Report Industry Investment Rating No relevant content provided. Core Views of the Report - The main logic of the industrial silicon market is capacity clearance, cost support, and demand increment. The main factors affecting the market include cost increase support, manufacturers' shutdown and production reduction plans, slow post - holiday demand recovery, and strong supply and weak demand in downstream polysilicon. The main risk points are the impact of shutdown, production reduction/maintenance plans, polysilicon inventory destocking, and resumption trends [11][12][13]. Summary According to the Table of Contents 1. Daily Views Industrial Silicon - **Fundamentals**: Last week, the supply of industrial silicon was 91,000 tons, with no change compared to the previous week. The demand was 80,000 tons, at a low level, with a 4.76% week - on - week decrease. The inventory of crystalline silicon was 271,000 tons, the inventory of silicone was 56,300 tons, and the inventory of aluminum alloy ingots was 75,200 tons. The comprehensive operating rate of silicone was 72.18%, with no change compared to the previous week, and lower than the historical average. The cost support in Xinjiang has increased, showing a bearish trend [6]. - **Basis**: On November 24, the spot price of non - oxygenated silicon in East China was 9,350 yuan/ton, and the basis of the 01 contract was 410 yuan/ton, with the spot at a premium to the futures, showing a bullish trend [6]. - **Inventory**: The social inventory was 548,000 tons, a 0.37% week - on - week increase; the sample enterprise inventory was 177,800 tons, a 3.01% week - on - week increase; the main port inventory was 129,000 tons, a 1.57% week - on - week increase, showing a bearish trend [6]. - **Disk**: The MA20 was downward, and the futures price of the 01 contract closed below the MA20, showing a bearish trend [6]. - **Main Position**: The main position was net short, and the short position increased, showing a bearish trend [6]. - **Expectation**: The supply production schedule has decreased, close to the historical average level. The demand recovery is at a low level, and the cost support has increased. The industrial silicon 2601 is expected to fluctuate in the range of 8,835 - 9,045 yuan/ton [6]. Polysilicon - **Fundamentals**: Last week, the polysilicon production was 27,100 tons, a 1.11% week - on - week increase. The forecasted production schedule for November was 120,100 tons, a 10.37% month - on - month decrease. The production of silicon wafers, battery cells, and components has decreased to varying degrees, and the overall demand shows a continuous decline. The cost support has stabilized, showing a bearish trend [8]. - **Basis**: On November 24, the price of N - type dense material was 51,000 yuan/ton, and the basis of the 01 contract was - 1,065 yuan/ton, with the spot at a discount to the futures, showing a bearish trend [8]. - **Inventory**: The weekly inventory was 271,000 tons, a 1.49% week - on - week increase, at a low level compared to the same period in history, showing a neutral trend [8]. - **Disk**: The MA20 was downward, and the futures price of the 01 contract closed below the MA20, showing a bearish trend [8]. - **Main Position**: The main position was net long, and the short position turned to long, showing a bullish trend [8]. - **Expectation**: The supply production schedule will decrease in the short term and is expected to recover in the medium term. The overall demand shows a continuous decline, and the cost support has stabilized. The polysilicon 2601 is expected to fluctuate in the range of 52,465 - 54,165 yuan/ton [8][9]. 2. Industrial Silicon and Polysilicon Market Overview - **Industrial Silicon**: The report provides the price, basis, inventory, production, and cost - profit data of industrial silicon contracts, as well as the price, production, and inventory data of downstream products such as silicone and aluminum alloy [15][16]. - **Polysilicon**: The report provides the price, production, inventory, and cost - profit data of polysilicon contracts, as well as the price, production, and inventory data of downstream products such as silicon wafers, battery cells, and components [17]. Other Data and Charts - The report also includes the price - basis and delivery product price difference trends of industrial silicon, the disk price trends of polysilicon, the inventory, production, and capacity utilization trends of industrial silicon, the cost trends of industrial silicon in sample regions, the weekly and monthly supply - demand balance sheets of industrial silicon, and the data and trends of downstream products of industrial silicon such as silicone, aluminum alloy, and polysilicon [19][22][25]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The domestic methanol market is expected to fluctuate and consolidate this week, with some regions possibly experiencing price drops. The inland market may turn weak due to high开工 and low demand, while the port market will continue to bottom - out until the shutdown of Iranian plants is confirmed and port inventory is significantly reduced. The MA2601 contract is expected to trade between 2000 - 2100 yuan/ton [5]. 