1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The rapeseed meal RM2601 is expected to oscillate within the range of 2460 - 2520. The market has returned to a state of oscillation while awaiting the final result of the anti - dumping ruling on Canadian rapeseed imports. The spot demand peak season for rapeseed meal has passed, but low inventory supports the market. In the short term, it is influenced by soybean meal and maintains range - bound fluctuations. The market is currently focusing on domestic aquaculture demand and the expectation of a tariff war on Canadian rapeseed [9]. 3. Summary According to Directory 3.1 Daily Hints - Rapeseed meal RM2601 is in a 2460 - 2520 range - bound oscillation. The market is influenced by soybean meal and is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The spot demand peak has passed, but low inventory supports the market [9]. 3.2 Recent News - Domestic aquaculture has entered the post - holiday off - season, with short - term supply expected to be tight and demand decreasing, suppressing market expectations. Canadian rapeseed is in the harvesting stage, but Sino - Canadian trade issues have reduced short - term exports and domestic supply expectations. - China's preliminary anti - dumping investigation on Canadian rapeseed imports has been established, and an import deposit of 75.8% has been imposed. The final ruling is still uncertain. - Global rapeseed production has increased this year, especially in Canada where the output is higher than expected. - The Russia - Ukraine conflict continues, and the decrease in Ukrainian rapeseed production and the increase in Russian production offset each other. Global geopolitical conflicts may rise, supporting commodities [11]. 3.3 Bullish and Bearish Factors - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the imposition of import deposits; low inventory pressure on oil mills' rapeseed meal. - Bearish factors: Domestic rapeseed meal demand is gradually entering the off - season; the final result of China's anti - dumping investigation on Canadian rapeseed imports is still uncertain, with a small probability of reconciliation [12]. 3.4 Fundamental Data - From November 7th to 17th, as the date progresses, the average transaction price of soybean meal fluctuates slightly, and the trading volume also shows significant fluctuations. The average transaction price of rapeseed meal gradually decreases, and the trading volume is 0. The price difference between soybean meal and rapeseed meal gradually widens [13]. - From November 7th to 17th, the prices of rapeseed meal futures (both the main 2601 and far - month 2605 contracts) and the spot price of rapeseed meal (in Fujian) all show a downward trend [15]. - From November 6th to 17th, the rapeseed meal warehouse receipts remain at 2745 or 2755, with only a slight change on November 6th and 7th [16]. - The import of rapeseed has no ship schedule forecast in November, and the import cost is affected by tariffs. Oil mills' rapeseed inventory and rapeseed meal inventory remain at a low level, and the rapeseed crushing volume also stays low. Aquatic fish prices decline slightly, while shrimp and shellfish prices remain stable [22][24][34]. 3.5 Position Data - Not provided in the given content 3.6 Rapeseed Meal Viewpoints and Strategies - The rapeseed meal RM2601 is expected to oscillate within 2460 - 2520, with a neutral fundamental view. The basis is positive, indicating a premium over the futures. The inventory is decreasing, the price is above the 20 - day moving average, and the main long positions are increasing while the capital is flowing out, all of which are bullish signals. Due to the uncertainty of the final anti - dumping ruling on Canadian rapeseed and the recent rumors of improved Sino - Canadian trade relations, it will return to an oscillating pattern in the short term [9].

