Group 1: Overall Market Situation - The performance of overseas markets was strong during the holiday, but the geopolitical situation change on Saturday increased the uncertainty of the post - holiday risk - asset trend. Short - term attention should be paid to the impact of overseas events on the risk appetite of domestic equity assets [1] Group 2: Fixed - Income Market - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest - rate risks. Attention should be paid to the Bank of Japan's interest - rate decision [1] Group 3: Non - Ferrous Metals Copper - The industrial situation is weak recently, but the macro sentiment is positive, and the premium of US copper persists, so the copper price has further increased. However, there is a short - term adjustment risk, though the trend is expected to remain unchanged [1] Aluminum - Domestic electrolytic aluminum has accumulated inventory recently, and the industrial driving force is limited. But with positive macro sentiment and the early fermentation of the expected tight supply of aluminum ingots, the aluminum price is expected to remain strong [1] Alumina - The supply side of alumina still has a large release space, and the weak industry pressures the price. But the current price is basically near the cost line, so the price is expected to fluctuate [1] Zinc - The fundamentals of zinc have improved, the cost center has shifted up, and recent negative factors have basically materialized. Market sentiment is volatile, and the zinc price fluctuates [1] Nickel - The macro sentiment has warmed up. News about Indonesia has further boosted market concerns about nickel - ore supply. The global nickel - inventory accumulation speed has slowed down, and the Shanghai nickel price has risen significantly recently with increased positions. The short - term nickel price may be strong, and attention should be paid to Indonesia's policies and macro sentiment. Short - term low - buying is recommended, and excessive chasing of highs should be avoided [1] Stainless Steel - The raw - material nickel - iron price has rebounded, the social inventory of stainless steel has slightly decreased, and steel mills' production in January has increased. The short - term stainless - steel futures are expected to be strong and volatile. Short - term low - buying is recommended, and enterprises should wait for opportunities to sell on rallies [1] Tin - The non - ferrous tin industry association issued an initiative to guide the price back to the normal range, pressuring the tin price. Considering the tense situation in Congo - Kinshasa, there may be further fermentation of tin supply. After a short - term adjustment, the downside space is limited, and low - buying opportunities near the support level are recommended [1] Group 4: Precious Metals and New Energy Precious Metals - The geopolitical situation is tense, and precious - metal prices are still supported, but the VIX of Shanghai silver is still high, and there may still be short - term games. In the long run, the logic of precious metals remains unchanged. Based on the fact that silver may no longer be undervalued compared with gold, priority should be given to low - buying gold in the future [1] Platinum and Palladium - During the New Year's Day holiday, the prices of platinum and palladium in the overseas market rose significantly, which is expected to boost domestic prices. But in the short term, they may still have high volatility. In the medium - to - long term, there is a supply - demand gap for platinum, while palladium tends to have a loose supply. Platinum can be bought on dips or a [long platinum, short palladium] arbitrage strategy can be adopted [1] Industrial Silicon - In the northwest, production increases, while in the southwest, it decreases. The production schedules of polysilicon and organic silicon decreased in December. A capacity storage platform company has been established, and there is a medium - to - long - term expectation of capacity reduction. Terminal installations increased marginally in the fourth quarter. Large enterprises have a strong willingness to support prices and a low willingness to deliver. Short - term speculative sentiment is high [1] Lithium Carbonate - It is the traditional peak season for new energy vehicles, and the demand for energy storage is strong. The supply side has increased production resumption, and there is a short - term rapid increase. Rolling profit - taking of long - spot and short - futures positions can be carried out. The basis and production profit are not high, indicating that the price valuation is not high, and short - selling is not recommended [1] Group 5: Steel and Iron - Related Rebar and Hot - Rolled Coil - Rolling profit - taking of long - spot and short - futures positions can be carried out. The basis and production profit are not high, indicating that the price valuation is not high, and short - selling is not recommended [1] Iron Ore - The near - month contracts are restricted by production cuts, but the commodity sentiment is good, and the far - month contracts still have upward opportunities [1] Ferrous Metals (General) - There is a combination of weak reality and strong expectation. In reality, direct demand is weak, supply is high, inventory is accumulating, and the price is under pressure. In expectation, energy - consumption dual control and anti - involution may disrupt supply [1] Group 6: Building Materials Glass - The supply and demand are supported, the valuation is low, and there are renewed supply disruptions. The price is expected to be strong in the short term [1] Soda Ash - It follows the trend of glass. The supply and demand are acceptable, the valuation is low, the downward space is limited, and it may be under pressure and fluctuate [1] Coking Coal and Coke - The fourth round of spot price cuts has started. After the futures price fell to the level of the fourth - round cut and then rebounded, attention should be paid to whether the futures price can reach a new low during the period from the price - cut announcement to implementation. If the price - cut negative factors cannot drive continuous decline, the futures price is likely to continue to fluctuate widely [1] Group 7: Agricultural Products Palm Oil - The MPOB December data is expected to be negative for palm oil, but it will reverse under themes such as seasonal production cuts, the B50 policy, and US biodiesel. If the oil price gaps up due to geopolitical events, short - selling can be considered [1] Soybean Oil - It follows the trend of other oils in the short term. Waiting for the January USDA report is recommended [1] Rapeseed Oil - Recent news has brought a large rebound to the rapeseed - oil price and the January - May spread, but it is difficult to change the subsequent marginal loosening of the fundamentals. A rebound in sentiment is expected to subside, and short - selling on rallies is recommended [1] Cotton - There is a strong expectation of a domestic new - crop harvest, and the purchase price of seed cotton supports the cost of lint. The downstream operation rate remains low, but the yarn - mill inventory is not high, and there is a rigid restocking demand. The cotton market is currently in a situation of "having support but no driver." Future attention should be paid to the tone of the No. 1 Central Document in the first quarter of next year regarding direct - subsidy prices and cotton - planting areas, the intention of next year's cotton - planting area, weather during the planting period, and the peak - season demand from March to April [1] Sugar - Currently, there is a global sugar surplus, and the domestic new - crop supply has increased. The short - selling consensus is relatively consistent. If the futures price continues to fall, the cost support below is strong, but the short - term fundamentals lack continuous drivers. Attention should be paid to changes in the capital side [1] Corn - The progress of grassroots grain sales of corn is relatively fast. Currently, the inventory levels at ports and downstream are still low, and most traders have not started strategic inventory building. It is expected that the spot price will remain strong in the short term under the restocking demand of the middle and lower reaches, and the futures price is expected to have limited回调 and remain strong and fluctuate later [1] Soybean Meal - Attention should be paid to the adjustment of the January USDA report and the manifestation of Brazil's harvest selling pressure on CNF premiums. The M05 contract is expected to be relatively weak. In the first quarter, the concentrated ownership of imported - soybean cargo rights will bring a domestic supply - structure problem, which supports the M03 contract. The M03 - M05 spread is still expected to be in a positive - arbitrage situation in the short term. Attention should be paid to changes in customs policies, imported - soybean auctions, and targeted policies [1] Pulp - Pulp futures have recently been pulled by the "weak demand" reality and the "strong supply" expectation, with large fluctuations. A wait - and - see approach for single - side trading is recommended, and a January - May reverse - arbitrage strategy can be considered for the spread [1] Logs - Log futures have declined due to the decline in overseas quotes and spot prices. The pressure on the 01 contract is large as it approaches the delivery month, and it is expected to fluctuate weakly [1] Hogs - The spot price has gradually stabilized recently. Supported by demand and with the unsold weight of slaughtered hogs still remaining, the production capacity still needs to be further released [1] Group 8: Energy and Chemicals Crude Oil - There is a risk of oil - price increase due to the conflict between the US and Venezuela. There are fewer maintenance activities, the operating load is high, there are overseas arrivals, and the supply has increased. The downstream demand and operation rate have weakened. In 2026, there will be more new production, further intensifying the supply - demand surplus, and the market expectation is weak [1] Fuel Oil - OPEC+ has suspended production increases until the end of 2026, the uncertainty of the Russia - Ukraine peace agreement has an impact, and the US has sanctioned Venezuelan oil exports [1] Asphalt - The short - term supply - demand contradiction is not prominent, and it follows the trend of crude oil. The "14th Five - Year Plan" rush - work demand is likely to be disproven, the supply of Ma - Rui crude oil is sufficient, and the asphalt profit is high [1] Natural Rubber - The raw - material cost has strong support, the basis is at a low level, and the middle - stream inventory may tend to accumulate [1] BR Rubber - The futures positions have decreased, and the price increase has slowed down. The listing prices of BD/BR have shifted up, and the processing profit of butadiene rubber has gradually recovered. Butadiene rubber maintains high - operation and high - inventory operation, and the spot trading has weakened with general order demand [1] PTA - The PX price is strong, and the floating spread has strengthened. The PTA plants generally maintain a high - load operation, and PX consumption remains stable. Polyester pre - holiday stock - building and sales have improved. The new polyester plants' commissioning has pushed the polyester load to a high level, and PTA consumption remains high [1] Ethylene Glycol (MEG) - It is reported that two MEG plants in Taiwan, China, with a total annual capacity of 720,000 tons, plan to shut down next month due to poor efficiency. During the continuous decline of ethylene glycol, it rebounded rapidly due to supply - side news. Currently, the downstream operation rate of polyester remains above 91%, the demand performance slightly exceeds expectations, and the recent overall polyester sales are relatively high [1] Short - Fiber - The short - fiber price continues to closely follow the cost fluctuations [1] Styrene - The Asian styrene price rebounded briefly after continuous monthly declines, mainly driven by supply - side contraction. Many plants have reduced production or shut down due to maintenance or poor economics. The demand for polymer downstream products such as PS and ABS remains weak. The warming of the commodity - market sentiment has significantly boosted the styrene futures price [1] Urea - The export sentiment has eased slightly, and the limited domestic demand restricts the upside space. There is support from anti - involution and the cost side [1] PE - There are fewer maintenance activities, the operating load is high, and the supply pressure is large. The downstream improvement is less than expected. The propylene monomer price is high, the crude - oil price has risen, and the cost support is strong. There is a risk of oil - price increase due to the US - Venezuela conflict [1] PVC - In 2026, there will be less global new production, and the future expectation is optimistic. There will be fewer subsequent maintenance activities, new production capacity will be released, and the supply pressure will increase. The demand has weakened, and orders are poor [1] LPG - The January CP has risen more than expected, providing strong cost - side support for imported gas. The geopolitical conflicts between the US and Venezuela and in the Middle East have intensified, and the short - term risk premium has increased. The EIA weekly C3 inventory has continued to accumulate, and overseas demand has slowed down periodically. Domestic PDH maintains high - operation and deep - loss operation, with only the rigid demand for civil combustion, and there is overseas olefin - blending demand for oil [1] Group 9: Shipping Container Shipping (European Route) - The price increase in December did not meet expectations, the expectation of peak - season price increase was priced in advance, and the shipping capacity supply in December was relatively loose [1]

1. Report Industry Investment Ratings No investment ratings are provided in the report. 2. Core Views - The commodity futures market shows a complex situation with different trends and investment opportunities in various sectors such as basic metals, black industry, agricultural products, and energy - chemical [1][3][4]. - Different commodities face different supply - demand relationships, and investment strategies vary from commodity to commodity, including strategies like buying on dips, short - term and long - term trading strategies, and waiting and watching [1][3][4]. 3. Summaries by Categories Basic Metals - **Copper**: Market performance on Friday was weak with oscillations. Supply remains tight, and after price adjustment, the discount narrows. The trading strategy is to buy on dips [1]. - **Aluminum**: On Wednesday, the main contract rose 1.60%. Supply capacity increased slightly, and demand weakened. It is expected to oscillate with a slight upward trend [1]. - **Alumina**: On Wednesday, the main contract rose 0.98%. The running capacity of alumina plants is stable, and electrolytic aluminum plants operate at high loads. The price is expected to fluctuate within a range [1]. - **Industrial Silicon**: On Wednesday, the main contract fell 0.62%. Supply and demand are stable, and the market is expected to oscillate between 8400 - 9200 yuan/ton. It