Group 1 - Jinan is actively promoting project construction and enterprise production during the Spring Festival, aiming for a strong start in the first quarter [1] - The Honglou urban renewal project, particularly the Darunfa site, has seen significant construction activity, with an average of over 130 workers daily from February 15 to 23, increasing to about 260 by February 26 [2] - The project has completed 250 tons of rebar tying, approximately 5000 square meters of formwork, and 120 cubic meters of concrete pouring during the holiday period, with a construction progress increase of about 10% [2] Group 2 - The Northeast site of the Full River project has also progressed, with an average of about 240 workers on site during the same period, expected to reach 350 by February 27 [3] - The project has completed the construction of the third basement level and achieved a 70% completion rate for the second basement level, with a 20% increase in progress during the Spring Festival [3] - The Jinan Airport Phase II expansion project has also resumed work with over 5000 builders returning to their posts, ensuring continuous production [3] Group 3 - Shandong Huijin Co., Ltd. resumed operations on the fourth day of the New Year, with all employees back to work, driven by strong demand for automotive parts, with export orders up by about 5% compared to the same period last year [4] - Shandong Furuida Biological Co., Ltd. has also started production early to prepare for promotional activities, indicating robust activity in the beauty sector [4] - Jinan's industrial sector is focusing on enhancing both quality and quantity, with clear targets set for various industries, including electronics, automotive, high-end software, and modern medicine [4]

Core Viewpoint - The chemical industry ETF managed by E Fund has shown significant performance, with a recent increase in both price and trading volume, indicating strong investor interest and confidence in the sector [1][2]. Group 1: Performance Metrics - As of February 27, 2026, the China Securities Petrochemical Industry Index (H11057) rose by 0.33%, with notable increases in constituent stocks such as Wanhua Chemical (up 2.94%) and Yangnong Chemical (up 2.17%) [1]. - The E Fund chemical industry ETF (516570) has experienced a cumulative increase of 2.56% over the past two weeks, with a latest price of 1.16 yuan [1]. - The ETF's trading volume reached 22.11 million yuan, with a turnover rate of 1.19% [1]. Group 2: Fund Size and Shares - The latest size of the E Fund chemical industry ETF has reached 1.849 billion yuan, marking a one-year high [1]. - The ETF's share count has reached 1.594 billion shares, also a one-year high [1]. Group 3: Fund Inflows - The E Fund chemical industry ETF has seen continuous net inflows over the past four days, with a maximum single-day net inflow of 30.70 million yuan, totaling 78.58 million yuan in net inflows [1]. - The average daily net inflow over this period was 19.64 million yuan [1]. Group 4: Historical Performance - Over the past two years, the net value of the E Fund chemical industry ETF has increased by 61.95% [1]. - The ETF has recorded a maximum monthly return of 15.74% since inception, with the longest consecutive monthly gain being nine months and a maximum cumulative increase of 61.01% [1]. - The average return during the months of increase was 5.43% [1]. Group 5: Risk and Fees - The maximum drawdown for the ETF this year is 7.37%, with a relative benchmark drawdown of 0.07%, indicating the lowest drawdown among comparable funds [2]. - The management fee for the ETF is 0.15%, and the custody fee is 0.05%, both of which are the lowest in comparison to similar funds [2]. - The tracking error for the ETF over the past month is 0.012%, the highest tracking precision among comparable funds [2]. Group 6: Index Composition - The E Fund chemical industry ETF closely tracks the China Securities Petrochemical Industry Index, which reflects the overall performance of listed companies in the petrochemical sector [2]. - As of January 30, 2026, the top ten weighted stocks in the index account for 55.71% of the total index weight, including companies like Wanhua Chemical and China Petroleum [2].

