1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The real estate market is still at the bottom, but the decline trend is slowing down; the steel consumption in the automotive industry has declined for two consecutive months; infrastructure investment is providing support [4][6][8][10] - The iron ore market is driven by events, with a "near - strong, far - weak" fundamental characteristic. Prices are supported by costs and tight spot supplies but are suppressed by medium - to - long - term demand and supply increase expectations [26] - The coking coal and coke market fluctuates with energy expectations. The price increase is due to thermal coal expectations rather than its own fundamentals, and it is difficult to continue rising away from fundamentals [44] - The ferroalloy market has strong cost support at the bottom. The production of ferrosilicon is increasing, while silicomanganese maintains low production. The inventory of silicomanganese is at a historical high, and there is great pressure to reduce inventory [58] - The soda ash market has high daily production and continuous supply pressure. The rigid demand is currently stable and weak, and the inventory performance is better than expected. The price increase space is limited, and the downward space needs inventory accumulation to open [71] - The glass market has a continued cold - repair expectation, and the daily melting volume is in a downward stage. The high inventory in the middle reaches and the expected return of supply limit the price increase, and the demand needs to be verified [96] 3. Summary by Directory Steel - **Macro Data** - From January to February, the new construction area of real estate was 5.084 million square meters, with a cumulative year - on - year decrease of 23.1%. The single - month steel consumption from January to February was 330,460 tons, at the lowest level in the same period over the years, but the decline trend is stabilizing [4] - From January to February, the automobile production was 4.024 million vehicles, with a cumulative year - on - year decrease of 9.9%. In January, the single - month steel consumption was 1.01577 million tons, a month - on - month decrease of 11.67% and a year - on - year increase of 3.1%. In February, the single - month steel consumption was 881,500 tons, a month - on - month decrease of 13.22% and a year - on - year decrease of 6.6% [6] - In February, the completed infrastructure investment increased by 9.76% year - on - year. The steel consumption for railways and airports was 271,600 tons and 29,970 tons respectively, with a year - on - year increase of 0% and 31.1% [8] - **Price Data** - On March 27, 2026, the closing prices of rebar contracts 01, 05, and 10 were 3173, 3124, and 3151 yuan/ton respectively; the closing prices of hot - rolled coil contracts 01, 05, and 10 were 3311, 3299, and 3310 yuan/ton respectively [11] - The spot prices of rebar and hot - rolled coil in different regions also showed certain changes on March 27, 2026 [16] Iron Ore - **Market Analysis** - The iron ore market is event - driven, with a complex mix of long and short factors. The macro internal and external demand momentum is weak, the supply and shipment are marginally recovering, and the rising fuel cost provides support. The resumption of production by steel mills drives the increase in hot metal production, and the structural shortage of port inventory is the core driver. The fundamentals show a "near - strong, far - weak" characteristic [26] - **Price Data** - On March 27, 2026, the closing prices of iron ore contracts 01, 05, and 09 were 769.5, 812, and 788 yuan/ton respectively [27][31] - The basis and spot prices of different iron ore varieties also changed [31] - **Fundamental Data** - On March 27, 2026, the daily average hot metal production was 231,090 tons, the 45 - port desilting volume was 3.1317 million tons, the apparent demand for five major steel products was 8.88 million tons, etc. [39] Coking Coal and Coke - **Market Analysis** - The coking coal and coke market fluctuates with energy expectations. The price increase is due to thermal coal expectations rather than its own fundamentals. Domestic production is increasing, inventory is close to the same - period level, hot metal production and steel mill profits are lower than in previous years, and there is great inventory pressure at the Mongolian coal port. It is difficult for prices to continue rising away from fundamentals [44] - **Price Data** - On March 27, 2026, the price differences between different coking coal and coke contracts, as well as the spot prices of coking coal and coke in different regions, showed certain changes [45][46][47] Ferroalloy - **Market Analysis** - The ferroalloy market has strong cost support at the bottom. The Australian hurricane has disrupted the shipment of manganese ore. The price - holding by miners and the strengthening of coking coal provide bottom support. The production of ferrosilicon is increasing, while silicomanganese maintains low production. The inventory of silicomanganese is at a historical high, and there is great pressure to reduce inventory [58] - **Price Data** - On March 27, 2026, the basis, price differences between contracts, and spot prices of ferrosilicon and silicomanganese showed certain changes [59][61][63] Soda Ash - **Market Analysis** - The soda ash market has high daily production and continuous supply pressure. The rigid demand is currently stable and weak, but there may be unexpected disturbances on the supply side. The inventory performance is better than expected. If the futures price rises, there is a certain restocking space for middle - stream players such as those in the futures - cash market, but the price increase space is limited due to limited demand elasticity. The downward price space needs inventory accumulation to