1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report The report presents a comprehensive overview of the global financial market, including stock markets, commodity markets, bond markets, and foreign exchange markets, as well as important macro - economic and industry - related news. It reflects the current market trends, such as the decline in major global stock indices, fluctuations in commodity prices, and changes in bond yields. Additionally, it covers significant events like corporate mergers, policy announcements, and international cooperation initiatives. 3. Summary by Relevant Catalogs Overnight Night - Market Trends - US major stock indices closed lower, with the Dow down 0.84% at 46912.3 points, the S&P 500 down 1.12% at 6720.32 points, and the Nasdaq down 1.9% at 23053.99 points [5] - European major stock indices also closed lower, with the German DAX down 1.29% at 23740.38 points, the French CAC40 down 1.36% at 7964.77 points, and the UK FTSE 100 down 0.42% at 9735.78 points [6] - US Treasury yields fell across the board, with the 2 - year yield down 7.20 basis points to 3.553%, and others also showing declines [6] - International precious metal futures generally declined, with COMEX gold down 0.20% at $3984.80 per ounce and COMEX silver down 0.37% at $47.85 per ounce [7] - US oil and Brent crude futures declined slightly, with US oil down 0.12% at $59.53 per barrel and Brent crude down 0.08% at $63.47 per barrel [9] - Most London base metals rose, with LME copper down 0.1% at $10687 per ton, and others showing various changes [9] Important News Macro - economic News - Xi Jinping emphasized the strategic goal of building the Hainan Free Trade Port to be an important gateway for China's opening - up in the new era [11] - The Ministry of Commerce reported on the results of China - US economic and trade consultations in Kuala Lumpur, including issues such as fentanyl, tariffs, and agricultural trade [11] - China is actively promoting its accession to the CPTPP [11] - As of November 5, 2025, the annual customs clearance volume of the Ceke Port exceeded 26 million tons, a year - on - year increase of 25.7%, and it is expected to exceed 30 million tons in 2025 [12] Industry News - For the soda ash industry, this week's shipments, production, and overall inventory in China showed certain changes [14] - In Japan, commercial crude oil and gasoline inventories increased, while kerosene inventory decreased, and the refinery's average operating rate rose slightly [14] - In Singapore, fuel oil and light distillate inventories decreased, while middle distillate inventories increased [15] - In the US, the natural gas inventory increased by 33 billion cubic feet in the week ending October 31, 2025 [15] Metal Futures - A polysilicon restructuring "consortium" platform is being planned, with a proposed fund size of about $70 billion [17] - As of this Thursday, the national metallurgical - grade alumina's total production capacity and operating rate showed some changes [19] - Global gold ETFs had five consecutive months of capital inflows, with significant growth in asset management scale and trading volume in October [19] - The mining rights transfer income assessment report of a mine in Jiangxi is being publicly announced [19] Black - series Futures - For rebar, production, apparent demand decreased, and factory and social inventories continued to decline for four weeks [21] - The capacity utilization rate of coking coal mines decreased, and there were changes in coal production and inventory [21] - The average profit per ton of coke in independent coking plants showed different levels in different regions [21] Agricultural Futures - In southern Mato Grosso, Brazil, the soybean and corn yields increased significantly, and the second - season corn output is expected to rise substantially [24] - As of November 5, 2025, the apple cold - storage inventory in China's main producing areas decreased year - on - year [25] - In Malaysia, palm oil production increased in the first five days of November [25] - Brazil's November exports of soybeans, soybean meal, and corn are expected to be higher than last year [25] - India may double its sugar export quota in the new year [26] Financial Market Financial - A - shares rose unilaterally, with the Shanghai Composite Index back above 4000 points, and some sectors and concepts showed different trends [28] - The Hong Kong Hang Seng Index and related indices rose, and there were new stock listings and performance [29] - MSCI announced the November index adjustment results [29] - The China Securities Index Company will launch new indices [30] - The Science and Technology Innovation Board of the Shanghai Stock Exchange accepted the IPO application of Core Medical [30] - Hong Kong is promoting dual - currency trading of some local stocks and related measures [30] - The second - batch of long - term investment pilot insurance funds has made progress [30] - Guizhou Moutai held a performance briefing [31] - DeepWay submitted a prospectus to the Hong Kong Stock Exchange [32] Industry - The polysilicon industry may undergo major integration [33] - The financial regulatory authority is formulating guidelines for the high - quality development of science and technology insurance [33] - China will promote international cooperation in the new - energy storage field [33] - The construction machinery industry's October operating rate showed certain changes [33] - Chongqing issued policies to support the high - quality development of innovative drugs [34] Overseas - US President Trump reached an agreement on GLP - 1 weight - loss drugs, and there are investment and factory - building plans [35] - The US employment situation is severe, increasing the expectation of interest rate cuts [35] - The US government shutdown affects official inflation data and policy - making [35] - Some Fed officials have different views on interest rate cuts due to inflation concerns [36] - The US government shutdown affects the aviation industry, with flight capacity cuts [36] - The Bank of England maintained the interest rate at 4%, and the expectation of a December interest rate cut increased [36] - Japan plans to allocate about $6.5 billion annually to support the local chip and AI industries [38] - Japan's nominal wages increased in September, which may affect the central bank's policy [38] - Germany's industrial output showed a certain recovery in September [39] International Stock Markets - US major stock indices closed lower, with some individual stocks performing poorly, and there were concerns about Trump's tariff policies [40] - European major stock indices closed lower, affected by multiple factors [40] - Multiple valuation indicators of the US stock market are at high levels [41] - Nissan had a net loss in the first half of fiscal year 2025 and plans to sell its headquarters building [42] - Airbnb's third - quarter performance was good, and its after - hours trading price rose [42] Commodities - International precious metal futures declined [43] - Oil prices fell due to concerns about supply and demand [43] - Most London base metals rose [43] - Indonesia stopped approving applications for some nickel ore processing plants [43] - Saudi Aramco lowered the December crude oil price for Asia [45] - The US included copper in the 2025 key minerals list [45] Bonds - The Ministry of Finance issued $4 billion in sovereign bonds in Hong Kong, with high subscription rates [46] - The strength of A - shares put pressure on the bond market, and there were changes in bond yields and prices [46] - The real estate industry's bond financing in October increased year - on - year [46] - US Treasury yields fell [47] - Berkshire Hathaway may issue yen bonds [48] Foreign Exchange - The on - shore RMB against the US dollar rose, and the RMB was added as a settlement currency by the IATA [50] - The US dollar index fell, and most non - US currencies showed different trends [50]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The asphalt market is showing a trend of fluctuating downward. The supply side has a slightly increased production rate but is still at a relatively low level in recent years, and the expected production in November has decreased. The downstream industry's start - up rate has mostly increased, but is restricted by funds and weather. The inventory ratio of asphalt refineries continues to decline and remains at a record low. The crude oil price fluctuates, and the forward low - price resources of refineries are released, causing the asphalt futures price to show a weak and fluctuating trend [1]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - The asphalt production rate last week increased by 0.4 percentage points to 31.5% month - on - month, 2.1 percentage points higher than the same period last year, and is at a relatively low level in recent years. The expected domestic asphalt production in November is 2.228 million tons, a decrease of 454,000 tons (16.9%) month - on - month and a decrease of 274,000 tons (11.0%) year - on - year [1]. - Most of the start - up rates of downstream asphalt industries increased last week. The start - up rate of road asphalt increased by 1 percentage point to 33% month - on - month, slightly exceeding the level of the same period last year, but is restricted by funds and weather [1]. - The shipment volume of the main refineries in North China increased significantly last week. The national shipment volume increased by 13.98% month - on - month to 331,300 tons, at a neutral level. The inventory - to - stock ratio of asphalt refineries continued to decline slightly and is still at the lowest level in recent years [1]. - The market digested the news of Russian oil sanctions. The meeting between the leaders of China and the United States basically met market expectations. OPEC + decided to increase production by 137,000 barrels per day in December but suspend production increase in the first quarter of next year. The crude oil price fluctuated. The forward low - price resources of refineries were released intensively, and the basis of asphalt in Shandong has dropped significantly from a high level and is currently at a neutral level. The spot price followed the decline, and the asphalt futures price showed a weak and fluctuating trend [1]. 