Group 1 - The core viewpoint of the news highlights the price increase of TDI and MDI products, driven by tight market supply and rising production costs, with Wanhua Chemical and Cangzhou Dahua showing significant price elasticity in their TDI and MDI capacities [1][2] - Wanhua Chemical's TDI distribution channel price was set at 15,700 RMB/ton in early March, up 1,200 RMB/ton from the previous month, while Cangzhou Dahua's export price was reported at 1,950 USD/ton, indicating a strong pricing trend in the market [1] - The current TDI price is 14,881 RMB/ton, reflecting a substantial increase from 13,325 RMB/ton in late October 2025 and 10,281 RMB/ton in April 2025, showcasing a clear upward trend in pricing [1] Group 2 - As of February 27, 2026, the CSI Sub-Industry Chemical Theme Index (000813) rose by 1.46%, with Wanhua Chemical and Hengli Petrochemical both increasing by 4.31%, indicating strong performance in the chemical sector [2] - The top ten weighted stocks in the CSI Sub-Industry Chemical Theme Index account for 44.82% of the index, with Wanhua Chemical being the leading stock, followed by other significant players like Salt Lake Co. and Cangge Mining [2]

Summary of Conference Call Notes Industry Overview - **Industry**: Chemical Industry - **Key Insights**: The chemical sector is experiencing a bullish trend, with recommendations to increase positions and embrace opportunities due to various catalysts and market dynamics [1][3]. Short-term Catalysts - **Geopolitical Factors**: Ongoing geopolitical conflicts and the upcoming peak season are driving oil prices up, leading to price increases in certain chemical products [1]. - **Inventory Dynamics**: Current low inventory levels in the supply chain, following a previous price decline, are encouraging restocking and price hikes as the peak season approaches [1]. - **Strategic Importance**: The emphasis by U.S. officials, including Trump, on the strategic importance of resources like phosphorus is contributing to market optimism [1]. Competitive Landscape - **Market Evolution**: The competitive environment has shifted from aggressive market share acquisition to a more concentrated industry structure, where leading companies are likely to collaborate rather than compete destructively [1]. - **Price Trends**: Price increases are expected to gain momentum, particularly in sectors such as textile raw materials, polyester filament, and certain chemical chains [1]. Long-term Outlook - **Market Cycle**: A long-term upward trend in market conditions is anticipated, driven by a combination of reduced production expansion and policy restrictions on inefficient growth, leading to a gradual balance in supply and demand [1][2]. - **Demand Dynamics**: Unlike previous cycles driven by high global demand, the current cycle is characterized by proactive supply management and regulatory measures [1]. Investment Recommendations - **Investment Focus**: Recommendations include investing in cyclical sectors and emerging materials, with a focus on three categories: 1. **Cyclical Growth Leaders**: Companies with strong alpha potential in cyclical growth [7]. 2. **Elasticity-Focused Products**: Bottom-tier products that may not have high alpha but show significant elasticity, such as textile raw materials and chlor-alkali [7]. 3. **High Prosperity Products**: Products already in a growth phase, including refrigerants and phosphate chemicals [7]. - **Emerging Materials**: Investment in new materials related to emerging industries such as AI, renewable energy, and commercial aerospace is also recommended [7]. Additional Insights - **Market Sentiment**: The market has been performing well for over six months, with some companies reaching new highs and pricing expectations being set [5]. - **Price Prediction Challenges**: Historically, predicting peak prices in cyclical commodities has been difficult, suggesting that following market trends may be a more effective strategy [6]. - **Self-Discipline in Production**: A slight reduction in production can lead to higher profitability, indicating a shift in strategy among companies [3][2].

Summary of Key Points from the Conference Call Industry Overview - The primary focus of the market is on the computing power sector, indicating a strong trend towards advancements in this area [1] - Key players in the computing power segment include companies like 豫能控股 (Yuneng Holdings) and 法尔胜 (Farsens), with the former achieving 6 consecutive trading days of gains and the latter 4 [2] Sector Analysis Computing Power - The computing power sector is highlighted as the strongest mainline in the market [1] - Notable companies in this sector include: - 豫能控股 (Yuneng Holdings) - 6 consecutive gains [2] - 法尔胜 (Farsens) - 4 consecutive gains [2] Other Notable Sectors - **Non-ferrous Metals**: - 章源钨业 (Zhangyuan Tungsten) has achieved 2 consecutive gains [2] - **Chemicals**: - 澄星股份 (Chengxing Co.) and 金正大 (Jinzhengda) have both recorded 3 consecutive gains [2] Thematic Sector Breakdown 1. **Overseas Computing Power**: - Companies involved include 明阳电路 (Mingyang Circuit), 广合科技 (Guanghe Technology), 大族激光 (Dazhu Laser), and others [1] 2. **PCB (Printed Circuit Board)**: - Key players are 明阳电路 (Mingyang Circuit), 广合科技 (Guanghe Technology), and others [1] 3. **Optical Fiber**: - Companies such as 通光线缆 (Tongguang Cable), 法尔胜 (Farsens), and 中天科技 (Zhongtian Technology) are significant in this area [1] 4. **Gas Turbines**: - Major companies include 东方电气 (Dongfang Electric), 常宝股份 (Changbao Co.), and 应流股份 (Yingliu Co.) [1] 5. **Optical Communication**: - Key players are 杰普特 (Jieput), 聚飞光电 (Jufei Optoelectronics), and others [1] 6. **Diamond Industry**: - Companies like 黄河旋风 (Yellow River Whirlwind), 四方达 (Sifangda), and 力量钻石 (Power Diamond) are involved [1] 7. **Ascend**: - Companies such as 泰嘉股份 (Taijia Co.), 川润股份 (Chuanrun Co.), and others are noted [1] 8. **Computing Power Leasing**: - Key players include 润泽科技 (Runze Technology), 奥飞数据 (Aofei Data), and others [1] 9. **Electric Power**: - This sector includes various companies but specific names are not detailed in the summary [1] Conclusion - The conference call emphasizes the growing importance of computing power and related sectors, with several companies showing strong performance through consecutive trading gains. The thematic breakdown provides insight into various sub-sectors that are gaining traction in the market, indicating potential investment opportunities.

