Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The spot price of logs has been adjusted downward, with the prices of various specifications generally dropping by 10 - 20 yuan per cubic meter. The arrival volume at ports on the supply side continues to rise, and the port inventory is higher than in the past two years. Although the outbound volume remains resilient, it will face pressure in the future. Currently, the futures price is at a relatively low level, and cost support limits the downside. Overall, the reality of the 01 contract is weak, and the willingness to take delivery is low. The futures market is expected to run weakly [3][4]. 3. Summary by Relevant Catalog Futures and Spot Prices - On November 28th, the prices of log futures contracts LG2601, LG2605 remained unchanged, while LG2603 increased by 2.0 yuan to 776.5 yuan, with a gain of 0.26%. The 01 - 03 spread decreased by 2.0 to -11.5, and the 03 - contract basis decreased by 2.0 to -26.5. The prices of various types of spot logs at ports such as Rizhao and Taicang remained unchanged [2]. - The CFR prices of 4 - meter medium - grade A radiata pine and 11.8 - meter spruce in the external market also remained unchanged on November 28th compared to previous dates [2]. Cost: Import Cost Calculation - On November 28th, the RMB - US dollar exchange rate was 7.071 yuan, and the import theoretical cost was 806.36 yuan, a decrease of 0.28 yuan from the previous day, with a change of 0% [2]. Supply: Monthly - In October, the port shipping volume was 201.3 million cubic meters, an increase of 24.7 million cubic meters or 13.99% compared to September. The number of ships at the port (New Zealand → China, Japan, South Korea) was 54, an increase of 8 or 17.39% compared to the previous period [2]. Inventory: Main Port Inventory (Weekly) - As of November 21st, the total domestic coniferous log inventory was 303 million cubic meters, an increase of 8 million cubic meters compared to the previous week. The inventory in Shandong was 195.4 million cubic meters, an increase of 11.1 million cubic meters; the inventory in Jiangsu was 83.18 million cubic meters, a decrease of 0.5 million cubic meters [2][3]. Demand: Daily Average Outbound Volume (Weekly) - As of November 21st, the daily average outbound volume of logs was 6.44 million cubic meters, a decrease of 0.12 million cubic meters compared to the previous week. The outbound volume in Shandong was 3.59 million cubic meters, a decrease of 0.08 million cubic meters; the outbound volume in Jiangsu was 2.36 million cubic meters, a decrease of 0.08 million cubic meters [2][3]. Forecast of Arrival at Ports - From November 24th to November 30th, 2025, the number of pre - arriving New Zealand log ships at 13 Chinese ports was 6, a decrease of 7 compared to the previous week, a week - on - week decrease of 54%; the total arrival volume was about 21.7 million cubic meters, a decrease of 20.1 million cubic meters compared to the previous week, a week - on - week decrease of 48% [3].

Report Title - Full Variety Spread Daily Report [4] Report Date - December 1, 2025 [3] Commodity Analysis Ferrous Metals - Silicon Iron (SF603) had a 1.63% change, with a spot price of 5478 and a futures price of 5770, and a historical quantile of 54.80% [1] - Silicon Manganese (SM601) had a spot price of 5612 [1] - HRB400 20mm in Shanghai increased by 4.50%, with a spot price of 3250 and a futures price of 3290 [1] - Rebar (RB2601) decreased by 12 points [1] - Hot - Rolled Coil (HC2601) decreased by 0.36%, with a spot price of 3302 and a futures price of 3290 [1] - Iron Ore (I2601) increased by 7.22%, with a spot price of 851 and a futures price of 794, and a historical quantile of 46.20% [1] - Coke (J2601) had a significant increase of 76.81% [1] - Coking Coal (JM2601) increased by 11.53%, with a spot price of 1190 and a futures price of 1067, and a historical quantile of 58.50% [1] Non - Ferrous Metals - Copper (CU2601) had a spot price of 87430 and a futures price of 87400, with a basis of - 30 and a historical quantile of 41.25% [1] - Aluminum (AL2601) increased by 10.20%, with a spot price of 21450 and a futures price of 21610 [1] - Alumina (AO2601) had a spot price of 2831 and a futures price of 2707, with a basis of 124 and a historical quantile of 61.67% [1] - Zinc (ZN2601) decreased by 1.65%, with a spot price of 22425 and a futures price of 22300 [1] - Tin (SN2601) decreased by 5040, with a spot price of 305040 and a futures price of 300000 [1] - Nickel (NI2601) increased by 0.40%, with a spot price of 117550 and a futures price of 117080 [1] - Stainless Steel (SS2601) had a historical quantile of 88.41% [1] - Lithium Carbonate (LC2605) decreased by 2670, with a spot price of 96420 and a futures price of 93750 [1] - Industrial Silicon (SI2601) increased by 4.60%, with a spot price of 9130 [1] Precious Metals - Gold (AU2602) decreased by 0.68%, with a spot price of 953.9 and a futures price of 947.4, and a historical quantile of 0.30% [1] - Silver (AG2602) decreased by 58.0, with a spot price of 12727.0 and a futures price of 12669.0, and a historical quantile of 3.70% [1] Agricultural Products - Soybean Meal (M2601) decreased by 1.45%, with a spot price of 3044.0 and a futures price of 3000, and a historical quantile of 32.00% [1] - Soybean Oil (Y2601) increased by 2.25%, with a spot price of 8430 and a futures price of 8244.0, and a historical quantile of 38.00% [1] - Palm Oil (P2601) decreased by 0.88%, with a spot price of 8626.0 and a futures price of 8520, and a historical quantile of 8.70% [1] - Rapeseed Meal (RM601) increased by 4.40%, with a spot price of 2560 and a futures price of 2452.0, and a historical quantile of 67.40% [1] - Rapeseed Oil (OI601) increased by 3.21%, with a spot price of 10070 and a futures price of 9757.0, and a historical quantile of 82.60% [1] - Corn (C2601) increased by 1.33%, with a spot price of 2290 and a futures price of 2244.0, and a historical quantile of 64.90% [1] - Corn Starch (CS2601) increased by 1.33%, with a spot price of 2600 and a futures price of 2566.0, and a historical quantile of 18.40% [1] - Live Hogs (LH2601) decreased by 1.00%, with a spot price of 11350 and a futures price of 11465.0, and a historical quantile of 40.90% [1] - Eggs (JD2601) decreased by 12.24%, with a spot price of 2890 and a futures price of 3293.0, and a historical quantile of 12.20% [1] - Cotton (CF601) increased by 3.98%, with a spot price of 14723 and a futures price of 13725.0, and a historical quantile of 56.70% [1] - Sugar (SR601) decreased by 4.76%, with a spot price of 5615 and a futures price of 5400.0, and a historical quantile of 36.60% [1] - Apples (AP601) decreased by 3.60%, with a spot price of 9025.0 and a futures price of 8700, and a historical quantile of 74.80% [1] Energy and Chemicals - Paraxylene (PX601) decreased by 0.12%, with a spot price of 6822.0 and a futures price of 6830.0, and a historical quantile of 25.10% [1] - PTA (TA601) decreased by 1.6%, with a spot price of 4700.0 and a futures price of 4650.0, and a historical quantile of 37.20% [1] - Ethylene Glycol (EG2601) increased by 0.13%, with a spot price of 3890.0 and a futures price of 3885.0, and a historical quantile of 61.20% [1] - Polyester Staple Fiber (PF602) increased by 0.72%, with a spot price of 6295.0 and a futures price of 6250.0, and a historical quantile of 54.20% [1] - Styrene (EB2601) increased by 1.05%, with a spot price of 6566.0 and a futures price of 6635.0, and a historical quantile of 44.40% [1] - Methanol (MA601) decreased by 1.7%, with a spot price of 2110.0 and a futures price of 2135.0, and a historical quantile of 23.00% [1] - Urea (UR601) decreased by 0.42%, with a spot price of 1670.0 and a futures price of 1677.0, and a historical quantile of 13.80% [1] - LLDPE (L2601) increased by 0.31%, with a spot price of 6810.0 and a futures