Report Industry Investment Rating - Not provided in the given content Core Views of the Report - **For Bean Meal (M2601)**: The domestic bean meal is expected to maintain a range - bound pattern between 3080 and 3140. It is influenced by the US soybean trend, with short - term demand in the off - season and spot price discount suppressing the upward movement. Although China's purchase of US soybeans supports the short - term US soybean market, there are uncertainties in the purchase volume, and the overall good US soybean harvest weather restricts the upside. Additionally, the relatively high arrival of imported Brazilian soybeans in China also affects the domestic bean meal market [9]. - **For Soybeans (A2601)**: The domestic soybean price is expected to fluctuate between 4160 and 4260. The US soybean trend, the cost support of imported soybeans, and the expected increase in domestic soybean demand support the price. However, the high production of Brazilian soybeans and the expected increase in domestic new - season soybean production suppress the price [11]. Summary According to the Table of Contents 1. Daily Tips - Not provided in the given content 2. Recent News - The preliminary agreement on China - US tariff negotiations is short - term positive for US soybeans, but there are uncertainties in China's purchase volume and US soybean weather. The US soybean market is expected to be range - bound above the thousand - point mark in the short term, waiting for further guidance on the implementation of the China - US trade agreement and the planting weather in South American soybean - producing areas. - The arrival volume of imported soybeans in China decreased in November, and the soybean inventory of oil mills also declined from a high level. The relatively normal harvest weather of US soybeans and the China - US trade negotiation agreement led to the short - term range - bound pattern of domestic bean meal, waiting for further guidance on US soybean production and the follow - up of China - US trade negotiations [13]. 3. Bullish and Bearish Concerns - **Bean Meal Bullish Factors**: Slow customs clearance of imported soybeans, low inventory pressure of domestic oil mills' bean meal, and uncertain weather in US soybean - producing areas [14]. - **Bean Meal Bearish Factors**: High arrival volume of imported soybeans in November, the listing of harvested US soybeans, and the continuous expectation of a good US soybean harvest [14]. - **Soybean Bullish Factors**: Cost support of imported soybeans for the domestic soybean market, and the expected increase in domestic soybean demand [15]. - **Soybean Bearish Factors**: High production of Brazilian soybeans and increased Chinese purchases, and the expected increase in domestic new - season soybean production [15]. 4. Fundamental Data - **Bean Meal**: Spot price is 3000 (East China), with a basis of - 43, indicating a discount to futures. The oil mill bean meal inventory is 115.3 million tons, a 9.33% increase from last week and a 17.16% increase from the same period last year [9]. - **Soybeans**: Not specifically elaborated on fundamental data other than the price range and influencing factors 5. Position Data - **Bean Meal**: The main short positions increased, and the funds flowed out [9]. - **Soybeans**: Not specifically elaborated on position data other than the price range and influencing factors 6. Bean Meal and Soybean Views and Strategies - **Bean Meal (M2601)**: The short - term trend is neutral. The basis is bearish, the inventory is bearish, the price on the chart is bullish, the main position is bearish, and the overall short - term expectation is a range - bound pattern [9]. - **Soybeans (A2601)**: The short - term trend is neutral. The basis is bearish, the inventory is bearish, the price on the chart is bullish, the main position is bearish, and the overall short - term expectation is a range - bound pattern [11].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The refinery has reduced production recently to ease supply pressure, and the supply pressure may decrease next week. The overall demand is affected by the off - season and fails to meet expectations. The inventory remains stable, and the cost support from crude oil strengthens in the short term. It is expected that the asphalt 2601 will fluctuate in the range of 3008 - 3056 [8]. - The positive factor is that the relatively high cost of crude oil provides some support, while the negative factors are the insufficient demand for high - priced goods, the overall downward demand, and the increasing expectation of economic recession in Europe and the United States [10][11]. 