open [71] - **Price Data** - On March 27, 2026, the closing prices of soda ash contracts 05, 09, and 01 were 1229, 1310, and 1360 yuan/ton respectively, and the price differences between contracts also changed [72][75] Glass - **Market Analysis** - The glass market has a continued cold - repair expectation, and the daily melting volume is in a downward stage. The high inventory in the middle reaches is a risk concern. The expected return of supply and the high middle - stream inventory limit the price increase, and the demand needs to be verified [96] - **Price Data** - On March 27, 2026, the closing prices of glass contracts 05, 09, and 01 were 1041, 1179, and 1273 yuan/ton respectively, and the price differences between contracts and the basis also changed [97]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Sugar: Brazil's new sugar - cane crushing season has an increased cane input, but sugar mills tend to produce ethanol, leading to a downward - adjusted sugar production forecast. With the tense geopolitical situation in the Middle East and cautious market sentiment, and an increase in domestic syrup imports and normal spot trading, the sugar market has a stable supply - demand pattern. Short - term sugar prices are affected by geopolitics and foreign production forecasts, showing a volatile trend [3]. - Cotton: Geopolitical conflicts cause oil price fluctuations and increase macro risks. The release of domestic import quotas boosts short - term supply, leading to a short - term decline in Zhengzhou cotton prices. However, the downstream spinning mills' operating rates are rising, inventory is being depleted quickly, and there is a rigid procurement demand. The narrowing gap between domestic and foreign cotton prices indicates resilient downstream demand in the medium - to - long - term. The expected planting area in the new season will affect long - term trends, and there is strong support at the bottom [14]. - Apple: The Qingming Festival stocking is ongoing. The trading of high - quality apples in the production areas is active, showing a polarized market with strong prices for good - quality apples and weak prices for ordinary ones. The cold - storage inventory is being depleted faster, and the shortage of delivery products for the 05 contract is prominent. Supported by both fundamental and delivery logics, the apple market maintains a strong and volatile pattern [20]. - Jujube: The new planting season has not arrived yet, and the market focus is on the demand side. Currently, downstream sales are slow, and restocking is weak. With geopolitical conflicts, market funds are flowing, but the driving force for jujube prices is limited. Given the overall loose domestic supply - demand situation, jujube prices face upward pressure and may continue to fluctuate at a low level [28]. 3. Summary According to Relevant Catalogs Sugar - **Futures Prices and Spreads**: On March 23, 2026, SR01 closed at 5620, up 0.43% daily and down 0.11% weekly; SR03 closed at 5624, up 0.54% daily and down 0.04% weekly; SR05 closed at 5453, up 0.26% daily and down 0.35% weekly; SR07 closed at 5479, up 0.31% daily and down 0.3% weekly; SR09 closed at 5482, up 0.24% daily and down 0.35% weekly; SR11 closed at 5501, up 0.31% daily and down 0.29% weekly. SB closed at 15.63, up 1.36% daily and 10.23% weekly; W closed at 450.6, down 0.38% daily and up 9.10% weekly [4]. - **Basis**: On March 23, 2026, the basis of Nanning - SR01 was - 156, unchanged daily and up 10 weekly; the basis of Kunming - SR01 was - 281, unchanged daily and up 10 weekly, etc. [9]. - **Import Price Changes**: On March 23, 2026, the in - quota price of Brazilian sugar imports was 4292, up 116 daily and 209 weekly; the out - of - quota price was 5446, up 151 daily and 272 weekly. For Thai sugar, the in - quota price was 4228, up 124 daily and 217 weekly; the out - of - quota price was 5363, up 162 daily and 283 weekly [12]. Cotton - **Futures Prices and Spreads**: On March 23, 2026, cotton 01 closed at 15800, up 90 (0.57%); cotton 05 closed at 15280, up 65 (0.43%); cotton 09 closed at 15400, up 80 (0.52%);棉纱 05 closed at 21535, up 60 (0.28%);棉纱 09 closed at 21410, down 10 (- 0.05%). The cotton basis was 1434, unchanged; the cotton 01 - 05 spread was 495, unchanged; the cotton 05 - 09 spread was - 105, unchanged; the cotton 09 - 01 spread was - 390, unchanged; the flower - yarn spread was 6325, unchanged; the domestic - foreign cotton spread was 3531, up 96; the domestic - foreign yarn spread was 85, up 50 [15]. Apple - **Futures and Spot Prices**: On March 23, 2026, AP01 closed at 8532, down 1.33% daily and 0.76% weekly; AP03 closed at 8460, down 1.55% daily and 1.0% weekly; AP04 closed at 8898, down 5.48% daily and 3.50% weekly; AP05 closed at 10144, down 5.38% daily and up 0.79% weekly; AP10 closed at 8639, down 2.16% daily and 1.08% weekly; AP11 closed at 8477, down 1.83% daily and 0.95% weekly; AP12 closed at 8496, down 1.75% daily and 0.97% weekly. The price of Qixia first - and second - grade 80 apples was 4, unchanged; the price of Luochuan semi - commercial 70 apples was 4.35, up 2% weekly [21]. - **Spreads and Other Indicators**: The AP01 - 05 spread was - 2074, up 41.38% weekly; the AP05 - 10 spread was 1891, up 42.07% weekly; the AP10 - 01 spread was 183, up 34.56% weekly. The main contract basis was - 586, down 31.22% daily and up 198.98% weekly [21][22]. Jujube - **Futures Spreads**: The report shows the historical trends of jujube futures spreads such as 01 - 05, 05 - 09, and 09 - 01 from 2022 - 2026 [29][31]. - **Warehouse Receipts**: The report presents the total number of jujube warehouse receipts and effective forecasts from 2023 - 2026 [31]. - **Price Trends**: It shows the price trends of Xinjiang jujube main production areas (Aksu, Alar, Kashgar) and main sales areas (Hebei, Henan) from 2022 - 2025 [32].

