1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The glass futures declined significantly last week. After the downstream restocking ended, production and sales gradually decreased, and the current situation suppressed prices. It is expected that the glass futures will fluctuate weakly, with a possibility of a small rebound. The report suggests selling out - of - the - money call options [3]. 3. Summary by Directory 01 Investment Strategy: Sell Out - of - the - Money Call Options - **Main Logic**: The glass futures dropped last week. After downstream restocking ended, production and sales declined. The basis in the Shahe area narrowed positively, and the basis in Hubei Minghong changed from negative to positive. Spot prices were basically stable, reducing hedging opportunities. The 5 - 9 spread was - 127 yuan/ton, and there were still risks in long - short spreads. Supply decreased as the second line of Sichuan Wujun with a daily melting capacity of 900 tons was cold - repaired. Nationwide inventory continued to decline, but the decline weakened. Downstream processing plants had average new orders and mainly maintained a rigid - demand purchasing rhythm. The price of soda ash, a raw material, was weak, and the only factor disturbing the market was the increase in coal costs. Technically, the short - side force reached its peak, and there was a possibility of profit - taking [3]. - **Operation Strategy**: Sell out - of - the - money call options [4] 02 Market Review: Futures Decline - **Spot Price**: As of March 20, the market price of 5mm float glass was 1,070 yuan/ton (unchanged) in North China, 1,090 yuan/ton (- 10 yuan) in Central China, and 1,250 yuan/ton (unchanged) in East China. - **Futures Price**: Last Friday, the glass 05 contract closed at 1,054 yuan/ton, a weekly decrease of 81 yuan [11]. 03 Market Review: Basis Turns Positive - **Soda Ash - Glass Spread**: As of March 20, the soda ash futures price was 1,202 yuan, and the glass futures price was 1,054 yuan. The spread between them was 148 yuan/ton (+ 6 yuan). - **Basis**: Last Friday, the basis of the glass 05 contract was 6 yuan/ton (+ 61 yuan). - **Contract Spread**: Last Friday, the 05 - 09 spread was - 127 yuan/ton (- 14 yuan) [12][16]. 04 Profit: Gross Margin Declines - **Natural Gas Process**: The cost was 1,572 yuan/ton (- 2 yuan), and the gross margin was - 322 yuan/ton (+ 2 yuan). - **Coal - Gas Process**: The cost was 1,179 yuan/ton (+ 6 yuan), and the gross margin was - 109 yuan/ton (- 6 yuan). - **Petroleum Coke Process**: The cost was 1,098 yuan/ton (- 2 yuan), and the gross margin was - 8 yuan/ton (- 8 yuan). - **Fuel Prices**: On March 20, the industrial natural gas price in Hebei was 4.31 yuan/m³, the CIF price of US 3% sulfur shot coke was 175 US dollars/ton, and the price of Yulin thermal coal was 609 yuan/ton [20]. 05 Supply: Decrease - The daily melting capacity of glass last Friday was 146,585 tons/day (- 1,200 tons). Currently, there are 207 production lines in operation. Multiple production lines have undergone cold - repair,复产, new ignition, and conversion [22][23]. 06 Inventory: Continued Inventory Reduction - As of March 20, the inventory of 80 glass sample manufacturers nationwide was 7,443.6 ten - thousand weight boxes (- 141.3 ten - thousand weight boxes). Inventory in various regions also decreased, such as North China (- 72 ten - thousand weight boxes), Central China (- 12 ten - thousand weight boxes), etc. [25][28]. 07 Deep - Processing: Decrease in Order Days - **Production and Sales Rate**: On March 19, the comprehensive production and sales rate of float glass was 97% (- 23%). - **LOW - E Glass**: On March 20, the operating rate of LOW - E glass was 43.8% (+ 2.2%). - **Order Available Days**: At the beginning of February, the order days of glass deep - processing were 6.35 days (- 2.95 days) [29]. 