本期 前值 涨跌 河北 1630 1630 0 河南 1620 1620 0 山东 1610 1620 -10 山西 1500 1500 0 江苏 1610 1610 0 安徽 1610 1620 -10 黑龙江 1620 1620 0 内蒙古 1610 1610 0 河北东光 1610 1610 0 山东华鲁 1630 1630 0 江苏灵谷 1670 1670 0 安徽昊源 1600 1600 0 山东05基差 -134 -147 13 山东01基差 -153 -170 17 河北05基差 -144 -137 -7 河北01基差 -163 -160 -3 1-5价差 67 83 -16 5-9价差 -19 -23 4 仓单数量（张） 仓单数量合计 6812 6415 397 中东FOB 378 378 0 美湾FOB 389.5 389.5 0 埃及FOB 486 486 0 波罗的海FOB 380 380 0 巴西CFR 425 425 0 注:数据来源于Wind，钢联数据，冠通研究整理 冠通期货 研究咨询部 王静 执业资格证书编号：F0235424/Z0000771 联系方式：010-85356618 ...

Report Overview - Report Title: "养殖产业链数据报告-豆粕、油脂" [1] - Release Date: November 11, 2025 Industry Investment Rating - Not provided in the given content Core Viewpoints - The report presents the latest weekly data on the inventory, production, consumption, and price differences of soybean meal and various oils (palm oil, rapeseed oil, and soybean oil), along with their week-on-week changes and historical trends [2][5] Summary by Directory Soybean Meal - **Price and Spread**: The 43% protein soybean meal's aggregated average price is 3,071 yuan/ton, up 0.13% week-on-week; the futures-spot price difference is 8 yuan/ton, down 80.49% week-on-week; the spot main contract basis is 39.71 yuan/ton, down 24.66% week-on-week [2] - **Production and Consumption**: The output of 111 sample enterprises is 124.60 million tons, down 19.45% week-on-week; the apparent consumption is 139.09 million tons, down 5.03% week-on-week [2] - **Inventory**: The inventory of 111 sample enterprises is 87.76 million tons, down 14.17% week-on-week [2] - **Trading Volume**: The daily trading volume is 193,600 tons, up 85.62% week-on-week [2] Oils Inventory - **Palm Oil**: The inventory in China is 59.73 million tons, up 0.76% week-on-week [5] - **Rapeseed Oil**: The inventory in China is 45.02 million tons, down 12.75% week-on-week [5] - **Soybean Oil**: The inventory in China is 115.72 million tons, down 4.82% week-on-week [5] Price and Spread - **Palm Oil**: The futures-spot price difference is 8 yuan/ton, down 900.00% week-on-week; the spot main contract basis is -20 yuan/ton, down 225.00% week-on-week [5] - **Rapeseed Oil**: The futures-spot price difference is 489 yuan/ton, up 0.20% week-on-week; the spot main contract basis is 384.50 yuan/ton, down 14.08% week-on-week [5] - **Soybean Oil and Palm Oil**: The combined futures-spot price difference is -218 yuan/ton, down 31.45% week-on-week [5] - **Soybean Oil**: The spot main contract basis is 196 yuan/ton, down 23.06% week-on-week [5]

Report Summary 1. Overnight Market Trends - International precious metal futures generally closed higher, with COMEX gold futures up 2.83% at $4123.40 per ounce and COMEX silver futures up 4.70% at $50.41 per ounce [5] - U.S. oil and Brent crude oil main contracts both rose 0.5%, at $60.05 and $63.95 per barrel respectively [6] - London base metals all rose, with LME copper up 1.47%, aluminum up 1.14%, tin up 1.00%, zinc up 0.95%, lead up 0.46%, and nickel up 0.27% [6] - As of the close on October 10 at 23:00, most domestic futures main contracts rose, with soda ash up nearly 2%, caustic soda and pulp up over 1%, and some falling, like rapeseed meal and glass down nearly 1% [6] 2. Important News Macro News - The State Council issued measures to support private investment, increasing support for eligible projects [9] - Fed's Daly said the U.S. economy may face weak demand, and tariff - related inflation is under control [9] - In October, new - energy passenger vehicle wholesale sales reached 1.621 million, up 18.5% year - on - year and 8.5% month - on - month, with cumulative sales from January to October at 12.058 million, up 29.9% [9] - China and the U.S. suspended relevant 301 investigation measures for one year starting from November 10, 2025 [10] Energy and Chemical Futures - As of November 10, 2025, Jiangsu's pure benzene port inventory was 113,000 tons, down 6.61% from the previous period and up 7.62% year - on - year [12] - As of November 10, 2025, domestic soda