1. Report's Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The glass supply has declined to a relatively low level compared to the same period, with increasing disturbances on the supply side recently. However, the recovery of terminal demand is weak. It is expected that the glass will mainly move in a volatile manner [7]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main glass futures contract decreased from 1,105 yuan/ton to 1,097 yuan/ton, a decline of 0.72%. The spot price of Shahe Safety large plates remained unchanged at 1,048 yuan/ton, and the main basis increased from -57 yuan/ton to -49 yuan/ton, a change of -14.04% [8]. Glass Spot Market - The market price of 5mm white glass large plates in the spot benchmark area of Hebei Shahe was 1,048 yuan/ton, remaining the same as the previous day [13]. Fundamental - Cost Side - Not provided in the content Fundamental - Production - The number of operating national float glass production lines is 226, with an operating rate of 76.35%, at a historically low level for the same period. The daily melting capacity of national float glass is 161,300 tons, at the lowest level in the same period of history and showing a stable upward trend [24][26]. Fundamental - Demand - In August 2025, the apparent consumption of float glass was 4.8602 million tons [30]. Fundamental - Inventory - The inventory of national float glass enterprises was 65.79 million weight boxes, a decrease of 1.24% from the previous week, and the inventory is above the five - year average [45]. Fundamental - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data such as production, apparent supply, consumption, production growth rate, consumption growth rate, and net import ratio [46]. Influencing Factors Summary - **Positive factors**: Under the influence of the "anti - involution" policy, there is an expectation of capacity clearance in the float glass industry. Some production lines in the Shahe area are undergoing "coal - to - gas" conversion, increasing supply - side disturbances [5]. - **Negative factors**: The terminal demand in the real estate sector remains weak, and the number of orders from glass deep - processing enterprises is at a historical low for the same period. The capital collection situation in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly focusing on digesting the inventory of raw glass [6].

1. Report Industry Investment Rating No information provided. 2. Core Views of the Report - The overall supply pressure of PVC is increasing, with the supply pressure rising this week and expected to increase further next week as maintenance is expected to decrease and production scheduling is expected to rise slightly [7][9]. - The current demand may remain sluggish, although the overall downstream operating rate is higher than the historical average, some downstream sectors such as profiles and pipes are still below the historical average [7]. - The cost side is mixed, with the cost of the calcium carbide method weakening and the cost of the ethylene method strengthening, resulting in an overall weakening of the cost [9]. - The overall inventory is at a neutral level, with factory - in - stock inventory increasing and social inventory decreasing [9]. - The PVC2601 contract is expected to fluctuate in the range of 4642 - 4698 [9]. - The main logic is that the overall supply pressure is strong, and the domestic demand recovery is not smooth [13]. - The main influencing factors include the implementation degree of domestic demand policies, export trends, crude oil trends, and the cost support trends of caustic soda and calcium carbide methods [14]. 3. Summary by Relevant Catalogs 3.1 Daily Views - **Likely Positive Factors**: Supply resumption, cost support from calcium carbide and ethylene, and export advantages [12]. - **Likely Negative Factors**: Overall supply pressure rebound, high - level and slow - consuming inventory, and weak domestic and foreign demand [12]. 