Core Insights - Inner Mongolia is focusing on high-quality development, emphasizing the transformation and upgrading of traditional industries, particularly in advanced manufacturing and resource deep processing [1][2][5] Group 1: Traditional Industry Transformation - The region is witnessing a significant shift from traditional industries to high-end manufacturing, with coal being transformed into high-value chemical materials [2][3] - The total investment of 48.4 billion yuan in the Ordos Baofeng 3 million tons coal-to-olefins project demonstrates the scale of transformation, producing over 9,000 tons of olefins daily [2] - Inner Mongolia has established over 500 green factories, with their output accounting for over 26% of the total industrial output value, surpassing the national average [5] Group 2: Technological Advancements - The use of intelligent production equipment in projects like the Inner Mongolia Jinglei Industrial Co. has led to a 10-15% reduction in electricity consumption and a 10% decrease in coke consumption [1] - The development of a closed-loop industrial chain in the coal-to-BDO (1,4-butanediol) sector has resulted in a 20% reduction in energy consumption and a 15% decrease in costs [2] - Breakthroughs in rare earth materials have enabled the region to become a global leader in new materials, enhancing product value by up to 10 times [3] Group 3: Green and Sustainable Practices - Inner Mongolia's coal mining sector is increasingly adopting green mining practices, with 61% of coal mines being green and 74% being intelligent [3] - The green electricity usage in the Hohhot Zaha Naor 350,000 tons green aluminum project is as high as 80%, leading to industry-leading energy consumption and carbon emissions [4] - The chemical industry is transitioning towards high-end, green circular production, with new products like high-end resins and medical materials being developed [4] Group 4: Agricultural and Food Industry Development - The dairy industry in Inner Mongolia is modernizing and brand-building, with major companies like Yili and Mengniu capturing around 60% of the national market share [5] - The region has over 62 million acres of high-standard farmland, maintaining a stable grain output of over 80 billion jin, contributing to national food security [5] - Agricultural products are evolving from basic commodities to high-end brands, with regional brands gaining recognition both domestically and internationally [5]

Core Viewpoint - The chemical industry ETF managed by E Fund has shown a mixed performance in the market, with notable fluctuations in individual stocks and a significant increase in net inflows over recent days [1][2]. Group 1: Market Performance - As of February 27, 2026, the CSI Petrochemical Industry Index (H11057) decreased by 0.10%, with individual stocks showing varied performance [1]. - E Fund's chemical industry ETF (516570) saw a slight decline of 0.17%, priced at 1.16 yuan, but has accumulated a 2.56% increase over the past two weeks [1]. - The ETF recorded a turnover of 0.1% during the trading session, with a total transaction value of 1.9392 million yuan [1]. Group 2: Fund Size and Shares - The latest size of E Fund's chemical industry ETF reached 1.849 billion yuan, marking a one-year high [1]. - The ETF's share count has reached 1.594 billion shares, also a one-year high [1]. Group 3: Fund Inflows and Returns - Over the past four days, the ETF has experienced continuous net inflows, with a peak single-day net inflow of 30.6965 million yuan, totaling 78.5782 million yuan, averaging 19.6446 million yuan per day [1]. - The ETF's net value has increased by 61.95% over the past two years, with a maximum monthly return of 15.74% since inception [1]. Group 4: Risk and Tracking - The maximum drawdown for the ETF this year is 7.37%, with a relative benchmark drawdown of 0.07%, indicating the smallest drawdown among comparable funds [2]. - The management fee for the ETF is 0.15%, and the custody fee is 0.05%, both of which are the lowest among comparable funds [3]. - The tracking error for the ETF over the past month is 0.012%, the highest tracking precision among comparable funds [3]. Group 5: Index Composition - The CSI Petrochemical Industry Index's top ten weighted stocks account for 55.71% of the index, including major companies like Wanhua Chemical and China Petroleum [3].

