1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The overall view on the Shanghai zinc futures (ZN2512) is that it will oscillate and weaken. The market shows mixed signals with both positive and negative factors influencing the price movement [2][21]. - The fundamentals indicate a supply shortage in the global zinc market from January to August 2025, which is a positive factor. However, the主力 net - short position and the increase in LME inventory are negative factors [2]. 3. Summary by Relevant Catalogs 3.1 Fundamentals - In August 2025, global zinc plate production was 1.1507 million tons, and consumption was 1.1717 million tons, resulting in a supply shortage of 21,000 tons. From January to August 2025, the production was 9.0885 million tons, and consumption was 9.3698 million tons, with a supply shortage of 281,300 tons. Global zinc ore production in August 2025 was 1.0696 million tons, and from January to August 2025, it was 8.4457 million tons, suggesting a positive outlook for the zinc market [2]. 3.2 Basis - The spot price was 22,580, and the basis was +160, which is a positive signal for the market [2]. 3.3 Inventory - On November 19, LME zinc inventory increased by 1,550 tons to 45,075 tons, while SHFE zinc inventory warehouse receipts decreased by 1,473 tons to 75,314 tons, presenting a neutral situation [2]. 3.4 Market Trends - On November 19, the Shanghai zinc futures showed an oscillating rebound trend, closing below the 20 - day moving average, with the 20 - day moving average trending upwards, indicating a neutral market [2]. 3.5 Main Positions - The main players held a net - short position, and the short positions increased, which is a negative factor for the market [2]. 3.6 Futures Market Quotes (November 19) - For the zinc futures contracts, different delivery months had various trading volumes, turnovers, and position changes. For example, the contract 2512 had a trading volume of 91,247 lots, a turnover of 10.2260961 billion yuan, and an open interest of 67,487 lots with a decrease of 14,839 lots [3]. 3.7 Spot Market Quotes (November 19) - The price of zinc concentrate's domestic comprehensive TC was 2,600 yuan/metal ton, and the imported comprehensive TC was 90 dollars/dry ton (down 10 dollars/dry ton). The price of 0 zinc in different regions such as Guangdong, Tianjin, and Zhejiang had different ranges and price increases [4]. 3.8 Zinc Ingot Inventory Statistics (November 6 - 17) - The total inventory of zinc ingots in major domestic markets fluctuated slightly during this period. Compared with November 10, the total inventory increased by 40,000 tons, and compared with November 13, it increased by 130,000 tons [5]. 3.9 Zinc Warehouse Receipt Report (November 19) - The total SHFE zinc warehouse receipts were 75,314 tons, a decrease of 1,473 tons compared to the previous day. Different warehouses in Shanghai, Guangdong, Jiangsu, Zhejiang, and Tianjin had various changes in warehouse receipts [7][8]. 3.10 LME Zinc Inventory Distribution (November 19) - The total LME zinc inventory was 45,075 tons, an increase of 1,550 tons compared to the previous day. Different locations had different inventory changes and注销仓单注销占比 [10]. 3.11 Zinc Concentrate Price Summary (November 19) - Zinc concentrate prices in major domestic cities increased by 80 yuan/ton, and the prices in different regions such as Jiyuan, Kunming, and Hechi were in the range of 18,000 - 18,500 yuan/ton [12]. 3.12 Zinc Ingot Smelter Price Quotes (November 19) - The prices of 0 zinc ingots from different smelters such as Hunan Zhuzhou Smelting, Sanmenxia, and Guangdong Zhongjin Lingnan all increased by 100 yuan/ton [15]. 3.13 Domestic Refined Zinc Production in October 2025 - The actual refined zinc production in October 2025 was 524,300 tons, with a month - on - month increase of 4.87% and a year - on - year increase of 18.38%. The planned production for November was 522,300 tons [17]. 3.14 Zinc Concentrate Processing Fee Quotes (November 19) - Domestic zinc concentrate processing fees for different regions with a 50% grade were generally stable, while the imported processing fee for 48% grade decreased by 10 dollars/ton to 90 dollars/ton [19]. 3.15 SHFE Member Zinc Trading and Position Ranking (November 19) - For the zn2512 contract, different futures companies had different trading volumes, long positions, and short positions, and most of them had changes compared to the previous trading day. The total trading volume was 148,344 lots (a decrease of 1,097 lots), the total long positions were 45,287 lots (a decrease of 9,864 lots), and the total short positions were 48,097 lots (a decrease of 9,443 lots) [20].

