futures inventory increased [7]. Crude Oil - **Price and Spread**: Brent, WTI, and SC prices changed, and the spreads between different contracts also changed. - **Refined Oil Price and Spread**: NYM RBOB, NYM ULSD, and ICE Gasoil prices decreased, and the spreads between different contracts also decreased. - **Refined Oil Cracking Spread**: The cracking spreads of various refined oils decreased [9]. Polyester Industry Chain - **Downstream Polyester Product Price and Cash Flow**: The prices of some polyester products decreased, and the cash flow and processing fees had different degrees of changes. - **PX - related Price and Spread**: PX prices and spreads changed, and the supply was relatively high while the demand was weak. - **PTA - related Price and Spread**: PTA prices and spreads changed, and the supply - demand was expected to change in different periods. - **MEG - related Price and Spread**: MEG prices and spreads changed, and the supply - demand was expected to be in a low - level oscillation. - **Short - fiber and Bottle - chip Price and Spread**: Short - fiber prices and spreads changed, and bottle - chip supply - demand was loose [11]. Benzene - Styrene - **Upstream Price and Spread**: The prices of Brent, WTI, and related raw materials changed, and the spreads and import profits also changed. - **Styrene - related Price and Spread**: Styrene prices and spreads changed, and the cash flow improved. - **Inventory and Operating Rate**: Pure benzene and styrene inventories increased, and the operating rates of related industries changed [13]. Glass and Soda Ash - **Glass Price and Spread**: Glass prices in different regions and futures prices had different degrees of changes. - **Soda Ash Price and Spread**: Soda ash prices in different regions and futures prices changed, and the inventory decreased. - **Production and Inventory**: Soda ash production decreased, and glass and soda ash inventories changed. - **Real Estate Data**: Real estate new construction, construction, completion, and sales areas had different degrees of change [14]. PVC and Caustic Soda - **Price and Spread**: The prices of PVC and caustic soda and their spreads changed. - **Supply and Demand**: The operating rates of PVC and caustic soda supply - side and demand - side industries changed, and the inventory changed [15].