3.2 Fundamental/Position Data Supply - 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 78.26%, a month - on - month increase of 0.02 percentage points. Calcium carbide method enterprises produced 329,250 tons, a month - on - month increase of 4.10%, and ethylene method enterprises produced 147,710 tons, a month - on - month decrease of 1.76% [7]. Demand - The overall downstream operating rate was 50.54%, a month - on - month increase of 0.68 percentage points, higher than the historical average. However, the operating rates of downstream profiles, pipes, and some other sectors were below the historical average, and the operating rate of downstream films decreased by 0.70 percentage points, while the operating rate of downstream paste resin increased by 8.93 percentage points [7]. Cost - The profit of the calcium carbide method was - 763.08 yuan/ton, with losses increasing by 5.50% month - on - month, lower than the historical average. The profit of the ethylene method was - 544.5 yuan/ton, with losses decreasing by 2.00% month - on - month, lower than the historical average. The double - ton price difference was 2,269.75 yuan/ton, remaining unchanged month - on - month, lower than the historical average [8]. Basis - On November 4, the price of East China SG - 5 was 4,650 yuan/ton, and the basis of the 01 contract was - 20 yuan/ton, indicating that the spot price was at a discount to the futures price [9]. Inventory - Factory inventory was 337,968 tons, a month - on - month increase of 1.25%. Calcium carbide method factory inventory was 252,368 tons, a month - on - month increase of 0.10%, and ethylene method factory inventory was 85,600 tons, a month - on - month increase of 4.77%. Social inventory was 544,600 tons, a month - on - month decrease of 1.82%. The in - stock days of production enterprises were 5.65 days, a month - on - month increase of 0.89% [9]. Disk - MA20 was downward, and the futures price of the 01 contract closed below MA20 [9]. Main Position - The main position was net short, and short positions increased [9]. 3.3 PVC Market Overview - The report provides yesterday's market overview data, including prices, price changes, and inventory data of different types of PVC enterprises, month - to - month spreads, downstream operating rates, and profit and cost data [16]. 3.4 PVC Futures Market - **Basis Trend**: The report presents the basis trend chart of PVC futures, showing the relationship between the basis, East China market price, and the closing price of the main contract [19]. - **Price and Volume Trend**: It shows the price and trading volume trends of PVC futures from September to November 2025, including opening price, highest price, lowest price, closing price, and trading volume, as well as the position change trends of the top 5 and top 20 seats [22]. - **Spread Analysis**: The report analyzes the spread of the main contract, presenting the 1 - 9 spread and 5 - 9 spread data from 2024 to 2025 [25]. 3.5 PVC Fundamental Analysis - **Calcium Carbide Method - Related**: It includes the price, cost - profit, operating rate, inventory, and production data of raw materials such as semi - coke, calcium carbide, liquid chlorine, raw salt, caustic soda, and the cost - profit and consumption data of chlor - alkali [28][31][33][35][38]. - **Supply Trend**: It shows the capacity utilization rate, profit, daily production, weekly maintenance volume, and weekly production data of the calcium carbide method and ethylene method of PVC [40][42]. - **Demand Trend**: It includes the daily sales volume of PVC traders, weekly pre - sales volume, production - sales ratio, apparent consumption, downstream average operating rate, and operating rates of different downstream sectors such as profiles, pipes, films, and paste resin, as well as the profit, cost, production, and apparent consumption data of paste resin, and real - estate - related data such as real - estate investment, construction area, new construction area, sales area, and completion area [44][46][49][51][53]. - **Inventory**: It presents the exchange warehouse receipts, calcium carbide method factory inventory, ethylene method factory inventory, social inventory, and production enterprise inventory days data [57]. - **Ethylene Method**: It includes the import volume of vinyl chloride and dichloroethane, PVC export volume, FOB spread of the ethylene method, and import spread of vinyl chloride [59]. - **Supply - Demand Balance Sheet**: It provides the monthly supply - demand trend data of PVC from September 2024 to October 2025, including import, production, factory inventory, social inventory, demand, and export [62].

