交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年12月11日 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 1、基本面：昨日PTA期货震荡偏弱，伴随盘面走低，聚酯工厂后点价增多，现货市场商谈氛围一般，现货基差略走强，少量聚 酯工厂补货。12月中主港货在01贴水25附近商谈成交，12月下主港在01-20附近成交，个别货源价格略低，价格商谈区间在 4595~4625。今日主流现货基差在01-25。中性 5、主力持仓：净多 多减 偏多 6、预期：近期PTA供需格局变动不大，部分聚酯工厂阶段性补货，现货基差区间波动，期货盘面跟随成本端震荡运行，关注油 价走势及下游需求情况。 2、基差：现货4612，01合约基差-4，盘面升水 中性 3 ...

1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report - The fundamentals of glass are weak. The production profit recovery is sluggish, supply contraction is less than expected, downstream deep - processing orders are weak due to the real estate drag, and inventory is at a historically high level. It is expected to fluctuate weakly in the short term [2]. - The main logic is that glass supply has stabilized at a low level, deep - processing factory orders are dismal, and glass factory inventories are rising, leading to an expected low - level weak - fluctuation in glass prices [6]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main contract decreased from 984 yuan/ton to 964 yuan/ton, a decline of 2.03%. - The spot price of Shahe Safety large boards decreased from 972 yuan/ton to 968 yuan/ton, a decline of 0.41%. - The main basis changed from - 12 yuan/ton to 4 yuan/ton, a change of - 133.33% [7]. Glass Spot Market - The market price of 5mm white glass large boards in Hebei Shahe, the spot benchmark, is 968 yuan/ton, a decrease of 4 yuan/ton from the previous day [14]. Fundamentals - Cost Side No specific content about the cost - side analysis is provided other than the mention of glass production profit. Fundamentals - Supply - The number of operating national float glass production lines is 220, with an operating rate of 74.51%, at a historically low level in the same period. - The daily melting volume of national float glass is 157,200 tons, and the production capacity is at a historically low level in the same period [25][27]. Fundamentals - Demand - In September 2025, the apparent consumption of float glass was 4.7082 million tons [30]. - There are mentions of housing sales, new construction, construction, completion areas, and downstream processing factory operations and orders, but no specific data is provided other than the consumption data. Fundamentals - Inventory - The inventory of national float glass enterprises is 59.442 million weight boxes, a decrease of 4.68% from the previous week, and the inventory is above the five - year average [43]. Fundamentals - Supply - Demand Balance Sheet | Year | Production (10,000 tons) | Apparent Supply (10,000 tons) | Consumption (10,000 tons) | Production Growth Rate | Consumption Growth Rate | Net Import Ratio | | --- | --- | --- | --- | --- | --- | --- | | 2017 | 5354 | 5263 | 5229 | | | - 1.734 | | 2018 | 5162 | 5098 | 5091 | - 3.59% | - 2.64% | - 1.26% | | 2019 | 5052 | 5027 | 5061 | - 2.13% | - 0.59% | - 0.50% | | 2020 | 5000 | 5014 | 5064 | - 1.03% | 0.06% | 0.289 | | 2021 | 5494 | 5507 | 5412 | 9.88% | 6.87% | 0.244 | | 2022 | 5463 | 5418 | 5327 | - 0.56% | - 1.57% | - 0.834 | | 2023 | 5301 | 5252 | 5372 | - 2.97% | 0.84% | - 0.934 | | 2024E | 5510 | 5461 | 5310 | 3.94% | - 1.15% | - 0.90% | [44] Influencing Factors - **Positive Factors**: "Coal - to - Gas" in the Shahe area and cold repairs in the industry have led to production losses [4]. - **Negative Factors**: 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 of the deep - processing industry is not optimistic, and traders and processors are cautious, mainly digesting the original glass inventory [5].