3.2 Futures and Spot Market Conditions - The asphalt futures contract 2601 fell 2.05% to 3,109 yuan/ton today, below the 5 - day moving average. The lowest price was 3,103 yuan/ton, the highest price was 3,167 yuan/ton, and the trading volume decreased by 1,885 to 201,642 lots [2]. - The mainstream market price in Shandong dropped to 3,100 yuan/ton, and the basis of the asphalt 01 contract dropped to - 9 yuan/ton, at a neutral level [3]. 3.3 Fundamental Tracking - On the supply side, refineries such as Zhonghai Yingkou resumed asphalt production. The asphalt production rate increased by 0.4 percentage points to 31.5% month - on - month, 2.1 percentage points higher than the same period last year, and is at a relatively low level in recent years [4]. - From January to September, the investment in national highway construction decreased by 6.0% year - on - year. The cumulative year - on - year growth rate slightly rebounded compared with January - August 2025 but is still negative. From January to September 2025, the cumulative year - on - year growth rate of the actual completed fixed - asset investment in the road transportation industry was - 2.7%, a slight rebound from - 3.3% in January - August 2025 but still in a negative growth situation. From January to September 2025, the cumulative year - on - year growth rate of the completed fixed - asset investment in infrastructure construction (excluding electricity) was 1.1%, continuing to decline from 2.0% in January - August 2025 [4]. - As of the week of October 31, most of the start - up rates of downstream asphalt industries increased. The start - up rate of road asphalt increased by 1 percentage point to 33% month - on - month, slightly exceeding the level of the same period last year, and is restricted by funds and weather [4]. - From the perspective of social financing stock, from January to September 2025, the social financing stock increased by 8.7% year - on - year, and the growth rate slowed down by 0.1 percentage point compared with January - August. The new social financing in September was as high as 3.53 trillion yuan, but it was 233.5 billion yuan less year - on - year due to the high base. Attention should be paid to the progress of forming physical workload [4]. - As of the week of October 31, the inventory - to - stock ratio of asphalt refineries decreased by 0.7 percentage points to 15.3% compared with the week of October 24 and is still at the lowest level in recent years [4].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The crude oil market remains in a supply - surplus situation. Although there are factors such as potential restrictions on Russian oil exports and the outcome of Sino - US leaders' talks, the report expects crude oil prices to fluctuate in the near term [1]. 3) Summary by Relevant Catalogs [行情分析] - OPEC+ eight countries decided to increase production by 137,000 barrels per day in December, the same as the October and November plans, and will suspend production increase in Q1 2026. This will increase the supply pressure in Q4 2025 but relieve it in Q1 2026 [1]. - The peak consumption season is over, and market concerns about crude oil demand have arisen due to factors such as the decline in the US ISM manufacturing index in October. Meanwhile, OPEC+ is accelerating production increases, and exports from the Middle East are rising [1]. - The US has imposed sanctions on Russian oil companies, and the military confrontation between the US and Venezuela has escalated. The future of Russian oil exports is uncertain, and India's attitude towards Russian oil imports is also divided [1]. - The Sino - US leaders' talks basically met market expectations, and bilateral relations have not changed fundamentally [1]. [期现行情] - The main crude oil futures contract 2512 fell 0.37% to 460.4 yuan/ton, with a low of 456.0 yuan/ton and a high of 465.8 yuan/ton. The open interest increased by 828 to 27,991 lots [2]. [基本面跟踪] - EIA expects the global oil inventory to increase by about 2.6 million barrels per day in Q4 2025, raises the US crude oil production forecast for 2025 by 90,000 barrels per day to 13.53 million barrels per day, and adjusts the average Brent crude oil price for 2025 [3]. - OPEC and IEA have different adjustments to the global oil demand and supply growth rates for 2025 and 2026, and the oil supply surplus is intensifying [3]. - US EIA data shows that the US crude oil inventory increased by 5.202 million barrels in the week ending October 31, 2025, and gasoline inventory decreased more than expected, while overall oil product inventories increased slightly [4]. - OPEC's August crude oil production was adjusted down by 32,000 barrels per day, and its September production increased by 524,000 barrels per day, mainly driven by Saudi Arabia and the UAE. US crude oil production reached a new high in the week ending October 31 [4]. - The four - week average supply of US crude oil products decreased to 20.344 million barrels per day, 2.20% lower than the same period last year. The demand for gasoline and diesel also decreased [5].