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2025-11-20） 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 焦煤： 1、基本面：煤矿主产地环保与安全检查同步，少数区域供应量增加，焦煤供应增量不明显。焦钢企业 阶段性补库结束，采购量趋于谨慎，伴随投机情绪退场，成交氛围较前期稍有转冷，线上竞拍流拍比上 升，部分高价煤矿签单困难，报价承压回调。不过短期内焦煤仍有一定支撑，钢厂维持高铁水生产状态， 原料需求仍有支撑；偏多 2、基差：现货市场价1380，基差240.5；现货升水期货；偏多 3、库存：钢厂库存781.1万吨，港口库存295万吨，独立焦企库存819.3万吨，总样本库存1895.4万吨， 较上周减少76.2万吨；偏多 6、预期：焦化企业以及钢厂经前期补库之后采购意愿有所回落，叠加部分煤价处于高位水平，下游观 ...

交易咨询业务资格：证监许可【2012】1091号 2025-11-20燃料油早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 5 价差数据 库存数据 燃料油： 6、预期：低硫燃料油市场整体情绪悲观，充足的库存预计将在今年剩余时间内持续压制市场基本面，而下游船 燃需求未见明显回升迹象。高硫燃料油下游需求总体健康，一直保持稳定趋势，据悉定期合同买家的足额提名量 填满了部分供应商的即期驳船档期，不过总体近期受上游原油地缘担忧转弱加之已部分计提俄罗斯制裁影响，短 期燃油缺乏刺激性上行动力，预计低位运行。FU2601：2470-2530区间运行，LU2601：3150-3220区间运行 1、基本面：贸易消息人士称，由于即期供应充足，低硫燃料油基本面短期内进一步大幅上行的空间有 ...

交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2025年11月20日 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 黄金 利多： 利空： 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 黄金 1、基本面：美国10月非农不发布，11月非农将在12月美联储会议下公布，金价冲高 回落；美国三大股指小幅收涨，欧洲三大股指收盘涨跌不一；美债收益率集体上 涨，10年期美债收益率涨2.52个基点报4.137%；美元指数涨0.53%报100.12，离岸人 民币对美元小幅贬值报7.1183；COMEX黄金期货涨0.29%报4078.30美元/盎司；中性 2、基差：黄金期货937，现货934.7，基差-2.3，现货贴水期货；中性 3、库存：黄金期货仓单90426千克，增加810千克；偏空 4 ...

