Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - PTA: The PTA futures rose and then fell yesterday, with the spot market having a general negotiation atmosphere and a strong spot basis. Some polyester factories replenished their stocks. The short - term PTA spot price is expected to fluctuate with the cost side, and the spot basis will fluctuate within a range. Attention should be paid to macro - sentiment and upstream and downstream device changes [5]. - MEG: On Tuesday, the ethylene glycol price increased, but the night - session opened lower and traded weakly. The short - term price is expected to be range - bound, with some buying support at low levels. In the medium - to - long - term, the supply - demand structure will improve starting from March [7]. 3. Summary by Directory 3.1. Previous Day's Review No specific content provided for a detailed summary. 3.2. Daily Tips - **PTA**: - Fundamental: Futures rose and then fell, spot negotiation was general, basis was strong, and some polyester factories restocked. Mainstream suppliers sold goods. The spot was traded at a discount of 40 - 55 to the 05 contract, with prices ranging from 5050 - 5150 yuan/ton. The current mainstream spot basis is 05 - 50 [5]. - Basis: The spot price is 5105 yuan/ton, and the 05 - contract basis is - 39, with the futures price higher than the spot price [6]. - Inventory: PTA factory inventory is 3.61 days, a decrease of 0.15 days compared to the previous period [6]. - Market: The 20 - day moving average is upward, and the closing price is above the 20 - day moving average [6]. - Main Position: Net long position, with long positions increasing [6]. - **MEG**: - Fundamental: The price increased on Tuesday, but the night - session opened lower. The spot basis weakened slightly in the afternoon, and some contract merchants replenished stocks. The overseas price also increased slightly. The recent arrival negotiation is around 444 - 446 US dollars/ton, and the end - of - January cargo is slightly at a premium [7]. - Basis: The spot price is 3752 yuan/ton, and the 05 - contract basis is - 145, with the futures price higher than the spot price [7]. - Inventory: The total inventory in East China is 65.78 tons, a decrease of 11.22 tons compared to the previous period [7]. - Market: The 20 - day moving average is downward, and the closing price is above the 20 - day moving average [7]. - Main Position: Net short position, with short positions decreasing [7]. 3.3. Today's Focus - **Device Changes**: A 500,000 - ton/year ethylene glycol plant in Zhejiang has been shut down for maintenance and is expected to restart around the end of January. The 1.1 - million - ton Ineos and 2.2 - million - ton Yisheng Ningbo plants have restarted. A 250,000 - ton/year MEG plant in Taiwan has restarted, and a 2.2 - million - ton PTA plant in Ningbo is expected to resume operation on the 24th [10]. 3.4. Fundamental Data - **PTA Supply - Demand Balance Sheet**: It shows the PTA production capacity, load, output, import, total supply, polyester production, demand, and inventory from January 2024 to December 2025 [11]. - **Ethylene Glycol Supply - Demand Balance Sheet**: It presents the EG production, import, total supply, polyester production, demand, and port inventory from January 2024 to December 2025 [12]. - **Price Data**: Includes the prices of various products such as naphtha, PX, PTA, MEG, and their corresponding futures prices, basis, and processing margins on December 30 and 29, 2025 [13]. - **Inventory Analysis**: Displays the inventory data of PTA, MEG, PET slices, and polyester products over the years [41][43][46]. - **Operating Rates**: Covers the operating rates of polyester upstream (PTA, PX, MEG) and downstream (polyester, textile enterprises) over the years [53][55][57]. - **Profit Data**: Shows the processing margins of PTA and the production profits of MEG, polyester fibers (short - fiber, DTY, POY, FDY) over the years [59][62][64].

