1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - This week, the 01 contract showed a downward trend. Next week, demand may remain sluggish, with a slight increase in scheduled production and the futures price likely to adjust within a narrow range [5][6] 3. Summary by Directory 3.1 Review and Outlook - **Market Performance**: The 01 contract declined this week, opening at 4,613 yuan/ton on Monday and closing at 4,608 yuan/ton on Friday, with a weekly decline of 0.10% [5] - **Supply Side**: In October 2025, PVC production was 2.12812 million tons, a month - on - month increase of 4.70%. This week, the sample enterprise capacity utilization rate 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%. Supply pressure decreased this week. Next week, maintenance is expected to decrease, and scheduled production may increase slightly [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 downstream profile operating rate was 36.96%, a month - on - month decrease of 0.64 percentage points, lower than the historical average. The downstream pipe operating rate was 40.6%, a month - on - month increase of 1.2 percentage points, higher than the historical average. The downstream film operating rate was 71.07%, a month - on - month decrease of 0.72 percentage points, higher than the historical average. The downstream paste resin operating rate was 78.03%, a month - on - month decrease of 0.03 percentage points, higher than the historical average. Shipping costs are expected to fall, and domestic PVC export prices are competitive. Current demand may remain sluggish [5] - **Cost and Profit**: The calcium carbide method profit was - 819.69 yuan/ton, with losses increasing by 6.50% month - on - month, lower than the historical average. The ethylene method profit was - 491 yuan/ton, with losses increasing by 5.50% month - on - month, lower than the historical average. The double - ton price difference was 2,186.35 yuan/ton, with profits increasing by 0.40% month - on - month, lower than the historical average. Scheduled production may be under pressure [6] - **Inventory**: Factory inventory was 322,350 tons, a month - on - month decrease of 3.65%. Calcium carbide factory inventory was 242,900 tons, a month - on - month decrease of 2.99%. Ethylene factory inventory was 79,450 tons, a month - on - month decrease of 5.64%. Social inventory was 532,300 tons, a month - on - month decrease of 2.45%. The in - stock days of production enterprises were 5.4 days, a month - on - month decrease of 1.81%. Overall inventory is at a neutral level [6] 3.2 PVC Futures Market - **Base Price Trend**: Relevant charts show the base price trend of PVC from 2022 to 2025 [8][9] - **Price and Volume Analysis**: The price and trading volume trends of the main 01 contract from October to November 2025 are presented, including opening, high, low, and closing prices, as well as moving averages of different periods [12] - **Spread Analysis**: The spread trends of the main contracts in 2024 and 2025 are shown [14][15] 3.3 PVC Fundamental Analysis - **Calcium Carbide Method - Related Products**: It includes the price, cost, profit, operating rate, and inventory trends of raw materials such as semi - coke, calcium carbide, liquid chlorine, raw salt, and caustic soda from 2016 to 2025 [17][20][22][24][27] - **PVC Supply Trend**: The capacity utilization rates, profits, daily and weekly production, and maintenance volumes of calcium carbide and ethylene methods from 2018 to 2025 are presented [30][32] - **Demand Trend**: It includes the daily sales volume of traders, weekly pre - sales volume, production - sales ratio, apparent consumption, downstream average operating rate, and the operating rates of different downstream products of PVC from 2019 to 2025. It also shows the real estate investment, construction area, new construction area, sales area, and completion area, as well as social financing scale increment, M2 increment, and local government new special bonds [34][39][43][45] - **Inventory Situation**: The exchange warehouse receipts, calcium carbide factory inventory, ethylene factory inventory, social inventory, and production enterprise inventory days from 2019 to 2025 are presented [46][47] - **Ethylene Method - Related Data**: The import volumes of vinyl chloride and dichloroethane, PVC export volume, and relevant price spreads from 2018 to 2025 are shown [48] - **Supply - Demand Balance Sheet**: The monthly export, demand, social inventory, factory inventory, production, and import data of PVC from September 2024 to October 2025 are presented [52] 3.4 Technical Analysis - The main 01 contract showed a downward trend this week, and it is expected to adjust within a narrow range next week [57]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Due to the lack of demand highlights and persistent supply pressure, the domestic methanol market is expected to fluctuate and consolidate next week. Inland, although methanol factories in production areas, especially in the northern line of Inner Mongolia, have tight inventories and the current price is at a low level, which supports the price as most traders are cautious about short - selling. However, the inland methanol operation rate is high, the inter - regional goods circulation is active, and imported goods flow back into southern Shandong and even some into northern Shandong. The supply remains abundant, but the demand in the sales area is generally supported, and traders have no intention to hold goods for the time being. It is expected that the inland market will be in a stalemate and consolidation next week. In the port area, although the market sentiment has changed due to the potential reduction in overseas supply, there is actually no support for a reverse upward trend. It is expected that the port methanol market may fluctuate strongly at the bottom and wait for an opportunity to rebound. Attention should be paid to the actual implementation of Iranian device maintenance and the overseas methanol transaction situation [5]. 