1. Report Industry Investment Rating - No information provided 2. Core Views of the Report - Steel prices are expected to fluctuate within a range. The firm cost support from raw materials and the inventory reduction during the traditional peak season are positive factors, while limited demand growth, high energy prices, and reduced overseas interest - rate cut expectations are negative factors [9][39] - Iron ore prices are expected to be strong in the short - term. The improvement in fundamentals, including increased global shipments, inventory replenishment by steel mills, and rising iron - water production, boosts the price. However, high port inventories are a potential negative factor [10][42] 3. Summary by Directory 3.1 Report Summary - **Market Focus**: Multiple events influence the market, such as steel price increases in Hubei, changes in steel billet and iron ore inventories, national policies on industry development, and international trade policies [6] - **Fundamental Overview**: Steel production capacity utilization is recovering, with increased output of rebar and hot - rolled coils. Blast - furnace profits for finished products have slightly declined. After the Spring Festival, steel mill demand has gradually recovered [8] - **Main Views**: Rebar demand related to real estate is under pressure. The inflection point of steel inventory reduction has emerged. Global iron ore shipments have slightly increased, and freight rates have slightly decreased. Steel mills have replenished iron ore, and port inventories have slightly decreased. Iron - water production and the daily consumption of iron ore by steel mills have increased [11] 3.2 Multi - and Short - Focus - **Finished Products**: Positive factors include strong raw material prices and the arrival of the traditional peak season with an inventory inflection point. Negative factors are limited demand growth, high energy prices, and reduced overseas interest - rate cut expectations [14] - **Iron Ore**: Positive factors are rising energy prices increasing transportation costs, rising iron - water production and consumption, and steel mills' inventory replenishment. The negative factor is high port inventories [16] 3.3 Data Analysis - **Production and Capacity Utilization**: As of March 20, rebar output was 203.33 million tons (up 8.03 million tons week - on - week), hot - rolled coil output was 300.21 million tons (up 4.95 million tons week - on - week). The blast - furnace capacity utilization rate of 247 steel enterprises was 85.53% (up 2.61% week - on - week), and the independent electric - arc furnace capacity utilization rate was 56.57% (up 6.13% week - on - week) [18] - **Profit**: As of March 19, the blast - furnace production profit of rebar was 63 yuan/ton, and that of hot - rolled coils was - 1 yuan/ton. The electric - arc furnace production cost of rebar was 3422 yuan/ton [20] - **Demand**: As of March 20, rebar consumption was 208.09 million tons (up 78.58 million tons week - on - week), hot - rolled coil consumption was 310.51 million tons (up 15.15 million tons week - on - week), and cold - rolled consumption was 94.61 million tons (up 3.41 million tons week - on - week) [21] - **Real Estate Impact**: From January to February 2026, national real - estate development investment decreased by 11.1% year - on - year, construction area decreased by 11.7% year - on - year, and new commercial housing sales area decreased by 13.5% year - on - year [24] - **Inventory**: As of March 20, rebar inventory in steel mills decreased by 3.42 million tons, and social inventory decreased by 1.34 million tons. Hot - rolled coil inventory in steel mills decreased by 4.32 million tons, and social inventory decreased by 5.98 million tons [26] - **Iron Ore Shipment and Freight**: As of March 13, global iron ore shipments were 3048.8 million tons (up 151 million tons week - on - week). The freight rate from Port Hedland to Qingdao decreased slightly but was still higher than at the beginning of the year [30] - **Iron Ore Inventory and Consumption**: As of March 20, 45 - port iron ore inventory decreased by 89.12 million tons, and the daily consumption of imported iron ore by 247 steel enterprises increased by 9.2 million tons [32][34] - **Rebar - Hot - Rolled Coil Spread**: As of March 20, the spread between rebar and hot - rolled coil futures contracts was 167 yuan/ton, up from the previous week [36] 3.4 Market Outlook - **Steel**: The market is expected to fluctuate within a range. Attention should be paid to inventory reduction during the peak season and the impact of the Middle - East situation on overseas export demand [39] - **Iron Ore**: The short - term fundamentals have improved, boosting the price. Attention should be paid to the restocking momentum from demand recovery and the impact of fuel costs on transportation costs [42]