Report Industry Investment Rating - Not provided Core Viewpoints - The Asian low - sulfur fuel oil market faces oversupply and weak downstream bunker activities, but the unfeasibility of East - West arbitrage may reduce December European arbitrage cargoes and ease oversupply; the Asian high - sulfur fuel oil market is supported by stable bunker demand, but competitive quotes for November shipments suppress spot spreads [3] - The current situation of Singapore's fuel oil market is overall weak. The FU2601 is expected to trade in the 2750 - 2790 range, and LU2601 in the 3300 - 3340 range [3] - Crude oil is oscillating, with some support from news, but market sentiment is still cautious, and the bunker market lacks support [3] Summary by Directory 1. Daily Prompt - Singapore fuel oil inventory on the week of October 29 was 20.929 billion barrels, a decrease of 652 million barrels [3][8] - The spot prices of various fuel oils decreased. For example, the price of Zhoushan high - sulfur fuel oil decreased from 476.00 to 469.00 dollars/ton, a decrease of 1.47% [6] - The futures prices of FU and LU decreased. The FU futures price dropped from 2785 to 2769, a decrease of 0.57%; the LU futures price dropped from 3322 to 3315, a decrease of 0.21% [5] 2. Multi - Short Concerns - Bullish factors: Russia extended fuel export restrictions; the cancellation of US - Russia talks and sanctions on Russian oil - related enterprises [4] - Bearish factors: The optimism on the demand side remains to be verified [4] - Market drivers: Supply is affected by geopolitical risks, and demand is neutral [4] 3. Fundamental Data - Fundamental situation: The Asian low - sulfur fuel oil market has sufficient supply and weak downstream activities; the high - sulfur fuel oil market is supported by stable bunker demand [3] - Basis: Singapore high - sulfur fuel oil basis is - 54 yuan/ton, low - sulfur fuel oil basis is - 4 yuan/ton, with spot at a discount to futures [3] - Inventory: Singapore fuel oil inventory decreased in the week of October 29, which is bullish [3] - Disk: Prices are near the 20 - day line, and the 20 - day line is downward [3] - Main positions: High - sulfur main positions are short, with short positions increasing; low - sulfur main positions are long, with long positions decreasing [3] 5. Spread Data - The report shows a chart of high - low sulfur futures spreads [11] Inventory Data - Singapore fuel oil inventory data from August 20 to October 29 shows fluctuations, with a significant decrease in the week of October 29 [8]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the document. 2. Core Viewpoints of the Report - The domestic pig market is expected to see a decrease in both supply and demand this week. Pig prices are likely to decline in the short - term, with a mid - term range - bound oscillation pattern. Attention should be paid to the changes in the monthly group farms' slaughter rhythm and the dynamics of the secondary fattening market [10]. - The spot price has a premium over the futures price, and the current inventory shows an increase, while the price is below the 20 - day moving average with a downward direction, and the net short position of the main contract is increasing [10]. - It is expected that the pig price will bottom out and return to a range - bound pattern, with the LH2601 contract oscillating between 11,500 and 11,900 [10]. 3. Summary by Relevant Catalogs 3.1 Daily Tips - **Fundamentals**: Supply is expected to decrease in both pigs and meat this week. Demand is weakened by the post - holiday reduced consumer willingness, resulting in a short - term decline in fresh pork consumption. The market is expected to have a double - decrease in supply and demand, with short - term price decline and mid - term range - bound oscillation. Neutral view [10]. - **Basis**: The national average spot price is 11,940 yuan/ton, and the basis of the 2601 contract is 255 yuan/ton, indicating a premium of the spot over the futures. Bullish [10]. - **Inventory**: As of June 30, the pig inventory was 424.47 million heads, a 0.4% month - on - month and 2.2% year - on - year increase. As of the end of June, the inventory of breeding sows was 40.42 million heads, a 0.02% month - on - month and 4.2% year - on - year increase. Bearish [10]. - **Market Chart**: The price is below the 20 - day moving average and moving downward. Bearish [10]. - **Main Position**: The main position is net short with an increase in short positions. Bearish [10]. - **Expectation**: Pig supply and demand are both decreasing. The pig price is expected to bottom out and return to a range - bound pattern this week, with the LH2601 contract oscillating between 11,500 and 11,900 [10]. 