08 Demand: Decrease in Sales During the Spring Festival - **Automobile**: In February, China's automobile production was 1.672 million vehicles, a month - on - month decrease of 778,000 vehicles and a year - on - year decrease of 431,000 vehicles. Sales were 1.805 million vehicles, a month - on - month decrease of 541,000 vehicles and a year - on - year decrease of 324,000 vehicles. - **New - Energy Vehicles**: In February, the retail sales of new - energy passenger vehicles in China were 464,000 vehicles, with a penetration rate of 44.9% [38]. 09 Demand: Real Estate Data Continues to Decline - **Real Estate**: From January to February, China's real estate completion area was 63.2042 million m², a year - on - year decrease of 28%; new construction area was 50.839 million m² (- 23%); construction area was 5.35372 billion m² (- 12%); and commercial housing sales area was 92.93 million m² (- 14%). - **Transaction Area**: From March 9 to March 15, the total transaction area of commercial housing in 30 large - and medium - sized cities was 1.7 million square meters, a month - on - month increase of 45% and a year - on - year decrease of 8%. - **Development Investment**: In December, real estate development investment was 419.724 billion yuan, a year - on - year decrease of 37% [44]. 10 Soda Ash: Spot and Futures Prices - **Spot Price**: As of last weekend, the mainstream market price of heavy soda ash was 1,275 yuan/ton (unchanged) in North China, 1,250 yuan/ton (unchanged) in East China, 1,225 yuan/ton (unchanged) in Central China, and 1,375 yuan/ton (unchanged) in South China. - **Futures Price**: Last Friday, the soda ash 2605 contract closed at 1,202 yuan/ton (- 75 yuan). - **Basis**: Last Friday, the basis of the soda ash Central China 05 contract was 23 yuan/ton (+ 75 yuan) [45][48][49]. 11 Cost - Side - Soda Ash: Improvement in Joint - Soda Profit - **Soda Ash Profit**: As of last Friday, the ammonia - soda process cost of soda ash enterprises was 1,294 yuan/ton (unchanged), and the gross margin was - 25 yuan/ton (+ 1 yuan); the joint - production process cost was 1,729 yuan/ton (+ 89 yuan), and the gross margin was 228 yuan/ton (+ 62 yuan). - **Other Prices**: Last Friday, the market price of synthetic ammonia in Hubei was 2,653 yuan/ton (+ 317 yuan), and the ex - factory price of wet ammonium chloride of Xuzhou Fengcheng was 500 yuan/ton (+ 100 yuan) [50][51][52]. 12 Cost - Side - Soda Ash: Increase in Production - **Inventory**: As of March 20, the national in - factory inventory of soda ash was 185.38 tons (a month - on - month decrease of 7.79 tons). - **Soda Ash Production**: Last week, the domestic soda ash production was 81.81 tons (a week - on - week increase of 0.89 tons), including 43.4 tons of heavy soda ash (a week - on - week increase of 0.57 tons) and 38.41 tons of light soda ash (a week - on - week increase of 0.32 tons). The loss was 12.88 tons (a week - on - week increase of 0.79 tons). - **Warehouse Receipt Quantity**: Last weekend, the number of soda ash warehouse receipts on the exchange was 0 (a week - on - week decrease of 2,263) [61][62]. 13 Cost - Side - Soda Ash: Improvement in Apparent Demand - **Apparent Consumption**: Last week, the apparent demand for heavy soda ash was 46.14 tons, a week - on - week increase of 3.13 tons; the apparent demand for light soda ash was 43.46 tons, a week - on - week increase of 4 tons. - **Production and Sales Rate**: Last week, the production and sales rate of soda ash was 109.63%, a week - on - week increase of 7.71%. - **Glass Factory Inventory**: In February, the soda ash inventory of sample float glass factories was 19.55 days [64].