Report Industry Investment Rating No relevant content provided. Report's Core View - The plastic industry is expected to experience weak and volatile trends in the near future. The开工率 of plastics is at a neutral level, while the downstream开工率 of PE is at a relatively low level in recent years. The cost of crude oil is fluctuating within a narrow range, and there is an increase in supply. The peak season for agricultural film is not as strong as expected, and downstream purchasing enthusiasm is insufficient. Traders are cautious about the future market, and there is no actual policy for anti - involution in the plastic industry yet [1]. Summary According to Related Catalogs Market Analysis - On November 6, the change in maintenance devices was small, and the plastic开工率 remained at around 89.5%, which is at a neutral level. The downstream开工率 of PE decreased by 0.38 percentage points to 45.37%. Agricultural film is in the peak season, with orders and raw material inventories increasing to a neutral level in recent years, but packaging film orders decreased slightly. The overall downstream开工率 of PE is still at a relatively low level in recent years. Petrochemical inventories at the beginning of the month increased significantly and are now at a neutral level in recent years. The market has digested the news of Russian oil sanctions, and the meeting between Chinese and US leaders was in line with market expectations. OPEC+ decided to increase production by 137,000 barrels per day in December but suspend production increase in the first quarter of next year, causing crude oil prices to fluctuate within a narrow range. There is new production capacity coming online, and the plastic开工率 has increased. The peak season for agricultural film is not as good as expected, and downstream purchasing willingness is insufficient. Traders are cautious about the future market and are actively selling at reduced prices. There is no actual anti - involution policy in the plastic industry yet [1]. Futures and Spot Market Conditions - **Futures**: The plastic 2601 contract increased in positions and fluctuated. The lowest price was 6,745 yuan/ton, the highest was 6,819 yuan/ton, and it closed at 6,805 yuan/ton, below the 60 - day moving average, with a decline of 0.38%. The position increased by 25,025 lots to 578,172 lots [2]. - **Spot**: Most of the PE spot market declined, with price changes ranging from - 100 to + 0 yuan/ton. LLDPE was reported at 6,740 - 7,270 yuan/ton, LDPE at 8,920 - 9,730 yuan/ton, and HDPE at 7,030 - 7,990 yuan/ton [3]. Fundamental Tracking - **Supply**: On November 6, the change in maintenance devices was small, and the plastic开工率 remained at around 89.5%, which is at a neutral level [4]. - **Demand**: As of the week ending October 31, the downstream开工率 of PE decreased by 0.38 percentage points to 45.37%. Agricultural film is in the peak season, with orders and raw material inventories increasing to a neutral level in recent years, but packaging film orders decreased slightly. The overall downstream开工率 of PE is still at a relatively low level in recent years [4]. - **Inventory**: On Thursday, the early petrochemical inventory decreased by 20,000 tons to 690,000 tons, 20,000 tons higher than the same period last year. Petrochemical inventories at the beginning of the month increased significantly and are now at a neutral level in recent years [4]. - **Raw Materials**: The Brent crude oil 01 contract fell to $64 per barrel. The price of Northeast Asian ethylene remained flat at $730 per ton, and the price of Southeast Asian ethylene remained flat at $740 per ton [4].