Industry Investment Rating - No information provided Core Viewpoints - The LLDPE and PP markets are expected to show weak and volatile trends today. The fundamentals of both are oversupplied, with downstream demand generally weak, although propane price increases are providing some support to the market [4][6]. Summary by Related Catalogs LLDPE Overview - **Fundamentals**: In November, the official PMI was 49.2, up 0.2 points from the previous month, indicating stable manufacturing sentiment. OPEC+ decided to maintain the production plan set in early November, increasing production by 137,000 barrels per day in December and suspending the increase from January to March 2026. Coal prices have fallen, improving coal - based production profits. Agricultural film demand is weak, while packaging film demand is mainly driven by rigid needs, with some improvement in certain regions. The current LLDPE delivery product spot price is 6,580 (-60), and the overall fundamentals are bearish [4]. - **Basis**: The basis of the LLDPE 2601 contract is -19, with a premium/discount ratio of -0.3%, considered neutral [4]. - **Inventory**: The comprehensive PE inventory is 508,000 tons (+11,000), considered neutral [4]. - **Market**: The 20 - day moving average of the LLDPE main contract is downward, and the closing price is below the 20 - day line, indicating a bearish trend [4]. - **Main Position**: The net long position of the LLDPE main contract is increasing, indicating a bullish trend [4]. - **Expectation**: The LLDPE main contract is showing a weak downward trend. With an oversupply in fundamentals, a strong propane price driving the market, neutral industrial inventory, and a decline in downstream demand, it is expected that the PE market will show a weak and volatile trend today [4]. - **Likely Influencing Factors**: Bullish factor is cost support; bearish factors are weak downstream demand year - on - year and significant new production capacity in the fourth quarter. The main logic is oversupply and domestic macro - policies [5]. PP Overview - **Fundamentals**: In November, the official PMI was 49.2, up 0.2 points from the previous month, indicating stable manufacturing sentiment. OPEC+ decided to maintain the production plan set in early November, increasing production by 137,000 barrels per day in December and suspending the increase from January to March 2026. Coal prices have fallen, improving coal - based production profits. Plastic weaving has entered the off - season with falling demand, while pipe demand is acceptable. The current PP delivery product spot price is 6,300 (-50), and the overall fundamentals are bearish [6]. - **Basis**: The basis of the PP 2601 contract is 138, with a premium/discount ratio of 2.2%, indicating a bullish trend [6]. - **Inventory**: The comprehensive PP inventory is 537,000 tons (-28,000), considered neutral [6]. - **Market**: The 20 - day moving average of the PP main contract is downward, and the closing price is below the 20 - day line, indicating a bearish trend [6]. - **Main Position**: The net short position of the PP main contract is decreasing, but still indicating a bearish trend [6]. - **Expectation**: The PP main contract is showing a weak downward trend. With an oversupply in fundamentals, a strong propane price driving the market, neutral industrial inventory, and average downstream demand, it is expected that the PP market will show a weak and volatile trend today [6]. - **Likely Influencing Factors**: Bullish factor is cost support; bearish factors are weak downstream demand year - on - year and significant new production capacity in the fourth quarter. The main logic is oversupply and domestic macro - policies [7]. Spot and Futures Market Data - **LLDPE**: The spot delivery product price is 6,580 (-60), the 05 - contract price is 6,599 (-11), the basis is -19 (-49), the comprehensive PE factory inventory is 508,000 tons (+11,000), and the PE social inventory is 457,000 tons (-30,000) [8]. - **PP**: The spot delivery product price is 6,300 (-50), the 01 - contract price is 6,162 (-30), the basis is 138 (-20), the comprehensive PP factory inventory is 537,000 tons (-28,000), and the PP social inventory is 315,000 tons (-10,000) [8]. Supply - Demand Balance Sheets - **Polyethylene**: From 2018 to 2024, the production capacity has been increasing year - by - year, with a planned 20.5% increase in 2025E. The production, net imports, apparent consumption, and actual consumption have also shown certain trends. For example, the production capacity in 2024 was 3,584.5, with a 12.4% growth rate [13]. - **Polypropylene**: From 2018 to 2024, the production capacity has been increasing year - by - year, with a planned 11.0% increase in 2025E. The production, net imports, apparent consumption, and actual consumption have also changed accordingly. For example, the production capacity in 2024 was 4,418.5, with a 13.5% growth rate [15].