Report Information - Report Title: Polyolefin Morning Report [2] - Report Date: November 20, 2025 [2] - Author: Jin Zebin from Dayue Futures Investment Consulting Department [3] LLDPE Analysis Fundamental Factors - In October, the official PMI was 49, down 0.8 points from the previous month, indicating a decline in manufacturing prosperity [4]. - On October 30, China and the US leaders met, with the US canceling some restrictions on Chinese goods and suspending the 301 investigation in maritime and logistics sectors for one year, and China adjusting counter - measures accordingly [4]. - OPEC+ changed the crude oil market from supply - short to supply - surplus on November 12, leading to a drop in oil prices [4]. - The peak season demand for agricultural films continues, but it has started to decline in some areas, while other film types have mainly rigid demand. The current spot price of LLDPE delivery product is 6880 (-20), and the overall fundamentals are bearish [4]. Other Factors - The basis of LLDPE 2601 contract is 47, with a premium ratio of 0.7%, which is bullish [4]. - The comprehensive PE inventory is 554,000 tons (-25,000), which is bearish [4]. - The 20 - day moving average of the LLDPE main contract is downward, and the closing price is below the 20 - day line, which is bearish [4]. - The net long position of the LLDPE main contract is increasing, which is bullish [4]. Expectation - The LLDPE main contract is expected to fluctuate. With oversupply in fundamentals, the peak - season demand for agricultural films continues but declines in some areas, and the industrial inventory is moderately high [4]. LLDPE利多and利空 - Bullish factors: New sanctions on Russian oil leading to an oil price rebound; Sino - US talks reaching a phased easing [5]. - Bearish factors: Weaker demand year - on - year; More new production capacity coming on stream in the fourth quarter [5]. PP Analysis Fundamental Factors - Similar to LLDPE, in October, the official PMI was 49, down 0.8 points from the previous month, and there were Sino - US talks and OPEC+ oil market adjustment [6]. - The peak season for plastic weaving is nearing an end, while the demand for pipes is picking up. The current spot price of PP delivery product is 6420 (-40), and the overall fundamentals are bearish [6]. Other Factors - The basis of PP 2601 contract is - 14, with a premium ratio of - 0.2%, which is neutral [6]. - The comprehensive PP inventory is 594,000 tons (-26,000), which is neutral [6]. - The 20 - day moving average of the PP main contract is downward, and the closing price is below the 20 - day line, which is bearish [6]. - The net short position of the PP main contract is decreasing, which is bearish [6]. Expectation - The PP main contract is expected to fluctuate, with oversupply in fundamentals, the plastic - weaving peak season nearing an end, and the pipe demand picking up, and the industrial inventory being moderately high [6]. PP利多and利空 - Bullish factors: New sanctions on Russian oil leading to an oil price rebound; Sino - US talks reaching a phased easing [7]. - Bearish factors: Weaker demand year - on - year; More new production capacity coming on stream in the fourth quarter [7]. Market Data LLDPE Market Data - Spot prices: The spot delivery product price is 6880 (-20), LL import US dollars price is 797 (0), LL import conversion price is 6970 (1), and the LL import price difference is - 90 (-21) [8]. - Futures prices: The 01 contract price is 6833 (48), the basis is 47 (-68), and prices of other contracts (L05, L09) also have corresponding changes [8]. - Inventory data: The warehouse receipt is 12017 (0), the PE comprehensive factory warehouse inventory is 554,000 tons (-25,000), and the PE social inventory is 486,000 tons (-14,000) [8]. PP Market Data - Spot prices: The spot delivery product price is 6420 (-40), PP import US dollars price is 765 (0), PP import conversion price is 6696 (1), and the PP import price difference is - 276 (-41) [8]. - Futures prices: The 01 contract price is 6434 (42), the basis is - 14 (-82), and prices of other contracts (PP05, PP09) also have corresponding changes [8]. - Inventory data: The warehouse receipt is 15762 (1141), the PP comprehensive factory warehouse inventory is 594,000 tons (-26,000), and the PP social inventory is 321,000 tons (-20,000) [8]. Supply - Demand Balance Sheets Polyethylene Supply - Demand Balance Sheet - From 2018 - 2024, the capacity, production, net import, apparent consumption, etc. of polyethylene have shown different trends. For example, the capacity increased from 1869.5 in 2018 to 3584.5 in 2024, with corresponding changes in production, net import, and consumption [13]. Polypropylene Supply - Demand Balance Sheet - From 2018 - 2024, the capacity, production, net import, apparent consumption, etc. of polypropylene have also changed. For example, the capacity increased from 2245.5 in 2018 to 4418.5 in 2024, with corresponding changes in production, net import, and consumption [15].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - For PTA, the short - term spot price is expected to fluctuate with the cost side, and the spot basis will fluctuate within a range. Attention should be paid to device changes [5]. - For MEG, the medium - to long - term inventory build - up pressure still exists. In the short term, the price center of gravity is expected to operate weakly, with continuous upward pressure [7]. 