price of 6789.0, and a historical quantile of 28.80% [1] - PP (PP2601) increased by 0.64%, with a spot price of 6409.0 and a futures price of 6450.0, and a historical quantile of 37.40% [1] - PVC (V2601) decreased by 1.74%, with a spot price of 4549.0 and a futures price of 4470.0, and a historical quantile of 63.20% [1] - Caustic Soda (SH601) increased by 5.38%, with a spot price of 2344.0 and a futures price of 2224.0, and a historical quantile of 66.40% [1] - LPG (PG2601) decreased by 0.32%, with a spot price of 4412.0 and a futures price of 4398.0, and a historical quantile of 28.70% [1] - Asphalt (BU2601) increased by 0.47%, with a spot price of 3010.0 and a futures price of 2996.0, and a historical quantile of 56.00% [1] - Butadiene Rubber (BR2601) decreased by 0.14%, with a spot price of 10415.0 and a futures price of 10400.0, and a historical quantile of 26.90% [1] - Glass (FG601) decreased by 5.30%, with a spot price of 1053.0 and a futures price of 1000.0, and a historical quantile of 56.30% [1] - Soda Ash (SA601) decreased by 2.17%, with a spot price of 1152.0 and a futures price of 1177.0, and a historical quantile of 33.19% [1] - Natural Rubber (RU2601) decreased by 2.73%, with a spot price of 15410.0 and a futures price of 15000.0, and a historical quantile of 73.06% [1] Financial Futures - IF2512.CFE decreased by 0.46%, with a spot price of 4505.8 and a futures price of 4526.7, and a historical quantile of 22.60% [1] - IH2512.CFE decreased by 0.22%, with a spot price of 2963.2 and a futures price of 2969.6, and a historical quantile of 30.40% [1] - IC2512.CFE decreased by 0.82%, with a spot price of 6974.2 and a futures price of 7031.6, and a historical quantile of 15.00% [1] - IM2512.CFE decreased by 1.01%, with a spot price of 7260.8 and a futures price of 7334.2, and a historical quantile of 72.00% [1] - 2 - year Treasury Bond (TS2603) increased by 0.35%, with a spot price of 129.32 and a futures price of 114.46, and a historical quantile of 60.30% [1] - 5 - year Treasury Bond (TF2603) decreased by 0.04%, with a spot price of 105.74 and a futures price of 99.48, and a historical quantile of 22.20% [1] - 10 - year Treasury Bond (T2603) decreased by 0.07%, with a spot price of 107.92 and a futures price of 100.31, and a historical quantile of 25.70% [1] - 30 - year Treasury Bond (TL2603) increased by 0.35%, with a spot price of 129.32 and a futures price of 114.46, and a historical quantile of 60.30% [1]

1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the report. 2. Report's Core View - **Steel**: The demand for five major steel products remains at a relatively high level, improving compared to October, but the overall demand intensity in November is weaker than the same period last year. Due to significant production cuts, the supply - demand gap for rebar is favorable with good de - stocking. However, for hot - rolled coils, production cuts are limited, with supply and demand basically balanced and slow de - stocking of high inventories. The spread between hot - rolled coils and rebar for the January contract is expected to converge. Considering the seasonal weakening of future demand and high plate inventories, the upward price drive is not obvious, but production cuts support steel prices, so prices are expected to fluctuate. The rebar is expected to fluctuate between 3000 - 3200 yuan/ton, and hot - rolled coils between 3200 - 3350 yuan/ton. The basis of rebar will strengthen, while that of hot - rolled coils is weak, and the spread between them will continue to converge. There is an arbitrage opportunity of going long on rebar and short on iron ore for the January contract [2]. - **Iron Ore**: Last week, iron ore futures fluctuated at a high level. The global iron ore shipment decreased week - on - week, while the arrival volume at 45 ports increased. On the demand side, the steel mill's profit margin declined slightly, iron water production decreased, and the restocking demand of steel mills increased slightly. The production of five major steel products continued to rise, inventories continued to decline seasonally, and the apparent demand declined. Port inventories increased, the port clearance volume increased slightly, and the steel mill's equity ore inventory decreased. Looking forward, iron water production will decline seasonally this week, and the inventory contradiction of steel mills has improved significantly. With the current profit margin and inventory level of steel mills, it is not enough to trigger a negative feedback. Without new macro - drivers, it is difficult for iron ore to have an independent unilateral market. It is recommended to wait and see when the discount is repaired [4]. - **Coke**: Last week, coke futures fluctuated and declined. After mainstream coke enterprises proposed a fourth - round price increase, steel mills proposed a first - round price cut. On the supply side, the price cut range of coking coal in the Shanxi market expanded, coking profits were repaired, coke price adjustments lagged behind coking coal, coke enterprises increased prices, and coke production increased after price cuts. On the demand side, steel mills increased maintenance due to losses, iron water production declined, steel prices fluctuated weakly, steel mill profits decreased, and there was a willingness to suppress coke prices. In terms of inventory, coke - making plants and steel mills increased inventories, ports decreased inventories, and the overall inventory increased slightly in the middle position, with the supply - demand situation of coke weakening. Coke futures were dragged down by the sharp decline of coking coal futures. Strategically, it is recommended to take a bearish view on the unilateral market, with the range of 1500 - 1650 yuan/ton, and recommend the arbitrage strategy of going long on coke and short on coking coal [7]. - **Coking Coal**: Last week, coking coal futures showed a weak downward trend, and the spot market accelerated its decline, showing a pattern of futures - spot resonance decline. On the supply side, coal mine shipments worsened, some coal mines stopped production, the import of Mongolian coal increased, and the port inventory continued to rise. On the demand side, steel mills increased losses and maintenance, iron water production declined, coke production increased slightly after the recovery of coking profits, and the restocking demand weakened. In terms of inventory, coal washing plants, ports, and coke enterprises reduced inventories, while coal mines, ports of entry, and steel mills increased inventories, and the overall inventory increased slightly in the middle position. Strategically, it is recommended to take a bearish view on the unilateral market, with the range of 1000 - 1120 yuan/ton, and recommend the arbitrage strategy of going long on coke and short on coking coal [7]. 