交易咨询业务资格：证监许可【2012】1091号 • 1. 基本面：当前日产及开工率有小幅回落，因西部部分装置停车，综合库存有所回落，去库 形态较明显。需求端，农业需求、工业需求按需为主，复合肥开工率同比明显回升，冬储需求较 强，提振盘面情绪。出口内外价差大，国内尿素整体仍供过于求。交割品现货1690（+10），基 本面整体中性； • 2. 基差： UR2601合约基差45，升贴水比例2.7%，偏多； • 3. 库存：UR综合库存139.6万吨（-6.8），偏空； • 4. 盘面： UR主力合约20日均线走平，收盘价位于20日线下，偏空； • 5. 主力持仓：UR主力持仓净空，减空，偏空； • 6. 预期：尿素主力合约盘面弱势下行，工业需求按需为主，库存去库，国内整体供过于求仍 明显，预计UR今日走势震荡偏弱 • 尿素概述： • 利多 • 1、库存去库 • 利空 • 1、国内供过于求 • 2、日产继续新高 尿素早报 2025-12-11 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务 ...

Report Industry Investment Rating - Not provided Core Viewpoints - Asian low - sulfur fuel oil market will remain well - supplied from December to January, and downstream marine fuel oil demand lacks support; Singapore high - sulfur fuel oil market is in a supply - surplus situation which will last for some time [3] - Overnight crude oil fluctuated. The Fed's rate cut and neutral - dovish remarks partially stabilized the market, and the US seizure of a Venezuelan oil tanker boosted fuel oil prices. FU2601 is expected to trade in the 2360 - 2410 range, and LU2602 in the 2960 - 3000 range [3] - The market is driven by the resonance of geopolitical risks on the supply side and neutral demand, with potential risks including the breakdown of OPEC+ unity and the escalation of war risks [4] Summary by Directory 1. Daily Prompt - The previous day's FU主力合约期货价 was 2443, the current value is 2420, down 23 (-0.94%); LU主力合约期货价 was 3014, the current value is 3006, down 8 (-0.27%); FU基差 was 19, the current value is -7, down 26.31 (-139.64%); LU基差 was 25, the current value is 11, down 14 (-55.56%) [5] - The previous day's prices of Zhoushan high - sulfur fuel oil, Zhoushan low - sulfur fuel oil, Singapore high - sulfur fuel oil, Singapore low - sulfur fuel oil, Middle East high - sulfur fuel oil, and Singapore diesel were 430.00, 442.00, 333.15, 418.50, 303.37, and 628.21 respectively. The current values are 432.00, 444.00, 330.69, 415.78, 301.14, and 612.77 respectively, with corresponding changes of 2.00 (0.47%), 2.00 (0.45%), -2.46 (-0.74%), -2.72 (-0.65%), -2.23 (-0.74%), and -15.44 (-2.46%) [6] 2. Long - Short Concerns - Bullish factors: Russia's fuel export restrictions; cancellation of US - Russia talks and sanctions against Russian oil - related enterprises [4] - Bearish factors: Optimism on the demand side remains to be verified; upstream crude oil is under pressure [4] 3. Fundamental Data - Fundamentals: Asian low - sulfur fuel oil market is well - supplied from December to January, and downstream demand lacks support; Singapore high - sulfur fuel oil market is in supply surplus [3] - Basis: Singapore high - sulfur fuel oil basis is -7 yuan/ton, low - sulfur fuel oil basis is 11 yuan/ton, and the spot is at par with the futures [3] - Inventory: Singapore fuel oil inventory in the week of December 3 was 2123.9 million barrels, an increase of 64 million barrels [3] - Disk: The price is below the 20 - day line, and the 20 - day line is downward [3] - Main positions: High - sulfur main positions are short, with an increase in short positions; low - sulfur main positions are long, with an increase in long positions [3] 4. Spread Data - The report mentions the high - low sulfur futures spread, but no specific data analysis is provided [12] 5. Inventory Data - Singapore fuel oil inventory data from September 24 to December 3 is provided, showing fluctuations in inventory levels [8]

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given text, so this part is skipped. 2. Core Views - Market perceives Fed Chair Powell's speech as more dovish than expected, leading to an upward trend in gold and silver prices. The market ignores the pause in rate - cuts, and the London market accelerated its upward movement before the domestic market opened, in line with the upward trend of the domestic market [4][5]. - For gold, the upward trend remains unchanged. The morning premium of Shanghai gold is - 12 yuan/gram, indicating a potential price increase of 9 yuan/gram [4]. - For silver, the bullish sentiment in Shanghai silver remains strong. The morning premium of Shanghai silver is 20 yuan/gram, suggesting a price increase of 380 yuan/kg, hitting a new high. However, the gold - silver ratio is extremely low, and usually, the recovery of the gold - silver ratio is mainly driven by a decline in silver prices, so cautious operation is recommended. The market believes the Fed is dovish, and the target of 15000 for Shanghai silver is hard to abandon [5]. 