3. Summary According to the Directory 3.1 Weekly Review - The demand for methanol has no highlights and the supply pressure persists. The domestic methanol market is expected to fluctuate and consolidate next week. Inland and port markets have different situations as described above [5]. 3.2 Fundamental Data 3.2.1 Domestic Methanol Spot Price - From November 7th to November 14th, the prices in different regions showed different trends. In Jiangsu, the price dropped from 2090 yuan/ton to 2047 yuan/ton, a decrease of 2.06%. In Shandong (Lunan), the price remained unchanged at 2310 yuan/ton. In Hebei, the price increased from 2070 yuan/ton to 2090 yuan/ton, an increase of 0.97%. In Inner Mongolia, the price dropped from 2000 yuan/ton to 1980 yuan/ton, a decrease of 1.00%. In Fujian, the price dropped from 2095 yuan/ton to 2050 yuan/ton, a decrease of 2.15% [6]. 3.2.2 Methanol Basis - From November 7th to November 14th, the spot price of methanol in Jiangsu dropped from 2090 yuan/ton to 2047 yuan/ton, a decrease of 2.06%, and the futures price dropped from 2112 yuan/ton to 2055 yuan/ton, a decrease of 2.70%. The basis increased from - 22 yuan/ton to - 8 yuan/ton [8]. 3.2.3 Methanol Production Profits by Different Processes - For coal - based methanol, the profit dropped from - 36 yuan/ton on November 7th to - 61 yuan/ton on November 14th, a decrease of 24 yuan/ton. For natural - gas - based methanol, the profit remained at - 40 yuan/ton. For coke - oven - gas - based methanol, the profit decreased from 106 yuan/ton to 123 yuan/ton, an increase of 320 yuan/ton (might be a data error in the original report) [10]. 3.2.4 Domestic Methanol Enterprise Load - Nationally, the methanol load decreased from 78.71% last week to 74.90% this week, a decrease of 3.81%. In the northwest region, the load decreased from 85.09% last week to 81.54% this week, a decrease of 3.55% [12]. 3.2.5 Outer - Market Methanol Price and Spread - From November 7th to November 14th, the CFR China price dropped from 246 US dollars/ton to 239 US dollars/ton, a decrease of 2.85%. The CFR Southeast Asia price dropped from 322.5 US dollars/ton to 319.5 US dollars/ton, a decrease of 0.93%. The spread between them decreased from - 76.5 US dollars/ton to - 80.5 US dollars/ton [15]. 3.2.6 Methanol Import Spread - From November 7th to November 14th, the spot price dropped from 2090 yuan/ton to 2047 yuan/ton, a decrease of 2.06%, the import cost dropped from 2165 yuan/ton to 2106 yuan/ton, a decrease of 2.73%, and the import spread increased from - 75 yuan/ton to - 59 yuan/ton [18]. 3.2.7 Traditional Downstream Product Prices of Methanol - The prices of formaldehyde, dimethyl ether, and acetic acid remained unchanged from November 7th to November 14th, with no weekly change [25]. 3.2.8 Production Profits and Loads of Traditional Downstream Products - **Formaldehyde**: The production profit decreased from - 111 yuan/ton to - 120 yuan/ton, a decrease of 9 yuan/ton, and the load increased from 30.97% last week to 30.98% this week, an increase of 0.01% [26]. - **Dimethyl ether**: The production profit decreased from 611 yuan/ton to 582 yuan/ton, a decrease of 28 yuan/ton, and the load increased from 8.34% last week to 9.79% this week, an increase of 1.45% [28]. - **Acetic acid**: The production profit increased from 251 yuan/ton to 274 yuan/ton, an increase of 24 yuan/ton, and the load decreased from 73.61% last week to 72.32% this week, a decrease of 1.29% [32]. 3.2.9 MTO Production Profit and Load - The MTO production profit increased from 12 yuan/ton to 138 yuan/ton. The MTO load decreased from 86.45% last week to 84.18% this week, a decrease of 2.27% [36]. 3.2.10 Methanol Port Inventory - In the East China port, the inventory increased from 78.8 to 80.33, an increase of 1.53. In the South China port, the inventory decreased from 49.81 to 47.57, a decrease of 2.24 [37]. 3.2.11 Methanol Warehouse Receipts and Effective Forecasts - The warehouse receipts increased from 10914 on November 7th to 11579 on November 14th, an increase of 6.09%. The effective forecasts remained at 0 on November 14th after reaching 1170 in the middle of the week [41]. 3.3 Maintenance Status 3.3.1 Domestic Methanol Device Maintenance - Many domestic methanol production enterprises are in maintenance, including Shaanxi Black Cat, Qinghai Zhonghao, Shaanxi Huangling, etc. Different enterprises have different maintenance start and end times, raw materials, and maintenance losses [43]. 3.3.2 Overseas Methanol Device Operation - Overseas methanol production enterprises in different countries have different operation statuses. For example, some Iranian enterprises are in the process of restarting, and some Saudi and Malaysian enterprises are operating normally [44]. 3.3.3 Olefin - Related Device Operation in the Northwest - In the northwest region, some olefin - related enterprises have different operation statuses. For example, Shaanxi Qingcheng Clean Energy is in maintenance, while some enterprises such as Yan'an Energy and Shenhua Yulin are running smoothly [45].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For industrial silicon, the supply was 91,000 tons last week with no change from the previous week, while demand was 84,000 tons, a 2.44% increase. The cost support in Xinjiang has risen during the dry season. The 2601 contract is expected to fluctuate between 8930 - 9110 [7]. - For polysilicon, last week's production decreased by 0.74% to 26,800 tons, and the November production plan is expected to decrease by 10.37% compared to the previous month. The overall demand shows a continuous decline. The 2601 contract is expected to fluctuate between 53285 - 54805 [10]. Summary by Directory 1. Daily Viewpoints Industrial Silicon - Supply: Last week's supply was 91,000 tons, unchanged from the previous week [7]. - Demand: Last week's demand was 84,000 tons, a 2.44% increase. The demand for polysilicon, organic silicon, and aluminum alloy shows different trends [7]. - Cost: In Xinjiang, the production of sample oxygen - passing 553 silicon is at a loss of 2874 yuan/ton, and