3. Summary According to the Table of Contents 3.1 Daily Tips - The fundamentals show that while inland production areas have no inventory pressure, high port inventory suppresses the overall market. The inland market may return to a pattern of high - supply and weak - demand, and the port market will continue to bottom - out. The expected price range for MA2601 this week is 2000 - 2100 yuan/ton. The basis is neutral, inventory is bearish, the market trend is bearish, and the main position is net short with a decrease in short positions [5]. 3.2 Multi - and Short - Term Concerns - **Bullish factors**: Some plants have shut down, such as Yulin Kaiyue and Xinjiang Xinya; Iranian methanol production has decreased, and port inventory is at a low level; a 600,000 - ton/year acetic acid plant in Jingmen has started production, and a 600,000 - ton/year acetic acid plant in Xinjiang Zhonghe Hezhong is planned to be put into operation this month; northwest CTO plants are purchasing methanol externally [6]. - **Bearish factors**: Previously shut - down plants are restarting, like Inner Mongolia Donghua; there will be concentrated arrivals at ports in the second half of the month; formaldehyde has entered the traditional off - season, and MTBE operating rates have dropped significantly; coal - to - methanol has a certain profit margin and is actively selling; some plants in production areas have accumulated inventory due to poor sales [7]. 3.3 Fundamental Data - **Price data**: In the spot market, prices of various regions and varieties have different changes, with some rising and some remaining stable. In the futures market, the closing price of the main contract has increased. There are also corresponding changes in basis, import spreads, and price differences between regions [8]. - **Operating rate data**: The national weighted average operating rate is 74.90%, a decrease of 3.81% from last week. Operating rates in different regions such as East China, Shandong, Southwest, and Northwest have also decreased to varying degrees [8]. - **Inventory data**: As of November 20, 2025, the total social inventory of methanol in the East and South China ports is 1243,900 tons, a decrease of 35,100 tons from the previous period. The total available and tradable methanol in coastal areas has decreased by 42,400 tons to 723,500 tons [5]. 3.4 Maintenance Status - **Domestic plants**: Many domestic methanol plants are under maintenance or have reduced production, including those in the Northwest, East China, Southwest, and Northeast regions, with different maintenance start and end times and production losses [62]. - **Overseas plants**: Some Iranian plants are in the process of restarting or have unstable operations, and plants in other countries such as Saudi Arabia, Malaysia, and the United States also have different operating conditions [63]. - **Olefin plants**: Some olefin plants with methanol - to - olefin facilities are under maintenance, and others are operating stably or at different loads. For example, Shaanxi Qingcheng Clean Energy's methanol and olefin plants are under maintenance, while some plants in Northwest, East China, Central China, Shandong, and other regions are operating normally or at reduced loads [64].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoint of the Report The current silicon - manganese market presents a stalemate and game pattern of "strong cost - end and weak demand - end". Affected by the strong cost and downstream price - pressing, the adjustment of the spot market is limited. It is expected that the market will continue to fluctuate in the short term [2]. 3. Summary According to Related Catalogs Manganese Silicon Supply - **Capacity**: The report shows the monthly capacity of Chinese silicon - manganese enterprises [6][7]. - **Annual Output**: It presents the annual output of silicon - manganese in Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, other regions, and China as a whole [8][9]. - **Weekly, Monthly Output and开工率**: The weekly and monthly output of Chinese silicon - manganese and the weekly开工率 of Chinese silicon - manganese enterprises are provided [10][11]. - **Regional Output**: It includes the monthly output of Inner Mongolia, Ningxia, and Guizhou, and the daily average output of Inner Mongolia, Ningxia, Guizhou, and Guangxi [12][13]. Manganese Silicon Demand - **Steel Tendering Purchase Price**: The monthly purchase prices of silicon - manganese 6517 by Baoshan Iron & Steel Co., Ltd., Baowu E'gang, Chengde Jianlong, and other steel enterprises are shown [15][16]. - **Daily Average Hot Metal and Profit**: The weekly daily average output of hot metal and the weekly profitability of 247 steel enterprises in China are presented [17][18]. Manganese Silicon Import and Export The monthly import and export quantities of silicon - manganese in China are provided [19][20]. Manganese Silicon Inventory The weekly inventory of 