徐绍祖（联系人） 18665881888 xushaozu@wkqh.cn 交易咨询号： Z0022675 苯乙烯利润小幅修复， 持续做多EB-BZ价差 苯乙烯月报 从业资格号：F03115061 2026/01/04 CONTENTS 目录 01 月度评估及策略推荐 04 成本端 02 期现市场 05 供给端 03 利润库存 06 需求端 01 月度评估及策略推荐 月度评估及策略推荐 政策端：宏观情绪中性，市场期待26年一季度披露年报业绩，能化板块小幅反弹。 估值：苯乙烯月度涨幅（现货＞期货＞成本），基差走强，BZN裂差走强，EB非一体化装置利润走强。 成本端：12月华东纯苯现货价格下跌-0.09%，纯苯活跃合约收盘价上涨0.20%，基差下跌16元/吨，纯苯开工降至同期最低；11 月国内纯苯进口量为459.62万吨，环比下降-7.48%，同比去年上涨5.93%，主要为中东地区货源。 供应端：EB产能利用率70.7%，环比上涨5.07%，同比去年下降-4.21%，较5年同期下降-6.97%。根据投产计划观察，四季度投产 压力环比上升，供应端或将承压。 进出口：11月EB进口量26.43万吨，环比下降-20.2 ...

Core Insights - The Regional Comprehensive Economic Partnership (RCEP) has been in effect for four years, significantly benefiting Zhejiang enterprises by facilitating their integration into regional supply chains and expanding international trade opportunities [1][2] - Hangzhou Customs has issued a total of 295,000 RCEP certificates of origin, with the total value of exported goods benefiting from these certificates amounting to 80.69 billion yuan [1] - The number of RCEP certificates issued increased from 52,800 in 2022 to 87,100 in the first eleven months of 2025, with the number of certified enterprises rising from over 2,300 to nearly 3,200 [1] Group 1 - RCEP is the largest free trade agreement globally, and its tariff reduction policies have provided significant benefits to Zhejiang enterprises [1] - The introduction of innovative systems such as the "back-to-back" certificate of origin system has facilitated the flow of production factors and trade among member countries [1] - The "back-to-back" system allows for logistics splitting, repackaging, and relabeling while maintaining the original origin status of goods [1] Group 2 - Hangzhou Customs has implemented smart review and self-service printing for certificates of origin, enhancing convenience for foreign trade enterprises [2] - Nearly 600 "e-printing" service points have been established across the province, including a comprehensive network in Wenzhou [2] - The promotion of the "China Customs Preferential Origin Service Platform" has effectively addressed the last-mile challenges for enterprises to enjoy the benefits of free trade agreement policies [2]

Core Insights - The Regional Comprehensive Economic Partnership (RCEP) has been in effect for four years as of January 1, 2026, with significant benefits observed in trade and export activities [1] Group 1: RCEP Implementation and Impact - Hangzhou Customs has issued over 290,000 RCEP certificates of origin in the past four years, facilitating exports worth over 80 billion yuan [1] - The number of RCEP certificates issued by Hangzhou Customs increased from 52,800 in 2022 to 87,100 in the first eleven months of 2025 [1] - The number of enterprises benefiting from RCEP in the region rose from over 2,300 to nearly 3,200, with notable advantages seen in industries such as plastic products, textiles, and chemicals [1] Group 2: Support Measures for Enterprises - Hangzhou Customs has improved the efficiency and convenience of certificate issuance to help enterprises better enjoy RCEP policy benefits [1] - The promotion of the "e-printing" model for certificates has been implemented, allowing for self-service printing at local government service centers [1] - These measures aim to meet the demand for "free, anytime, and anywhere" certificate issuance for businesses [1]

Summary of Key Points from Conference Call Records Industry Overview - **Metal Industry**: The metal industry is experiencing enhanced allocation attributes due to global mining supply growth being lower than metal output growth, alongside low inventory levels of non-ferrous metals. Demand is supported by green energy infrastructure, computing power infrastructure, and fiscal stimulus, leading to an upward resonance of industrial and liquidity cycles, optimizing industry prosperity [1][2]. Core Insights and Arguments - **Market Performance**: In 2025, there is a significant increase in capital market enthusiasm for cyclical industries, particularly in the second half of the year, driven by rising cyclical commodity prices and anti-involution logic. The metal industry is expected to strengthen its allocation attributes under a weak supply cycle [2]. - **Gold Market**: The global gold PEI index rose by 24% in the first ten months of 2025, indicating a scarcity of effective gold projects and limited new gold supply, with production costs rising, confirming the obstructed supply situation [3][8]. - **Geopolitical Risks**: The global financial market faces geopolitical risks and economic policy uncertainties, leading to