the cost support has increased during the dry season [7]. - Basis: On November 14th, the spot price of non - oxygen - passing silicon in East China was 9350 yuan/ton, and the basis of the 01 contract was 330 yuan/ton, with the spot price higher than the futures price [7]. - Inventory: The social inventory was 546,000 tons, a 1.08% decrease; the sample enterprise inventory was 172,600 tons, a 0.35% increase; and the main port inventory was 127,000 tons, unchanged [7]. - Disk: The MA20 is upward, and the 01 contract price closed above the MA20 [7]. - Main Position: The main position is net short, and the short position has decreased [8]. - Expectation: The supply production plan has decreased, and the demand recovery is at a low level. The cost support has increased. The 2601 contract is expected to fluctuate between 8930 - 9110 [8]. Polysilicon - Supply: Last week's production was 26,800 tons, a 0.74% decrease, and the November production plan is expected to be 120,100 tons, a 10.37% decrease compared to the previous month [10]. - Demand: The production and demand of silicon wafers, battery cells, and components are all in a downward trend, and the silicon wafer production is currently in a loss state [10]. - Cost: The average production cost of N - type polysilicon is 38,920 yuan/ton, and the production profit is 12,080 yuan/ton [10]. - Basis: On November 14th, the N - type dense material was 51,000 yuan/ton, and the basis of the 01 contract was - 1745 yuan/ton, with the spot price lower than the futures price [10]. - Inventory: The weekly inventory was 267,000 tons, a 3.08% increase, and it is at a low level compared to historical data [10]. - Disk: The MA20 is upward, and the 01 contract price closed above the MA20 [10]. - Main Position: The main position is net short, and the short position has increased [10]. - Expectation: The supply production plan continues to decrease, the demand shows a continuous decline, and the cost support remains stable. The 2601 contract is expected to fluctuate between 53285 - 54805 [10]. 2. Fundamental/Position Data - Industrial silicon market data includes prices, inventories, production, and opening rates of different contracts and regions. For example, the 01 contract price decreased by 1.37% to 9020 yuan/ton, and the weekly social inventory was 546,000 tons, a 1.09% decrease [16]. - Polysilicon market data includes prices, inventories, production, and export/import data of different contracts and downstream products. For example, the 01 contract price decreased by 0.28% to 54,045 yuan/ton, and the weekly silicon wafer inventory decreased by 22.06% to 26.5 GW [18].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The price of nickel is under short - term pressure, and the medium - to long - term transformation still needs to wait. The short - term cost line of nickel is loosening, the price of nickel iron is declining, but the ore price remains firm. The downstream demand is weak, and the production growth of stainless steel is limited. The substitution ratio of other batteries in the automotive field on the battery side is increasing in the short term, but there are certain expectations for the batteries of drones and robots in the future. Refined nickel may have short - term production reduction expectations, but its production is expected to increase in the medium - to long - term if there are profits. The price of stainless steel may continue to be under pressure and should be observed in conjunction with the price of nickel iron [1][66]. Summary According to Relevant Catalogs 1. Market Review - The report does not provide a detailed review of the Shanghai nickel price trend, but focuses on the supply - demand balance, new energy industry chain, and stainless steel industry chain [2][3] 2. Global Supply - Demand Balance - From 2020 to 2025E, the total supply of primary nickel is expected to increase from 2.56 million tons to 3.69 million tons, and the total demand is expected to increase from 2.43 million tons to 3.58 million tons. The production of pure nickel, nickel iron, and primary nickel salts shows different trends. For example, the production of NPI in China is decreasing, while that in Indonesia is increasing [5] 3. New Energy Industry Chain 3.1 New Energy Vehicles - In October 2025, the production and sales of new energy vehicles were 1.772 million and 1.715 million respectively, with year - on - year increases of 21.1% and 20%. From January to October, the production and sales were 13.015 million and 12.943 million respectively, with year - on - year increases of 33.1% and 32.7% [8] 3.2 Power Batteries - In October 2025, the production and sales of power and other batteries were 170.6GWh and 166GWh respectively, with month - on - month increases of 12.9% and 13.3% and year - on - year increases of 50.5% and 50.8%. From January to October, the cumulative installed capacity of domestic power batteries was 578GWh, with a cumulative year - on - year increase of 42.4%. In October, the single - month installed capacity was 84.1GWh, with a month - on - month increase of 10.7% and a year - on - year increase of 42.1% [11] 3.3 Nickel Sulfate - In October 2025, China's nickel sulfate physical output was 228,600 tons, and the metal output was 50,300 tons (new sample), with a month - on - month decrease of 0.25%. In November, the expected metal output was 49,400 tons, with a month - on - month decrease of 1.8%. The price of battery - grade nickel sulfate decreased by 50 yuan/ton compared with the previous week, while the price of electroplating - grade nickel sulfate remained unchanged [14] 4. Stainless Steel Industry Chain 4.1 Nickel Ore - In November 2024, the total inventory of nickel ore in 14 ports in China was 15.0949 million wet tons, with an increase of 1.88%. In September 2025, the import volume of nickel ore was 6.1145 million tons, with a month - on - month decrease of 3.66% and a year - on - year increase of 33.91%. The ore price remained stable this week, and the RKAB quota in Indonesia was 319 million tons, with an