63 sample silicon - manganese enterprises in China, the monthly average available days of silicon - manganese inventory in China, the northern region, and the eastern region are shown [21][22]. Manganese Silicon Cost - **Manganese Ore Import Volume**: The monthly import volume of manganese ore by trade method, from Gabon, southern Africa, and Australia to China is presented [23][24]. - **Manganese Ore Port Inventory and Available Days**: The weekly port inventory of manganese ore in China, Qinzhou Port, and Tianjin Port, and the weekly average available days of manganese ore inventory in China are shown [25][26]. - **High - Grade Manganese Ore Port Inventory**: The weekly port inventory of high - grade manganese ore from Australia, Gabon, and Brazil in Qinzhou Port and Tianjin Port is presented [27][28]. - **Tianjin Port Manganese Ore Price**: The daily summary prices of South African semi - carbonate manganese ore, Australian manganese ore, and Gabonese manganese ore in Tianjin Port are provided [29]. - **Regional Cost**: The daily costs of silicon - manganese in Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi are shown [30][31]. Manganese Silicon Profit The daily profits of silicon - manganese in the northern region, the southern region, Inner Mongolia, Ningxia, and Guangxi are presented [32][33].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The report analyzes the urea market on November 25, 2025, concluding that the overall domestic urea supply exceeds demand, but the improvement in exports boosts the market sentiment. It is expected that the UR contract will fluctuate today [4]. Group 3: Summary by Related Catalogs Urea Overview - **Fundamentals**: Current daily production and operating rate have rebounded again, and the comprehensive inventory has declined. On the demand side, agricultural demand has rebounded due to the influence of Northeast China, and industrial demand is mainly based on demand. The operating rates of compound fertilizers and melamine have increased year-on-year. With the commissioning of new production capacities such as Xinjiang Zhongneng in the middle of the month, the pressure on the supply side has increased again. The large price difference between domestic and international markets for exports has improved compared with the previous period, boosting the market sentiment. The overall domestic urea supply still exceeds demand. The spot price of the delivery product is 1640 (-10), and the overall fundamentals are neutral [4]. - **Basis**: The basis of the UR2601 contract is 2, and the premium/discount ratio is 0.1%, which is neutral [4]. - **Inventory**: The UR comprehensive inventory is 1.537 million tons (-28,000), which is bearish [4]. - **Market**: The 20-day moving average of the UR main contract is upward, and the closing price is below the 20-day line, which is neutral [4]. - **Main Position**: The net short position of the UR main contract has decreased, which is bearish [4]. - **Expectation**: For the UR main contract, industrial demand is mainly based on demand, agricultural demand has rebounded, and the improvement in exports compared with the previous period has boosted the market sentiment. The overall domestic supply still significantly exceeds demand. It is expected that the UR will fluctuate today [4]. Factors Affecting the Market - **Positive Factors**: Export improvement [5]. - **Negative Factors**: Domestic supply exceeding demand and new production capacity launch [5]. - **Main Logic**: International prices and marginal changes in domestic demand [5]. Spot, Futures, and Inventory Data - **Spot**: The spot price of the delivery product is 1640 (-10), the Shandong spot price is 1640 (-10), the Henan spot price is 1650 (0), and the FOB China price is 2842 [6]. - **Futures**: The price of the UR01 contract is 1638 (-16), the UR05 contract is 1711 (-17), and the UR09 contract is 1722 (-12) [6]. - **Inventory**: The warehouse receipt is 7570 (+387), the UR comprehensive inventory is 1.537 million tons (-28,000), the UR manufacturer inventory is 1.437 million tons, and the UR port inventory is 100,000 tons [6]. Supply - Demand Balance Sheet - From 2018 to 2024, the urea production capacity has been increasing year by year, with growth rates ranging from 8.4% to 15.5%. Production, net imports, apparent consumption, and actual consumption also show corresponding changes. The import dependence of PP ranges from 10.2% to 19.3%. The expected production capacity in 2025 is 49.06 million tons, with a growth rate of 11.0% [9].

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。 交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2025年11月25日 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 联系方式：0575-85226759 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 黄金 1、基本面：美联储委员再放鸽，继续助长12月降息预期，金价回升；美国三大股指 全线收涨，欧洲三大股指收盘涨跌不一；美债收益率集体下跌，10年期美债收益率 跌3.66个基点报4.027%；美元指数涨0.05%报100.20，离岸人民币对美元小幅贬值报 7.1068；COMEX黄金期货涨1.33%报4133.8美元/盎司；中性 2、基差：黄金期货927.36，现货926，基差-1.36，现货贴水期货；偏空 3、库存：黄金期货仓单90426千克，不变；偏空 4、盘面：20日均线向下，k线在20日均线下方；偏空 5、主力持仓：主力净持仓多 ...