ash manufacturers' total inventory was 1.7062 million tons, down 0.47% from last Thursday [14] - Two Indian state - owned refineries bought 5 million barrels of crude oil from the spot market [14] - In September, Thailand's natural rubber production was 451,500 tons, down 5.45% from August and 1.78% year - on - year [14] - From November 10 at 24:00, domestic gasoline and diesel retail prices were raised by 125 and 120 yuan per ton respectively [15] Metal Futures - In October 2025, the overall operating rate of copper strip enterprises was 64.97%, down 1.05 percentage points month - on - month and 7.76 points year - on - year [17] - SMM's seven - region zinc ingot inventory was 159,600 tons, with a slight increase [18] - In the first three quarters of 2025, domestic gold ETFs added 79.015 tons, up 164.03% year - on - year, while gold consumption was 682.73 tons, down 7.95% [18] - The Shanghai Gold Exchange will waive trading fees for certain international board contracts from November 11, 2025, to the end of 2026 [19] Black - Series Futures - From November 3 to 9, 2025, China's 47 - port iron ore arrivals were 2.7693 million tons, down 544,800 tons from the previous period [21] - In October 2025, Mongolia's coal exports were 657,990 tons, down 26.52% month - on - month and 2.07% year - on - year [22] Agricultural Product Futures - As of November 7, 2025, the total commercial inventory of three major oils was 2.2047 million tons, down 5.16% from last week and up 8.52% year - on - year [24] - In the 2024 - 2025 season, China's soybean imports were 109.37 million tons, and exports were 80,000 tons [25] - Malaysia's palm oil exports from November 1 - 10 decreased by 9.5% (AmSpec) and 12.28% (ITS) compared to the same period last month [27][28] - In October, Malaysia's palm oil inventory increased 4.44% month - on - month, and production increased 11.02% [29] - From November 3 - 9, the average purchase price of Xinjiang machine - picked cotton was 6.21 yuan/kg, down 0.1 yuan/kg from the previous week [30] 3. Financial Markets Finance - The Asset Management Association of China solicited opinions on guidelines for public fund thematic investment style management [33] - On Monday, A - shares showed a divergence, with the Shanghai Composite Index up 0.53%, Shenzhen Component Index up 0.18%, and ChiNext Index down 0.92%, and the trading volume was 2.19 trillion yuan [33] - The Hong Kong Hang Seng Index rose 1.55%, with southbound funds net buying HK$6654 million, and the cumulative net buying exceeded HK$5 trillion [33] - China Securities Index Company will release two new indices on November 11 [34] - Some people in Beijing, Shanghai, and Hangzhou were notified to pay additional taxes on overseas investment income [35] - TSMC's October revenue was NT$367.473 billion, up 16.9% year - on - year [36] Industry - Domestic refined oil prices were raised for the seventh time this year [38] - Market regulators issued compliance tips for the "Double 11" online promotion [38] - The National Development and Reform Commission and the National Energy Administration issued a joint document on new - energy power systems [38] - In October, the retail sales of passenger cars decreased by 0.8% year - on - year, while new - energy passenger vehicle wholesale sales increased by 18.5% [38] - As of October, Shenzhen's second - hand housing transactions showed a stable trend [39] Overseas - The U.S. and Thailand reached a trade framework agreement [40] - Switzerland is close to reaching an agreement with the U.S. to reduce tariffs to 15% [41] - Fed's Milan supported further interest - rate cuts [43] - San Francisco Fed President Daly said the U.S. economy may face demand decline [43] - U.S. container imports in October decreased by 7.5% year - on - year [43] - Japan's new government asked the central bank to postpone interest - rate hikes [43] - Japan plans to raise visa fees for foreign visitors in 2026 [44] International Stock Markets - U.S. stocks rose, with