expected loose supply [21] 4.2 Nickel Iron - The price of low - nickel iron remained unchanged, while the price of high - nickel iron decreased. In October 2025, China's nickel pig iron production was 22,900 tons of metal, with a month - on - month increase of 5.43% and a year - on - year decrease of 8.5%. In September 2025, the import volume of nickel iron was 1.085 million tons, with a month - on - month increase of 24.2% and a year - on - year increase of 47.2% [25][28][31] 4.3 Stainless Steel - The price of 304 stainless steel decreased by 112.5 yuan/ton compared with the previous week. In October, the production of stainless steel crude steel was 3.4267 million tons, and the inventory increased. The production cost of cold - rolled stainless steel also showed certain changes [40][44][47] 5. Pure Nickel Market 5.1 Refined Nickel Production - In October 2025, China's refined nickel production was 33,345 tons, with a month - on - month decrease of 9.38% and a year - on - year increase of 8.09%. The estimated production in November was 32,710 tons, with a month - on - month decrease of 1.90% and a year - on - year decrease of 2.39% [54] 5.2 Refined Nickel Import and Export - In September 2025, China's refined nickel import volume was 28,367.371 tons, with a month - on - month increase of 17.29% and a year - on - year increase of 407.65%. The export volume was 14,112.095 tons, with a month - on - month decrease of 6.22% and a year - on - year increase of 36.94% [57] 5.3 Inventory - The LME inventory decreased by 1,014 tons, and the SHFE inventory increased by 3,386 tons. The total social inventory increased by 3,563 tons compared with before the holiday [60]

1. Report Industry Investment Rating - No relevant content provided in the report. 2. Core Viewpoints of the Report - The supply side shows that the total planned production volume of asphalt from local refineries in November 2025 is 1.312 million tons, with a month - on - month increase of 18.2% and a year - on - year decrease of 6.5%. The capacity utilization rate of domestic petroleum asphalt samples this week is 30.8006%, a month - on - month decrease of 1.08 percentage points. Refineries have reduced production this week, and the supply pressure is expected to decrease next week [8]. - On the demand side, the current demand is lower than the historical average. The heavy - traffic asphalt开工率 is 29%, a month - on - month decrease of 0.02 percentage points; the construction asphalt开工率 is 6%, unchanged from the previous month; the modified asphalt开工率 is 11.2169%, a month - on - month increase of 0.79 percentage points; the road - modified asphalt开工率 is 34%, unchanged from the previous month; the waterproofing membrane开工率 is 33%, a month - on - month decrease of 1 percentage point [8]. - In terms of cost, the daily asphalt processing profit is - 562.55 yuan/ton, a month - on - month increase of 3.80%, and the weekly delayed coking profit of Shandong local refineries is 915.1743 yuan/ton, a month - on - month increase of 14.48%. The loss of asphalt processing increases, and the profit difference between asphalt and delayed coking increases. Crude oil is strengthening, and it is expected to support the price in the short term [8]. - The basis on November 14 shows that the spot price in Shandong is 3010 yuan/ton, and the basis of the 01 contract is - 27 yuan/ton, with the spot at a discount to the futures, showing a neutral situation [8]. - In terms of inventory, the social inventory is 825,000 tons, a month - on - month decrease of 8.02%; the in - plant inventory is 647,000 tons, a month - on - month increase of 0.94%; the port diluted asphalt inventory is 350,000 tons, a month - on - month increase of 18.75%. The social inventory is continuously decreasing, while the in - plant and port inventories are increasing, showing a neutral situation [8]. - The disk shows that MA20 is downward, and the futures price of the 01 contract closes below MA20, showing a bearish situation [8]. - The net short position of the main contract is increasing, showing a bearish situation [8]. - In general, refineries have reduced production recently, the demand is affected by the off - season, and the overall demand is lower than expected. The inventory is stable, and crude oil is strengthening. The cost support is expected to strengthen in the short term, and the disk is expected to fluctuate narrowly in the short term. Asphalt 2601 is expected to fluctuate in the range of 3012 - 3062 [8]. 3. Summary According to the Directory 3.1 Daily Viewpoints - **Likely Positive Factors**: The relatively high cost of crude oil provides some support [10]. - **Likely Negative Factors**: The demand for high - priced asphalt is insufficient, and the overall demand is declining. The expectation of an economic recession in Europe and the United States is strengthening [11]. - **Main Logic**: The supply pressure remains high, and the demand recovery is weak [12]. 3.2 Asphalt Market Overview - The report provides the price, basis, inventory, production, and other data of different asphalt contracts (01 - 12 contracts), including their previous values and percentage changes [15]. 3.3 Asphalt Futures Market - Basis Trend - The report presents the historical trends of the Shandong and East China basis of asphalt from 2020 to 2025 [18][20]. 3.4 Asphalt Futures Market - Spread Analysis - **Main Contract Spread**: The report shows the historical trends of the 1 - 6 and 6 - 12 contract spreads of asphalt from 2020 to 2025 [22][23]. - **Asphalt - Crude Oil Price Trend**: It presents the historical price trends of asphalt, Brent crude oil, and West Texas Intermediate (WTI) crude oil from 2020 to 2025 [26]. - **Crude Oil Crack Spread**: The report shows the historical crack spreads of asphalt against SC, WTI, and Brent crude oils from 2020 to 2025 [29][30]. - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: It presents the historical price ratio trends of asphalt against SC crude oil and fuel oil from 2020 to 2025 [34]. 