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]

Overnight Night Market Trends - International precious metal futures generally closed higher, with COMEX gold futures rising 0.42% to $4007.8 per ounce and COMEX silver futures rising 0.57% to $48.225 per ounce [5] - The main contract of US crude oil closed up 0.69% at $59.84 per barrel, down 1.87% for the week; the main contract of Brent crude oil rose 0.47% to $63.68 per barrel, down 1.68% for the week [6] - Most London base metals rose, with LME zinc up 0.69%, LME lead up 0.66%, LME aluminum up 0.54%, LME copper up 0.12%, LME nickel up 0.01%, and LME tin down 0.08% [6] - As of the close at 23:00 on November 7, domestic futures main contracts showed mixed results, with liquefied petroleum gas (LPG) and pulp rising nearly 1%, and coking coal falling nearly 2%, asphalt, coke, rapeseed meal, and glass falling more than 1% [7] Important Information Macroeconomic Information - The Ministry of Finance will implement a more proactive fiscal policy, continue to boost consumption, and encourage private investment [10] - As of November 7, the Shanghai Export Containerized Freight Index fell 55.6 points from the previous period, while the China Export Containerized Freight Index rose 3.6% [10] - The Dutch government welcomes China's statement on resuming supplies to Nexperia's Chinese factories, and believes that Chinese - supplied chips will reach customers soon [10] - In the first 10 months of this year, China's goods trade imports and exports increased steadily, with a total value of 37.31 trillion yuan, a year - on - year increase of 3.6% [11] - The US Bureau of Labor Statistics failed to release the October non - farm payrolls report due to the government shutdown [12] - The US Senate failed to pass a motion to advance the Specific Federal Employees Appropriations Act, and the government shutdown is difficult to lift [14] - The second paragraph of the Ministry of Commerce's Announcement No. 46 of 2024 is suspended from implementation until November 27, 2026 [15] - China's CPI turned from a 0.3% decline last month to a 0.2% increase, and PPI rose 0.1% month - on - month for the first time this year [15] - The source of the current global semiconductor supply chain chaos lies with the Dutch side, and China hopes the EU will urge the Dutch to revoke relevant measures [15] Energy and Chemical Futures - China's Customs总署 will resume importing US logs starting from November 10, 2025 [17] - In October, China's crude oil imports were 4835.7 million tons, and the cumulative imports from January to October increased by 3.1% year - on - year; refined oil imports decreased by 16.3% year - on - year; natural gas imports decreased by 6.2% year - on - year; refined oil exports decreased by 3.3% year - on - year [17] - Russia's crude oil production in October rebounded slightly but was still below its OPEC+ quota [18][19] - As of November 6, the methanol inventory at East China ports was 78.80 million tons, a month - on - month increase of 0.62 million tons [20] Metal Futures - The CSRC approved the registration of platinum, palladium futures and options at the Guangzhou Futures Exchange [22] - The Fed's Williams said the Fed may need to expand its balance sheet through bond purchases soon [22] - China's gold reserves at the end of October were 7409 million ounces, a month - on - month increase of 30,000 ounces, marking the 12th consecutive month of increase [22] - India's gold ETFs are seeing record capital inflows, with purchases this year approaching $3 billion [23] - In October 2025, Indonesia's ferronickel metal production increased by 22.52% month - on - month and 14.38% year - on - year [23] - The global platinum market is entering a period of continuous shortage [25] Black - Series Futures - The National Energy Administration issued guidelines for the integrated development of coal and new energy [27] - The inventory of imported iron ore at 45 ports in China increased by 356.35 million tons month - on - month, and the inventory at 47 ports increased by 351.20 million tons month - on - month [27] - The blast furnace operating rate of 247 steel mills increased by 1.38 percentage points week - on - week, while the ironmaking capacity utilization rate decreased by 0.80 percentage points week - on - week [28] - The total urban inventory of steel decreased by 3.09 million tons week - on - week [29] Agricultural Product Futures - China will resume the soybean import qualifications of three US companies starting from November 10, 2025 [32] - The FAO Food Price Index in October decreased by 2.1 points (1.6%) from September [32] - As of the week of November 7, the self - breeding and self - raising pig farming profit was a loss of 89.21 yuan per head, and the profit from purchasing piglets for breeding was a loss of 175.54 yuan per head [32] Financial Markets Finance - Last week, 418 listed companies disclosed institutional investor research records, with some companies receiving over 100 institutional visits [34] - The rise of TMT, non - ferrous metals, chemicals, and new energy sectors is affected by AI narratives, and the proportion of these sectors in institutional holdings exceeds 60% [34] - Last week, the three major A - share stock indexes showed a weak and volatile trend, but A - shares may still have resilience, and institutions suggest certain sectors for future allocation [36] - In November, the A - share market volatility increased, but corporate earnings are in a recovery stage [37] - Some fund managers increased their positions in Hong Kong stocks in the third quarter, especially in AI applications and innovative drugs [37] - Since 2025, 18 public funds REITs have been listed, with consumer infrastructure REITs performing well [37] Industry - The 2025 World Internet Conference