3.2 Recent News - The domestic pig consumption market enters the off - season after the Mid - Autumn Festival and National Day. The slaughter of large pigs has decreased, resulting in a double - decrease in supply and demand. The spot price is expected to be weak in the short - term and range - bound in the mid - term [12]. - After the festivals, pork demand has weakened in the short - term, but the spot price is supported by the decrease in supply and is expected to bottom out and rebound. The room for further price decline is limited [12]. - The losses in pig farming have recently expanded, reducing the enthusiasm for large pig slaughter in the short - term. The double - decrease in supply and demand supports the short - term price expectations of pig futures and spot [12]. - The spot price has bottomed out and rebounded after the National Day, and the futures are expected to maintain a range - bound pattern in the mid - term. Further observation of supply and demand growth is needed [12]. 3.3 Bullish and Bearish Factors - **Bullish**: The domestic pig supply enters the off - season after the long holiday, and the room for further decline in the domestic pig spot price is limited [13]. - **Bearish**: The domestic macro - environment is expected to improve due to the preliminary Sino - US trade agreement, and the domestic pig inventory has increased year - on - year [13]. 3.4 Fundamental Data - **Futures and Spot Prices**: The document provides the prices of pig futures contracts (near - month 2511, main 2601), pig futures warehouse receipts, and the spot prices of foreign ternary pigs in different regions from October 28 to November 4 [14]. - **Market Trends**: Multiple charts show the trends of pig futures basis, spreads, spot prices of different pig specifications, and various supply - side and demand - side indicators, such as inventory, slaughter, and consumption [15][17][23]. 3.5 Position Data The main position is net short with an increase in short positions, which is a bearish signal [10].

Report Overview - Report Title: Polyolefin Morning Report - Report Date: November 5, 2025 - Report Author: Jin Zebin from Dayue Futures Investment Consulting Department Industry Investment Rating - Not provided in the report Core Views - The overall fundamentals of LLDPE and PP are neutral. The macroeconomic environment shows a decline in manufacturing sentiment, and the long - term "supply increase and demand decrease" pattern of crude oil has limited support for the cost side of polyolefins. However, factors such as the rebound of oil prices due to new sanctions on Russian oil and the staged easing of Sino - US relations have an impact on the market. It is expected that the PE and PP markets will fluctuate today [4][6]. Summary by Directory LLDPE Analysis - **Fundamentals**: In October, the official PMI was 49, a 0.8 - point decrease from the previous month, indicating a decline in manufacturing sentiment. The long - term "supply increase and demand decrease" pattern of crude oil has limited support for the cost side. The demand in the agricultural film peak season continues, and the start - up rate remains high, while the restocking of other film types is gradually ending. The current spot price of LLDPE delivery products is 6880 (-30), and the overall fundamentals are neutral [4]. - **Basis**: The basis of the LLDPE 2601 contract is 1, with a premium/discount ratio of 0.0%, which is neutral [4]. - **Inventory**: The comprehensive PE inventory is 46.6 million tons (-9.9), which is neutral [4]. - **Disk**: The 20 - day moving average of the LLDPE main contract is downward, and the closing price is below the 20 - day line, showing a bearish trend [4]. - **Main Position**: The net long position of the LLDPE main contract is decreasing, showing a bullish trend [4]. - **Expectation**: The LLDPE main contract fluctuates on the disk. After the Sino - US summit in Busan and the escalation of sanctions on Russian oil, crude oil has rebounded. With the continued demand in the agricultural film peak season and neutral industrial inventory, it is expected that PE will fluctuate today [4]. - **Factors**: Positive factors include new sanctions on Russian oil leading to a rebound in oil prices and the staged easing of Sino - US relations; negative factors include weak demand year - on - year and more new production capacity in the fourth quarter [5]. PP Analysis - **Fundamentals**: Similar to LLDPE, the macroeconomic environment shows a decline in manufacturing sentiment, and the long - term "supply increase and demand decrease" pattern of crude oil has limited support for the cost side. The demand for plastic weaving is supported by the peak season, and the demand for pipes has recovered. The current spot price of PP delivery products is 6550 (-0), and the overall fundamentals are neutral [6]. - **Basis**: The basis of the PP 2601 contract is - 10, with a premium/discount ratio of - 0.2%, which is neutral [6]. - **Inventory**: The comprehensive PP inventory is 59.5 million tons (-4.3), showing a bearish trend [6]. - **Disk**: The 20 - day moving average of the PP main contract is downward, and the closing price is below the 20 - day line, showing a bearish trend [6]. - **Main Position**: The net short position of the PP main contract is increasing, showing a bearish trend [6]. - **Expectation**: The PP main contract fluctuates on the disk. After the Sino - US summit in Busan and the escalation of sanctions on Russian oil, crude oil has rebounded. With the support of downstream peak - season demand and a neutral - to - high industrial inventory, it is expected that PP will fluctuate today [6]. - **Factors**: Positive factors include new sanctions on Russian oil leading to a rebound in oil prices and the staged easing of Sino - US relations; negative factors include weak demand year - on - year and more new production capacity in the fourth quarter [7]. Market Data - **Spot and Futures Prices**: The spot price of LLDPE delivery products is 6880 (-30), and the price of the 01 contract is 6879 (-9); the spot price of PP delivery products is 6550 (0), and the price of the 01 contract is 6560 (-16) [8]. - **Inventory Data**: The LLDPE warehouse receipt is 12675 (0), and the comprehensive PE factory inventory is 46.6 million tons (0); the PP warehouse receipt is 14569 (0), and the comprehensive PP factory inventory is 59.5 million tons (0) [8]. Supply - Demand Balance Sheet - **Polyethylene**: From 2018 to 2024, the production capacity, output, net import volume, and apparent consumption of polyethylene have shown different trends. The production capacity growth rate was relatively high in 2020 (17.8%) and 2025E (20.5%). The import dependence decreased from 46.3% in 2018 to 31.1% in 2023 [13]. - **Polypropylene**: From 2018 to 2024, the production capacity, output, net import volume, and apparent consumption of polypropylene also changed. The production capacity growth rate was relatively high in 2020 (15.5%) and 2023 (14.1%). The import dependence decreased from 18.6% in 2018 to 8.4% in 2023 [15].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The industry is affected by factors such as cost, supply, and demand. For industrial silicon, there is an increase in cost support, supply-side production scheduling is rising, and demand recovery remains at a low level. For polysilicon, supply-side production scheduling is decreasing, and overall demand shows a continuous decline [6][8]. - Industrial silicon 2601 is expected to fluctuate in the range of 8785 - 8985, and polysilicon 2601 is expected to fluctuate in the range of 52890 - 54540 [6][8]. Summary by Directory 1. Daily Views Industrial Silicon - **Fundamentals**: Last week, the supply was 100,000 tons, a 0.44% decrease from the previous week, and the demand was 87,000 tons, also showing a decline. Polysilicon inventory is at a neutral level, with silicon wafers and battery cells in a loss state, and components in a profitable state. Organic silicon inventory is at a low level, with a production profit of -520 yuan/ton and a comprehensive operating rate of 68.56%, which is flat compared to the previous week and lower than the historical average. Aluminum alloy ingot inventory is at a high level, with an import loss of 211 yuan/ton [6]. - **Basis**: On November 4th, the spot price of non-oxygenated 553 silicon in East China was 9300 yuan/ton, and the basis of the 01 contract was 415 yuan/ton, indicating that the spot price was higher than the futures price [6]. - **Inventory**: Social inventory was 558,000 tons, a 