3. Summaries According to the Table of Contents 3.1 Previous Day Review - No specific review content provided 3.2 Daily Tips - No specific tip content provided 3.3 Today's Focus - No specific focus content provided 3.4 Fundamental Data - **PTA**: The previous day's futures fluctuated and closed higher. The spot market negotiation atmosphere was fair, the spot basis slightly strengthened, and the far - month basis increased. The mainstream spot basis today is 01 - 70. The PTA factory inventory is 3.97 days, a decrease of 0.12 days compared to the previous period. The 20 - day moving average is upward, and the closing price is above the 20 - day moving average. The main positions have turned from net short to net long [5][6]. - **MEG**: On Wednesday, the price center of gravity of ethylene glycol was weakly adjusted, and the market trading was fair. The spot basis rebounded to a premium of 28 - 29 yuan/ton over the 01 contract at the end of the session. The total inventory in East China is 62.2 tons, an increase of 5.7 tons compared to the previous period. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average. The main positions are net short, and the short positions have increased [7]. 3.5 Price - The price data of various products such as naphtha, PX, PTA, MEG, and polyester products on November 19 and 18, 2025, are given, including spot prices, futures prices, basis, and processing fees [12]. 3.6 Inventory Analysis - The inventory data of PTA, MEG, PET slices, and polyester products in different periods from 2021 - 2025 are presented, such as the available days of in - factory inventory and port inventory [40][42][45]. 3.7 Polyester Upstream and Downstream开工率 - The operating rate data of PTA, PX, ethylene glycol, polyester, and textile enterprises in the polyester industry chain from 2021 - 2025 are provided [52][54][56][57]. 3.8 Profit - The profit data of PTA, MEG, and polyester products from 2022 - 2025 are given, including processing fees and production gross profits [58][61][63][65][66][68]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - The current daily production and operating rate of urea have rebounded again, while the comprehensive inventory has declined. Agricultural demand is weak in the short - term, and industrial demand is moderately weak. The operating rates of compound fertilizers and melamine are both at relatively low levels compared to the same period. With the commissioning of new production capacities such as Xinjiang Zhongneng in the middle of the month, the supply - side pressure has increased again. The large price difference between domestic and international markets for exports has improved the export situation compared to the previous period, boosting the sentiment of the futures market. Overall, the domestic urea market remains in a state of oversupply. The spot price of the delivery product is 1630 (+20), and the overall fundamentals are neutral. It is expected that the urea futures main contract will show a volatile trend today [4]. Group 3: Summary by Relevant Catalogs Urea Overview - **Fundamentals**: Daily production and operating rate are rising, inventory is falling. Agricultural demand is short - term weak, industrial demand is moderately weak. New capacity commissioning increases supply pressure. Export improvement boosts market sentiment. Domestic market is oversupplied, and the spot price of delivery product is 1630 (+20), with neutral fundamentals [4]. - **Basis**: The basis of the UR2601 contract is - 33, and the premium/discount ratio is - 2.0%, indicating a bearish signal [4]. - **Inventory**: The UR comprehensive inventory is 156.6 million tons (-9.2), which is a bearish factor [4]. - **Futures Market**: The 20 - day moving average of the UR main contract is upward, and the closing price is above the 20 - day line, showing a bullish sign [4]. - **Main Position**: The net position of the UR main contract is short, and the short position is decreasing, which is a bearish factor [4]. - **Expectation**: Considering the moderately weak industrial demand, weak agricultural demand, improved export situation, and obvious domestic oversupply, the UR main contract is expected to fluctuate today [4]. Supply - Demand Balance Sheet - Urea - From 2018 to 2025E, the urea production capacity has been increasing year by year, with growth rates ranging from 8.4% to 15.5%. The production, net import volume, apparent consumption, and other indicators have also shown corresponding changes over the years [9]. Spot and Futures Market Data - **Spot Prices**: The spot price of the delivery product is 1630 (+20), Shandong spot price is 1630 (+20), Henan spot price is 1630 (0), and FOB China price is 2844 [6]. - **Futures Prices**: The price of the 01 contract is 1663 (+1), UR05 is 1735 (-1), and UR09 is 1744 (-3). The basis of the 01 contract is - 33 (+19) [6]. - **Inventory Data**: The number of warehouse receipts is 7183 (0), UR comprehensive inventory is 156.6 million tons (-9.2), UR manufacturer inventory is 148.4 million tons, and UR port inventory is 8.2 million tons [6]. Factors Affecting the Market - **Positive Factors**: The improvement of export situation [5]. - **Negative Factors**: Domestic market oversupply and new capacity commissioning [5]. - **Main Logic**: International prices and marginal changes in domestic demand [5].