the Dow up 0.81%, S&P 500 up 1.54%, and Nasdaq up 2.27% [45] - European stocks rose, with the German DAX up 1.65%, French CAC40 up 1.32%, and UK FTSE 100 up 1.08% [47] - Goldman Sachs is bullish on Japanese and Indian stocks [47] - Vanguard increased its position in Tesla and Amazon in Q3 [47] Commodities - China's gold consumption in the first three quarters of 2025 decreased by 7.95% year - on - year, while ETFs added 79.015 tons [48] - The Shanghai Gold Exchange will waive trading fees for certain contracts and adjust the minimum redemption unit of "Bosera Gold ETF" [48] - International precious metal futures rose, and crude oil futures also rose [48] - London base metals all rose [50] Bonds - The domestic bond market strengthened, with the 30 - year Treasury futures up 0.22% [51] - The Ministry of Finance will issue up to 47.71 billion yuan of electronic savings bonds [51] - Hong Kong plans to issue multi - currency digital bonds again [52] - U.S. Treasury yields rose [52] Foreign Exchange - On Monday, the on - shore RMB against the U.S. dollar closed up 50 points at 7.1175 at 16:30 [54] - Three RMB exchange - rate indices reached new highs since April [54] - The U.S. dollar index rose 0.07% at the New York close [54] 4. Upcoming Events and Data Releases - Multiple economic data will be released on November 11, including Japan's September trade balance and UK's October unemployment rate [56] - There are also multiple events, such as central bank officials' speeches and industry forums [56]

Hot News - In October, the wholesale sales of new energy passenger vehicles reached 1.621 million, a year-on-year increase of 18.5% and a month-on-month increase of 8.5%. From January to October, the cumulative wholesale was 12.058 million, a growth of 29.9% [4]. - Since 13:01 on November 10, 2025, China has suspended the implementation of countermeasures against the US Section 301 investigation on the maritime, logistics, and shipbuilding industries for one year [4]. - In October, Malaysia's palm oil inventory was 2,464,452 tons, a month-on-month increase of 4.44%, and the palm oil production was 2,043,886 tons, a month-on-month increase of 11.02% [4]. - In the first three quarters of 2025, the net inflow of domestic gold ETFs was 79.015 tons, a year-on-year increase of 164.03%. The gold consumption was 682.730 tons, a year-on-year decrease of 7.95%. Among them, gold jewelry consumption was 270.036 tons, a year-on-year decrease of 32.50%; gold bars and coins consumption was 352.116 tons, a year-on-year increase of 24.55%; industrial and other gold consumption was 60.578 tons, a year-on-year increase of 2.72% [4]. - As of November 10, 2025, the total inventory of domestic soda ash manufacturers was 1.7062 million tons, a decrease of 0.008 million tons from last Thursday, a decline of 0.47%. Among them, the inventory of light soda ash was 0.7977 million tons, a month-on-month decrease of 0.0169 million tons, and the inventory of heavy soda ash was 0.9085 million tons, a month-on-month increase of 0.0089 million tons [4]. Plate Performance - Key focus: Soda ash, glass, coking coal, SHFE copper, SHFE gold [5]. - Night session performance: Non-metallic building materials rose 3.25%, precious metals rose 29.09%, oilseeds rose 9.52%, non-ferrous metals rose 23.21%, soft commodities rose 2.72%, coal, coke, steel and minerals rose 13.02%, energy rose 2.90%, chemicals rose 11.18%, grains rose 1.20%, and agricultural and sideline products rose 3.90% [5]. Large - Class Asset Performance | Category | Name | Daily Return (%) | Monthly Return (%) | Year - to - Date Return (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | 0.53 | Fetching... | 19.90 | | | SSE 50 | 0.51 | -0.12 | 13.75 | | | CSI 300 | 0.35 | -0.29 | 19.32 | | | CSI 500 | 0.22 | -1.39 | 28.26 | | | S&P 500 | 1.54 | -0.64 | 16.17 | | | Hang Seng Index | 1.55 | 0.11 | 32.85 | | | German DAX | 1.65 | 0.38 | 20.35 | | | Nikkei 225 | 1.26 | -4.20 | 27.62 | | | FTSE 100 | 1.08 | 0.62 | 19.75 | | Fixed - Income | 10 - year Treasury Bond Futures | 0.01 | -0.18 | -0.40 | | | 5 - year Treasury Bond Futures | 0.02 | -0.12 | -0.56 | | | 2 - year Treasury Bond Futures | -0.00 | -0.07 | -0.49 | | Commodity | CRB Commodity Index | 1.38 | -0.09 | 2.81 | | | WTI Crude Oil | 0.47 | -2.09 | -16.53 | | | London Spot Gold | 2.88 | -0.57 | 56.84 | | | LME Copper | 1.47 | -1.46 | 23.83 | | | Wind Commodity Index | 1.61 | -2.67 | 30.21 | | Other | US Dollar Index | 0.07 | 0.43 | -8.17 | | | CBOE Volatility Index | 0.00 | 3.27 | 9.97 | [7]