Report Overview - The report is a soft commodity daily report dated March 20, 2026, covering sugar, cotton, apple, and jujube markets [1] Sugar Market Market Conditions - Middle - East geopolitical tensions make the capital market cautious, and short - term oil prices are in a volatile pattern. India has exported 315,000 tons of sugar in the 2025 - 26 market year, with the UAE as the largest destination, and the government has approved an export volume of 2 million tons [3] - The sugar - pressing progress in Guangxi is slow. As of March 17, 14 sugar mills have completed pressing, 53 fewer than the same period last year, and the pressing capacity has decreased year - on - year. Most sugar mills are expected to finish pressing at the end of March or early April [3] Price Data - Sugar futures prices: SR01 closed at 5596 yuan/ton with a daily increase of 0.47% and a weekly decrease of 0.12%; SR03 closed at 5594 yuan/ton with a daily increase of 0.59% and a weekly increase of 4.19%; etc. [4] - Sugar basis: For example, the basis of Nanning - SR01 on March 19, 2026 was - 150 yuan/ton, with a daily decrease of 61 yuan/ton and a weekly decrease of 32 yuan/ton [10] - Sugar import prices: The quota - within price of Brazilian sugar on March 20, 2026 was 4176 yuan/ton, with a daily increase of 73 yuan/ton and a weekly increase of 108 yuan/ton; the out - of - quota price was 5295 yuan/ton, with a daily increase of 95 yuan/ton and a weekly increase of 141 yuan/ton [13] Cotton Market Market Conditions - The expectation of tight supply and demand in the current and next years supports cotton prices. The implementation of the domestic import quota policy helps narrow the price gap between domestic and foreign cotton. Due to the ongoing conflict in the Middle East and long - position profit - taking, Zhengzhou cotton may have a slight correction, but strong domestic downstream consumption limits the downside space. Attention should be paid to the support at 15,000 yuan/ton [15] Price Data - Cotton and cotton yarn futures prices: Cotton 01 closed at 15710 yuan/ton with an increase of 105 yuan/ton and a rise of 0.67%; Cotton 05 closed at 15215 yuan/ton with an increase of 65 yuan/ton and a rise of 0.43%; etc. [16] - Cotton and cotton yarn price spreads: For example, the cotton basis was 1434 yuan/ton with a daily decrease of 138 yuan/ton; the spread between Cotton 01 and 05 was 495 yuan/ton with a daily increase of 40 yuan/ton [16] Apple Market Market Conditions - The apple futures market is running strongly, driven by both fundamental and delivery logic. The shortage of delivery products for the 05 contract is prominent, providing strong short - term support for the market, and there is no obvious negative pressure, maintaining a strong and volatile pattern [21] Price Data - Apple futures prices: AP01 closed at 8647 yuan/ton with a daily decrease of 0.29% and a weekly increase of 1.31%; AP03 closed at 8593 yuan/ton with a daily increase of 0.02% and a weekly decrease of 6.5%; etc. [22] - Apple price spreads and basis: For example, the spread between AP01 and 05 was - 1939 yuan/ton, with a daily increase of 30.05% and a weekly increase of 33.36%; the main contract basis was - 617 yuan/ton, with a daily increase of 87.54% and a weekly increase of 165.95% [22] Jujube Market Market Conditions - The new planting season has not arrived, and the market focus is on the demand side. Currently, downstream sales are mediocre, and restocking is light. Under geopolitical conflicts, market funds are flowing, but the driving force for jujube prices is limited. With overall loose supply and demand in the domestic market, jujube prices are under pressure and may continue to fluctuate at a low level [29] Price Data - Jujube futures price spreads: For example, the spread between jujube futures 01 and 05, 05 and 09, 09 and 01 are presented in the report with their respective historical trends [30][32]

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: March 19, 2026 [3] - Data Sources: Mysteel, Wind [8] BR (Butadiene Rubber) Futures - Closing price of the BR main contract on March 18 was 15,260, down 270 from the previous day and 355 from the previous week [4] - Open interest on March 18 was 66,374, down 42 from the previous day and up 40,054 from the previous week [4] - Trading volume on March 18 was 272,822, up 8,875 from the previous day and down 1,825 from the previous week [4] - Warehouse receipt quantity on March 18 was 47,650, up 490 from the previous day and 1,330 from the previous week [4] - The virtual - real ratio on March 18 was 6.96, with no daily change and an increase of 4 from the previous week [4] - The butadiene rubber basis on March 18 was 40, up 70 from the previous day [4] - The styrene - butadiene rubber basis on March 18 was 440, up 170 from the previous day and 755 from the previous week [4] - The 05 - 06 spread on March 18 was 250, with no daily change and a decrease of 35 from the previous week [4] - The 06 - 07 spread on March 18 was - 20, down 20 from