1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints of the Report - In the medium - to long - term, central bank gold purchases and the growth prospects of investment demand will boost the price of precious metals. In the short - term, low inventory and potential short - term demand release increase the upward price elasticity. Platinum and palladium prices mainly follow gold and silver [3]. - The arrival of domestic electrolytic copper is scarce, and downstream restocking at low prices has led to a decline in inventory, keeping the futures market strong. However, new downstream orders are growing weakly, and the market will maintain a high - level shock consolidation after the breakthrough [15]. - The Shanghai Aluminum futures are oscillating strongly due to improved macro - sentiment and the impetus from copper and silver. Alumina is in an oversupply situation. Cast aluminum alloy has strong follow - up to Shanghai Aluminum and has strong downside support [34][35]. - Macro - sentiment has improved, and the probability of interest - rate cuts is considered high. On the fundamental side, smelters are competing fiercely for ore, leading to a significant decline in TC. Supply is shrinking, and demand is entering the off - season. The market is in a stalemate and will oscillate strongly in the short - term [65]. - Nickel iron prices have been declining recently, and some iron plants are inclined to cut production. Stainless steel is running strongly, but its upward momentum is expected to be limited [80]. - In the short - term, the supply of tin has raw - material problems and frequent disturbances, so Shanghai Tin will maintain a high - level shock [96]. - In the context of Ningde's resumption of production, the supply - demand game in the lithium carbonate market will intensify, and price fluctuations are expected to widen. There is a short - term pressure at the 100,000 yuan/ton mark, and prices may experience a phased correction [109]. - Industrial silicon is in a situation of weak supply and demand, and its fundamentals are difficult to improve in the short - term. In the long - term, the downward price space is limited. The short - term trading of the polysilicon market focuses on the game between warehouse receipts and open interest, and price fluctuations are expected to increase [121]. 3. Summaries According to Relevant Catalogs Precious Metals - **Price Forecast**: London Silver's target has been raised to 65 after breaking through 55, with the first resistance at 60. London Gold has resistance at 4250 and strong resistance at 4400, with support at 4000 [3]. - **Price Index**: SHFE gold and silver futures prices, COMEX gold prices and gold - silver ratios, and the relationship between gold prices, the US dollar index, and US Treasury real interest rates are presented [4][8][9]. - **Inventory**: SHFE and COMEX gold and silver inventories are shown [14]. Copper - **Market Situation**: The futures market is strong due to low inventory, but new downstream orders are growing weakly. The market will maintain a high - level shock [15]. - **Price Data**: Futures and spot prices, import profits and losses, and refined - scrap price differences are provided [15][22][26][29]. - **Inventory**: SHFE and LME copper inventories are presented [30][31]. Aluminum - **Market Situation**: Shanghai Aluminum is oscillating strongly due to macro - factors and the impetus from other metals. Alumina is in an oversupply situation [34]. - **Price Data**: Futures and spot prices, price differences between different contracts, and import profits and losses are provided [36][43][50][56]. - **Inventory**: SHFE and LME aluminum and alumina inventories are presented [58]. Zinc - **Market Situation**: Macro - sentiment has improved, but the fundamental side is in a stalemate. The market will oscillate strongly in the short - term [65]. - **Price Data**: Futures and spot prices, price differences between different contracts, and LME zinc's 0 - 3m and 3 - 15m spreads are provided [66][71]. - **Inventory**: SHFE and LME zinc inventories are presented [74][76]. Nickel - **Market Situation**: Nickel iron prices are declining, and some iron plants are inclined to cut production. Stainless steel is running strongly, but its upward momentum is limited [80]. - **Price Data**: Futures and spot prices, trading volume, open interest, and basis are provided [81]. - **Related Data**: Nickel ore prices, inventory, and downstream profit margins are presented [87][88][90]. Tin - **Market Situation**: The supply of tin has raw - material problems and frequent disturbances, so it will maintain a high - level shock [96]. - **Price Data**: Futures and spot prices, import profits and losses, and processing fees are provided [97][102][107]. - **Inventory**: SHFE and LME tin inventories are presented [104]. Lithium Carbonate - **Market Situation**: The supply - demand game will intensify, and price fluctuations are expected to widen. There is short - term pressure at the 100,000 yuan/ton mark, and prices may correct [109]. - **Price Data**: Futures and spot prices, price differences between different contracts, and price differences between different grades are provided [110][113]. - **Inventory**: Exchange and social inventories are presented [119]. Industrial Silicon and Polysilicon - **Market Situation**: Industrial silicon is in a weak supply - demand situation, and its fundamentals are difficult to improve in the short - term. The polysilicon market's short - term trading focuses on the game between warehouse receipts and open interest [121]. - **Price Data**: Industrial silicon and polysilicon spot and futures prices are provided [121][131]. - **Related Data**: Production, inventory, and cost data of industrial silicon and polysilicon are presented [145][152][154].