3. Summary by Relevant Catalogs Steel Steel Prices and Spreads - **Rebar**: Spot prices in East, North, and South China increased by 10 yuan/ton. The 05, 10, and 01 contracts also rose, with the 01 contract increasing by 17 yuan/ton to 3110 yuan/ton [2]. - **Hot - rolled Coils**: Spot prices in East and South China remained unchanged or increased by 10 yuan/ton, while in North China it decreased by 10 yuan/ton. The 05, 10, and 01 contracts all rose, with the 01 contract increasing by 9 yuan/ton to 3302 yuan/ton [2]. Cost and Profit - **Cost**: The steel billet price increased by 10 yuan/ton to 2980 yuan/ton, the slab price remained unchanged at 3730 yuan/ton. The cost of Jiangsu electric - furnace rebar remained unchanged at 3231 yuan/ton, and the cost of Jiangsu converter rebar decreased by 7 yuan/ton to 3171 yuan/ton [2]. - **Profit**: The profit of East China hot - rolled coils increased by 10 yuan/ton to - 64 yuan/ton, the profit of South China rebar increased by 10 yuan/ton to 116 yuan/ton, and other regional profits remained unchanged [2]. Production - The daily average iron water production decreased by 1.6 tons to 234.7 tons, a decrease of 0.7%. The production of five major steel products increased by 5.8 tons to 855.7 tons, an increase of 0.7%. Rebar production decreased by 1.9 tons to 206.1 tons, a decrease of 0.9%, among which electric - furnace production increased by 2.6 tons to 29.3 tons, an increase of 9.5%, and converter production decreased by 4.4 tons to 176.7 tons, a decrease of 2.4%. Hot - rolled coil production increased by 3.0 tons to 319.0 tons, an increase of 0.9% [2]. Inventory - The inventory of five major steel products decreased by 32.3 tons to 1400.8 tons, a decrease of 2.3%. Rebar inventory decreased by 21.9 tons to 531.5 tons, a decrease of 4.0%. Hot - rolled coil inventory decreased by 1.2 tons to 400.9 tons, a decrease of 0.3% [2]. Transaction and Demand - The building materials transaction volume increased by 1.2 tons to 10.4 tons, an increase of 12.7%. The apparent demand of five major steel products decreased by 6.2 tons to 888.0 tons, a decrease of 0.7%. The apparent demand of rebar decreased by 2.8 tons to 227.9 tons, a decrease of 1.2%. The apparent demand of hot - rolled coils decreased by 4.2 tons to 320.2 tons, a decrease of 1.3% [2]. Iron Ore Iron Ore - related Prices and Spreads - **Warehouse Receipt Cost**: The warehouse receipt costs of various iron ore powders decreased, with the largest decrease of 1.2% for Carajás fines and Brazilian blended fines [4]. - **01 Contract Basis**: The basis of various iron ore powders decreased, with the largest decrease of 38.1% for Carajás fines [4]. - **Spread**: The 5 - 9 spread decreased by 0.5 to 24.5, a decrease of 2.0%; the 9 - 1 spread increased by 1.0 to - 50.5, an increase of 1.9%; the 1 - 5 spread decreased by 0.5 to 26.0, a decrease of 1.9% [4]. Spot Prices and Price Indexes - The spot prices of various iron ore powders at Rizhao Port decreased, with the largest decrease of 1.2% for Brazilian blended fines. The Singapore Exchange 62% Fe swap price decreased slightly, while the Platts 62% Fe increased slightly [4]. Supply - The 45 - port arrival volume (weekly) increased by 548.2 tons to 2817.1 tons, an increase of 24.2%. The global shipment volume (weekly) decreased by 238.0 tons to 3278.4 tons, a decrease of 6.8%. The national monthly import volume decreased by 500.6 tons to 11130.9 tons, a decrease of 4.3% [4]. Demand - The daily average iron water production of 247 steel mills (weekly) decreased by 1.6 tons to 234.7 tons, a decrease of 0.7%. The 45 - port daily average port clearance volume (weekly) increased by 3.6 tons to 330.6 tons, an increase of 1.1%. The national monthly pig iron production decreased by 49.7 tons to 6554.9 tons, a decrease of 0.8%. The national monthly crude steel production decreased by 149.3 tons to 7199.7 tons, a decrease of 2.0% [4]. Inventory Changes - The 45 - port inventory increased by 108.6 tons to 15210.12 tons, an increase of 0.7%. The imported iron ore inventory of 247 steel mills (weekly) decreased by 58.8 tons to 8942.5 tons, a decrease of 0.7%. The inventory available days of 64 steel mills (weekly) remained unchanged at 20.0 days [4]. Coke Coke - related Prices and Spreads - The prices of Shanxi and Rizhao Port quasi - first - grade wet - quenched coke (warehouse receipts) remained unchanged. The coke 01 contract decreased by 33 yuan/ton to 1575 yuan/ton, and the 05 contract decreased by 20 yuan/ton to 1731 yuan/ton. The coking profit (weekly) decreased by 11 yuan/ton to - 54 yuan/ton [7]. Supply - The daily average coke production of all - sample coking plants increased by 1.1 tons to 63.8 tons, an increase of 1.7%. The daily average coke production of 247 steel mills increased by 0.1 tons to 46.3 tons, an increase of 0.2% [7]. Demand - The iron water production of 247 steel mills decreased by 1.6 tons to 234.7 tons, a decrease of 0.7% [7]. Inventory Changes - The total coke inventory increased by 4.0 tons to 884.7 tons, an increase of 0.5%. The coke inventory of all - sample coking plants increased by 6.5 tons to 71.8 tons, an increase of 9.9%. The coke inventory of 247 steel mills increased by 3.2 tons to 625.5 tons, an increase of 0.5%. The port inventory decreased by 5.6 tons to 187.4 tons, a decrease of 2.94% [7]. Supply - Demand Gap Changes - The coke supply - demand gap increased by 2.0 tons to - 3.6 tons, an increase of 55.34% [7]. Coking Coal Coking Coal - related Prices and Spreads - The price of Shanxi medium - sulfur primary coking coal (warehouse receipt) remained unchanged, while the price of Mongolian No. 5 raw coal (warehouse receipt) decreased by 5 yuan/ton to 1190 yuan/ton. The coking coal 01 contract decreased by 4 yuan/ton to 1067 yuan/ton, and the 05 contract decreased by 13 yuan/ton to 1152 yuan/ton. The sample coal mine profit (weekly) decreased by 28 yuan/ton to 559 yuan/ton, a decrease of 4.8% [7]. Supply - The raw coal production increased by 4.6 tons to 856.1 tons, an increase of 0.5%. The clean coal production increased by 4.9 tons to 438.8 tons, an increase of 1.1% [7]. Demand - The demand for coking coal is mainly reflected in the coke production. The daily average coke production of all - sample coking plants increased by 1.1 tons to 63.8 tons, an increase of 1.7%. The daily average coke production of 247 steel mills increased by 0.1 tons to 46.3 tons, an increase of 0.2% [7]. Inventory Changes - The clean coal inventory of Fenwei coal mines increased by 9.6 tons to 107.6 tons, an increase of 9.8%. The coking coal inventory of all - sample coking plants decreased by 27.9 tons to 1010.3 tons, a decrease of 2.7%. The coking coal inventory of 247 steel mills increased by 4.2 tons to 801.3 tons, an increase of 0.5%. The port inventory increased by 3.0 tons to 294.5 tons, an increase of 1.0% [7].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the reports. 2. Core Views No clear core views are presented in the reports. The documents mainly provide various data on different financial products such as stock index futures, bond futures, precious metals, and container shipping. 3. Summary by Relevant Catalogs Stock Index Futures - **Price Difference Data**: On December 1, 2025, the IF spot - futures price difference was -20.86, with a change of 3.45 from the previous day, and the historical 1 - year and full - history percentiles were 44.60% and 22.60% respectively. The IC spot - futures price difference was -57.35, and the IM spot - futures price difference was 73.41. There were also detailed data on cross - period price differences and cross - variety ratios [1]. Bond Futures - **IRR and Basis**: On November 28, 2025, the IRR of TS was 1.5082, with a change of -0.0219 from the previous day, and the percentile since listing was 22.10%. The TF basis was 1.5719, the T basis was 1.4880, and the TL basis was 1.8420. There were also data on cross - period price differences and cross - variety price differences [2]. Precious Metals - **Price Changes**: On November 28, 2025, the domestic AU2602 contract closed at 953.92 yuan/gram, up 0.71% from the previous day; the AG2602 contract closed at 12727 yuan/kilogram, up 1.61%. The foreign COMEX gold and silver futures also had significant price increases. There were also data on spot prices, basis, price ratios, interest rates, exchange rates, inventory, and positions [3]. Container Shipping - **Index and Price Changes**: On November 24, 2025, the SCFIS (European route) was 1639.37 points, up 20.75% from November 17; the SCFIS (US West route) was 1107.85 points, down 10.54%. The Shanghai Export Container Freight Index also had corresponding changes. There were also data on futures prices, basis, and fundamental data such as shipping capacity supply, foreign trade - related indicators, and overseas economic indicators [5].