Report Summary Investment Rating The report does not provide an overall investment rating for the fuel oil industry. Core Viewpoints The report analyzes the fuel oil market from multiple aspects, including fundamentals, basis, inventory, market trends, and positions. It concludes that the market is influenced by various factors such as geopolitical risks, supply - demand dynamics, and interest rate policies. The fuel oil prices are expected to move in the ranges of 2490 - 2540 for FU2601 and 3020 - 3070 for LU2601. The market is affected by both bullish and bearish factors, with supply being influenced by geopolitical risks and demand remaining neutral [3]. Summary by Directory 1. Daily Prompt - The report presents comprehensive analysis of the fuel oil market, including fundamentals, basis, inventory, market trends, and positions. It also provides expected price ranges for FU2601 and LU2601 [3]. 2. Multi - Air Concerns - Bullish factors: Russian fuel export restrictions and the cancellation of US - Russia talks along with sanctions on Russian oil - related enterprises [4]. - Bearish factors: Uncertainty in demand optimism and pressure on upstream crude oil [4]. 3. Fundamental Data - Fundamentals: High - sulfur fuel oil spot demand is mostly weak, with sufficient supply in Singapore in November, potentially pressuring prices in late November and December. The basis shows that the spot is nearly at par with the futures. The inventory in Singapore increased by 257 barrels to 2344.9 barrels in the week of November 19. The price is below the 20 - day line which is trending down. High - sulfur main positions are short and decreasing, while low - sulfur main positions are long and increasing [3]. 4. Spread Data - The report provides data on the basis of high - sulfur and low - sulfur fuel oils in Singapore. The basis of high - sulfur fuel oil is 10 yuan/ton, and that of low - sulfur fuel oil is 47 yuan/ton [3]. 5. Inventory Data - The inventory data shows the changes in Singapore's fuel oil inventory from September 10 to November 19. The inventory in the week of November 19 was 2344.9 barrels, an increase of 257 barrels [8]. Market Data - Futures market: The current prices of FU and LU main contracts are 2500 and 3055 respectively, down 29 and 62 from the previous values, with declines of 1.15% and 1.99%. The basis of FU remained unchanged, while that of LU decreased by 20, a decline of 29.52% [5]. - Spot market: The prices of high - sulfur and low - sulfur fuel oils in Zhoushan and Singapore have changed. For example, the price of high - sulfur fuel oil in Zhoushan decreased by 11 to 445, a decline of 2.41% [6].

Report Information - Report Title: Polyolefin Morning Report [2] - Report Date: November 25, 2025 [2] - Analyst: Jin Zebin from Dayue Futures Investment Consulting Department [3] Industry Investment Rating - Not provided Core Viewpoints - LLDPE is expected to trade sideways today due to an oversupply in the fundamentals, a decline in downstream demand, and a moderately high industrial inventory [4] - PP is also expected to trade sideways today, with an oversupply in the fundamentals, average downstream demand, and a moderately high industrial inventory [6] Summary by Category LLDPE Overview - **Fundamentals**: In October, the official PMI was 49, down 0.8 points from the previous month, indicating a decline in manufacturing sentiment. After the China-US summit, OPEC+ adjusted the crude oil market from undersupply to oversupply in November, causing oil prices to fall. Agricultural film demand declined, while other films were mainly for essential needs. The current spot price of LLDPE delivery products is 6,840 (-0), with overall bearish fundamentals [4] - **Basis**: The basis of the LLDPE 2601 contract is 47, with a premium ratio of 0.7%, which is bullish [4] - **Inventory**: PE's comprehensive inventory is 554,000 tons (-25,000), which is bearish [4] - **Market**: The 20-day moving average of the LLDPE main contract is downward, and the closing price is below the 20-day line, which is bearish [4] - **Main Position**: The net long position of the LLDPE main contract increased, which is bullish [4] - **Expectation**: The LLDPE main contract is expected to trade sideways [4] - **Likely Factors**: New sanctions on Russian oil may cause oil prices to rebound, and the China-US summit reached a phased easing [5] - **Negative Factors**: Demand is weaker year-on-year, and there are many new production launches in the fourth quarter [5] - **Main Logic**: Oversupply and domestic macro policies [5] PP Overview - **Fundamentals**: Similar to LLDPE, the macro situation is bearish. The demand