the previous day and 5 from the previous week [4] - The RU - BR spread on March 18 was 1,140, down 130 from the previous day and 425 from the previous week [4] - The NR - BR spread on March 18 was - 2,155, with a change not clearly stated from the previous day and a decrease of 260 from the previous week [4] Spot - Shandong market price on March 18 was 15,300, down 200 from the previous day and up 300 from the previous week [4] - Transfar market price on March 18 was 15,300, down 200 from the previous day and up 300 from the previous week [4] - Qilu ex - factory price on March 18 was 15,800, with no daily change and an increase of 200 from the previous week [4] - CFR Northeast Asia price on March 18 was 2,100, with no daily change and an increase of 350 from the previous week [4] - CFR Southeast Asia price on March 18 was 2,275, with no daily change and an increase of 350 from the previous week [4] Profit - Spot processing profit on March 18 was - 1,996, down 149 from the previous day and 108 from the previous week [4] - Import profit on March 18 was - 1,503, down 144 from the previous day and 2,410 from the previous week [4] - Export profit on March 18 was 1,694, up 123 from the previous day and 2,137 from the previous week [4] BD (Butadiene) Spot - Shandong market price on March 18 was 14,800, down 50 from the previous day and up 400 from the previous week [4] - Jiangsu market price on March 18 was 15,250, with no daily change [4] - Yangzi ex - factory price on March 18 was 15,200, with no daily change and an increase of 200 from the previous week [4] - CFR China price on March 18 was 2,050, with no daily change and an increase of 250 from the previous week [4] Profit - Ethylene cracking profit data was not available [4] - Carbon four extraction profit on March 17 was 4,814, and data on March 18 was not available [4] - Butene oxidative dehydrogenation profit on March 18 was 4,840, down 210 from the previous day and up 770 from the previous week [4] - Import profit on March 18 was - 821, up 54 from the previous day and down 1,933 from the previous week [4] - Export profit on March 18 was 191, up 1,678 from the previous day and 5,356 from the previous week [4] - Styrene - butadiene production profit on March 18 was - 388, with no daily change and an increase of 38 from the previous week [4] - ABS production profit data was partially not available [4] - SBS production profit on March 18 was - 1,025, with no daily change and a decrease of 155 from the previous week [4]

1. Report Industry Investment Rating - No information provided in the report 2. Core Views - **Sugar**: The current stage does not have a clear basis for a trend reversal. The core market contradiction remains unchanged, with low valuation but a lack of continuous upward drivers [3] - **Cotton**: The current expectation of tight domestic supply and demand still strongly supports cotton prices. However, the high domestic - foreign cotton price spread and macro - risks caused by the US - Israel - Iran conflict put pressure on the upside of cotton prices. In the short term, cotton prices may show a narrow - range shock adjustment [16] - **Apple**: The current apple futures market is operating strongly, driven by both fundamental and delivery logic. The shortage of delivery products for the 05 contract is prominent, with strong short - term support and no obvious bearish suppression, maintaining a strong shock pattern [22] - **Jujube**: The new planting season has not arrived yet, and the market focus is on the demand side. After the Spring Festival, downstream sales are mediocre, and restocking is light. Under geopolitical conflicts, market funds flow, and risk - aversion sentiment rises. With the overall domestic supply - demand being loose, jujube prices face upward pressure and may maintain a low - level shock [30] 3. Summary by Related Catalogs Sugar - **Futures Prices and Spreads**: On March 9, 2026, SR01 closed at 5557, with a daily increase of 0.98% and a weekly increase of 1.41%. SR05 closed at 5436, with a daily increase of 1.21% and a weekly increase of 1.70%. The SR01 - 05 spread was 132, with no daily change and a weekly decrease of 3 [4] - **Basis**: On March 6, 2026, the basis of Nanning - SR01 was - 113, with no daily change and a weekly increase of 1. The basis of Kunming - SR01 was - 263, with a daily decrease of 25 and a weekly increase of 11 [11] - **Import Prices**: On March 9, 2026, the in - quota price of Brazilian sugar imports was 3970, with a daily decrease of 6 and a weekly decrease of 10. The out - of - quota price was 5027, with a daily decrease of 7 and a weekly decrease of 13 [14] Cotton - **Futures Prices**: On the reporting day, cotton 01 closed at 15655, down 5 (- 0.03%); cotton 05 closed at 15285, down 10 (- 0.07%); cotton 09 closed at 15340, down 5 (- 0.03%);棉纱 05 closed at 21280, up 75 (0.35%); and棉纱 09 closed at 21350, up 140 (0.66%) [17] - **Spreads**: The cotton basis was 1383, with no change; the cotton 01 - 05 spread was 365, with no change; the