Report Industry Investment Ratings No relevant content provided. Core Views Oils and Fats - Palm oil: Malaysian palm oil production increased in November, and the market expects inventory growth to pressure the futures. There is a risk of a downward break in domestic palm oil futures. It is necessary to closely monitor whether the domestic palm oil futures can effectively stand above 8,600 points [1]. - Soybean oil: The market doubts China's ability to purchase 850 million tons of soybeans this year. CBOT soybeans are under pressure, and domestic soybean oil supply is sufficient but demand is limited. However, international oils still have some upward momentum, and it is expected that CBOT soybean oil will likely drive up the domestic oils market after the opening. Currently, the import cost of domestic soybeans remains high, and the spot basis quotation will have limited fluctuations in the short term [1]. Sugar - International sugar: The cumulative sugar production in the central - southern region of Brazil by the end of October has exceeded 38 million tons, and the production forecast for this season is between 40.1 - 40.8 million tons. The price of hydrous ethanol converted to sugar is above 16 cents per pound, and the low sugar - making ratio is expected to be maintained. The futures market for raw sugar lacks new negative factors, and the price is consolidating and bottoming out, expected to remain firm in the short term [3][4]. - Domestic sugar: The new sugar in Guangxi has entered the market, driving down the price of Yunnan sugar. Although processed sugar and beet sugar are affected to some extent, their prices are relatively firm. It is expected that Zhengzhou sugar will remain in a bottom - oscillating pattern [4]. Cotton - Internationally, the USDA's cotton export sales in October were stable, and Chinese buyers have gradually resumed purchases but in limited quantities. The cotton harvest in the US is nearly 80% complete, and the quality of new cotton has improved. Domestically, Zhengzhou cotton still faces hedging pressure when rising, but the pressure is not concentrated. The demand from textile enterprises for spot cotton is weak, but pre - sales are being delivered, which eases the short - term supply pressure. The basis of spot sales is firm, and there is strong support below Zhengzhou cotton. In the short term, cotton prices are expected to oscillate slightly stronger within a range [7]. Eggs - The number of newly - laid hens remains low, and the number of old hens being slaughtered has increased significantly. As a result, the inventory of laying hens is on a downward trend, and production capacity is contracting. The suitable storage weather has enhanced the inventory - holding capacity of each link, and the market supply pressure has been alleviated. With the approaching of "Double 12", promotions by e - commerce platforms and supermarkets are expected to stimulate terminal consumption, mainly for small and medium - sized eggs. Food enterprises also show an intention to stock up at low prices. Under multiple factors, the market demand is expected to improve slightly next week. Egg prices have reached a phased low, and downstream replenishment has increased, so there is a possibility of a slight rebound in egg prices [9]. Meal - The domestic soybean meal market remains in a loose pattern. The fixed - price increases with the market, and the basis slightly declines. Downstream feed enterprises are cautious about replenishing inventory, and the market is unlikely to see a continuous upward trend. It is necessary to continue to monitor China's purchases of US and Brazilian soybeans and the situation of state - reserve auctions. Soybean meal is expected to oscillate, and there is a risk of a decline after short - term chasing [12]. Pigs - The market supply is accelerating, and the slaughter is smooth. Although the curing of meat in the southwest region has started, the market demand support is limited, the price of large pigs is weak, and the spot market performs poorly. Pig prices are expected to maintain an oscillating and weakening structure. The Ministry of Agriculture announced that the number of fertile sows in October decreased to 39.9 million heads, and the logic of production capacity reduction is still being traded in the futures market. The strategy of inter - month reverse arbitrage can continue to be held. Each contract shows signs of stabilizing and rebounding, but the short - term suppression of the spot market remains, and its sustainability needs to be monitored [15]. Corn - In the northeast region, farmers are reluctant to sell, and with the need for port replenishment due to low inventory and the support of state - reserve purchases, the price remains firm. In the north - central region, the grain sales are adjusted according to the price, but due to the shortage of high - quality grain and transportation difficulties, the price oscillates with limited fluctuations. Overall, the short - term supply of corn is tight, but the current grain - selling progress is slow, with about 70% of the grain yet to be sold, and there is selling pressure before the Spring Festival. On the demand side, traders are cautious about building inventories, deep - processing enterprises have low inventories and need to replenish, and feed enterprises mainly maintain a safety inventory and purchase as needed. In the short term, the futures price remains firm due to the supply - demand mismatch, but the price increase is limited due to the unsolved supply pressure. It is necessary to pay attention to the change in the rhythm of corn supply. If the selling pressure materializes as expected, the price may be under pressure [18]. Summary by Related Catalogs Oils and Fats - **Price Changes**: From November 26th to 27th, the spot price of first - grade soybean oil in Jiangsu decreased from 8,560 to 8,460 yuan/ton, a decrease of 100 yuan/ton or 1.18%. The futures price of Y2601 decreased from 8,224 to 8,150 yuan/ton, a decrease of 74 yuan/ton or 0.91%. The basis decreased from 336 to 310, a decrease of 26 or 8.39%. The spot basis quotation decreased by 10. The number of warehouse receipts decreased from 14,532 to 22,029, a decrease of 7,497 or 34.03% [1]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong increased from 8,290 to 8,390 yuan/ton, an increase of 100 yuan/ton or 1.21%. The futures price of P2601 increased from 8,440 to 8,528 yuan/ton, an increase of 88 yuan/ton or 1.04%. The basis increased from - 150 to - 138, an increase of 12 or 8.00%. The spot basis quotation remained unchanged. The import cost on the disk increased by 20 yuan/ton or 0.22%, and the import profit on the disk increased by 68 yuan/ton or 12.72%. The number of warehouse receipts increased by 380 [1]. - **Rapeseed Oil**: The spot price of third - grade rapeseed oil in Jiangsu remained unchanged at 10,110 yuan/ton. The futures price of OI601 decreased from 9,810 to 9,772 yuan/ton, a decrease of 47 yuan/ton or 0.48%. The basis increased from 291 to 338, an increase of 47 or 16.15%. The spot basis quotation decreased by 50. The number of warehouse receipts remained unchanged [1]. - **Spread Changes**: The soybean oil inter - month spread (01 - 05) increased from 200 to 222, an increase of 22 or 11.00%. The palm oil inter - month spread (01 - 05) decreased from - 58 to - 62, a decrease of 4 or 6.90%. The rapeseed oil inter - month spread (01 - 05) decreased from 279 to 233, a decrease of 46 or 16.49%. The soybean - palm oil spread remained unchanged at 170, and the 2601 contract's soybean - palm oil spread decreased from - 548 to - 588, a decrease of 40 or 7.30%. The rapeseed - soybean oil spread decreased from 1,650 to 1,550 yuan/ton, a decrease of 100 or 6.06%, and the 2601 contract's rapeseed - soybean oil spread decreased from 1,660 to 1,548 yuan/ton, a decrease of 121 or 7.25% [1]. Sugar - **Futures