Core Viewpoint - The article emphasizes the importance of balancing market vitality and regulation to enhance the efficiency of China's market, while also focusing on safety standards and quality infrastructure [1][2]. Group 1: Market Regulation and Competition - The market regulatory authorities aim to better coordinate the relationship between vitality and order, ensuring both "release vitality" and "manage well" to amplify the scale and agglomeration effects of the Chinese market [2]. - Continuous efforts will be made to deepen fair competition governance, eliminate administrative monopolies, and address "involution" competition [3]. - The 2026 market regulatory work meeting prioritizes the deepening of fair competition governance, indicating a strong focus on antitrust and anti-involution measures [5]. Group 2: Quality and Safety Standards - There is a push to enhance the quality of business entities, improve market access and exit systems, and strengthen the protection of intellectual property and trade secrets [3]. - The article highlights the importance of quality in promoting enterprise growth, supporting industrial development, and ensuring sustainable urban development [4]. Group 3: Platform Economy Regulation - The regulatory approach towards the platform economy is becoming more stringent, with authorities holding discussions with major internet platforms like Ctrip, Huolala, Taobao, and Meituan [6]. - The regulatory framework will focus on enforcing platform responsibilities, improving regulatory mechanisms, and enhancing enforcement capabilities to maintain fair competition [6]. Group 4: International Cooperation and Technological Support - There is an ongoing effort to deepen international exchanges and cooperation, enhancing the interconnectivity of rules and standards to support Chinese enterprises in global markets [4]. - The article mentions the need to strengthen the foundational aspects of market regulation, improve technical support, and advance smart regulatory capabilities [4].

Group 1 - The Chinese market regulatory authorities have intensified efforts to address market competition issues, particularly in the food delivery and travel service sectors, by launching investigations into practices such as price wars and market dominance abuse [1][2] - The National Market Supervision Administration has emphasized the need to deepen fair competition governance, focusing on anti-monopoly and anti-unfair competition enforcement to combat "involution" in various industries [2][3] - Recent regulatory measures include the implementation of the "Live E-commerce Supervision Management Measures" and the prohibition of certain mergers in the public utility sector, aimed at curbing monopolistic behaviors and ensuring fair practices [3][4] Group 2 - The regulatory authorities are creating a favorable institutional environment for companies to engage in lawful mergers and acquisitions, particularly in sectors experiencing "involution," such as automotive and renewable energy [4] - A notable example of regulatory support is the approval of a joint venture between China National Petroleum Corporation and Contemporary Amperex Technology Co., which aims to enhance innovation and efficiency through strategic collaboration [4]

Group 1 - The Chinese market regulatory authorities have intensified efforts to address market competition issues, particularly in the food delivery and travel service sectors, by launching investigations into unfair practices such as price wars and market dominance [1][2] - The National Market Supervision Administration has announced a focus on deepening fair competition governance, emphasizing the need to combat monopolistic behaviors and "involution" in various industries, which has led to reduced profits and increased operational burdens [2][3] - Recent regulatory measures include the implementation of the "Live E-commerce Supervision Management Measures" to address issues like false advertising and unfair competition in the live e-commerce sector, as well as guidelines to regulate fees charged by online trading platforms [3] Group 2 - The regulatory authorities aim to create a favorable institutional environment for companies to engage in lawful mergers and acquisitions, particularly in sectors experiencing "involution" competition, such as automotive and renewable energy [4] - A notable example of regulatory support is the approval of a joint venture between China National Petroleum Corporation and Contemporary Amperex Technology Co., which is intended to enhance innovation and efficiency while avoiding homogeneous competition [4] - The National Market Supervision Administration plans to continue improving the review system for business consolidations to enhance efficiency and effectiveness in addressing "involution" competition [4]