行业 纯碱、玻璃日报 日期 2026 年 2 月 27 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃、纯碱） 请阅读正文后的声明 ＃summary＃ 纯碱当日行情： 2 月 26 日，纯碱主力合约 SA605 震荡运行，收于 1191 元/吨，较前一日上涨 6 元 /吨，涨幅为 0.50%，日内减仓 25476 ...

2026 年 02 月 27 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 77 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：机器人、电网设备、化工 1、机器人主题：2026 年春晚堪称机器人"含量"最高的一 届，标志着中国机器人行业正从"炫技"加速迈向"商 用"。舞台上，宇树机器人完成空翻、武术等高动态集群控 制，技术全球领先。随着量产成本下降，一个规模巨大的增 量市场正加速形成。相关标的：三花智控（002050）、卧龙 电驱（600580） 2、电网设备主题：全球 AI 数据中心（AIDC）耗电量巨大， 催生了对高功率、高稳定性变压器等核心电力设备的刚性需 求。目前全球供需严重失衡，美国市场交货周期已长达 127 周。与此同时，国内"十五五"期间，国家电网 4 万亿元的 巨额投资将 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report In the short - term, the market may enter an oscillation and volatility - reduction cycle. The overall market atmosphere is under certain suppression, but in the medium - to - long - term, the commodity bull market is expected to continue. Different industries have their own supply - demand situations and influencing factors, and corresponding investment strategies are proposed based on these [39][45]. Summary by Directory Macro Finance Stock Index - **Market Information**: The annualized basis ratios of IF, IC, IM, and IH for current month, next month, current quarter, and next quarter are presented. For example, IF's ratios are 4.70%/2.97%/5.48%/4.74% [2]. - **Strategy View**: Affected by factors such as the US - Iran conflict, US tariff policy, RMB exchange rate, and AI business, the stock index is expected to have a relatively strong performance [3]. Treasury Bond - **Market Information**: The closing prices and changes of TL, T, TF, and TS main contracts on Thursday are provided. There are also news about Sino - US economic and trade consultations and the stance of the Bank of Japan. The central bank conducted 320.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 79.5 billion yuan [4]. - **Strategy View**: Although inflation recovery has potential suppression on the bond market, and the endogenous power of economic recovery is not stable, the capital side is expected to remain loose. The bond market is expected to continue to oscillate [6]. Precious Metals - **Market Information**: The prices of Shanghai gold and silver, COMEX gold and silver have declined. The US 10 - year Treasury yield and the US dollar index are reported. The precious metal prices are in horizontal consolidation, with support from Trump's tariff plan and the US - Iran nuclear negotiation, and resistance from the Fed's officials' statements and the expectation of stable US short - term interest rates [7]. - **Strategy View**: The precious metal prices are expected to remain in high - level oscillation. It is recommended to wait and see, with the reference ranges of 11,300 - 12,000 yuan/gram for Shanghai gold and 22,000 - 23,000 yuan/kilogram for Shanghai silver [9]. Non - ferrous Metals Copper - **Market Information**: Affected by the US - Iran negotiation and other factors, copper prices are in oscillatory adjustment. LME inventory has increased, and domestic social and bonded area inventories have also changed. The spot discount in the East China region has expanded [11]. - **Strategy View**: The US tariff policy provides emotional support, but the refined copper supply is relatively excessive. Short - term copper prices are expected to be oscillatory, with reference ranges of 101,000 - 103,000 yuan/ton for Shanghai copper and 13,100 - 13,400 US dollars/ton for LME copper [12]. Aluminum - **Market Information**: Aluminum prices have adjusted. LME inventory has decreased, and domestic inventory has increased. The spot discount in the East China region has narrowed [13]. - **Strategy View**: The short - term price support is strong. The reference ranges are 23,400 - 23,900 yuan/ton for Shanghai aluminum and 3,100 - 3,170 US dollars/ton for LME aluminum [14]. Zinc - **Market Information**: Zinc prices have declined. The social inventory of zinc ingots in China has increased, and the downstream enterprise start - up rate is average [15][16]. - **Strategy View**: The zinc industry in China shows a weak trend. Zinc prices may follow the rise of copper and aluminum prices. The zinc ore TC has stopped falling and stabilized [16]. Lead - **Market Information**: Lead prices have increased. Both domestic and foreign inventories have risen rapidly, and the industrial situation is weak [17]. - **Strategy View**: The strategic stockpiling of battery enterprises may support the lead price in the short - term. It is necessary to observe the start - up