Market**: The price of the sugar 2601 contract decreased from 5,403 to 5,400 yuan/ton, a decrease of 3 yuan/ton or 0.06%. The price of the 2605 contract increased from 5,325 to 5,327 yuan/ton, an increase of 2 yuan/ton or 0.04%. The price of the ICE raw sugar main contract increased from 15.12 to 15.21 cents per pound, an increase of 0.09 cents per pound or 0.60%. The 1 - 5 spread decreased from 78 to 73 yuan/ton, a decrease of 5 yuan/ton or 6.41%. The number of positions in the main contract decreased from 377,132 to 361,517, a decrease of 15,812 or 4.14%. The number of warehouse receipts decreased from 75 to 0, a decrease of 75 or 100.00%. The number of valid forecasts remained unchanged at 183 [3]. - **Spot Market**: The spot price in Nanning and Kunming remained unchanged at 5,450 and 5,440 yuan/ton respectively. The Nanning basis decreased from 125 to 123 yuan/ton, a decrease of 2 yuan/ton or 1.60%. The Kunming basis decreased from 115 to 113 yuan/ton, a decrease of 2 yuan/ton or 1.74%. The price of imported Brazilian sugar within the quota increased from 4,114 to 4,157 yuan/ton, an increase of 43 yuan/ton or 1.05%. The price of imported Brazilian sugar outside the quota increased from 5,214 to 5,271 yuan/ton, an increase of 57 yuan/ton or 1.09%. The price difference between imported Brazilian sugar within the quota and Nanning increased from - 1,336 to - 1,293 yuan/ton, an increase of 43 yuan/ton or 3.22%. The price difference between imported Brazilian sugar outside the quota and Nanning increased from - 236 to - 179 yuan/ton, an increase of 57 yuan/ton or 24.15% [3]. - **Industry Situation**: The cumulative national sugar production increased from 996.32 to 1,116.21 million tons, an increase of 119.89 million tons or 12.03%. The cumulative national sugar sales increased from 960.00 to 1,048.00 million tons, an increase of 88.00 million tons or 9.17%. The cumulative sugar production in Guangxi increased from 618.14 to 646.50 million tons, an increase of 28.36 million tons or 4.59%. The monthly sugar sales in Guangxi decreased from 45.34 to 26.66 million tons, a decrease of 18.68 million tons or - 41.20%. The national cumulative sugar sales rate decreased from 96.41% to 93.90%, a decrease of 2.51 percentage points or - 2.60%. The cumulative sugar sales rate in Guangxi increased from 89.60% to 93.90%, an increase of 4.30 percentage points or 4.80%. The national industrial inventory decreased from 116.00 to 68.21 million tons, a decrease of 47.79 million tons or - 41.20%. The industrial inventory of sugar in Guangxi increased from 27.14 to 44.21 million tons, an increase of 17.07 million tons or 62.90%. The industrial inventory of sugar in Yunnan increased from 26.58 to 33.65 million tons, an increase of 7.07 million tons or 26.60%. Sugar imports increased from 40.00 to 55.00 million tons, an increase of 15.00 million tons or 37.50% [3]. Cotton - **Futures Market**: The price of the cotton 2605 contract increased from 13,605 to 13,685 yuan/ton, an increase of 80 yuan/ton or 0.59%. The price of the 2601 contract increased from 13,640 to 13,725 yuan/ton, an increase of 82 yuan/ton or 0.62%. The price of the ICE US cotton main contract increased from 64.61 to 64.73 cents per pound, an increase of 0.12 cents per pound or 0.19%. The 5 - 1 spread decreased from - 35 to - 40 yuan/ton, a decrease of 5 yuan/ton or 14.29%. The number of positions in the main contract increased from 530,074 to 545,268, an increase of 15,194 or 2.87%. The number of warehouse receipts increased from 2,382 to 2,408, an increase of 26 or 1.09%. The number of valid forecasts increased from 1,697 to 1,884, an increase of 187 or 11.02% [7]. - **Spot Market**: The Xinjiang arrival price of 3128B cotton increased from 14,716 to 14,723 yuan/ton, an increase of 7 yuan/ton or 0.05%. The CC Index of 3128B cotton increased from 14,891 to 14,896 yuan/ton, an increase of 5 yuan/ton or 0.03%. The FC Index of M: 1% remained unchanged at 12,935 yuan/ton. The price difference between 3128B and the 01 contract decreased from 1,111 to 1,038 yuan/ton, a decrease of 73 yuan/ton or 6.57%. The price difference between 3128B and the 05 contract decreased from 1,076 to 998 yuan/ton, a decrease of 78 yuan/ton or 7.25%. The price difference between the CC Index of 3128B and the FC Index of M: 1% increased from 1,956 to 1,961 yuan/ton, an increase of 5 yuan/ton or 0.26% [7]. - **Industry Situation**: The commercial inventory increased from 293.06 to 363.97 million tons, an increase of 70.91 million tons or 24.2%. The industrial inventory increased from 88.82 to 93.14 million tons, an increase of 4.32 million tons or 4.9%. The import volume decreased from 10.00 to 9.00 million tons, a decrease of 1.00 million tons or - 10.0%. The bonded area inventory increased from 31.10 to 32.80 million tons, an increase of 1.70 million tons or 5.5%. The year - on - year inventory of the textile industry decreased from 0.30 to 0.10, a decrease of 0.20 or - 66.7%. The inventory days of yarn increased from 26.12 to 26.35 days, an increase of 0.23 days or 0.9%. The inventory days of grey cloth decreased from 31.97 to 31.12 days, a decrease of 0.85 days or - 2.7%. The cotton outbound shipping volume increased from 43.60 to 53.46 million tons, an increase of 9.86 million tons or 22.6%. The immediate processing profit of spinning enterprises for C32s increased from - 1,720.10 to - 1,645.60 yuan/ton, an increase of 74.50 yuan/ton or 4.3%. The retail sales of clothing, footwear, and knitted textiles increased from 123.05 to 147.08 billion yuan, an increase of 24.03 billion yuan or 19.5%. The year - on - year monthly retail sales of clothing, footwear, and knitted textiles increased from 4.70% to 6.30%, an increase of 1.60 percentage points or 34.0%. The export value of textile yarns, fabrics, and products decreased from 119.67 to 112.58 billion US dollars, a decrease of 7.08 billion

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports [1][3][4][7][10][12][15][16][17][19] 2. Core Views of the Reports Tin Industry - Considering the strong fundamentals, maintain a bullish view on tin prices. Hold existing long positions and adopt a low - buying strategy on pullbacks. Monitor macro changes and supply - side recovery [1] Nickel Industry - Macro sentiment has slightly improved. Short - term upstream production cuts and valuation provide some support, but the upward drive is limited. The Indonesian nickel ore benchmark price will decline next month, and fundamental pressure restricts the upside space of prices. Expect the market to trade in a range in the short term, with the main contract reference range of 116,000 - 120,000. Pay attention to macro expectations and Indonesian industrial policy news [3] Stainless Steel Industry - Policy - driven changes are difficult to have a direct impact in the short term. Fundamentals show limited improvement, cost support is weakening, demand is sluggish, and inventory reduction is difficult. The market is expected to remain weakly volatile in the short term, with the main contract reference range of 12,300 - 12,700. Follow the implementation of steel mill production cuts and nickel - iron prices [4] Lithium Industry - The lithium carbonate futures market is in a wide - range shock, and market divergence is increasing. The main contract is expected to remain in a wide - range shock in the short term, with larger intraday fluctuations. Pay attention to the sustainability of demand improvement during the year - end off - season [7] Zinc Industry - As the TC declines and the export space opens up, the supply pressure eases. The downside space of short - term prices is limited, but the fundamentals provide limited elasticity for continuous upward movement. Prices are likely to trade in a range. Monitor the TC inflection point, refined zinc inventory changes, with the main contract reference range of 22,200 - 22,800 [10] Copper