In the fourth quarter of 2023, the satisfaction of foreign-invested enterprises with China's business environment continued to increase, with nearly 70% optimistic about the Chinese market over the next five years. Additionally, the National Bureau of Statistics reported an 8.2% increase in turnover for cultural and related industries.

In the fourth quarter of 2023, satisfaction among foreign-funded enterprises with China's business environment increased, and the turnover of cultural and related industries grew by 8.2%. Additionally, Japan's job market remains tight, and the Reserve Bank of New Zealand may raise interest rates next month.

Chinese equity funds recorded inflows of $11.9 billion in the past week, the largest since July 2015. Meanwhile, tensions in the Middle East led to a 1% increase in oil prices, with Brent crude rising 1.3%. The Fed has a 97.9% chance of keeping interest rates unchanged this week.

Chinese equity funds recorded inflows of $11.9 billion in the past week, the largest since July 2015. Meanwhile, oil prices are set to record their largest weekly increase since October last year due to geopolitical tensions and falling U.S. crude inventories.

On January 26, 2024, key macroeconomic news includes: China's gold consumption increased by 8.78% in 2023, reaching 1,089.69 tons. Additionally, new energy storage capacity in China surpassed 30 million kilowatts, with a cumulative installed capacity of 31.39 million kW by the end of 2023. The rapid development of new energy storage has driven significant economic investment and industrial growth.

Jiangsu Pacific Quartz expects slower growth in the photovoltaic industry in 2024 compared to 2023. Henan Province achieved 76% of its grain output from high-standard farmland, contributing to a stable annual grain output of 132.49 billion catties. The Ministry of Human Resources and Social Security is promoting national pension insurance planning, and the State-owned Assets Supervision and Administration Commission aims to improve the quality of listed companies.

Heilongjiang Province's import and export value increased by 12.3% year-on-year in 2023, reaching a record high of 297.83 billion yuan. China's grain output also hit a record high of 1,390.82 billion catties in 2023, up 17.76 billion catties from the previous year. SUNGROW reported strong financial performance, with net profit expected to rise by 159%-187% year-on-year. The pig market is expected to improve in the second quarter.

In terms of coal production areas, the weather has cleared up in Yulin, Ordos and other places in Shaanxi, and roads in mining areas have gradually returned to normal. However, the impact of snowfall on the pit market has not completely dissipated.

The disclosure announcement of China Nuclear Titanium Dioxide, the leading manufacturer of titanium dioxide, announced that the company will comprehensively increase the sales prices of all models of titanium dioxide starting from January 19, 2024. Among them, the sales price for domestic customers is increased by 500 yuan/ton, and the sales price for international customers is increased by US$100/ton. Just three days ago, companies including Longbai Group and Huiyun Titanium also announced price increases.

The demand for polyester chain stocking during the Spring Festival has started. With the holiday approaching and fundamental support, the price support is strong. After the holiday, the industrial chain is affected by strong supply and there is a certain expectation of accumulation of inventory. However, it is expected that inventory will not exert much pressure on prices, and the market will have a strong willingness to support prices. The market situation with "strong expectations" after the Chinese Lunar New Year in 2023 will Continued in 2024.

The main crude oil futures contract fluctuated during the week this week. As of Friday's close, the SC crude oil main contract closed at 566.3 yuan/barrel, down 0.65% from last Friday's close.

As of the close of Friday on the futures market, the methanol contract has slightly reduced its position today, with 5,161 positions in the weighted methanol contract and 4,966 positions in the 05 main contract. The weighted contract, the intraday trend, fluctuated downward throughout the day, closing down 0.8% overall.

The RU2405 month contract opened this week at 13,800 points, with a maximum of 13,950 points and a minimum of 13,635 points. It closed at 13,875 points, an increase of 105 points, with a trading volume of 1,025,916 hands and an open interest of 160,139 hands.

The demand for coke continues to weaken, inventories in the lower reaches of the industrial chain continue to rise, and steel mills are strongly willing to lower coke prices. This week, the second round of coke shipments has landed. The closing price of quasi-first-class wet quenching coke in Rizhao Port is 2,340 yuan/ton, and the ex-warehouse price is 2,300 yuan/ton. tons, equivalent to a warehouse receipt cost of about 2,510 yuan/ton. After the second round of coke price cuts, the main coke contract is still at a slight discount.

From a fundamental point of view, the start-up in mainland China is basically stable. This week, the average start-up rate of Zhuochuang methanol is 71.35%, and the start-up rate in northwest China is 82.72%, a slight increase from last week. Jiutai Tuoketuo's 2 million tons/year methanol unit will be installed in January 2024. It was shut down from January 5th to 11th. Shaanxi Weihua's 400,000-ton unit started maintenance for seven days on the 10th. Southwest gas plants restarted on the 25th, Jiuyuan and Sichuanwei on the 25th and 9th respectively.