of downstream battery enterprises after the Spring Festival [17]. Nickel - **Market Information**: Nickel prices have declined. The prices of nickel ore are stable, and the price of nickel iron has increased [18]. - **Strategy View**: The supply of nickel is shrinking, and nickel prices are expected to rise. It is recommended to go long on dips, with reference ranges of 120,000 - 160,000 yuan/ton for Shanghai nickel and 16,000 - 20,000 US dollars/ton for LME nickel [19]. Tin - **Market Information**: Tin prices are in oscillatory operation. The inventory has decreased, and the supply and demand are marginally loose [20]. - **Strategy View**: Tin prices are expected to oscillate widely in the short - term. It is recommended to wait and see, with reference ranges of 380,000 - 450,000 yuan/ton for domestic tin and 48,000 - 53,000 US dollars/ton for LME tin [21]. Lithium Carbonate - **Market Information**: The price of lithium carbonate has increased. The production has increased, and the inventory has decreased [22]. - **Strategy View**: Affected by the export ban, the short - term spot shortage is expected to continue. It is necessary to be cautious about the increase of selling orders. The reference range for the 2605 contract is 164,000 - 180,000 yuan/ton [23]. Alumina - **Market Information**: The alumina index has declined. The spot price in Shandong has increased, and the overseas price is stable. The inventory has increased [24]. - **Strategy View**: The over - capacity situation in the alumina smelting end is difficult to change in the short - term. It is recommended to wait and see, with a reference range of 2,750 - 2,950 yuan/ton for the AO2605 contract [26]. Stainless Steel - **Market Information**: Stainless steel prices have increased. The raw material prices have changed, and the inventory has increased [27]. - **Strategy View**: The supply pressure will be relieved, and the price has a strong bottom support. It is recommended to be bullish, with a reference range of 14,000 - 14,500 yuan/ton [28]. Casting Aluminum Alloy - **Market Information**: The price of casting aluminum alloy has increased. The inventory has changed, and the trading volume has increased [29]. - **Strategy View**: The cost has support, and the demand is expected to improve. The short - term price is expected to oscillate strongly [30]. Black Building Materials Steel - **Market Information**: The prices of rebar and hot - rolled coil have declined. The inventory and trading volume have changed [32]. - **Strategy View**: The black series is in a bottom - game stage. It is expected to oscillate within a range with a weak center of gravity in the short - term. It is necessary to focus on the demand recovery and policy trends [33]. Iron Ore - **Market Information**: Iron ore prices have declined. Some steel enterprises in North China will implement emission reduction measures during important meetings [34]. - **Strategy View**: The overseas supply has recovered, and the demand is okay. The price is expected to oscillate weakly and stably. It is necessary to pay attention to domestic terminal demand and policy guidance [35]. Coking Coal and Coke - **Market Information**: The prices of coking coal and coke have declined. The spot prices have different changes, and the basis is positive [36]. - **Strategy View**: In the short - term, the upward catalysis of coking coal is weak. It may face a callback risk in March - May, but it may rise in the second half of 2026 [39]. Glass and Soda Ash - **Market Information**: Glass prices have declined, and the inventory has increased. Soda ash prices are stable, and the inventory has increased [40][42]. - **Strategy View**: Glass is expected to oscillate, with a reference range of 1,025 - 1,100 yuan/ton. Soda ash is expected to oscillate weakly and stably, with a reference range of 1,140 - 1,200 yuan/ton [41][43]. Manganese Silicon and Ferrosilicon - **Market Information**: Manganese silicon prices have increased, and ferrosilicon prices have also risen slightly [44]. - **Strategy View**: The future market is mainly affected by the black market and cost factors. It is recommended to pay attention to manganese ore supply and "dual - carbon" policies [45][46]. Industrial Silicon and Polysilicon - **Market Information**: Industrial silicon prices have declined, and polysilicon prices have also decreased [48][50]. - **Strategy View**: Industrial silicon prices are expected to be weak. Polysilicon prices are expected to oscillate weakly. It is recommended to wait