3.5 Asphalt Spot Market - Market Price Trends in Different Regions - The report shows the historical price trend of Shandong heavy - traffic asphalt from 2020 to 2025 [36]. 3.6 Asphalt Fundamental Analysis - **Profit Analysis** - **Asphalt Profit**: It presents the historical profit trend of asphalt from 2019 to 2025 [39]. - **Coking - Asphalt Profit Spread Trend**: The report shows the historical profit spread trend between coking and asphalt from 2020 to 2025 [42][43]. - **Supply - Side Analysis** - **Shipment Volume**: It presents the historical weekly shipment volume of asphalt small - sample enterprises from 2020 to 2025 [45]. - **Diluted Asphalt Port Inventory**: The report shows the historical domestic diluted asphalt port inventory from 2021 to 2025 [47]. - **Production Volume**: It presents the historical weekly and monthly production volumes of asphalt from 2019 to 2025 [50]. - **Marey Crude Oil Price and Venezuelan Crude Oil Monthly Production Trend**: The report shows the historical price trend of Marey crude oil and the monthly production trend of Venezuelan crude oil from 2018 to 2025 [55]. - **Local Refinery Asphalt Production**: It presents the historical production volume of local refinery asphalt from 2019 to 2025 [57]. - **Capacity Utilization Rate**: The report shows the historical weekly capacity utilization rate of asphalt from 2021 to 2025 [60]. - **Estimated Maintenance Loss Volume**: It presents the historical estimated maintenance loss volume trend of asphalt from 2018 to 2025 [62]. - **Inventory Analysis** - **Exchange Warehouse Receipts**: The report shows the historical exchange warehouse receipts (total, social inventory, and in - plant inventory) of asphalt from 2019 to 2025 [65][66][67]. - **Social Inventory and In - Plant Inventory**: It presents the historical social inventory (70 samples) and in - plant inventory (54 samples) of asphalt from 2022 to 2025 [69]. - **In - Plant Inventory Inventory Ratio**: The report shows the historical in - plant inventory inventory ratio of asphalt from 2018 to 2025 [72]. - **Import and Export Situation** - **Export and Import Trends**: It presents the historical export and import trends of asphalt from 2019 to 2025 [75]. - **Korean Asphalt Import Spread Trend**: The report shows the historical import spread trend of Korean asphalt from 2020 to 2025 [78]. - **Demand - Side Analysis** - **Petroleum Coke Production**: It presents the historical production volume of petroleum coke from 2019 to 2025 [81]. - **Apparent Consumption**: The report shows the historical apparent consumption of asphalt from 2019 to 2025 [84]. - **Downstream Demand** - **Highway Construction and Fixed - Asset Investment in Transportation**: It presents the historical fixed - asset investment in highway construction and transportation from 2020 to 2025 [87]. - **New Local Special Bonds and Infrastructure Investment Completion**: The report shows the historical trends of new local special bonds and the year - on - year change of infrastructure investment completion from 2019 to 2025 [88]. - **Downstream Machinery Demand**: It presents the historical sales volume trends of asphalt concrete pavers, domestic excavators, and road rollers from 2019 to 2025, as well as the monthly working hours of excavators from 2020 to 2025 [92][94]. - **Asphalt Capacity Utilization Rate** - **Heavy - Traffic Asphalt Capacity Utilization Rate**: It presents the historical capacity utilization rate of heavy - traffic asphalt from 2019 to 2025 [96]. - **Asphalt Capacity Utilization Rate by Use**: The report shows the historical capacity utilization rates of construction asphalt and modified asphalt from 2019 to 2025 [99]. - **Downstream Capacity Utilization Situation**: It presents the historical capacity utilization rates of shoe - material SBS - modified asphalt, road - modified asphalt, and waterproofing membrane - modified asphalt from 2019 to 2025 [101][103]. - **Supply - Demand Balance Sheet**: The report provides the monthly asphalt supply - demand balance sheet from January 2024 to November 2025, including production, import, export, inventory, and downstream demand data [106].

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - This week, the 01 contract showed a downward trend, with the Monday opening price at 3,048 yuan/ton and the Friday closing price at 3,037 yuan/ton, a weekly decline of 0.36%. It is expected that next week, the demand recovery will be limited, while the supply will decrease, and the cost support will strengthen. The market may experience a bullish oscillatory adjustment [5][6]. 3. Summary by Relevant Catalogs 3.1 Review and Outlook - **Supply**: In November 2025, the total planned output of asphalt from local refineries 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 domestic sample capacity utilization rate of petroleum asphalt was 30.8006%, a month - on - month decrease of 1.08 percentage points. The national sample enterprise shipments were 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%. Refineries reduced production this week, and it is expected to reduce supply pressure next week [5]. - **Demand**: 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 6.6%, unchanged from the previous 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 from the previous 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. Overall, the current demand is lower than the historical average [5]. - **Cost**: The daily asphalt processing profit was - 562.55 yuan/ton, a month - on - month increase of 3.80%. The weekly delayed coking profit of Shandong local refineries was 915.1743 yuan/ton, a month - on - month increase of 14.48%. The asphalt processing loss increased, and the profit difference between asphalt and delayed coking increased. With the strengthening of crude oil, it is expected that the short - term support will strengthen [6]. - **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 [6]. 3.2 Technical Analysis - This week, the main 01 contract showed a downward trend, and it is expected to experience a bullish oscillatory adjustment next week [105].