Core Viewpoint - The National Market Regulation Administration has outlined key tasks for 2026, focusing on enhancing fair competition and addressing administrative monopolies [1] Group 1: Fair Competition and Anti-Monopoly - Continuous deepening of fair competition governance is a priority [1] - Strengthening enforcement against monopolistic practices and unfair competition is emphasized [1] - There is a commitment to address "involution-style" competition [1] Group 2: Market Entry and Exit - The initiative aims to improve the quality of business entities [1] - Enhancements to the market entry and exit system are planned [1] - There will be a focus on elevating the credit levels of business entities [1] Group 3: Intellectual Property and Trade Secrets - Strengthening the protection of intellectual property and trade secrets is a key task [1]

Report Industry Investment Rating - The report gives a short - term investment rating of "oscillating and slightly bullish" for the coke industry [1][2][3] Core Viewpoints - The overall supply - demand situation of coke is weak, with continuous increase in supply and low - level operation of iron - water production on the demand side. However, short - term anti - involution news boosts market sentiment, and there are still policy expectations at the macro level. Therefore, it is expected that coke will oscillate and be slightly bullish in the short term [2] Summary by Related Catalogs Market Analysis - As of December 26, independent coking enterprises' coke inventory increased slightly by 1.25% to 92.24 tons, steel mills' coke inventory increased by 1.34% to 642.2 tons, port coke inventory increased by nearly 2%, and the comprehensive coke inventory increased by 14.36 tons to 978.64 tons, reaching a 12 - week high with a year - on - year increase of 4.7% [1] - The average profit of 30 independent coking plants nationwide is - 18 yuan/ton; the average profit of quasi - first - grade coke in Shanxi is - 3 yuan/ton, in Shandong is 27 yuan/ton, in Inner Mongolia's second - grade coke is - 64 yuan/ton, and in Hebei's quasi - first - grade coke is 35 yuan/ton [1] - The terminal demand for steel is weak, mainly for rigid - demand restocking; the profitability of 247 steel mills increased by 1.3 percentage points to 37.23%, and the daily average pig iron output increased by 0.03 tons to 226.58 tons compared with last week, ending the previous five - consecutive - decline, and decreased by 1.29 tons compared with last year [1] - Steel and coking enterprises are cautious in purchasing upstream coking coal. Independent coking enterprises' inventory increased slightly by 3.43 tons to 1039.72 tons, steel mills' coking coal inventory increased slightly by 1.73 tons to 806.72 tons. While coal mines' coking coal inventory increased by 10.1 tons, port imported coking coal inventory increased by 23.09 tons. Therefore, the comprehensive coking coal inventory increased by 1.47% to 2647.24 tons, reaching a nearly 7 - month high, with a year - on - year decline of nearly 14% [2] - The market supervision总局 has deployed key tasks for 2026, emphasizing continuous deepening of fair - competition governance, strengthening the crackdown on administrative monopolies, and anti - monopoly and anti - unfair - competition law enforcement. Some steel mills in Hebei have lowered the price of wet - quenched coke by 50 yuan/ton and dry - quenched coke by 55 yuan/ton, starting from 0:00 on January 1, 2026, and the fourth round of coke price reduction has begun [2] Futures and Spot Market - On the futures side, the 05 coke contract opened at 1680.5, reached a high of 1735, and closed at 1715, with an increase of 198 lots. It is expected to oscillate and be slightly bullish in the short term, and attention should be paid to the support at the intraday low and the pressure of the 40 - day moving average [3] - In the spot market, the port spot market is stable. The ex - warehouse price of quasi - first - grade metallurgical coke at Rizhao