3. Summary by Directory 3.1. Previous Day Review - **Gold**: COMEX gold futures rose 0.45% to $4236.6 per ounce. The 10 - year US Treasury yield rose 2.35 basis points to 4.188%. The US dollar index rose 0.14% to 99.24, and the offshore RMB appreciated against the US dollar to 7.0602. The gold futures price was 956.4, the spot price was 951.2, with a basis of - 5.3 (spot at a discount to futures). Gold futures warehouse receipts were 91299 kg, unchanged. The 20 - day moving average was upward, and the k - line was above the 20 - day moving average. The main net position was long, but the main long positions decreased [4]. - **Silver**: COMEX silver futures rose 4.72% to $61.16 per ounce. The silver futures price was 14373, the spot price was 14351, with a basis of - 22 (spot at a discount to futures). Shanghai silver futures warehouse receipts were 741845 kg, an increase of 24057 kg compared to the previous day. The 20 - day moving average was upward, and the k - line was above the 20 - day moving average. The main net position was long, but the main long positions decreased [5]. 3.2. Daily Tips - **Gold**: The market believes the Fed is dovish, and the upward trend of gold prices remains unchanged. The morning premium of Shanghai gold is - 12 yuan/gram, indicating a potential price increase of 9 yuan/gram [4]. - **Silver**: The bullish sentiment in Shanghai silver remains strong. The morning premium of Shanghai silver is 20 yuan/gram, suggesting a price increase of 380 yuan/kg, hitting a new high. However, the gold - silver ratio is extremely low, and cautious operation is recommended. The market believes the Fed is dovish, and the target of 15000 for Shanghai silver is hard to abandon [5]. 3.3. Today's Focus - 07:50: Japan's Q4 BSI large - scale manufacturing confidence index - 08:30: Australia releases its November employment report (including employment population and unemployment rate) - 15:00: China's Ministry of Commerce holds its second regular press conference in December - 16:30: Swiss National Bank announces its interest - rate decision - 17:00: Swiss National Bank President Schlegel holds a press conference - 17:50: Bank of England Governor Bailey participates in a pre - recorded fireside chat with the Financial Times, with the topic related to global financial stability - 18:00: Bank of England Governor Bailey presents evidence at the "UK COVID Inquiry" - 20:00: National Bank of Ukraine announces its interest - rate decision - 21:30: US initial jobless claims for the week ending December 6, September trade balance; Canada's September trade balance - Next day 01:00: Fed releases data on the financial health of US households from the Q3 2025 Flow of Funds Report [14] 3.4. Fundamental Data - **Gold**: After Trump took office, the world entered a period of extreme turmoil and change. The inflation expectation shifted to an economic recession expectation, making it difficult for gold prices to decline. Recently, the Fed's rate cuts and the optimistic expectation of Russia - Ukraine peace talks have jointly affected the market, and combined with liquidity concerns, there is still upward momentum for gold prices, but it is limited [9]. - **Silver**: After Trump took office, the world entered a period of extreme turmoil and change. The inflation expectation shifted to an economic recession expectation, and silver prices still mainly follow gold prices. Tariff concerns have a stronger impact on silver prices, and there is a risk of an enlarged increase in silver prices [12]. 