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 2025年11月20日 目 录 1 每日观点 2 基本面/持仓数据 供给端来看，上周碳酸锂产量为21545吨，环比增长0.05%,高于历史同期平均水平 需求端来看，上周磷酸铁锂样本企业库存为104738吨，环比减少0.92%,上周三元材 料样本企业库存为19211吨，环比减少1.74%。 成本端来看，外购锂辉石精矿成本为89477元/吨，日环比增长2.20%,生产所得为- 1822元/吨，有所亏损；外购锂云母成本为94173元/吨，日环比增长2.77%,生产所 得为-8745元/吨，有所亏损；回收端生产成本接近矿石端成本，排产积极性一般； 盐湖端季度现金生产成本为31477元/吨，盐湖端成本显著低于矿石端，盈利空间充 足，排产动 ...

1. Report Industry Investment Rating - The report gives a neutral rating to the PVC industry [9] 2. Core Viewpoints of the Report - The overall supply pressure of PVC is strong. The domestic demand recovery is sluggish, and the current demand may remain weak. The overall inventory is at a neutral level. The cost of calcium carbide method and ethylene method is weakening. The supply pressure has decreased this week, and the scheduled production is expected to increase next week. The PVC2601 contract is expected to fluctuate in the range of 4467 - 4517 [7][11][12] 3. Summary by Relevant Catalogs 3.1 Daily Viewpoints - **Likely Positive Factors**: Supply resumption, cost support from calcium carbide and ethylene, and export advantages [11] - **Likely Negative Factors**: Rebound in overall supply pressure, high - level and slow - consuming inventory, and weak domestic and foreign demand [11] - **Main Logic**: Strong overall supply pressure and poor domestic demand recovery [12] 3.2 Fundamental/Position Data - **Supply Side**: In October 2025, PVC production was 2.12812 million tons, a month - on - month increase of 4.79%. This week, the capacity utilization rate of sample enterprises was 78.51%, a month - on - month decrease of 0.03 percentage points. The production of calcium carbide enterprises was 343,550 tons, a month - on - month decrease of 0.52%, and that of ethylene enterprises was 134,910 tons, a month - on - month decrease of 8.08%. The supply pressure has decreased this week, and the scheduled production is expected to increase slightly next week [3][5] - **Demand Side**: The overall downstream operating rate was 49.54%, a month - on - month decrease of 0.06 percentage points, higher than the historical average. The operating rate of downstream profiles was 36.96%, a month - on - month decrease of 0.64 percentage points, lower than the historical average. The operating rate of downstream pipes was 40.6%, a month - on - month increase of 0.2 percentage points, higher than the historical average. The operating rate of downstream films was 71.07%, a month - on - month decrease of 0.72 percentage points, higher than the historical average. The operating rate of downstream paste resin was 78.03%, a month - on - month decrease of 0.03 percentage points, higher than the historical average. Shipping costs are expected to decline, and the domestic PVC export price is competitive. The current demand may remain weak [3][5] - **Cost Side**: The profit of calcium carbide method was - 819.69 yuan/ton, with the loss increasing by 6.50% month - on - month, lower than the historical average. The profit of ethylene method was - 491 yuan/ton, with the loss increasing by 5.50% month - on - month, lower than the historical average. The double - ton price difference was 2137.95 yuan/ton, with the profit remaining unchanged month - on - month, lower than the historical average. Scheduled production may face pressure [6] - **Basis**: On November 19th, the price of East China SG - 5 was 4530 yuan/ton, and the basis of the 01 contract was 38 yuan/ton, with the spot price higher than the futures price. It is neutral [7] - **Inventory**: The factory inventory was 322,350 tons, a month - on - month decrease of 3.65%. The calcium carbide factory inventory was 242,900 tons, a month - on - month decrease of 2.99%. The ethylene factory inventory was 79,450 