Industry - In the medium - to - long term, the supply - demand contradiction supports the upward shift of the copper price bottom. Pay attention to overseas interest - rate cut expectations and smelting - end production cuts, with the main contract support at 86,000 - 87,000 [12] Aluminum Industry - Alumina is expected to maintain a bottom - range shock, with the main contract reference range of 2,650 - 2,850 yuan/ton. Aluminum prices are expected to remain strong in the short term, with the Shanghai Aluminum main contract reference range of 21,400 - 22,000 yuan/ton. Monitor the latest trends in the Fed's monetary policy and the sustainability of domestic inventory reduction [15] Aluminum Alloy Industry - The casting aluminum alloy market is supported by costs and demand. Short - term prices remain strong, with the main contract reference range of 20,600 - 21,200 yuan/ton. Focus on the improvement of scrap aluminum supply and inventory reduction [16] Industrial Silicon Industry - The industrial silicon price is expected to remain in a low - range shock, with the main price fluctuation range of 8,500 - 9,500 yuan/ton. Pay attention to the downstream start - up changes and the impact of the inflow of cancelled warehouse receipts into the spot market [17] Polysilicon Industry - In December, the polysilicon market is expected to have oversupply and inventory accumulation. Futures trading should be on hold, and put options can be bought when volatility is low [19] 3. Summaries by Relevant Catalogs Tin Industry - **Spot Prices and Basis**: SMM 1 tin price dropped to 300,000 yuan/ton (-0.60%), and LME 0 - 3 spread decreased by 2.50%. The import loss improved slightly [1] - **Inter - month Spreads**: The spreads of 2512 - 2601, 2603 - 2604 decreased, while those of 2601 - 2602, 2602 - 2603 increased [1] - **Fundamentals**: In October, tin ore imports, SMM refined tin production, and average smelting start - up rate increased, while refined tin imports and exports decreased [1] - **Inventory**: SHEF, social, and LME inventories all increased [1] Nickel Industry - **Prices and Basis**: SMM 1 electrolytic nickel price rose by 0.42%, and 1 Jinchuan nickel premium increased by 2.15% [3] - **Electrowinning Nickel Costs**: The costs of integrated MHP and external - procurement methods decreased, while that of integrated high - grade nickel matte increased [3] - **New Energy Material Prices**: Battery - grade nickel sulfate price decreased by 0.32%, and battery - grade lithium carbonate price increased by 0.95% [3] - **Inter - month Spreads**: The spreads of 2601 - 2602, 2603 - 2604 increased, and that of 2602 - 2603 decreased [3] - **Supply, Demand, and Inventory**: Chinese refined nickel production increased slightly, imports decreased significantly, and SHFE and social inventories increased, while LME and bonded - area inventories decreased [3] Stainless Steel Industry - **Prices and Basis**: 304/2B stainless steel prices were stable or slightly decreased, and the spot - futures spread increased by 9.78% [4] - **Raw Material Prices**: Most raw material prices were stable, and the 8 - 12% high - grade nickel - iron price decreased slightly [4] - **Inter - month Spreads**: The spreads of 2602 - 2603 decreased, and those of 2603 - 2604 increased [4] - **Fundamentals**: Chinese 300 - series stainless steel production decreased slightly, imports increased, exports decreased, and social inventories increased [4] Lithium Industry - **Prices and Basis**: SMM battery - grade lithium carbonate price increased by 0.48%, and lithium spodumene concentrate price increased by 2.13% [7] - **Inter - month Spreads**: The spreads of 2512 - 2601 decreased, and those of 2601 - 2602, 2601 - 2603 increased [7] - **Fundamentals**: In November, lithium carbonate production increased, and in October, demand, imports, and exports increased [7] - **Inventory**: In October, total and downstream lithium carbonate inventories decreased, and smelter inventories decreased slightly [7] Zinc Industry - **Prices and Spreads**: SMM 0 zinc ingot price decreased by 0.36%, and the import loss improved [10] - **Inter - month Spreads**: The spreads of 2512 - 2601 decreased, and those of 2601 - 2602, 2602 - 2603, 2603 - 2604 increased [10] - **Fundamentals**: In November, refined zinc production decreased, in October, imports decreased, and exports increased significantly. The start - up rates of primary processing industries were basically stable [10] - **Inventory**: Chinese zinc ingot seven - region social inventory decreased, and LME inventory increased [10] Copper Industry - **Prices and Basis**: SMM 1 electrolytic copper price increased by 0.36%, and the refined - scrap copper spread increased by 13.03% [12] - **Inter - month Spreads**: The spreads of 2512 - 2601, 2601 - 2602 increased, and that of 2602 - 2603 decreased [12] - **Fundamentals**: In October, electrolytic copper production and imports decreased. The start - up rates of copper rod production decreased [12] - **Inventory**: Domestic social inventory decreased, and LME and COMEX inventories increased [12] Aluminum Industry - **Prices and Spreads**: SMM A00 aluminum price decreased slightly, and the import loss improved [15] - **Inter - month Spreads**: The spreads of 2512 - 2601, 2601 - 2602, 2602 - 2603, 2603 - 2604 increased [15] - **Fundamentals**: In November, alumina and electrolytic aluminum production decreased, and in October, electrolytic aluminum imports increased slightly and exports decreased [15] - **Inventory**: Chinese electrolytic aluminum social inventory decreased, and LME inventory decreased slightly [15] Aluminum Alloy Industry - **Prices and Spreads**: SMM aluminum alloy ADC12 prices were stable, and most refined - scrap spreads decreased [16] - **Inter - month Spreads**: The spreads of 2512 - 2601, 2601 - 2602 decreased, and that of 2602 - 2603 increased [16] - **Fundamentals**: In October, regenerated aluminum alloy production decreased, and primary aluminum alloy production increased. The start - up rates of regenerated aluminum alloy decreased, and that of primary aluminum alloy increased [16] - **Inventory**: Regenerated aluminum alloy social and daily inventories decreased [16] Industrial Silicon Industry - **Spot Prices and Basis**: Most industrial silicon spot prices were stable, and the basis of some varieties decreased [17] - **Inter - month Spreads**: The spreads of 2512 - 2601 increased, and those of 2603 - 2604, 2604 - 2605 changed significantly [17] - **Fundamentals**: National industrial silicon production decreased, especially in Yunnan and Sichuan. Organic silicon DMC production increased, and polysilicon production decreased [17] - **Inventory**: Xinjiang factory inventory increased slightly, and social inventory increased slightly [17] Polysilicon Industry - **Spot Prices and Basis**: Polysilicon spot prices were stable, and the N - type material basis decreased [19] - **Futures Prices and Inter - month Spreads**: The main futures contract price increased by 2.15%, and the spreads of different contracts changed [19] - **Fundamentals**: Weekly and monthly polysilicon production decreased, imports increased slightly, and exports decreased. Silicon wafer production and demand decreased [19] - **Inventory**: Polysilicon and silicon wafer inventories increased, and polysilicon warehouse receipts decreased significantly [19]

氯碱周报 S H ：供需仍存压力累库持续 ， 预计价格偏弱运行 V ：供应压力增长 ， 价格难有持续向上驱动 广发期货研究所 蒋诗语 投资咨询资格：Z0017002 本报告及路演当中所有观点仅供参考，请务必阅读此报告倒数第二页的免责声明 观点及策略建议 ◼ 烧碱主要观点：烧碱行业供需仍存一定压力，山东氯碱企业开工高位，主力下游企业押车情况仍存，企业库存偏高，短期暂无利好显现。华东地区下周供应仍宽裕，传统需求 淡季延续，出口没有明显提振，预估华东价格延续趋弱表现。整体看需求端支撑较弱，长期看供需仍有压力。预计烧碱价格偏弱运行。 ◼ PVC主要观点：本周PVC盘面底部震荡，预计下周仍延续震荡格局，供应端下周压力不减，开工率仍有提升空间。需求端维持低迷，软制品支撑较好，整体下游开工维持低位。 11月-次年1月处于传统需求淡季，北方进入冬季室外施工逐渐减少，整体地产需求减量仍形成利空影响。出口方面，国内货源有价格优势，出口签单表现较好，前期印度官方取消 2024年发布的进口PVC BIS认证政策，有利于国内PVC进入印度市场，虽然印度取消BIS认证，但是反倾销税预期执行，预期外需难以大幅提升。整体需求端对PVC支撑乏 ...