high volatility. This environment increases the premium on safe-haven assets like gold, with a 91% probability of positive returns during high volatility periods [4]. - **Mining Exploration Investment**: Global mining exploration investment is declining, with a projected 3% decrease in 2025. The share of greenfield exploration projects is at a historical low, reflecting reduced capital risk appetite [5]. - **Investment in Battery Metals**: Investment in battery metals surged by 42% from 2023 to 2024 but is expected to decline in 2025 due to changing price expectations. Traditional precious metals like gold and copper are regaining attention [6]. Supply and Demand Dynamics - **China's Non-Ferrous Metal Production**: China's non-ferrous metal production growth has slowed to 2.6% by October 2025, leading to continued low copper smelting fees and exacerbating supply tightness due to reduced upstream capital expenditures [7]. - **Global Copper Industry**: The global copper mining industry faces challenges, with a 2% investment growth in 2024, but a 9% decline in greenfield projects. The discovery of new copper mines has significantly decreased since 2010 [10]. - **Cost Trends**: The average cash production cost for copper is projected to rise by 24% from 2021-2024 levels by 2030-2035, indicating structural and cyclical cost increases [11][12]. Inventory and Market Conditions - **Global Inventory Levels**: As of November 2025, global non-ferrous metal inventories are at a 35-year low, with a 13% year-on-year decline. This reflects supply chain vulnerabilities and limited smelting capacity utilization [13]. - **China's Demand Recovery**: In 2025, China's market demand shows signs of recovery, driven by government subsidies and the expansion of the new energy industry chain [14]. Future Outlook - **Liquidity Policies**: The shift from a tightening to a loosening monetary policy globally is expected to boost commodity price elasticity and enhance industry prosperity and valuation levels [15][16]. - **Investment Recommendations**: Focus on sectors with improving supply-demand dynamics, leading companies with capital expenditures and R&D driving long-term growth, and new material fields benefiting from increased demand and domestic substitution [36]. This summary encapsulates the key insights and projections regarding the metal industry and related sectors, highlighting the interplay of supply, demand, and macroeconomic factors influencing investment strategies.

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - On December 31, 2025, the domestic commodity futures market ended its trading year. Basic metals led the gains, while precious metals led the losses. Throughout the year, some commodities like Shanghai silver and gold had significant increases, while others like alumina had large drops. The oil prices decreased over 10% in 2025. Different commodities are expected to have different trends in the future based on their supply - demand situations and geopolitical factors [5][6] - The geopolitical situation, especially the events in Venezuela and the Russia - Ukraine conflict, has a great impact on the commodity markets, especially on crude oil and related products [11][14] 3. Summary by Related Catalogs 3.1 Commodity Performance - On December 31, 2025, basic metals had the highest gains, with Shanghai nickel rising 2.44%. Non - metallic building materials all increased, with glass up 1.30%. Most new energy materials rose, with polysilicon up 1.03%. Most oils and fats and oilseeds increased, with soybeans up 0.88%. All shipping futures rose, with the container shipping index (Europe line) up 0.52%. Precious metals had the largest declines, with platinum down 12.04%. Most energy products fell, with low - sulfur fuel oil down 2.17%. Most black series products declined, with coke down 1.25%. Most chemical products dropped, with ethylene glycol down 0.81%. Most agricultural and sideline products decreased, with corn down 0.67% [5] - Throughout 2025, Shanghai silver soared about 125%, Shanghai gold rose over 55%, and lithium carbonate rose over 54%. Alumina dropped nearly 46%, leading the decline [6] - On December 31, in the domestic futures market, Shanghai nickel and Shanghai aluminum rose over 2%, while platinum, palladium, and low - sulfur fuel oil had large drops. In the A - share market, the Shanghai Composite Index rose 0.09%, while other major indices mostly declined. Treasury bond futures all closed down [8] 3.2 Market Analysis 3.2.1 Crude Oil - OPEC + 8 additional voluntarily - reducing oil - producing