1. Report Industry Investment Rating No relevant information provided in the content. 2. Core Views of the Report Soft Commodity Sector - **Sugar**: The supply of sugar is relatively sufficient, but the fundamental outlook may improve. Zhengzhou sugar futures may continue to bottom - out and fluctuate in the short term [3]. - **Pulp**: Although Brazilian eucalyptus pulp has announced a price increase and energy prices have strengthened, the improvement in the supply - demand situation of bleached softwood kraft pulp (NBSK) is limited. Before new supply - side positive factors emerge, the upside potential of pulp prices is still limited [4]. - **Offset Paper**: The cost support for offset paper has weakened, and the spot price is relatively stable. The futures price is expected to fluctuate with the basis [6]. - **Cotton**: There is still a long - term positive outlook, but the short - term upward momentum is insufficient. The futures price is expected to continue to fluctuate strongly [9]. Fresh Fruit and Nut Sector - **Apple**: Supported by low inventory, the futures price may continue to fluctuate strongly. The overall market logic remains unchanged, and the price is expected to maintain a high - level range - bound and upward trend [11]. - **Jujube**: The futures price has bottomed out and rebounded, and the contradiction between the futures and spot prices has been alleviated. It is recommended to close short positions below 9000 points for the 2605 contract [12]. 3. Summary by Directory First Part: Sector Strategy Recommendations - **Fresh Fruit and Nut Futures**: For Apple 2605, hold long positions cautiously; for Jujube 2605, buy on dips in the short term [20]. - **Soft Commodity Futures**: For Sugar 2605, wait and see; for Pulp 2605, short on rallies; for Offset Paper 2605, trade in the range; for Cotton 2605, hold long positions cautiously [20]. Second Part: Market News Changes Apple Market - **Fundamental Information**: In December 2025, the export volume of fresh apples increased. As of February 26, 2026, the cold - storage inventory in the main producing areas decreased year - on - year [21]. - **Spot Market Situation**: The transaction in the producing areas ended this week, and the price remained stable. The supply in the sales areas gradually recovered after the Spring Festival, and the price was stable [21][23]. Jujube Market As of February 9, the physical inventory of 36 sample points decreased month - on - month. Due to the dispersed acquisition structure and cautious market expectations, holders tend to sell before the Spring Festival [24]. Sugar Market India has adjusted its sugar production and sales data. Brazil's sugar production in some periods has decreased, but the cumulative production has increased slightly. The yield forecast of the upcoming Brazilian sugarcane crop has been slightly lowered [26]. Pulp Market The Chinese pulp market continues to weaken due to falling futures prices and weakening demand for key resale varieties. The prices of NBSK from Canada and Northern Europe remain stable [29]. Offset Paper Market This week, the inventory days of offset paper decreased, the decline narrowed, the operating rate increased slightly, and the increase also narrowed. The overall inventory reduction speed of the industry has slowed down [30]. Cotton Market In December 2025, the import volume and amount of US textiles and clothing changed, and the sales data of the US clothing industry also showed different trends. Indonesia's cotton imports increased month - on - month but decreased year - on - year [31][32]. Third Part: Market Review Futures Market Review The closing prices, daily changes, and daily change rates of Apple 2605, Jujube 2605, Sugar 2605, Pulp 2605, and Cotton 2605 are provided [32]. Spot Market Review The spot prices, month - on - month changes, and year - on - year changes of apple, jujube, sugar, pulp, offset paper, and cotton are presented [41]. Fourth Part: Basis Situation No specific text summary is provided in the content, only relevant figures are mentioned. Fifth Part: Inter - month Spread Situation The current values, month - on - month changes, year - on - year changes, trend predictions, and recommended strategies of the inter - month spreads of apple, jujube, sugar, and cotton are given [63]. Sixth Part: Futures Positioning Situation No specific text summary is provided in the content, only relevant figures are mentioned. Seventh Part: Futures Warehouse Receipt Situation The warehouse receipt quantities, month - on - month changes, and year - on - year changes of apple, jujube, sugar, pulp, and cotton are provided [96]. Eighth Part: Option - related Data No specific text summary is provided in the content, only relevant figures are mentioned.