for plastic weaving is average, while the demand for pipes has increased. The current spot price of PP delivery products is 6,380 (-0), with overall bearish fundamentals [6] - **Basis**: The basis of the PP 2601 contract is 8, with a premium ratio of 0.1%, which is neutral [6] - **Inventory**: PP's comprehensive inventory is 594,000 tons (-26,000), which is bearish [6] - **Market**: The 20-day moving average of the PP main contract is downward, and the closing price is below the 20-day line, which is bearish [6] - **Main Position**: The net short position of the PP main contract decreased, but it is still bearish [6] - **Expectation**: The PP main contract is expected to trade sideways [6] - **Likely Factors**: Similar to LLDPE, new sanctions on Russian oil and a phased easing in China-US relations [7] - **Negative Factors**: Similar to LLDPE, weaker demand year-on-year and many new production launches in the fourth quarter [7] - **Main Logic**: Oversupply and domestic macro policies [7] Supply and Demand Balance Sheets - **Polyethylene**: From 2018 to 2024, the production capacity, output, and apparent consumption of polyethylene generally showed an increasing trend, while the import dependence gradually decreased. In 2025E, the production capacity is expected to reach 4.3195 billion tons, with a growth rate of 20.5% [13] - **Polypropylene**: From 2018 to 2024, the production capacity, output, and apparent consumption of polypropylene also showed an increasing trend, and the import dependence gradually decreased. In 2025E, the production capacity is expected to reach 4.906 billion tons, with a growth rate of 11.0% [15]

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年11月25日 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。 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： 1、基本面：昨日PTA期货涨后回落，现货市场商谈氛围一般，现货基差走强，个别聚酯工厂递盘。个别主流供应商出远期货源。 本周下周在01贴水45~53商谈成交，价格商谈区间在4590~4665附近。12月下在01-40附近成交。1月在01-28~34附近有成交。本 周仓单在01-42附近有成交。今日主流现货基差在01-49。中性 5、主力持仓：净多 多增 偏多 6、预期：近期伴随PTA供应减量较预期增加、聚酯负荷坚挺且印度BIS取消提振PTA出口需求， PTA累库预期扭转，不排除阶段 性去库，PTA现货基差表现强势。不过绝对 ...

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The supply - demand of lithium carbonate is in a tight balance, and the market is affected by emotional fluctuations triggered by news. The lithium carbonate 2601 contract is expected to fluctuate in the range of 88,700 - 92,260 yuan/ton [8][10][13] 3. Summary by Relevant Catalogs 3.1 Daily View - **Supply**: Last week, the lithium carbonate production was 22,130 tons, a 2.71% week - on - week increase, higher than the historical average [8] - **Demand**: Last week, the inventory of sample enterprises of lithium iron phosphate was 102,584 tons, a 2.05% week - on - week decrease; the inventory of sample enterprises of ternary materials was 19,290 tons, a 0.41% week - on - week increase [8] - **Cost**: The cost of purchased lithium spodumene concentrate was 89,670 yuan/ton, a 1.97% daily decrease, with a profit of 1,350 yuan/ton; the cost of purchased lithium mica was 93,596 yuan/ton, a 3.56% daily decrease, with a loss of 4,836 yuan/ton. The cost of the recycling end is generally higher than that of the ore end, and the production enthusiasm is low. The quarterly cash production cost of the salt lake end is 31,477 yuan/ton, with sufficient profit margins and strong production motivation [10] - **Fundamentals**: Neutral. The basis of the 01 contract was 1,670 yuan/ton on November 24, with the spot at a premium to the futures, which is bullish. The overall inventory decreased by 1.70% week - on - week, higher than the historical average, which is neutral. The MA20 of the market is upward, and the futures price of the 01 contract closed above the MA20, which is bullish. The net short position of the main contract decreased, which is bearish [10] - **Expectation**: In October 2025, the lithium carbonate production was 92,260 physical tons, and the predicted production for next month is 92,080 physical tons, a 0.19% decrease. The import volume in October was 23,881 physical tons, and the predicted import volume for next month is 27,000 physical tons, a 13.06% increase. The demand is expected to strengthen next month, and the inventory may be reduced. The 6% concentrate CIF price decreased daily, lower than the historical average, and the demand continued to strengthen [10] - **Likely factors**: Lithium mica manufacturers' plans to stop or reduce production, and the month - on - month decline in the amount of lithium carbonate imported from Chile [11] - **Negative factors**: The supply at the ore/salt lake end remains at a high level, and the decline is limited [12] 3.2 Lithium Carbonate