cotton 05 - 09 spread was - 50, with no change; the cotton 09 - 01 spread was - 315, with no change; the flower - yarn spread was 5855, with no change; the domestic - foreign cotton spread was 4233, up 111; and the domestic - foreign yarn spread was 106, up 20 [17] Apple - **Futures and Spot Prices**: On March 9, 2026, AP01 closed at 8573, with a daily increase of 0.39% and a weekly increase of 1.22%. AP05 closed at 10287, with a daily decrease of 0.28% and a weekly increase of 3.95%. The price of Qixia first - and second - grade 80 apples was 4, with no daily or weekly change [23] - **Spreads and Other Indicators**: The AP01 - 05 spread was - 1776, with no daily change and a weekly increase of 24.54%. The main contract basis was - 620, with a daily decrease of 23.93% and a weekly increase of 59.79% [23] Jujube - **Futures Spreads**: The jujube futures 01 - 05, 05 - 09, and 09 - 01 spreads show different trends over different time periods, with data presented in the form of graphs [31][33] - **Prices**: The price trends of Xinjiang jujube main - producing areas and main - selling areas are presented in the form of graphs, showing the price changes of different regions over time [34]

Group 1: Report Overview - The report is a soft commodity daily report dated March 4, 2026, covering sugar, cotton, apple, and date markets [1] Group 2: Sugar Market Core View - Current fundamental factors provide upward momentum for sugar, but the rebound is limited due to international raw sugar being pressured by the previous 14 - cent support level [3] Market Data - Sugar futures prices: SR01 closed at 5445 with a - 0.06% daily change and a 0.93% weekly change [4] - Sugar basis data: For example, on March 3, 2026, the basis of Nanning - SR01 was - 98, with a daily increase of 32 and a weekly decrease of 68 [12] - Sugar import prices: On March 4, 2026, the in - quota price of Brazilian imports was 3964, with a daily decrease of 16 and a weekly increase of 107; the out - quota price was 5018, with a daily decrease of 22 and a weekly increase of 140 [15] Group 3: Cotton Market Core View - The domestic cotton supply - demand situation for this year remains tight, leaving room for price rebound. However, the price is limited by the domestic - foreign cotton price difference. Attention should be paid to US foreign trade policy adjustments and US cotton export progress. The recent geopolitical conflict between the US, Israel, and Iran has limited impact on the cotton market fundamentals for now [17] Market Data - Cotton and cotton yarn futures prices: Cotton 01 closed at 15565, down 75 (- 0.48%); cotton yarn 09 closed at 21110, up 20 (0.09%) [18] - Cotton and cotton yarn spreads: The cotton basis was 1376, down 30; the cotton 01 - 05 spread was 385, down 20 [18] Group 4: Apple Market Core View - The apple futures market is influenced by fundamentals and short - term delivery issues. Post - holiday short - term demand weakness suppresses the market, but delivery contradictions support it, making the price more likely to rise than fall [23] Market Data - Apple futures and spot prices: On March 4, 2026, AP01 closed at 8596, up 0.8% daily and 3.47% weekly; the price of Qixia first - and second - grade 80 apples was 4, with no daily or weekly change [24] - Apple spreads and basis: AP01 - 05 was - 1755, with a 23.07% daily increase and a 23.68% weekly increase; the main contract basis was - 783, with a 75.17% daily increase and a 204.67% weekly increase [24] Group 5: Date Market Core View - The production of dates in the 2025/2026 season is confirmed, and the market focus has shifted to demand changes. The overall supply - demand pattern of domestic dates is loose, and the short - term date price will face downward pressure and may maintain low - level fluctuations [32] Market Data - Date futures spreads: The 01 - 05 spread has shown certain trends in historical data [33] - Date price trends: The prices in Xinjiang's main production areas and main sales areas have their own trends over time [36]

Group 1 - The London Metal Exchange (LME) reported an increase in lead inventory during the holiday period, reaching an eight-month high of 287,125 tons on February 17, followed by a slight decrease to 286,300 tons in the latest report [1] - The Shanghai Futures Exchange indicated that lead inventory rose by 18.22% to 56,539 tons for the week ending February 13, marking a four-and-a-half-month high [1] - Generally, a continuous decline in inventories at domestic and international exchanges tends to support prices, while an increase may exert downward pressure on prices [3] Group 2 - The data for LME and Shanghai Futures Exchange lead inventories since February 2026 is provided, measured in tons [4]