Report Industry Investment Rating - No relevant content provided Core View of the Report - The PP market is expected to experience a weak and volatile trend in the near future due to factors such as the increase in new production capacity, the decline in plastic weaving start - up rate, lower - than - expected Double Eleven stocking demand, and the lack of large - scale centralized procurement [1] Summary by Relevant Catalogs Market Analysis - PP downstream start - up rate increased by 0.24 percentage points to 52.61% week - on - week, remaining at a relatively low level compared to the same period in previous years. However, the plastic weaving start - up rate dropped by 0.2 percentage points to 44.2%, with slightly fewer orders and slightly lower than the same period last year [1][4] - On November 6th, there were few changes in maintenance devices, and the PP enterprise start - up rate remained at around 82%, at a moderately low level. The production ratio of standard wire drawing dropped to around 21% [1][4] - Petrochemical inventory is currently at a neutral level compared to the same period in recent years, with significant inventory accumulation at the beginning of the month [1][4] - In terms of cost, the market has digested the news of Russian oil sanctions, and the meeting between Chinese and US leaders was in line with market expectations. OPEC+ decided to increase production by 137,000 barrels per day in December but suspend production increases in the first quarter of next year, resulting in a narrow - range fluctuation of crude oil prices [1] - New production capacity of 400,000 tons per year from PetroChina Guangxi Petrochemical was put into operation in mid - October, and the number of maintenance devices has slightly decreased recently [1] Futures Market - The PP2601 contract decreased by 0.57% with increased positions, closing at 6471 yuan/ton, below the 20 - day moving average. The trading range was between 6415 yuan/ton and 6490 yuan/ton, and the open interest increased by 8183 lots to 652,784 lots [2] Spot Market - Most spot prices of PP in various regions declined, with wire drawing priced at 6240 - 6560 yuan/ton [3] Fundamental Tracking - On the supply side, on November 6th, there were few changes in maintenance devices, and the PP enterprise start - up rate remained at around 82%, at a moderately low level [1][4] - On the demand side, as of the week ending October 31st, the PP downstream start - up rate increased by 0.24 percentage points to 52.61% week - on - week, remaining at a relatively low level compared to the same period in previous years. The plastic weaving start - up rate dropped by 0.2 percentage points to 44.2%, with slightly fewer orders and slightly lower than the same period last year [1][4] - Petrochemical inventory in the early morning of Thursday decreased by 20,000 tons to 690,000 tons, 20,000 tons higher than the same period last year [4] - The Brent crude oil 01 contract dropped to $64 per barrel, and the CFR propylene price in China remained flat at $740 per ton [5]

【冠通期货研究报告】 PVC日报：震荡下行 发布日期：2025年11月6日 【行情分析】 上游西北地区电石价格周初下跌后稳定。目前供应端，PVC开工率环比增加1.69个百分点至 78.26%，PVC开工率有所增加，仍处于近年同期偏高水平。PVC下游开工率小幅提升，超过过去两年同 期，只是仍是偏低水平。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，其中中国大陆地区上调50美 元/吨左右，四季度中国PVC出口预期减弱。不过，近期出口价格下降后，反倾销税还未执行，9月出 口仍较好，目前出口签单暂未明显走弱。上周社会库存略有减少，目前仍偏高，库存压力仍然较大。 2025年1-9月份，房地产仍在调整阶段，投资、新开工、竣工面积同比降幅仍较大，投资、销售、施 工等同比增速进一步下降。30大中城市商品房周度成交面积环比回落，仍处于近年同期最低水平附 近，房地产改善仍需时间。氯碱综合利润仍为正值，PVC开工率同比往年偏高。同时新增产能上，50 万吨/年的万华化学8月份已经量产，40万吨/年的天津渤化8月份试生产后，预 ...