countries reaffirmed to suspend production increase in the first quarter of next year. The peak season of crude oil demand ended, with US crude oil and refined oil inventories increasing. US crude oil production decreased slightly but remained near the historical high. The Russia - Ukraine peace talks made progress, but the EU extended sanctions against Russia. The US - Venezuela military confrontation intensified, causing concerns about Venezuelan exports. The global crude oil market is in a supply - surplus situation, and crude oil is expected to fluctuate weakly [11] 3.2.2 Asphalt - The asphalt开工率 increased 3.7 percentage points to 31.3% last week, higher than the same period last year but at a low level in recent years. The expected production in January 2026 is 200 million tons, a decrease of 7.3% month - on - month and 12.1% year - on - year. The downstream开工率 mostly declined. The national shipment volume increased 11.17% to 27.18 million tons. The refinery inventory - to - stock ratio increased slightly but remained near the lowest level in recent years. Due to the US sanctions on Venezuela, the supply of asphalt may decrease. The northern demand will slow down, while the winter storage demand in the north is being released. The asphalt futures price is expected to fluctuate, and the situation in Venezuela should be monitored [12][14] 3.2.3 PP - As of the week of December 26, the PP downstream开工率 decreased 0.56 percentage points to 53.24%, at a low level in recent years. On December 31, the PP企业开工率 was around 82%, and the production ratio of standard - grade drawing was around 27.5%. The petrochemical inventory is at a high level. The cost - end crude oil price has limited rebound. The supply has new capacity, and the downstream is at the end of the peak season with orders decreasing. The PP is expected to have limited upward space, and the L - PP spread is expected to narrow [15] 3.2.4 Plastic - On December 31, the plastic开工率 rose to around 87%. As of the week of December 26, the PE downstream开工率 decreased 0.62 percentage points to 41.83%. The petrochemical inventory is at a high level. The cost - end crude oil price has limited rebound. There are new production capacities. The downstream demand is weakening, and the plastic is expected to have limited upward space. The L - PP spread is expected to narrow [17] 3.2.5 PVC - The calcium carbide price in the upstream northwest region is stable. The PVC开工率 decreased 1.13 percentage points to 77.23%. The downstream开工率 decreased 0.87 percentage points, and export orders decreased slightly. The social inventory increased slightly and remains high. The real estate market is still in adjustment. There is new production capacity. The PVC is expected to fluctuate [18]

Core Viewpoint - The A-share market may experience a 30% increase in the index by 2025, but individual accounts may remain flat due to concentrated investments in specific hot stocks each month rather than broad market gains [1]. Monthly Performance Summary - January: The robot sector surged, turning an initial investment of 10,000 into 18,400 due to the popularity of humanoid robots [3]. - February: The DeepSeek model led to a valuation increase in computing power, with returns reaching 46,200 from 10,000, marking a 150.97% increase [6]. - March: Chemical products saw price increases, with an investment growing to 158,200, reflecting a 135.41% rise [6]. - April: The new retail concept gained traction amid tariff disputes, with a notable stock rising by 117.1% [6]. - May: The military and pharmaceutical sectors alternated in popularity, with AI logistics becoming a new focus, resulting in a 157.28% increase [6]. - June: Military equipment stocks surged due to geopolitical tensions, with returns reaching 159.97% [6]. - July: The rumor of Zhiyuan's acquisition led to a dramatic rise in the humanoid robot sector, with a staggering 1,083.42% increase [6]. - August: AI chip companies reported improved earnings, and battery prices stabilized, leading to a 110.36% increase [6]. - September: The release of energy storage policies accelerated market growth, with returns of 153.52% [6]. - October: Regional policies boosted stocks, with a 99.44% increase [6]. - November: The focus shifted to defensive stocks amid market adjustments, with a 143.31% increase [6]. - December: The commercial aerospace sector concluded the year strongly, with a 104.83% increase [6]. Overall Investment Growth - An initial investment of 10,000 grew to 993 million over the year through strategic monthly trading [4].