Group 1: Sugar Core View - Current fundamental factors provide some upward momentum for sugar, but due to international raw sugar being pressured by the previous support level of 14 cents and weak capital flows, the rebound space is expected to be limited [3] Price and Spread Data - **Futures Prices**: On 2026-02-25, SR01 closed at 5360 with a daily change of 0% and a weekly change of -0.65%; SR03 at 5224 (0%, -1.15%); SR05 at 5229 (0%, -0.93%); SR07 at 5238 (0%, -1.0%); SR09 at 5242 (0%, -0.87%); SR11 at 5255 (0%, -0.72%); SB at 13.99 (-0.14%, 1.60%); W at 407.2 (-0.27%, -0.22%) [4] - **Price Spreads**: SR01-05 was 131 with a daily change of 1 and a weekly change of 13; SR05-09 was -13 (-2, 0); SR09-01 was -118 (1, -13); SR01-03 was 136 (8, 26); SR03-05 was -5 (-7, -13); SR05-07 was -9 (1, 1); SR07-09 was -4 (-3, -1); SR09-11 was -13 (0, -9); SR11-01 was -105 (1, -4) [4] Basis Data - **Nanning Basis**: On 2026-02-24, Nanning-SR01 was -30 (-19, 39); Nanning-SR03 was 106 (-11, 65); Nanning-SR05 was 101 (-18, 52); Nanning-SR07 was 92 (-17, 53); Nanning-SR09 was 88 (-20, 52); Nanning-SR11 was 75 (-20, 43) [11] - **Kunming Basis**: Also on 2026-02-24, Kunming-SR01 was -190 (-19, 34); Kunming-SR03 was -54 (-11, 60); Kunming-SR05 was -59 (-18, 47); Kunming-SR07 was -68 (-17, 48); Kunming-SR09 was -72 (-20, 47); Kunming-SR11 was -85 (-20, 38) [11] Import Price Data - **Brazil Import Prices**: On 2026-02-25, the in-quota price was 3866 with a daily change of 9 and a weekly change of -46; the out-of-quota price was 4891 (13, -59) [14] - **Thailand Import Prices**: Also on 2026-02-25, the in-quota price was 3805 (9, -98); the out-of-quota price was 4811 (12, -127) [14] Group 2: Cotton Core View - The expectation of tight supply and demand this year remains unchanged, and the expected reduction in the cotton planting area in Xinjiang next year continues to support the cotton price at a strong level. The improvement in US cotton exports and the possible decline in production in the 26/27 season will lead to tight global inventories, but the high price difference between domestic and foreign cotton restricts the upward space, and changes in US tariff policies add uncertainty [16] Futures Price and Spread Data - **Futures Prices**: Cotton01 closed at 15570 with no change; Cotton05 at 15285 (no change); Cotton09 at 15230 (no change);棉纱01 at 0 (-100%);棉纱05 at 21270 (no change);棉纱09 at 21140 (no change) [17] - **Price Spreads**: Cotton basis was 803 with a daily change of -576; Cotton01-05 was 285 (-170); Cotton05-09 was 55 (115); Cotton09-01 was -340 (55); the flower-yarn spread was 5960 (85); the domestic-foreign cotton spread was 3402 (-201); the domestic-foreign yarn spread was -46 (-9) [17] Group 3: Apples Core View - The disk logic continues to revolve around fundamental and short-term delivery issues. The short-term weakening of post-festival demand suppresses the disk, but due to the support of delivery contradictions, the downside space is limited [22] Price and Spread Data - **Futures Prices**: On 2026-02-25, AP01 closed at 8286 with a daily change of 0% and a weekly change of 2.04%; AP03 at 9350 (-1.02%, -0.7%); AP04 at 9545 (-1.29%, 1.07%); AP05 at 9705 (0%, 2.16%); AP10 at 8425 (0%, 2.57%); AP11 at 8215 (-0.64%, 1.57%); AP12 at 8235 (-0.48%, 1.43%) [23] - **Price Spreads**: AP01-05 was -1419 (-7.5%, 4.80%); AP05-10 was 1280 (-6.23%, 0.00%); AP10-01 was 139 (-17.75%, 87.84%) [23][24] Other Data - **Spot Prices**: On 2026-02-25, the price of Qixia first and second-grade 80 apples was 4 with no daily or weekly change; Luochuan semi-commodity 70 was 4.2 (no change); Jingning paper-bagged 75 was 5.5 (no change); Yiyuan paper-bagged 70 was 2.5 (no change); Wanrong paper-plus-film 75 was 2.3 (no change) [23] - **Profit and Basis**: The disk profit was -657 (-18.99%, 34.36%); the delivery theoretical price was 9400 (no change); the main contract basis was -257 (-37.47%, 188.76%) [23] Group 4: Red Dates Core View - The production of red dates in the 25/26 season has been finalized, and the market focus has shifted to changes in the demand side. Pay attention to the post-festival replenishment demand of downstream enterprises. The overall supply and demand pattern of domestic red dates is loose, and the short-term red date price will still face downward pressure and may maintain a low-level shock [31] Price Spread and Inventory Data - **Price Spreads**: Data on red date futures price spreads (01-05, 05-09, 09-01) are presented in the report, showing historical trends from 2022 - 2026 [32][34] - **Inventory**: The report shows the sum of red date warehouse receipts and effective forecasts from 2023 - 2026 [34]

Core Insights - The USDA reported a slight decrease in U.S. grain export inspection volumes for the week ending January 29 [1][2] Grain Export Inspection Summary - U.S. corn export inspections totaled 1.14 million tons, down from 1.55 million tons the previous week and 1.26 million tons year-over-year [1][2] - Soybean export inspections were at 1.31 million tons, slightly down from 1.34 million tons the previous week but higher than 1.14 million tons from the same week last year [1][2] - Wheat export inspections for the week were 326,828 tons, a decrease from 378,991 tons the previous week but above last year's figure of 253,137 tons [1][2] Importing Countries - Japan was the largest importer of U.S. corn, while Mexico was the largest importer of U.S. wheat for the week [3] Futures Market Reaction - Chicago futures prices for grains declined, with wheat futures down 1.8%, corn futures down 0.8%, and soybean futures down 0.4% [3]