and see [49][51]. Energy and Chemicals Rubber - **Market Information**: Rubber prices are in oscillatory operation. The start - up rates of tire enterprises are low, and the inventory has increased [53][54]. - **Strategy View**: It is recommended to trade according to the short - term trend of the disk and set stop - losses. It is also recommended to go long on NR and short on RU2609 [56]. Crude Oil - **Market Information**: Crude oil prices have declined, and the inventory data of related products have changed [57]. - **Strategy View**: It is recommended to take profits on rallies and focus on medium - term layout [58]. Methanol - **Market Information**: Methanol prices have changed, and the MTO profit has increased [59]. - **Strategy View**: It is recommended to go long on dips in the medium - term [60]. Urea - **Market Information**: Urea prices have changed, and the basis is negative [61]. - **Strategy View**: It is recommended to short urea due to the expected negative fundamentals [62]. Pure Benzene and Styrene - **Market Information**: The prices and basis of pure benzene and styrene have changed. The supply and demand sides have different performances [63]. - **Strategy View**: It is recommended to take profits gradually as the non - integrated profit of styrene has been significantly repaired [64]. PVC - **Market Information**: PVC prices have declined. The supply is strong, and the demand is weak [66]. - **Strategy View**: The domestic supply - demand situation is poor, and the fundamentals are weak [67]. Ethylene Glycol - **Market Information**: Ethylene glycol prices have declined. The supply and demand sides have changed, and the inventory has increased [68]. - **Strategy View**: The supply - demand pattern needs to be improved by increasing production cuts. There is a risk of rebound [69]. PTA - **Market Information**: PTA prices have declined. The supply and demand sides have changed, and the inventory has increased [70]. - **Strategy View**: The inventory cycle is about to end. It is recommended to go long on dips in the medium - term [71]. p - Xylene - **Market Information**: p - Xylene prices have declined. The load and inventory have changed [72]. - **Strategy View**: It is recommended to go long on dips following crude oil in the medium - term [73]. Polyethylene (PE) - **Market Information**: PE prices have declined. The supply and demand sides are weak, and the inventory has changed [74]. - **Strategy View**: The PE valuation has room to decline, and the demand is in a seasonal off - season [75]. Polypropylene (PP) - **Market Information**: PP prices have declined. The supply and demand sides are weak, and the inventory pressure is high [76]. - **Strategy View**: It is recommended to go long on the PP5 - 9 spread on dips [78]. Agricultural Products Live Pigs - **Market Information**: Pig prices have different changes. The actual supply pressure has been reduced [80]. - **Strategy View**: The spot price is expected to be weak, but there may be support for the far - month contracts [81]. Eggs - **Market Information**: Egg prices are mainly stable. The supply is normal, and the market digestion speed is okay [82]. - **Strategy View**: The short - term spot price decline is limited. It is recommended to wait and see or trade short - term [83]. Soybean and Rapeseed Meal - **Market Information**: The export and production data of soybeans in the US and Brazil are provided. The domestic soybean inventory has changed [84]. - **Strategy View**: The protein meal price may be bottoming out due to the increase in import costs [86]. Oils and Fats - **Market Information**: The production, export, and inventory data of palm oil in Malaysia and Indonesia are provided. The domestic oil inventory has increased [87]. - **Strategy View**: The short - term soybean oil price is stronger. It is recommended to buy when the oil prices stop falling at low levels [88]. Sugar - **Market Information**: The production data of sugar in India, Brazil, and Thailand are provided. The domestic import data are also given [89][90]. - **Strategy View**: It is not advisable to be overly bearish on the international sugar market. The domestic sugar price is suppressed by high inventory. It is recommended to wait and see in the short - term [91]. Cotton - **Market Information**: The US cotton export data and the domestic cotton inventory data are provided [92]. - **Strategy View**: It is recommended to buy on dips if the downstream start - up rate after the Spring Festival is good [93].