3. Summary According to the Directory 3.1 Daily Viewpoints - **Fundamentals**: In November 2025, the total planned output of refinery asphalt was 1.312 million tons, a month - on - month increase of 18.2% and a year - on - year decrease of 6.5%. This week, the utilization rate of domestic petroleum asphalt sample production capacity was 30.8006%, a month - on - month decrease of 1.08 percentage points. The shipment of national sample enterprises was 213,000 tons, a month - on - month decrease of 31.02%. The sample enterprise output was 514,000 tons, a month - on - month decrease of 3.38%. The estimated maintenance volume of sample enterprise equipment was 836,000 tons, a month - on - month increase of 12.21%. The heavy - traffic asphalt开工率 was 29%, a month - on - month decrease of 0.02 percentage points, lower than the historical average. The construction asphalt开工率 was 6%, unchanged month - on - month, lower than the historical average. The modified asphalt开工率 was 11.2169%, a month - on - month increase of 0.79 percentage points, lower than the historical average. The road - modified asphalt开工率 was 34%, unchanged month - on - month, higher than the historical average. The waterproofing membrane开工率 was 33%, a month - on - month decrease of 1.00 percentage point, lower than the historical average. The daily processing profit of asphalt was - 562.55 yuan/ton, a month - on - month increase of 3.80%. The weekly delayed coking profit of Shandong refineries was 915.1743 yuan/ton, a month - on - month increase of 14.48% [8]. - **Basis**: On November 17, the spot price in Shandong was 3020 yuan/ton, and the basis of the 01 contract was - 12 yuan/ton, with the spot at a discount to the futures [8]. - **Inventory**: The social inventory was 825,000 tons, a month - on - month decrease of 8.02%. The in - plant inventory was 647,000 tons, a month - on - month increase of 0.94%. The port - diluted asphalt inventory was 350,000 tons, a month - on - month increase of 18.75%. The social inventory continued to decline, while the in - plant and port inventories continued to accumulate [8]. - **Disk**: The MA20 was downward, and the futures price of the 01 contract closed below the MA20 [8]. - **Main Position**: The main position was net short, and the short position increased [8]. - **Expectation**: It is expected that the asphalt 2601 will fluctuate in the range of 3008 - 3056 in the short term [8]. 3.2 Asphalt Futures Market - Basis Trend - The document provides the historical basis trends of asphalt in Shandong and East China from 2020 to 2025 [17][18][19] 3.3 Asphalt Futures Market - Spread Analysis - **Main Contract Spread**: The document shows the historical spread trends of asphalt 1 - 6 and 6 - 12 contracts from 2020 to 2025 [22][23] - **Asphalt - Crude Oil Price Trend**: It presents the historical price trends of asphalt, Brent crude oil, and WTI crude oil from 2020 to 2025 [25][26] - **Crude Oil Crack Spread**: The historical crack spreads of asphalt - SC, asphalt - WTI, and asphalt - Brent from 2020 to 2025 are provided [28][29][30] - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: The historical price - ratio trends of asphalt, crude oil, and fuel oil from 2020 to 2025 are shown [32][34] 3.4 Asphalt Spot Market - Market Price Trends in Various Regions - The document shows the historical price trends of Shandong heavy - traffic asphalt from 2020 to 2025 [35][36] 3.5 Asphalt Fundamental Analysis - **Profit Analysis** - **Asphalt Profit**: The historical profit trends of asphalt from 2019 to 2025 are presented [38][39] - **Coking - Asphalt Profit Spread Trend**: The historical spread trends of coking - asphalt profits from 2020 to 2025 are shown [41][42][43] - **Supply - Side Analysis** - **Shipment Volume**: The historical weekly shipment volumes of asphalt from 2020 to 2025 are provided [44][45] - **Diluted Asphalt Port Inventory**: The historical port inventories of diluted asphalt from 2021 to 2025 are