Port is 1450. The trading atmosphere in the spot market is average, and the inventory at the two ports has increased slightly compared with the previous trading day [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Through macro - fundamental and technical analysis, the report predicts the trend, resistance, and support levels of various futures contracts on December 30, 2025, and the overall trend in December 2025 [2][5]. Summary by Related Catalogs Futures Market Overview - On December 29, 2025, the performance of various futures contracts was mixed. Some contracts showed upward trends, while others declined. The overall market was volatile [14][37]. Stock Index Futures - On December 29, 2025, IF2603, IH2603, IC2603, and IM2603 all faced downward pressure. The short - term downward pressure on IF2603 and IC2603 increased, while that on IH2603 and IM2603 increased slightly [14][15]. - It is expected that in December 2025, the main continuous contracts of stock index futures will likely show a relatively strong and volatile trend. On December 30, 2025, they will likely show a relatively weak and volatile trend [19][20]. Precious Metal Futures - Gold: On December 29, 2025, the main contract AU2602 opened slightly lower, with short - term upward momentum weakening and downward pressure increasing. It is expected to be relatively strong in December 2025 and reach a new high, and relatively weak on December 30, 2025 [37]. - Silver: On December 29, 2025, the new main contract AG2604 opened slightly lower, with short - term upward momentum weakening and downward pressure increasing slightly. It is expected to be relatively strong in December 2025 and reach a new high, and relatively weak on December 30, 2025 [41]. - Platinum: On December 29, 2025, the main contract PT2606 opened with a gap up and closed at the daily limit down. It is expected to be relatively strong in December 2025 and reach a new high, and relatively weak on December 30, 2025, with the price likely to hit the daily limit down [48]. - Palladium: On December 29, 2025, the main contract PD2606 opened with a large gap down and closed at the daily limit down. It is expected to be relatively strong in December 2025 and reach a new high, and relatively weak on December 30, 2025, with the price likely to hit the daily limit down [51]. Base Metal Futures - Copper: On December 29, 2025, the main contract CU2602 opened slightly lower and showed a slight upward trend. It is expected to be relatively strong in December 2025 and reach a new high, and relatively weak on December 30, 2025 [59][61]. - Aluminum: On December 29, 2025, the main contract AL2602 opened slightly lower and showed an upward trend. It is expected to be relatively strong in December 2025 and relatively weak on December 30, 2025 [66]. - Alumina: On December 29, 2025, the main contract AO2605 opened slightly higher and showed a downward trend. It is expected to be relatively strong and widely volatile in December 2025, and relatively weak on December 30, 2025 [71]. - Tin: On December 29, 2025, the main contract SN2602 opened slightly higher and showed a downward trend. It is expected to be relatively strong in December 2025 and relatively weak on December 30, 2025, with the price likely to hit the daily limit down [74]. Other Futures - Lithium Carbonate: On December 29, 2025, the main contract LC2605 opened slightly lower and closed at the daily limit down. It is expected to be relatively strong in December 2025 and relatively weak on December 30, 2025, with the price likely to hit the daily limit down [79]. - Rebar: On December 29, 2025, the main contract RB2605 opened flat and showed a slight upward trend. It is expected to be widely volatile in December 2025 and relatively strong on December 30, 2025 [81]. - Iron Ore: On December 29, 2025, the main contract I2605 opened flat and showed an upward trend. It is expected to be relatively strong in December 2025 and widely volatile on December 30, 2025 [87]. - Coking Coal: On December 29, 2025, the main contract JM2605 opened slightly lower and showed a downward trend. It is expected to be widely volatile and relatively weak in December 2025 and relatively strong on December 30, 2025 [92]. - Glass: On December 29, 2025, the main contract FG605 opened slightly lower and showed a downward trend. It is expected to be relatively weak in December 2025 and relatively strong on December 30, 2025 [97]. - Soda Ash: On December 29, 2025, the main contract SA605 opened slightly lower and showed a downward trend. It is expected to be