1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints of the Report - PX & PTA: Geopolitical risks disrupt oil price fluctuations on the cost side. Currently, polyester costs are high, and profit distribution has shifted from being concentrated on the PX side to a situation where both PXN and TA processing margins have rebounded to a moderately high level in the past five years. With acceptable processing profits for PX and TA, there are few changes in PX and TA devices. TA overseas devices have maintenance plans in February. China's PX maintains a monthly average of 90%, and domestic TA maintains a monthly average of 77%. On the demand side, with the Spring Festival holiday in February, the weak reality of downstream industries is gradually materializing. Polyester factories, including terminal texturing, weaving, and dyeing factories, will gradually resume work from early to mid - March. According to CCF's assessment, the average operating load of polyester in February can drop to 80 - 82%. Then, in mid - to late March, as the devices restart, the polyester operating load will rebound. Overall, polyester raw materials will enter the inventory accumulation channel in February, and the seasonal inventory accumulation pressure for PX and PTA in February is obvious. In the second quarter, polyester raw materials will undergo spring maintenance, and the polyester restart load will rebound. The far - month fundamentals are expected to be good. It is expected that the market in February will be low at first and then high. Attention should be paid to the risk of less - than - expected demand recovery in the second half of the month and significant fluctuations in crude oil prices [144]. - MEG: On the supply side, some overseas devices, including those in Saudi Arabia and Singapore, have restart plans around March. There are few changes in domestic devices in February. Currently, the domestic operating rate of ethylene glycol is at a high level, and port inventories continue to accumulate. On the demand side, with the Spring Festival holiday in February, the weak reality of downstream industries is gradually materializing. Polyester factories, including terminal texturing, weaving, and dyeing factories, will gradually resume work from early to mid - March. According to CCF's assessment, the average operating load of polyester in February can drop to 80 - 82%. Then, in mid - to late March, as the devices restart, the polyester operating load will rebound. Overall, the supply of ethylene glycol increases while the demand is weak, and the inventory accumulation expectation in February is strong. The valuation has been repaired, and it is expected that the price of ethylene glycol will fluctuate weakly. Attention should be paid to unexpected device changes, cost - side price fluctuations, and the risk of less - than - expected demand recovery in the second half of February [144]. 3. Summary According to the Directory 3.1 PX&PTA&MEG Price: Geopolitical Disturbance of Crude Oil Prices - **Futures Prices**: As of January 30, 2026, the closing prices of PTA, MEG, and PX were 5270 yuan/ton, 3913 yuan/ton, and 7400 yuan/ton respectively, with changes of - 10 yuan/ton, + 67 yuan/ton, and - 156 yuan/ton compared to December 26, 2025, and the corresponding percentage changes were - 0.2%, 1.7%, and - 2.1% [6]. - **PTA Basis and Spread**: The PTA basis and spread data show certain seasonal characteristics. For example, the basis of TA01, TA05, and TA09 contracts has different trends in different months. The PTA nine - one spread and five - nine spread also show different values in different periods [8][9][10]. - **MEG Basis and Spread**: Similar to PTA, the MEG basis and spread also have seasonal characteristics, and the basis and spread of different contracts (EG01, EG05, EG09) change over time [12]. - **PX Basis**: As of January 30, 2026, the PX basis was 30 yuan/ton, with a change of 162 yuan/ton compared to December 26, 2025, and a percentage change of 122.8% [14]. - **TA - EG Spread**: As of January 30, 2026, the TA - EG spread was 1357 yuan/ton, with a change of - 77 yuan/ton compared to December 26, 2025, and a percentage change of - 5.4% [16]. - **TA - PX Processing Margin**: As of January 30, 2026, the TA - PX * 0.656 spread was 416 yuan/ton, with a change of 92 yuan/ton compared to December 26, 2025, and a percentage change of 28.6% [20]. - **Domestic and Overseas Ethylene Glycol Spread**: As of January 29, 2026, the ethylene glycol spread between Europe and China was 199 US dollars/ton, with a change of - 17 US dollars/ton compared to December 26, 2025, and a percentage change of - 7.8% [23]. 