Report Summary 1. Report Industry Investment Rating No information provided regarding the report's industry investment rating. 2. Core Viewpoints - The global crude oil market is in a state of structural supply surplus, with both OPEC and EIA expecting oversupply. However, factors such as OPEC's lower - than - expected production increase, the uncertainty of Russian energy supply, and the return of funds are providing some support to oil prices. The market outlook is complex, and short - term oil prices may oscillate at low levels. It is recommended to operate in the short term within the range of 455 - 475 and wait and see in the long term [3][4][5]. 3. Summary by Directory 3.1 Review - **Price Trends**: Last week, NYMEX WTI crude futures closed at $59.81 per barrel, up 0.93% week - on - week; Brent crude futures closed at $64.29 per barrel, down 0.05% week - on - week; Shanghai crude oil futures closed at 461.7 yuan per barrel, up 0.24% week - on - week [3]. - **Supply and Demand**: The global market has shifted from a daily supply shortage of 400,000 barrels to a daily surplus of 500,000 barrels. EIA expects the U.S. oil production to average 13.6 million barrels per day in 2025 and 2026, higher than the previous estimate. Indian refiners said that Saudi Arabia and Iraq would fully deliver the contracted crude oil volume to India in December and could increase the supply [3]. - **Production**: In October, OPEC's daily crude oil production was 28.43 million barrels, an increase of 30,000 barrels from September, with the increase lower than the planned 114,000 barrels. Despite Ukraine's drone attacks, Russia's oil processing volume decreased by only 3% this year, and the decline in refining volume from August to October was 6% [3]. - **Funds**: In the week of November 11, the speculative net long positions in Brent crude oil futures increased by 12,636 contracts to 164,867 contracts; as of the week of September 23, the net long positions in WTI crude oil held by speculators increased by 4,249 contracts to 102,958 contracts [3]. 3.2 Related News - **Fed Policy**: With less than a month until the December interest - rate meeting, the Fed's stance is divided, but the balance is tilting towards keeping the policy unchanged. Several Fed officials expressed hawkish views this week [4]. - **IEA Outlook**: IEA believes there is "considerable downside risk" to Russia's crude oil production outlook, but it has not estimated the specific impact yet. It maintains the estimate of Russia's average daily output of 9.3 million barrels in this quarter and next year [4]. - **Market Structure**: The futures curve of WTI shows a "contango" structure for most of 2026, indicating weak demand for spot - delivered crude oil. In October, U.S. crude oil exports reached the highest level since July 2024. The futures curve of Brent crude oil will remain flat in the months after March next year [4]. - **Geopolitical Events**: Ukraine's drone attacks on Russian oil terminals and the impact of U.S. sanctions on Russia have led to potential supply losses, driving up oil prices. The probability of the Fed cutting interest rates in December has fluctuated sharply, from nearly 95% to about 50% [5]. 3.3 Outlook - The oil price will oscillate at a low level in the future. It is recommended to operate in the short - term within the range of 455 - 475 and wait and see in the long - term, while paying attention to the progress of geopolitical events [5]. 3.4 Fundamental Data - **Spot Prices**: The prices of various crude oil varieties such as UK Brent Dtd, WTI, etc. have all declined compared with the previous period, with price drops ranging from - 0.36 to - 1.66 dollars and price decline rates from - 0.54% to - 2.56% [8]. - **Inventory Data**: The Cushing inventory and EIA inventory have fluctuated. For example, as of November 7, the Cushing inventory was 22.519 million barrels, a decrease of 346,000 barrels; the EIA inventory was 427.581 million barrels, an increase of 6.413 million barrels [10][11]. 3.5 Position Data - **CFTC and ICE Data**: The net long positions in WTI and Brent crude oil futures have changed. By calculation, the net long positions in WTI crude oil held by speculators and the speculative net long positions in Brent crude oil futures have increased in some periods [3][17][18].

1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating. 2. Core View of the Report - This week, the 01 contract showed an upward trend, with the opening price on Monday at 82,600 yuan/ton and the closing price on Friday at 87,360 yuan/ton, a weekly increase of 5.76%. It is expected that next week, the supply side will continue to increase production, the demand side will continue to grow, and costs will remain low. The market may experience a bullish and volatile adjustment [4][7]. 3. Summary by Relevant Catalogs 3.1 Review and Outlook - **Supply Side**: This week, the lithium carbonate production was 21,545 tons, higher than the historical average. Among them, lithium spodumene production was 12,904 tons, a 1.67% decrease from the previous period; lithium mica production was 2,941 tons, a 2.32% decrease; salt lake production was 3,555 tons, a 7.11% increase; and recycling production was 2,145 tons, a 3.13% increase [4]. - **Demand Side**: In October 2025, the demand for lithium carbonate was 126,961 physical tons, a month - on - month increase of 8.70%. The predicted demand for next month is 132,001 physical tons, a 3.97% increase. The export volume in October was 324 physical tons, a 14.57% increase, and the predicted export volume for next month is 454 physical tons, a 40.12% increase. In October, the production of power batteries, energy - storage batteries, and new energy vehicles all showed growth, and the inventory of dealers decreased, which supported the demand for lithium carbonate [5][6]. - **Cost Side**: The cost of externally purchased lithium spodumene concentrate was 84,346 yuan/ton, with a daily increase of 0.33%, resulting in a loss of 397 yuan/ton. The cost of externally purchased lithium mica was 87,365 yuan/ton, remaining unchanged, with a loss of 5,577 yuan/ton. The production cost at the recycling end was close to that of the ore end, and the production enthusiasm was average. The quarterly cash production cost at the salt lake end was 31,477 yuan/ton, significantly lower than that of the ore end, with sufficient profit margins and strong production motivation [6]. - **Inventory Side**: The smelter inventory was 28,270 tons, a 7.96% decrease; the downstream inventory was 48,772 tons, a 6.22% decrease; other inventories were 43,430 tons, a 5.34% increase; and the total inventory was 120,472 tons, a 2.80% decrease [7]. 