is advisable to wait and watch [1]. - **Lithium Carbonate**: LC2605 closed unchanged. Supply increased in December but is expected to decline in January. Demand in the power sector is in the off - season, and it is expected to oscillate at high levels. It is advisable to wait and watch [1][2]. - **Polycrystalline Silicon**: On Wednesday, the main contract rose 0.05%. Supply and demand are in a complex situation. The price is expected to rise, but it is recommended to wait for price corrections to enter the market [2]. - **Tin**: Market performance on Friday was weak with oscillations. Supply is tight, and inventory is decreasing. The trading strategy is to buy on dips [2]. Black Industry - **Rebar**: The main 2605 contract closed at 3122 yuan/ton, down 12 yuan/ton. Supply - demand is weak. It is recommended to wait and watch and try to short the 2605 contract [3]. - **Iron Ore**: The main 2605 contract closed at 789.5 yuan/ton, up 1 yuan/ton. Supply - demand is weak, and it is advisable to wait and watch [3]. - **Coking Coal**: The main 2605 contract closed at 1115 yuan/ton, down 4.5 yuan/ton. Supply - demand is weak. It is advisable to wait and watch and try to short the 09 contract [4]. Agricultural Products - **Palm Oil**: The Malaysian market closed lower. Supply is in seasonal decline but increased year - on - year, and demand decreased. Oils are expected to oscillate weakly with variety differentiation [4]. - **Soybean Meal**: CBOT soybeans are falling. Supply is loose in the near - term and in large supply in the long - term. The trading strategy is to trade the expectation of a bumper harvest in South America [4]. - **Corn**: Futures prices fell, and spot prices were mostly stable. Supply - demand contradiction is not significant, and prices are expected to oscillate [4]. - **Sugar**: ICE and Zhengzhou sugar futures fell. The market is expected to follow the decline of international sugar, and it is recommended to short in the futures market and sell call options [4]. - **Cotton**: ICE cotton futures fluctuated, and Zhengzhou cotton futures oscillated narrowly. It is recommended to buy on dips [5]. - **Eggs**: Futures prices oscillated weakly, and spot prices rose. Supply - demand contradiction is not significant, and prices are expected to oscillate [5]. - **Pigs**: Futures prices oscillated strongly, and spot prices fell. Supply - demand is weak, and prices are expected to oscillate [5]. - **Apples**: Futures prices fell. The total output is low, and the quality is poor. It is recommended to wait and watch [5]. Energy - Chemical - **LLDPE**: The main contract oscillated slightly before the holiday. Supply pressure eases, and demand is in the off - season. In the short - term, it is expected to oscillate, and in the long - term, it is recommended to buy on dips [6]. - **PVC**: V05 rose 0.3%. Supply is high, demand is weak, and it is recommended to conduct reverse arbitrage [7]. - **PTA**: PX supply is high, and PTA supply is tight in the short - term. It is recommended to maintain a long - term long position in PX and look for opportunities to long the processing margin of PTA 05 [7]. - **Glass**: FG05 rose 1.3%. Supply decreased slightly, and demand weakened. It is advisable to wait and watch [7]. - **PP**: The main contract oscillated slightly before the holiday. Supply is increasing, and demand is weak. In the short - term, it is expected to oscillate, and in the long - term, it is recommended to buy on dips [7]. - **MEG**: Supply is high, and inventory is accumulating. It is recommended to short at high prices [7][8]. - **Crude Oil**: There are geopolitical events, but supply is abundant, and demand is in the off - season. It is recommended to short at high prices [8]. - **Styrene**: The main contract oscillated slightly before the holiday. Supply and demand are weak. In the short - term, it is expected to oscillate, and in the medium - term, it is recommended to buy on dips [8]. - **Soda Ash**: sa05 rose 0.6%. Supply is stable, and demand is weak. It is recommended to conduct reverse arbitrage [8].

品 研 2026年1月5日 能化套利范式总结7 陈鑫超 投资咨询从业资格号：Z0020238 1) 终点支持:即顺着终点方向做优化,而非逆着终点方向做路径; 2) 路径大幅偏离下:若发生路径大幅偏离,对冲策略本身逐步转变成单品种矛盾,此时另一腿换成 其自身产业链品种会相对合理且安全; 3) 路径演绎上:波动率上仍然关注气体>液体>固体（即波动率大的品种往往会抢跑） 因而在 "做矮子里面拔将军"这件事情的时候要额外关注波动率带来的短期影响; 无论是跨期套利还是对冲套利形式,底层逻辑仍然有效,但由于资金来源多样化以及交易路径变化, 底层逻辑展现形式开始分化,跨期套利上,市场交易预期行情带来月间结构畸形以及熊市正套等进感维行 情，而跨品种对冲套利上由于能化商品逻辑趋于一致,不以终点为锚的路径交易反而事倍功半,而顺着终 点的路径优化策略仍然是当下最优解。 请务必阅读正文之后的免责条款部分 1 chenxinchao@gtht.com 所有商品板块中,能源化工作为以对冲为主要策略载体的板块一直以来是对冲策略的高地。由于成本 端犹动以及网状供需结构,能化板块套利逻辑的开发及总结已经成为市场参与该板块的主要形式。能化板 块 ...

近日，标普全球发布《2026年全球展望》系列报告。作为重要市场预测机构，标普全球通过这份报告揭 示，全球能源与化工产业正处在一个结构性分化的关键节点。人工智能(AI)革命、能源转型与地缘政治 三大力量剧烈碰撞下，行业虽整体具备韧性，但产业链各环节的境遇将截然不同。机遇与风险并存，校 准战略方向成为重中之重。 供应链面临地缘重构 报告特别警示，当前围绕AI和能源转型的投资热潮可能存在"双刃剑"效应。市场估值已蕴含较高预期， 若相关项目的经济效益或技术进展不及预期，可能引发特定领域的信用紧缩与资本回调。 比如，全球丙烷进口市场格局已发生结构性变化。贸易环境变化推动了供应链多元化，尽管规划新增大 量丙烷脱氢(PDH)产能将创造显著进口需求，但美国市场份额已明显下降，中东地区的成本与地理优势 凸显，加拿大供应也实现了快速补充，亚太PDH行业正积极调整以适应新的市场环境。 比如，全球聚氯乙烯产业面临"生产削减与贸易流向扭转"的双重压力，欧洲高昂的能源成本与亚洲潜在 的产能过剩正在重塑全球供应链。 能源方面，供应链矛盾在能源转型领域尤为尖锐。一方面，AI数据中心对99.999%稳定性的电力需求， 正迫使科技巨头重新评估核 ...