presented [46][47] - **Output**: The historical weekly and monthly output trends of asphalt from 2019 to 2025 are shown [49][50] - **Marine Crude Oil Price and Venezuelan Crude Oil Monthly Output Trend**: The historical price trends of Marine crude oil and the monthly output trends of Venezuelan crude oil from 2018 to 2025 are provided [53][55] - **Refinery Asphalt Output**: The historical output trends of refinery asphalt from 2019 to 2025 are presented [56][57] - **Capacity Utilization Rate**: The historical weekly capacity utilization rates of asphalt from 2021 to 2025 are shown [59][60] - **Maintenance Loss Estimate**: The historical estimated trends of maintenance losses from 2018 to 2025 are provided [61][62] - **Inventory Analysis** - **Exchange Warehouse Receipt**: The historical trends of exchange warehouse receipts from 2019 to 2025 are presented [64][65][66] - **Social Inventory and In - Plant Inventory**: The historical trends of social and in - plant inventories from 2022 to 2025 are shown [68][69] - **In - Plant Inventory - to - Stock Ratio**: The historical trends of the in - plant inventory - to - stock ratio from 2018 to 2025 are provided [71][72] - **Import and Export Situation** - The historical export and import trends of asphalt from 2019 to 2025 are presented [74][75] - The historical spread trends of South Korean asphalt imports from 2020 to 2025 are shown [77][78][79] - **Demand - Side Analysis** - **Petroleum Coke Output**: The historical output trends of petroleum coke from 2019 to 2025 are provided [80][81] - **Apparent Consumption**: The historical apparent consumption trends of asphalt from 2019 to 2025 are presented [83][84] - **Downstream Demand** - The historical trends of highway construction fixed - asset investment, new local special bonds, and infrastructure investment completion year - on - year from 2019 to 2025 are shown [86][87][88] - The historical sales trends of asphalt concrete pavers, domestic excavators, and road rollers from 2019 to 2025 are provided [90][91][92] - The historical monthly working - hour trends of excavators from 2020 to 2025 are presented [94] - **Asphalt Capacity Utilization Rate** - The historical capacity utilization rates of heavy - traffic asphalt from 2019 to 2025 are shown [95][96] - The historical capacity utilization rates of construction asphalt and modified asphalt from 2019 to 2025 are presented [98][99] - **Downstream Capacity Utilization Situation** - The historical capacity utilization rates of shoe - material SBS - modified asphalt, road - modified asphalt, and waterproofing membrane - modified asphalt from 2019 to 2025 are provided [100][101][103] - **Supply - Demand Balance Sheet**: The monthly supply - demand balance sheet of asphalt from January 2024 to November 2025 is presented, including monthly output, import, export, social inventory, in - plant inventory, port - diluted asphalt inventory, and downstream demand [105][106]

交易咨询业务资格：证监许可【2012】1091号 PVC期货早报 2025年11月18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 供给端来看，据隆众统计，2025年10月PVC产量为212.812万吨，环比增加4.79%；本周样本企业产能利 用率为78.51%，环比减少0.03个百分点；电石法企业产量34.355万吨，环比减少0.52%,乙烯法企业产 量13.491万吨，环比减少8.08%；本周供给压力有所减少；下周预计检修有所减少，预计排产少量增加 需求端来看，下游整体开工率为49.54%，环比减少0.06个百分点，高于历史平均水平；下游型材开工率 为36.96%，环比减少0.64个百分点，低于历史平均水平；下游管材开工率为40.6%，环比增加.2个百分 点，高于历史平均水平；下游薄膜开工 ...

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - The fundamentals of high - and low - sulfur fuel oils have no significant changes. The supply of high - sulfur fuel oil is expected to tighten, while the supply of low - sulfur fuel oil remains relatively abundant. The upstream crude oil price fluctuates, and it is expected that fuel oil will follow the same trend. The FU2601 is expected to trade in the range of 2580 - 2620, and the LU2601 is expected to trade in the range of 3260 - 3300 [3]. Summary by Directory 1. Daily Hints - The fundamentals of fuel oil are neutral. The Asian low - sulfur fuel oil market structure has strengthened slightly, and the Asian high - sulfur fuel oil market is under pressure due to sufficient short - term supply. The basis shows that the spot is at a premium to the futures. The Singapore fuel oil inventory decreased by 190,000 barrels in the week of November 12, reaching 20.879 million barrels. The price is below the 20 - day line, and the 20 - day line is flat. The high - sulfur main position is short, with short positions decreasing; the low - sulfur main position is long, changing from short to long [3]. 