3.2 Fundamental Analysis - **Supply - Lithium Ore**: The price, production, import, and self - sufficiency rate of lithium ore are presented in the report, along with the supply - demand balance sheet of lithium ore from October 2024 to October 2025 [16][18][20]. - **Supply - Lithium Carbonate**: The report shows the production, capacity, import, and supply - demand balance of lithium carbonate from different sources and time periods [22][27]. - **Supply - Lithium Hydroxide**: Information on the production capacity utilization rate, production, export, and supply - demand balance of lithium hydroxide is provided [29][31]. - **Lithium Compound Cost and Profit**: The cost, profit, and cost composition of various lithium compounds, including lithium spodumene concentrate, lithium mica concentrate, and recycled lithium, are analyzed [34][37][40]. - **Inventory**: The inventory of lithium carbonate and lithium hydroxide, including monthly and weekly data, is presented [42]. - **Demand - Lithium Battery**: The report shows the price, production, shipment, and export of lithium batteries, as well as the cost of battery cells [46][49]. - **Demand - Ternary Precursor**: The price, cost, production capacity utilization rate, production, and supply - demand balance of ternary precursors are analyzed [52][55]. - **Demand - Ternary Material**: Information on the price, cost, profit, production, and inventory of ternary materials is provided [58][60]. - **Demand - Iron Phosphate/Iron Phosphate Lithium**: The price, production cost, profit, production, export, and inventory of iron phosphate and iron phosphate lithium are presented [62][65]. - **Demand - New Energy Vehicle**: The production, sales, export, and sales penetration rate of new energy vehicles are analyzed, along with the inventory warning index and inventory index of dealers [70][74]. 3.3 Technical Analysis - This week, the main 01 contract showed an upward trend. The report provides the price and trading volume data of the LC main contract from October 15 to November 14, and it is expected that the market may experience a bullish and volatile adjustment next week [77][78].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The supply pressure of PVC decreased this week, and the expected maintenance is expected to decrease next week, with a slight increase in scheduled production. The current demand may remain sluggish, and the PVC2601 is expected to fluctuate in the range of 4584 - 4632. The main logic is that the overall supply pressure is strong, and the domestic demand recovery is not smooth [6][9][14]. - There are both positive and negative factors. Positive factors include supply resumption, cost support from calcium carbide and ethylene, and export advantages. Negative factors include the rebound of overall supply pressure, high - level and slow - consuming inventory, and weak domestic and foreign demand [13]. 3. Summaries According to Relevant Catalogs 3.1 Daily Views - On November 14, the price of East China SG - 5 was 4590 yuan/ton, and the basis of the 01 contract was - 18 yuan/ton, with the spot at a discount to the futures, showing a neutral situation. The factory inventory was 32235 tons, a decrease of 3.65% month - on - month, and the social inventory was 53230 tons, a decrease of 2.45% month - on - month. The MA20 of the disk is downward, and the futures price of the 01 contract closed below the MA20, showing a bearish trend. The net position of the main contract is short, and the short position is decreasing, also showing a bearish trend [11]. 3.2 Fundamental/Position Data 3.2.1 Supply Side - In October 2025, the PVC output 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 decrease of 0.03 percentage points month - on - month. The output of calcium carbide enterprises was 34355 tons, a decrease of 0.52% month - on - month, and the output of ethylene enterprises was 13491 tons, a decrease of 8.08% month - on - month. Next week, the expected maintenance is expected to decrease, and the scheduled production is expected to increase slightly [6]. 3.2.2 Demand Side - The overall downstream operating rate was 49.54%, a decrease of 0.06 percentage points month - on - month, higher than the historical average. The operating rate of downstream profiles was 36.96%, a decrease of 0.64 percentage points month - on - month, lower than the historical average. The operating rate of downstream pipes was 40.6%, an increase of 0.2 percentage points month - on - month, higher than the historical average. The shipping cost is expected to decline, and the domestic PVC export price is competitive. The current demand may remain sluggish [6]. 3.2.3 Cost Side - The profit of the 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 the ethylene method was - 491 yuan/ton, with the loss increasing by 5.50% month - on - month, lower than the historical average. The double - ton spread was 2186.35 yuan/ton, with the profit increasing by 0.40% month - on - month, lower than the historical average, which may put pressure on production scheduling [8]. 3.3 PVC Market Overview - The report provides yesterday's market data, including prices, price changes, month - to - month spreads, inventory, and downstream operating rates of different types of PVC enterprises and products, as well as cost and profit data [17]. 3.4 PVC Futures Market 3.4.1 Basis Trend - The report shows the basis trend of PVC from 2022 to 2025, including the relationship between the basis, the East China market price of PVC, and the closing price of the main contract [20]. 3.4.2 Futures Price and Volume Trends - It presents the price, trading volume, and position changes of the PVC futures main contract from October to November 2025 [23]. 3.4.3 Spread Analysis - Main Contract Spread - It shows the spread trends of different contract months (such as 1 - 9, 5 - 9) of PVC futures from 2024 to 2025 [26]. 3.5 PVC Fundamental - Calcium Carbide Method 3.5.1 Lanthanum Coke - The report shows the price, cost - profit, operating rate, inventory, and daily output trends of lanthanum coke from 2016 to 2025 [29]. 3.5.2 Calcium Carbide - It presents the price, cost - profit, operating rate, maintenance loss, and output trends of calcium carbide from 2018 to 2025 [32]. 3.5.3 Liquid Chlorine and Raw Salt - It shows the price, output trends of liquid chlorine from 2020 to 2025, and the price and monthly output trends of raw salt from 2019 to 2025 [34]. 3.5.4 Caustic Soda - It provides the price, cost - profit, operating rate, output, maintenance volume, apparent consumption, inventory, and flake caustic soda inventory trends of 32% caustic soda (Shandong) from 2019 to 2025, as well as the cost - profit trends of Shandong chlor - alkali [36][39]. 