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Report's Core View As of November 10, 2025, most domestic futures main contracts rose. Commodities like lithium carbonate and silver had significant increases, while glass and some others declined. Different futures varieties showed diverse trends based on their supply - demand fundamentals, policy impacts, and international market conditions [6][7]. 3. Summary by Relevant Catalogs 3.1. Futures Market Overview - As of the close on November 10, domestic futures main contracts mostly rose. Lithium carbonate rose over 7%, and silver over 2%. Glass fell nearly 3%, and some other contracts also declined. Stock index futures generally rose, and treasury bond futures showed mixed trends [6][7]. - In terms of capital flow, as of 15:19 on November 10, contracts such as CSI 300 2512 and CSI 500 2512 had capital inflows, while alumina 2601 and others had outflows [7]. 3.2. Market Analysis of Specific Futures - **Copper (Cu)**: On November 10, copper opened high and closed low, with a strong intraday oscillation. In November, 5 smelters were expected to undergo maintenance, affecting 4.80 million tons of production. The overall copper smelting capacity utilization rate decreased. The supply of scrap copper was expected to increase. The demand was weak, and the inventory at the Shanghai Futures Exchange had been accumulating since the end of October. With the US government shutdown and low probability of a December interest - rate cut, the copper price had limited rebound [9]. - **Lithium Carbonate**: It opened and closed high on November 10. The supply continued to grow in October 2025. The demand was strong, supported by energy - storage batteries. With the uncertain resumption time of large manufacturers and strong demand, the market was expected to be strong [11]. - **Crude Oil**: OPEC+ decided to increase production by 137,000 barrels per day in December, but suspend it in Q1 2026. Saudi Aramco lowered the official selling price for Asian customers in December. The demand peak had ended, and the market was worried about demand. The supply was in an oversupply situation, but the export of Russian crude oil was expected to be restricted. The oil price was expected to oscillate [12][14]. - **Asphalt**: The asphalt production rate decreased last week, and the demand was affected by funds and weather. The inventory ratio continued to decline. With the increase in production from some refineries and the weakening demand, and the oscillating crude - oil price, the asphalt futures price was expected to oscillate weakly [15]. - **PP**: The downstream PP operating rate increased slightly, and the enterprise operating rate was at a medium - low level. The cost was affected by the crude - oil price. With new capacity coming on - stream and limited order follow - up, the market was expected to oscillate weakly [17]. - **Plastic**: The plastic operating rate decreased slightly. The downstream operating rate was at a low level. With new capacity coming on - stream and weakening demand, the market was expected to oscillate weakly [18][20]. - **PVC**: The PVC operating rate increased, but the downstream operating rate declined. The export was expected to weaken, and the inventory was high. With the real - estate market still in adjustment and new capacity coming on - stream, the market was expected to oscillate weakly [21]. - **Coking Coal**: The coking coal price opened and closed low on November 10. The supply was in a tight - balance situation, and the downstream demand was weak. The market was expected to operate weakly [22][23]. - **Urea**: The daily urea production was expected to remain high. The cost was supported by coal prices. The demand was mainly for domestic reserves, and the inventory was increasing. After the impact of export news faded, the market was expected to operate based on fundamentals, with narrow fluctuations [24].