股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 股指期货： IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2509 | 总持仓小幅下降 | 前二十席位减仓为主 | | 上证 | 50 | IH2509 | 总持仓小幅下降 | 前二十席位增减仓不一 | | 中证 | 500 | IC2509 | 总持仓小幅下降 | 国君多空头各减仓 1000 手以上 | | 中证 | 1000 | IM2509 | 总持仓小幅下降 | 前二十席位变化不大 | 股指期货持仓日度变动简评 -6,878.0 -3,281.0 -6,350.0 -4,215.0 -5,574.0 -3,106.0 -5,890.0 -4,064.0 -8,000 -7,000 -6,000 -5,000 -4,000 -3,000 -2,000 -1,000 0 IF IH IC IM 主力合约持仓变动 ...

投资咨询业务资格:证监许可 【2011】1292号 2025年12月1日 钢材产业期现日报 | 铁矿石产业期现日报 | | | | | FL RAH | | | --- | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 | 2025年12月1日 | | | | Z0020017 徐艺丹 | | | 铁矿石相关价格及价差 | | | | | | | | 品种 | | 我们 | 前11 | 活跃 | 涨跌幅 | 单位 | | 仓单成本:卡粉 | | 801.1 | 811.0 | -9.9 | -1.2% | | | 仓单成本:PB粉 | | 841.4 | 848.0 | -6.6 | -0.8% | | | 仓单成本:巴混粉 | | 857 3 | 862.1 | -10.8 | -1.2% | | | 仓单成本:金布巴粉 | | 840.3 | 846.7 | -6.5 | -0.8% | | | 01合约基差:卡粉 | | 7.1 | 11.5 | -4.4 | -38.1% | | | 01合约基差:PB粉 | | 47. ...

Group 1: Rubber Industry Report Industry Investment Rating - Not provided Report's Core View - The natural rubber market is expected to maintain a range - bound consolidation. With the weakening of the hype about domestic production cuts and overseas floods, the supply is expected to increase seasonally, and the terminal demand improvement is weak. Follow - up attention should be paid to the raw material output in the peak production season of the main producing areas and macro - level changes [1]. Summary According to Relevant Catalogs - **Spot Price and Basis**: The price of Yunnan state - owned whole latex increased, and the basis of whole latex also changed. The price of Thai standard mixed rubber increased slightly, and there were also changes in non - standard price differences and raw material prices [1]. - **Monthly Spread**: There were changes in the 1 - 5, 5 - 9, and 9 - 1 spreads of natural rubber contracts [1]. - **Fundamental Data**: In September, the production of Thailand, Indonesia, and India decreased to varying degrees, and the production of China increased. The weekly operating rates of semi - steel and all - steel tires decreased, and in October, domestic tire production, export volume, and natural rubber import volume all decreased [1]. - **Inventory Change**: The bonded area inventory and the factory - warehouse futures inventory of natural rubber in the Shanghai Futures Exchange increased, and there were also changes in the outbound and inbound rates of dry rubber in Qingdao [1]. Group 2: Crude Oil Industry Report Industry Investment Rating - Not provided Report's Core View - Affected by the repeated Russia - Ukraine peace negotiations and Trump's threat to Venezuela, short - term geopolitical factors still support oil prices. However, under the pressure of continuous production increase by OPEC+ and the record - high US crude oil production, the crude oil supply - demand pattern is still weak. It is expected that oil prices will continue to fluctuate at a low level, and Brent crude oil may fluctuate between $60 - 65 per barrel in the short term [3]. Summary According to Relevant Catalogs - **Crude Oil Price and Spread**: The prices of Brent, WTI, and SC crude oil changed, and there were also changes in spreads such as Brent M1 - M3, WTI M1 - M3, and SC M1 - M3 [3]. - **Refined Oil Price and Spread**: The prices of NYM RBOB, NYM ULSD, and ICE Gasoil changed, and there were also changes in spreads such as RBOB M1 - M3, ULSD M1 - M3, and Gasoil M1 - M3 [3]. - **Refined Oil Crack Spread**: The crack spreads of US gasoline, European gasoline, Singapore gasoline, etc. changed [3]. Group 3: Glass and Soda Ash Industry Report Industry Investment Rating - Not provided Report's Core View - **Soda Ash**: Although the production of soda ash has decreased significantly due to some device overhauls, and the manufacturer's inventory has decreased, there is still an over - supply problem in the medium term, and the overall demand is in a contraction pattern. It is expected to be in a bottom - oscillating pattern [5]. - **Glass**: In the short term, there is still some rigid demand support, but in the medium and long term, the demand is expected to shrink, and the glass price will be under pressure. The short - term disk is expected to be strong, but the 01 contract may face pressure when approaching the delivery month [5]. Summary According to Relevant Catalogs - **Glass - Related Price and Spread**: The prices of glass in North China, East China, Central China, and South China changed, and there were also changes in the prices and spreads of glass futures contracts [5]. - **Soda Ash - Related Price and Spread**: The prices of soda ash in North China, East China, Central China, and Northwest China remained stable, and there were also changes in the prices and spreads of soda ash futures contracts [5]. - **Supply**: The operating rate and weekly output of soda ash decreased, and the daily melting volume of float glass and photovoltaic glass also decreased [5]. - **Inventory**: The factory - warehouse inventory of glass and soda ash decreased, and the inventory days of soda ash in glass factories remained unchanged [5]. - **Real Estate Data**: The year - on - year changes in new construction area, construction area, completion area, and sales area of real estate showed different trends [5]. Group 4: Methanol Industry Report Industry Investment Rating - Not provided Report's Core View - The supply of inland methanol increases with the restart of devices, but the profits of coal - based and gas - based production are weak. The traditional downstream operating rate has increased slightly, and winter fuel demand provides support. In the port area, due to gas restrictions in Iran, multiple devices have stopped production, and the import volume in the first quarter is expected to decline significantly, strengthening the port destocking expectation and providing bottom support for prices [6]. Summary According to Relevant Catalogs - **Methanol Price and Spread**: The prices of methanol futures contracts and spot prices in different regions changed, and there were also changes in spreads such as MA15 and regional spreads [6]. - **Methanol Inventory**: The inventory of methanol enterprises increased, while the port inventory and social inventory decreased [6]. - **Methanol Upstream and Downstream Operating Rates**: The upstream domestic enterprise operating rate decreased, the operating rate of downstream MTO devices decreased, and the operating rates of some traditional downstream products such as formaldehyde increased [6][7]. Group 5: Polyolefin Industry Report Industry Investment Rating - Not provided Report's Core View - The supply of polypropylene is expected to increase after maintenance, the inventory is being depleted faster but is still higher than in previous years, and the cost - side profit is compressed. The operating load of polyethylene is gradually increasing, the supply is on the rise, and the upstream inventory is being depleted faster but is still higher than the same period. Overall, the fundamentals show a pattern of increasing supply and weak demand, with cost support and inventory pressure coexisting [9]. Summary According to Relevant Catalogs - **Polyolefin Price and Spread**: The prices of L2601, L2605, PP2601, and PP2605 futures contracts increased, and there were also changes in spreads such as L15, PP15, and LP01 [9]. - **PE and PP Inventory**: The enterprise inventories of PE and PP decreased, and the