油脂油料产业日报 2025/12/02 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究 ...

Report Investment Rating - No investment rating for the industry is provided in the report. Core Views - Overall, the cost of raw materials supports the prices of finished steel products, and profits are gradually improving. The steel market may anticipate future trends, leading to a slightly upward - trending price movement. The expected price range for rebar is between 3000 - 3300 yuan/ton, and for hot - rolled coil, it is between 3200 - 3500 yuan/ton. Attention should be paid to the inventory reduction speed and downstream consumption. However, a decline in steel enterprise profitability may trigger negative feedback [3]. - In the short term, the fundamentals of iron ore have improved, and its valuation has been restored. The price is expected to maintain a high - level oscillation. There is no significant supply - demand contradiction currently, and the accumulation rate of port inventory has slowed down [22]. - For coking coal, the supply change is limited, but due to the pressure on terminal steel mill profits and the continuous reduction of molten iron production, the supply - demand balance has shifted to a slight surplus. Short - term coal prices will remain under pressure. For coke, as the cost of coking coal decreases, the profit of coking enterprises has been restored, and subsequent coke supply is expected to increase, potentially leading to inventory accumulation [35]. - Ferroalloys face high inventory and weak demand. Although the cost may decrease due to the impact of coking coal supply guarantee, the supply reduction trend limits the downward price space. It is expected to oscillate weakly. Although the strength of finished steel prices may drive a short - term rebound, ferroalloys are likely to return to their weak fundamentals after the rebound [51]. - Soda ash is mainly priced based on cost. Without a trend - based production reduction, its valuation lacks upward flexibility. The acceleration of glass cold - repair has weakened the rigid demand for soda ash. Although exports remain high, the high inventory of the upstream and mid - stream restricts the price [67]. - In December, there are expectations of glass production line cold - repair, which will affect long - term pricing and market expectations. The near - term contract will follow the current market situation. Recently, due to the acceleration of cold - repair and the expected decline in daily melting volume, the short - term price of glass has strengthened, but the sustainability is uncertain. High inventory levels during the off - season pose pressure on the spot market [92]. Summary by Category Steel - **Futures Price**: On December 2, 2025, the closing price of rebar 01 contract was 3133 yuan/ton, 05 contract was 3169 yuan/ton, and 10 contract was 3208 yuan/ton. The closing price of hot - rolled coil 01 contract was 3325 yuan/ton, 05 contract was 3322 yuan/ton, and 10 contract was 3338 yuan/ton [4]. - **Spot Price**: On December 2, 2025, the aggregated rebar price in China was 3331 yuan/ton, and the aggregated hot - rolled coil price in Shanghai was 3310 yuan/ton [9][11]. - **Price Difference**: The 01 contract spread between hot - rolled coil and rebar was 192 yuan/ton, and the spot price difference in Shanghai was 10 yuan/ton [16]. Iron Ore - **Futures Price**: On December 2, 2025, the closing price of 01 contract was 800.5 yuan/ton, 05 contract was 775.5 yuan/ton, and 09 contract was 751.5 yuan/ton [23]. - **Spot Price**: On December 2, 2025, the price of Rizhao PB powder was 797 yuan/ton, Rizhao Carajas powder was 890 yuan/ton, and Rizhao Super Special powder was 690 yuan/ton [23]. - **Fundamentals**: As of November 28, 2025, the daily average molten iron production was 234.68 tons, 45 - port cargo clearance volume was 330.58 tons, and the global shipping volume was 3323.2 tons [30]. Coking Coal and Coke - **Futures Spread**: On December 2, 2025, the 09 - 01 spread of coking coal was 148 yuan/ton, and the 09 - 01 spread of coke was 201 yuan/ton [39]. - **Spot Price**: On December 2, 2025, the ex - factory price of Anze low - sulfur coking coal was 1580 yuan/ton, and the ex - factory price of Jinzhong quasi - first - grade wet coke was 1430 yuan/ton [42]. Ferroalloys - **Silicon Iron**: On December 2, 2025, the basis in Ningxia was 2 yuan/ton, and the spot price in Ningxia was 5200 yuan/ton [52]. - **Silicon Manganese**: On December 2, 2025, the basis in Inner Mongolia was 158 yuan/ton, and the spot price in Inner Mongolia was 5530 yuan/ton [53]. Soda Ash - **Futures Price**: On December 2, 2025, the 05 contract price was 1244 yuan/ton, the 09 contract price was 1307 yuan/ton, and the 01 contract price was 1183 yuan/ton [68]. - **Spot Price**: On December 2, 2025, the heavy - soda market price in North China was 1300 yuan/ton, and the light - soda market price was 1250 yuan/ton [68]. Glass - **Futures Price**: On December 2, 2025, the 05 contract price was 1145 yuan/ton, the 09 contract price was 1195 yuan/ton, and the 01 contract price was 1034 yuan/ton [93]. - **Spot Market**: As of November 28, 2025, the sales - to - production ratio in Shahe was 162%, and in Hubei, it was 160% [94].