3.5. Position Data - **Gold**: The main net position is long, but the main long positions are decreasing. The long positions of the top 20 in Shanghai gold increased by 651 (0.38%) to 173,961 on December 10 compared to December 9; the short positions decreased by 209 (- 0.36%) to 58,557; the net position increased by 860 (0.75%) to 115,404 [4][29]. - **Silver**: The main net position is long, but the main long positions are decreasing. The long positions of the top 20 in Shanghai silver increased by 21,648 (5.33%) to 428,103 on December 10 compared to December 9; the short positions increased by 24,468 (8.15%) to 324,706; the net position decreased by 2,820 (- 2.65%) to 103,397 [5][31].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The game of supply shortage has cooled down, and the expectation of interest rate cuts supports the prices of gold and silver [1] - The silver price rally stopped after the sentiment cooled down, but the supply shortage hype will continue to occur repeatedly [59] - Before the Fed's December meeting, the prices of gold and silver will be continuously supported by the interest rate cut expectation and remain strong. After the meeting, the prices may face downward pressure in the short - term [59] - The overall upward trend of gold and silver prices remains unchanged in the long - term, but they may face short - term highs after the Fed meeting [59] 3. Summary According to the Table of Contents 3.1 Market Review - There are various charts showing the historical data of gold and silver, including the position and trading volume of Shanghai gold and silver indices, price spreads, US dollar index, US Treasury yields, and spot gold - silver ratios [13][15][23] 3.2 Logical Analysis - The expectation of a Fed interest rate cut in December continued to rise, reaching 89.2%. The latest "dot plot" showed a stronger dovish signal [33][38] - The supply shortage hype of COMEX silver 12 - contract led to a sharp rise in the silver price, but the possibility of a short squeeze in the New York market is limited [59] - The recovery of the technology sector and the optimistic expectation of the Politburo economic meeting support the silver price [59] 3.3 Fundamental Data - Macroeconomic data of the US, such as GDP growth rate, import and export volume, trade balance, and various PMI indices, are presented [32] - Inflation data including CPI, core CPI, PCE, and core PCE are provided [32] 3.4 Position Data - The long and short positions and net positions of the top 20 in Shanghai gold and silver increased on December 5, 2025, compared with the previous day [42][43] - CFTC data shows that the net long positions of gold and silver decreased significantly as of October 28 [44] - Gold and silver ETF holdings increased overall but decreased the day before [48] - Shanghai gold and silver inventories continued to increase, COMEX gold inventory decreased, and COMEX silver inventory stopped falling and rebounded slightly [53][54] 3.5 Summary - The prices of gold and silver are affected by factors such as interest rate cut expectations, supply shortage hype, and macro - economic conditions [59] - Although the long - term upward trend remains unchanged, they may face short - term downward pressure after the Fed meeting [59]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply of lithium carbonate last week was 21,939 tons, a week - on - week increase of 0.33%, higher than the historical average. The inventory of sample enterprises of lithium iron phosphate and ternary materials decreased. The cost of external purchase of lithium spodumene concentrate and lithium mica led to losses, while the salt - lake end had sufficient profit margins and high production motivation. The overall situation was a tight balance between supply and demand, with emotional fluctuations caused by news. The 2605 contract of lithium carbonate was expected to fluctuate in the range of 89,200 - 92,800 yuan/ton [8][9][10][14]. - Bullish factors included the production cut plans of lithium mica manufacturers and the month - on - month decline in the import volume of lithium carbonate from Chile. Bearish factors were the continuous high supply at the ore/salt - lake end with limited decline [12][13]. 