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Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - Gold prices have slightly increased this week, but the intensity of the increase is limited, with a higher probability of range - bound fluctuations. The 10 - year TIPS has risen to 1.93%, and the 10 - year nominal interest rate has fallen to 4.19%. The recent price correlation between gold and real interest rates has returned [4][5]. - Silver prices have fluctuated significantly this week. Although there was a small accumulation of futures inventory, the accumulation was limited, and the TD deferred fee remained in the state of short - paying - long. The overseas Lease rate rebounded moderately. The risk of short - squeeze in silver at home and abroad in December is limited, but there is a greater risk of price increase from January to March 2026. After the price recently reached $65, it may enter a shock adjustment stage [5]. 3. Summaries by Related Catalogs 3.1 Transaction Aspects (Price, Spread, Inventory, Funds, and Positions) - **Price and Spread** - This week, London gold rose 2.45%, and London silver rose 11.02%. The gold - silver ratio fell from 72.2 last week to 66.6. The gold - silver price ranges are 950 - 990 yuan/gram for gold and 13,700 - 15,000 yuan/kilogram for silver [3][5]. - Overseas, the London spot - COMEX gold主力 spread fell to - 30.515 dollars/ounce, and the COMEX gold continuous - COMEX gold主力 spread was - 27.1 dollars/ounce. The London spot - COMEX silver主力 spread rose to - 0.165 dollars/ounce, and the COMEX silver continuous - COMEX silver主力 spread was - 1.03 dollars/ounce [11][17]. - Domestically, the gold futures - spot spread was - 5.86 yuan/gram, at the lower end of the historical range; the silver futures - spot spread was 29 yuan/gram, at the upper end of the historical range. The gold monthly spread was 7.28 yuan/gram, at the upper end of the historical range; the silver monthly spread was 7 yuan/gram, at the lower end of the historical range [23][26][30][33]. - **Inventory** - COMEX gold inventory decreased by 10.66 tons this week, and the registered warrant ratio rose to 52.7%. COMEX silver inventory decreased by 115.42 tons to 137,581 tons, and the registered warrant ratio rose to 30.3%. Domestic gold futures inventory remained unchanged, and silver futures inventory increased by 132 tons to 802 tons [42][44][48]. - **Positions** - This week, the non - commercial net - long position of COMEX CFTC gold increased slightly, while the non - commercial net - long position of silver decreased slightly. The gold SPDR ETF inventory increased by 2.82 tons, and the domestic gold ETF decreased by 0.2 tons. The silver SLV ETF inventory increased by 177 tons [50][53][57]. 3.2 Gold's Core Drivers - The correlation between gold and real interest rates has returned this week, and the 10YTIPS has continued to decline [66]. - Information on inflation, retail sales, non - farm employment, industrial manufacturing cycle, financial conditions, economic surprise index, and inflation surprise index is presented, but no specific conclusions are drawn [70][73][78][80].

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports Crude Oil - Monday saw a decline in international crude oil prices due to factors such as the resumption of normal operations in some Iraqi oil fields, the continuous production - increase plan of OPEC+, high - level US crude oil production, and an increase in crude oil inventory. However, the ongoing Russia - Ukraine peace talks and the expected Fed rate cut next week are likely to support prices. Short - term Brent crude is expected to trade between $60 - 65 per barrel [1]. Natural Rubber - On the supply side, the continuous decline in Thai raw material prices, the expected increase in overseas supply, the weakening of upstream cost support, and the seasonal increase in overseas shipments have led to a continuous build - up of natural rubber inventory, suppressing spot prices. On the demand side, although tire production is gradually recovering, the overall output increase is limited, and the market is mainly focused on inventory digestion. Short - term rubber prices are expected to be weak and volatile [3]. Methanol - Methanol futures fluctuated narrowly. Spot was purchased on - demand, and the basis was firm. Inland supply increased with plant restarts, but coal - and gas - based production profits were weak. Traditional downstream demand increased slightly, and winter fuel demand provided support. In ports, Iranian gas restrictions led to multiple plant shutdowns, strengthening the expectation of inventory reduction, but high overseas shipments and a large number of registered warrants kept prices weak. Attention should be paid to MTO05 [6][7]. LLDPE and PP - The operating load of polyethylene is gradually increasing, and supply is on the rise. Although upstream inventory is being depleted, it is still higher than the same period last year, and the profit from naphtha cracking is low. The supply of polypropylene is expected to increase after maintenance, and inventory depletion is accelerating, but the overall inventory level is still high. The cost of propylene is strong, compressing the profit of PP production processes. Overall, the fundamentals show a pattern of increasing supply and weak demand, with cost support and inventory pressure coexisting [11]. Pure Benzene and Styrene - For pure benzene, domestic supply is expected to remain stable, downstream cash flow has improved slightly, but demand support is limited. There will be a large number of imports arriving at ports, and port inventory is expected to continue to build up. The short - term price driver is weak, and it may follow oil prices and styrene fluctuations. For styrene, although planned and unplanned maintenance is expected to increase, the overall operating rate may rise slightly, and port inventory may continue to decline. However, due to weak cost support and seasonal weakening of terminal demand, the upside space is limited [14]. Urea - Supply pressure is continuously released as the daily production on December 8 reached a recent high. Demand is in the off - season, and downstream procurement willingness is weak. Although the inventory depletion rate of enterprises has accelerated, the overall inventory level is still high. The mismatch between supply and demand is the main reason for price decline, and short - term prices are expected to be weak and volatile [15]. Polyester Industry Chain - For PX, short - term supply is less affected, but there is an expected supply contraction in the medium - term. Demand is relatively strong, and short - term price drivers are limited, but medium - term support is strong. PTA supply is expected to decrease in November - December, and demand is relatively strong, with short - term price support. Ethylene glycol is expected to continue to decline due to high overseas supply and inventory build - up. Short - fiber supply remains high, and demand is seasonally weak, with limited price drivers. Polyester bottle - chip supply is expected to increase in December, and demand is weak, with processing fees expected to be squeezed [16]. LPG - The data shows price fluctuations in LPG futures and spot markets, as well as changes in inventory and operating rates. Overall, the market is in a state of adjustment, and attention should be paid to changes in supply and demand and international market prices [17]. Glass and Soda Ash - Soda ash production is at a high level, and it is expected to return to the inventory - build - up pattern this week. Downstream demand is shrinking, and the supply - demand pattern is bearish. Glass prices in some regions are weakening, and although there is still some short - term demand support, the medium - and long - term demand outlook is not optimistic [19]. PVC and Caustic Soda - Caustic soda industry supply is abundant, demand is weak, and prices are expected to be weak. PVC supply pressure remains high, demand is low, and although there is some export advantage, overall supply exceeds demand, and prices are expected to be weak [20]. 3. Summaries According to Relevant Catalogs Crude Oil - **Prices and Spreads**: Brent crude fell from $63.75 to $62.49 per barrel (-1.98%), WTI from $60.08 to $58.88 per barrel (-2.00%), and SC rose from 453.40 to 456.40 yuan/ton (0.66%). Various spreads also showed different degrees of change [1]. - **Refined Oil**: Prices of NYM RBOB, NYM ULSD, and ICE Gasoil all declined, and their spreads also changed [1]. - **Refined Oil Crack Spreads**: Crack spreads of various refined oil products in different regions decreased [1]. Natural Rubber - **Spot Prices and Basis**: The price of Yunnan Guofu new - type rubber increased slightly, while the price of Thai standard mixed rubber decreased. The basis of whole - milk rubber increased [3]. - **Monthly Spreads**: The 9 - 1 spread increased significantly, while the 1 - 5 and 5 - 9 spreads decreased [3]. - **Fundamentals**: In October, production in Thailand, Indonesia, and China decreased, while production in India increased. Tire production and export decreased, and inventory increased [3]. Methanol - **Prices and Spreads**: Futures and spot prices showed small fluctuations, and various spreads also changed [6]. - **Inventory**: Methanol enterprise, port, and social inventories all decreased [6]. - **Operating Rates**: Upstream domestic enterprise operating rates increased slightly, while some downstream operating rates changed [7]. LLDPE and PP - **Prices and Spreads**: Futures and spot prices of LLDPE and PP decreased slightly, and various spreads changed [11]. - **Operating Rates and Inventory**: PE and PP operating rates showed different trends, and enterprise and social inventories decreased [11]. Pure Benzene and Styrene - **Upstream Prices and Spreads**: Crude oil, naphtha, and other upstream prices changed, and spreads between products also changed [14]. - **Styrene - Related Prices and Spreads**: Styrene prices and spreads showed different degrees of change [14]. - **Inventory and Operating Rates**: Pure benzene and styrene inventories and operating rates in different regions changed [14]. Urea - **Futures Prices and Spreads**: Futures prices and spreads changed [15]. - **Supply and Demand**: Supply increased, demand was weak, and inventory was at a high level [15]. Polyester Industry Chain - **Upstream and Downstream Prices**: Upstream crude oil, naphtha, and other prices changed, and downstream polyester product prices and cash flows also changed [16]. - **PX, PTA, and MEG**: Prices, spreads, inventory, and operating rates of PX, PTA, and MEG all changed [16]. LPG - **Prices and Spreads**: Futures and spot prices of LPG changed, and various spreads also changed [17]. - **External Market Prices**: LPG external market prices increased slightly [17]. - **Inventory and Operating Rates**: LPG inventory decreased, and upstream and downstream operating rates changed [17]. Glass and Soda Ash - **Prices and Spreads**: Glass and soda ash prices and spreads changed [19]. - **Supply, Inventory, and Real - Estate Data**: Supply, inventory, and real - estate data showed different trends [19]. PVC and Caustic Soda - **Prices and Spreads**: PVC and caustic soda prices and spreads changed [20]. - **Supply, Demand, and Inventory**: Supply, demand, and inventory of PVC and caustic soda showed different trends [20].