relatively weak in December 2025 and relatively strong on December 30, 2025 [102]. Macro - news and Market Information - Domestic news includes military exercises by the Chinese People's Liberation Army, tariff adjustments, financial data of state - owned enterprises, regulatory policies of the State Administration for Market Regulation, and the implementation of the digital RMB interest - bearing plan [7][8]. - International news includes statements by US President Trump, the meeting between Trump and the Ukrainian President, the US government's investigation of large enterprises, and the increase in pending home sales in the US [8][9]. - Precious metals experienced a sharp decline on "Black Monday." The increase in trading margins by the CME Group led to a decline in international metal futures prices [9][10].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The fundamentals of Shanghai copper may be in a stage of slightly converging supply and resilient demand, with a slight accumulation of social inventory, and copper prices are strongly influenced by macro - factors. In the options market, the sentiment is bullish, and the implied volatility has slightly increased. Technically, the 60 - minute MACD shows that the double - lines are above the 0 - axis and the green bars are converging. It is recommended to conduct short - term long trades at low positions with a light position, paying attention to controlling the rhythm and trading risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper is 98,090 yuan/ton, down 770 yuan; the price of LME 3 - month copper is 12,437 dollars/ton, up 215 dollars. The spread between the main contract and the next - month contract is - 150 yuan/ton, down 70 yuan. The position of the main contract of Shanghai copper is 219,725 hands, down 15,782 hands. The net position of the top 20 futures holders of Shanghai copper is - 37,503 hands, up 3,144 hands. LME copper inventory is 154,575 tons, down 2,450 tons. The inventory of cathode copper in the Shanghai Futures Exchange is 111,703 tons, up 15,898 tons. The warrant of cathode copper in the Shanghai Futures Exchange is 71,738 tons, down 2,856 tons [2] 3.2 Spot Market - The price of SMM 1 copper spot is 97,620 yuan/ton, down 3,120 yuan; the price of 1 copper spot in the Yangtze River Non - ferrous Metal Market is 97,715 yuan/ton, down 3,510 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 52 dollars/ton, unchanged. The average premium of Yangshan copper is 49 dollars/ton, down 3.5 dollars. The basis of the CU main contract is - 470 yuan/ton, down 2,350 yuan. The LME copper premium (0 - 3) is 31.35 dollars/ton, up 11.66 dollars [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates is 252.62 million tons, up 7.47 million tons. The TC of domestic copper smelters is - 44.9 dollars/thousand tons, down 1.25 dollars. The price of copper concentrates in Jiangxi is 91,490 yuan/metal ton, up 3,260 yuan; in Yunnan, it is 92,190 yuan/metal ton, up 3,260 yuan. The processing fee for blister copper in the south is 1,500 yuan/ton, up 100 yuan; in the north, it is 1,100 yuan/ton, up 100 yuan. The output of refined copper is 123.6 million tons, up 3.2 million tons. The import volume of unwrought copper and copper products is 430,000 tons, down 10,000 tons [2] 3.4 Industry Situation - The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire in Shanghai is 69,870 yuan/ton, up 2,650 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 1,030 yuan/ton, unchanged. The price of 2 copper (94 - 96%) in Shanghai is 83,350 yuan/ton, up 2,700 yuan [2] 3.5 Downstream and Application - The output of copper products is 222.6 million tons, up 22.2 million tons. The cumulative investment in power grid infrastructure construction is 56.04 billion yuan, up 7.7966 billion yuan. The cumulative investment in real estate development is 7,859.09 billion yuan, up 502.82 billion yuan. The monthly output of integrated circuits is 4,392 million pieces, up 215 million pieces [2] 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 20.32%, up 0.27 percentage points; the 40 - day historical volatility is 16.32%, down 0.64 percentage points. The implied volatility of the current - month at - the - money option is 39.69%, up 0.0953 percentage points. The call - put ratio of at - the - money options is 1.28, down 0.0664 [2] 3.7 Industry News - The State Administration for Market Regulation has deployed key tasks for 2026, emphasizing continuous deepening of fair competition governance, strengthening anti - monopoly and anti - unfair competition law