Report Industry Investment Rating - Unilateral: Neutral [3] - Inter-period: None [3] - Inter-variety: None [3] Core Viewpoints of the Report - The ethylene glycol (EG) market continues to accumulate inventory, and prices are consolidating at low levels. The current price is not high, but the downstream implicit inventory has also accumulated to a high level. With the increase in port inventory, the liquidity of goods in the market has increased. In addition, the production pressure is relatively large, and the inventory accumulation pressure from January to February remains relatively high, limiting the rebound space [1][3] - On the domestic supply side, the reduction of syngas-based production load is not obvious, and the domestic ethylene glycol load has rebounded to a high level of over 70%. The inventory accumulation pressure remains high under the high supply from January to February and the weakening demand. Overseas, with the maintenance of plants in Saudi Arabia and Taiwan, the import pressure will ease after February. On the demand side, weaving orders have weakened marginally, the load has declined rapidly, and the polyester load has declined slightly due to weakening profitability [2] Summary by Relevant Catalogs Price and Basis - The closing price of the main EG contract yesterday was 3,847 yuan/ton, a change of +30 yuan/ton (+0.79%) from the previous trading day. The spot price of EG in the East China market was 3,702 yuan/ton, a change of +19 yuan/ton (+0.52%) from the previous trading day. The spot basis of EG in East China was -139 yuan/ton, a decrease of -3 yuan/ton month-on-month [1] Production Profit and Operating Rate - According to Longzhong data, the production profit of ethylene-based EG was -$87/ton, a month-on-month change of +$0/ton. The production profit of coal-based syngas EG was -841 yuan/ton, a month-on-month increase of +16 yuan/ton [1] International Price Difference - No specific data provided Downstream Sales and Production and Operating Rate - Weaving orders have weakened marginally, the load has declined rapidly, and the polyester load has declined slightly due to weakening profitability [2] Inventory Data - According to CCF data released every Monday, the inventory of MEG at the main ports in East China was 844,000 tons, a month-on-month increase of 25,000 tons. According to Longzhong data released every Thursday, the inventory of MEG at the main ports in East China was 645,000 tons, a month-on-month increase of 28,000 tons. According to CCF data, the total planned arrivals at the main ports in East China last week were 106,000 tons, and the arrivals at the secondary ports were 25,000 tons. This week, the total planned arrivals at the main ports in East China are 106,000 tons, and the arrivals at the secondary ports are 43,000 tons. The overall situation is slightly on the high side, and it is expected that the main ports will have a slight inventory accumulation [1]

1. Report Industry Investment Rating The report does not explicitly mention the industry investment rating. 2. Core Views of the Report - The implementation of the trade - in policy will continue to boost the terminal demand for chemicals. The prices of energy and chemical products will continue to fluctuate and consolidate. The OPEC+ will hold a monthly video conference on January 4th to plan the organization's future production, and the market generally expects it to maintain the decision of "suspending the production increase in the first quarter". Geopolitical situations in Venezuela, Russia, and Ukraine are short - term supports for oil prices. The Chinese government has advanced the issuance of 62.5 billion yuan in ultra - long - term special treasury bonds to support consumer goods trade - in, which will significantly boost styrene [2]. - The supply and demand of the chemical industry have been flat recently, with no major contradictions, and the overall trend will be volatile. The PTA spot processing fee has increased, and the operating enthusiasm of PTA enterprises will rise. The processing fee of downstream polyester filament has dropped to a three - year low, and the industrial chain profit has shifted. The spot liquidity of polyolefin has tightened, and the futures price will move sideways. The rebound of styrene is not optimistic due to the drag of raw material pure benzene and high inventory [3]. 