3.6 PVC Fundamental - Supply Trend - It shows the capacity utilization rates of calcium carbide and ethylene methods, the profit trends of calcium carbide and ethylene methods, daily output, weekly maintenance volume, weekly capacity utilization rate, and weekly output of sample enterprises of PVC from 2018 to 2025 [41][43]. 3.7 PVC Fundamental - Demand Trend - It presents the daily sales volume of PVC traders, weekly pre - sales volume, weekly production - sales ratio, apparent consumption, downstream average operating rate, operating rates of profiles, pipes, films, and paste resin of PVC, as well as the profit, cost, monthly output, and apparent consumption of paste resin from 2019 to 2025. It also shows the real estate investment completion amount, housing construction area, new housing start - up area, commercial housing sales area, and housing completion area from 2018 to 2025, as well as the social financing scale increment, M2 increment, local government new special bonds, and infrastructure investment (excluding electricity) year - on - year from 2019 to 2025 [46][48][53]. 3.8 PVC Fundamental - Inventory - It shows the trends of exchange warehouse receipts, calcium carbide factory inventory, ethylene factory inventory, social inventory, and production enterprise inventory days from 2019 to 2025 [57]. 3.9 PVC Fundamental - Ethylene Method - It presents the import volumes of vinyl chloride and dichloroethane, PVC export volume, FOB spread of ethylene method (Tianjin - Taiwan), and vinyl chloride import spread (Jiangsu - Far East CIF) from 2018 to 2025 [59]. 3.10 PVC Fundamental - Supply - Demand Balance Sheet - It shows the monthly import, output, factory inventory, social inventory, demand, and export data of PVC from September 2024 to October 2025 [62].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For industrial silicon, the 01 contract was in a downward trend this week, with the Monday opening price at 9,230 yuan/ton and the Friday closing price at 9,020 yuan/ton, a weekly decline of 2.27%. It is expected that the supply-side production schedule will decrease next week, demand recovery will be at a low level, and cost support will increase. The futures market is expected to have a bullish sideways adjustment [4][5]. - For polysilicon, the 01 contract was in an upward trend this week, with the Monday opening price at 53,000 yuan/ton and the Friday closing price at 54,045 yuan/ton, a weekly increase of 1.97%. It is expected that the supply-side production schedule will continue to decrease next week, demand will show a continuous decline, and cost support will remain stable. The futures market is expected to have a bullish sideways adjustment [7][8]. 3. Summary by Relevant Catalogs 3.1 Review and Outlook 3.1.1 Industrial Silicon - **Supply**: This week, the industrial silicon supply was 91,000 tons, unchanged from the previous week. The sample enterprise output was 45,440 tons, a 0.79% decrease. The expected monthly operating rate is 58%, a 10.12 - percentage - point decrease from last month [4]. - **Demand**: This week, the industrial silicon demand was 84,000 tons, a 2.44% increase. In different sectors, polysilicon inventory is lower than the historical average, organic silicon is in a loss state, and the recycled aluminum operating rate is higher than the historical average [5]. - **Cost**: The production loss of sample oxygen - blown 553 in Xinjiang is 2,874 yuan/ton, and the cost support has increased during the dry season [5]. - **Inventory**: The social inventory is 546,000 tons, a 1.08% decrease; the sample enterprise inventory is 172,600 tons, a 0.35% increase; the main port inventory is 127,000 tons, unchanged [5]. 3.1.2 Polysilicon - **Supply**: The polysilicon output last week was 26,800 tons, a 0.74% decrease. The predicted November production schedule is 120,100 tons, a 10.37% decrease from last month [7]. - **Demand**: In various downstream sectors, the production of silicon wafers, battery cells, and components shows different degrees of decline or change in inventory. For example, the silicon wafer production is in a loss state, and the battery cell inventory has increased significantly [7]. - **Cost**: The average cost of N - type polysilicon materials in the industry is 38,920 yuan/ton, with a production profit of 13,380 yuan/ton [7]. - **Inventory**: The weekly inventory is 267,000 tons, a 3.08% increase, at a historical low [8]. 3.2 Fundamental Analysis - **Price - Basis and Delivery Spread**: The report shows the historical trends of the basis of the SI main contract, the price difference between East China 421 and 553 silicon, etc., which helps to understand the price relationship between the spot and futures markets and different grades of silicon [14]. - **Inventory**: It presents the historical trends of industrial silicon inventory in different regions and types, including social inventory, sample enterprise inventory, and port inventory, which reflects the supply and demand situation in the market [16]. - **Production and Capacity Utilization**: It shows the historical trends of industrial silicon production, capacity utilization, and operating rate in different regions, which helps to analyze the supply - side situation [18][20]. - **Cost**: It shows the historical trends of electricity prices, silicon stone prices, graphite electrode prices, and some reducing agent prices in the main production areas, which affects the production cost of industrial silicon [23]. - **Supply - Demand Balance**: It provides the weekly and monthly supply - demand balance tables of industrial silicon and polysilicon, including production, import, export, consumption, and balance, which helps to understand the overall supply - demand situation in the market [30][33][57]. - **Downstream Industries**: It analyzes the price, production, inventory, and supply - demand balance of various downstream industries of industrial silicon, including organic silicon, aluminum alloy, and polysilicon, which reflects the impact of downstream demand on the industrial silicon market [36][44][54]. 3.3 Technical Analysis - **Industrial Silicon**: The SI main contract's 01 contract was in a downward trend this week. Based on the price and volume data and moving average analysis, it is expected to have a bullish sideways adjustment next week [76][77]. - **Polysilicon**: The PS main contract's 01 contract was in an upward trend this week. Based on the price and volume data and moving average analysis, it is expected to have a bullish sideways adjustment next week [78][79].