2025年12月1日 研究员：兰雪 交易咨询：Z0018543 审核：唐韵 Z0002422 http://www.eafutures .com 免责声明：本报告的信息均来源于公开资料，我公司对这些信息的准确性和完整性不做任何 保证，也不保证所包含的信息和建议不会发生任何变更。文中的观点、结论和建议仅供参考， 报告中的信息或意见并不构成所述证券或期货的买卖出价或征价，投资者据此做出 的任何投 资决策与本公司和作者无关。 地址：上海市虹口区东大名路1089号26层2601-2608单元 基本面信息： 交易咨询业务：沪证监许可【2012】1515号 能源化工周报—塑料 数据来源：同花顺、隆众资讯 • 供给： PE生产企业开工率84.51%，环比2.17%；PE周度产量68.48万吨，环比2.17% 。 • 需求： PE下游加权开工持稳，下游加权开工率44.3%，环比-0.39% 。 • 库存：本周PE企业库存45.4万吨，环比-9.80%；社会库存47.11万吨，环比-3.05% 。 • 价格与利润：本周PE现货价格环比-0.40%至7076元/吨， PE期货价格环比-0.44%至6789元/吨。 • 基差与月差 ...

交易咨询业务：沪证监许可【2012】1515号 能源化工周报—苯乙烯 2025年12月1日 研究员：兰雪 交易咨询：Z0018543 审核：唐韵 Z0002422 http://www.eafutures .com 免责声明：本报告的信息均来源于公开资料，我公司对这些信息的准确性和完整性不做任何 保证，也不保证所包含的信息和建议不会发生任何变更。文中的观点、结论和建议仅供参考， 报告中的信息或意见并不构成所述证券或期货的买卖出价或征价，投资者据此做出 的任何投 资决策与本公司和作者无关。 地址：上海市虹口区东大名路1089号26层2601-2608单元 • 观点：成本端原油反弹，给苯乙烯带来支撑。苯乙烯短期有部分装置检修提振，但是整体供应仍旧处高位。本周华东港口库存延续 累库，库存高位现状难改，处于近五年同期高位。三大下游利润普遍亏损，整体刚性需求为主，没有明显增量，现货需求预期偏弱， 同时三大下游库存处于同期高位。整体供需趋势宽松。 数据来源：同花顺、隆众资讯 东亚期货 2 基本面要点： 数据来源：同花顺、隆众资讯 东亚期货 3 基本面信息： • 供给： EB生产企业开工率67.29% ，环比-1.66%； ...

尿素产业链周报 尿素产业链周报 2025/11/30 咨询业务资格：沪证监许可【2012】1515号 研报作者：刘琛瑞 Z0017093 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改 ...

LPG行业周报 2025/11/30 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相 ...

燃料油产业周报 2025/11/30 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相 ...

白糖产业周报 2025/11/30 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相 ...

研究员：兰雪 交易咨询：Z0018543 审核：唐韵 Z0002422 http://www.eafutures .com 交易咨询业务：沪证监许可【2012】1515号 有色周报—碳酸锂 2025年11月30日 免责声明：本报告的信息均来源于公开资料，我公司对这些信息的准确性和完整性不做任何 保证，也不保证所包含的信息和建议不会发生任何变更。文中的观点、结论和建议仅供参考， 报告中的信息或意见并不构成所述证券或期货的买卖出价或征价，投资者据此做出 的任何投 资决策与本公司和作者无关。 地址：上海市虹口区东大名路1089号26层2601-2608单元 目录 1 观点综述 2 平衡表 3 基本面数据 技术面： 东亚期货 3 基本面要点： • 基本面信息1：周度库存降至11.6万吨（环比-2452吨），连续13周下降，产业链供需紧平衡。 • 基本面信息2：储能电芯满产满销，动力电池排产环比增长，终端新能源车与储能订单支撑强劲。 • 基本面信息3：江西枧下窝锂矿复产进程加速，潜在供应增量冲击市场情绪。 • 基本面信息4：现货价格攀升后下游采购转淡，以刚需为主。交易所限仓措施加剧多头获利离场。 • 观点： 基本面偏强 ...