2. Long - Short Focus - **Likely to be Bullish**: Russian fuel oil export restrictions and the cancellation of the US - Russia talks and the sanctions on Russian oil - related enterprises [4]. - **Likely to be Bearish**: The optimism on the demand side remains to be verified, and the upstream crude oil is under pressure [4]. 3. Fundamental Data - **Fundamentals**: The Asian low - sulfur fuel oil market structure has strengthened slightly, and the Asian high - sulfur fuel oil market is under pressure due to sufficient short - term supply, which is neutral. - **Basis**: The basis of Singapore high - sulfur fuel oil is 11 yuan/ton, and that of Singapore low - sulfur fuel oil is 32 yuan/ton, with the spot at a premium to the futures, which is bullish. - **Inventory**: The Singapore fuel oil inventory in the week of November 12 was 20.879 million barrels, a decrease of 190,000 barrels, which is neutral. - **Market Chart**: The price is below the 20 - day line, and the 20 - day line is flat, which is neutral. - **Main Position**: The high - sulfur main position is short, with short positions decreasing, which is bearish; the low - sulfur main position is long, changing from short to long, which is bullish [3]. 4. Spread Data - The report does not provide specific analysis of spread data, only shows the high - and low - sulfur futures spread chart. 5. Inventory Data - The Singapore fuel oil inventory on November 12 was 20.879 million barrels, a decrease of 190,000 barrels compared to the previous period. The historical inventory data from September 3 to November 12 is also provided, showing the inventory changes during this period [3][8].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The supply side of copper has disturbances, with smelting enterprises reducing production and the scrap copper policy being relaxed. In October, China's manufacturing production activities slowed down compared to the previous month, and the manufacturing purchasing managers' index (PMI) dropped to 49.0%. The overall situation is neutral [2]. - The basis shows that the spot price is 86,510 with a basis of 60, indicating a premium over futures, also neutral [2]. - On November 17, copper inventories increased by 325 to 136,050 tons, and the Shanghai Futures Exchange (SHFE) copper inventories decreased by 5,628 tons to 109,407 tons compared to the previous week, remaining neutral [2]. - The closing price is below the 20 - day moving average, while the 20 - day moving average is moving upwards, a neutral signal [2]. - The main positions are net long, but the long positions are decreasing, showing a slightly bullish tendency [2]. - It is expected that with the inventory rebound and geopolitical disturbances still existing (such as the fermentation of the Grasberg Block Cave mine incident in Indonesia), copper prices will fluctuate at a high level [2]. 3. Summary by Related Contents 3.1 Daily Viewpoints - **Fundamentals**: Supply - side disturbances and manufacturing slowdown, neutral [2]. - **Basis**: Spot premium over futures, neutral [2]. - **Inventory**: Inventory changes, neutral [2]. - **Disk**: Closing price and moving average relationship, neutral [2]. - **Main Positions**: Net long with decreasing long positions, slightly bullish [2]. - **Expectation**: High - level price fluctuations due to inventory and geopolitics [2]. 3.2 Recent利多利空 Analysis - **Leveraging Factors**: Global policy easing and trade - war escalation, but no clear indication of impact direction [3]. 3.3 Inventory - **Exchange Inventory**: SHFE copper inventory decreased by 5,628 tons to 109,407 tons compared to last week, and on November 17, copper inventory increased by 325 to 136,050 tons [2]. - **Bonded Area Inventory**: The bonded area inventory has rebounded from a low level [14]. 3.4 Processing Fee - Processing fees are falling [17]. 3.5 Supply - Demand Balance - In 2024, there is a slight surplus, and in 2025, it will be in a tight - balance state [21]. - The Chinese annual supply - demand balance table shows different supply - demand situations from 2018 to 2024, with a surplus of 110,000 tons in 2024 [23].