tons, a month - on - month decrease of 5.64%. The social inventory was 532,300 tons, a month - on - month decrease of 2.45%. The inventory days of production enterprises were 5.4 days, a month - on - month decrease of 1.81% [7] - **Market**: MA20 is downward, and the futures price of the 01 contract closed below MA20. It is bearish [7] - **Main Position**: The main position is net short, and the short position is decreasing. It is bearish [7] - **Expectation**: The cost of calcium carbide method and ethylene method is weakening. The overall cost is weakening. The supply pressure has decreased this week, and the scheduled production is expected to increase next week. The overall inventory is at a neutral level, and the current demand may remain weak. Continuously monitor macro - policies and export trends. The PVC2601 contract is expected to fluctuate in the range of 4467 - 4517 [7] 3.3 PVC Market Overview - The report provides a detailed overview of the previous day's PVC market, including prices, spreads, inventory, and downstream operating rates of different types of PVC [14][15] 3.4 PVC Futures Market - Basis Trend - The report presents the historical trend chart of the PVC futures basis, showing the relationship between the spot price and the futures price [17][18] 3.5 PVC Futures Market - Spread Analysis - Main Contract Spread - The report shows the historical trend chart of the main contract spreads of PVC futures, including 1 - 9 spreads and 5 - 9 spreads [23][24] 3.6 PVC Fundamental - Calcium Carbide Method - Related Products - **Lancoke**: The report shows the price, cost - profit, operating rate, inventory, and daily output trends of Lancoke [26][27] - **Calcium Carbide**: The report presents the price, cost - profit, operating rate, maintenance loss, and production trends of calcium carbide [29][30] - **Liquid Chlorine and Raw Salt**: The report shows the price, production, and inventory trends of liquid chlorine and raw salt [31][32] - **Caustic Soda**: The report presents the price, cost - profit, operating rate, production, maintenance volume, and inventory trends of caustic soda [33][34][36] 3.7 PVC Fundamental - PVC Supply Trend - The report shows the capacity utilization rate, profit, daily output, maintenance volume, and production trends of calcium carbide method and ethylene method PVC [38][39][41] 3.8 PVC Fundamental - Demand Trend - The report presents the sales volume of traders, pre - sales volume, production - sales ratio, apparent consumption, downstream average operating rate, and the operating rate and profit - cost - production - consumption trends of different downstream products of PVC [43][46][47] 3.9 PVC Fundamental - Inventory - The report shows the trends of exchange warehouse receipts, calcium carbide factory inventory, ethylene factory inventory, social inventory, and production enterprise inventory days [54][55] 3.10 PVC Fundamental - Ethylene Method - The report presents the import volume of vinyl chloride and dichloroethane, PVC export volume, FOB spread of ethylene method, and import spread of vinyl chloride [56][57] 3.11 PVC Fundamental - Supply - Demand Balance Sheet - The report provides the supply - demand balance sheet of PVC from September 2024 to October 2025, including export, demand, social inventory, factory inventory, production, and import [59][60]

交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 2025年11月20日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 主要逻辑：供应端来看，供给压力仍处高位；需求端来看，复苏乏力。 主要风险点：原油价格的走势变化;；沥青焦化物利润差走势。 4 一、沥青行情概览 表1. 昨日行情概览 每日观点 | | | 供给端来看 根据隆众 ， | 2025年11月份地炼沥青总计划排产量为131 2万吨 ， . ， | 环比增 | | --- | --- | --- | --- | --- | | | | 幅18 2% 同比降幅6 . , . | 5% 本周国内石油沥青样本产能利用率为30 8006% 。 . ， | 环比减少 | | | | 1 08个百分点 ， . | 全国样本企业出货21 3 ...