Group 1: Report Information - Report Name: Sugar Daily Report [2] - Date: December 8, 2025 [2] - Researcher: Liu Qiannan [7] Group 2: Data Analysis Futures Data - SRO9: Closing price 5,262, increase of 0.17%, volume 6,374, increase of 1,257, open interest 28,876, increase of 1,892 [3] - SR01: Closing price 5,337, increase of 34, increase rate of 0.64%, volume 173,785, increase of 20,741, open interest 289,716, decrease of 27,587 [3] - SROE: Closing price 5,244, increase of 11, increase rate of 0.21%, volume 118,780, increase of 25,273, open interest 309,725, increase of 14,181 [3] Spot Price Data - Sugar spot prices in different regions: Liuzhou 5,505 (no change), Kunming 5,345 (decrease of 25), Wuhan 5,810 (no change), Nanning 5,430 (no change), Yingkou 0 (no data), Rizhao 5,700 (no change), Xi'an 5,960 (decrease of 20) [3] - Basis: Liuzhou 168, Kunming (data missing), Wuhan 473, Nanning 93, Rizhao 363, Xi'an 623 [3] Inter - month Spread Data - SR05 - SR01: Spread - 23, change - 33; SR09 - SR05: Spread 18, change - 2; SR09 - SR01: Spread - 75, change - 25 [3] Import Profit Data - Brazilian imports: ICE主力 14.82, premium (0.19), freight 37.75, in - quota price 4,049, out - of - quota price 5,144, spread with Liuzhou 361, spread with Rizhao 556.00, spread with the market 193 [3] - Thai imports: ICE主力 14.82, premium 0.89, freight 18.00, in - quota price 4,082, out - of - quota price 5,192, spread with Liuzhou 313, spread with Rizhao 508.00, spread with the market 145 [3] Group 3: Market Research Important Information - As of December 8, 2025, in the 2025/26 sugar - crushing season, 56 sugar mills in Guangxi have started crushing, 11 less than the same period last year, with a daily sugar - cane crushing capacity of 425,000 tons, 112,500 tons less than the same period last year. 16 sugar mills in Yunnan have started crushing, 6 more than the same period last year, with a planned daily crushing capacity of 59,900 tons, 23,500 tons more than the same period last year [5] - In November 2025, the actual arrival of out - of - quota raw sugar was 114,500 tons, and the forecasted arrival was 363,500 tons [6] Logical Analysis - Internationally, Brazilian sugar is entering the harvest stage, the sugar - making ratio has decreased, and the cumulative sugar production in central and southern Brazil is 39.179 million tons, 800,000 tons more than the same period last year. International sugar prices show signs of bottom - building and are expected to be slightly stronger in the short term [8] - Domestically, sugar mills are starting to crush, and the supply and sales pressure will gradually increase. However, due to tightened imports of syrups and premixes and high previous pricing costs, domestic sugar production costs are relatively high, supporting the futures price. The short - term price is expected to fluctuate at a low level [8] Trading Strategies - Unilateral: Brazilian sugar supply pressure is easing, international sugar prices are showing signs of bottom - building, and are expected to be slightly stronger in the short term. Domestically, although there are sales pressure, considering the high production cost and low futures price, it is recommended to build long positions at low prices [9] - Arbitrage: Wait and see [10] - Options: Sell put options at low prices [10] Group 4: Related Diagrams - Diagrams include Guangxi and Yunnan monthly inventory, monthly production, Liuzhou sugar spot price, Liuzhou - Kunming sugar spot price spread, sugar basis for different months, and inter - month spreads for different contracts [11][14][17]

1. Report Industry Investment Rating - There is no information about the report's industry investment rating provided in the content. 2. Core Viewpoint of the Report - The LPG futures contract's closing price increased by 28 yuan/ton to 4317 yuan/ton, a 0.65% rise. The national LPG market price went up, with the average price reaching 4360 yuan/ton, a 0.44% increase from the previous workday. The LPG market is expected to operate in a range - bound manner [3]. 3. Summary by Relevant Catalog 3.1 Market Overview - The international LPG market showed a trend of rising first and then falling this week, but the overall price center shifted upward. The non - US supply was tight while market buying interest remained strong. The Middle East's January shipment negotiations were active, and the demand was firm. The Far - East arbitrage window in the European and American markets was still open, but buying interest weakened due to shrinking arbitrage. In the Far - East market, LPG prices rose first and then fell. In the shipping market, freight rates from the Middle East to the Far East and from the US Gulf of Mexico to the Far East both increased slightly [3]. 