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoint of the Report - The polyolefin market is expected to experience weak and volatile trends in the near future [3] Group 3: Summary by Relevant Catalogs 1. Plastic and PP开工率 - The plastic operating rate increased by 4.5 percentage points to around 89.5%, reaching a neutral level [14] - The PP operating rate rose by 3.5 percentage points to around 83.5%, at a slightly below - neutral level [14] 2. Plastic and PP下游开工率 - As of the week of November 7, the PE downstream operating rate decreased by 0.52 percentage points to 44.85% week - on - week, remaining at a relatively low level compared to the same period in recent years [20] - As of the week of November 7, the PP downstream operating rate increased by 0.52 percentage points to 53.14% week - on - week, at a relatively low level compared to the same period in previous years [20] 3. Plastic基差 - The basis of the 01 contract rose to 298 yuan/ton, at a neutral level [25] 4. Plastic and PP库存 - The petrochemical early inventory on Friday decreased by 25,000 tons to 665,000 tons week - on - week, 10,000 tons higher than the same period last year, and is currently at a neutral level compared to recent years [29]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - Not provided Group 3: Summary of Relevant Catalogs Mainstream Regional Market Prices - In Hebei, the price rose from 1590 yuan/ton to 1630 yuan/ton, an increase of 40 yuan/ton; in Henan, it rose from 1600 yuan/ton to 1620 yuan/ton, an increase of 20 yuan/ton; in Shandong, it rose from 1600 yuan/ton to 1620 yuan/ton, an increase of 20 yuan/ton; in Shanxi, it rose from 1480 yuan/ton to 1500 yuan/ton, an increase of 20 yuan/ton; in Jiangsu, it rose from 1580 yuan/ton to 1610 yuan/ton, an increase of 30 yuan/ton; in Anhui, it rose from 1580 yuan/ton to 1620 yuan/ton, an increase of 40 yuan/ton; in Heilongjiang, it remained unchanged at 1620 yuan/ton; in Inner Mongolia, it remained unchanged at 1610 yuan/ton [2] Factory Prices - Hebei Dongguang's price rose from 1570 yuan/ton to 1610 yuan/ton, an increase of 40 yuan/ton; Shandong Hualu's price rose from 1590 yuan/ton to 1630 yuan/ton, an increase of 40 yuan/ton; Jiangsu Linggu's price rose from 1620 yuan/ton to 1670 yuan/ton, an increase of 50 yuan/ton; Anhui Haoyuan's price rose from 1580 yuan/ton to 1600 yuan/ton, an increase of 20 yuan/ton [2] Basis - Shandong 05 basis decreased from -135 yuan/ton to -147 yuan/ton, a decrease of 12 yuan/ton; Shandong 01 basis decreased from -159 yuan/ton to -170 yuan/ton, a decrease of 11 yuan/ton; Hebei 05 basis decreased from -125 yuan/ton to -137 yuan/ton, a decrease of 12 yuan/ton; Hebei 01 basis decreased from -149 yuan/ton to -160 yuan/ton, a decrease of 11 yuan/ton [2] Monthly Spreads - The 1 - 5 spread increased from 82 yuan/ton to 83 yuan/ton, an increase of 1 yuan/ton; the 5 - 9 spread increased from -24 yuan/ton to -23 yuan/ton, an increase of 1 yuan/ton [2] Warehouse Receipt Quantity - The total warehouse receipt quantity increased from 4585 to 6415, an increase of 1830 [2] International Quotes - Middle East FOB decreased from 385.5 dollars/ton to 378 dollars/ton, a decrease of 7.5 dollars/ton; US Gulf FOB decreased from 396.5 dollars/ton to 389.5 dollars/ton, a decrease of 7 dollars/ton; Egypt FOB increased from 450 dollars/ton to 486 dollars/ton, an increase of 36 dollars/ton; Baltic FOB increased from 379 dollars/ton to 380 dollars/ton, an increase of 1 dollar/ton; Brazil CFR remained unchanged at 425 dollars/ton [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Last week, urea prices rebounded from a low level. The export quota and Indian tender boosted the market, but after the news was digested, the market is expected to return to fundamentals. High production, high inventory, and weak domestic demand will limit price increases, while cost support from the downstream will keep prices fluctuating within a narrow range [1]. 