3.2 PX&PTA&MEG Supply Situation: Little Change in Devices - **PX**: As of January 30, the Asian PX operating load was 81.5%, with a month - on - month increase of 2 percentage points; the Chinese PX operating load was 89.2%, with a month - on - month increase of 1 percentage point. The 800,000 - ton PX device of Sinochem Quanzhou was restarting at the end of January and was expected to produce products soon [33]. - **PTA**: As of January 30, the PTA operating load was 76.6%, with a month - on - month increase of 4.1 percentage points. Some devices had maintenance plans, such as the 1.25 - million - ton/year device of Ineos, which stopped on January 16 and was expected to restart in March; the 700,000 - ton/year (6) device of CAPCO in Taiwan was planned to be overhauled from February 5 and was expected to last until mid - March; the 225,000 - ton/year (QTA) device of Hanwha in South Korea was shut down for maintenance from January to March [36]. - **MEG**: As of January 30, the overall operating load of ethylene glycol in the Chinese mainland was 74.27% (a month - on - month increase of 0.95%), and the operating load of ethylene glycol produced by the oxalic acid catalytic hydrogenation method (syngas) was 81.02% (a month - on - month increase of 3.74%). Some devices had maintenance or production - transfer plans, such as the 700,000 - ton/year device of Gulei Petrochemical, which would start maintenance in early March and was expected to last for 50 - 60 days; one line of Satellite Petrochemical was planned to stop production and transfer to PE production in mid - to late February, and the recovery time was to be determined [52]. 3.3 PX&PTA&MEG Import and Export Situation: Cancellation of India's BIS Certification - **PX Import**: In December 2025, the total import volume of PX in the Chinese mainland was about 933,800 tons, a month - on - month increase of 14.3% and a year - on - year increase of 11.2% [56]. - **PTA Export**: In December 2025, the PTA export volume was 361,900 tons, a year - on - year increase of 40.3%. The cumulative export volume from January to December 2025 was 3.82 million tons, a decrease of 600,000 tons compared to the same period last year, with a year - on - year decline of 13.6% [59]. - **MEG Import**: In December 2025, the ethylene glycol import volume was 835,500 tons, a month - on - month increase of 43.2% and a year - on - year increase of 44.2%. The cumulative import volume from January to December 2025 was 7.72 million tons, a year - on - year increase of 17.8% [63]. - **Polyester Export**: In December 2025, the total export volume of polyester products was 1.3074 million tons, a month - on - month increase of 12,600 tons and a year - on - year increase of 32,600 tons [67]. 3.4 PX&PTA&MEG Inventory Situation: Low Profits and Low Inventories of Downstream Finished Products - **PTA Inventory**: The PTA total inventory is at the bottom. The inventory data of PTA in different aspects, such as total inventory, polyester factory inventory, in - warehouse and in - port inventory, and total warehouse receipts, show certain trends over time [76][77]. - **MEG Inventory**: As of January 26, the ethylene glycol port inventory in some main ports in East China was about 858,000 tons, a month - on - month increase of 128,000 tons [79]. 3.5 Polyester Demand Situation: Terminal Demand Faces Tests - **Domestic Polyester Device Changes**: In January 2026, many polyester devices had maintenance or restart plans, involving different types of products such as short - fiber, long - fiber, and bottle - chip [83]. - **Domestic Polyester - Related Data**: As of January 30, 2026, the polyester operating load was 84.2%, with a month - on - month decrease of 6.2 percentage points. The operating rates of texturing machines, looms, and dyeing factories also decreased to varying degrees. The inventory days and cash - flow data of different polyester products also changed [86]. - **Polyester Demand and Terminal Demand**: Polyester demand shows certain resilience, but terminal demand is declining. The operating rates of polyester, texturing machines, and looms in Jiangsu and Zhejiang regions, as well as the sales volume of polyester yarns, show different trends. The inventory of long - fiber and short - fiber products is at a low level, but the terminal digestion ability of the weaving industry is weak, and the export of textiles and clothing in China is also weak [87][101]. 3.6 PX&PTA&MEG Position Situation - **PTA Futures Position**: As of January 30, 2026, the total PTA futures position was 2,186,334 lots, with a month - on - month increase of 335,082 lots and a year - on - year increase of 897,595 lots [114]. - **MEG Futures Position**: As of January 30, 2026, the total MEG futures position was 453,170 lots, with a month - on - month increase of 102,376 lots and a year - on - year increase of 184,266 lots [114]. - **PX Futures Position**: As of January 30, 2026, the total PX futures position was 460,833 lots, with a month - on - month decrease of 17,922 lots and a year - on - year increase of 331,416 lots [114].