Report Industry Investment Rating - Not provided Core Viewpoints - The prices of oils and fats are expected to fluctuate and consolidate. The domestic fundamentals are loose, and the domestic supply of oils and fats is stable. Sino-US relations are tense, the export of new US soybeans is frustrated, and prices are under pressure. Malaysian palm oil inventories are neutral, demand has improved, Indonesia's B40 policy promotes domestic consumption, and the B50 plan is expected to be implemented in 2026. The domestic fundamentals of oils and fats are neutral, and import inventories are stable [2][3][4] - The current main logic revolves around the relatively loose global fundamentals of oils and fats [5] Summary by Related Catalogs Daily View - Soybean Oil - Fundamental: The MPOB report shows that in August, Malaysian palm oil production decreased by 9.8% month-on-month to 1.62 million tons, exports decreased by 14.74% month-on-month to 1.49 million tons, and the end-of-month inventory decreased by 2.6% month-on-month to 1.83 million tons. The report is neutral, and the production cut is less than expected. Currently, shipping survey agencies show that the export data of Malaysian palm oil this month has increased by 4% month-on-month. Subsequently, it will enter the production cut season, and the supply pressure of palm oil will decrease [2] - Basis: The spot price of soybean oil is 8440, the basis is 158, and the spot price is at a premium to the futures price [2] - Inventory: On September 22, the commercial inventory of soybean oil was 1.18 million tons, compared with 1.16 million tons previously, a month-on-month increase of 20,000 tons and a year-on-year increase of 11.7% [2] - Market: The futures price is running above the 20-day moving average, and the 20-day moving average is upward [2] - Main Position: The long positions of the main soybean oil contract have increased [2] - Expectation: The soybean oil Y2601 is expected to fluctuate in the range of 8200 - 8600 [2] Daily View - Palm Oil - Fundamental: Similar to soybean oil, the MPOB report is neutral, and the production cut is less than expected. Currently, the export data of Malaysian palm oil has increased by 4% month-on-month. Subsequently, it will enter the production increase season, and the supply of palm oil will increase [3] - Basis: The spot price of palm oil is 8710, the basis is 30, and the spot price is at a discount to the futures price [3] - Inventory: On September 22, the port inventory of palm oil was 580,000 tons, compared with 570,000 tons previously, a month-on-month increase of 10,000 tons and a year-on-year decrease of 34.1% [3] - Market: The futures price is running below the 20-day moving average, and the 20-day moving average is downward [3] - Main Position: The long positions of the main palm oil contract have decreased [3] - Expectation: The palm oil P2601 is expected to fluctuate in the range of 8600 - 9000 [3] Daily View - Rapeseed Oil - Fundamental: Similar to soybean oil and palm oil, the MPOB report is neutral, and the production cut is less than expected. Currently, the export data of Malaysian palm oil has increased by 4% month-on-month. Subsequently, it will enter the production increase season, and the supply of palm oil will increase [4] - Basis: The spot price of rapeseed oil is 10240, the basis is 360, and the spot price is at a premium to the futures price [4] - Inventory: On September 22, the commercial inventory of rapeseed oil was 560,000 tons, compared with 550,000 tons previously, a month-on-month increase of 10,000 tons and a year-on-year increase of 3.2% [4] - Market: The futures price is running above the 20-day moving average, and the 20-day moving average is upward [4] - Main Position: The long positions of the main rapeseed oil contract have increased [4] - Expectation: The rapeseed oil OI2601 is expected to fluctuate in the range of 9800 - 10200 [4] Recent Bullish and Bearish Analysis - Bullish: The inventory-to-sales ratio of US soybeans remains around 4%, indicating tight supply [5] - Bearish: The prices of oils and fats are at a relatively high level historically, and domestic inventories of oils and fats are continuously increasing. The macroeconomy is weak, and the expected production of related oils and fats is high [5] - Main Logic: The global fundamentals of oils and fats are relatively loose [5]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoint The overall supply and demand of iron ore are loose, with steel mills' hot metal production starting to decrease, port inventories accumulating, and weak terminal demand. The market is expected to be volatile and bearish. However, there are also some bullish factors such as the spot premium over futures, price above the 20 - day line, and net long positions of the main contract [2]. 3) Summary by Related Catalogs Daily Viewpoint - **Fundamentals**: Steel mills' hot metal production is decreasing, overall supply - demand is loose, port inventories are accumulating, and terminal demand is weak; bearish [2] - **Basis**: Rizhao Port PB powder spot converted to the futures price is 837, with a basis of 48; Rizhao Port Brazilian blend spot converted to the futures price is 855, with a basis of 66. The spot is at a premium to the futures; bullish [2] - **Inventory**: Port inventory is 15,812.84 tons, increasing month - on - month and decreasing year - on - year; neutral [2] - **Disk**: The price is above the 20 - day line, and the 20 - day line is upward; bullish [2] - **Main Position**: The main position of iron ore is net long, with long positions decreasing; bullish [2] - **Expectation**: Domestic demand is decreasing, port inventories are accumulating, with a volatile and bearish outlook [2] Factors Affecting the Market - **Bullish Factors**: High hot metal production, decreasing port inventories, import losses, and strong tolerance for high - priced raw materials due to rising downstream steel prices [6] - **Bearish Factors**: Increased future shipments and weak terminal demand [6] Other Catalogs The report also includes information on iron ore port spot prices [7], iron ore futures - spot basis [12], iron ore import profit [15], iron ore shipping volume [18], iron ore port and steel mill inventories [20], iron ore arrival and port clearance volume [22], iron ore daily consumption [25], steel enterprise production [27], iron ore port daily trading volume and steel mills' daily hot metal production [30], but no specific data summaries are provided in the given text.