0.17% decrease from the previous week. Sample enterprise inventory was 168,100 tons, a 0.24% increase from the previous week. The inventory of major ports was 124,000 tons [6]. - **Disk**: The MA20 of the 01 contract was upward, and the futures price closed above the MA20 [6]. - **Main Position**: The net short position of the main position decreased [6]. - **Expectation**: Supply-side production scheduling is increasing, approaching the historical average level. Demand recovery is at a low level, and cost support is rising. Industrial silicon 2601 is expected to fluctuate in the range of 8785 - 8985 [6]. Polysilicon - **Supply**: Last week's production was 28,200 tons, a 4.40% decrease from the previous week. The production schedule for November is expected to be 120,100 tons, a 10.37% decrease from the previous month [8]. - **Demand**: Last week, the production of silicon wafers was 14.24GW, a 3.32% decrease from the previous week, and the inventory was 189,300 tons, a 2.49% increase from the previous week. Currently, silicon wafer production is in a loss state. The production schedule for November is 57.66GW, a 4.92% decrease from the previous month. The production of battery cells in October was 59.27GW, a 2.78% decrease from the previous month. Last week, the inventory of battery cell external sales factories was 3.85GW, a 36.04% decrease from the previous week. Currently, production is in a loss state. The production schedule for November is 58.68GW, a 0.99% decrease from the previous month. The production of components in October was 48.1GW, a 3.60% decrease from the previous month. The expected production of components in November is 46.92GW, a 2.45% decrease from the previous month. The domestic monthly inventory is 24.76GW, a 51.73% decrease from the previous month, and the European monthly inventory is 28.1GW, a 5.70% decrease from the previous month. Currently, component production is in a profitable state [8]. - **Cost**: The average cost of N-type polysilicon in the industry is 38,760 yuan/ton, and the production profit is 12,240 yuan/ton [8]. - **Basis**: On November 4th, the price of N-type dense material was 51,000 yuan/ton, and the basis of the 01 contract was -1515 yuan/ton, indicating that the spot price was lower than the futures price [8]. - **Inventory**: The weekly inventory was 261,000 tons, a 1.16% increase from the previous week, at a neutral level compared to the historical average [8]. - **Disk**: The MA20 of the 01 contract was upward, and the futures price closed above the MA20 [8]. - **Main Position**: The net long position of the main position decreased [8]. - **Expectation**: Supply-side production scheduling is continuously decreasing, and overall demand shows a continuous decline. Cost support is strengthening. Polysilicon 2601 is expected to fluctuate in the range of 52890 - 54540 [8]. 2. Industrial Silicon Market Overview - The prices of most industrial silicon contracts decreased compared to the previous day, with the 01 contract of East China non-oxygenated 553 silicon at 8885 yuan/ton, a 2.79% decrease from the previous day [15]. - The weekly social inventory was 558,000 tons, a 0.18% decrease from the previous week. The inventory of sample enterprises in Yunnan, Xinjiang, and Sichuan showed different trends [6][15]. - The production and operating rates of sample enterprises in different regions also showed different trends, with the production of sample enterprises decreasing by 2.36% compared to the previous week [15]. 3. Polysilicon Market Overview - The prices of most polysilicon contracts decreased compared to the previous day, with the 01 contract at 53,715 yuan/ton, a 4.19% decrease from the previous day [17]. - The prices of silicon wafers, battery cells, and components remained relatively stable, with some showing slight fluctuations [17]. - The weekly production of silicon wafers was 12.9GW, a 5.74% increase from the previous week, and the inventory was 26.5GW, a 22.06% decrease from the previous week [17]. 4. Industrial Silicon Price - Basis and Delivery Product Price Difference Trends - The basis of the SI main contract and the price difference between East China 421 and 553 showed different trends over time [20]. 5. Polysilicon Disk Price Trends - The price and trading volume of the PS main contract, as well as the basis of the main contract, showed different trends in the short term [23]. 