3.2 Regional Market Conditions 3.2.1 East China Region - The average price of the civil LPG market increased by 13 yuan/ton to 4360 yuan/ton, a 0.30% increase. The market in East China mainly rose this week. The release of December CP last week increased the import cost, supporting the sentiment of upstream and downstream. The refinery supply in Shanghai and Jiangsu decreased, and the overall supply showed an obvious narrowing trend. Chemical demand increased slightly, and downstream enthusiasm for entering the market was strong. The import cost increased, but the price increase of imported gas was less than that of domestic gas [3]. 3.2.2 South China Region - The average price of the civil LPG market increased by 25 yuan/ton to 4360 yuan/ton, a 0.58% increase. The LPG market in South China rose across the board this week. Supply tightness and cost increase were the main supporting factors. For civil gas, terminals led the price increase. Due to delayed ship arrivals, some terminal inventories were low, and importers continuously raised prices. Refineries quickly followed suit. For industrial gas, the supply pressure of refineries was relieved, and the prices also increased [3]. 3.2.3 Shandong Region - The average price of the civil LPG market increased by 10 yuan/ton to 4460 yuan/ton, a 0.22% increase, and the average price of ether - post - carbon - four increased by 6 yuan/ton to 4281 yuan/ton. The civil LPG market in Shandong first remained stable and then rose, reaching a high in nearly two months. The increase in CP led to an obvious rise in import costs, driving up the price of related propane and slightly improving the profitability of downstream chemical plants [3]. 3.3 Price and Spread - Futures prices: The closing price of the main LPG futures contract increased by 28 yuan/ton to 4317 yuan/ton, a 0.65% increase; the settlement price increased by 19 yuan/ton to 4301 yuan/ton, a 0.44% increase. - Inter - month spreads: The spreads between different LPG contracts showed different changes, such as PG2601 - PG2602 being - 15 yuan/ton (down from 96 yuan/ton), and PG2601 - PG2603 being 229 yuan/ton (down 10 yuan/ton). - Cross - variety spreads: For example, PG - 7.33*SC was 999.44 yuan/ton, a 0.50% decrease [3]. 3.4 Cost and Profit - The production cost of PDH - made propylene was 6392 yuan/ton, a 0.06% decrease; the production cost of PDH - made PP was 7575.55 yuan/ton, a 0.79% increase. The production profit of PDH - made propylene was - 397 yuan/ton, a 0.25% decrease; the production profit of PDH - made PP was - 1252.22 yuan/ton, a 7.35% decrease [3]. 3.5 Other Information - Freight rates: Freight rates for different shipping routes remained unchanged. - Exchange - rate and interest - rate: The US dollar index decreased by 0.46%, and SHIBOR - overnight remained basically unchanged at 1.3020% [3].

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - No information provided Group 3: Summary of Related Catalogs Iron Ore Spot and Forward Market - The latest price of the Platts 62 Index is $107.80, with a daily change of $1.20 and a weekly change of $0.45 [1] - Different iron ore varieties such as Newman powder, PB powder, and Mac powder show various price changes in terms of daily, weekly, and import profit [1] Exchange Futures Market - For the Dalian Commodity Exchange, the latest price of i2601 is 799.5 yuan, with a daily change of -1.0 yuan and a weekly change of 2.5 yuan. The monthly - spread is -46.5, with a daily change of 27.8 and a weekly change of -6.7 [1] - The latest price of i2605 is 777.0 yuan, with a daily change of 1.5 yuan and a weekly change of 3.5 yuan. The monthly - spread is 22.5, with a daily change of 50.3 and a weekly change of -9.2 [1] - The latest price of i2609 is 753.0 yuan, with a daily change of 1.5 yuan and a weekly change of 4.5 yuan. The monthly - spread is 24.0, with a daily change of 74.3 and a weekly change of -12.2 [1] Other Market Data - PB block/block ore premium, U - ball/ball pellet premium, and other premiums also have corresponding price changes [1] - There are price differences and changes in basis/inside - outside market spreads and monthly spreads [1]