3. Summary by Relevant Catalogs 3.1 Market Outlook - **Crude Oil**: Geopolitical situations in Russia, Ukraine, and Venezuela continue to disrupt the market, and oil prices will continue to fluctuate. API data shows that US crude oil and refined product inventories continued to accumulate in the week of December 26th, and the total inventory of US crude oil and petroleum products is rising against the seasonal trend. The geopolitical prospects in Russia, Ukraine, and Venezuela are the core factors affecting crude oil supply expectations. The decline in Venezuela's shipments is not obvious for now, but its crude oil exports are expected to decline later. Oil prices will continue to fluctuate under the balance of oversupply and frequent geopolitical disruptions [8]. - **Asphalt**: The asphalt futures price rises following the increase in crude oil prices. The increase in crude oil prices drives up the asphalt futures price. If there is a substantial supply disruption in the US - Venezuela situation, the asphalt price will be strong; otherwise, it may rise and then fall. The supply and demand of asphalt are both weak, and inventory is starting to accumulate [9]. - **High - Sulfur Fuel Oil**: Be vigilant about the positive support for fuel oil from Iran's suspension of natural gas supply to Iraq. Although there are factors that support the high - sulfur fuel oil price, such as the potential resumption of fuel oil power generation in Iran and Iraq, the demand outlook is currently suppressed by high - level floating storage in the Asia - Pacific region, and there are medium - and long - term double negatives [9]. - **Low - Sulfur Fuel Oil**: The low - sulfur fuel oil futures price fluctuates [4]. - **Methanol**: Overseas disruptions have emerged again, and combined with capital rotation, the upward trend in the pre - holiday market may continue [4]. - **Urea**: There is concentrated pre - holiday procurement, and urea is expected to be in a consolidation state [4]. - **Ethylene Glycol**: The reduction in polyester production is gradually being realized, and the driving force for ethylene glycol is average [4]. - **PX**: The expected supply - demand pattern of PX has weakened, and the price has回调 after rising. International oil prices are strong, providing cost support. However, due to the market's focus on supply increase expectations, the price has回调 after rising, and the terminal has slowed down its procurement rhythm [12]. - **PTA**: The maintenance of polyester plants is gradually being implemented. The supply - demand of PTA has weakened marginally, and the price is expected to fluctuate following the cost in the short term [13]. - **Short - Fiber**: The callback is limited, the processing fee is under pressure, and the willingness to reduce production is increasing. The cost support is strong, but the downstream is in a wait - and - see state, and the processing fee is under pressure [24]. - **Bottle Chip**: It fluctuates following the upstream cost. The price of polyester bottle chips fluctuates following the raw materials, and the short - term driving force is limited [26]. - **Propylene**: The CP price in January has been raised, and the PDH is expected to reduce its operating rate, so the PL has strengthened slightly [4]. - **PP**: The CP price has been raised, and PP has strengthened slightly [4]. - **Plastic**: Both long and short positions are cautious before the holiday, and plastic is expected to fluctuate. Oil prices are fluctuating, and the fundamental support for plastic has increased slightly, but the driving force for both long and short positions is relatively weak [31]. - **Styrene**: The short - term market is dominated by sentiment, and the sustainability of export transactions should be monitored. The cost support from pure benzene is weak, but there are positive factors such as export orders and market sentiment stimulation. However, the supply and demand situation is not optimistic, and the upside is restricted [18]. - **PVC**: Short - sellers take profits before the holiday, and PVC is mainly in a fluctuating state. The macro - level sentiment boost may be short - term, and the supply - demand expectation has improved, but the high - inventory pressure still exists [35]. - **Caustic Soda**: It has a low valuation and weak expectations, and is expected to fluctuate. The macro - level sentiment boost may be short - term, and the supply - demand is still in a state of oversupply in the short term [36]. 