Group 1 - The first Shaanxi Excellent Engineer Competition will be held in Yulin on December 18-19, 2025, featuring over 40 engineering teams from various enterprises, universities, and research institutions across the province [1] - The competition includes two tracks: the Challenge Competition and the Innovation Competition, covering eight major industries such as high-end equipment manufacturing, energy and chemical engineering, aerospace, and new generation information technology [1] - A total of 30 awards were presented, including 2 gold, 4 silver, 6 bronze, 8 excellence awards, and 10 outstanding technology achievement transformation awards [1] Group 2 - The competition serves as a valuable opportunity for engineers to learn from each other and exchange ideas, fostering innovation and collaboration [2] - Participants included both experienced technical leaders and emerging young engineers, highlighting the diverse talent pool in the engineering sector [3] - The event emphasizes the importance of technology for national strength, encouraging engineers to take on missions that support national strategies and local development [3] Group 3 - The Shaanxi Provincial Association for Science and Technology aims to cultivate excellent engineers and create high-level innovation competition platforms, enhancing the talent service mechanism [4] - Previous competitions in the province have shown significant participation and quality improvements, indicating a robust ecosystem for nurturing future technology talents [4] - The association plans to continue optimizing services and expanding platforms to promote deep integration of industry, academia, and research, contributing to the province's technological strength [4]

Core Viewpoint - Dazhou Eastern Economic Development Zone aims to enhance its industrial capacity and attract investment, targeting the establishment of a trillion-level industrial park and a national-level economic development zone by 2030 [14][15]. Group 1: Development Goals and Strategies - The Dazhou Eastern Economic Development Zone is set to celebrate its 4th anniversary on January 4, 2026, and is committed to deepening the "dual-park drive" development strategy [4]. - The zone aims to achieve a GDP exceeding 30 billion yuan and an industrial output value of 160 billion yuan by 2030 [15]. - The focus is on building a modern steel and new energy battery industry cluster, with significant projects already signed, including 15 projects worth 32 billion yuan and 43 projects under negotiation totaling 103.1 billion yuan [13]. Group 2: Infrastructure and Investment Attraction - The zone has established a comprehensive operational support system, including facilities like wastewater treatment plants and emergency command centers, to ensure safe and green development [7]. - Key infrastructure projects include a water supply system that will support long-term development, a gas supply station with a maximum annual capacity of 2.5 billion cubic meters, and a power distribution project to lower electricity costs for businesses [8]. - The establishment of six industrial guidance funds with a total scale exceeding 10 billion yuan aims to provide sufficient financial support for industrial development [10]. Group 3: Innovation and Cultural Integration - The Dazhou Eastern Economic Development Zone is developing a comprehensive innovation and entrepreneurship platform, including a new technology innovation demonstration park with a total area of 131,000 square meters [9]. - The zone is integrating traditional culture into its development strategy, promoting a "family-like" service culture to enhance the business environment [11][12]. - The establishment of a cultural exhibition center and a cultural square aims to enrich the local cultural landscape and support the integration of industry and culture [11]. Group 4: Industry Focus and Collaboration - The modern steel industry cluster is led by Fangda Steel, focusing on green transformation and efficient resource utilization [17]. - The new energy battery industry is being developed in collaboration with major companies like BASF, aiming to establish a unique industrial base for sodium-ion batteries [17]. - The zone is also focusing on energy chemical and intelligent manufacturing industries, with plans to create a 30 billion yuan energy chemical cluster and a 10 billion yuan intelligent manufacturing cluster [17].