enforcement, and enhancing platform economy regulation. The National Energy Administration has called for promoting the implementation of the "three - year doubling" action plan for electric vehicle charging facilities and accelerating the construction of a high - quality charging infrastructure system. The secretary - general of the Passenger Car Association believes that the auto market in 2026 will have a positive start in January but face some pressure in February. US President Trump has commented on the Fed chairman and is considering legal action against him [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The lithium carbonate market is in a stage where supply is steadily increasing while demand is slightly slowing. The raw material prices are rising due to the strong lithium carbonate prices, and smelters are still willing to purchase and stockpile. The supply of lithium salts in China is growing steadily, but downstream procurement is becoming more cautious due to high prices. [2] - The option market sentiment is bearish, with the put - call ratio of total positions at 160.08%, a decrease of 44.7769% compared to the previous period, and the implied volatility slightly decreasing. [2] - Technically, on the 60 - minute MACD, the double lines are above the 0 - axis and the green bars are expanding. The suggestion is to conduct light - position oscillating trading and control risks by paying attention to trading rhythms. [2] 3. Summary by Related Catalogs Futures Market - The closing price of the main contract is 121,580 yuan/ton, up 2,760 yuan. The net position of the top 20 is - 138,637 lots, down 10,332 lots. The trading volume of the main contract is 511,309 lots, down 1,036 lots. The spread between near - and far - month contracts is - 2,000 yuan/ton, down 1,300 yuan. The Guangzhou Futures Exchange's warehouse receipts are 19,491 lots/ton, up 1,300 lots. [2] Spot Market - The average price of battery - grade lithium carbonate is 118,000 yuan/ton, unchanged. The average price of industrial - grade lithium carbonate is 115,000 yuan/ton, unchanged. The basis of the Li₂CO₃ main contract is - 3,580 yuan/ton, down 2,760 yuan. [2] Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 1,440 US dollars/ton, up 10 US dollars. The average price of amblygonite is 14,025 yuan/ton, unchanged. The price of lepidolite (2 - 2.5%) is 5,106 yuan/ton, down 300 yuan. [2] Industry Situation - The monthly production of lithium carbonate is 53,980 tons, up 2,450 tons. The monthly import volume is 22,055.19 tons, down 1,825.51 tons. The monthly export volume is 759.24 tons, up 513.33 tons. The monthly operating rate of lithium carbonate enterprises is 47%, unchanged. [2] - The monthly production of power batteries is 176,300 MWh, up 5,700 MWh. The price of lithium manganate is 38,000 yuan/ton, up 1,000 yuan. The price of lithium hexafluorophosphate is 180,000 yuan/ton, unchanged. The price of lithium cobalt oxide is 372,200 yuan/ton, unchanged. The price of ternary materials (811 type) in China is 171,500 yuan/ton, unchanged. The price of ternary materials (622 power type) in China is 153,500 yuan/ton, unchanged. [2] Downstream and Application Situation - The price of ternary materials (523 single - crystal type) in China is 166,000 yuan/ton, unchanged. The monthly operating rate of ternary cathode materials is 51%, down 1%. The price of lithium iron phosphate is 45,100 yuan/ton, unchanged. The monthly operating rate of lithium iron phosphate cathodes is 63%, down 1%. [2] - The monthly production of new energy vehicles (according to the China Association of Automobile Manufacturers) is 1,880,000 vehicles, up 108,000 vehicles. The monthly sales volume is 1,823,000 vehicles, up 108,000 vehicles. The cumulative sales penetration rate of new energy vehicles is 47.48%, up 0.74%. The cumulative sales volume is 14,780,000 vehicles, up 3,518,000 vehicles. [2] - The monthly export volume of new energy vehicles is 300,000 vehicles, up 44,000 vehicles. The cumulative export volume is 2,315,000 vehicles, up 1,174,000 vehicles. The 20 - day average volatility of the underlying is 61.94%, down 0.08%. The 40 - day average volatility is 58.37%, down 1.64%. [2] Option Situation - The total subscription position is 129,272 contracts, up 19,940 contracts. The total put position is 206,942 contracts, down 17,035 contracts. The put - call ratio of total positions is 160.08%, down 44.7769%. The at - the - money IV implied volatility is 0.51%, down 0.0045%. [2] Industry News - Jinyuan Co., Ltd. stated on the interactive platform that