3.2 Variety Data Monitoring 3.2.1 Energy and Chemical Daily Indicator Monitoring - **Inter - period Spread**: Data on the inter - period spreads of various varieties such as Brent, Dubai, PX, PTA, etc. are provided, showing the latest values and changes [38]. - **Basis and Warehouse Receipts**: Information on the basis and warehouse receipts of varieties like asphalt, high - sulfur fuel oil, low - sulfur fuel oil, etc. is presented, including the latest values and changes [39]. - **Inter - variety Spread**: Data on the inter - variety spreads of different combinations such as PP - 3MA, TA - EG, etc. are given, along with their latest values and changes [41]. 3.2.2 Chemical Basis and Spread Monitoring The report lists different varieties such as methanol, urea, styrene, etc., but specific data and analysis are not fully presented in the provided content. 3.3 Commodity Index - **Comprehensive Index**: The commodity index is 2343.82, up 0.17%; the commodity 20 index is 2683.42, down 0.17%; the industrial products index is 2271.47, up 0.56% [284]. - **Energy Index**: On December 30, 2025, the energy index was 1093.97, with a daily increase of 0.49%, a 5 - day decrease of 1.23%, a 1 - month decrease of 3.18%, and a year - to - date decrease of 10.91% [286].

1. Report Industry Investment Rating - Unilateral: Neutral [3] - Inter - period: None [3] - Inter - variety: None [3] 2. Core Viewpoints - The EG market continues to accumulate inventory, and prices are consolidating at low levels. The current price is not high, but the downstream hidden inventory has also reached a high level. With the increase in port inventory, the liquidity of goods in the market has increased. In addition, the production pressure is relatively large, and the inventory accumulation pressure from January to February is still relatively high, limiting the rebound space [1][3] - On the supply side, the extrusion of syngas - based production load is not obvious, and the domestic ethylene glycol load has recovered to a high level of over 70%. The inventory accumulation pressure is still large under high supply from January to February and weakening demand. Overseas supply pressure will ease after February. On the demand side, weaving orders are marginally weakening, the load is accelerating to decline, and the polyester load is slightly declining due to weakening efficiency [2] 3. Summary by Directory Price and Basis - The closing price of the EG main contract was 3,817 yuan/ton (a change of - 29 yuan/ton from the previous trading day, a decrease of - 0.75%), the spot price of EG in the East China market was 3,683 yuan/ton (a change of + 13 yuan/ton from the previous trading day, an increase of + 0.35%), and the spot basis of EG in East China was - 136 yuan/ton (a month - on - month increase of + 16 yuan/ton) [1] Production Profit and Operating Rate - According to Longzhong data, the production gross profit of ethylene - based EG was - 87 US dollars/ton (a month - on - month increase of + 3 US dollars/ton), and the production gross profit of coal - based syngas - based EG was - 857 yuan/ton (a month - on - month increase of + 41 yuan/ton) [1] - The domestic ethylene glycol load has recovered to a high level of over 70% [2] International Price Difference - No specific data or conclusions are provided in the report Downstream Production, Sales, and Operating Rate - Weaving orders are marginally weakening, the load is accelerating to decline, and the polyester load is slightly declining due to weakening efficiency [2] Inventory Data - According to CCF data released every Monday, the MEG inventory at the main ports in East China was 844,000 tons (a month - on - month increase of 25,000 tons); according to Longzhong data released every Thursday, the MEG inventory at the main ports in East China was 645,000 tons (a month - on - month increase of 28,000 tons) [1] - According to CCF data, the total planned arrivals at the main ports in East China last week were 106,000 tons, and the arrivals at the secondary ports were 25,000 tons; this week, the total planned arrivals at the main ports in East China are 106,000 tons, and the arrivals at the secondary ports are 43,000 tons. The overall situation is slightly high, and it is expected that the main ports will have a slight inventory accumulation [1]