Group 1: Report General Information - Report Title: Sugar Daily Report [2][3] - Report Date: December 3, 2025 [2] - Researcher: Liu Qiannan [5] Group 2: Data Analysis Futures Disk - SR09: Closing price 5,317, down 11 (-0.21%), volume 4,413 (down 1,659), open interest 22,981 (up 1,618) [6] - SR01: Closing price 5,366, down 16 (-0.30%), volume 133,086 (down 30,887), open interest 330,181 (down 8,305) [6] - SR05: Closing price 5,297, down 19 (-0.36%), volume 60,725 (up 2,637), open interest 237,171 (up 15,382) [6] Spot Price - Sugar in Liuzhou: Today's quote 5,545, down 20, basis 179 [6] - Sugar in Kunming: Today's quote 5,410, down 5, basis 44 [6] - Sugar in Wuhan: Today's quote 5,840, down 10, basis 474 [6] - Sugar in Nanning: Today's quote 5,480, down 30 [6] - Sugar in Rizhao: Today's quote 5,750, basis 384 [6] - Sugar in Xi'an: Today's quote 6,040, down 20, basis 674 [6] Monthly Spread - SR05 - SR01: Spread -69, down 3 [6] - SR09 - SR05: Spread 20, up 8 [6] - SR09 - SR01: Spread -49, up 5 [6] Import Profit - Brazil Import: ICE main 14.77, premium (0.19), freight 38.00, in - quota price 4,071, out - of - quota price 5,173, spread with Liuzhou 372, spread with Rizhao 577, spread with the disk 193 [6] - Thailand Import: ICE main 14.77, premium 0.89, freight 18.00, in - quota price 4,117, out - of - quota price 5,223, spread with Liuzhou 322, spread with Rizhao 527, spread with the disk 143 [6] Group 3: Market Judgment Important Information - Guangxi: As of November 30, 2025, 35 sugar mills have started crushing, 26 less than the same period last year; cumulative cane crushed 1.4411 million tons, 3.2521 million tons less than last year; mixed sugar production 133,900 tons, 378,500 tons less than last year; mixed sugar yield 9.29%, 1.63 percentage points lower than last year; cumulative sugar sales 89,400 tons, 195,600 tons less than last year; sales ratio 66.77%, 11.15 percentage points higher than last year; new sugar industrial inventory 44,500 tons, 182,900 tons less than last year [8] - Yunnan: As of November 30, 2025, 10 sugar mills have started crushing (5 last year); cumulative cane crushed 439,400 tons (349,700 tons last season); sugar production 44,800 tons (38,600 tons last season); sugar yield 10.22% (11.05% last season); cumulative new sugar sales 32,200 tons (32,600 tons last year); sales ratio 71.89% (84.50% last year); industrial inventory 12,600 tons (5,900 tons last year) [9] - Brazil: The growth of ethanol demand in Brazil should ensure that the expansion of corn as a bio - fuel raw material will not endanger sugarcane ethanol producers. Since the early 2000s, Brazil's corn ethanol production has more than tripled, while sugarcane ethanol production has remained roughly flat [11] Logical Analysis - International: Brazilian sugarcane is expected to gradually enter the harvest stage, and producing ethanol is more advantageous, so the sugar - making ratio has decreased significantly recently. The cumulative sugar production in the central - southern region of Brazil is 39.179 million tons, an increase of 800,000 tons compared to the same period last year. The supply pressure of Brazilian sugar will gradually ease, and the international sugar price shows signs of bottoming out, with a short - term price trend slightly stronger in a volatile manner [12] - Domestic: In the short term, domestic sugar mills are starting to crush one after another, and the output in the new season will increase, so the supply and sales pressure will gradually increase. However, considering the tightened import of syrup and premixed powder in China and the relatively high previous point - pricing cost, the domestic sugar production cost is also high, which provides some support for the futures price. The short - term price is expected to fluctuate at a low level [12] Trading Strategies - Unilateral: As the Brazilian sugar season is approaching the end, the supply - side pressure is easing, and the international sugar price shows signs of bottoming out, with a short - term expected to be slightly stronger in a volatile manner. Although the domestic market has an unexpectedly large amount of imported sugar and the start of sugar mills, increasing the sales pressure, considering the high domestic white sugar production cost and the relatively low current futures price, the downward space is expected to be limited. Short - term long positions can be considered to be built at low prices [13] - Arbitrage: Wait and see [14] - Options: Sell put options at low levels [14] Group 4: Related Attachments - Figures include Guangxi monthly inventory, Yunnan monthly inventory, Guangxi monthly production, Yunnan monthly production, Liuzhou white sugar spot price, Liuzhou - Kunming sugar spot price difference, sugar September basis, Zhengzhou sugar 5 - 9 spread, sugar January basis, Zhengzhou sugar 9 - 1 spread, sugar May basis, Zhengzhou sugar 1 - 5 spread, etc. [15][20][23][24][29][31]