6. Industrial Silicon Inventory - The inventory of industrial silicon in delivery warehouses and ports, as well as the weekly inventory of SMM sample enterprises, showed different trends over time [25]. 7. Industrial Silicon Production and Capacity Utilization Trends - The weekly production of SMM sample enterprises in different regions and the monthly production of industrial silicon by specification showed different trends over time [28][29]. - The operating rates of SMM sample enterprises in different regions also showed different trends [30]. 8. Industrial Silicon Cost - Sample Region Trends - The cost and profit of 421 silicon in Sichuan, Yunnan, and Xinjiang showed different trends over time [35]. 9. Industrial Silicon Weekly and Monthly Supply - Demand Balance Sheets - The weekly and monthly supply - demand balance of industrial silicon showed different trends, with factors such as production, import, export, and consumption affecting the balance [37][40]. 10. Industrial Silicon Downstream - Organic Silicon - **DMC**: The daily capacity utilization rate, profit, cost, and production of DMC showed different trends over time. The price of DMC also showed different trends in different years [43]. - **Downstream Products**: The prices of downstream products such as 107 glue, silicone oil, raw rubber, and D4 showed different trends over time [45]. - **Import - Export and Inventory**: The monthly import and export volumes and inventory of DMC showed different trends over time [49]. 11. Industrial Silicon Downstream - Aluminum Alloy - **Price and Supply**: The prices of SMM aluminum alloy ADC12, the import cost and profit of ADC12, and the import - export situation of Chinese unforged aluminum alloy showed different trends over time [52]. - **Inventory and Production**: The monthly production of primary and secondary aluminum alloy ingots, the weekly operating rates of primary and secondary aluminum alloys, and the social inventory of aluminum alloy ingots showed different trends over time [55]. - **Demand**: The monthly production of automobiles and the export of aluminum alloy wheels showed different trends over time [56]. 12. Industrial Silicon Downstream - Polysilicon - **Fundamentals**: The cost, price, inventory, production, and operating rate of polysilicon showed different trends over time [62]. - **Supply - Demand Balance**: The monthly supply - demand balance of polysilicon showed different trends, with factors such as supply, import, export, and consumption affecting the balance [65]. - **Silicon Wafer Trends**: The price, production, inventory, demand, and net export of silicon wafers showed different trends over time [68]. - **Battery Cell Trends**: The price, production, inventory, operating rate, and export of battery cells showed different trends over time [71]. - **Photovoltaic Component Trends**: The price, inventory, production, and export of photovoltaic components showed different trends over time [74]. - **Photovoltaic Accessory Trends**: The prices of photovoltaic coatings, the import - export of photovoltaic films, the production of photovoltaic glass, the prices of high - purity quartz sand, and the import - export of solder strips showed different trends over time [77]. - **Component Composition Cost - Profit Trends**: The silicon material cost, silicon wafer cost - profit, battery cell cost - profit, and component cost - profit of 210mm double - sided double - glass components showed different trends over time [79]. - **Photovoltaic Grid - Connected Power Generation Trends**: No specific content was provided in the text.

交易咨询业务资格：证监许可【2012】1091号 2025-11-05甲醇早报 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 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 检修状况 甲醇2601： 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。 1、基本面：基本面转弱的预期下，预计短期国内甲醇延续偏弱运行。内地来看，多套烯烃装置在11月份有检修计划， 传统下游醋酸开工偏低、鲁北大型甲醇制氢装置停车检修，需求面的利空作用明显。当前国内甲醇开工高位，以及上游 甲醇工厂仍维持低库存仍然出货为主。综合来看供需矛盾短期内难有缓和，同时考虑到当前甲醇价格已处于低位，贸易 商谨慎做空对底部价格有支撑，预计跌幅有限。港口方面，海外高供应预期和港口高库存空头氛围压制下，预计本周港 口甲醇市场延续弱势下跌，关注制裁事件后续影响、伊朗发货情况、沿海MTO开工等情况；中性 2、基差：江 ...

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5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 每日观点 4 一、沥青行情概览 表1. 昨日行情概览 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33.3174%，环比增加 0.239个百分点，全国样本企业出货33.13万吨，环比增加13.98%,样本企业产量为 55.6万吨，环比增加0.72%,样本企业装置检修量预估为60.8万吨，环比减少10.05%, 本周炼厂有所增产，提升供应压力。下周或将增加供给压力。 需求端来看，重交沥青开工率为31.5%，环比增加0.01个百分点，低于历史平均水 平；建筑沥青开工率 ...