Wuzhen Summit closed, with many new technologies on display [38] - Beijing plans to build a national data element comprehensive experimental area [38] - US physicists observed key evidence of unconventional superconductivity in "magic - angle" twisted trilayer graphene [40] - Changqing Oilfield's shale oil production exceeded 20 million tons, marking a new stage in China's onshore shale oil development [40] - The "Remote Sensing Satellite Multispectral Monitoring Dataset" completed data asset registration [40] Overseas - The US federal government shutdown has lasted for 40 days, and a potential agreement to end it is being reached [41] - Argentina plans to repurchase sovereign bonds and accumulate foreign exchange reserves [41] - South Korea plans to reduce the maximum dividend income tax rate from 35% to 25% [41] International Stock Markets - South Korea's stock market suffered the largest single - week sell - off by foreign investors in November [43] - US investors are increasingly buying Japanese technology and AI stocks [44] Bonds - As of November 9, the scale of various bonds issued by commercial banks this year has reached 2.88 trillion yuan [45] - Affected by market and policy factors, the bond market scale has shrunk, and the structure has changed significantly [45] Upcoming Events - At 7:50, Japan will release its October foreign exchange reserves [47] - At 13:00, Japan will release its preliminary September coincident and leading indicators [47] - At 17:30, the eurozone will release its November Sentix investor confidence index [47] - At 21:00, Canada will release its national economic confidence index as of November 7 [47] - The US will release its October Conference Board Employment Trends Index (to be determined) [47] - At 7:30, the Deputy Governor of the Reserve Bank of Australia will give a speech [49] - At 7:50, the Bank of Japan will release the summary of opinions of its Monetary Policy Meeting in October [49] - At 9:20, 78.3 billion yuan of 7 - day reverse repurchases of the People's Bank of China will expire [49] - At 15:00, the State Council will hold a regular policy briefing [49] - At 17:10, the Deputy Governor of the Bank of England will give a speech [49] - The domestic refined oil will open a new price adjustment window (to be determined) [49] - The King of Spain will conduct a state visit to China from November 10 to 13 (to be determined) [49] - The Bank of Japan's board member Nakagawa will give a speech (to be determined) [49]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View - No information provided 3. Summary by Relevant Catalogs Supply - **Soda Ash**: The current week's soda ash开工率 was 85.67%, a decrease of 1.22 from the previous week; the产量 was 74.68 tons, a decrease of 1.08 tons; the重质产量 was 41.48 tons, a decrease of 0.5 tons; the轻质产量 was 33.2 tons, a decrease of 0.58 tons; the number of production lines was 222, a decrease of 4 [1]. - **Float Glass**: The current week's float glass开工率 was 75.916%, a decrease of 0.434 from the previous week; the产量 was 112.6085 tons, a decrease of 0.284 tons [1]. Inventory - **Soda Ash**: The current week's soda ash厂内库存 was 171.42 tons, an increase of 1.22 tons; the重质库存 was 89.96 tons, an increase of 1.32 tons; the轻质库存 was 81.46 tons, a decrease of 0.1 tons; the库存可用天数 was 14.21 days, an increase of 0.1 days [1]. - **Float Glass**: The current week's float glass库存 was 6313.6 ten thousand weight - boxes, a decrease of 265.4 ten thousand weight - boxes; the库存可用天数 was 27.1 days, a decrease of 0.9 days [1]. Profit - **Soda Ash**: The current week's soda ash氨碱法毛利 was - 43.5 yuan/ton, a decrease of 1.8 yuan/ton; the联产法毛利 was - 174 yuan/ton, a decrease of 9 yuan/ton; the天然气利润 was - 172.7 yuan/ton, a decrease of 15 yuan/ton; the石油焦利润 was - 1.77 yuan/ton, a decrease of 2.86 yuan/ton; the煤制气利润 was 78.1 yuan/ton, an increase of 14.65 yuan/ton [1]. - **Float Glass**: No specific profit data description other than the above - mentioned profit indicators for different production methods was provided in a summarized way. Basis & Spread - **Soda Ash**: The current week's soda ash基差 was - 50, unchanged from the previous week; the 1 - 5价差 was 86, a decrease of 3; the纯碱 - glass01价差 was 106, a decrease of 38; the纯碱 - glass05价差 was 66, a decrease of 15 [1]. - **Float Glass**: The current week's float glass基差 was 25, a decrease of 5; the 1 - 5价差 was 126, a decrease of 26 [1].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View No information provided. 3) Summary by Relevant Catalog Mainstream Regional Market Prices (Yuan/ton) - Prices in Henan increased by 30 yuan to 1600 yuan/ton, in Shandong by 20 yuan to 1600 yuan/ton, in Shanxi by 30 yuan to 1480 yuan/ton, in Jiangsu by 10 yuan to 1580 yuan/ton, and in Anhui by 20 yuan to 1580 yuan/ton. Prices in Hebei, Heilongjiang, and Inner Mongolia remained unchanged at 1590 yuan/ton, 1620 yuan/ton, and 1610 yuan/ton respectively [2]. Factory Prices (Yuan/ton) - The price of Hebei Dongguang remained unchanged at 1570 yuan/ton, Shandong Hualu at 1590 yuan/ton, Jiangsu Linggu increased by 10 yuan to 1620 yuan/ton, and Anhui Haoyuan increased by 20 yuan to 1580 yuan/ton [2]. Basis (Yuan/ton) - Shandong 05 basis increased by 5 yuan to -135 yuan/ton, Shandong 01 basis increased by 11 yuan to -159 yuan/ton, Hebei 05 basis decreased by 5 yuan to -125 yuan/ton, and Hebei 01 basis increased by 1 yuan to -149 yuan/ton [2]. Monthly Spread (Yuan/ton) - The 1 - 5 spread increased by 2 yuan to 82 yuan/ton, and the 5 - 9 spread increased by 6 yuan to -24 yuan/ton [2]. Warehouse Receipts - The total number of warehouse receipts increased by 685 to 4585 [2]. International Quotes (US dollars/ton) - Middle East FOB, US Gulf FOB, Egypt FOB, Baltic FOB, and Brazil CFR remained unchanged at 385.5, 396.5, 450, 379, and 425 respectively [2].