Market Overview - **Prices**: The prices of various lithium - related products such as lithium spodumene, lithium mica, lithium salts, cathode materials, and lithium batteries showed different degrees of increase or decrease. For example, the price of battery - grade lithium carbonate was 92,150 yuan/ton, a 0.16% decrease; the price of industrial - grade lithium carbonate was 89,750 yuan/ton, a 0.17% decrease [16] - **Registered Warehouse Receipts**: There were 26,510 lots, a 1.26% decrease [16] 3.3 Supply - Demand Data Overview - **Supply - side**: The weekly and monthly production, import, and export data of lithium carbonate, lithium hydroxide, and other products are provided. For example, the monthly production of lithium carbonate in October 2025 was 92,260 tons, a 5.73% increase; the monthly import volume was 23,880.69 tons, a 21.86% increase [20] - **Demand - side**: The monthly production, export, and inventory data of downstream products such as lithium iron phosphate, ternary materials, and lithium batteries are provided. For example, the monthly export of lithium iron phosphate in October was 5,476,869 kg, a 77.13% increase; the weekly inventory of lithium iron phosphate was 102,584 tons, a 2.06% decrease [20] 3.4 Supply - Related Data - **Lithium Ore**: The price, production, import, and self - sufficiency rate of lithium ore over the years are presented through charts. The price of lithium ore has fluctuated over time, and the production and import volume have also changed [26] - **Lithium Carbonate**: The weekly and monthly production, import, and capacity data of lithium carbonate are provided. The weekly and monthly production of lithium carbonate has shown different trends, and the import volume has also changed [32] - **Lithium Hydroxide**: The weekly capacity utilization rate, monthly production, export, and import data of lithium hydroxide are provided. The weekly capacity utilization rate of lithium hydroxide has fluctuated, and the production and export volume have also changed [39] 3.5 Cost - Profit of Lithium Compounds - The cost - profit data of various lithium compounds such as purchased lithium spodumene concentrate, purchased lithium mica concentrate, and recycled lithium carbonate are provided. The cost and profit of different raw materials and production methods vary [44][46][49] 3.6 Inventory - The inventory data of lithium carbonate and lithium hydroxide, including monthly and weekly inventory by source, are provided. The inventory of lithium carbonate and lithium hydroxide has shown different trends over time [51] 3.7 Demand - Related Data - **Lithium Batteries**: The price, production, export, and inventory data of lithium batteries are provided. The price and production of lithium batteries have changed, and the export volume has also shown different trends [54][57] - **Ternary Precursors**: The price, cost, profit, production, and supply - demand balance data of ternary precursors are provided. The price and cost - profit of ternary precursors have changed, and the supply - demand balance has also fluctuated [60][63] - **Ternary Materials**: The price, cost - profit, production, export, import, and inventory data of ternary materials are provided. The price and cost - profit of ternary materials have changed, and the production, export, import, and inventory have also shown different trends [66][68] - **Phosphoric Acid/Phosphoric Acid Lithium Iron**: The price, production cost, profit, production, and capacity data of phosphoric acid and lithium iron phosphate are provided. The price and cost - profit of phosphoric acid and lithium iron phosphate have changed, and the production and capacity have also shown different trends [70][73] - **New Energy Vehicles**: The production, sales, export, and penetration rate data of new energy vehicles are provided. The production, sales, and export of new energy vehicles have increased, and the penetration rate has also continued to rise [78][79]