Core Viewpoint - The Dazhou Eastern Economic Development Zone is positioned as a key driver for high-quality regional development, focusing on building a modern industrial system and strengthening the real economy foundation [1] Group 1: Industrial Development Strategy - The Dazhou Eastern Economic Development Zone emphasizes industrial development by establishing a chain-based organizational model, focusing on key industries, and promoting precise industrial layout [2] - The zone aims to solidify its industrial base with a focus on the steel industry, highlighted by the Fonda Dasteel relocation and upgrade project, which has a total investment of 15 billion yuan, aiming for a modern steel base by 2025 [2] - The zone is developing a complete industrial chain from smelting to processing and application, enhancing product value while stabilizing industrial scale [2] Group 2: Future Industry Directions - Starting in the second half of 2025, the zone will focus on four major industry directions, including modern steel and new energy battery industries, aiming for a leap from single-point breakthroughs to multi-point support [3] - The new energy battery industry is identified as a key area for future growth, with plans to establish a sodium-ion battery project and collaborate with leading companies like BASF [3] - The Dazhou Malou Chemical Park has achieved safety standards and is set to develop modern chemical and intelligent manufacturing industries [3] Group 3: Investment and Support Mechanisms - The zone prioritizes attracting investment as a starting point for enterprise growth, implementing a model that supports companies throughout their lifecycle [4] - Six industrial guidance funds have been established with a total scale exceeding 10 billion yuan, focusing on new materials and new energy sectors, facilitating flexible capital support for enterprises [4] - The investment strategy has shifted from quantity-oriented to quality-oriented, achieving a total investment of over 100 billion yuan during peak project negotiations [4] Group 4: Infrastructure and Resource Allocation - The zone is enhancing its factor guarantee system, leveraging nearly 8,000 acres of available land and improving energy, logistics, and infrastructure [5] - Key projects like the gas pipeline from Kaijiang to the Eastern Economic Development Zone are expected to provide stable energy support, reducing operational costs for enterprises [5] - The zone collaborates with research institutions to empower high-quality development through resource and project concentration [5] Group 5: Urban and Industrial Integration - The Dazhou Eastern Economic Development Zone is developing a dual-center model with the Malou Intelligent Manufacturing City and the Tingzi Cultural and Educational City, promoting collaborative urban and industrial development [6] - The zone is hosting innovation competitions to attract quality projects in digital economy, new energy/new materials, and intelligent manufacturing [6] - A focus on local culture and improved public services aims to create a supportive business environment and enhance the relationship between enterprises and the community [6][7] Group 6: Performance and Future Goals - Since its establishment in January 2022, the zone has implemented 55 major projects with a total investment of 42.2 billion yuan, maintaining an annual fixed asset investment growth rate of over 40% [8] - The zone aims to achieve a target of 100 billion yuan in investment by 2030, focusing on building two trillion-yuan industrial clusters in modern steel and new energy batteries [8] - The zone plans to deepen investment promotion and innovation efforts to stimulate project implementation and enterprise growth [8][9]

Core Insights - The number of headquarters enterprises in Sichuan has expanded, with 31 companies recognized, bringing the total to 128 [1] - Headquarters enterprises are defined as those registered in Sichuan that conduct cross-regional operations and contribute significantly to local taxes and the economy [1] Group 1: Enterprise Distribution - The newly recognized 31 enterprises are primarily located in six cities, with a majority being private enterprises (48.4%), followed by state-owned enterprises (41.9%), foreign enterprises (6.5%), and mixed-ownership enterprises (3.2%) [2] - The main sectors represented are manufacturing (51.6%), services (32.3%), and construction (9.7%), aligning with Sichuan's modern industrial development [2] - Among these enterprises, seven have annual revenues exceeding 10 billion, and one exceeds 100 billion [2] Group 2: Classification of Headquarters - Sichuan classifies headquarters enterprises into three categories: comprehensive headquarters, functional headquarters, and growth headquarters [2] - Comprehensive headquarters must meet large enterprise standards in terms of revenue, total assets, and workforce [2] - Five functional headquarters are controlled by large enterprises from outside the province or abroad, requiring a minimum registered capital of 50 million [2] Group 3: Support Policies - Sichuan will utilize various policy tools, including fiscal, financial, technological, and talent support, to promote the development of headquarters enterprises [3] - There is an emphasis on policy coordination across provincial, municipal, and county levels to enhance the effectiveness of support measures [3]