3. Summary by Directory 3.1 Spot Market Dynamics - Last week, affected by the fourth batch of export quotas and a new round of Indian tender, the spot and futures markets rose in tandem, and upstream factories had smooth sales. Since the weekend, urea quotes have continued to rise, but high - price transactions were insufficient [3]. 3.2 Futures Dynamics - Last week, the urea futures market showed various trends each day. As of November 10, the main January contract was at 1,660 yuan/ton, up 43 yuan/ton from November 3. Weekly trading volume was 1,852.03 million tons, up 628.84 million tons week - on - week; open interest was 748.91 million tons, up 63.88 million tons week - on - week. The futures increase was less than the spot increase, and the basis strengthened. As of November 10, the 01 contract basis was - 40 yuan/ton, up 23 yuan/ton week - on - week, and the 1 - 5 spread was - 72 yuan/ton, up 19 yuan/ton week - on - week. On November 10, the number of urea warehouse receipts was 4,585, up 3,130 week - on - week [5][8]. 3.3 Urea Supply - From October 30 to November 5, urea weekly output was 1.3545 million tons, up 39,200 tons (2.98%) from the previous period, with an average daily output of 193,500 tons. Coal - based output was 1.0754 million tons, up 3.69%, and gas - based output was 279,200 tons, up 0.36%. Small - particle output was 107,640 tons, up 3.14%, and large - particle output was 278,100 tons, up 2.36%. On November 10, the national daily urea output was 202,000 tons, unchanged from the previous day, with an operating rate of 85.35%. Next period, production is expected to increase. Coal prices rose this week, while LNG prices decreased by 1.38% week - on - week. The synthetic ammonia price center moved down, and the methanol price also fell [11][13][14]. 3.4 Urea Demand - Last week, the compound fertilizer price remained flat. As of November 7, the 45% sulfur - based compound fertilizer was quoted at 2,900 yuan/ton. The wheat fertilizer in the Jiangsu and Anhui regions is coming to an end, and the new winter storage policy is not clear. The compound fertilizer factory's operating rate is steadily increasing, and the inventory is slightly decreasing. From November 1 to 7, the compound fertilizer operating rate was 31.04%, unchanged from the previous week but 2.4 percentage points higher year - on - year. The average weekly capacity utilization rate of melamine was 53.2%, up 3.22 percentage points from the previous period but 7.92 percentage points lower year - on - year. As of November 7, the total inventory of Chinese urea enterprises was 1.5781 million tons, up 23,800 tons (1.53%) from the previous week and 215,000 tons higher year - on - year. The port sample inventory was 79,000 tons, down 31,000 tons from the previous week [16][18]. 3.5 International Market - On November 6, China issued a 600,000 - ton urea export quota. India's IPL launched a new round of urea import tenders, targeting 2.5 million tons. As of November 7, small - particle FOB prices in China were up 7.5 dollars/ton week - on - week, while prices in some other regions had different changes. Large - particle FOB prices in China were up 2.5 dollars/ton week - on - week, and prices in other regions also showed various trends [20][22].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The PVC market is expected to experience weak and volatile trends in the near future due to factors such as increased supply, decreased downstream demand, reduced export expectations, high inventory, and a sluggish real - estate market [4]. 