trading - company inventory of PP also decreased [9]. - **PE and PP Upstream and Downstream Operating Rates**: The operating rate of PE devices increased, the downstream weighted operating rate decreased slightly; the operating rate of PP devices decreased slightly, the operating rate of PP powder increased, and the downstream weighted operating rate increased slightly [9]. Group 6: Pure Benzene - Styrene Industry Report Industry Investment Rating - Not provided Report's Core View - **Pure Benzene**: Although the supply - demand expectation has slightly improved due to some device overhauls, the current spot supply is sufficient, and there is an expectation of port inventory accumulation. The demand - side support is limited, and it is expected that the price of pure benzene will face pressure on the upside. Short - term BZ2603 is recommended to be short on rebounds [11]. - **Styrene**: Although some integrated devices are under centralized overhaul, the overall operating rate is stable, and the supply is expected to remain. The demand support is limited, but the inventory accumulation expectation is not obvious at the end and beginning of the month. Overall, the supply - demand of styrene is in a tight balance, but the upward driving force is insufficient. Short - term EB01 is expected to oscillate between 6300 - 6600 [11]. Summary According to Relevant Catalogs - **Upstream Price and Spread**: The prices of Brent crude oil, WTI crude oil, CFR Japan naphtha, CFR Northeast Asia ethylene, and CFR China pure benzene changed, and there were also changes in price differences such as pure benzene - naphtha and ethylene - naphtha [11]. - **Styrene - Related Price and Spread**: The prices of styrene futures contracts and spot prices increased, and there were also changes in spreads such as EB01 - EB02 and EB - BZ [11]. - **Pure Benzene and Styrene Downstream Cash Flow**: The cash flows of downstream products such as phenol, caprolactam, and aniline changed [11]. - **Pure Benzene and Styrene Inventory**: The port inventories of pure benzene and styrene in Jiangsu increased [11]. - **Pure Benzene and Styrene Industry Chain Operating Rate**: The operating rates of Asian pure benzene, domestic pure benzene, and some downstream products changed [11]. Group 7: Ester Industry Chain Report Industry Investment Rating - Not provided Report's Core View - **PX**: Although the supply is currently at a relatively high level, there is an expectation of supply contraction in the future. The demand - side support is stronger than expected. Short - term PX is expected to oscillate at a high level, and there is an expectation of improvement in the medium - term supply - demand [12]. - **PTA**: The supply reduction is greater than expected, and the demand - side support is strong. The supply - demand expectation has been significantly repaired, but the price rebound space is limited. TA01 may oscillate between 4500 - 4800 in the short term, and attention can be paid to the low - level positive spread opportunity of TA5 - 9 [12]. - **Ethylene Glycol (MEG)**: The supply - side contraction is not obvious, and the demand is supported by rigid demand. It is expected to oscillate in December, and EG2601 may oscillate between 3750 - 4000 [12]. - **Short Fiber**: The supply - demand is weak. Although the inventory pressure is not large in the short term, the absolute price driving force is limited, and the processing fee is mainly under compression. PFO2 is expected to oscillate in the short term, and the PF processing fee on the disk is recommended to be shorted on highs [12]. - **Bottle Chip**: The supply is expected to increase in December, and the demand is in the off - season. The supply - demand is loose, and the social inventory is likely to accumulate seasonally. PR follows the cost - side fluctuation, and the processing fee is expected to be squeezed [12]. Summary According to Relevant Catalogs - **Upstream Price**: The prices of Brent crude oil, WTI crude oil, CFR Japan naphtha, and CFR Northeast Asia ethylene changed [12]. - **PX - Related Price and Spread**: The prices of CFR China PX, PX futures contracts, and PX price differences changed [12]. - **PTA - Related Price and Spread**: The prices of PTA spot and futures contracts changed, and there were also changes in the basis and processing fees [12]. - **MEG Port Inventory and Arrival Expectation**: The MEG port inventory remained unchanged, and the arrival expectation decreased [12]. - **Polyester Industry Chain Operating Rate**: The operating rates of Asian PX, Chinese PX, PTA, MEG, and other industries changed [12]. Group 8: PVC and Caustic Soda Industry Report Industry Investment Rating - Not provided Report's Core View - **Caustic Soda**: The supply - demand of the caustic soda industry is still under pressure, the demand - side support is weak, and it is expected that the price of caustic soda will run weakly [13]. - **PVC**: It is expected to continue the oscillating pattern. The supply pressure remains, the demand is sluggish, and although there is an advantage in export prices, the overall demand - side support is weak, and the price is difficult to rise significantly [13]. Summary According to Relevant Catalogs - **PVC, Caustic Soda Spot & Futures**: The prices of Shandong 32% liquid caustic soda, 50% liquid caustic soda, and East China calcium - carbide - based PVC changed, and there were also changes in the prices and spreads of PVC and caustic soda futures contracts [13]. - **Caustic Soda Overseas Quotation & Export Profit**: The FOB price of caustic soda in East China decreased, and the export profit decreased [13]. - **PVC Overseas Quotation & Export Profit**: The CFR prices of PVC in Southeast Asia and India decreased, and the export profit of calcium - carbide - based PVC in Tianjin Port changed [13]. - **Supply: Chlor - Alkali Operating Rate & Industry Profit**: The operating rates of the caustic soda and PVC industries increased, and the profits of calcium - carbide - based PVC and northwest integrated PVC decreased [13]. - **Demand: Caustic Soda Downstream Operating Rate**: The operating rates of the alumina, viscose staple fiber, and printing and dyeing industries changed [13]. - **Demand: PVC Downstream Products Operating Rate**: The operating rates of PVC downstream products such as profiles decreased, and the pre - sales volume of PVC decreased [13]. - **Inventory: Social Inventory & Annual**: The inventories of liquid caustic soda in East China and Shandong increased, and the upstream factory - warehouse inventory and total social inventory of PVC decreased [13]. Group 9: LPG Industry Report Industry Investment Rating - Not provided Report's Core View - Not provided Summary According to Relevant Catalogs - **LPG Price and Spread**: The prices of LPG futures contracts such as PG2512, PG2601, etc. increased, and there were also changes in spreads such as PG12 - 01, PG12 - 02, etc. [14]. - **LPG Outer - Market Price**: The prices of FEI forward M1, M2 contracts and CP swap M1, M2 contracts decreased [14]. - **LPG Inventory**: The refinery storage ratio and port inventory of LPG decreased [14]. - **LPG Upstream and Downstream Operating Rates**: The operating rate of upstream main refineries decreased, the sample enterprise's weekly sales - to - production ratio decreased, the operating rate of downstream PDH increased slightly, the operating rate of MTBE remained unchanged, and the operating rate of alkylation decreased [14].