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 2025年11月5日 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。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 | | | 供给端来看 ， 需求端来看 | 上周碳酸锂产量为21080吨 环比减少1 07% ， . , 上周磷酸铁锂样本企业库存为104979吨 环比增加0 | 高于历史同期平均水平 61% 上周三元材 | 。 | | | --- | --- | --- | --- | --- | --- | --- | | | | ， 料样本企业库存为18890吨 | ， . 环比增加1 60% ， . 。 | , | | | | | | 成本端来看 | 外购锂辉石精矿成本为79630元/吨 日环比减少0 98% | 生产所得为 | | | | 1 | 基本面: | ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The cotton market shows a mixed picture with both bullish and bearish factors. The upcoming large - scale listing of new cotton is a bearish factor, but the slight increase in seed cotton purchase prices and the reduction of tariffs after the Sino - US leaders' meeting are positive. The cotton futures main contract 01 has rebounded and is currently in a short - term sideways consolidation between 13,500 - 13,700 [5]. 3. Summary by Directory 3.1 Previous Day's Review No information provided in the content. 3.2 Daily Tips - **Fundamentals**: Different institutions' reports show varying data on cotton production, consumption, and inventory. For example, ICAC's 11 - month report for the 25/26 season indicates a production of 25.4 million tons and consumption of 25 million tons. In September, textile and clothing exports were $24.42 billion, a year - on - year decrease of 1.4%. China's cotton imports in September were 100,000 tons, a year - on - year decrease of 18.7%, while cotton yarn imports were 130,000 tons, a year - on - year increase of 18.18%. Overall, the fundamentals are bearish [5]. - **Basis**: The national average price of spot 3128b is 14,841, with a basis of 1306 (for the 01 contract), indicating a premium over futures, which is bullish [5]. - **Inventory**: China's Ministry of Agriculture predicts an ending inventory of 8.22 million tons for the 25/26 season in October, which is bearish [5]. - **Market Chart**: The 20 - day moving average is flat, and the K - line is above the 20 - day moving average, which is bullish [5]. - **Main Position**: The net short position is decreasing, but the overall main position is bearish [5]. - **Expectation**: New cotton is about to be listed in large quantities. The previous negative news has been gradually digested, and the seed cotton purchase price has increased slightly. After the Sino - US leaders' meeting, tariffs have been reduced. The futures main contract 01 has rebounded and is currently in a short - term sideways consolidation between 13,500 - 13,700 [5]. 3.3 Today's Focus No information provided in the content. 3.4 Fundamental Data - **USDA Global Production and Sales Forecast (September)**: The total global cotton production in the 25/26 season is expected to be 25.622 million tons, with a month - on - month increase of 230,000 tons. Consumption is expected to be 25.872 million tons, with a month - on - month increase of 184,000 tons. Ending inventory is expected to be 15.925 million tons, a month - on - month decrease of 168,000 tons [11]. - **ICAC Global Cotton Supply - Demand Balance Sheet**: In the 25/26 season, global production is 2.59 million tons, an increase of 40,000 tons (1.6%) year - on - year; consumption is 2.56 million tons, basically unchanged; ending inventory is 1.71 million tons, an increase of 26,000 tons (1.6%) year - on - year; global trade volume is 970,000 tons, an increase of 36,000 tons (3.9%) year - on - year. The price forecast (Cotlook A Index) is 57 - 94 cents per pound (median 73 cents) [13]. - **Ministry of Agriculture Data (October)**: For the 25/26 season, China's cotton production is 636,000 tons, imports are 140,000 tons, consumption is 740,000 tons, and ending inventory is 822,000 tons. The domestic average price of cotton 3128B is expected to be between 14,000 - 16,000 yuan per ton, and the Cotlook A Index is expected to be between 75 - 100 cents per pound [15]. 3.5 Position Data No information provided in the content.