3. Summary According to the Table of Contents 3.1 Daily Views - **Supply**: Last week's lithium carbonate output was 21,939 tons, up 0.33% week - on - week, higher than the historical average. In November 2025, the output was 95,350 physical tons, and the predicted output for the next month was 98,210 physical tons, a month - on - month increase of 3.00%. The import volume in November was 25,500 physical tons, and the predicted import volume for the next month was 27,000 physical tons, a month - on - month increase of 5.88% [8][10]. - **Demand**: The inventory of sample lithium iron phosphate enterprises last week was 103,681 tons, down 0.63% week - on - week, and the inventory of sample ternary material enterprises was 18,842 tons, down 2.68% week - on - week. It was expected that the demand would strengthen next month and the inventory would be reduced [8]. - **Cost**: The cost of externally purchased lithium spodumene concentrate was 94,487 yuan/ton, up 0.01% day - on - week, resulting in a loss of 3,021 yuan/ton; the cost of externally purchased lithium mica was 93,100 yuan/ton, unchanged day - on - week, resulting in a loss of 3,898 yuan/ton. The production cost at the recycling end was generally higher than that at the ore end, with negative production income and low production enthusiasm. The quarterly cash production cost at the salt - lake end was 31,477 yuan/ton, significantly lower than that at the ore end, with sufficient profit margins and strong production motivation [9]. - **Comprehensive Evaluation**: Fundamentals were neutral; the basis on December 9th showed that the spot price of battery - grade lithium carbonate was 92,750 yuan/ton, and the basis of the 05 contract was - 50 yuan/ton, with the spot at a discount to the futures, also neutral; inventory was neutral; the disk was neutral; the main position was net short with an increase in short positions, showing a bearish trend [9]. 3.2 Fundamental/Position Data - **Market Overview**: The prices of most lithium - related products declined, such as lithium carbonate futures closing price, which decreased by 2.29%. The registered warehouse receipts decreased by 1.52% [15]. - **Supply - side Data**: The weekly operating rate of lithium carbonate was 75.34%, unchanged. The monthly output of lithium carbonate in November 2025 was 95,350 tons, up 3.35% month - on - month. The monthly import volume of lithium concentrate was 531,013 tons, up 2.02% month - on - month, and the monthly import volume of lithium carbonate was 23,880.69 tons, up 21.86% month - on - month [19]. - **Demand - side Data**: The monthly output of lithium iron phosphate was 348,500 tons, up 5.14% month - on - month. The monthly export volume of lithium iron phosphate was 5,476,869 kg, up 77.13% month - on - month. The monthly output of ternary precursor and ternary material showed different trends, and the monthly power battery loading volume was 84,100 GWh, up 10.66% month - on - month [19].

交易咨询业务资格：证监许可【2012】1091号 甲醇2601： 2025-12-10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 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 检修状况 1、基本面：多空交织下预计本周甲醇市场维持震荡整理。内地方面，内地甲醇工厂暂无库存压力，但内地甲醇开工处 于高位水平，叠加内蒙大型甲醇项目计划再度重启，且部分上游工厂表现出强烈的出货意愿，供应端也暂无缺口。需求 来看，传统下游逐步进入需求淡季，但新增需求亮点显著：联泓新建45万吨/年烯烃装置计划在12月10日投产。同时， 冬季北方地区雨雪天气频发可能影响运输效率，销区下游企业为规避原料供应风险原料库存保持高位，但期补库需求仍 存，形成对价格的隐性支撑。港口方面，港口库存虽然延续小库但依旧高位，下游需求一般，浙江MTO装置 ...

交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年12月10日 每日观点——多晶硅 供给端来看，多晶硅上周产量为25800吨，环比增加7.50%,预测12月排产为11.35万 吨，较上月产量环比减少0.95%。 需求端来看，上周硅片产量为11.95GW,环比减少0.58%,库存为21.3万吨，环比增加 9.23%,目前硅片生产为亏损状态，12月排产为45.7GW,较上月产量54.37GW，环比减少 15.94%；11月电池片产量为55.61GW,环比减少6.17%,上周电池片外销厂库存为 9.07GW,环比减少4.72%，目前生产为亏损状态，12月排产量为48.72GW,环比减少 12.38%；11月组件产量为46.9GW,环比减少2.49%,12月预计组件产量为39.99GW,环比 减少14.73%,国内月度库存为24.76GW,环比减少51.73%,欧洲月度库存为33.1GW,环比 减少6.49%,目前组件生产为盈利状态。 成本端来看，多晶硅N型料行业平均成本为38700元/吨，生产利润为12300元/吨。 2、基差: 12月09日，N型致密料51000元/吨，05合约基差为-2 ...