联系方式：010-85356618 尿素日度数据图表 研究咨询部 本期 前值 涨跌 河北 1590 1590 0 河南 1570 1570 0 山东 1580 1580 0 山西 1450 1450 0 江苏 1570 1570 0 安徽 1560 1560 0 黑龙江 1620 1620 0 内蒙古 1610 1610 0 河北东光 1570 1570 0 山东华鲁 1590 1590 0 江苏灵谷 1610 1610 0 安徽昊源 1560 1560 0 山东05基差 -140 -149 9 山东01基差 -170 -182 12 河北05基差 -120 -119 -1 河北01基差 -150 -152 2 1-5价差 80 86 -6 5-9价差 -30 -33 3 仓单数量（张） 仓单数量合计 3900 3900 0 中东FOB 385.5 385.5 0 美湾FOB 396.5 396.5 0 埃及FOB 450 450 0 波罗的海FOB 379 379 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：F023542 ...

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints - The domestic futures market on November 6, 2025, showed more rising contracts than falling ones. Some commodities like p-xylene, coking coal, and PTA had significant increases, while container shipping to Europe and asphalt declined [6][7]. - The market is influenced by various factors such as international policies (e.g., OPEC+ production decisions), supply - demand dynamics of different commodities, and macro - economic data (e.g., US employment data) [7][9][12]. 3. Summary by Commodity Copper - The copper market is in a tight supply - demand balance. Supply is affected by negative smelting processing fees, potential supply disruptions from the Indonesian copper mine accident, and planned smelter overhauls. Demand is somewhat suppressed by rising prices. The US employment data affects the macro - expectation, and the strong dollar restricts the upside of copper prices [9]. Lithium Carbonate - Supply is increasing as upstream production is active, with high开工 rates. Demand is strong, especially from the energy - storage battery sector, leading to significant inventory reduction. However, due to the uncertainty of official复产 news, caution is advised when chasing the rising price [11]. Crude Oil - OPEC+ plans to increase production in December, which will increase the supply pressure in the fourth quarter but relieve it in the first quarter of next year. The demand peak has ended, and the market is in a supply - surplus situation. Geopolitical factors such as US sanctions on Russian oil companies and the US - Venezuela situation also affect the market, and the price is expected to oscillate [12][13]. Asphalt - Supply has a slight decrease, with开工 rates at a relatively low level. Demand is affected by project construction in the north and price inquiries in the south. With the influence of crude oil price fluctuations and the release of low - price resources, the asphalt futures price is expected to be weakly oscillating [14]. PP - The downstream开工 rate is at a relatively low level, and the supply is affected by new capacity and reduced maintenance. The market lacks large - scale procurement, and with the influence of crude oil and the absence of anti - involution policies, the price is expected to be weakly oscillating [15][16]. Plastic - The开工 rate is at a neutral level, and the downstream开工 rate is relatively low. New capacity is added, and the demand in the peak season is not as expected. With the influence of crude oil and the lack of anti - involution policies, the price is expected to be weakly oscillating [17]. PVC - Supply is increasing with high开工 rates and new capacity. The export expectation is weakening, and the inventory is still high. The real - estate market is in adjustment, and with the end of maintenance and high futures warehouse receipts, the price is expected to be weakly oscillating [18]. Coking Coal - Supply is tightening due to production restrictions in Shanxi. The inventory is being transferred downstream. The demand from steel mills is affected by environmental protection, resulting in a tight - balance situation, and the price is expected to be in high - level consolidation [19][20]. Urea - Supply is increasing with high daily production. Demand is also increasing as the downstream replenishes at low prices. The market atmosphere is improving, and the price is expected to have a small - range rebound and narrow - range oscillation [21].