Report Overview - The report is a daily spread report for all varieties, dated December 31, 2025 [2] Commodity Analysis Ferrous Metals - **Silicon Iron (SF603)**: Futures price is 5750, spot price is 5678, basis is -22, basis rate is -0.37%, and historical quantile is 21.60% [1] - **Silicon Manganese (SM603)**: Futures price is 5942, spot price information is incomplete, basis rate is -0.37%, and historical quantile is 21.60% [1] - **Rebar (RB2605)**: Futures price is 3134, spot price is 3300, basis is 166, basis rate is 5.30%, and historical quantile is 66.60% [1] - **Hot - Rolled Coil (HC2605)**: Futures price information is incomplete, spot price of Q235B (4.75mm, Shanghai) is relevant, basis rate and other data are provided [1] - **Iron Ore (I2605)**: Futures price is related to 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port, futures price change is -0.14%, and historical quantile is 63.40% [1] - **Coke (J2605)**: Futures price is 1713, spot price (converted price of quasi - first - grade metallurgical coke) is 1715, basis is -2, basis rate is -0.14%, and historical quantile is 63.40% [1] - **Coking Coal (JM2605)**: Futures price is 1156, spot price (converted price of S1.3 G75 main coking coal (Mongolian No. 5)) is 1120, basis is 37, basis rate is 3.26%, and historical quantile is 36.70% [1] Non - Ferrous Metals - **Copper (CU2602)**: Futures price is 97620, spot price is 98090, basis is -470, basis rate is -0.48%, and historical quantile is 14.37% [1] - **Aluminum (AL2602)**: Futures price is 22180, spot price is 22565, basis is -385, basis rate is -1.71%, and historical quantile is 0.41% [1] - **Zinc (ZN2602)**: Futures price is 23230, spot price is 23380, basis is -150, basis rate is -0.64%, and historical quantile is 23.95% [1] - **Tin (SN2602)**: Futures price is 323500, spot price is 326330, basis is -2830, basis rate is 8.95%, and historical quantile is 350 [1] - **Nickel (NI2602)**: Futures price is 129300, spot price is 132390, basis is -3090, basis rate is -2.3%, and historical quantile is 0.62% [1] - **Stainless Steel (SS2602)**: Futures price is 13090, spot price is 13320, basis is 230, basis rate is 1.76%, and historical quantile is 42.91% [1] - **Lithium Carbonate (LC2605)**: Futures price is 118000, spot price is 121580, basis is -3580, basis rate is -2.94%, and historical quantile is 13.21% [1] - **Industrial Silicon (SIS605)**: Futures price is 335 (incomplete information), spot price is 9250, basis rate is 19.96%, and historical quantile is 8915 (might need clarification) [1] Precious Metals - **Gold (AU2602)**: Futures price is 982.2, spot price is 984.8, basis is -2.6, basis rate is -0.27%, and historical quantile is 29.40% [1] - **Silver (AG2604)**: Futures price is 18119.0, spot price is 18140.0, basis is -21.0, basis rate is -0.12%, and historical quantile is 49.40% [1] Agricultural Products - **Soybean Meal (M5605)**: Futures price is 2778.0, spot price is 3060, basis is 282.0, basis rate is 10.15%, and historical quantile is 67.90% [1] - **Soybean Oil (A5e02)**: Futures price is 7878.0, spot price is 8300, basis is 422.0, basis rate is 5.36%, and historical quantile is 73.30% [1] - **Palm Oil (P2605)**: Futures price is 8620, spot price is 8658.0, basis is -38.0, basis rate is -0.44%, and historical quantile is 15.50% [1] - **Rapeseed Meal (RM605)**: Futures price is 2403.0, spot price is 2550, basis is 147.0, basis rate is 6.12%, and historical quantile is 75.90% [1] - **Rapeseed Oil (Oleos)**: Futures price is 9086.0, spot price is 9820, basis is 734.0, basis rate is 8.08%, and historical quantile is 94.60% [1] - **Corn (C2603)**: Futures price is 2230.0, spot price is 2330, basis is 100.0, basis rate is 4.48%, and historical quantile is 88.70% [1] - **Corn Starch (CS2603)**: Futures price is 2526.0, spot price is 2620, basis is 94.0, basis rate is 3.72%, and historical quantile is 42.90% [1] - **Live Hogs (H2603)**: Futures price is 11790.0, spot price is 12500, basis is 710.0, basis rate is 6.02%, and historical quantile is 68.50% [1] - **Eggs (JD2602)**: Futures price is 2910, spot price is 2938.0, basis is -28.0, basis rate is -0.99%, and historical quantile is 36.80% [1] - **Cotton (CF605)**: Futures price is 14560.0, spot price is 15384, basis is 824.0, basis rate is 5.66%, and historical quantile is 34.80% [1] - **Sugar (SR605)**: Futures price is 5258.0, spot price is 5420, basis is 162.0, basis rate is 3.08%, and historical quantile is 0.00% [1] - **Apples (AP605)**: Futures price is 9200, spot price is 9200, basis is 0.0, basis rate is 23.70% [1] - **Red Dates (CJ605)**: Futures price is 8300, spot price is 9020.0, basis is -720.0, basis rate is -7.98%, and historical quantile is 58.30% [1] Energy and Chemicals - **Para - Xylene (PX603)**: Futures price is 