3. Summary by Relevant Catalogs Supply Side - PVC开工率环比增加2.49个百分点至80.75%，处于近年同期偏高水平，宁波镇洋、内蒙亿利等装置产量提升 [17] - 新增产能方面，40万吨/年的天津渤化已满负荷生产，30万吨/年的甘肃耀望和30万吨/年的嘉兴嘉化试车后低负荷运行 [4] - 内蒙三联等生产企业检修即将结束，成本支撑减弱 [4] Demand Side - PVC下游开工率小幅回落，虽超过过去两年同期，但仍是偏低水平 [4] - 2025年1 - 9月房地产仍在调整阶段，投资、新开工、竣工面积同比降幅较大，投资、销售、施工等同比增速进一步下降。全国房地产开发投资67706亿元，同比下降13.9%；商品房销售面积65835万平方米，同比下降5.5%；商品房销售额63040亿元，下降7.9%等 [23] - 截至11月9日当周，30大中城市商品房成交面积环比继续回落32.15%，处于近年同期最低水平 [23] Export - 印度将BIS政策再次延期六个月至2025年12月24日执行，中国台湾台塑11月份报价下调30 - 40美元/吨，8月14日印度公示最新的进口PVC反倾销税，中国大陆地区上调50美元/吨左右，四季度中国PVC出口预期减弱，上周出口签单环比回落 [4] Inventory - 截至11月6日当周，PVC社会库存环比增加1.13%至104.16万吨，比去年同期增加26.42%，社会库存小幅增加，目前仍偏高 [24] Market - 目前01基差在 - 51元/吨，基差处于中性偏低水平 [12] - PVC期价跌破前低，市场低迷 [4]

Hot News - The Ministry of Finance released the report on the implementation of China's fiscal policy in the first half of 2025. It will make full use of a more proactive fiscal policy, compact the budget execution responsibility chain, combine improving the efficiency of fund use with ensuring fund safety, and promote the implementation of funds and policies [2] - The National Energy Administration issued the guiding opinions on promoting the integrated development of coal and new energy. By the end of the 15th Five - Year Plan, significant achievements are expected in the integrated development of coal and new energy, with a basically mature development model for the photovoltaic and wind power industries in coal mining areas, a substantial increase in electricity substitution and new energy penetration, and the construction of a number of clean and low - carbon mining areas [2] - On November 7 local time, the U.S. Senate failed to pass the motion to advance the Specific Federal Employees Appropriations Act, with 53 votes in favor and 43 against, falling short of the 60 - vote threshold. The government shutdown is difficult to lift for the time being [2] - The General Administration of Customs decided to revoke the 2025 No. 30 announcement on suspending the soybean export qualifications of three U.S. enterprises including CHS Inc., and resume their soybean export qualifications to China from November 10, 2025 [2] - The China Securities Regulatory Commission approved the registration of platinum, palladium futures and options at the Guangzhou Futures Exchange and will supervise the exchange to ensure the smooth launch and stable operation of these products [2] Plate Performance - Key focus: Pulp, crude oil, coking coal, Shanghai copper, Shanghai gold [3] - Night session performance: Non - metallic building materials rose 3.13%, precious metals 28.56%, oilseeds 9.61%, non - ferrous metals 23.20%, soft commodities 2.77%, coal, coke, steel and ore 13.36%, energy 2.90%, chemicals 11.33%, grains 1.21%, and agricultural and sideline products 3.93% [3] Big Asset Performance | Category | Name | Daily % Change | Monthly % Change | Year - to - Date % Change | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | - 0.25 | 1.08 | 19.27 | | Equity | SSE 50 | - 0.21 | 0.89 | 13.17 | | Equity | CSI 300 | - 0.31 | 0.82 | 18.90 | | Equity | CSI 500 | - 0.24 | - 0.04 | 27.98 | | Equity | S&P 500 | 0.13 | - 1.63 | 14.40 | | Equity | Hang Seng Index | - 0.92 | 1.29 | 30.82 | | Equity | German DAX | - 0.69 | - 1.62 | 18.39 | | Equity | Nikkei 225 | - 1.19 | - 4.07 | 26.02 | | Equity | UK FTSE 100 | - 0.55 | - 0.36 | 18.47 | | Fixed Income | 10 - year Treasury Bond Futures | - 0.09 | - 0.22 | - 0.44 | | Fixed Income | 5 - year Treasury Bond Futures | - 0.05 | - 0.15 | - 0.59 | | Fixed Income | 2 - year Treasury Bond Futures | - 0.02 | - 0.07 | - 0.49 | | Commodity | CRB Commodity Index | 0.01 | - 0.54 | 1.41 | | Commodity | WTI Crude Oil | 0.66 | - 1.72 | - 16.82 | | Commodity | London Spot Gold | 0.59 | - 0.06 | 52.44 | | Commodity | LME Copper | 0.12 | - 1.80 | 21.79 | | Commodity | Wind Commodity Index | 0.20 | - 1.90 | 28.15 | | Other | US Dollar Index | - 0.15 | - 0.18 | - 8.24 | | Other | CBOE Volatility Index | - 2.15 | 9.40 | 9.97 | [5]