its Baqiancuo salt lake lithium extraction project is in the trial - production stage, and the company focuses on "early production and high - volume production". The company will comprehensively evaluate and plan its Argentine Carlo project based on various factors. [2] - The State Administration for Market Regulation deployed key tasks for 2026, emphasizing continuous deepening of fair competition governance, strengthening the fight against administrative monopolies, and intensifying anti - monopoly and anti - unfair competition law enforcement. [2] - The National Energy Administration held a symposium on promoting the construction of a high - quality charging infrastructure system, emphasizing the implementation of the "three - year doubling" action plan for the service capacity of electric vehicle charging facilities, accelerating the construction of a high - quality charging infrastructure system, promoting the planning and construction of high - power charging facilities, and advancing the large - scale application pilot of vehicle - grid interaction. [2] - Cui Dongshu, the secretary - general of the Passenger Car Association, wrote that the growth of the auto market in 2026 is complex. The most important factor at the beginning of the year is the late Spring Festival. Coupled with the early implementation of national subsidies, the market is expected to have a positive start in January, but there will be more pressure in February. [2]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report focuses on the continuous price differentiation in the upstream industry and provides an overview of mid - level events, industry status in the upstream, mid - stream, and downstream sectors. Upstream prices show a trend of divergence, with some rising and some falling, while the mid - stream and downstream industries have their own development characteristics such as low - level operation in some mid - stream industries and recovery in some downstream industries. 3. Summary by Related Catalogs Mid - level Event Overview - **Production Industry**: The State Administration for Market Regulation has deployed key tasks for 2026, including deepening fair competition governance, breaking administrative monopolies, strengthening anti - monopoly and anti - unfair competition law enforcement, promoting the development quality of business entities, and strengthening the regular supervision of the platform economy [1] - **Service Industry**: The 2026 Tariff Adjustment Plan will be implemented from January 1, 2026, with 935 items of goods subject to import provisional tax rates lower than the most - favored - nation tax rates, and new national sub - items added. Also, regulations on the deduction of advertising and business promotion expenses for certain industries have been announced [2] Industry Overview - **Upstream**: In the chemical industry, PTA prices are rising; in the non - ferrous metals sector, copper prices are rising; in the energy industry, LNG prices are falling [3] - **Mid - stream**: Chemical product start - up rates are at a low level, power plant coal consumption is increasing, and asphalt start - up is in the off - season [4] - **Downstream**: The sales of commercial housing in first, second, and third - tier cities are continuously warming up, and the number of domestic flights is increasing [4] Key Industry Price Index Tracking - **Agriculture**: On December 29, the spot prices of corn, palm oil, cotton, and the average wholesale price of pork increased year - on - year, while the spot price of eggs decreased [37] - **Non - ferrous Metals**: On December 29, the spot prices of copper, zinc, aluminum, and nickel increased year - on - year [37] - **Ferrous Metals**: On December 29, the spot price of线材 increased year - on - year, while the spot prices of rebar and iron ore decreased slightly [37] - **Non - metals**: On December 29, the spot price of natural rubber increased year - on - year, while the spot price of glass and the China Plastic City price index decreased [37] - **Energy**: On December 29, the spot prices of WTI crude oil and Brent crude oil increased slightly year - on - year, while the spot price of liquefied natural gas and coal price decreased [37] - **Chemical Industry**: On December 29, the spot price of PTA increased year - on - year, while the spot price of polyethylene decreased [37] - **Real Estate**: On December 29, the cement price index and the building materials composite index decreased slightly year - on - year, and the concrete price index remained unchanged [37]