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints of the Report - The urea market shows a situation of both supply and demand increasing. The market sentiment has improved, and the futures price is on a small rebound, with limited upside and downside space, mainly in a narrow - range oscillation [1]. - The compound fertilizer has smooth sales, and the finished - product inventory is being depleted. The winter - storage pre - sale policy of factories is being introduced, but dealers' fertilizer - stocking this year is more cautious, and their purchasing ability may be weaker than in previous years [1]. 3) Summary by Relevant Catalogs a) Market Analysis - Futures: The main urea 2601 contract opened at 1630 yuan/ton, closed at 1644 yuan/ton, up 0.74%. The trading volume was 275,142 lots, an increase of 2887 lots. Among the top 20 positions, long positions increased by 1539 lots, and short positions increased by 4121 lots [2]. - Spot: The spot trading is considerable. The ex - factory price of small - particle urea in Shandong, Henan, and Hebei is in the range of 1500 - 1550 yuan/ton, with Henan's price at the lower end [1][5]. - Warehouse receipts: On November 6, 2025, the number of urea warehouse receipts was 3900, the same as the previous trading day [3]. b) Fundamental Tracking - Basis: The basis of the January contract in Henan weakened to - 74 yuan/ton, a decrease of 11 yuan/ton compared with the previous trading day [8]. - Supply: On November 6, 2025, the national daily urea production was 204,000 tons, an increase of 4400 tons from the previous day, with an operating rate of 86.2% [10]. - Enterprise Inventory: As of November 5, 2025, the total inventory of Chinese urea enterprises was 1.5781 million tons, an increase of 23,800 tons from the previous week, a 1.53% increase. The pre - sale order days were 7.29 days, a decrease of 0.24 days from the previous period, a 3.19% decrease [13]. - Downstream: From October 31 to November 7, the compound fertilizer capacity utilization rate was 31.04%, the same as the previous week. The average weekly capacity utilization rate of Chinese melamine was 53.2%, an increase of 3.22 percentage points from the previous week [15].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The copper market has stopped falling and rebounded. The supply - demand tight balance provides support, and the improvement in US employment data boosts the macro - expectation preference, while the strengthening US dollar suppresses the upside space of copper prices [1] Group 3: Summary by Related Catalogs Market Analysis - The Shanghai copper futures opened higher and moved up during the day. The US government shutdown has a negative impact on the market. The US October ADP employment report showed an increase of 42,000 jobs, better than expected. The smelting processing fee is negative and stable, indicating a tight copper ore resource. An accident in the Indonesian copper mine will affect global copper supply until next year. There are still five smelters with maintenance plans in November, and copper production is on a downward trend. Higher copper prices may increase scrap copper supply. The rising copper prices have suppressed downstream demand, and the Shanghai copper inventory has increased slightly [1] Futures and Spot Market - Futures: Shanghai copper opened higher and moved up during the day. Spot: The spot premium in East China is 25 yuan/ton, and in South China is - 15 yuan/ton. On November 5, 2025, the LME official price was 10,639.5 dollars/ton, and the spot premium was - 36.5 dollars/ton [4] Supply Side - As of November 4, the spot rough smelting fee (TC) is - 42.06 dollars/dry ton, and the spot refining fee (RC) is - 4.13 cents/pound [8] Fundamental Tracking - SHFE copper inventory is 43,900 tons, an increase of 6,456 tons from the previous period. As of November 3, the Shanghai Free Trade Zone copper inventory is 100,100 tons, a decrease of 6,500 tons from the previous period. LME copper inventory is 134,000 tons, an increase of 300 tons from the previous period. COMEX copper inventory is 363,400 short tons, an increase of 2,005 short tons from the previous period [11]