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The glass fundamentals are weak, and it is expected to fluctuate weakly in the short term [2]. - The supply of glass has stabilized and rebounded at a low level. After the downstream's phased replenishment ended, the glass factory's inventory has increased. It is expected that the glass will mainly fluctuate weakly at a low level [3]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main contract was 1029 yuan/ton, a decrease of 0.29% from the previous value. The spot price of Shahe Safe large - board glass was 1028 yuan/ton, unchanged from the previous value. The main basis was - 1 yuan/ton, a decrease of 75.00% from the previous value [5]. Glass Spot Market - The market price of 5mm white glass large - board in Hebei Shahe, the spot benchmark, was 1028 yuan/ton, unchanged from the previous day [10]. Fundamental - Cost Side - There is no specific content provided in the text about the cost - side analysis other than the mention of glass production profit, but no detailed data or analysis is given. Fundamental - Production - The number of operating float glass production lines nationwide was 222, with an operating rate of 75%, at a historically low level in the same period. The daily melting volume of float glass nationwide was 159,100 tons, with the production capacity at a historically low level in the same period [21][23]. Fundamental - Demand - The real - estate terminal demand remains weak, and the number of orders for glass deep - processing enterprises is at a historically low level in the same period. The capital collection in the deep - processing industry is not optimistic. Traders and processors are cautious and mainly consume the original glass inventory [4]. Fundamental - Inventory - The inventory of national float glass enterprises was 63.247 million weight boxes, an increase of 0.18% from the previous week, and the inventory was running above the 5 - year average [2][39]. Fundamental - Supply - Demand Balance Sheet - The supply - demand balance sheet shows the production, consumption, and other data of float glass from 2017 to 2024E, including production growth rate, consumption growth rate, and net import ratio [40]. Influencing Factors - **Likely Positive Factors**: Under the influence of the "anti - involution" policy and environmental protection policy, the capacity of the float glass industry has been cleared. In the Shahe area, "coal - to - gas" conversion and industry cold - repair have led to production losses [3]. - **Likely Negative Factors**: The main logic is that the glass supply has stabilized and rebounded at a low level, the downstream's phased replenishment has ended, and the glass factory's inventory has increased. The risk point is that the intensity of the "anti - involution" policy exceeds expectations [3].

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2025-11-18） 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。 价格或暂稳运行。 1、基本面：产地煤矿多数正常生产，安全检查力度不减，部分矿区的库存偏紧，以执行前期的订单为 主。目前下游焦企对部分高价资源较为抵触，采购偏谨慎，部分煤种成交价格有所回落。然主产地煤矿 库存压力暂不明显，报价比较坚挺，个别优质煤种成交价格仍有上涨，竞拍市场涨跌互现，整体煤矿报 价暂稳运行；偏多 2、基差：现货市场价1380，基差170；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 4、盘面：20日线向下，价格在20日线下方；偏空 5、主力持仓：焦煤主力净空，多翻空；偏空 6、预期：焦 ...