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - The Shanghai zinc futures showed a volatile trend in the previous trading session, closing with a doji star, with increased trading volume. Both long and short positions increased, with a larger increase in short positions. Overall, it was a volatile market with high trading volume. In the short term, the market may weaken. Technically, the price is above the long - term moving average, which provides strong support. The short - term KDJ indicator is declining and operating in the weak area, while the trend indicator is rising, with the strength of long positions decreasing and that of short positions increasing, indicating a stalemate between the two sides. The Shanghai zinc ZN2601 is expected to decline in a volatile manner [2][19]. 3. Summary According to Relevant Catalogs 3.1 Fundamentals - In September 2025, global refined zinc production was 1.1935 million tons, and consumption was 1.2292 million tons, resulting in a supply shortage of 35,700 tons. From January to September, global zinc sheet production was 10.3632 million tons, and consumption was 10.7369 million tons, with a supply shortage of 373,700 tons. In September, global zinc ore production was 1.1633 million tons. From January to September, global zinc ore production was 9.9647 million tons, which is a positive factor [2]. - The spot price was 22,470, and the basis was +80, indicating a neutral situation [2]. - On November 24, LME zinc inventory increased by 100 tons to 47,425 tons compared to the previous day, and the Shanghai Futures Exchange zinc inventory warrants increased by 1,744 to 74,641 tons compared to the previous day, which is a negative factor [2]. - The previous day, Shanghai zinc showed a volatile trend, closing below the 20 - day moving average, and the 20 - day moving average was downward, which is a negative factor [2]. - The main net position was short, and the short positions decreased, which is a negative factor [2]. 3.2 Futures Exchange Zinc Futures Quotes on November 24 - The trading volume of zinc futures on November 24 was 190,745 lots, and the trading value was 2.13195037 billion yuan. The total open interest was 193,287 lots, a decrease of 1,957 lots compared to the previous day [3]. 3.3 Domestic Main Spot Market Quotes on November 24 - The domestic zinc concentrate treatment charge (TC) was 2,300 yuan/metal ton, a decrease of 300 yuan/metal ton; the imported zinc concentrate TC was 80 US dollars/dry ton, a decrease of 10 US dollars/dry ton [4]. - The price of 0 zinc in Shanghai was 22,420 - 22,520 yuan/ton, with an average price of 22,470 yuan/ton, a decrease of 60 yuan/ton; in Guangdong, it was 22,230 - 22,330 yuan/ton, with an average price of 22,280 yuan/ton, a decrease of 50 yuan/ton; in Tianjin, it was 22,340 - 22,440 yuan/ton, with an average price of 22,390 yuan/ton, a decrease of 65 yuan/ton; in Zhejiang, it was 22,510 - 22,610 yuan/ton, with an average price of 22,560 yuan/ton, an increase of 55 yuan/ton [4]. 3.4 National Main Market Zinc Ingot Inventory Statistics (November 13 - 24, 2025) - The total inventory of zinc ingots in the main markets in China on November 24 was 151,700 tons, a decrease of 10,700 tons compared to November 17 and a decrease of 8,200 tons compared to November 20 [5]. 3.5 Futures Exchange Zinc Warrant Report on November 24 - The total zinc warrants on the Shanghai Futures Exchange on November 24 were 74,641 tons, an increase of 1,744 tons compared to the previous day [6]. 3.6 LME Zinc Inventory Distribution and Statistics on November 24 - The previous day's inventory was 47,325 tons, with 600 tons of warehousing and 500 tons of ex - warehousing. The current inventory was 47,425 tons, an increase of 100 tons. The registered warrants were 44,350 tons, and the cancelled warrants were 3,075 tons, with a cancellation ratio of 6.48% [8]. 3.7 National Main City Zinc Concentrate Price Summary on November 24 - The prices of 50% - grade zinc concentrate in different regions increased, with increases ranging from 60 yuan/ton to 260 yuan/ton [10]. 3.8 National Market Zinc Ingot Smelter Price Quotes on November 24 - The prices of 0 zinc ingots from different smelters decreased by 60 yuan/ton [13]. 3.9 Domestic Refined Zinc Production in October 2025 - In October 2025, the planned production of refined zinc was 509,600 tons, and the actual production was 524,300 tons, a month - on - month increase of 4.87%, a year - on - year increase of 18.38%, and a 2.88% increase compared to the planned value. The capacity utilization rate was 73.33%. The planned production in November was 522,300 tons [15]. 3.10 Zinc Concentrate Processing Fee Quotes on November 24 - The domestic zinc concentrate processing fees in different regions decreased, with decreases ranging from 100 yuan/metal ton to 400 yuan/metal ton. The imported zinc concentrate processing fee decreased by 10 US dollars/dry ton [17]. 3.11 Shanghai Futures Exchange Member Zinc Trading and Position Ranking Table on November 24 - The total trading volume of zinc futures contracts (zn2601) of member futures companies was 135,976 lots, an increase of 62,090 lots compared to the previous day. The total long positions were 69,110 lots, an increase of 883 lots, and the total short positions were 64,028 lots, an increase of 2,921 lots [18].