7316.0, spot price is 7203.0, basis is -113.0, basis rate is -1.54%, and historical quantile is 9.20% [1] - **PTA (TA605)**: Futures price is 5144.0, spot price is 5100.0, basis is -44.0, basis rate is -0.80%, and historical quantile is 40.00% [1] - **Ethylene Glycol (EG2605)**: Futures price is 3710.0, spot price is 3847.0, basis is -137.0, basis rate is -3.56%, and historical quantile is 9.60% [1] - **Polyester Staple Fiber (PF602)**: Futures price is 6564.0, spot price is 6540.0, basis is -24.0, basis rate is -0.37%, and historical quantile is 34.90% [1] - **Styrene (EB2602)**: Futures price is 6860.0, spot price is 6781.0, basis is -79.0, basis rate is 1.17%, and historical quantile is 46.50% [1] - **Methanol (MA605)**: Futures price is 2182.0, spot price is 2219.0, basis is -37.0, basis rate is -1.67%, and historical quantile is 15.60% [1] - **Urea (UR605)**: Futures price is 1743.0, spot price is 1710.0, basis is -33.0, basis rate is -1.89%, and historical quantile is 7.80% [1] - **LLDPE (L2605)**: Futures price is 6461.0, spot price is 6365.0, basis is -96.0, basis rate is -1.49%, and historical quantile is 3.90% [1] - **PP (PP2605)**: Futures price is 6321.0, spot price is 6275.0, basis is -46.0, basis rate is -0.73%, and historical quantile is 14.40% [1] - **PVC (V2605)**: Futures price is 5120, spot price is 4810.0, basis is -310.0, basis rate is -6.44%, and historical quantile is 5.80% [1] - **Caustic Soda (SH603)**: Futures price is 2196.9, spot price is 2273.0, basis is -76.1, basis rate is -3.35%, and historical quantile is 31.80% [1] - **LPG (PG2602)**: Futures price is 4528.0, spot price is 4097.0, basis is 431.0, basis rate is 10.52%, and historical quantile is 61.90% [1] - **Asphalt (BU2602)**: Futures price is 3038.0, spot price is 2940.0, basis is -98.0, basis rate is -3.23%, and historical quantile is 30.50% [1] - **Butadiene Rubber (BR2602)**: Futures price is 11565.0, spot price is 11500.0, basis is -65.0, basis rate is -0.56%, and historical quantile is 22.80% [1] - **Float Glass (FG605)**: Futures price is 896.0, spot price is 1051.0, basis is -155.0, basis rate is -17.30%, and historical quantile is 8.19% [1] - **Soda Ash (SA605)**: Futures price is 1181.0, spot price is 1122.0, basis is -59.0, basis rate is -5.26%, and historical quantile is 18.69% [1] - **Natural Rubber (RU2605)**: Futures price is 15670.0, spot price is 15300.0, basis is -370.0, basis rate is -2.42%, and historical quantile is 74.89% [1] Financial Futures - **Stock Index Futures**: - **IF2603.CFF**: Futures price is 4651.3, spot price is 4622.2, basis is -29.1, basis rate is -0.63%, and historical quantile is 14.20% [1] - **IH2603.CFE**: Futures price is 3036.6, spot price is 3035.4, basis is -1.2, basis rate is -0.04%, and historical quantile is 49.70% [1] - **IC2603.CFE**: Futures price is 7458.9, spot price is 7381.0, basis is -77.9, basis rate is -1.06%, and historical quantile is 6.80% [1] - **IM2603.CFE**: Futures price is 7597.3, spot price is 7459.2, basis is -138.1, basis rate is -1.85%, and historical quantile is 10.60% [1] - **Treasury Bond Futures**: - **2 - year Bond (TS2603)**: Futures price is 100.13, spot price information involves conversion factor (0.9774), basis calculation is based on relevant formula, basis rate is -0.03%, and historical quantile is 17.80% [1] - **5 - year Bond (TF2603)**: Futures price is 105.81, spot price information involves conversion factor (0.9412), basis calculation is based on relevant formula, basis rate is -0.07%, and historical quantile is 17.90% [1] - **10 - year Bond (T2603)**: Futures price is 107.94, spot price information involves conversion factor (0.9288), basis calculation is based on relevant formula, basis rate is 0.05%, and historical quantile is 22.70% [1] - **30 - year Bond (TL2603)**: Futures price is 111.80, spot price is 126.22, basis calculation involves conversion factor (1.1263), basis rate is 0.27%, and historical quantile is 42.50% [1]

Core Viewpoint - The strategic partnership between Eni's Versalis and Prysmian aims to establish a dedicated chemical recycling supply chain for discarded plastic cables, marking a significant advancement in the cable industry [1] Group 1: Partnership Details - Versalis will utilize its proprietary Hoop chemical recycling technology to process plastic waste collected by Prysmian from manufacturing processes and returned scrap cables [1] - The Hoop process converts mixed plastic waste into pyrolysis oil, which can then be used as a raw material for producing new plastic polymers [1] Group 2: Industry Impact - This project is described as the first large-scale application of chemical recycling technology in the cable industry, aiming to create a closed-loop system for cable materials [1] - The companies estimate that approximately 60% of cross-linked polyethylene waste can be recovered and reused through this method, representing a significant improvement over traditional mechanical recycling methods [1] Group 3: Future Plans - A pilot project is planned to be launched in the second half of 2026 in Mantova, Northern Italy [1]